Newsflash: Purchase a rental property without seeing lease (MI-US)?

I am looking at buying my second rental property. The first owner was very easy to deal with and happy to provide me with all kinds of documentation. The owner of this new house is not being as forthright and won’t supply leases without an offer. Is seeing leases before purchase normal or did I just get lucky before? My agent suggest making the offer contingent on my approval of the leases, which seems to cover my bases, but I thought I’d ask for advice.​Thank you

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Newsflash: Need advice – Debating sabotaging my own first mortgage

Hi Everyone,I live in a city where I am using a state backed program for first time homeowners. Working with my realtor, I found a condo I thought I liked. We put in an offer and it was accepted.Immediately after, I felt I had made a mistake. The location I live in provides 15 days from the time of a contract being ratified on a new condo building for the buyer to back out scott free. This is known as the condo doc review period.I expressed concerns to my realtor, who I have regretted using ever since the contract was ratified. The first hiccup was him not disclosing to me that he had done transactions involving the loan program I am using. I asked a question, he didn’t respond. I find out he has contacted the lender to get the lender to answer and I only found out because the lender told me.I expressed my concerns on the condo and said I wanted to see other units.He kept discouraging me from looking at other properties while locked in on this one and when I pushed back on repairs I wanted to have done on a new construction (all cosmetic due to sloppy worksmanship) my realtor pushed back. I told him “Tell them to accept all repairs or i’ll back out using the condo doc review period as reasoning.”He tried to convince me I couldn’t do this. I read the lines to him where it said I could back out and he said “Oh, yeah you can until x date.” Everyone kept encouraging me to just keep going. Regardless of how I felt in this. I genuinely am not comfortable living in the place and don’t want it at this point. My threat ended up being the only way to get the seller to agree to my repairs, as they have been having trouble selling units in the building.Today, I find out the realtor isn’t even coming to my final inspection. Another realtor on his team is because he “is out of town.” However, I am not even sure we should have the final inspection.The real estate contract addendum for the program I am using has a clause stating that if I do not secure a loan, including the loan for the program I am doing, the contract is void and I get my deposit back. This was signed by both myself and the seller as a get out of jail free card that the government requires.My closing date is supposed to be May 6. The government loan program has not yet cleared, despire my lender calling multiple times a day to get it pushed through. Given my feelings and not even wanting the place at this point, I am debating calling the government office that handles this loan and sabotaging my own mortgage by saying that I think my assets are not being accurately represented by the lender. In turn, this would easily delay the transaction and prevent me from securing financing, prevent me from closing on the 6th of May and would allow me to void the deal (I would just decline to ask for an extension).Thoughts on this? Dual agency was involved and this whole transaction feels like a cabal to me.

Read more at https://www.reddit.com/r/RealEstate/comments/bj9u6f/need_advice_debating_sabotaging_my_own_first/?utm_source=ifttt

Newsflash: Additional SQFT question

Our home is a track home in a community with several others exactly like it. They are all 1960 sqft. A few years back I had the area under the stairs opened up for a walk-in storage that is 40 sqft. Now that we’re considering listing our home, my intention is to list it at 2000 sqft with the following disclaimer:​”Living square footage includes added under-stair storage as reported by seller. Buyer to verify all square-footage claims.”​On record we’re still 1960 but I always see claims that say the “source” of the information is the “seller” and I am hoping in this case I can legitimately say this without any repercussions.​My question is, as long as I very obviously state on the listing and on my disclosures that I’m claiming the storage as part of my sqft claims, is there any other measure I should take to ensure this doesn’t blow up in my face?​In case you’re wondering why I’m going to all this length for 40 more sqft, most buyers in my price range limit their search to 2000+ sqft in the mls.​Thanks

Read more at https://www.reddit.com/r/RealEstate/comments/bj92dd/additional_sqft_question/?utm_source=ifttt

Newsflash: Tenant has people living at apartment not under contract?

I have a 2 bedroom apartment that I rented out and it’s under 2 names. However I see their BF always coming over everyday, who are not in the contract and I had no prior knowledge.Is there any authority or rights I can take to not allow them living under the apartment? This is in NYC

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Newsflash: Thinking of buying an income property but know next to nothing about it.

