Newsflash: Real Estate / Property Development Tech Project

Hi,So I am entering my final year of University and have to complete a final year project. I have always been interested in Civil Engineering and should really have chosen it over doing Computer Science.So once I leave uni I want to switch things up and begin a path in real estate (currently am sitting on one property waiting to develop it)But why I am here is would anyone have any cool, good technology ideas which would be useful for real estate (any sort of areas) that I could try and develop for my final year project.

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Newsflash: What are pros and cons of paying for a home outright with cash?

I have spent my entire life in a New York City apartment which I own, which is now worth almost half a million. I plan to retire to Texas in about 6 or 7 years or so, cheaper to live of course, (compared to NYC) and honestly all I want to do is spend my life relaxing in a house with a hammock and a dog. Austin, TX is close enough to some of my family (the ones I can actually stand to be around) and I’ve been there enough times to have a good feel for it. I’ve been keeping an eye on some houses around there, and there seem to be some decent ones around 200-250k. I don’t need a huge house. Question is: is it a good idea to buy a home outright with cash? I can sell my NYC apartment and have more than enough to buy a house outright, and still have some cash in the bank for other unforeseen expenses, etc..is there any pros/cons for paying for a home in cash versus financing?

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Newsflash: Low Appraisal-Help/Advice

Hello real estate reddit! We have hit a bump in the road in our home buying journey. Long story short(ish): my partner and i are interested in buying a home in a “hot area”. We saw the house the day after it was listed, came in above asking price. They had another offer that was cash. The selling agent “liked” us, we wrote a letter about how much we love the house, said we wouldn’t ask for improvements after inspection, and she wound up accepting our offer. She requested the closing be pushed back another month, we extended it another 2 weeks to help her out as best we could without totally inconveniencing ourselves (we have a lease that ends this same month we were supposed to sell). The appraisal was done and the house under appraised by $20,000. We cannot (and decided we wouldn’t) make up the difference. Our lawyer advised we ask them to lower the price and we will close on the date she asked for. Just wanting some general advice or words of wisdom.I think the deal maaay be dead considering there was a cash offer who the seller may just contact to see if they’re still interested :-/ just wanting to vent to Reddit and hear any stories you have about a similar situation! Thanks 🙂

Read more at https://www.reddit.com/r/RealEstate/comments/c7jkdx/low_appraisalhelpadvice/?utm_source=ifttt

Newsflash: First time home buyer looking for advice.

I’m going to be starting my home buying process soon. Just in the planning and looking stage right now but I need to get some advice.What would be your best tips I should know when looking for my first home? Areas I’m looking for advice on would be negotiating with the agent, what red flags in a potential home that might be a huge cost later on, how much is ideal for a down payment, and how to get the best mortgage rates I can.Thanks!

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Newsflash: Subjective Opinions: What are Reasonable Inspection Issues?

We’re the buyers and have been seriously looking for a house for about four months in a hot market. Hot as in, a desirable house will have multiple offers by the first or second day on the market. The house we offered on was listed on a Friday, we offered on Saturday (multiple offers), and was accepted the next day (Sunday).The sellers are relocating, and having gone through that before, we figured having flexibility on closing would be huge. We offered $5k below list, no contingency, no request of closing costs, and closing on the seller’s timeline. It was accepted, mainly due to the closing flexibility.We had our inspection a few days ago and after reading through, we had a few minor electrical issues (missing grounds, exposed grounds, loose wires at panel, non-functional outlets) and a few minor plumbing issues (loose toilet in particular), along with some other stuff I would consider “no big deal” but would have to be fixed sooner than later. Since we have been looking for a while, and this house checked every box, I was leaning toward calling it even and completing the inspection with no requests.After speaking with our agent, my wife ended up getting some estimates and in the end, to end an argument, we requested closing credit of $2500 to have the issues fixed after closing.So the question being: what would you consider reasonable in this scenario? Are we justified with asking for closing credit to fix those minor issues or is it being petty to ask for a small amount to fix minor issues on a 40 year old house? My biggest concern being we lose the house over little stuff since they had multiple offers initially. Or am I the one being crazy thinking we shouldn’t ask for credit to cover repairs?Very much appreciated on the comments and advice!

