BassNBrew
Footballguy
You kid is getting a license to print money. Any decent plumber/electrician should be knocking down $150k if they are willing to run their own show.
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*** Official Real Estate Forum *** (3 Viewers)
- Thread starter jeff_eaglz
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Harry Frogfish
Footballguy
What about auto mechanics. I've got a wide open door for the kid to become a crane mechanic in the LA Harbor of all places ($$$), and he's easily smart enough to do so, yet he's dead set on cars instead (half-way through school already). Ditched a very good college to do so.
No idea what he could make but he's honest, smart and hard-working. I am thinking about going in half. He hates people btw; no way he could do it alone -- for that and other reasons, obviously.
-OZ-
Footballguy
He considered HVAC until his uncle talked with him about attics in Alabama or Tennessee in August, crawl spaces with rats and snakes, etc. I still think it would be fine work but yeah, the conditions aren't awesome.
Meanwhile, son #2 likes to make comments about how much better he'll be with college and working at a bank.
Today I'd rather be an electrician.
Desert_Power
Footballguy
BassNBrew
Footballguy
Personally cars would concern me. Big shift to electric vehicles coming. I mean you can always retrain but there will be changes in that industry. Outside of tires and brakes, does anyone take there Tesla anywhere but Tesla? I'd imagine that heavy equipment mechanic would be in high demand for a long time.
Zegras11
Footballguy
I have a buyer closing in an hour. In reading the closing statement, seller is having $50k on about 7 debt items paid off with the closing proceeds and she's still getting a tax free check for $154k, from a home she bought in 2014.
People in trouble should be able to sell and do quite nicely almost all of the time IMO
GoBirds
Footballguy
Wanted to get some thoughts on long term financing and what you all are forecasting with rates, looking at locking in a commercial property for 10 years at 3.35%. The prepayment penalty is significant at 3% though through 6 years then 2% the next 2. I worry that when the next recession does hit in a year or 2 rates could go lower as we've heard talk of higher rates for how long now? I wanted to see what people thought, lock it and forget it or keep flexibility for a shot at lower rates? What do you think and what terms are you seeing to lock something in with a commercial lender around 10 yrs?
Sabertooth
Footballguy
BassNBrew
Footballguy
Zegras11
Footballguy
I just got a 25 yr quote in the low 4's.
If you are going to keep it 10 years and you are getting a better rate than what you had, I'd go for it. Not sure you will do much better.
I'm in a 35 yr HUD loan at 3.26, that we are almost 5 years into. Penalty is 10-9-8-7-6-5-4-3-2-1% the first 10 years. We are looking into trading up right now and we might have someone to take over the loan to avoid the penalty.
GoBirds
Footballguy
Thanks for the response, and this is just if I move it to another lender we can still sell with no penalty. Hard to read rates right now, not sure how much higher they can go without destroying everyone that has gotten used to this low rate environment.
Sabertooth
Footballguy
Wow 35 years huh? When did they start going over 30? My best rate I’ve got on my rentals is 4.95%.
Zegras11
Footballguy
Here's a good link that explains HUD loans well. Looks like 2.85% right now. read the pros and cons. The annual audit costs us $4k and is a total #####. Our 5 yr anniversary is in Dec.
https://apartmentloanstore.com/loan-product/hud-loans
Random
Footballguy
One of my doubles went under contract over the weekend. I didn't have it listed, but a realtor I've used in the past for a few purchases called to see if I'd sell anything. I told her they were all for sale.
So a week later she called back to tell me her buyer wanted pricing on three that she liked. I told her some numbers and they wanted to set up showings. Not interested in two (they haven't been remodeled for a while) but gave me a full price offer for the third.
So a week later she called back to tell me her buyer wanted pricing on three that she liked. I told her some numbers and they wanted to set up showings. Not interested in two (they haven't been remodeled for a while) but gave me a full price offer for the third.
Runkle
Footballguy
Their "valuation" method is far too simplistic. It's just "average price per sq/ft for the zip code" times the square footage of the house...
For example, my neighbor sold his house which is the same floorplan and square footage as mine. And as soon as the deal closed, my zestimate went up to the sale price of his house.
As far as their computer could tell, this makes sense... two identical houses, same bedrooms, same bathrooms, same size, next to each other should sell for about the same amount, right?
Now, my neighbor's house was fully renovated, everything was upgraded, and, he's got a huge swimming pool and hot tub in back. My house got a coat of paint 12 years ago, has builder-grade appliances, and no pool.
It would take $200K in work to get my house to match his...
...if the LA real estate market wasn't completely insane, I wonder if I could have sold to Zillow and then rebought at the real price a month later to pocket the difference...
leftcoastguy7
Footballguy
I'm ready to sell my house in Oregon and cash in on this crazy market. I got an offer in the mail from OpenDoor. Do you recommend selling your house to one of these corporations?
