- Oct 3, 2007
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exactly, that's why people want those military or government workers. We can't play those games Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
- Start date
exactly, that's why people want those military or government workers. We can't play those games 
- Nov 16, 2001
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Sorry to hear that. Like I said, consult with a RE attorney on that one. I have some ideas, but the legalities of LA are so intricate that if you make one misstep, you're going to be in a big hole.
- Dec 19, 2013
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- Apr 27, 2006
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I'm not from NE so I don't know what is cheap compared to CA but that's great you already you and your wife are planning. If I were you contact a trusted loan officer in your area and have them pre-qualify you. There is no obligation to use them at all but more importantly you can get a better understanding of what to expect as far as down payment, monthly payment, bank reserves etc. If you are not ready right now they will point you in the right direction on where you need to be when the time is right so you can budget correctly.
No, not at all. You might want to look into a home warranty since you have a rental. Out here in the Bay Area it can cost around $300-$500 per year depending on if the property has a A/C, pool, etc. But say you have a plumbing issue as you did all you have to do is pay a deductible which can range from $50-$100 and the rest is covered by your warranty. Another example is any appliances like fridge, dishwasher, microwave, washer, dryer any problems you just pay the deductible and the rest is covered. Fidelity is a good home warranty company that we use if you are interested in finding out more info regarding home warranties.
No, not at all. You might want to look into a home warranty since you have a rental. Out here in the Bay Area it can cost around $300-$500 per year depending on if the property has a A/C, pool, etc. But say you have a plumbing issue as you did all you have to do is pay a deductible which can range from $50-$100 and the rest is covered by your warranty. Another example is any appliances like fridge, dishwasher, microwave, washer, dryer any problems you just pay the deductible and the rest is covered. Fidelity is a good home warranty company that we use if you are interested in finding out more info regarding home warranties.
- Dec 19, 2013
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say word?
I'm still ignorant to the bigger picture. I got into it to flip but 2009 came and value dropped 50-60% so stuck it out for the rental income. Need to get serious.
- Jan 21, 2003
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This thread is clutch. Wifey and I are planning to buy a home in the near future.
l smokecity l
are you in the industry?
I'm in the Bay too. Might need your help soon!
l smokecity l
are you in the industry?I'm in the Bay too. Might need your help soon!
Learning so much from this thread...
I'm still pretty young and already owned home for a couple years now.
Question... My Girl, Her brother and my mom want to do a mutual business and invest into either a condo or apartment/duplexes.
I'm not to familiar with the difference in investing. My initial impression was for everyone to chip in and out a row payment into a SFH.
But now it seems I'm not on the same page with them.... Can yall school me please!
I'm still pretty young and already owned home for a couple years now.
Question... My Girl, Her brother and my mom want to do a mutual business and invest into either a condo or apartment/duplexes.
I'm not to familiar with the difference in investing. My initial impression was for everyone to chip in and out a row payment into a SFH.
But now it seems I'm not on the same page with them.... Can yall school me please!
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- Jul 18, 2012
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- Nov 16, 2001
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Kill the deal right there.
If something happens with you and your girl, that deal is going to go sideways in a hurry.
Like I said earlier, if you want to get into Real Estate investing before you have a lot of money, look into investing in a REIT. That way you're already well diversified (hopefully) and you can easily get out if you change your mind.
If you go in with family, you have to figure out contingencies for what happens if someone doesn't chip in that month, what happens if someone wants out? Who is in charge of making the final decision about the property, etc.
Oh I definitely agree with yall...
That was my initial response and thoughts on it.
But they agreed to have every in legal writing and have lawyers involved.
I just wanted know the pros/cons in buying and renting out condos vs. apartments vs. single family homes
That was my initial response and thoughts on it.
But they agreed to have every in legal writing and have lawyers involved.
I just wanted know the pros/cons in buying and renting out condos vs. apartments vs. single family homes
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- Nov 16, 2001
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Ya, but are you willing to risk the relationship? That's the real question. What happens when her brother gets upset with your mom over something? Who's side are you and your girl going to take? Because that'll cause a strain with at least one person in the relationship.
- Nov 27, 2007
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Wife and I are gonna be searching in the near future. The prices in DC tho :x of couse she doesn't want to move out of the city.
