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*** Official Real Estate Forum *** (1 Viewer)
- Thread starter jeff_eaglz
- Start date
culdeus
Footballguy
Seriously? Who the hell does that? Around here you are lucky to get someone to come to an open house, let alone make an offer after being in one. And a letter to the owner, really? You aren't adopting their kid.
Sabertooth
Footballguy
I think it is a good idea. How can it hurt? If they have the best offer, they'll win. If they have a tie, it probably goes to the people who took the time to write the letter.
Tuco
Footballguy
Forget the letter, I don't think there's a problem with it either. The problem is submitting an offer way over the listing price. This isn't 2004 where every offer comes with an escalation clause.
I agree with the bolded statement. Although if it is an investment in a home you see yourselves in for the next few decades (or longer) to raise a family or ???, then it's not just a financial investment. It's an investment in the quality of your lives.My wife and I got our current home (around 100 years old, 3,400 sq. ft., 5+ bedrooms, 2.5 bathrooms, 2.5 car garage) for a song back in 2003. About 1/3 of what our home in St. Paul, MN sold for...and three times the square footage. Problem is, 30+ years from now, our home will probably sell for about what we paid for it in 2003! Homes just don't appreciate out here, and everyone wants new(er) construction. Even though our home was featured in an HGTV show shortly after we bought it, that will barely add a few grand to the sales price. But that's okay! We got the house we wanted, in the community we wanted. The place where we wanted to raise our family. Was it the best financial investment? Probably not. However, our thinking was that we couldn't take it (money) with us...and would rather live in "the" place we wanted to and give our girls the upbringing we wanted to. As that was worth far more than extra thousands in the bank.
Sudoku_in_the_Bathtub
Footballguy
I'm looking to buy my first home and found a bank owned home that I like and can afford but may need closing cost assistance. I'm not aggressively looking to own but it is close to where I live now and is a place that I'd probably live the next decade or two.. I've been monitoring sales in the area the past couple months and the home is pretty aggresively priced for a quick sale (IMO).
I don't currently have a buyer's agent (as of yet), but have a few questions. Buyer & Listing agent split the % to be paid by bank after the sale correct? Is the buying agent owed more than that? Can closing costs get negotiated (paid by bank) if I put in full price offer? (I'd like to keep some $$ in my pocket to do any required initial repairs).
Any advice on buying bank owned homes is appreciated. Just been browsing the net recently and pick up things here and there. If anyone has a Realtor they'd recommend (Phoenix, AZ) that'd be helpful too.
I don't currently have a buyer's agent (as of yet), but have a few questions. Buyer & Listing agent split the % to be paid by bank after the sale correct? Is the buying agent owed more than that? Can closing costs get negotiated (paid by bank) if I put in full price offer? (I'd like to keep some $$ in my pocket to do any required initial repairs).
Any advice on buying bank owned homes is appreciated. Just been browsing the net recently and pick up things here and there. If anyone has a Realtor they'd recommend (Phoenix, AZ) that'd be helpful too.
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Saints-Man
Footballguy
Random
Footballguy
Ended up only picking up one rental in 2010, but have purchased 3 so far in 2011, for a current total of 7. All are rented except the one we're still rehabbing. Got my eye on another we'll probably get before year end.How are you other guys doing?
Zegras11
Footballguy
From the Otis thread...
Took about 17 years starting from scratch.
1 to 3 to 7 to 51.
The one thing that worked well early on was paying extra on mortgage as it created better opportunities down the road.
I just bumped the RE thread so we dont clog up this thread. But I would love to hear how you progressed.
First off, everyone should do what fits their needs best.
For me, I am self-employed and was looking for retirement income because I SUCK at the stock market.
Also, I don't have the time or inclination to be a fixer upper guy. I went after property in GREAT shape as it truly helps attract quality renters.
Here's my time line...
1985... bought townhouse in HB for $95k.
1988... traded up to townhouse in Laguna Hills for $139.9
1994... bought house in Mission Viejo for 226k. Rented out LH townhouse for slight positive.
Aug 2002... bought 3 units in Apple Valley, CA Mohawk MV home was now worth $525k. Refinanced and used $51k to buy this for $170K. Payment was like $375. Taxes were $390. Rents $500x3 and rose to $700 in two years.
