[Seattle] Buying first property and immediately renting it out?

I'm living in Seattle, and I'm looking to buy my first property sometime next year. I should have ~100k saved up for a down payment by then. I am interested in buying a condo, but can really only afford 1-2 bedrooms in the area. Here's the caveat – I have a great living situation right now. I live with two of my best friends, rent out a large space in a great location, and have plenty of space to have friends over, parties, etc. We're planning on renewing our lease for at least one more year. However, I do want to get in on the Seattle market right now, as it's been expanding like crazy. Would it be a bad idea to buy property and immediately rent it out, while continuing to live where I am right now? I would buy a place that I would be willing to live in, if my friends moved or our situation otherwise changed, but would not plan to live there.

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Inspection came back with issues, do I wait until after VA appraisal to contact the seller or should I back out now? [TX]

So like I said in the title, the inspection came back with some issues which need to be addressed, should I try to have everything fixed before the VA appraisal or have the appraisal and see what the VA appraiser says first?

There are several issues that are will guarantee a fail from the VA, including a secondary breaker box that looks like it is vomiting uncapped (not live) wires, possibly the roof which according to the seller was done in 2009, but the inspector thinks they painted over the roof to make it look better) he recommended hiring a roofer to look at it, and a hole in the wall between the garage and kitchen (from an old chimney?), only covered by insulation.

The other issues include some questionable support beams in the attached garage one was slightly too long and slightly bowed, and the other too short and shimmed (garage is a recent addition) and that the original exterior siding does not meet firewall requirements A propane tank less than 5 feet from the master bedroom window (a very attractive view) An outlet half covered by a closet wall (so they just cut a hole so they could plug things into it) A gas range running on propane where flames shoot up out of the oven (I thought it looked like they didn't convert the oven from natural gas to propane), but the burners all work fine. 3 cracked windows and 1 broken window

https://imgur.com/a/NmnoP pictures of the electrical panel, and garage hole. In addition to all of the issues listed here, the house also needs a driveway built, and a concrete culvert repaired or replaced.

My realtor seems content to just go with the flow, but I'm not sure if he is just too busy to deal with this right now (whereas I have all the time in the world to think about this stuff) or if he thinks this is the right call. Seller disclosure (which was received at 11:59 pm the day of the deadline) is of course useless and most likely filled with flat-out lies (Seller bought the house 2 years ago, but home has had no inspections in the last 4 years?).

I apologize now for all my seemingly stupid questions, but this will be my first home so I am new at all this stuff.

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Using Realtor Friend, No Longer Want to Use Them and Need Advice

Hi everyone! This may not be the best subreddit for my issue but thought I would give it a try since we are first-time home buyers.

Well I will try to be short and to the point. My wife and I have been looking for a house and one of our good friends suggested us using their good friend and realtor that helped them find a house. We typically never mix business with family or friends (or in this case a friend of a friend) but they insisted and figured that it might be a good connection.

Fast forward, this realtor has been extremely flaky, does not return calls, or texts (they typically text). This person will say that they will call us the following day but does not call, we in turn have to text or call the realtor ourselves. We feel that he is not promptly calling sellers when he says he will. It has been overall a bad experience for us as we try to purchase our first home. At times it seems like we are actually bothering him. Since this is a friend of a friend we are more worried about our actual friend becoming upset if we let the realtor go. But it is getting to a point where we would have not continued to work with this person if it were different circumstances. It almost seems like he doesn't care about us, or that our business is not as important. Basically, it feels like since he thinks were friends of the person who introduced him that we wont get upset at him or get rid of him and is already considering this as a sale/commission. It also feels that we are not important since we are not buying an extremely expensive home. Were currently looking to buy a home between ($200-250k). We are younger so that may also be the case.

I suggested to my wife that we tell the realtor that it seems like he has been extremely busy and distracted. We would then tell him that were not getting the level of attention that we would like.

What is my best method or plan moving forward? What should we tell him in order to not come across as blunt and insensitive assholes. We really just do not want this to come back on us being the bad guys.

Will be the last time we ever get into a business venture with friends or family.

Thanks in advance!