- Apr 27, 2006
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Not even brother your in a good situation and at this point just hang in there and stick it out for the long haul. Just wanted to share info that can save you some money towards repairs that come with having investment properties.
Yes and I'm in the Bay also. I'll PM you my info shortly. Hit me with any questions.
This thread is clutch. Wifey and I are planning to buy a home in the near future.
I'm in the Bay too. Might need your help soon!
Yes and I'm in the Bay also. I'll PM you my info shortly. Hit me with any questions.
- Apr 27, 2006
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It's possible to have successful business ventures in Real estate between friends, family and partners but through the years I have seen first hand that a lot of times that does not end up being the case. I've seen brothers and sisters, boyfriends and girlfriends, moms/dads and kids, best friends etc. all fight after going in on properties. Again, I'm not saying its not possible to be successful but with that many investors your dealing with different personalities, point of views, etc. Especially if this is the first time any of you are investing in a rental property all parties involved will be learning as you go and none of you would like to be a guinea pig with so much money on the line along with all the mouths that need to be fed.
There are many pros/cons but some are any condo/apt/sfr with an HOA double check prior to writing an offer if there are any rental restrictions. If there are restrictions they will only allow owner occupied properties within that community. The Realtor should also check if the HOA is in litigation. If they are in litigation then FHA and/or conventional financing will not work only CASH to purchase the properties. You will get a better return on investment dealing with single family homes vs. a condo or apartment because they demand more rent and will always resell more.
If you really are serious and would like to go forward talk to an experienced Realtor and see their thoughts on your situation but keep in mind there are agents out there want to make a quick buck right now instead of looking out for your best interest. Speak with an agent that someone you know has dealt with first hand and has a good reputation.
There are many other pros/cons but hope that gives a little insight.
- Feb 6, 2010
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Like my grandfather said you need to have everything in writing from jump, bc it is garaunteed that drama will pop off
have your own lawyer independent of them and have them explain everything to you that is written up b4 you do anything
either way best of luck
Also best advice I ever got , if you dont entirely understand it do not invest in it
can anyone point Hawaii50 to some good reading material?
- Dec 19, 2013
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I hate my cousins wife and it took a toll on our relationship. I can't cash him out on the prop we in on together so because of his wife I'm loosing out on 100s of thousands because she doesn't like that I have a stake in her husbands life.
Loyalty> family
Loyalty> family
- Nov 16, 2001
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If that's the case, force a legal order to sell the property if they aren't willing to buy out your share or vice versa.
- Jan 2, 2013
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Thinking about starting classes here in Miami for another form of income. I hear the market is dominated by Spanish here. Any suggestions on any programs in South Florida?
- Nov 6, 2012
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Having a tough time deciding where I want to buy a house in the DMV Area, PG is ideal, but it just seems like the value does not hold at all. So many foreclosures it's ridiculous. In VA, I've been looking at Arlington, Fairfax, and Loudoun County. The homes are more expensive, but my commute would suck and the areas aren't very metro accessible.
Anybody looking for homes in the area? Any advice?
The Parks at Addison is out of the question lol i was tripping. Now that I have more knowledge of houses and investment I would be a fool to purchase one of those.
Anybody looking for homes in the area? Any advice?
The Parks at Addison is out of the question lol i was tripping. Now that I have more knowledge of houses and investment I would be a fool to purchase one of those.
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- Dec 19, 2013
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I used to think you were crazy when you tell folks not to use credit cards but my god...you're a treasure trove of information.
Great idea... Anybody recommend Real Estate investments for Dummies? Any books I should purchase?
fontaine
Banned
- Jul 5, 2013
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I always thought when it came to investments, blogs and articles >>> books
They're more up to date and easier to read
Anything would work. I'm a dry sponge right now! Soak me up with knowledge!
- Nov 16, 2001
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FYI... If you're on the fence about buying, now is a GREAT time to buy (not just a cliche). Mortgage rates are dropping like a rock now due to the drama happening in Europe. According to Bankrate, a 30 yr. fixed is 3.72%, down from 3.84% last week and the 15 yr. fixed fell below 3% too.
- Jan 17, 2013
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^hope it stays this way allll year. My plans for home buying should come together around Aug/Sept...