10/6/03... bought this for $295K Nisqually 4 units. One unit was a 1300sq ft house and the owner added 3 apts to it, so technically, the house became an apt. because they were all attached. This was just down the street from Mohawk above.
Sold 1988 townhouse and 1031'd $151k into $295 Nisqually purchase. Now at 7 units with very good cash flow. Plowing back all of net to pay loans off within 10 years and have about $5-6k coming in monthly.
1/5/06... sold both properties in Apple Valley on same day. Both on market only 4 days with multiple offers at list. 1/06 was top of CA market. 3 units sold for $495. 4 units sold for $625 (this is on link above and are now being short sold for $250). I admit major Otis like run during the 2-3 years I had these properties. Turned out it was the last area in CA to go nuts. Clinton had closed Victorville AFB 10 years prior and local economy was stagnant all those years until I bought. Who knew?
May 2006... 1031'd proceeds from above into Westwood Villas. Claremore, OK, near Tulsa. 26 duplexes, 98% occ rate all five years. Aunt Bee for on-site mgr. Yearly visit this weekend. Tulsa unemployment around 6%. Port Of Catoosa next to Claremore creates many jobs. Modernized shipping port that has freight not stopping in New Orleans, but in middle of country for Dallas, Chicago, Memphis, St.Louis, etc... 20% savings all around... Tulsa Oil = jobs also.
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Rick James
Footballguy
dotting this
Zegras11
Footballguy
I like what you're doing. I don't see the market going back up for ten years, but if you can make a little on your rents now, you'll be poised for the next run up.
Random
Footballguy
Thanks. We really dont have any plans to sell at the moment. But if a crazy runup happens again (our last purchase cost 15k, previous crazy runup sale on that house was 110k) I'm sure we'll reevaluate.I like what you're doing. I don't see the market going back up for ten years, but if you can make a little on your rents now, you'll be poised for the next run up.
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looking at a second home in Florida while prices are low. i've honed in on Vero Beach on the Atlantic side and Port Charlotte on the Gulf side. looking for a possible rental, probable vacation house, and just a cheap property all around. 180K five years ago are now 75K and i think the bottom is near (or passed). any suggestions would be appreciated. i'll check back.
gmbacm
Footballguy
We are thinking of becoming first time land lords and considering purchasing a small home as a rental property. Any must have infor for those of us new to this game?The property will basically be a break even to slight monthly profit after mortgage, taxes and insurance. Looking at it more as a investment for future value.
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Random
Footballguy
Thats not good. You need very positive cashflow to cover repairs, vacancies, and pita tenants. Where are you located?
The property will basically be a break even to slight monthly profit after mortgage, taxes and insurance. Looking at it more as a investment for future value.
whoknew
Footballguy
Have a good lease. It will come into play. Depending on where you are, the state or local apartment association will likely have a standard one that you can use as a starting point - though they will likely want you to join to use it.
gmbacm
Footballguy
Im in Ontario. Was hoping for more positive cash flow but it doesnt seem realistic given our budget constraints. This place we are considering would give us about $200 a month, barring any issues. Have been talking about doing this for a few years but keep putting it off for this reason. Still not sure - just kinda investigating right now.Thats not good. You need very positive cashflow to cover repairs, vacancies, and pita tenants. Where are you located?
The property will basically be a break even to slight monthly profit after mortgage, taxes and insurance. Looking at it more as a investment for future value.
Random
Footballguy
$200/month on what purchase price? Not bad on a sub 10K home, but the higher the purchase price the worse this $200/mo is.Im in Ontario. Was hoping for more positive cash flow but it doesnt seem realistic given our budget constraints. This place we are considering would give us about $200 a month, barring any issues. Have been talking about doing this for a few years but keep putting it off for this reason. Still not sure - just kinda investigating right now.Thats not good. You need very positive cashflow to cover repairs, vacancies, and pita tenants. Where are you located?
