Newsflash: Critique my SoCal Condo for Sale

After interviewing 6 different agents in May, we decided to go with the most experienced one. With his advice, we depersonalized and deep cleaned carpets and windows. Despite the fact all 6 of the agents told us our house would be gone within 10 days, it is still for sale over a month later with very few showings (6) and no offers.We already did one $20K price reduction. We don’t want to make major repairs or do another price reduction.Realtors, flippers, stagers, people with “a good eye”–is there anything else we could do on the cheap to get this place gone faster? Or, are we just being impatient? Our specific neighborhood went from “Hot” to “Neutral” right when we listed. Link below.https://www.zillow.com/homedetails/16268-Avenida-Venusto-UNIT-F-San-Diego-CA-92128/16745308_zpid/?fullpage=true

Read more at https://www.reddit.com/r/RealEstate/comments/90sdyn/critique_my_socal_condo_for_sale/?utm_source=ifttt

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Newsflash: Tenant wants to break lease early – question about the termination fee in lease [PA]

A tenant in one of my rental properties wants to break their lease early. He is aiming to move out in the first week of August. The lease ends 10/31 and he paid 3 month’s rent to move-in – first, last, and security. I purchased this particular property in May of this year so the lease was transferred to me as the new owner from the previous owners at settlement.In the early termination clause, there are three stipulations:- (A) Tenant continues to pay all Rent until the Ending Date of the Lease, or any Renewal Term, or until a new tenant is approvedby Landlord and a new lease takes effect, whichever happens first, AND- (B) Tenant gives Landlord at least 60 days written notice, AND- (C) Tenant pays Landlord a Termination Fee of Equal to 2 months rent.┬áPoint A and B I understand but is the Termination Fee paid on top of rent that has already been paid? The tenant pre-paid the last month’s rent in order to move-in. Do they just need to pay 1 month in this situation to make it up to the 2 month’s figure? This is actually the first time any of my tenants has broken their lease early and I didn’t draft this lease originally (previous owner’s wrote this landlord-friendly contract) so I’m trying to wrap my head around this one.

Read more at https://www.reddit.com/r/RealEstate/comments/90sm1s/tenant_wants_to_break_lease_early_question_about/?utm_source=ifttt

Newsflash: Tools to help determine investment potential.

First time home buyer here in Illinois and I’m looking to see if there are any resources that help determine how home value will go up or down depending on multiple factors like school district, population growth, new commercial development, and other trends. I’ve looked around and I’ve seen a few tools, but I was just wondering what else might be out there. Thanks!

Read more at https://www.reddit.com/r/RealEstate/comments/90qg3f/tools_to_help_determine_investment_potential/?utm_source=ifttt

Newsflash: Trying to shop without an agent [CT]

I’ve been looking to buy property for investment purposes. I’m on the DIY end of the spectrum, so I’ve been trying to do this without a buying agent. My thought was that without the seller having to pay the buying agents cut, my offers might get more attention. Every showing I’ve gone to though, the selling agent has required (some stated it’s state law) that I sign them as my buying agent before showing the property to me. The contract covers that property only, otherwise everything seems standard. The commission has been 2.5% on the few I’ve seen thus far, which essentially negates any benefit of foregoing a buying agent.Is my only option here to just negotiate down the rate (of my contract)?Assuming the agent is getting 2.5% from the seller, anything additional from me is just icing, especially given that the contract covers just that property. Any advice appreciated here.

Read more at https://www.reddit.com/r/RealEstate/comments/90rrts/trying_to_shop_without_an_agent_ct/?utm_source=ifttt

Newsflash: (TX) I’ve been overpaying, by accident, on my monthly Escrow. What is going to happen to my money?

Since I got my home, about 8 months ago, I’ve been paying additional Escrow to my monthly mortgage payment. I already have quite a bit more in there than I should, to cover all escrow expenses, about $2k more.I read that loan provider, is supposed to issue you a refund, but I can’t seem to find how? Can anyone assist?

