Credit hit every time I check a different lender?

Hey guys!

My fiancé and I will be buying a home in 2 years. I have decent credit and I want to reach out to a few different lenders (my bank, my realtors lenders, possibly the builders lenders). Would I get hit on each one of their inquiry or could I use a universal letter to prove my credit score and DTI ratio to show each one of them?

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How to add a journal entry for seller concessions?

Recently acquired a couple rental properties and received $10k in seller concessions toward each property.

I’m curious how these concessions will be handled in a journal entry. Are they considered income?

Any advice is appreciated.

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When is a house a tear down?

Have a house which was built in the mid-1950s, and last renovated probably in the mid eighties. About half the appliances are >20 years old. The heat is a baseboeard oil boiler from the 70s (AC is normal/newish). Windows might only be 20 years old, they seem like probably the nicest feature. Oh and it has a big basement black mold problem. The house is definitely on the small side for this area.

It is on over two acres, which in this area has definite value itself, easily the land is worth more (probably at least double) what the house is worth.

I go back and forth between the house being a distraction for land buyers, and then thinking maybe it is worth something to someone and it would be crazy to tear it down.

So is this a tear down?

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UT – How does financing work when building a home in a subdivision?

I'm considering building a new home in a subdivision. There is already a builder, so it's not a custom home…just choosing between a few different floorplans and then building.

Anyway, how does financing work with that? i'm already pre-approved, but I'm wondering when do you typically pay the down payment, etc? Since I choose the floorplan, finishes, etc, if it takes 5-6 months to build, would I have to make mortgage payments during the time it's being built? I know down payments are usually done at closing, but would it be required up front in this case?

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Operating at $2k loss for 2 years. First-time landlord

Hey guys, can I get your help in thinking some things through with you about renting out my house to my friend and his family while I'm away in grad school for 2 years. I leave last week of May.

Context: I'm 28 and a first time homeowner and soon-to-be landlord. Bought house in 2015 and still owe about $90k on the property, pay $4k in interest every year, $4k in property taxes, and my mortgage is $1000 sans interest, $1415 with interest. I won't have any income while I'm in grad school for three years (didactic is 2 so I'll be able to return the third year and do clinicals here). I'll be taking out loans for at least $40k while in grad school to cover what savings and such won't cover for tuition, rent, expenses, etc.

Here's my situation that I need objective eyes to help me decide whether I should look for another renter in the month and a half I have before grad school starts.

1) friend moved up the move-in date by 1 month to end of April which will make life a frantic for me and my gf. I work full time and go to school, and I'll need to add clearing, cleaning, and prepping the house faster than expected. I'll also need to get a storage unit ($100) and stay at a hotel/Airbnb $1500 due to the earlier move in.

2) He can't do the original $1300 estimate for rent and he's hoping for $1250. He pays $1400 for his rented home now cause he got a deal for a NICE house but the landlord now wants $2500 hence the move-out. My mortgage sans interest is $1000, $1415 with.

3) he thinks his landlord will keep his deposit so he says he won't be able to give me one.

4) renting to him at $1250 puts me $2000 in the red every year…but that's about as much as I'd lose if there was a 10% vacancy in my property anyway.

5) part of the original (unsigned) negotiations was that I'd tear out the carpet and install vinyl planks..that's $2000.. I was gonna use his deposit to cover the upfront costs…no deposit..I feel all the costs. So that's $2000 floor, $2000/year rental loss, $1600 for early move-out inconvenience, and any random repairs that need to happen during the year.

6) rental properties in El Paso likely will want 1st, last, security up front..that's ~$3,600 PLUS the expense of moving, school, being unemployed for 3 years.

I'm thinking of suggesting that he and his family live with his folks for the month of May so he can save up for a deposit and I'll give him the remaining week in May free so he can move in then. I think he'll be a good tenant. I've known him for 3 years. He used to live next door, is a clean freak, and is handy. I trust him. He agrees we should have a business first relationship.

What should I do? Should I go through with this as-is? Should I ask for $1300? What if he says no? Should I take on his lease sans damage deposit and only first months rent?

EDIT: bought house in 2015. House was built in 2011.

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Question on quite claim and quiet title [TX]

A friend of mine is behind on his mortgage and wants to walk away. He has some equity in it be he'd break-even at best with the costs of selling it.

It's a nice house in an area with few sales, and its perfect for me. Due to a recent messy divorce including bankruptcy I can't get a loan. I have the money to bring the his loan current. I'm thinking of doing a quit claim with him and just make his mortgage payments. I have a steady job with good income so I'm not worried about falling behind. I am unsure of the details, perhaps just sit on the quit claim and not file it with the county recorder's office? I could then wait until I quality for a mortgage, file the quit claim (and go for a quiet title?) once I'm ready to finance. I believe as long as I keep his loan current everything should work out to everyone's benefit.

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To ask listing agent for feedback?

My house went on the market 7 days ago. I had 7 showings the day after listing, full price offer, in contract until the buyer couldn’t get financing, back on the market. So, it’s only been 4 days active but 12 showings including a surprise showing while I was home (awkward). Is it reasonable to ask my agent for feedback or is it typical that they reach out if they hear anything? I don’t want to be the pesky seller but no news about anything just makes me worry.

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Cleanest Way Out of a Recently Purchased House

Hello all, My girlfriend and I purchased a house in Sep 2017 for $240k in the Twin Cities, MN area. I put down the 20% for the house. There was a surprise new roof installation soon after we moved in. We have now decided to break up.

I can't afford this place on my own and frankly don't want to live here long term anyway. The house is near a campus and has a high amount of students renting in the area. The market is a sellers market in the area for the last couple of years.

I think my options are selling through a realtor, selling FSBO, go through buy for cash place, or rent the place. My concerns are a realtor or buy for cash is going to lose a lot of equity off the top. Renting might work but I worry about having most of my money tied up in the house and housing prices will go back down eventually. The place was up for sale in 2016 for a couple months but was not sold and rented for that year again.

Are there any other options out there? What is going to be my best and safest option to get out with as much money as I can. Thanks!

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Potential dual agency scenario

We found a place on Zillow that fit our search criteria and were a bit surprised to find that the listing agent was our buyer's agent. We let them know we were going to view the place and that we'd like to discuss how making an offer would work. Our agent suggested dual agency and the benefits of that, or having another agent from the same bokerage write the offer and how that wouldn't be much different. We haven't signed a contract with our agent. They did not suggest finding a new buyer's agent from an unrelated brokerage or that they could negotiate their dual agency fee. If we are considering putting in an offer in the next 24 hours (hot market), how should we proceed? Is this a situation we should walk away from? Thanks in advance for your help.

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