Situation: I have had an offer accepted to purchase a primary residence for $285k. $100k down payment (from sale of current property) and financing the rest on a 30yr fixed. During the underwriting process several repair issues have come up that the seller does not want to fix (home is priced under market for that reason, appraisal came in at 300k). Long story short, the lender will not close the loan due to repair issues and an escrow hold back for repair will not work for me because I do my own work and do not want to pay contractors for the repairs, also some of the repairs really cannot be completed until spring.So my idea is to amend the offer to $275k without financing contingency as I would use $175k cash (proceeds of sale and savings) and use a private mortgage from a family member ($100k). The private mortgage would be formalized and recorded. I want to pay off the private mortgage ASAP so as to not tie up my family’s capital.I would then make the necessary repairs to meet Fannie mae requirements and do a cash out refinance, paying off the $100k mortgage and taking an additional $50k back to my savings account.So assuming the property still appraises for 300k+ I am wondering if this sounds feasible. I have read the Fannie mae delayed financing rules and it seems to make sense.Are the rates and fees for a cash out refinance a lot higher than a conventional loan? I have not spoken with a lender about this yet.Thanks in advance for your help! Happy new year
My wife is a stay at home mom. One kid. Would a carreer in real estate be too time demanding? What would be a good starting job for her? Is it feasible to be a part time agent working 20-30 hours a week? We’re in Indiana. We don’t really need her income to survive, but some extra cash would be nice. She is getting bored at home…
Looking to get new cabinets. Different options for ovens,a standard oven/cooktop appliance not built-in.built in cooktop with a single oven and a cubby hole for a microwave.single wall oven with a built-in microwave (trim kit)double wall oven with microwave cubby hole in different locationDo any of these things really affect home prices? I know I personally like built-ins. They look cleaner..
Lurker for a little while, first time posting here.Bit of background.Taylor, MI. Wayne county area.My brother and I went in together on a house for me. He took out and equity line of credit from his personal home to help me buy my own. The house is is both of our names and I’m paying him back monthly for the loan. I want to get my own mortgage and pay off my debt to my brother, because he kind of wants his money back. So to my question, when should I get an appraisal for my Home? Should I wait til spring/summer when people tend to start moving or do it now? The market looks like it’s steadily going up so I’m thinking if I wait I can get more value out of my house since I can only get 80-85% equity.Tl;dr will my house be valued at a higher price if I want til spring/summer to appraise rather than now.
College senior, new to the real estate game so excuse my naivety.I’m looking to get started in real estate ASAP once I secure a job out of college and hopefully make my first purchase within the next 2-3 years. Ideally I’d like to own a number of rentals to provide some passive income for myself and my family. One of the markets I’ve been researching is Baltimore and wanted to see if you guys had any input.Here is an example of a property that I’ve been looking into. TLDC; 3 bed/1 bath townhouse foreclosure that seems to be in mostly good shape for $25,000.From comparables I’ve seen in the area, it appears that you could rent the property for anywhere between 700-1000 a month. So I had a few questions because it seems like too good of a deal…1) Being in a lower income area, is this going to be a nightmare rental that is a constant cycle of evictions and home repairs? 2) Will property management companies take such a property? I’ve read that a standard fee is 10% so it seems to be totally worth the cost considering I am located in CA. 3) Are there other hidden costs (insurance, upkeep) that would make a property like this pointless?Sorry if these are silly questions but I figure you gotta start learning somewhere and I’ve seen a lot of great feedback in this sub so far.My rationale/probably poor math for making this kind of move would be if I could buy the property with cash, it would pay itself off in 5 years or less and with by building a portfolio of these properties, I could generate a good chunk of money while outsourcing the dirty work to property managers.Please let me know your thoughts and put me in check. All advice and mentoring is appreciated!
My daughter is looking at buying a home from David Weekly here in Houston. While I have a fair amount of home buying experience, I’ve not bought new and thus never have bought from DW. I’m interested in any feedback you may have with them – purchase experience, repair/warranty, construction quality, longer term value, etc.Thanks…
Title. Here are the details. Let me know if you need more information:I bought this house last year for 128k. It is in a really good place in the city of Murfreesboro, TN, a top ten fastest growing city in the nation, and less than a mile from the interstate and many restaurants and shopping places. It is also considered a duplex, at 985 sqft on a 4500 sqft lot. My wife and I are fine where we are but considering an upgrade in the next 4 years or so. The houses in the area, including the other half of the duplex are comped at like 140k to 150k so I’m wondering what my best options are here? I’d like to redo some things in the house, not any major remodeling (stuff like replace floors because we have 6 different floors–I know–or faucets or we’ve even considered pouring concrete out back and building a covered porch). Are we looking at outpricing ourselves out of the market or is renting even a good idea? It’s an excellent neighborhood and the city is growing so rapidly that I believe we could turn a profit fairly easily. I have seen a few rentals nearby that comp well with my house but I’m wondering if it’s worthwhile.
I am trying to determine if my spouse and I are ready to purchase our first home. Rent in our area is high and we are planning on staying in the area for the foreseeable future (10+ years). After taxes, retirement investments, and insurance payments we bring home around ~4800$ in net monthly income. We have roughly 50k in combined student loans that we have been aggressively paying off. We also have a small car loan with roughly 6k left on it. I am confident that we could afford the monthly mortgage payments but my concern comes with the upfront costs of buying (down payment, moving costs, etc). As we have been paying down our student loans as much as we could each month we don’t have as much cash on hand as I would like.Beyond the down payment, what other upfront costs should I be considering? I have been planning on ~500$ for a home inspection, 500-1000$ for moving costs, and another 1000$ for miscellaneous costs. Are there other fees that I need to pay at closing that I should budget in?
Took at look at a foreclosure today. Considered buying it until I checked the basement and found some things that point to big problems. Can anybody elaborate on this? The house has a septic tank. From the looks of it, either the septic was not emptied or the pipe broke from the outside-inhttps://www.dropbox.com/s/4v1le7o9uenp7j5/2017-12-30%2016.25.58.jpg?dl=0Additionally… the hot water heater is all bloated with deposits all over the place. Is this a sign of something worse, or just neglected maintenance?https://www.dropbox.com/s/8qv8eydkk3we5bi/2017-12-30%2016.29.14.jpg?dl=0
My core business is doing well. Last month, we made $100k. I’m currently renting and do not want to settle.I’d like to diversify about $400k to buy a condo in downtown Markham, Canada, where the median condo is $450k. Markham is a town that is becoming a city, and a university is committed to building a satellite campus there.I plan on paying cash from my business account. Once I have the condo, one of my employees with landlording experience will take on the tenant responsibilities. This way I can start collecting cash.With no experience doing such things, I humbling ask for words or pieces of real estate wisdom.