I currently own a duplex with a 2.9% interest rate, where I lived in one unit and rented out the other two years ago. I want to get into real estate and learn, and this is my first experience with it. I don’t have a lot of other knowledge, so I figured I would ask here and would appreciate any advice.

I have about $80,000 in equity in the duplex and want to know the best way to tap into that equity to use it as a down payment on a fourplex. I want to avoid touching the current 2.9% interest rate on the duplex. My goal is to have multiple cash flowing properties in the next couple of years and be able to scale relatively fast. Would a HELOC or something else be better for this situation? Any advice would be appreciated. Thank you!

Hi,

I am trying to buy a condo in Metro Vancouver area in Canada as that is all I can afford right now. The strata/HOA fees are ridiculous here with an average of 400$. I expect it to become close to 900-1k in 20 years with inflation. So that means even after paying off my mortage, I will be paying 1k in strata/HOA fees alone after 20 years.

This seems totally unsustainable. Is the best way to optimize your real estate finances is to leverage the equity to buy a detached home and sell your condo down the line so that you don't have to pay 1k fees after 20 years? Is that what most condo owners think about and do eventually? Just trying to understand the mindset of people who get a foot in the door with a condo and then move on to detached housing.

Does natural exposed original 1920’s wood trim being exposed increase the marketability or would I be wasting the effort and I should just paint it white? Edit: it’s currently painted I’ve stripped maybe 2 rooms worth. It’s revealing some pretty wood lots of effort though. Bought this place for under 30$/ sq ft. I’ve rewired it and re-plumbed.

https://imgur.com/a/9jgU9yc

I posted on here previously, and now I'm at the point of looking through listings. What are the most important things to check when touring a home? What questions do I need to ask? What would cause you to run away from a house screaming if you saw it during an inspection?

Keep in mind I cannot afford a brand new home so the ones I'm looking at are older and well lived in. Most properties will need some renovations as is. I can't afford to buy a place expecting to just replace the flooring and paint, only to have the roof cave in during a storm though. 😅

First time homebuyer, I've been communicating with a buyer's agent that was recommended by quite a few friends and acquaintances in the area. I've been going to open houses alone for homes I like and have never met the agent or signed anything with them. So far all the work he's had to do is send me disclosures for one home and answer a handful of emails.

Last Friday a house was listed that fits everything I'm looking for and more. Dream home. I emailed my agent about viewing it and he said it "might not be ready for a few days". Apparently it was ready because the next day on Saturday they had an open house that I missed because it wasn't noted on Zillow. I emailed him to see if there was an open house for today (Sunday) because I want to make an offer asap if it looks good. Zero response but after some googling this morning there's an open house today. He's never replied when I email on weekends, and even during the week can lag a bit.

Is this normal? I get that everyone has a life and weekends are important but I really like this home and I'm worried he's going to mess it up. I thought real estate agents generally do some work on weekends. I worry about potential closing issues that might come up on weekends. I also don't understand how a home can go from not being ready to having an open house 18 hours later.

Anyone have an idea on what RE modeling/underwriting jobs someone could get with limited employment experience modeling RE Investments?

I've been a residential agent for 4 years, have a History degree (so the degree wont help). But really love having a problem and solving it, or finding the right situation in which to make a move.

I know there are many posts like this but with the market always changing I feel like a year old post is not going to be relevant with current prices. I closed on a 4bd 3.5 bath 3500sqft home in CT. USAA quoted me for $4800 annual/$407 per month with $823k dwelling coverage, $2k deductible. Is this reasonable?? I feel like this is way too much. I know I can up my deductible to $5k but is that worth it and will it make that much of a difference? I see posts with people paying $250 per month for $850k properties and feel like something is off.

I’m a licensed realtor and looking to list my own home for sale. I have a split with my brokerage. What’s customary to include as the total commission amount in the listing agreement in situations like these? Obviously, the higher percent I include in the contract the more I pay my brokerage. Is it wrong to use the percent I intend to pay co-op broker of only 2.5%?

Hi everyone! Ive always been interested in learning about real estate as an investment decision but I was wondering how do people learn about it and go about it initially?

I know absolutely nothing about this, how it works, what are the ins and outs, the benefits, downsides, etc. Are there any books or resources that yall would recommend to a noobie?

My goal would be to initially buy a property and be able to rent it our or smth like that. Im currently 24 so itll take me a while but I would love to start learning how it’s done, best approaches, things to be weary about, etc. Where can someone seek this type of knowledge?

Ty!!!