The property will basically be a break even to slight monthly profit after mortgage, taxes and insurance. Looking at it more as a investment for future value.
gmbacm
Footballguy
10K would be nice. Up here Im looking at 180K for this tiny house (900sqft) on a decent sized lot in a fantastic area. Thats about the minimum starting point as we arent going through the same housing issues north of the border. House is close to us, I drive by it every day and has been rented without vacancy since 2003 when the current owner bought it so I think its OK in that respect. Recently renovated including major upgrades (furnace, roof, appliances) But yeah, biggest concern is any unseen repair costs.180 - 200K is the absolute lowest price around here, and even then you have to move fast. Perhaps its best to continue to wait a few more years and try to accumulate a much bigger downpayment to reduce the mortgage cost. Ive been kinda saying this to myself for a few years now though, as I watch property values slowly continue to rise.$200/month on what purchase price? Not bad on a sub 10K home, but the higher the purchase price the worse this $200/mo is.Im in Ontario. Was hoping for more positive cash flow but it doesnt seem realistic given our budget constraints. This place we are considering would give us about $200 a month, barring any issues. Have been talking about doing this for a few years but keep putting it off for this reason. Still not sure - just kinda investigating right now.Thats not good. You need very positive cashflow to cover repairs, vacancies, and pita tenants. Where are you located?
The property will basically be a break even to slight monthly profit after mortgage, taxes and insurance. Looking at it more as a investment for future value.
gmbacm
Footballguy
- maybe I should look into three of those instead of a $180K 900sqft house.
JaxBill
Footballguy
How much are the condo fees? and if more of those condos go into foreclosure the condo fees could rise.
Random
Footballguy
I wouldn't go near purchasing RE for an investment if thats a "good" deal.10K would be nice. Up here Im looking at 180K for this tiny house (900sqft) on a decent sized lot in a fantastic area. Thats about the minimum starting point as we arent going through the same housing issues north of the border. House is close to us, I drive by it every day and has been rented without vacancy since 2003 when the current owner bought it so I think its OK in that respect. Recently renovated including major upgrades (furnace, roof, appliances) But yeah, biggest concern is any unseen repair costs.180 - 200K is the absolute lowest price around here, and even then you have to move fast. Perhaps its best to continue to wait a few more years and try to accumulate a much bigger downpayment to reduce the mortgage cost. Ive been kinda saying this to myself for a few years now though, as I watch property values slowly continue to rise.$200/month on what purchase price? Not bad on a sub 10K home, but the higher the purchase price the worse this $200/mo is.Im in Ontario. Was hoping for more positive cash flow but it doesnt seem realistic given our budget constraints. This place we are considering would give us about $200 a month, barring any issues. Have been talking about doing this for a few years but keep putting it off for this reason. Still not sure - just kinda investigating right now.Thats not good. You need very positive cashflow to cover repairs, vacancies, and pita tenants. Where are you located?
The property will basically be a break even to slight monthly profit after mortgage, taxes and insurance. Looking at it more as a investment for future value.
azgroover
Footballguy
Fees are about $250/month. I know, it takes the return from 24% to 18%. But, I suck as a handyman and not having to worry about outdoor maint. is a plus for me.The units I'd be looking at have minimal rehab required inside. Maybe some new carpet, paint and a new countertop if I want to get fancy.Your word of warning is understood, but most HOA fees on standard single family homes are rising as well.Would one even pursue a loan on something like this, or just pay cash?
checking back. we found a nice three bed, two bath home in vero beach within a short bike ride (or long walk) to the beach, close to shopping. little old lady kept the house ship-shape. was valued at 220K five years ago, on the market for over a year and we got it for 89K. closing is in February. we shied away from some short sales/foreclosures so we could move on it faster. we'll likely rent it for a couple years to build some equity and save some cash before using it as a second home. it's a great time to buy in vero beach. i'd be glad to share my sloppy seconds with anyone that's interested. we had a few other single family homes on our radar but could only afford the one. we're happy!
Michael Brown
Footballguy
Found a great house in an area we love, big yard and all that. On the listing it says "Easement - 10 ft water". Our realtor is looking into what that means specifically as far as what and where it is.
My questions are:
1. Does having an easement on the property affect resale at all?
2. The woman who owns the house has lived there since 1950 and said the town has never needed to do anything with the easement. How difficult is it to get an easement terminated, and is there a cost associated?
My questions are:
1. Does having an easement on the property affect resale at all?
2. The woman who owns the house has lived there since 1950 and said the town has never needed to do anything with the easement. How difficult is it to get an easement terminated, and is there a cost associated?
