Profile picture for zuser20140120081814583

zuser20140120081814583

Advice

  • (47 Contributions,
  • 0 Best Answers,
  • 13 Helpful)

Contributions are sorted newest to oldest.

Prior owners won't leave....

Answer

Thanks wetdawgs & sunnyview!  I didn't mean to imply that the new owners shouldn't follow the law; they should.  I'm just surprised that the former owners have any rights in this situation.  Maybe they have those rights because floridajr bought the house from a bank?  I guess that immediately before that purchase, the prior owners (people) were tenants of the then-current owner (bank)?  Is that how it works?  If the bank took ownership of the house at some point, I'm surprised they didn't require the prior owners to move out.  Again, I'm a neophyte on these matters, so I'm just trying to understand.Brad

  (0)
Prior owners won't leave....

Answer

I'm a confused neophyte here.  The original poster said he was trying to get the former owners out, but the responders all talk about tenants.  I understand that tenants have rights that must be respected, but if it's the former owners, why can't you just have them arrested for trespassing (or threaten to do so if they're not gone in so many hours)?

  (0)
wouldnt let me have copy of reort he said illegal but if that bad want to know that was wo weeks ago

Answer

Well, getting into heaven is easy if you believe in Jesus & impossible otherwise.  The most important thing about heaven isn't the rules, like a corporation, but the relationships with God.  This is a bit off-topic, so if you want to discuss this further, please contact me through my profile.For God so loved the world that He gave His only begotten Son, that whoever believes in Him should not perish but have everlasting life. For God did not send His Son into the world to condemn the world, but that the world through Him might be saved.  "He who believes in Him is not condemned; but he who does not believe is condemned already, because he has not believed in the name of the only begotten Son of God. - John 3:16-18 (NKJV)

  (0)
Is buying a condo to rent out a wise idea for a recent college graduate?

Answer

Mr. Reichlin,I stand by what I said back in March.  Real estate investing can be great for some people under some circumstances, but it is not for everyone at every stage in their investing career.You are mistaken on several key points.I will be sending you a link, via email, to the specific property that I bought in 1989 and still own.  Please respect my privacy by not mentioning the address here.  Looking at that link you will see that I paid $49,000 for that home in 1989 & that the current Zestimate is $69,199.  That's an increase of 41.2%. (Of course, Zestimates are not always accurate, but that's a whole 'nother discussion).  The county's assessment for tax purposes is in that ballpark, too.  So, while other places have had much higher rates of appreciation over the last twenty-five years, this house (& metro area) did not.Whether or not I have any equity (I do) has nothing to do with how much profit or loss I will have when I sell the house.  Making a profit would mean that the net proceeds would be more than the total cost of ownership.  Your statement that "his $10K has now turned into $120K, or incrased (sic) by 1200%" ignores the fact that I have been making payments on my mortgage & had other costs.  I paid $49K for the house; I'll pay about $4K in commissions to sell it.  Twenty-five years of maintenance & taxes have totaled far more that $16K, and I haven't even mentioned the interest on the mortgage.You said that you're skeptical of my statement that my stock investments have increased by 700%, but I may have been a little conservative.  This web page (http://dqydj.net/sp-500-return-calculator/) shows that an investment in the S&P 500 has increased by 1015.304% since April 1989.  (Actually investing in an index mutual fund does incur some expenses, so an investor has had about a 900% increase).You said, "But I guess the lesson here is that buyingwith (sic) a loan is the way to go."  Your cash vs. loan comparison is an apples-to-oranges comparison in the extreme.  As I have noted above, your loan calculations don't include the mortgage payments.  Buying with a loan is the way to go for most people simply because most people aren't able to pay cash for a house.  Buying with a loan is probably also good for investors who expect the price appreciation of the house to exceed the cost to borrow and who can afford to take the risk that it won't.I'm glad we bought that house back in 1989.  It provided a place to live & raise a family.  Financially, over the long run, it was probably less expensive than renting, & owning gave us the freedom to customize it to our tastes.  But it was not a good investment compared to a diversified portfolio of stocks & bonds. /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; line-height:115%; font-size:11.0pt; font-family:"Calibri","sans-serif";}

  (0)
Is buying a condo to rent out a wise idea for a recent college graduate?

