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Tax questions come up often, and I'd like to make sure that accurate tax information is easily available. I'm going to start this off with a bunch of links to relevant information from the IRS, the only online source you should trust for US tax advice. Many of us are in the US, but if you know where the tax information for your country is, please add a link so we can be more inclusive.
And remember: If the publications and documents from the people who write the tax rules don't give you a clear answer, it is time to stop messing around on the internet and talk to an accountant. We don't know your whole situation, your money is none of our business, and we are not accountants.
Got more tax information you'd like to share? Please feel free to add in the comments!
I have two lots. Both FSBO - me being the owner. I have them listed online, and realtors keep calling me with, "I have a client who is totally interested. Are you willing to work with a realtor?" Then when I tell them I will give them 3% they say, "Okay, let me talk to my client and I will get back to you." Some even say, "get back to you tomorrow". Then I never hear from them which tells me, they never had a client. They just wanted to know if they would get a percent.
One called me Thursday at around 9pm. Which made me think they were at home browsing listings and saw mine. She calls and gives me the whole I have a client, are you willing blah blah. I tell her 3%. She says, "It is late. I will talk to them and get back to you tomorrow."
I never heard from her so Saturday I texted her, "Hi. I never heard back from you. Here's the deal. I don't care if you actually have a client at this time. If you find someone wanting to buy the lot you called about, I will still give you 3%. She texts back, "Okay. No I do not have a client at this time, but will let you know." Boom caught her in her lie.. But I don't care. No hard feelings, it's business. She texts me again later, "Are you sure you don't want to list?" And I am thinking, the lots are listed and I realize she means with her real estate firm. I tell her no thanks and she keeps trying to manipulate me.. "Oh, okay. I guess I'll delete it off my site so realtors and other people quit calling me about it." Like I am going to lose something.. I never listed with you, if it is on your site, that is your wrong doing.. But my lot isn't listed on their site... I looked her and her agency up the night she called.. And then "So you're sure. I've gotten a lot of buzz." I'm not an idiot.. I told you I would give you 3%, so if there is genuine buzz, you'd be selling the damn thing..
We're not all idiots... First lot is under contract thanks to myself. Just waiting on financing to finalize on other side.
I just modified the listing to say, "Willing to give buyer's agent 3%." Hoping to stop the calls that waste my time..
Note: This seemed like the sub that made the most sense for this question, but if there's another one that I should try, please feel free to suggest it.
My property in Maine has a fairly small gravel pit on it that used to be operated as a pit about 20+ years ago and has not had any activity since. There is now a construction company that is interested in digging up the material in the pit to use for their own construction purposes because it is apparently closer to a lot of the jobs they are involved with and might be cheaper in the long run for them to acquire material this way instead of buying it from an already-existing gravel operation. They found out about my pit by word of mouth from a friend of a friend.
They have not yet offered any exact amounts of money for what they intend to do, but does anyone have any experience with something like this and might be able to help me determine what sort of value I might want to accept from them? I imagine an amount monthly or annually for them to be on the property and some share of the exact amount of material taken out would be the least I'd want. And of course I'd want the construction company to handle permitting, insurance, etc.
TL;DR: How much money should I be getting from a construction company that wants to dig out of a gravel pit on my property?
Hi, my lease expired in April ( i was never aware it expired)i was always up current with my rent and my taxes. I was the one paying for taxes and renovations to the house such as fixing old pipes that were broken in the house, sewer problems, bathrooms, kitchen. Every year i paid taxes over 4k. He now wants it to be month to month. I just got a notice in the mail on June 16th What can i do? im in Tampa ,fl
With the new tax code as I understand it, what's the point of buying when you can't deduct the interest and taxes due to the higher exemption. If my rent is comfortable, am I dumb for staying and not having to worry about upkeep etc.?
We called a realtor and he is not willing to discuss fees or listing price details till we get our house completely ready for showing. Is this usual practice? He is one of the top realtor in our area, should be shopping around. How realtor differ wrt cost/fees structure from each other ?
We have found an excellent community that we wish to live in. The area had a one-story home that was 1850 sf, but it went pending two days before we could go look at it. Instead of moving on, we noticed there are several two-story homes around 2050sf that were built by the same builder and during the same time. The layout is similar, but two bedrooms are upstairs, and the master bedroom is downstairs. The two story homes do run about 10-20k more, but we are fine with the smaller and cheaper house. If we could get the price similar to the one-story, we might be interested, but it being a two-story makes me weary. I keep trying to find disadvantages, but can only come up with the fact I have to walk up stairs every now and then.
What else are the disadvantages of a two-story? What are the advantages?
I'm 1 day away from closing and was comparing local houses on the county website. I just saw that the property taxes for the house I'm about to close on have been re-appraised at 16% higher ($60k) than previous year. This appraisal wasn't showing up until within the last 48 to 72 hours.
Previous to this, my purchase price was $93k above the tax appraisal. Our lender appraisal confirmed that our purchase prices was at a normal value above tax appraisal for our area/market.
