HELP!!! Stuck in a bad neighborhood!?
I served in the Army and have owned 3 single family houses. My late Dad was retired Navy but he invested a lot in real estate and occasionally did land contract sales etc that is different and unique from the normal home sale transactions to incl FSBO. The scenario you are describing actually happen before in the Washington DC/Northern VA area where people who bought at the peak in the late 80's were NOT able to sell that same house for the peak price they had paid. To make matters worse, once they subtracted the real estate commissions and closing costs/repairs etc sadly they were on the negative side just like you have described for your scenario. I was shocked to see the strangest Classified Ad where a Seller was offering Someone to Buy their House and he/she would pay someone to take over payments bec one thought it was a misprint that is more common with automobiles. Back to Your Original Question: That is quite a loss if you only could get $105K less commission and expenses. You didn't say what your outstanding mortgage balance was but other than selling to the real estate investor, about your only other choice would be renting (and hopefully rent would cover mortgage pymts) but you would also have to worry about finding good tenants as well as having enough in the bank to cover repairs and if the property was vacant. Eventually down the road years later if you returned to the area you would have already have a house and it might take like 5-10 years for your home value to be restored If you sell to the investor, then your loss you be the differece between your $128K purchase price - $ outstanding loan balance but the plus side would be no loan worries! If you decide this is your best bet, definitely pay the money to visit a good real estate attorney to get everything in writing bec if I read your stmt correctly, the investor is not going to transfer the title at the courthouse to his name to save on fees rather it appears he is going to assume your loan (you may need or want to call your mortgage bank to ask for advice & safeguards) and have a legal contractual document showing he/she is the legal owner. If I think of anything else that might help, I will edit my answer but in the meantime other than paying money to an Attorney my best advice would be to peruse real estate finance books in your local library and it might give you more & better advice. Best of Luck!
What's the best location to buy a rental income property within the next 5 years, and why?
Questions like these are dangerous because they are not formulated correctly.Buying property based on the answer to such a question is like betting on a horse because you drunk buddy��s equally drunk cousin dated the jockey’s sister.The correct formulation is “Where is the best location to buy….., FOR ME”Just like shares, crypto currencies and othe financial investments one has to find the best option for your needs. The above question does not consider any of the following:My age. My budget. My ability to access credit. My location. My career plans. My family commitments etc.Property investment is a long term game. The transaction costs are very high. Taxes, lawyers fees, bond registrations and contracts eazily consume the first few years growth and income on your new property. Short term decisions and mistakescan be very costly.Lastly. Bet very careful of bubbles. The 2007/8 bubble left a lot of casualties by the roadside. Do not get caught in a feeding frenzy. You might be the one getting eaten in the end.
Is it a good idea to buy a rental property in Los Angeles?
A Los Angeles real estate investment is so hot it can bring a great return on investment with various strategies of real estate investing. When you’re buying an investment property in Los Angeles, you are likely to feel the weight of the symptoms of the seller’s market that don’t seem to deter other real estate investors.Let’s take a look at Mashvisor’s real estate stats for Los Angeles:Median Property Price: $916,724Median Long Term Rental Income: $3,109Average Cash on Cash Return for Long Term Rentals: 1.34%With high rental income and a decent cash flow generated by most investment properties, real estate investors are pursuing residential investments and so should you!To find a real estate agent to work with in Los Angeles, click here.Here’s a list of the best neighborhoods to buy a rental property in Los Angeles:VeniceEcho ParkWest LakeMid WilshireMid City WestEach of these neighborhoods offers a different return on investment and at a different price point. Keep in mind that buying an investment property in Los Angeles will not be as easy as you think. It’s a crowded market and definitely falls within high price brackets. You can use Mashvisor’s investment property finder feature to search and locate properties any part of the city.
What is the best town to invest in rental property in New Jersey?
