Newsflash: Need advice for an interesting real estate case

Im currently located in New Orleans, LA and have been working in a store in the french quarter. The store is in a 4 story building right by the mississippi river, all owned by the owners of the store. While working in the store i began to utilize their third floor for my own business with their blessings of course. The owners are quite old and are starting to talk about selling the building, as well as the business. I know if i could come up with the money (the building is worth about 1.7 mil) , i could get a good deal on the building so im looking for an investor to buy the building and let me continue to run my business in it. The perc for them being that i could get it for them below market value and they can flip in a few years if nothing happens with the business. If it does well we can renegotiate a payment plan for them or talk it out from there. I dont really understand fully how investors think or how people look at the real estate market so im wondering if this is a terrible idea or not.

Read more at https://www.reddit.com/r/RealEstate/comments/c2zeqo/need_advice_for_an_interesting_real_estate_case/?utm_source=ifttt

Advertisements

Newsflash: NYT story claims investors destroying entry-level housing market: your thoughts?

https://www.nytimes.com/interactive/2019/06/20/business/economy/starter-homes-investors.html?action=click&module=Top%20Stories&pgtype=Homepage

Read more at https://www.reddit.com/r/RealEstate/comments/c2ynzp/nyt_story_claims_investors_destroying_entrylevel/?utm_source=ifttt

Newsflash: Rental property requires licensed realtor to see house

I’m sorry, this is my first time and I really don’t know what I’m doing. I liked a house and wanted to look at it. I had gone on tours at other places and the agent would just show up and unlock it. But I just got an email about this house that I have to have a licensed agent to let me in. I’m kinda confused on the difference in an agent for renting or buying and unfortunately it seems all the info I can find online is for buyers. I’m also didn’t want to get an agent or apartment hunter or whatever because I don’t want the extra cost. Also, I have no idea how to even find a good one. Or what to even ask to know if it’s a good one. It all just seems overkill for something stupid like just looking at the place I want to rent. Is it unreasonable for me to have to get an agent just to look at the place? The application is online so IDK what he’d do otherwise. Seems like a waste of time on his part. Which tells me I’d need to pay him to show up? I’m confused and kinda annoyed by this honestly. And I really like this house. I’ve been searching really hard to find the right place and this is the first one I’m really interested in. And on top of all this, my lease ends soon; I can’t exactly fiddle around waiting. Sorry this is a wall of text but I’m really out of my element right now and I don’t know what do to about all this. Why is it so hard to find info online about RENTING, not buying?

Read more at https://www.reddit.com/r/RealEstate/comments/c2yr11/rental_property_requires_licensed_realtor_to_see/?utm_source=ifttt

Newsflash: Is it legal for a landlord to refuse to accept a move-out until after all the rent has been paid?

This is in Kentucky. The issue is whether the landlord has to figure the amount of deposit refund when the tenants move out, or if the landlord can legally wait till all the rent has been paid before considering the tenants to have moved out. Would the tenants keep owing more and more rent because the landlord considers them to still live there? Or can the landlord get in legal trouble by not immediately figuring the total amount owed and issuing a deposit refund which deducts unpaid rent, or a bill if more is owed than the deposit amount?

Read more at https://www.reddit.com/r/RealEstate/comments/c2yzbk/is_it_legal_for_a_landlord_to_refuse_to_accept_a/?utm_source=ifttt

Newsflash: Any recommendations on Reverse Osmosis water filtration systems for the whole house?

My wife and I are closing on a house next week, and the home contains a lead service line connected from the basement to the front yard. The seller said he wouldn’t replace the lead service line with copper, but said he would add a reverse osmosis filtration system. Can anyone recommend a good reverse osmosis filtration system for the whole house?

Read more at https://www.reddit.com/r/RealEstate/comments/c2yhee/any_recommendations_on_reverse_osmosis_water/?utm_source=ifttt

Newsflash: Land loans

So my husband and I are looking into having our home built. We plan to do this in about 2 years so I am now researching information on how to go about this and coming up with different scenarios. Scenario 1: With regards to land, say I found a lot for sale for about $400K, are there loans specifically for that? How do they work? Say I get a loan for $400K for land, and use cash to build my home, does that land loan convert to a mortgage? Or it remains a land loan until I pay it off like any other loan. Scenario 2: Say I get a land loan for $400k, and a construction loan to build house for $300K. Do I then refinance both loans into one mortgage when the house is complete?

