 My house in danger..? |
| I live in Texas. I got this shocking letter telling me that my home will be bull dozed because the land on which it stands isn't mine. But I payed for the land too, and I'm paying all my ... |
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 We have an inheritance of approximately 12 million dollars, How much should we spend on a house? |
| I don't have a large income (>$50,000) so I have to take that into consideration. Would $2,000,000 be too much, or can I spend a little more?... |
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 Can i leave my rented house half way through a 6 month tenancy agreement? |
| Me and my girlfriend moved into a rented property at the end of may 2008 and then after 6 months we signed a new lease for another 6 months, but this time the landlord had increased the rent from £55... |
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 If our house got foreclosed on would we be responsible for the difference the bank sold it for and what we owe? |
| we filed chapter 7 bankruptcy about 2 years ago and got to keep our house. Unfortunately we are finding out with all the problems its having over the last few years we would of been better of to let ... |
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 Lease expired but won't take name off lease? |
| So my boyfriend and I got an apartment together and later broke up and I moved out. I had signed the lease so my name is on it. Well now the lease as expired over a month ago. I call them today to ... |
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 How do I add my name on my brother-in-law's house title? |
| My bro-in-law & I have purchased the house for 6 years now. However, the house is under his name. Now, I want to add my name under the title, what should I do? If I add my name to the title, is ... |
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 Can a landlord charge the renter for a plumber's repairs to fix a leaky sink? |
My son rents an old house with 2 other roommates. Yesterday they received a bill from the landlord for $100.00 to repair a leak under the kitchen sink. Who is reponsible for that repair?
A... |
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 We just moved in to a new apartment, we signed the lease saying we had a cat now the landlord came today and? |
| We moved in last Sunday, we signed the lease saying we had a cat. He only told us we dont accept dogs. He came this morning and said I noticed you have a cat, we said yeah we signed it in the lease, ... |
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 Realtor issue - help? |
| ok, so i found this condo that is currently bank owned, but the listing doesnt say who the bank is. i called the agent on saturday, got voice mail saying he only returns calls between 12-1 and 5-6, ... |
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 We need to break our lease...HELP!!? |
We need to break our lease...?
i am 8 months pregnant with my first child, and we live about 50 miles from my parents and his parents. We found a house to move into that is only 9 miles awayfrom ... |
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 How much will i pay for a condo? |
Just wondering... would i pay more for a condo or a duplex?
& about how much can i expect to pay?... |
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 What to do when your tenat wont move?????? |
| have this 54 year old man living in my basement not paying any rent .Everytime I go to court he always say he needs more time.This has been going on since April.2006. The last time i received rent ... |
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 Do I buy a house outright or leave some money liquid? |
| I am 28 years old and I am in the military. I make about 40k. My wife is 26 and makes 40k a year. I will get out of the military in two years after serving for four. We have about 150k saved and ... |
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 35k and buying a house? |
| Making about 35k a year, would it be possible for me to buy my first home, well a condo that is about 175k? I have great credit and about 32000 to put down. Should I give up hope on ever buying a ... |
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 If you had a choice what state would you live in? |
| are you happy where you are or would you like to live elsewhere?... |
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 How can you find the selling price of a house that sold while remaining confidential? |
| A friends ex sold a second house and they wanted to know what it was sold for as this is needed for a court matter.... |
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 Would it be better for me to rent or to buy now? I have a low credit score, but have over $100k for a down.? |
| I have just accepted an offer on my home and will have just over $100k from my equity from that sale to use for new housing. My credit is poor (I'm currently paying 12% interest on the home ... |
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 Where can I find a For Sale by Owner Real Estate Contract? |
| I'm selling a house For Sale by Owner and need a contract to use for offers. Anyone know where I can find one to use for free?... |
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 I want to by a house. Where do I start? |
I think it might be time to take advantage of the current housing climate and see what we can do to get our first house. How do I get something like this off the ground? Where should I start?
