How does this work exactly? My husband and I are both newly self-employed. Even if we weren't our DTI would probably not qualify us for the house we want. We can afford the house, bit affording and qualifying are different things. We have 20% to put down on the house. Can my retired Dad with no debt co-sign for us to avoid the issues of high DTI and self employment?
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Ok, give me the pros/cons of renting to a home to a relative.
Essentially, my sister is getting out of an abusive relationship and moving across state lines to start a new job in my city.
We can get her a rental home at $1400-1600 plus utilities in my city.
Or….
I can buy a similar home and rent it her to cover the mortgage/taxes. To me, it would at cost around $1100.
Is there any steps that I can take to protect myself? Should I be thinking about anything now?
She would likely stay in the home at least 2-3 years and I could cover the mortgage with my cash flow, if she left.
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So my girlfriend and I are looking into buying our first house in the coming months and my mom has been very supportive about wanting to give us $10k for a mortgage gift. The whole family knows about this and she has said it since about October and here's why I state that: my mom had a stroke in late December. She's doing very well, mostly just some speech confusion at this point but my cousin still has power of attorney. My cousin knew about my mom's intentions to give us this money and is willing to give it to us/write a letter but I'm curious if this situation will give lenders pause. Do you think a mortgage lender would accept my cousin writing a intended gift letter?
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So, Ive been toying with selling my house for a few months and planned on doing it in the spring. Met with a Realtor a couple weeks ago. He seemed awesome and knew I wasnt looking to sell right away.
He came checked out the property, and we both agreed when I was ready I'd reach out. He asked if he ever had any clients or anyone looking for a house like mine (it has a 1br apt downstairs and a 2bd 2bath unit I live in upstairs) if he could send them my way.
I say sure. Fast forward to yesterday, and he texts me a realtor friend of his has some picky clients looking for an income property. Seen about 30 didnt like any etc. I say, what the hell why not. I warn them that it won't be showroom ready there's lots of little things I need to spruce up. Well they come.
They give me an offer that is exactly what I wanted. Their Realtor tells the guy ive been "working with" He's sending a contract tomorrow. Like….is this even real?
What do I do next? How does this work? Like….omg.
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I'm a young dad (23m) trying to figure out how to make life work. I recently/foolishly purchased some landlocked property with the future intent of building a small community on it. Today, I'm trying to figure out how I can purchase a home in another state in the next 2 years with 530 credit, and a annual income of 20k. This feels like a daunting task. But I know if I'm determined and do all the research I can pull it off. What tips and tricks do you have for me? Where should I start? I'm currently working on improving my credit score, savings, and a pay raise, as well as locating a more permanent position in the area we would like to live. Please and thank you for your wisdom before hand!
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I have a question regarding the Redfin "Hot" Homes. My property was listed a few days ago and it was labeled "Hot" home. I checked earlier today and the label is gone. How does the Redfin algorithm work? What changed now that it's not labeled "hot" home? Thank you.
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I need some advice regarding my neighbor/developer who is building a large multi-unit adjacent to my lot. Their new construction is below mine on a sloping hillside, and they want to build a concrete wall along the property line. On their side of the wall there are plans to build a walkway. However, they are asking me permission to build a 12-in wide v-ditch drainage on my side of the property for water that flows down the hillside and prevent the wall from eroding. They say that the v-ditch is necessary to keep integrity of the wall. My ultimate plan is to sell my lot to a developer who will likely construct a multi-unit- the lot is approximately 10k square feet and zoned for multi-units.
The benefit is that they are paying the cost to build a new wall between the two properties, as there is no wall there currently.
However, my concerns are (1) will this affect the future value of my lot- as the v-ditch encroaches onto my property approximately 12 inches, effectively reducing the useable square-footage of the property? (2) if I sell the lot to a developer who wants to use the v-ditch area along the wall for something else ie: a walkway or shrubs along the wall, will they be able to remove the v-ditch?
Can anyone provide some insight into this situation? I appreciate your help!