Now with this appraisal it's $33k above tax appraisal.
So...taxes are going to SUCK for next year.
However, is there any way to appeal the latest tax appraisal from the county?
Taxes have gone up 30% in the past 4 years.
I was expecting them to go up next year, but 16% increase is insane in just 1 year. I do not have the budget for that much increase so quickly.
Anyone else had this happen? Any way to appeal the increase or have it re-assessed by the county?
EDIT: Just for additional conversation, I wonder what this will do to the local housing market. Will this have any affect on house prices? Slow them down because of high taxes?
EDIT 2: Thanks for the replies. I'm learning as I go. Home Ownership is fun. :)
(Homeowner in CA) I looked into the program online and it looks like the improvements to a home get financed over 20 years and are applied to the property tax as a lien.
Anyone done this program, and are there any pitfalls I should be aware of? We bought a fixer-upper and it could definitely use the work, I'm just concerned when a contractor is approaching me with an offer to "help me out".
Thanks for any advice or insight.
edit: added location
We are in the San Francisco bay area. We currently have a 2 bedroom 1.5 bath plus .5 bath plus bonus office room property. If we ever decide to sell, most Real Estate searching systems don't natively let you put 1.5 + .5 baths. It's typically 2/1.5, or 2/2, or 2/2.5. We are debating whether it's worth it to convert one of our half baths into a full bathroom by adding a shower so we can take advantage of listing the home as 2br 2.5ba if we ever decide to sell.
Have you converted a half bath into full and was it worth the investment to convert? TIA.
We are selling a home for the first time. I have had several agents contact me, and three of them have been for a visit. One is the gentleman who sold us the house many years ago. Is there an etiquette as to who I should give the listing to? What happens to the others who do not get the listing? Sorry for the neophyte questions, but we are new at this game.
When we bought the house 2 years ago (2016), we received a seller's credit during closing to help pay for the deck. We have not done anything to the deck until now, but we had multiple contractors come and check the condition. A contractor is suggesting we repair the deck, make sure its up to code, instead of totally replacing and rebuilding everything. However, the deck is 18 years old. Assuming we get it repaired and get it up to code, will it still be an issue during home inspection that the deck is 18 years old? I just want to avoid the situation wherein we spend money to fix it, then in the end, we still end up giving the buyers some credit, just because the deck is 18 years old. I'd rather just replace it now, than spend money fixing it if this will be an issue during home selling process. Thanks in advance!
My grandmother received a registered letter from an agency for a big telecom company aksing if she would be interested in having a cell tower placed on our jointly-owned (purchased with her children) family land. We have a decent sized plot and are curious where they would want to place it. My question is if anyone has any experience with these developments what amount of money should I expect to be offered and how precisely do these things need to be positioned? I don't know if we would want one on certain spots of our land, nor do we know how easily a neighbor could provide the site if we don't respond quickly enough. I don't want to respond to quicky however, making us seem desperate. Also, has anyone had any luck negotiating the amount of the land lease after the initial offer? We are in the Northeast.
Hey All, I have a property with a house that needs to be demo'd under contract. We are in a dual representation with the real estate agent who also represents the seller. She told us how she determined the property's value: she took the only nearby land comp this year, multiplied it by 2 (our lot is twice the size), added the cost of utility connection fees, and valued the house at 10k. When we submitted the offer, we went 10k under after I saw the house as it was clearly a wreck. There are also two trailers on the property that are owned by the tenants - they were given a 90 day notice, and 8k was put into escrow that stipulates the seller is responsible for their removal or we get the 8k. The inspector confirmed that the house was a tear down as well.
My question: should I negotiate the cost of the demo and potential cost to demo and remove the trailers against the value? I have received very different advice and some people warning me that i'm risking losing the deal if I do so but it doesn't really make sense to me. If she determined the value based on a blank piece of land, and we may have hefty costs associated with bringing the land to a clean slate it seems that the seller should eat those costs. On the other hand the lot is kind of unique - lots in this town are very rare now and even rarer of this size and development potential (it can be split into 2 or 3 lots OR up to 8 units can be developed on it). I'm not sure how to value the potential development opportunity and don't want to lose the deal pinching pennies but it seems like it could cost us up to 15-20k to clear the property. Thanks!
This is my first time buying a house in CT and after searching for a few weeks I was able to find a house that had filled all my checklist. The problem is that the house I found was a foreclosure house listed by the bank. The house is in perfect condition/renovated, is this too good to be true? The listing price for the house is also close to what the market price is for that area. In regards to the pricing of the house, how much would you recommend going downing down by since its a foreclosure home?
I have a small apartment in New York City that I own outright, but my wife and I need more space to start a family. We also want to do some structural renovations on the city apartment, since it's a loft and could fit a tiny 2nd bedroom.
We were pre-approved by the bank for a mortgage to buy a 2nd home upstate, but I'd like to take some of the money from that mortgage and spend it to do the structural renovations in the city.
The house we're looking at is around 350k, but I was going to tell the bank we want to do another 80-100k of work on the house.. and then actually spend that money in the city.
