Tag Archives: real estate

Are lenders allowed to ask if you are qualified for you job?

As the title states, my lender, after verifying my employment, wants to know if I'm qualified for the job I have. This goes to the extent of asking about my education and prior experience. It seems very odd to me. The salary isn't even six figures, and they even asked my employer why I was qualified. To be specific, It's a sales analysis job. I have an MBA with an emphasis on finance, was director of sales in another company, and once owned my own marketing firm. Yet, they are insinuating I'm not worth the salary I'm receiving, and making these insinuations to my employer, who've they've now contacted 5 times with very odd questions.

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How would you an investor possibly make sense buying with these numbers?

Having a hard time understanding who and why are people still buying real estate left and right in my rising cost of living city (DFW). For instance

  1. A 750,000 duplex 2/1 both sides that sold in a few days near downtown. The most someone can probably pull on rent in 2k on either side. How would revenue of 4k a month possibly make sense on a 750k property unless you put more than 50%.
  2. A 650k 3b/2 was bought by a local llc. This was turnkey so no room for flipping. Renting for 2.8k. How would that make sense?
  3. Round rock, tx (not dfw but austin metro) house sold a month or so ago for 725k. Renting for 3.5k? Again. HOW can you make money on this?

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I know the days of 'house hacking' are over in the DFW with an FHA loan. I get that as an individual small time investor I can't do what all these youtube gurus did back in 2008-2015. But i'm just having trouble understanding why are people/companies buying it and then renting it when there's no way they're making money?

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Someone more experienced than me please make me understand

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Using projected income as self-employed?

My husband recently took over a small business and is projected to make a substantial amount more this year than last.

We would really like to purchase a home later this year, but using past tax returns we would likely qualify for a much smaller amount (one that likely wouldn’t even get us anything in our area).

I’ve been looking around on the internet and came across several articles specifically for the self-employed and am curious if we could potentially increase our purchasing power using projected income? By the time we are seeking a mortgage we would likely have 6 or more months of business statements showing a considerable increase in income.

Would this help or would it just make more sense/be easier to wait another year?

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Should I leave my Automotive Sales job for Realestate?

I have hit somewhat of a wall with my options and ideas. I have been working in car sales for about 2 years and have experienced plenty of highs and lows, however I fell in love with the world of sales.
I am very fortunate to have gotten into a dealership with such a kind team however there are plenty of flaws. Flaw #1 is I am not/will never make what I would prefer making financially working here. Flaw #2 they will not take my suggestions to grow the client reach when it comes to marketing. Flaw #3 they are not hungry, there are no team meetings and no sales training. Flaw #4 when I offer ideas to promote myself they will take the idea and do it themselves in cheaper fasion. taking my ideas without letting me join and making them cheaply.
I am a top performer here, but ive lost alot of love for the job after I realized they dont care to grow.
Before working here I was heavily interested in realestate, I am even more interested now that I've learned the freedom when it comes to hours working and marketing myself.
Thoughts?

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For sale by owner; do I need to cancel my realtor?

We found a house we liked and signed an contract with our realtor for her to represent us and we put multiple offers down. The seller is jerking us around and wanting us to extend our offer deadline as they’re expecting other offers to come in over the weekend. We decided to not extend our offer, we’ve already raised it after their counter.

There’s a second house that’s a different purchase all together; it’s for sale by owner and not listed on the marketplace. It would be an investment property for us, we’re getting it for quite cheap and they don’t have a realtor. We were going to do our due diligence with an attorney, appraisal, title insurance and inspection. It needs a lot of work, mostly a gut job, and we’ll be pulling funds from the equity of our first house with the intention of refinancing in a year.

Is there anything we need to consider with the realtor contract we signed? I really like her and I’m bummed the offer fell apart but we signed the contract just because of that house. She hasn’t seen the house for sale by owner.

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Tough choice – any advice?

I recently moved in to my girlfriend's house, with my kids, and I was planning on renting out my house and enjoying the passive income. The goal was to live with her for roughly a year or more and save up for a down payment on a new home. The problem is, the houses are priced so high now that it would require a substantial down payment to keep the monthly payments affordable for us so we're not "house broke". Not to mention the interest rates are around double what I have. We are a family of 6, currently living in a smaller 4-bedroom (her house) and we really need/want more space. I'm fine waiting a year or so to save, but I'm wondering if I'd be better off just selling my house and using the equity to buy a nicer home? My mortgage is $715 a month with a 3.62 rate, planned on renting it for $1,700 and I already have someone very interested. According to Zillow, I should have around $150,000 equity once it sells for fair market value. What would someone more business savvy do in this situation?

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Yes Realty

Don't ever use Yes Realty Inc in Brampton, Ont. Terrible experience with them. We found a house from them and wanted to put in an offer. We are experienced home owners, not our 1st home. We have always just dealt with the selling agent, but new rules we can't. So selling agent said we could deal with his broker. So broker calls us we tell him we want to put in an offer, we tell him price. He says oh that's too low, we said we think it is fair. House has been for sale since October, got one offer months ago that fell through. We talked to owner and he said he has only had that one offer and not a lot of showings. So broker says that he will contact agent and get back to us. We don't hear from him for a few days. So I look online and see that it is sold conditional and that was 2 days after our verbal offer that he was supposed to get back to do paperwork for. There had been no other people looking at the house. Sounded fishy to us, so we wait to see what happens. Today I look and house sold for the offer that we wanted to submit. Find it very fishy that there are no offers for months, few people saw house, but no offers. We then try to put an offer in, 2 days later conditional then sells for what we were offering. The real estate agent was not professional when we met him, he never called us back when we left messages to see house. We always had to call him. He just seemed very sketchy. We know real estate agents and they tell us that some agents from Toronto areas have different ways of doing things. When we sold our home we always had problems with Toronto real estate agents. One showing we had with an agent, don't show up, then 4 hours later a knock at door and guy says we are here for showing. He says the agent never showed up so they came. Find out the next day he was the agent, he lied to us. Another didn't even show up or call to say they weren't coming. One just showed up, no appointment. I just find it very fishy this house, no offers, no one going through since we did, then we put offer in, or try to, they get offer for same price. Just doesn't add up.

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How long does it take to find, buy, and get keys in hand?

First time home buyer here and I understand that the answer will wildly vary depending on many factors. I'm looking to buy a single family home in the St. Louis, Mo area and my apartment lease is up in September. I'm trying to get an idea of when I should start to find a real estate agent, apply for loans, start looking at house, etc. Any insight is great appreciated. Thx all!

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