Home Buying & Real Estate Thread

[ekrev98]

Officially opened escrow today. 4 days on the market w/ multiple offers and I accepted an offer $10k over asking price. Super excited! Now it's time to look for another project!

Closed escrow today on my project. House sold for $460k which was $31k more than i originally expected. I was worried about the unpermitted rooms and the sq ft. which was why i had the value at $429k but the appraisal came in good at $460k. Closed in 30 days. The project itself took 5 weeks.

Purchased the home for $300k. Remodel cost was $49k. Minus commissions of $11,500. Profit was $99,500. This has been my most profitable flip and now i gotta find a new one.

 

[monstar]

Somebody get ekrev on hgtv. Need to see more cali wins. Cant find nothing like that in the bay smg

 

[dam itz lou]

I got my panels this last year for my duplex I live in, highest electric bill since has been 10$, and electric company gives me credits for extra electricity. There's a 30% tax credit for solar panels.
I used a program called HERO, that allows you to put loans for home improvements on your property taxes (property taxes are tax deductible, so this loan is tax deductible). Then got +7k on my tax return that year from the tax credit. Tesla Model 3 is set to come in March, so I'm looking to never buy gas again.

Nice! Did the company who installed your panels tell you it would cover your electric bill ?

 

[dam itz lou]

Ok, another question for you guys. Do you recommend going to a bigger bank (Citi, Chase, etc) or a smaller mortgage bank/lender? I'm currently with Citi, but I've heard that the bigger banks are really conservative when it comes to the appraisal. My agent recommended me a smaller mortgage bank to use instead. Although i'm in the process of getting appraisal contingencies in the contract to protect me, do you guys typical go with the bigger or smaller banks?

Smaller banks are more flexible. Im in NYC, I can give you my guys info if you want. He got me the lowest rate and worked around some issues when the sellers started stalling.

 

[edshoecator]

A quick google search says HERO becomes a lien holder on your property.

Any more info on them?

 

[B Sox]

One thing I do know is that leased panels are a pain in the *** when you go to sell your home.

 

[dam itz lou]

I dont get why people lease. It makes no sense to do it especially in NYC. You get 3 different tax credits here. This is my estimate.

 

[dam itz lou]

If anyone is looking to purchase something from Ikea, this promo ends today. For every $100 gift card you buy, you get a $20 gift card. There's also a $25 off $150 promo out there too. I was able to combine this with the 15% off a kitchen sale.

https://ikea-usa.cashstar.com/

 

[chino905]

quick question guys. Can a bank issue you a commitment letter if you haven't agreed to proceed with that particular bank? I was talking to a few banks, narrowed it down to 2, then decided to sign an agreement with one. when i let the other one know that i was not going to with them, they replied saying they already issued a commitment letter. why would they even do that if I never signed anything or told them anything about proceeding with them?

 

[B Sox]

quick question guys. Can a bank issue you a commitment letter if you haven't agreed to proceed with that particular bank? I was talking to a few banks, narrowed it down to 2, then decided to sign an agreement with one. when i let the other one know that i was not going to with them, they replied saying they already issued a commitment letter. why would they even do that if I never signed anything or told them anything about proceeding with them?

You likely received a pre-qualification or pre-approval letter from them, not a loan commitment letter. It is fine for you to shop around to a couple different banks for pre-approvals.

 

[chino905]

You likely received a pre-qualification or pre-approval letter from them, not a loan commitment letter. It is fine for you to shop around to a couple different banks for pre-approvals.

I already received a pre-approval letter from this guy before. but when i told him yesterday that i am proceeding with another bank, he replied with "is there a reason going elsewhere? we already issued the commitment letter". i find this really odd, as why would they even do this without my consent.

 

[B Sox]

I already received a pre-approval letter from this guy before. but when i told him yesterday that i am proceeding with another bank, he replied with "is there a reason going elsewhere? we already issued the commitment letter". i find this really odd, as why would they even do this without my consent.

That sounds fishy. If you didn't sign off on additional paperwork with them, you can definitely go with the other bank.