Battles
Footballguy
Most easements are just in the building setbacks if you're in a city. They are very common and typically don't affect the value of a house. The only time it affects they value is when it doesn't allow for expansion of a small house, etc. Towns typically don't give up their easements. It's land set aside in case they want to do something. You'd have to go to the city and ask about their appeal process. It's doubtful that you'd get far, but if they were willing to hear it you'd most likely just need an engineered survey of the land. You'd most likely need to prove to the zoing board/board of adjustments and appeals that the easement causes you a hardship in some way.
DanFouts
Footballguy
Wife wants to buy Myrtle Beach condo for investment/enjoyment. I am hesitant. I admit though that they sound like good deals...$50-60,000 for 1 bedroom on the beach. However condo fees can be $300/month. Anyone with experience in condo ownership in Myrtle Beach? Positive/negatives?
Example property
http://www.realtor.com/realestateandhomes-detail/2406-N-Ocean-Blvd-Unit-104_Myrtle-Beach_SC_29577_M69302-02641?cmid=1023786,1023796,1023805
Example property
http://www.realtor.com/realestateandhomes-detail/2406-N-Ocean-Blvd-Unit-104_Myrtle-Beach_SC_29577_M69302-02641?cmid=1023786,1023796,1023805
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Random
Footballguy
Bought #'s 8 & 9 (house with detached efficiency) early this year, #10 a few months later, and closed on #11 a couple weeks ago. Its a slow process but we are slowly working our way up. Anyone else still in the game? Sabertooth?
Sabertooth
Footballguy
Still flipping houses. I've actually got two rentals, and three homes I'm rehabbing right now. Finishing one this week hopefully, another in about a month. Then I have one I picked up for $1500 that I'll pick on through the winter. Needs everything but is kind of small so I'll do most of the work myself. Learning a lot about plumbing, electrical, and just general cost estimation. Tough lessons to learn sometimes and I just had a run-in with a very poor contractor that I had to fire. Now I have to pay another to fix his many many mistakes on the siding so the place doesn't leak water. Learning as I go. Liking it though. Beats the #### out of real work...lol. I think the biggest thing a house flipper needs is just the balls to do it and the ability to learn from your mistakes. It can be stressful but I wouldn't do anything else. Haven't had a full-time job since 2006 and haven't had a part time job since 2009.
Sabertooth
Footballguy
My last three were bank owned properties that were listed on mls and tax sale auction.
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GoBirds
Footballguy
We have done new construction in the past but have been beat up pretty good by this economy. Was thinking this might be the way to go but talked to someone I know that is selling the bank owned properties for a local bank and he said there is so much competition it is hard to get in at the price needed to make money. Still plan to look into it further though.
Sabertooth
Footballguy
The tax sale house was a fun experience. It's currently condemned but I was able to enter the property before the auction, I believe I was the only person to do so. Turns out it is condemned because the previous owner was very old and unable to care for himself and didn't have a safe place to cook meals. Structurally the home is very straight and square. Small though. I also purchased the home across the street. Paid $1500 for it. Told me wife that day "well I wanted to start paying cash for houses...got my first one." Which was kind of a joke, but kind of not a joke. This home should sell for $50,000 redone. There is probably about 25k in work to do on it. So a nice little profit is waiting for me at the end. Although I may just list it for 10k and move on. I stuck my sign in the yard just in case.
The one house I'm redoing is a Victorian. Reminds me of the house on the Disney movie "UP." Inside it has really beautiful woodwork. I'm just restaining and restoring that. Then fixing some plaster cracks and painting. I'm getting a new kitchen in there, adding a bathroom (it has a perfect spot for that). So it will be a 4/2 with a bigger kitchen. I was able to close off a window in the kitchen which enabled me to almost double the cabinet space which is nice. I don't like moving walls but also don't like small kitchens. This was a compromise because windows are nice. But I think given the choice, a woman chooses more cabinets over a kitchen sink the looks outside into the neighbor's side of his house. I'll post some picks. Also found in the his home ... a dagger from India, a mountain bike, and about 400 in tools.