It all comes down to how much are you able to spend. Where I from Elizabeth, NJ, rents are average $1500 for a 2 bedroom and an investment property could cost you easily under 300K. It leaves investors and home occupants with opportunities to gross rental income. Buy a 3 family for about $300-$450K (today's market), there are 3 local train stations (walk or drive) that take you directly into NYC.Of course there are way more opportunities in many different counties. If you have further questions or need a home buying or investment buying consultation in NJ. Message me!
Realtors..Male or Female..Who will get me the best price for selling my house in todays economy?
Friend or not, male or female, it doesn't matter. I would interview them all and find the one with the best track record and marketing plan. Remember the Realtor doesn't set the price, the market does. You need to find the Realtor who can bring your home to the market in the best way to get you the most exposure. The buyers will end up setting the price.Now don't get me wrong, the Realtor and you have to pick a starting price, but remember the Realtor who says the highest price isn't always the best. Usually they are weaker and just trying to "buy" the listing. The ones who are honest with you about pricing, and can explain why it should be priced there. That's the one you want.
Should I relisted a with another realtor after 6 months!?
My house on the market almost 6 months now, drop the price twice already, but not a single offer, Should I take my house off the market after my listing contract end with my current agent and relisted with another realtor with a reduce price or Should I stay with the old agent and just reduce the price again? By listing with a new realtor, will it help the status of my home as a new listing on the market? what will be the pros and cons of doing this?
How can one tell if a local market is especially favorable to buy a rental property?
I would suggest using Mashvisor to find the best places. They are a platform specifically for finding investment properties in the best areas based on neighborhood insights. They provide relevant information such as the top neighborhoods, top properties, and best strategies for investing. Part of their data is comparative which means it's based on what other existing properties are making in revenue and how their revenue correlates to the property type.1. The location contributes greatly to the type of tenants you will get and will impact occupancy rates vs. vacancies. The market you select should be growing with an increasing population and an increase of infrastructure to support growth. Population growth leads to the development of shopping centers, schools, libraries, hospitals, etc. You want to see an increasing demand for housing so your rental income will be consistent and eventually increase. School districts, traffic, amenities, transportation, and crime activity are just some of the factors you should consider when selecting a neighborhood and buying a rental property.2. When selecting a property, make sure it will give a positive cash flow. Find out the average monthly rent in the neighborhood and subtract your monthly expenses: mortgage payments, taxes, insurance, property management, HOA fees, and maintenance. Don’t forget to include potential vacancies. Do you break even or better yet, is there money leftover? This indicates positive cash flow, if your estimates are realistic.You can calculate these costs by using the interactive investment property calculator on Mashvisor. In addition, you’ll be able to get a better insight on neighborhood seasonality trends, vacancies, history of occupancy rates and more.3. One of the biggest influencers of population growth is employment opportunities. People like to live in areas with good job opportunities. If a major company is moving to the area, people will certainly relocate, giving you tenants. But keep in mind, an area tied to multiple industries is much better than a single industry because the property loses value if that single industry shuts down.From: 5 Must-Have Features of an Income Property
Does it matter who your realtor is?
We've had a house on the market for two months with no nibbles and hardly any lookers. The house is in a good neighborhood (good schools, shopping, away from bad traffic areas, easy access to freeways) and is in great shape. We had more interest in the house when it was for sale by owner. We had a deal that fell through and decided to get a realtor because we moved four hours away and didn't want to deal with having to go back to show the house. Are some listing agents better than others? With so many buyers looking at houses on the internet now, does it matter who we list with? If it does matter, how do we find out which realtors have had the most success in our neighborhood? Thanks.
Flipping HOUSES?? Good Investment?
For those who don't know, the term "Flipping Houses" is when you purchase a house, fix it up and sell it for more money to make a significant amount of profit. Does anyone know if this is a good road to take? A high risk? A low risk? Have you had experience? Tips and Knowledge? What can you tell me about it? I would like to know because I'm really thinking about doing this.