 

[chino905]

That sounds fishy. If you didn't sign off on additional paperwork with them, you can definitely go with the other bank.

yeah when i saw that email this morning, i thought that was really bizarre. i'll run it by my attorney and agent too, but that is super fishy.

 

[B Sox]

yeah when i saw that email this morning, i thought that was really bizarre. i'll run it by my attorney and agent too, but that is super fishy.

It sounds like they are just saying things in order to keep you. As long as the other bank can get the loan completed by your settlement date, and loan commitment date, you'll be fine.

 

[monstar]

interested to see what the change in rates does to the housing market long term.

How many people are gonna wanna sell and get a new mortgage in the future with interest rates unlikely to remain in the 3.5- 4.6 range

 

[dam itz lou]

God, do I hate living through a reno...

 

[flaminhotcheeto]

interested to see what the change in rates does to the housing market long term.

How many people are gonna wanna sell and get a new mortgage in the future with interest rates unlikely to remain in the 3.5- 4.6 range

What's going on with the rates? Havent paid attention to the real estate market/trends etc. We'll be looking to get another property some time next year.


Btw anyone have income property overseas? Property we bought in Makati, PI finished building a little while ago and we've done nothing with it Looking to rent it out. Any suggestions/tips/anything on how to go about this? Property manager Im guessing?

 

[superantigen]

So question for y'all:

Do you think a house's proximity (walk = ~30 mins, drive > 10 mins) to public transportation will positively or negatively affect its future value?

I ask because it's been well noted that millenials have flocked to cities because that's where the jobs are. However, with that has come an increase in the price of city real estate. In effect then, many millenials who desire to have families have started flocking back to the 'burbs, especially those with proximal access to public transportation lines. As this trend continues, I believe demand for such residences will increase and this will positively impact their values. I could also be very well overstating the potential for appreciation. What do y'all think? FTR, I'm currently looking at a SFR that is close to a Metro North rail station. It needs work, but I'm wondering if the appreciation will justify the investment.

The good = it's close to the MTN line and listed well below the comparables in the 'hood. Also, if I bought the home, I'd be 21 minutes from work (6 minute drive to train station, 15 minute train ride). Currently, my driving commute to work is about 40 minutes. If I take the train, on a good day, it will be a minimum of one hour.

The bad = House is an REO and needs a lot of work. The property tax is also very high (close to 10k), and you have to drive by this...

to access the road that the house is on.

So, what do y'all think?



...

 

[edshoecator]

property taxes alone would make me leave.

I pay 3k a year...thank you Mills act and I'm valued at damned near 900k

 

[superantigen]

Only 3k on a 900k property? Where the heck do you live?

In my neck of the woods, a 900k property would easily run you 20K+ in taxes.



Edit: looked up mills act...you in Cali? I wish we had something like that here.


...

 

[edshoecator]

Los Angeles. It’s a HPOZ (historical protection overlay zone) so buying an old *** property in one of these hpoz’s qualifies you for the Mills Act which pretty much keeps your taxes to a minimum because you have to adhere to historical features when remodeling the exterior of your house.

You need permission to do anything to the exterior which is costly.

Spent 20k replacing windows cause they had to all be wood.

 

[slicknick951]

Update to bump the thread

Closed on a house in Florida late November and we are just finishing the first phase of the remodel. Took out the horrible smelling carpets and put down laminate floors, removed the popcorn ceilings and painted.

Just got into contract to sell my coop in NY and after we close we are going to finish with the guest bathroom and kitchen down in Florida.

I will update with some pictures once I take some good ones.

 

[dam itz lou]

Finally done with the kitchen. Thank you lawdddddd.

 

[1stwitit]

Slick nick, what company did you use to remove the popcorn ceiling? Just someone local?

 

[CrownRoyalDaddy]

Just put in an offer on my first home on Sunday and had it accepted within 2 hours. Supposed to close on March 14 if all goes well.

I know this thead has been mostly about flips but im just super excited lol.