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Hello,
So my situation is rather complicated and I'm going to do my best to not try to sit here and tell you my life story but any advice or tips from those who have real estate experience would be greatly appreciated.
So basically here's the gist: I'm a 21 year old nursing student in the midwest. I currently live with my mother, stepfather, and 81 year old grandmother. When I was 16, I was in a horrible car accident which resulted in years of litigation & a settlement of a large amount of money. I'm not disabled, but I do get migraines and suffered a traumatic brain injury which could possibly make it so I will need this money later in life if other health issues start to come into play. My grandmother decided to build a house a couple of years ago (not going to get into all of this but her husband died, daughter in law took all of the inheritance and left my grandmother with basically nothing). My mother is a grad student who in the next 3 years will be done with school and able to financially support herself. My father in law agreed to build the house for my grandmother for free and in return we all live in a rental which my 81 y/o grandmother pays for by working full time for the business she owns.
I, somewhat stupidly, agreed to loan my grandmother about $100,000 (which now has grown to 150 which as long as we stay on track we should be able to finish it) of my settlement so she would be able to finish building her house under the terms that the house belongs to me and I will inherit it one day. Hypothetically, this will end up being an investment as long as one of these days my stepfather will be able to finish it (we have maybe 70% of it done?)
In the mean time, we are miserable in this cramped up space wasting money every month paying too much in rent and my grandmother is starting to fall apart. When I received my settlement, I chose a financial advisor and took 100,000 for the house and put the rest in various types of investments (stocks, bonds, ect). hypothetically, I do have access to the rest of my money but I don't want to spend it stupidly. I basically pretend it's not there and never touch it.
I started looking into various options as far as real estate options are concerned like possibly purchasing a house or looking at foreclosed homes/ short sales. I'm not sure how much longer the house is going to take because my stepfather struggles with being accurate on time estimates due to the fact he's doing it basically all by himself. I have two years of school left and nursing school is extremely time consuming so I can't dedicate all of my time to trying to research properties and definitely not a ton of time to think about remodeling. Although as of right now I plan on moving into the new house once it's finished because I don't feel like wasting money on rent if I don't have to, I would be completely content moving into my own home if it was a good investment and financially wasn't a stupid decision.
ALSO important detail I did something really stupid and while looking on Hubzu at foreclosures accidentally bid on a house which looks like it was valued at about 250,000 and my bid is 156,000 and still winning which is like? hopefully going to be outbid because it was impulsive? but only two days are left on the auction and considering they don't have my cc information and I didn't sign any purchase & sale agreement I don't think I'm legally bound to it??? I could be wrong but this whole thing has gotten me thinking.
So now that you know my entire life story (sorry I really tried to keep it short but I told you it's extremely complicated) I just have a couple of questions because I know most 21 year olds don't have access to funds like I do and I don't want to do something stupid and reckless and I feel like the earlier I can get ahead on making the right decisions, the better of a chance I have of being successful.
Ok so here are my questions
If you read this far thank you for taking the time and I apologize for this stupid long post but any suggestions, tips, thoughts, concerns, resources, critiques would be extremely helpful. Thank you!!!!
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So I just found a house that I really liked. My agent called the seller's agent to ask about any other offers and we found out that the seller wants a rent-back for 60 days. First time finding out that this is a thing. To top it all off, the seller wants to live there rent-free! This is actually a thing? I looked this up and it seems sellers usually have to pay for the rent-back for the duration.
We haven't made an offer yet.
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My poor mom.
She found a mobile home, was approved for a loan, putting 12k down on a 32k home.
Everything was going good shes supposed to close this next week. The bank emailed her yesterday morning saying they're retracting their loan because the park fees are $66 too much for her. But they aren't. She did the math and knows her and her roommate can make it. Combined they make 100k a year.
What is going on? Should she look for someone else to finance through? Did the realtor get a better offer and shes fucking my mom over?
This is the closest my moms been to stability in about 20 years. Please help. Shes been a mess over this.
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Program Realty 