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Home was built on two lots; the bank split the lots when I bought a year ago. I own all of the house – but one septic tank is on the lot that someone else bought [Ohio]

Long story short, the original homeowners owned two adjacent lots. The ownership of the property transferred to the bank (the seller), and the bank split the two lots so they could sell them. The home was built entirely on the lot which I purchased. But the home has a 2nd septic tank that is on the other lot, and a developer purchased that lot because they want to build a new house on it. The location of this 2nd tank wasn't disclosed in the sale process, but the seller received inspection reports for each tank every year. The sale docs just say that there's a septic tank rather than a sewage hookup; they didn't say that there were multiple tanks or which parcel they are on.

So, someone else owns that 2nd lot and they want to build a new house on it, but I believe I have an implied easement by prior use, according to https://www.justia.com/real-estate/docs/easements.html

I sympathize with the neighbor, but they have title insurance that will protect them from financial loss. Their biggest loss would be due to delays because they've already contracted out the construction work – they are very, very happy that I'm proactive on this. I'm worried that I may face significant costs if I need to install an additional septic system under the house I just bought, or I may pay a small fortune for a new utility hookup, plus whatever amount to change the plumbing as needed. I believe a court would recognize my implied easement, but the developer would lose far more money waiting for that result than they would from trying to buy me out. I think the seller (the bank) should have recognized the issue before selling, and they could have solved it by making a written easement, or officially abandoning or moving the tank, or whatever else.

My biggest question is: who are my main contacts to resolve this issue? My title company doesn't want to get involved in the mess, and I'm currently going through my closing docs to see exactly what they cover. My mortgage lender has a title insurance policy but I'm double-checking to see if I purchased the owner's policy as well. It would be nice to have them navigate the legal aspects, but I may need to do a lot of that legwork myself. And is there a process for handling situations like this, or any court history that I could check to see how it was handled in similar cases?

I got a very, very rough estimate of $50,000 if I need to install a new septic tank, and when I asked for an estimate for the utility hookup I was basically told "don't ask unless it is literally the only option. It's that expensive."

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Mortgage approval timeframe

I am cash out refinancing my house through my current lender.

I started the process at the very beginning of October. All documents have been provided and my file was submitted to underwriting on 10/16. Appraisal came back and we agreed to a value significantly under the appraised value on 10/24.

10/25 I was told I was approved the prior week and they asked for another monthly statement from my banks. They had previously received August and september, and wanted to see October as well. I was then told we were looking to close the last week in november, or the first week of December.

Is this delay common? How long does final approval generally take? Is there a difference between initial post credit approval, then some other approval, and then a 3rd final approval?

I don't like wondering if this thing is going to be blocked for some reason as we draw out the process.

Edit: location – Atlanta, ga

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Purchasing a home with an Equity Loan (California)

Hi all!

Not sure if this is the right place for this but I am asking a question on behalf of my parents. They are wanting to downsize and sell their home which is worth $1.5mil at this time. There is about $600,000 left on the Mortgage but they would like to use the remaining money to buy a smaller $700,000 home and have to pay zero mortgage. The contingency put in place is making it difficult for buyers to accept offers for obvious reasons. They have discussed the possibility of pulling a $700,000 Equity loan from a commercial property they own and rent out, this building is fully paid off. The new plan is to pull the Loan, put an offer on a new house, buy it, then when the previous home sells pay off the equity loan. My main concern here is, will they have to pay taxes from the income they make on the previous home or is there a way to avoid taxes and simply put all the money back into the equity loan?

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[IN] 60 Days Left in Right of Redemption on REO Property: Should I close? Ask for Money?

I bought a REO house at an auction for $75,000. I put the EMD down and it has been around 33 days now, and the Title Company says that there were IRS tax liens on the house and the IRS has until Jan 6 to redeem the house back. The lien is for $30,000 but apparently, it is wiped out at the foreclosure auction.

Where does this put me as a landlord?

Apparently, I may lose out on any improvements I may make between now and Jan 6. It also puts me in a contractually awkward situation if prospective tenants find out if the IRS decides to reclaim the property. I know that I will be reimbursed any maintenance fees and my purchase price if that were the case (+6% interest).

What are my options? Can I renegotiate the price of the house? The contract says it should close in 45 days. Does the Right of Redemption cloud the title in any way (between now and Jan 6?).

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