Is it ok to ask for advice on how to sell a property on this subreddit?
So I’m looking to buy my first place and for context, this property is only like 7 years old. It appears well built, etc.So I noticed the ceiling in only one spot has signs of light brown water damage that caused the drywall crack along a joint. It’s really not bad and can probably be fixed without a patch. It’s just looks like it’s cracking where the drywall tape would be. It’s only slightly discolored. I checked and there is a bathroom above this crack.I mentioned it to the real estate agent and she spoke to the owner and he says in the bathroom he spilled a bucket of water or something. I have to double check but the water may have sat for a while before it was dealt with, if it all.Now, I could see this being possible. But it’s also definitely possible in a newer construction house, that someone nailed something into the wall and hit a pipe. The nail initially seals the pipe so you don’t notice until seal goes away and you get a leak. So maybe the owner is full of it. But maybe not.I do love the place. This is the only thing about it that has me worried. The drywall seam will be fixed before it’s sold, and if it was just a bucket of water then no big deal. But if there is a small leak it will just crack again, and probably worse the second time around. And water can cause other problems too obviously.I’m wondering where I should go from here. Any advice?
To see the previous month, please refer to this link https://www.reddit.com/r/realestateinvesting/comments/ck9qm6/monthly_budget_breakdown_from_a_retired_real/A whole lot of stuff happened this month, so I’ll do my best not to turn this into a novel. Bought a new investement property for myself, and I’m currently working with 2 out of state investors to help them get their first cash flowing rentals in my area. Both of those deals should close next month.Okay, now for the numbers.Business Income, Investments, and Expenses1) Real EstateGross Rental Business income – $18,000 (no vacancies, 2 were filled at the beginning of the month, this also includes a down payment of $6,625 for a property I’m selling as a rent to own)Net rental business income – $4,025 (Huge expenses this month! Had to dig out a sewer line all the way from house to alley on a house with a big back yard. That was about $4k. Also had to pay income taxes for 2018, which came to a little over $7k…also had a several minor repairs and had to pay for a dumpster/cleanup/repairs afer a long term tenant left us with a big mess after several years of accumulation. Luckily my crew was on top of things and we were able to do the needed work and already have it rented again. Still, had a total of almost $14k in business expenses this month!!)One new investment property purchase as outlined here https://www.reddit.com/r/realestateinvesting/comments/cqadg8/new_deal_breakdown_on_hall_st/My total purchase price was $16,170…renovations will start early next month. Renovation costs will be on next months breakdown.Hard money loan outstanding on a flip project in Los Angeles – $50,000 (project is complete, just waiting for it to sell. Finally had some offers come in late this month, so we are expecting to finally get this thing off the books next month and get that money back…hopefully with a little profit)2) InvestmentsMonthly investment into Fundrise $2,000 (all returns are being reinvested)Monthly investment into Dividend Stock account $2000, all dividends are being reinvestedMonthly investment into Leveraged Stock account $2000Monthly investment into Money Market account $3000. Currently getting 2% interest.The balance will stay in the checking account.3) Possible deal on the table for upcoming monthI am working with 2 out of state investors to help them purchase a couple of duplexes. Hopefully both of those deals will close next month.PERSONAL EXPENSESPersonal expenses for the month (everything except property taxes, which will be a one time expense when paid) I’m sure this is confusing for some people, but I’ll explain the low numbers on personal spending. 1) I own my house outright 2) I own my cars outright and only carry liability insurance 3) I self insure for all other insurance 4) I’m just really frugal by nature which includes cooking at home, walking most places within a 3 mile radius, not going out often, etcThe goal here is to spend less than $800 a month.$905 totalBreakdown:(all cost rounded up to nearest $5)Car insurance $60Gasoline for cars $0Cable $70Water/sewer/trash $60Gas (heat) $30Electric $70Cell phone $35Food $150Entertainment $70Misc (one time purchase of electronic devices $60)Averaged 3 month Medical expense $100Averaged 6 month truck purchase cost $200Not happy I went over budget here. Everything was looking fine until I blew the amp for my home theatre subwoofers. That was a very expensive amp, so a direct replacement wasn’t going to happen anytime soon. Luckily I had a backup amp I could use, but I needed a few things to make the conversion work so ended up spending $60 on Parts Express to get everything. I also had a much higher food and entertainment budget than normal since I did a little entertaining this month. And of course, what really blew my budget was the two expenses carried forward from previous months. That $300 really ruined my budget this month. To see the details of why those are accounted for that way, see the previous month breakdown.OTHERMisc. incomePayment for truck sold to handyman $100Total $100Grey area accounting.Most of the Grey area is already above. The big one this month are the new property purchase. Should that be counted against the rental income as a rental expense? Maybe, I don’t know. So it got its own category. The funds for that came out of the bank account and a small transfer from my money market.I guess the income taxes are a bit of a grey area too. Since they are based on the business, I accounted for them as a one time business expense against the monthly rental income.On the personal side, deciding to account for the truck purchase I made for my handyman as a personal expense came back to bite me in arse. Oh well, at least I got $100 this month in misc. income from it! Lol. I can’t complain too much. Even with all the craziness from this month I didn’t blow the goal budget by too much.Okay, that it is. Let me know if you have any questions about any of this. I know this covers more than just real estate or personal finance, but hopefully members of multiple communities will find it useful.
Just bought a home and found out that the home had a pool which with some investigation did not have a permit but also the pool was filled in with dirt also without a permit. Since this was not disclosed in the sale what should I do. How do I know if these will turn bad later on. What steps should I take.
Private as you can probably tellI’m 17 and I’m a millionaire. I make about 100k a month by producing music, investing in the stockmarket and other activitiesI grew up very poor. My parents were amazing parents although we went to bed hungry. They did the best job in raising me.I know realise that I can buy my parents a house as we grew up in a 2 bedroom house in Manchester. My parents always wanted to live in WalesCan I buy houses at 17? Probably 18, right? I just really want to make them proud and they deserve it.I have an flat in London but I’m renting. Do you have to he an adult to rent?Thank you to everyone who comments and helps me out
Hi, Im a new home buyer, if a foreclosed property listed for 90K, and it has 78K for unpaid balance, if I purchase this property, do I have to pay the listing price of 90K plus the 78K unpaid balance, for a total of 168K?
first time home buyers, here is a nice little blog post from ValinRealty.ca 6 Tips for Choosing A Real Estate Agent read more on this topic. https://valinrealty.ca/port-hope-real-estate-tips-for-choosing-a-real-estate-agent/
Just curious. They offer grants to teachers, nurses, doctors, firefighters, etc. They have a free program (where they send you leads & take 10% of your commission), a preferred agent program ($50/ month where they send you leads in specific zip codes and take 5% of your commission). Wondering if anyone’s tried it and has feedback. Thanks.
Hello r/realestate!I’m considering a new construction in Maryland and looking at getting a finished basement. The sales dude highly encouraged it (shocker, right?!), adding that leaving it unfinished and having it done later by a third party could void the warranty (this home builder’s warranty is only one year anyway). Is there any truth to that comment? Does that make sense? I know we wouldn’t be the only home in the community without a finished basement and at the price the builder is asking for it, it’s a quick pass.
Yet another interesting headline in the world of health and well-being. Friday News Roundup – International
We talk about the suspension of Britain’s Parliament, the G7 Summit, a U.S. cyberattack on Iran and more.