We are an unmarried couple in the process of purchasing a home together. Due to timing and other last minute logistics/circumstances in the decision to purchase a home, he submitted all the paperwork to get fully pre-approved on the loan while we looked for a house. I was out of town (got back last Sunday) and was unable to submit any of the paperwork for the loan. He was fully pre-approved last Monday and surprisingly we made an offer last Friday and after some negotiation it was accepted. We have a quick 3 week escrow and submitting my paperwork to be on the loan will impact locked interest (might go up next week) and might not meet the 3 week deadline. Essentially he will be the only one on the loan but we plan to refinance in a few years after interest rates go back down and we both will be on the loan. My question is, can I also be on the Title at closing even though I will not be on the loan itself at closing?

Hey everyone,

I'm a 24-year-old married male serving in the US Navy, currently stationed in Pensacola, Florida. My wife is in school pursuing her dream of becoming a physical therapist and is set to start working in June 2025. We got married last December, and financially, things are stable for us at the moment.

Here's a snapshot of our situation:

• I'm making $71,000 pre-tax annually.
• My wife's schooling is covered, and she'll start working next year.
• We both own our cars.
• We have $10,000 in savings.
• We're interested in purchasing a house, potentially as an investment property that we can rent out once we're reassigned.
• We've been pre-approved for a $400,000 VA loan with the possibility of zero down payment.

However, we're facing some uncertainties:

1. Interest rates are currently high, which affects our mortgage options.
2. We're debating whether it's wise to buy a house now or continue renting for another year and buy at our next duty station.

Given these factors, we're seeking advice from those who have been in similar situations or have expertise in real estate and financial planning. Should we take advantage of the pre-approval and buy a house now, or would it be better to wait until we're relocated?

Any insights, tips, or advice would be greatly appreciated. Thank you in advance for your help!

Looking for someone to settle the debate. Should one try to involve a RE attorney for unearthing liens on a foreclosure or can a title companies supply all this information? Is there added value in hiring an attorney BEFORE having purchased a foreclosed property?

Ok, I know this is going to indicate issues in my relationship, but that’s for another subreddit lol. Please don’t judge me too harshly. My husband and I just sold our house in a major Colorado city and every located to a small town in the mountains. We found a home that we really like and are excited about, but it is a 30 year old home with both cosmetic and other issues. We received our inspection back, my realtor wrote up an objection list of primarily safety concerns , and I signed for my husband and I. The agent sent back the resolution contract, and the sellers decided to not fix anything but to knock off five k off listing price. I also signed for my husband and I after he said “I don’t care”. Mind you, we were watching a movie and it was not a good time to be having conversations regarding serious things like this. TBH, I basically managed our house sell and the majority of the process for buying thus far, I’m sort of losing steam with all the decision making. Fast forward to today… my husband informed me that he had sent over the inspection report to his parents, who called him today to discuss. They expressed major concerns and believe it will cost $30,000 to remedy everything in the inspection. My husband is furious with me for signing off on the contract without further discussion(rightfully so) and is in a panic. To me, the issues are not that major(insulation needing to be reattached, electrical breaker wiring, grading of the house,smoke detector installation),and I had very little expectation that the sellers would budge much as did my realtor. But at this point, I’m not sure if we have any options besides going forward with the purchase or backing out and losing 3k in earnest money(small amount, I know). I guess I wanted to see if there is a risk of being sued for backing out on the house. I’m kicking myself for signing without further renegotiations, but just wondering what I can do to avoid paying even more costs if we choose to look at other properties. TIA!

I am considering buying an auctioned/foreclosed property due to what I believe are the financial benefits:

• Lower home owners insurance due to lower property value
• Option to renovate, if I decide/when I decide

I have been car camping (vanlife in an SUV) the past few years, and I would prefer to remain "living small" as best I can. Having a solid address and place to park are key, and I believe getting any sort of structural unit would assist me with this.

What I need to know is can I sleep in my car on my own residential property? My initial thought is "I should be able to", since A) it would be my privately owned property, and B) it would be current with paying property taxes. No rules broken, so I should be able to do what I want here.

To make the situation seem any better - I am fully self-contained, where I do not throw out lawn chairs or anything. My vehicle simply stays parked at the address. I realize there may always be a "Karen" who would complain to the city that "someone's sleeping in their car". But knowing that I'm not breaking literally any rules, I don't understand how this could happen. Unless it could?

As I think about exploring getting an auctioned home, is there anything I need to be aware of (city ordinances, zoning, covenants, etc.) that would preclude me from doing what I'm trying to do here?

Short-term, I may just park in the driveway. Long-term I may chose to renovate it. Maybe. For now that's too early to tell.

I have been approved for my loan and will also have what I get from the sale of my home. My problem is getting my home in shape to have a realtor in and start showings. I'm a single senior retired teacher and have lived in my home for 21 years. I have a lot to get rid of and it has become overwhelming. I don't have extra money to hire people since I am planning to move to another city and need my savings for moving expenses. I keep plugging away but it's a lot of work. Question: My mortgage lender said she will extend the approval if necessary. Is this frowned upon? I was approved mid-April and am shooting to be house ready the first part of June. Thank you for any help.