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Newsflash: I want to buy land in a nearby mountain town and build a detached garage with living quarters, and add a cabin a few years later. Where do I start?

Hi all, I’m new to this sub so I apologize if this is the wrong place to ask this, I’m in the beginning stages of planning.I want to buy about an acre of land in a mountain town near me. Eventually I want to build a cabin on the property, but not for ~5 years so I can save up for the build. I would like to build a detached workshop/garage with space to store my travel trailer, two cars, and a small living quarters. I know I’d need to buy land that allowed for my building plans.I have no idea how the financing for this would work… Should I pay cash for the land ($20-$50k) and finance the garage? What type of loan would I need for the garage? Since the garage will have living quarters (hopefully bedroom, full kitchen, bathroom, I’m guessing this will run be somewhere around $80-$120k but I honestly have no idea) can I get a traditional mortgage? Can I get one loan for the land and garage? Can needed improvements (well, septic, power) be financed with my garage build?Again, sorry if these are dumb questions, I just don’t have any idea how this usually works.Lastly, I know some may suggest a home equity loan, but I want to avoid that if possible. My home is almost paid off so I’d like to keep the finances for this project separate to avoid leveraging my primary residence.

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Newsflash: My first open house (as a visitor)

I posted recently about whether it was okay to go to open houses as a potential future buyer but not a now buyer and everyone reassured me that was normal. So today I took the plunge and picked a home with an open house in my price range.The Good: I got to see not just the house but the surrounding area – it’s one thing to like a certain area but to see a specific street gave me more insight. I also liked seeing the room sizes in real life as photography can definitely alter the perspective. I also found looking at the finishes helpful as this home was pretty updated – for example the bathrooms looked great but the kitchen flooring looked very cheap as compared to the online pictures.The Bad: When I came in, the agent (who was the listing agent as I recognized him from the online listing) was talking to a couple who were just curious about it. He never greeted me, or adknowledged my presence in any way. He did not speak to me once, even when I went into the kitchen where he was talking. The front door is near the kitchen so I’m sure he saw me when I walked in. Maybe because I look young although I’m actually 30. I am definitely making a note that I do not want to work with him in the future.

Read more at https://www.reddit.com/r/RealEstate/comments/c7iehp/my_first_open_house_as_a_visitor/?utm_source=ifttt

Newsflash: Getting a loan for a “cash only” home? In our situation?

From what my research has told me so far, is that banks don’t like to give loans for “cash only” homes because they’re usually in poor condition or in a bad area. Which I guess makes sense?The home I’m looking at is newly renovated and in a good area north of Atlanta, it’s just a small home priced at 110k. We are currently renting an apt (might as well be burning the money each month, $1300) in the same county as the home.INFO: I am a 25yo (struggling) freelance photographer/videographer/designer that pulls average 1k/mo from those gigs. I have 10k cc debt, and 25k left on an auto loan with my girlfriend (she is also on the loan, has 6k cc debt and makes 20k/yr as a server/bartender). I used to drive rideshare services and still do when necessary (potential $500-1k/week but is on 1099 form). I make passive income of usually less than $500/mo. I have 18k cash, 52k invested in stocks and peer to peer lending, and another 40k worth of crypto currency (as of typing this). Our credit scores are in the low-mid 600’s.My goal is to eventually begin profiting off of the home via Airbnb and similar sites as it’s in a hot area for that, once of course we are financially stable enough to start that process.What do you think? What can you tell me? I’m all ears!

Read more at https://www.reddit.com/r/RealEstate/comments/c7hxzw/getting_a_loan_for_a_cash_only_home_in_our/?utm_source=ifttt

Newsflash: Anybody know what I can invest $1200 into?

So I just turned 19 and got $1200 for my birthday. I don’t have much real estate experience but I wanted to start investing into properties. How much more money would I need to save up in order to invest? Maybe $10k? My dad would be willing to invest with me too so I have that going too. I like the idea of buying apartments or town homes and renting them out but not sure exactly what steps to take. Any advice ?

Read more at https://www.reddit.com/r/RealEstate/comments/c7hxnx/anybody_know_what_i_can_invest_1200_into/?utm_source=ifttt