Answer

Mr. Reichlin,I stand by what I said back in March.  Real estate investing can be great for some people under some circumstances, but it is not for everyone at every stage in their investing career.You are mistaken on several key points.I will be sending you a link, via email, to the specific property that I bought in 1989 and still own.  Please respect my privacy by not mentioning the address here.  Looking at that link you will see that I paid $49,000 for that home in 1989 & that the current Zestimate is $69,199.  That's an increase of 41.2%. (Of course, Zestimates are not always accurate, but that's a whole 'nother discussion).  The county's assessment for tax purposes is in that ballpark, too.  So, while other places have had much higher rates of appreciation over the last twenty-five years, this house (& metro area) did not.Whether or not I have any equity (I do) has nothing to do with how much profit or loss I will have when I sell the house.  Making a profit would mean that the net proceeds would be more than the total cost of ownership.  Your statement that "his $10K has now turned into $120K, or incrased (sic) by 1200%" ignores the fact that I have been making payments on my mortgage & had other costs.  I paid $49K for the house; I'll pay about $4K in commissions to sell it.  Twenty-five years of maintenance & taxes have totaled far more that $16K, and I haven't even mentioned the interest on the mortgage.You said that you're skeptical of my statement that my stock investments have increased by 700%, but I may have been a little conservative.  This web page (http://dqydj.net/sp-500-return-calculator/) shows that an investment in the S&P 500 has increased by 1015.304% since April 1989.  (Actually investing in an index mutual fund does incur some expenses, so an investor has had about a 900% increase).You said, "But I guess the lesson here is that buyingwith (sic) a loan is the way to go."  Your cash vs. loan comparison is an apples-to-oranges comparison in the extreme.  As I have noted above, your loan calculations don't include the mortgage payments.  Buying with a loan is the way to go for most people simply because most people aren't able to pay cash for a house.  Buying with a loan is probably also good for investors who expect the price appreciation of the house to exceed the cost to borrow and who can afford to take the risk that it won't.I'm glad we bought that house back in 1989.  It provided a place to live & raise a family.  Financially, over the long run, it was probably less expensive than renting, & owning gave us the freedom to customize it to our tastes.  But it was not a good investment compared to a diversified portfolio of stocks & bonds. /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; line-height:115%; font-size:11.0pt; font-family:"Calibri","sans-serif";}

  (1)
What are your favorite Hard Wood Floors?

Answer

I think that oak has been the most popular hardwood flooring material for decades.We recently put strand bamboo (from Lumber Liquidators) in several rooms of our home, and we're pleased so far.  Bamboo is a grass, not a wood, but strand bamboo is much harder than oak (though normal bamboo is not).  It was less expensive than oak & we like the look.

  (0)
What does a buyer agent do and will they cost me money?

Answer

Yeah, what he (Mr. Moore) said.  Generally, a buyer's agent will not cost you money, but he will probably save you lots of money, time, and more.  In almost all cases, a buyer's agent gets a part of the commission that the seller pays to the selling agent; the buyer pays them nothing.  The buyer's agent is almost always legally & ethically bound to work in the best interests of the buyer (the only exception I know of is dual agency).  So, they use their experience & other resources to help buyers get the best deal on the best house for the buyers' needs & wants.We bought a house near St. Louis last fall.  Our agent, Shannon Howard, was a huge help.

  (0)
I am a potential investor is the zestimate what the average house in the area goes for?

Answer

No, it is what Zillow estimates that particular house is worth.When looking at the listing for any house, you should see a little question mark to the right of the word "Zestimate".  You can click that question mark for more details on what a Zestimate is.Those details also discuss the Zestimate range.  As Mr. Stein indicated, there are many factors that Zillow cannot know about a house that affect its value.  The range helps account for these factors.  However, please note that the size of the range varies depending on how much information Zillow has about a house.  Therefore, there is no valid rule of thumb (20% or otherwise) for how large the range should be.

  (0)