Or should I hire a realtor in my area. How do you find a realtor that will get you the best price? Not looking forward to paying a 6% commission.
Thanks for any advice.
Or should I hire a realtor in my area. How do you find a realtor that will get you the best price? Not looking forward to paying a 6% commission.
Thanks for any advice.
Pretty sure you still pay commission to Open Door and similar companies. Read the paperwork/flier they send, but I think that's true.
I entered all of my info into one of those websites just for kicks and the valuation was super low because they have no way to know about all of the upgrades we made since buying the place.They only know square footage and price per square feet of other sales in the area. I imagine if your house is not as nice as nearby sales you might get an inflated offer, and a lowball offer if your house is nice than nearby sales.
leftcoastguy7
Footballguy
I will admit my house needs about $30k in upkeep. I've heard of people making offers regardless of the results of an inspection. This is what I need.
ghostguy123
Footballguy
Random rental property tax question.
I had refinanced my primary residence a little while back. If we decided to move and rent it out, can the mortgage interest be written off?
I had refinanced my primary residence a little while back. If we decided to move and rent it out, can the mortgage interest be written off?
Zegras11
Footballguy
Chadstroma
Footballguy
Honestly, it is silly to use one of these services in this environment for selling a home. The benefits of these type of things are mostly gone. The biggest thing was is a quick and easy sell. Quick shouldn't be an issue in most markets. Easy... I mean, unless the place needs massive cleaning, upgrades, etc then I guess it could still be easy but many markets it is just as easy. The negative is getting less money. You get a lower purchase price and still have fees and % taken out. Not to mention, 6% isn't set in stone. You can negotiate with a listing agent.
Zegras11
Footballguy
If you are selling your house in this market, please don't do this....
Client made a full price, cash offer on Saturday. Agent listing notes said all offers received by Monday at 5pm, will be responded to by Tuesday at 5pm.
I asked her to please consider deciding by Sunday night as we had a 1031 Exchange property naming deadline.
My client winds up putting the property on his list. Monday am I text agent that our offer is still good. Late afternoon she texts back saying we are looking good and they are still meeting Tuesday at 7pm.
Also on his 1031 were two new construction homes. I make calls to agent and find out they have $15k and $20 incentive credits. My client likes this. We write both offers late Monday night. Both get accepted as we sign minor counters Tuesday at 4:45pm.
Saturday agent loses full price, cash offer because they gave us 3-4 days to find something better. If you get a good offer, take it right away.
Client made a full price, cash offer on Saturday. Agent listing notes said all offers received by Monday at 5pm, will be responded to by Tuesday at 5pm.
I asked her to please consider deciding by Sunday night as we had a 1031 Exchange property naming deadline.
My client winds up putting the property on his list. Monday am I text agent that our offer is still good. Late afternoon she texts back saying we are looking good and they are still meeting Tuesday at 7pm.
Also on his 1031 were two new construction homes. I make calls to agent and find out they have $15k and $20 incentive credits. My client likes this. We write both offers late Monday night. Both get accepted as we sign minor counters Tuesday at 4:45pm.
Saturday agent loses full price, cash offer because they gave us 3-4 days to find something better. If you get a good offer, take it right away.
Chadstroma
Footballguy
Mortgage lenders are slashing employee counts by large amounts. Better Mortgage has done several large ones (in horrible fashion) and lenders like Rocket and Wells Fargo have recently announced sizable layoffs (Rocket aiming at 8% of it's workforce or about 2,000 employees).
The expectation is that more than a couple of lenders will not survive this period, whether they fail or are acquired (for cheap).
The expectation is that more than a couple of lenders will not survive this period, whether they fail or are acquired (for cheap).
ghostguy123
Footballguy
Question. Is it normal for people renting out a house to do an open house?
I am going to check out a rental for my daughter, and they are having an open house. Not sure I have ever heard of an open house for a rental. Seems like a good idea
I am going to check out a rental for my daughter, and they are having an open house. Not sure I have ever heard of an open house for a rental. Seems like a good idea
culdeus
Footballguy
No. As a funny anecdote I paid over list for a rental yesterday. Even rentals get into bidding wars.
ghostguy123
Footballguy
Maybe they are going for a bidding war.
If we ever move and rent out our current home I am definitely doing an open house. Generally single family homes aren't widely available in my town, especially not houses as "nice" as mine.
BassNBrew
Footballguy
Yes I've done an Open House. Not going to schedule 12 showing requests when I can say the home will be open to view from 1-3. With the price of gas there's not a lot of meat on the bone to do multiple showings if the property is any distance away.