The one house I'm redoing is a Victorian. Reminds me of the house on the Disney movie "UP." Inside it has really beautiful woodwork. I'm just restaining and restoring that. Then fixing some plaster cracks and painting. I'm getting a new kitchen in there, adding a bathroom (it has a perfect spot for that). So it will be a 4/2 with a bigger kitchen. I was able to close off a window in the kitchen which enabled me to almost double the cabinet space which is nice. I don't like moving walls but also don't like small kitchens. This was a compromise because windows are nice. But I think given the choice, a woman chooses more cabinets over a kitchen sink the looks outside into the neighbor's side of his house. I'll post some picks. Also found in the his home ... a dagger from India, a mountain bike, and about 400 in tools.
Random
Footballguy
Thats fantastic! My cheapest purchase was 9K, and we put 5500 in it. It rents for 675. Recently they've been coming in just under 20K purchase + rehab. 675 is pretty normal rent for my 3/1's. I kinda miss flipping. There's a lot more care and pride in the work. With the rentals we just do as little as we can to get it rented.
SIDA!
Footballguy
I see under your avatar you live in Ohio. Are you investing near your home or are you finding these deals in another area?
Random
Footballguy
Right in my backyard.
Rick James
Footballguy
Question: When you say "flipping" houses, you mean (1) purchasing a home that needs work, (2) putting your own money and work into it, and then (3) selling the home...correct?
I ask because there seem to be different definitions of "flipping". One is the definition above. Another, also called "wholesaling", is basically signing a contract to purchase a home (which also needs repair, thus representing value), and then assigning that contract to another buyer (say, an investor or a "We Buy Homes" guy) while making a profit on the difference.
I'm more interested in the second definition, personally. I don't have the handy-man skills, nor the time, to rehab homes myself. But buying homes and assigning the contract to a 3rd party has my attention.
Has anyone in this thread had any luck with this method? I have done a few searches, but this thread is massive and I may have missed it.
I ask because there seem to be different definitions of "flipping". One is the definition above. Another, also called "wholesaling", is basically signing a contract to purchase a home (which also needs repair, thus representing value), and then assigning that contract to another buyer (say, an investor or a "We Buy Homes" guy) while making a profit on the difference.
I'm more interested in the second definition, personally. I don't have the handy-man skills, nor the time, to rehab homes myself. But buying homes and assigning the contract to a 3rd party has my attention.
Has anyone in this thread had any luck with this method? I have done a few searches, but this thread is massive and I may have missed it.
Random
Footballguy
I believe wholesaling involves buying homes in bulk, over many states. I briefly looked into it but lost interest when I realized your bulk sale would include properties out of my area.Unless you think you can buy a property and resell it for a profit without doing anything.
What's the best/fastest way to get your license in Cali? Friend is moving and wants to pick up books or whatever so she can start off running. Where's the cheapest (used) way to do that? And how soon can she schedule one of those cram classes and test? And is there a good site and forum you recommend? Thank you.
GoBirds
Footballguy
Any thoughts on real estate values considering the rate at which the government is printing money? Was reading part of the goal is for inflation to increase values and save some lenders ......that could make now a good time to invest and hedge against the dollar?
Thoughts?
Thoughts?
What's the best/fastest way to get your license in Cali? Friend is moving and wants to pick up books or whatever so she can start off running. Where's the cheapest (used) way to do that? And how soon can she schedule one of those cram classes and test? And is there a good site and forum you recommend? Thank you.
This may have been covered here at some point but posted this in another thread and thought I would post it here.
Before you buy a house anywhere check the finances of the village, town and/or county. Some of these municipalities have huge pension obligations and debt service outstanding. I would not buy in any town that has issued zero coupon CAB bonds. These are ticking time bombs and whoever is left holding the homes there when payment comes do is screwed. How many muni employees per residents are there? What condition is the infrastructue in? What is the property tax to home value. Anything over 2% could be a problem. These are the type things people are going to or should be paying more attention to over the next twenty years.
Before you buy a house anywhere check the finances of the village, town and/or county. Some of these municipalities have huge pension obligations and debt service outstanding. I would not buy in any town that has issued zero coupon CAB bonds. These are ticking time bombs and whoever is left holding the homes there when payment comes do is screwed. How many muni employees per residents are there? What condition is the infrastructue in? What is the property tax to home value. Anything over 2% could be a problem. These are the type things people are going to or should be paying more attention to over the next twenty years.