I’m meeting with a real estate agent on Monday and don’t even know where to begin with questions. Any tips as far as becoming a landlord and property purchased would be appreciated and any questions I should ask to said agent. I know that you have to take into account any damages that might occur with tenants in different situations or acts of god etc. but I don’t even k ow where to start as far as what to anticipate. Thank you all so much!

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Newsflash: Agent Instagrammed Our Offer?

So, we were at an open house, loved the house, put in an offer, didn’t get it, womp womp so sad. But we’ve been looking hard for a good agent to list our house, haven’t had much luck, and the woman who was at the open house clearly did a great job listing that house, was real nice to us, and super responsive so we thought we’d go to her to sell our house. She came over and had really insightful things to say about our house, seems to be doing a great job, despite being real new in the industry (she just started in January), we’re gonna meet with her to talk next steps tonight.Then before our meeting, my wife checked her Instagram and saw a photo of a stack of five offer letters all fanned out on her desk, with something about “Multiple offers! Not a bad situation right?” You can’t see any of the offers in full, but you can clearly see some of the downpayments, we can definitely pick ours out of the pile, and actually, my wife saw enough of the name and address on one of them to figure out that it came from her former therapist.Like… what?Is that a real inappropriate thing to Instagram or am I just being oversensitive because I’m nervous trusting a human I know nothing about with a several hundred thousand dollar transaction?

Read more at https://www.reddit.com/r/RealEstate/comments/bj83zy/agent_instagrammed_our_offer/?utm_source=ifttt

Newsflash: A warning about insurance and cancelling a contract (Liberty Mutual)

Hey guys. Ive been house shopping and ended up in a snag. I was looking at a property beforehand, and it required Flood on top of home. Was told to buy my 12 month policy upfront to satisfy my lender.When the home inspection happened, I decided to cancel on the house and look for another. Cancelling that policy. Was told I would get my refund “soon.” Liberty mutual seems to have other plans. Its been weeks now, and theyre adamant that my refund take place on my intended policy date. So Im out 2,300 dollars until then.While esurance gave me my 1,500 refund back within 3 days for the house I found after. After I found cheaper insurance for it. Already. Now Im stuck trying to make a deal work on that future house. And it appraised low. And look at me now. I have limited funds because libertymutual wants to hide the sausage in the blanket. When their competitors had no problem.And what sucks is since you have to buy so much insurance up front before you even close. You have no warning if the first insurance company is going to do this. So my advice is simply try not to use Liberty mutual. Anyone else ever have an experience like this? Is it understandable Liberty would hold out for so long when Esurance didnt?

Read more at https://www.reddit.com/r/RealEstate/comments/bj77sc/a_warning_about_insurance_and_cancelling_a/?utm_source=ifttt

Newsflash: How do I know my agent is working in my interest?

Hi All,I have a nagging question for a very long time. I have been using this agent for the past year as a buyer. Most of the time, I am the one that did the research and come up with a list of properties to invest. Then I will forward the agent the list to schedule a visit.The agent and her family are property investors themselves. They have been buying, selling and keeping properties through out the years. Additionally they have many deep pocket investors. Ethnicity perhaps played a little role here, they are Asian.I have this issue when the good properties I find (I know I am not the best investor) often disappear after I recommend to my agent. Besides, what is stopping my agent from competing with me or recommending the properties I come up with to their preferred client (all cash, large transaction volume)? Placing myself in my agents shoes, I can totally see the temptation.How can I prevent this from happening? Should I find a new agent which is young, poor and hungry? I felt that real estate is one industry where fiduciary responsibility can be subjective at time.

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Newsflash: We were asked to decorate our classes according to the theme of the degree City and Regional Planning (urban planning+) can i get some suggestions to how to decorate our class? Thanks a lot!

https://www.reddit.com/r/CRP_SouthernAsia/comments/bj338d/we_were_asked_to_decorate_our_classes_according/

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Newsflash: Explain like I’m 5 years old

I am paying off a 4 bedroom 3 bath house for 155k in Wichita Ks. I may be moving for work in less than 2 years. What are the pros and cons of renting it out. Is that a good idea or would upgrading a few things and selling it be better? I know this is a vague question but I’m a first time home buyer and have zero guidance from the people I have talked to thus far. I apologize for my noobie status and I appreciate any and all feedback.

Read more at https://www.reddit.com/r/RealEstate/comments/bj6vxb/explain_like_im_5_years_old/?utm_source=ifttt