Zegras11
Footballguy
Rental market is crazier than the home market IMO.
I do open houses for my clients all the time, right after they buy the house. So much easier to deal with people for just two hours than trying to accommodate all the different times people want a showing.
ghostguy123
Footballguy
So landlords, question.
My daughter wants to move out with two of her friends. All just graduated high school, all are 18.
How exactly do we apply? I didn't particularly want to take responsibility for the other two girls.
If you were the landlord and had three 18 year olds applying that need cosigner's, what would you need to feel comfortable renting to them?
My daughter wants to move out with two of her friends. All just graduated high school, all are 18.
How exactly do we apply? I didn't particularly want to take responsibility for the other two girls.
If you were the landlord and had three 18 year olds applying that need cosigner's, what would you need to feel comfortable renting to them?
Zegras11
Footballguy
I've done this as long as one parent co signs. They are all 18 and need credit and back ground checks.
Girls don't usually trash a place.
ghostguy123
Footballguy
Wouldn't there usually be nothing on the credit report of an 18 year old?
Ugh, I don't wanna cosign and be responsible for two other kids.
Zegras11
Footballguy
Runkle
Footballguy
Add a kid as an "authorized user" of your credit card. Preferably one many years old with less than 10% utilization (but, with at least one charge & bill on it after the kid is added). Most Visa and Mastercards, from Bank of America, Capital One, etc. will report all of your credit history of that card on their account.
And, yes, it's possible for an 18-year-old to instantly get 20 years of credit history on their report this way.
bigbottom
Footballguy
If I were the landlord renting to three 18-year-olds, a parent of each would need to sign as guarantors and the lease would need to be joint and several liability.
whoknew
Footballguy
Are they going to live near a college campus? If so, they can probably find some student apartments that rent by the bed. Then they will only be liable for their individual lease of their room.
The downside is, if one of her roommates breaks the lease, the landlord can probably put someone else in that bedroom.
BassNBrew
Footballguy
As a landlord I try to avoid parent co-signers. If the 18 yo meet the income requirements then I don't saddle the parents with the debt to income burden. It really comes down to if the kids have a direction in life or just want a pad to have fun. In the later case they'll need a co-signer as their metrics won't support qualification on their own. For a co-signer I want a person that has owns property in the same state.
The smart move for most 18 yo is to stay at home and bank some coin to get a head start on life.
bigbottom
Footballguy
BassNBrew
Footballguy
I give college college students a total pass on income. That said, our local college is unique. My local college is private and costs $55k in tuition. They only let upper classpeople live off campus and a appears a preference to let athletes have an off campus waiver. The kids are either backed by parents, have huge grants, or big loans to cover living expenses. The graduation rate is 90% vs. 50% nationwide. I assume that 90% rate is even higher once you get beyond the underclass years. Toss in kids playing a sport and they are a virtual lock to stay and pay rent. We also don't see the college students until they are 20+ yo. By comparison my late and non-payment rates (and damage expenses) for non-students at the same units are much higher.
I suspect even nationally, college students in years 3-6 are a good bet to pay their rent.
Chadstroma
Footballguy
Easy fix on establishing credit for 18 year olds. Have them apply for a Discover student card. Should be an easy approval. If you have a Discover card, go on the site and get a refer a friend link and once they get the card and use it in the first couple of months, you grt a $100 statement credit and they will as well. Whether needed for this or not, it is important to start the credit building process. Of course, have a conversation about credit, how it works, it's importance, using it correctly and the dangers of not.ghostguy123 said:
To super charge their credit, add them as an authorized user on your oldest card with little or no balance and long on time payment history.
ghostguy123
Footballguy
I will do this when she turns 18 in a couple weeks. Thanks.
Or can it be done before 18
Nevermind, just did it. That was easy. Dang it, shoulda done this for her a while ago
Last edited by a moderator:
Chadstroma
Footballguy
I assuming you mean the AU. It doesn't matter with AU's, for most AU's, the entire history of the card is added to their credit history. So, there is no difference to doing it a year ago or today. I recommend NOT doing it earlier because they become a juicer target for ID theft and don't have any benefit from it.
I would have her establish her own credit in her own name. She should easily get approved for a Discover student card and Discover is one of the best student cards and can keep it indefinitely. If you don't have a Discover card, let me know and I can post my refer so she gets the $100.
ghostguy123
Footballguy
Chadstroma
Footballguy
Once the AU is added, it should show up the next reporting cycle for your card, so a month at the max and next day as the quickest. You can call your credit card company to find out the next reporting. Whatever day that is, it should show up the next day. You can have her go to annualcreditreport.com to pull her credit report for free to double check. (stay away from Credit Karma and Credit Sesame, they are just a marketing scheme for the most part and end up confusing people more than helping).
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