Read more at https://www.reddit.com/r/RealEstate/comments/90rhsy/tx_ive_been_overpaying_by_accident_on_my_monthly/?utm_source=ifttt

Newsflash: Am I in a decent place financially to purchase a property?

Currently making about 60k / year and paying about 2k/rent per month in San Francisco. Late 30s and very late to the RE game. Have about 800k in assets in various securities. I’m looking at purchasing my first property with a few goals in mind:Number one goal is to learn more about real estate by doing rather than reading. I’d like to avoid losing my shirt on my first deal but would like to learn as much about the process as possible.I’m looking at properties in Stockton, CA and would like to obtain a mortgage for as much as possible and put down cash for the rest. Looking at under 200k ideally.Property would be mostly for cash flow and rented out. Looking at 2 bedroom / 1 bath properties.Appreciation would be secondary in this type of market. I think I’ve factored in a downturn already and ideally I’d want to hold this property for 5-10 years.My goal is to research, research, research and reach out to possibly distressed properties and the seller’s agent 1st day it hits market and see if they would be willing to do dual agency and put in an offer on my behalf.I’m interested in property both for learning about it (long term goal) and leveraging a portion of my assets.QuestionsDoes this seem reasonable or should I look at other markets?Should I try to find a buyer’s agent? I feel like any agent I find isn’t going to work as hard as I’d be willing to work to look for properties.Does the target price range seem reasonable?

Read more at https://www.reddit.com/r/RealEstate/comments/90qnsk/am_i_in_a_decent_place_financially_to_purchase_a/?utm_source=ifttt

Newsflash: Live in a poor rural area of Michigan, been building my credit and now looking to buy a home. USDA OR FHA? Overwhelmed trying to determine which route to go. Details in post.

I’ll try to keep it simple.30k in student loans ( deferment currently ) Graduating this year. Two bills on collection (1k verizon, 500 dish)26k a year job 1 kid5k in savings for down paymentCredit score: 640Just looking to purchase a home for roughly 50k. I live in a rural area, trying to figure out the debt to income ratio and everything needed to determine if I will meet eligibility for USDA or FHA home loan, and what my payments would be roughly.

Read more at https://www.reddit.com/r/RealEstate/comments/90qwvo/live_in_a_poor_rural_area_of_michigan_been/?utm_source=ifttt

Newsflash: Why so many questions during the pre-approval process for new home inquiry?

I’m working with a realtor who asked me to first speak with her companie’s finance guy to see what my buying power is.I called the guy and he wanted to know how much money I had in IRAs, 401K, savings, etc. Plus he was asking about all of my former addresses, how long I have lived at those location, etc.How is any of this relevant to me buying a house? If I have the $50,000 for a down payment, what else matters (minus having a steady income of course)?

Read more at https://www.reddit.com/r/RealEstate/comments/90qlvh/why_so_many_questions_during_the_preapproval/?utm_source=ifttt

Newsflash: Landlord vs Flipping houses

What is easier and more lucrative: flipping houses or being a landlord? I can easily access the states PA, NJ, CT, NY. I do not have any construction experience. Both renting and flipping are completely new to me. Regarding being a landlord, I’m open to renting apartments or houses.

Read more at https://www.reddit.com/r/RealEstate/comments/90q59q/landlord_vs_flipping_houses/?utm_source=ifttt

Newsflash: Sublease in la ca

Son in Los Angeles entering agreement where he subleases landlords home as manager and collects rent from other tenants and pays landlord. Currently house is full. Plan to convert a living em or a dining room into another bedroom to add another tenant. Would be a total of six in the house. Landlord does this professionally but no longer seems to have a current RE LISC. Son would live essentially rent free. Hope to manage more property over time . Tenants already in place but two leave in aug or sept. Unlikely he would get stuck with $2800 /mo rent. What pitfalls are we missing that we need to look out for ?

Read more at https://www.reddit.com/r/RealEstate/comments/90q1xg/sublease_in_la_ca/?utm_source=ifttt