Is this legit? Anything to be careful about when talking to the real estate agent or the lender?
I guess you would say I’m a newbie when it comes to RealEstate. I have been reading a lot of books on it and listening to a couple podcasts as well (BiggerPockets is one I really enjoy). I currently live in Connecticut and have lived here all my life (27yrs) my goal is to buy a piece of property in one year, wether it’s a multi family or a single family house to get the ball rolling. Here’s the catch though me and my girlfriend have been seriously considering moving to Arizona. We have visited the state because my Aunt lives there and we do love it but unlike Connecticut I know nothing about property out there, what’s a good city vs a bad city. My question is would it be wise to make the move when Real Estate is something I really want to get into, should I start this new Career in a new state which I know little about or should I stay somewhere I know all the ins and out...Appreciate the advice!
I don't want to come off as naive at all, but I'm very new to this so any advice is welcomed. For a few years I've wanted to get into rehabbing houses - I know a lot of people say you'll fail or it's too late to make any money in it, that's fine - but honestly I feel that I have the drive and the talent to make it happen. I have a background in architecture and design, I have a lot of connections in the contracting field and such, and I really just want to bring houses back to life. I'd ultimately like to be hands on (as much as possible, that is) in my ventures. Anyway, I've been reading up on financing and obviously a lender isn't going to be interested in helping you out if you have too much debt, but I was wondering what is considered "too much"? And what kind of debt will be mostly looked over? I know I can go talk to some lenders, but I wanted to check in with you guys first before making a fool out of myself.
To put it all out there, my debt is as follows:
$10k in credit card debt between 2 cards (I know, I know.. I was young and dumb, but I'm already in a debt consolidation program to pay this down as quickly as possible, but it will take a little time)
$20k car loan
$33k student loan debt
Should I try to get more control over my debt before I try to move forward with my goal? Or would it be possible to seek out financing from lenders with this type of debt? Thanks in advance!
I have a rental in Atlanta, GAthat's netting me (positive cash flow) about $650 a month after the mortgage / taxes, etc are paid. I also have several insurance types through homeserveusa.com (https://www.homeserveusa.com/coverage/94703) such as plumbing/exterior line coverage, water heater repair / replacement, heating / cooling repair, etc.
My question is this: What is a comfortable amount to have in savings in the event of home repair when I can start investing or spending the cash flow? Ideally, I'd love to be able to take extra funds and start putting these in an index fund.
My thought was to have about 10k liquid in a checking account as that will cover all the big expenses, such as a full on AC replacement, roof replacement, etc.
Thanks for any help
I work for an affordable housing provider/developer, and am taking on more responsibility, which includes working with lenders in getting our clients approved and through the closing process.
My experience here is buying a home myself, but I'm looking for workshops, certifications, online classes, anything to help bring me up to speed on all things loans and financing.
I am stuck between the two... The first one has a better layout but the living room and everything else is a lot smaller because of the 4 bedroom. The second one has 3 bedroom and everything is a lot bigger (Livingroom) but has a not so great floor plan. Really just the Hallway leading to the backyard. Normally the kitchen is next to the back patio. Any advice would be great! Thanks!
I need some opinion and some perspective. We’re building a new home in FL and are about 3 months from closing. We went to see the progress and take pics. When we walked in the entire house smelled so strong of pee. Found the source was some days old pee just sitting in our tub. We don’t have water hooked up or toilets and all of our drains are plugged up. Someone, probably a sub or maybe a vagrant took a giant whiz In our tub and now it’s just in there stinking it up.
Do we tell our Contractor? Do we ask that they clean it up? Do we dare ask for a new tub?
I’m really upset that our new home smells like pee but I don’t know what a proper reaction should be.
Now I’d also like to mention that we have found pee bottles and food and all kinds of gross in the house and I didn’t care. This however is over the line. There are Porto potties all over the place.
Should I cause a stink or chalk it up to it being a construction site and that it will be dealt with eventually?
I am posting for advice on behalf of my parents. My parents have been looking into buying a home for the first time, and signed a one year representation agreement with an agent. At first the relationship was good, they found houses they liked and made serious offers for two of them (but ended up not getting accepted by the seller).
The realtor's attitude has changed dramatically, and he basically told my parents that they were wasting his time, and my dad says that he is no longer as enthusiastic about helping them find and buy a house and has been very disrespectful towards them. As such, they would like to cancel their contract with him. English is not their first language so I have been helping draft emails for them, and sent emails directly to the broker requesting release from the contract and explaining the situation.
The broker's last email pushed for us to explain WHY they wanted to be released from the contract and how the agent is great and wonderful, to which we responded. He's gone radio silent since then. I just sent a gentle reminder email asking when they could expect to be released from the contract.
My question now is what avenues are available to my parents if for some reason the broker & agent do not release my parents from the contract? Aside from waiting for it to expire in a year. I'm out of state so I can't do very much aside from send emails and whatnot on their behalf.
TL;DR: Broker/agent might refuse to release parents from representation contract, what options are available to us?
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