I have a 30 year fixed rate 5.2% FHA loan on a brand new home built in 2022 that I purchased in Feb of 2022. It’s shared equity which means the city put down $10k and I put down $70k. According to my documents, interest is accrued every year on the $10k so whenever I sell, the city gets whatever the accrued equity is on their $10k.

I don’t know if this was a good deal or not and I made a hasty decision because I desperately wanted to be a homebuyer of a nice new home.

Mortgage insurance question:

Also, per my closing documents, the first 1-11 years I’m required to pay $312 in mortgage insurance which makes my total mortgage payment $3600.

Then, years 12-30 the $312 is removed which then drops my mortgage payment to $3200.

Is there anyway I can get the mortgage insurance dropped sooner?

I am in a contract to purchase a home in San Diego. It was a 10 day inspection period and 15 day escrow. We couldn't get a termite inspection until day 8 of the inspection period. Termite issue was found. We requested they pay for tenting and repair of damage. They refused. We are now beyond the 10 day inspection period, but we have not removed the inspection contingency. If we cancel, do we get our deposit back?

We bought this house 2 1/2 years ago. I have accepted a job out of state. One thought I had was to use the realtor that represented the previous owner when we bought it. Any advice? Good idea or bad idea? The realtor and previous owner seemed to be friends, if that makes any difference

I own a property with my soon to be ex husband, in Victoria Texas. I’m originally from the UK and I have moved back to the UK permanently. Is there a way to sell the house from the UK or will I have to go back to Texas? Thanks in advance!

I recently had a family member pass unexpectedly. A 4 bedroom, 2 bath split level house in CT (Groton vicinity) was left to myself and two siblings. We all live at least 2 hours away (I live 6) so the plan is to sell it.

Unfortunately the family member was not well for the last few years and the house is in rough shape compared to the neighborhood around it. As far as I can tell its mostly elbow grease/maintenance issues but the interior is also crammed with stuff (garbage, collectibles, books, clothes, canned foods etc). We are going through everything for heirlooms and emotional value things but it was mentioned to us that it may be worth selling as is with the stuff and furniture left in the house as a contingency.

Our three options seem to be:

1. Leave the junk and furniture in house and sell as is

2. Pay for a cleaning service to haul out junk and furniture and leave maintenance issues for homebuyer

3. Pay for cleaning service and fix maintenance issues ourselves (clean gutters, paint, minor landscaping. No notable water damage or structural issues that I know of).

Any thoughts on which option would be the most intelligent? I understand a lot depends on actual quotes for cleaning/maintenance.

Say 2 houses are 2300 sq ft and 1800 sq ft.

Assume everything else is the same (location, condition, 3BR/2Ba)

Does it ever make sense to pay more for smaller due to lower overhead (tax, utilities, insurance, etc)

I bought my 3bed/2.5bath townhome in the heart of a MCOL city 2 years ago. I’ve outgrown the city and am leaving. Our market is not as hot as it was 2 years ago when I bought, but it’s still warm with multiple offers expected on properly priced properties.

The place was fully renovated by an award winning interior designer in 2019. New HVAC, electrical, plumbing, tile, fireplace, kitchen, bathrooms, etc. Only thing remaining is the old windows that need replacing.

I’ve completely removed my stuff from the place. But now I am struggling with a choice.

My place attracts first time homebuyers since it is at an attainable price point and location in the city. I have neighbors on either side of me that are selling/have sold. Neighbor to the left has been listed for 6 months with no traction (completely vacant). Neighbor to the right sold in one day and above asking price (was still living there). I think seeing my neighbor to the right’s items in the house helped the buyers to picture themselves there. I spoke to my new neighbors who moved in this week and they said they toured both before buying the one on the right (which is smaller, has one less bedroom, and one less bathroom). The new neighbors noted the neighbor to the left had done some nice updates to the property, they had nothing bad to say, they just bought the one on the right. The seller to the left has also dropped their price to the price of the one on the right due to no traction, so price was not a factor.

This has me thinking about the best use of my funds for selling. My window size is custom so the windows will be EXPENSIVE and there will be a lead time. But I could be taking a risk with staging since the place could sit on the market and I’d have to pay monthly to rent the furniture.

So my overall question is, is my better strategy to stage the place and offer a credit for the windows, or do the windows and not stage?

Bought a condo back in 2018 for 60k in cash, was single at the time. Fast forward to 2024, im 33 with a family that hss outgrown the condo so I sold it and pretty much doubled my money.

I'm wondering how much I should put down a single family. 20%? 3.5%? Do I get a 2 or 3 flat with 3.5 down and then buy a single family at 20%? I here people say always put the least amount down that you can.

