Newsflash: Reconstruction Cost versus Market Value. (home insurance question)

I am sure this can vary wildly depending upon the home and area, but any good tips or guidelines when it comes to what the insurance company sets their reconstruction cost compared to the market value of the house?I know what the market value of the house is because I am in the process of buying it now, and I also know what it was assessed at by the bank.How different would one expect the reconstruction cost would be?


Newsflash: New home buyer looking to get into rentals as well seeking advice or guidance

I’m self employed with 20k in the bank. In the next month I’ll also have a family home in my name that I can use a collateral to secure a loan for investment purposes, if needed. I’ve been renting for 5 years and am planning on buying my first home.My plan was to find something that maybe needed updating or a little bit of work so I could get it a little cheaper, live in it for as long as I need to get it to a rentable state and then find another potential home to do the same while I rent that one out.This seems easy enough on paper but I lack experience. The market is southwestern Oklahoma and we have a large military base here where soldiers are given a housing allowance to live off of post and military housing is at 98% capacity with more troops coming. The main rental companies in town do very little to maintain their properties considering what they’re asking for rent. There’s homes cheap enough that I could afford to do a conventional loan to avoid PMI, but leaves me with less cash to work with.I’m not really sure what questions to ask of you. I’m just looking for someone to listen my situation and offer any advice they might have. It would certainly be appreciated.


Newsflash: Renting without a lease

I’ve been at my current apartment for a year now, and my lease expired at the beginning of the month. I told the landlord back in April that I was interested in staying another year, but he never got back to me and I still haven’t seen another lease. I think he just forgot to send me a new lease to sign.My question is this: should I prompt him to send me a lease? Does a lease do me any good, or is it more to lock me into occupancy?


New Story Just Out: Archaeologists Discover Tunnel Dug By Jews To Escape Nazis In Lithuania

Yet another interesting headline in the world of health and well-being. Archaeologists Discover Tunnel Dug By Jews To Escape Nazis In Lithuania
Archaeologists have discovered a tunnel dug by Jews to escape the Nazis in Lithuania — a sign of resistance in a land where 90 percent of the Jewish population perished during the Holocaust.

Read the full story here

Newsflash: Calculator for Rent vs Buy but for duplex?

My wife and I are considering making the switch from renting to home ownership but we also want the purchase to be a good investment. Is there anything similar to the NYT Rent/Buy calculator which takes into account income from renting out the 2nd half of the duplex? How would we go about including this in the calculation?Additionally, based on some of my research the duplexes in our price range and a location we would want to live wouldn’t necessary be considered great investments if we were renting both sides (ie. they don’t return 1% of purchase price per month).Also – since I’m here – how do you go about deciding if renovations are worth the investment? Say I wanted to spend $20k to update the rental unit and I think it will yield and extra $250-$300 per month. Is this worth it? What if it only yields an extra $100 per month?Any help or links to reading is appreciated.


Newsflash: Should we pay the seller title policy or add the $$ to the price?

Hi,So the seller is trying to negotiating with us and suggest we pay seller title policy on top of the additional $2k we are paying out of pocket. The house is appraised at $178k and we are willing to pay $2k but she’s trying to get us to pay seller title policy. How much is it usually? Should we pay that or just add let say $1k on top of the buying price so if in the future, the value of our house will be higher? But it possibly will effect our property tax as well. I really need advice here.Thanks


Newsflash: Help dealing with a Landlord and discrimination?

Hello,I signed a lease for an apartment beginning September 1. I signed up for a 2 bedroom and elected to do a room mate match. They said they would match me with someone who was similar to me. They matched me with a homosexual Who I believe is in NO way similar to me.I called leasing office. I said I believed he is homosexual and that are interests are extremely different. I did not intend for the comment to be homophobic or discriminating. I was simply saying that our interests are completely different and I would like a new room mate.I signed the lease several months ago and there were several verbal promises that were made to me. Also it should be noted that I notified them verbally on probably 10 occasions that I would be having a dog. The dog does not meet the standards in their writing but they have said, again, verbally they have made exceptions since he is not that of an aggressive breed. I originally wanted a 1 bedroom but they were sold out. I said the dog is my number 1 priority. I said I did not want to get him and then be assigned with a room mate who would be against it and therefore not be allowed to have the dog. They said that if I wanted a dog I could bring the dog and they would work around it and not put me with someone who didn’t want a dog.First, they insisted I would not even have a room mate. They said you will not have one. I can garantee you won’t. Worst case scenario you will have one for 2-3 weeks while we prep another apartment.Second, I offered to pay 1 bedroom price and have a 2 bedroom with a closed second bedroom they could use for storage or whatever I would not have access to. The leasing agent said no you do not want that and again promised me I wouldn’t even have a room mate.Third, I was on a waiting list for a one bedroom. I said I’m gonna wait and see what happens with it. The leasing agent again said you won’t have a room mate it’s a much better deal to take the two bedroom you’ll have a larger sofa (it’s furnished) wnd more space.Fourth, I signed the lease and brought the dog up again and said I’m doing this but the dog is number 1. I will not sign the lease unless it is 110% ok the dog comes with me regardless of what happens. They agreed and I signed the lease.Fifth, I began talking again in May and they began to act confused about the dog, but nothing came of it. They sent me the contract for the dog and have his weight and age listed at the top that the leasing agent filled out. Both go against what is stated in the contract below. I contacted and said I read over t and it said x and y. Please send me the amended contract in writing for me to sign she said she couldn’t. I emailed and asked her to change it as we discussed on ten phone. She said she couldn’t but that she assured me there were other dogs breaking those rules because of exceptions she granted “if that makes you feel better” I said ok.Sixth, I had the conversation about the room mate and made a call to them and said our interests are different and I believe he is a homosexual. I prefer to live with a Hererosexual male. I said the same reason I wouldn’t live with a girl. I do not want guys coming over. I didn’t mean any disrespect at all. This is a matter of me living and being happy not me being homophobic. They called their lawyers and said my comments were discriminating and they needed to find a way to inform the room mate. I said ok and called my own lawyer. He said for me to accused them of calling me homophobic and focus on the difference. I did that I said look the bottom line is that our differences are drastic. There was no reason for him to accus me of being homophobic and call the lawyers. I was focusing on obvious differences between us. It should be noted that the manager is gay, I believe.Seventh, they informed me that they were working on a resolution. I said ok, by the way I’m sending the puppy contract today. She said “that’s all pending your new room mates approval”. Now I am worried that they will put me with a new room mate and say he doesn’t want the dog and not allow me to have it. Especially because the manager is gay and I feel that they may begin to retailiate.Thoughts? What are my rights? What should I do?


Newsflash: Converting an investment property into a Group Home/Boarding Care facility (SoCal)

Wondering if anyone has experience with converting an investment property into a Group Home/Boarding Care facility, specifically in SoCal?I am buying an SFR (my 4th property) and understand that group homes/boarding care facilities can be very profitable.Thanks in advance!


Newsflash: Thinking about buying an apartment in NYC and selling it in 2-3 years. What up and coming neighborhoods do you recommend?

I’m totally new to real estate investment and I’m not familiar with NYC. I’m moving to NYC with my sister and investing in an apartment seems to be the best choice financially. What neighborhoods do you recommend we look into in Lower Manhattan/ Midtown for the best return on investment in a few years? Thanks!