22yo looking to buy investment property with friend

I'm thinking of buying a "cheap" ($300,000) investment property with a close friend of mine. We both live with our parents and have saved up ~$45,000 each. We both have stable jobs but they don't pay very well (25k per annum). Neither of us has any outstanding debt. Our parents are happy to house us indefinitely (very common in Australia).

About 50% of our income with go towards this our mortgage, and our living expenses only cost us 40% of our income. This is financially feasible, but I'm probably missing something.

How bad of an idea is this?

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Title/Escrow/Closing Agents: Whose decision is it to say a closing can be completed electronically as opposed to on paper.

This question is coming from a notary who currently does loan signings on behalf of title companies.

Right now all 50 states allow for electronic signings in the physical presence of a notary, with some even allowing remote signings. Right now, my state is not one of them.

I know that getting those signing packages back to you on time and error free are important for the closing and making sure everyone gets paid. So I was wondering if I, as the notary, could make the decision to complete the signing digitally?

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Tenants in Common sale

I have a contract to buy a 1/8 interest in a farm. It is two tracts, one is 40 acres the other is 60 acres. I know the local school board is looking in the area for a new school. I close in 30 days on my portion. Is there any issue with offering the two tracts for sale to the school system? My partner’s law firm serves as general counsel for the school system so I have an in.

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Indiana First Time Home Buyer Program

Hi, I’m planning on buying my first home in the next 3-6 months. I live in Indiana and was researching the first time homebuyer programs that offer assistance to those with low to moderate incomes that help with closing costs and down payments. I make 45k, credit score is 737, and have a small chunk in savings. The catch is you have to use a bank that works with the programs. They give you a very long list of eligible banks but most are small and I’ve never heard of (GVC, Caliber, Loan depot). I started googling some but was just wondering has anyone used these programs and if so which banks did you have success with?

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Experiences mortgaging with foreign income?

Has anyone here been in a situation like this when buying? We are trying to get a mortgage while all of our income is coming from another country (we recently repatriated and still WHM for the same company). That in itself does not seem to be the problem, but there is no W2 we can show for last year, because, well, we didn't get one. We have the tax statement from the other country, we have a copy of our 1040 from when we filed our US taxes; pay stubs, employment contract etc. The first loan officer was stumped and forwarded the case to her supervisor. He tried but then has suggested to work with a mortgage broker that can deal with proper translations and oddball cases like this one. So after 3 weeks of biting our nails we are hoping that the mortgage broker can get this done. We are starting to get nervous and I'm hoping to hear that someone else has managed to do this.

Other than the pickle with the forms, we are in a good place, trying to borrow below our means, great DTI ratio, great credit. Our realtor has suggested that scraping up the 20% down to avoid PMI might help, so we are looking into that as well.

I'd appreciate any insight!

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Request for advice for restarting negotiating

A year ago I was contacted by an out-of-state real estate investment company interested in purchasing my undeveloped property. Their first offer is ridiculous but it was eventually raised to $325k cash. Pricing undeveloped property is difficult, but based on the area properties I saw on Zillow, I felt $400k was fair. If they had offered $350k, I would have taken it.

I'm more serious about selling now and contacted them again as well as talked to an area realtor. That realtor, without having the seen the property, said the property is more in the $250k – $280k range maybe $300k. Checking Zillow again (including this realtors properties) that is low so I'm confused. I am contacting another area realtor.

Anyways, the investment firm just now confirmed that they are still interested. At this point, I am willing to take $325k cash. My question is how to restart this negotiation? Should I repeat my last ask ($375k I think)?

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Despite Lower Mortgage Rates, Prices fall YoY in King County (Seattle)

Link: https://www.seattletimes.com/business/real-estate/king-county-home-prices-dropped-as-coronavirus-squelched-activity-but-now-the-market-may-be-picking-up/

“Stay-at-home orders kept many potential homebuyers and sellers out of the market in April, sending prices in King County tumbling in May for the second month in a row. In King County, median prices fell 4% year-over-year, to $672,000, according to new data from the Northwest Multiple Listing Service. County prices also dropped 6% from April to May, the first time since 2014 that homes in the county have fallen in value between two months that typically bring a spring frenzy of homebuying.”

Optimism for recovery:

That demand, coupled with the biggest inventory crunch since 2017, is generating bidding wars and all-cash offers across the Puget Sound region. Across Western Washington, new home listings are recovering from their April lows, but still remain 34% under where they were in 2019.

“Everything [the brokerage] went in on this week got multiple offers,” said their agent, Rob McGarty of Bushwick Real Estate. One was a midcentury modern Magnolia three-bedroom with 10 offers that sold for an all-cash $1.2 million — $225,000 more than asking. 

But will it last?

Brokers attribute the market’s relative resiliency to demand and supply falling by roughly the same amount, propping prices up.

Condos look a little rockier than SFH:

Opposite trends can be seen in the condo market, which is “barely keeping its head above water,” said Keller Williams broker Danny Greco. Inventory is down just 18% across Puget Sound, but closed sales have plummeted nearly 50%, indicating supply has vastly outpaced demand. Prices have taken a 4.7% hit, year-over-year; in King County, the median price of a condo was $420,000 in May.

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Are listing agents allowed to divulge dollar amounts of bids to potential buyers?

I made a bid on a house but was made aware of a bid from another party. We went into escalation clause but I was informed of what the original bid from the other party was. So obviously i raised my bid to more than the other party.

Is this even legal? It seems like that would seriously fucking over the other person, since I know what their offer is.

The deadline for the escalation has passed and now the listing agent is saying the other bidder didn't even put in another bid and has lowered the offer to the max of my escalation clause.

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Someone wants to buy my house

Hey all,

I bought a house in a highly desirable neighborhood in my hometown. Due to the #1 ranking school being behind my house, value has held up well. I imagine even through the pandemic, it will hold its value if not increase.

I have tenants in the house until 10/1/2020. This is when I’d sell my house.

I have friends down the street who have asked me a few times over the past year or so if and when I’d ever be willing to sell my house.

My friend text me again this am asking if I’m still looking to sell in October, which I am, so long as the market is in my favor. She has friends who have even really interested in my house and my friend asked if she could give her friend my number, to which I agreed.

What’s the best course of action here? I want to make the most money obviously, but I’ve heard it’s not wise to have buyer-seller interaction? Should I let my real estate agent know? Should I advocate that I won’t be doing any deals outside of a qualified real estate agent?

It’s important to note: I’ve not committed to an agent. I have 3 good options. 1) Use the agent that I used to buy this house, 2) Use another agent in town who has shown interest, 3) Use the same agent that I would use to buy a house in my city which is an hour away, and he said he’d give me a deal (reduce his take home %), to use him to sell my house and use him to buy my new place.

What’s the most financially prudent move here for me? What questions should I be asking? What things should I be making known? Thank you!

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