Very new to the game and I would like to see some of this money grow. I am in the chicago real estate market.

Title

I honestly don’t recall if I have an FHA loan or first time buyers or if there is even a difference between the two. Anyway, I applied for a HELOC to do some repairs and a few upgrades. I was approved and all was well until the insurance part. I had an ACV insurance policy and my mortgage company refused to process the loan until I had the replacement cost insurance. So I shopped around, found the best deal I could. Loan officer said go for it and I did. Then he tells me my escrow won’t cover my new insurance and until they got it down about $700, he couldn’t approve the loan. They got it $69 above where he said it HAS to be at. Can’t I just pay extra on my mortgage each month to make up the $69?! This is a little ridiculous to me. I pay extra anyway. Has this been an issue for anyone else?

We found a 5 acre wooded property near us that we love. It contains an abandoned, unsalvageable, crumbling house. The owner left about 10 years ago. She has over $10,000 in unpaid taxes, and her property just officially went into default with foreclosure pending. The neighbor has sent her countless letters, unanswered. The county has sent her numerous certified letters, which she has signed, but never responded to.

This is as much a psychology question as a real estate question. Would it be worth driving to her current home 6 hours away to present her an in person offer to buy her house? The property will be auctioned off in 3-4 months, leaving her with no profit. I could offer to pay her approximately $15K in back taxes and court fees and maybe another $10K on top of that just to have her sign the property over to me. The property would be worth $50K+, though there will be demolition and trash hauling costs to me before building a new home.

I don't understand her backstory or current condition, but she is alive and has just last month signed, (but ignored), a certified letter. She may be embarrassed or ashamed of abandoning the property and not paying taxes, but why would she turn down a chance to have someone come in and make it easy to pay it all off and remove the problem from her shoulders? Does anyone think that it's worth a shot? If I wait for it to go into foreclosure, I fear I may lose the auction if it becomes too expensive.

Early 2023 we planned for buying a single family home in Dallas , TX, while living in IL , considering that we would move to Dallas ,my work was fairly remote and spouse did not work and kid went to preschool.

gave earnest money to builder.

Mid 2023 my spouse took up a mainstream job in IL that pays well, her first break into corporate America.

April 2024 builder finished building the home , Home also appraised > 100k in the meanwhile . Closed on the home .

During the same time My spouse changes employer moves her to greater pay grade and had a long term contract done still being in IL.

My employer in IL in the meanwhile asks me come to office in person 3 days a week.

We cannot fully occupy newly closed home and plan to rent it out. It was closed as primary home with intent to occupy. I have moved some stuff however into new home can be fit into a single bed room.

Spouse has a job in specific field that does not fetch lot many opportunities in Dallas at her experience level and is needed to be in office 5 days a week and I need to find a job in Dallas well in order to complete the move.

Lender did allow us to continue with sale while we being out of state and remote .

What are my options now ? We plan to continue to own the home and if possible rent it out .

Seeking insights into my scenario. I recently inherited a house in another state. The home is in less than ideal shape. Things like an exterior wall missing all of the brick since it was taken down to Tyrek in a misguided renovation project. Water heater illegally installed in a random bedroom. The elderly person that owned it was basically a handyman that did questionable projects over the years. It’s a nice corner lot in a neighborhood and area that has certainly seen better days and the house is filled with a ton of miscellaneous household nonsense. Not quite hoarder level but close. I am planning on selling it as-is to an investor because I do not have the time, energy, or interest in doing any of the repairs and investing any time in getting it in a suitable condition to qualify for a buyer with a loan. I have a friend who is a real estate agent that works with investors. They are going to represent me in the transaction. I have no problem paying a commission for their help and guidance to make this as painless for me as possible since I’m in another state and want to close out the estate. I understand I am trading the convenience of dealing with a quick sale with minor time investment by me in exchange for a lower price than the property is worth. What should I watch out for? TIA

TLDR- when selling an inherited home to a cash investor while represented by a RE agent what should I look out for?

Hello ,

I purchased my single-family primary residence in January 2024 with a 6.5% interest rate. It's a 2400 sqft property with an unfinished basement below grade. I'm considering the following options and would appreciate your assistance in choosing the best one. 1️⃣: Finish the basement to add the value to property so that I can refinance with cash out 2️⃣: Payment towards the down payment 3️⃣: Use the money to buy a new rental unit

Thanks for your suggestion

Bought the house in 2022 for a little above 2m @ 4.2% interest rates. Life changed, moving to a different state and now I’m at a crossroads whether to keep the house as an investment or sell it. I can keep the house with a little bit of financial strain but it won’t hurt my lifestyle.

If I keep it, I’ll rent it out. If I sell it, I’ll lose the investment & walk out pretty much empty hands.