Home Buying & Real Estate Thread

[Chopper]

Q: We put an offer on a house the day of open house, above ask. We haven't received a response but the house was taken off of MLS. Any common reasons a seller would remove it from MLS?

I figure they either got information that would negatively impact inspection or they were just testing market knowing full well they weren't going to sell... thoughts?

 

[B Sox]

Q: We put an offer on a house the day of open house, above ask. We haven't received a response but the house was taken off of MLS. Any common reasons a seller would remove it from MLS?

I figure they either got information that would negatively impact inspection or they were just testing market knowing full well they weren't going to sell... thoughts?

Was the house occupied? Might just have multiple offers and don't want anybody else coming through the home.

I assume the OH was over the weekend and you haven't heard back yet?

 

[Chopper]

Was the house occupied? Might just have multiple offers and don't want anybody else coming through the home.

I assume the OH was over the weekend and you haven't heard back yet?

Word. Realtor said same thing. Already had good offers and didn’t want people to continue to enquire. Thanks man.

 

[yogetoffmykickz]

My mom refi'd (process took forever.!)
Went down from 3.5% to 2.375%, 24 years to 15 years, plus took out $50k from equity, her payment only went up about $200. !

So frickin happy for her..!

 

[thenewjs23]

Wife and I closed back in May in DC. The house was a flip, listed at 830 and we got it for 780.

 

[206to813]

I’m gonna get into the AirBNB game to get my feet wet. Nothing too crazy, want to experiment in a touristy city.

I think you mentioned interest in Miami? Where else are you looking and where do you live?
I’m just curious, I’m no help to you but also wanting to do the same thing. I’m in Tampa, I may grab a short term rental in St Pete (hour from me) bc prices there have not gotten crazy like other beach areas here and it’s easy for me and my fam (2 kids) to enjoy the place for ourselves.

 

[ballinsam23]

I think you mentioned interest in Miami? Where else are you looking and where do you live?
I’m just curious, I’m no help to you but also wanting to do the same thing. I’m in Tampa, I may grab a short term rental in St Pete (hour from me) bc prices there have not gotten crazy like other beach areas here and it’s easy for me and my fam (2 kids) to enjoy the place for ourselves.

I lived in South Beach for a little and did a couple of Airbnb’s. I know certain areas are illegal for short term leases, so looking in areas that are legal. I’m in NYC, gonna have to get a property manager and find cleaning service. Figured a 1 bedroom close to the beach is around 150k. Can advertise that it sleeps 4 (futons etc). I can charge $150-200 a day, more on weekends and be ok. I checked the AirBNBs in that area and there are some terrible ones that charge that much for a studio and are booked 10-20 days of the month.

 

[206to813]

I lived in South Beach for a little and did a couple of Airbnb’s. I know certain areas are illegal for short term leases, so looking in areas that are legal. I’m in NYC, gonna have to get a property manager and find cleaning service. Figured a 1 bedroom close to the beach is around 150k. Can advertise that it sleeps 4 (futons etc). I can charge $150-200 a day, more on weekends and be ok. I checked the AirBNBs in that area and there are some terrible ones that charge that much for a studio and are booked 10-20 days of the month.

150k sounds really low

 

[bballkid11]

In MIchigan, me and the Wife been looking for over 3 months now. Everytime we put in a offer we get beat or now "appraisal guarentees" seem to be a thing. We are offering OVER ask too.

I am actually getting sick of looking now.

 

[needsomejays]

How soon can someone refinance? I bought my first home back in August. I got a pretty good rate but hey, it can always be better

 

[B Sox]

Put in an offer for a client over the weekend that was $65k over list, waived appraisal, and gave a free rentback to the seller.

Didn’t get it

 

[mplsdunk]

So glad I’m done with all that.

 

[ballinsam23]

150k sounds really low

Check the prices on Zillow from anything between 1st street and 30th street in South Beach. Surprisingly low to buy around there.

 

[nolo33]

Anyone in here ever used a Hard money lender for Flips?

Me and my wife want to get into it and have enough money to pay hold on the interest payments while we do the rehab.

Wanted to see if anyone in here has done a flip with a hard money lender to see how there experience was and if it went well who would you recommend?
Or if you know of any hard money lenders that cover 100% that'll be helpful as well, because I hear there some out there.

 

[SneakerProSr.]

I bought a new house in December.

My neighbor bought 6 weeks before us.

They listed their house 2 days ago for 75K more than what they paid 5 months ago.

It's a brand new house so they didn't do any renovations or anything like that.

Is this unusual or is this just the game now?

 

[oh you mad]

Check the prices on Zillow from anything between 1st street and 30th street in South Beach. Surprisingly low to buy around there.

Are property tax and HOA extremely high there?

 

[lovehateself]

I bought a new house in December.

My neighbor bought 6 weeks before us.

They listed their house 2 days ago for 75K more than what they paid 5 months ago.

It's a brand new house so they didn't do any renovations or anything like that.

Is this unusual or is this just the game now?

without knowing their financial situation
i would check the sales report for your zip code and see how much home values appreciated in value since last year ...zillow has this tool

 

[datznasty]

75k is equity increase over a year is crazy, anywhere other than like California or NYC.

nolo33 they have academies where you go to like a 2 day symposium and learn how to do it, then they allow you/help you find flips and you get their approval and they fund the flip and you put in like 5k and do the work and then split the profits. I wish I could remember the name of them. A lot of people on this msg board where using it to get in the game until they had liquidity to do it own their own

 

[thenewjs23]

I bought a new house in December.

My neighbor bought 6 weeks before us.

They listed their house 2 days ago for 75K more than what they paid 5 months ago.

It's a brand new house so they didn't do any renovations or anything like that.

Is this unusual or is this just the game now?

RIP CAPITAL GAINS TAX UNLESS THEY LOST ELSEWHERE

 

[ballinsam23]

Are property tax and HOA extremely high there?

Not at all. I’m from NYC, so compared to our taxes/maintenance fees it was dirt cheap.

 

[SneakerProSr.]

75k is equity increase over a year is crazy

Here's the thing I'm right outside of Dallas and the economy here hasn't slowed at all.

It's a new subdivision they were maybe the 2nd house in the place.

Thing is the builder just listed a brand new house with the exact same floor plan for 465K, they listed for 455K for essentially the same house just 4.5 months old so who knows.

There are no comparable sales because the homes are too new and anything you are comparing it to age wise is coming in at the price they listed for.

I think they are actually going to get close to it.

I'm paying attention because if they get that much then my house is worth 80-90K more than what I paid in December.

 

[slaughterx]

In MIchigan, me and the Wife been looking for over 3 months now. Everytime we put in a offer we get beat or now "appraisal guarentees" seem to be a thing. We are offering OVER ask too.

I am actually getting sick of looking now.

Grand Rapids?

 

[turbospartan]

Grand Rapids?

Could be a lot of places in MI. Royal Oak, any decent detroit suburbs with good schools, traverse city, etc.

**** is crazy all over the country nowadays.

 

[edshoecator]

When I could actually get property in Los Angeles I would treat it like a personal home and remodel it over a year or 2. Then sell. Helps for tax purposes too.

 

[s0lefunk]

Question - Does increase in property value equal personal equity in terms of trying to eliminate PMI early?

Closed on a new construction home in December (signed the contract in May) and see that the builder increased the base price of our model by 60k. That doesn’t include the lot premium and basic, mandatory options. I’m confident the price of those have also gone up.

If I were to get the house reappraised, and show that we have 20% equity in the property based on principle payments made to date and increased property value, could we have PMI removed? That would save us a few hundred a month.