Read more at https://www.reddit.com/r/RealEstate/comments/c2wsq1/land_loans/?utm_source=ifttt

Newsflash: Google pledges $1 billion to ease the Silicon Valley housing crisis it helped create

Source: Google pledges $1 billion to ease the Silicon Valley housing crisis it helped createIn 2014, The Verge reported how Google had effectively created its own island in Silicon Valley, something akin to a company town, exacerbating a housing and traffic crisis that now characterizes much of the San Francisco Bay Area — the place with the highest housing costs in the nation.Now, Google CEO Sundar Pichai is announcing the company’s biggest commitment by far to fix its broken backyard: a $1 billion investment over the next 10 years to build some 20,000 units of housing.According to the official Google blog post, the new commitment includes:$750 million worth of the company’s existing office space, which Google will convert into an estimated 15,000 units$250 million toward “incentives” for other developers to build 5,000 units of affordable housing$50 million to nonprofits that help the homeless find shelterThat sounds good! But let me bring you down to reality with some more bullet points:We were already expecting Google to free up as many as 9,850 units in its Mountain View backyard, with Google offering to build some 5,700 itself. (The company leases a lot of property, too.) Google tells The Verge that plan hasn’t yet been approved by the town, but whatever housing it builds in Mountain View is included in this total. This is an investment, not a charity. Google says it’s leasing this land to developers who will rent and sell units — you know, for money — and won’t restrict what they do with it. That does mean no explicit preference to house Google employees, though, and cities will require a certain percentage to be affordable housing. Google proposed 20 percent affordable housing in Mountain View. We’re not talking about single-family homes. Google simply doesn’t have enough office space for 15,000 traditional homes, so it’s going to need to build upward. Expect apartments and condos in multistory units.We don’t know where they’ll be. Optimally, Google can help Bay Area traffic woes by building housing close to its big campuses, and that’s likely, but Google says they could be anywhere in the Bay Area it has office space. The details are up in the air as of today. Google won’t be building 5,000 units of affordable housing itself. The $250M will help developers secure land and permits for affordable housing, incentivizing developers to build.This is a 10-year commitment, all while Google keeps growing. In addition to its holdings in Mountain View, San Francisco, and generally across 24 of the 50 US states, the company’s planning a whole new giant campus in San Jose.If you want more insight into the kind of relationship that Google believes it can have with the Bay Area, take a peek at the company’s pitch to transform North Bayshore (that’s the portion of Mountain View that Google primarily occupies) with housing, $77M for transportation, plus parks, schools, and more. There’s also a North Bayshore FAQ you might want to read — it explains why Google’s offering 5,700 units there, not 9,850.But you also might want to think about how Google tried to use housing as a bargaining chip to get more Bay Area office space to begin with — and the damage that big companies like Google can cause if they wind up pulling out of a major infrastructure project early.

Read more at https://www.reddit.com/r/RealEstate/comments/c2wlnq/google_pledges_1_billion_to_ease_the_silicon/?utm_source=ifttt

Newsflash: How long to wait for seller to countersign?

I as a buyer signed already and a week has gone by with the seller not having counter signed yet. Is this a sign that they are not interested in selling or is it still to early? From my perspective a week having passed and them not signing seems like they are not really motivated.Thoughts and opinions welcome! Thanks in advance!

Read more at https://www.reddit.com/r/RealEstate/comments/c2vetk/how_long_to_wait_for_seller_to_countersign/?utm_source=ifttt

Newsflash: Agents who cold call people about selling their homes in hot markets, how the deck do you get our telephone numbers?

Full disclosure: I own a condo in a major city and have a tenant that rents it out. I still get random calls about selling it! Someone help me understand this madness please.

Read more at https://www.reddit.com/r/RealEstate/comments/c2vd4d/agents_who_cold_call_people_about_selling_their/?utm_source=ifttt

Newsflash: How much interest to charge LLC for financing rehab rental properties?

I am going to be a 50/50 partner with a family friend in finding rental homes that need to be rehabbed and then eventually rented out. We are going to use the BRRRR strategy. However, I am the one that is going to be financing the homes before refinancing as I am relatively liquid. Since I am a 50/50 partner in this venture, what is a fair interest rate to charge my own LLC to mitigate some risk. I did some research and typical hard money loans go for about 2-5 points and then an additional 8-16 percent interest.

Read more at https://www.reddit.com/r/RealEstate/comments/c2u5rv/how_much_interest_to_charge_llc_for_financing/?utm_source=ifttt