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Sam | Do you think i will successfully flip a house if? |
i buy in a right nieborhood
i have good contractors
the market is rising
do you think i would profit? |
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Bruta
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yes to all concerns. good luck |
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zyberianwarrior
 |
nope and here is why. You left out three very critical parts first insurance in some areas it hotter than a chineese firecracker, second property taxes and we all know how the govertment LOVES to spend money without cause. Three mortgage rates with the third being the most critical. The mortgage meltdown in Feburary had caused a lot of lenders to back off and not take so many risks (some have even gone under) and as such they are not writing riskier loans as they did two years ago. With that the lenders are taking closer looks at the buyers credit and what they can actually afford. House flipping died out back in 05 now is not the time to revive it sorry. |
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JustAnother
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yes you WILL : ) |
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curmudgeon
 |
yes. and if you pay the right price for it. |
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Janet P
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It depends on how much below market you bought it from, and how long before you resell it. |
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clashingtaco
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You have to make sure you have enough for the mortgage every month and enough for all the work you're going to do on it. Sometimes even a house in the right neighborhood won't sell. |
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my new life
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yes |
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Tree70
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you will as long as your contractors know what they are doing and remember to be on schedule. Make sure you know who's going to be looking after what ,example ; Electrical, Materials, Plumbing, Drywallers, painters. Alot of times people think they can finish the job and end up making a huge mess not to mention waste of materials. Remember this as well agood contractor is not going to work for peanuts. Make sure you do your math on this. I know alot about this business, My husband owns and operates his own building services and we have been mighty successfull in doing so. We have flipped so many houses we are finished with the renovation thing .We strictly build new homes now only. Good luck you will succseed so long you do your math before you start this and make sure you interveiw good reliable contractors, Cheap isn't always the way to go could end up costing more in the long run, be careful. |
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Eric Fernwood
 |
Depending on your local market successful house flipping may still be possible,. I am a realtor in Las Vegas and I know of people successfully doing this today. I have done this myself in the past and made a lot of money. The key is finding the right property at the right price in the right area. The best way is to start at the end and work backwards.
First, determine what price homes are still selling. Let’s say for example that homes in XXX area selling for $250,000 are still selling well. Then, you need to locate a property in that area such that once you buy the property, rehab the property and sell the property for $250,000 you still made a profit. I am oversimplifying the elements below but hopefully the following will give you an idea.
Eventual Sale Price: $250,000 – be pessimistic as to what the home will sell for. This is a soft market.
Now subtract all the cost elements:
Profit: $20,000
Cost to Sell property: Use 7% (agent charges, state taxes, etc.) or .07 x $250,000 = $17,500
Improvement Cost. This will be different for each home. Use $40,000 as a typical number.
Holding costs (it takes time to repair a home and to sell the home and you have to make the payments during this time): $10,000
Acquisition costs: Use 3% of the purchase price or about -$5,000
$250,000 - $20,000 - $17,500 - $40,000 – $10,000 - $5,000 = $160,000
Thus, the MAXIMUM you can pay for the property is about $160,000. And, this has to be a property that once restored will sell for $250,000.
When you look at all the costs I listed above, the only one you can really control is the improvement cost. It is critical that you do not over rehab the home. If homes in the area with 5 year old stoves sell well, you do not need to install a new stove; a used stove that looks nice and is in good repair is the right answer.
I hope the above gives you some ideas.
Eric Fernwood
Eric@ISellLVHomes.com
http://www.iselllvhomes.com/ |
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Walking on Sunshine
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Anything is possible - just do your homework and make sure to stick to your budget. Good Luck! |
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Lady of DM
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You also have to buy at the right price.
Good luck! |
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rgehron1031
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it depends on the condition of the house and what you can short cut, like do yourself instead of hiring people. also depending on where you live, the market is not rising! flipping right now is not a great way to invest, right now the thing would be to buy, rent it out, slowly improve over time and sell when the market goes back to a sellers market
this is a buyers market, and probably will be for a while. on top of the fact that some home prices are already atronomical compared to the income of areas...but in time it will turn, it always does..... |
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rebecca l
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Good Luck with this venture. i am looknig to do the same thing right now. i am trying to be patient in the process of looking and I can tell you it is difficult. I am looking a fixer upper and I am making low low offers. I will not pay anywhere near listing price. i found something awesome but was a little too late, already sold. You can def make a profit if you wait and find the one with the the most potential for high resale. ALso be sure to ck pricing on your contractors you might be surprised at the difference in prices.BEst wishEs! |
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