Home construction surrounded by NYC (Queens)?
Question:
I have a nice chunk of estate in queens, ny and am considering knock down the existing house and building 3, 3 story brick houses on the land. Any guesstimate of what it would cost me?
Answer:
I am an appraiser within NY. When we estimate construction costs it is about $125 per square foot. So you are looking at at least possible 3,000 sf per house x 3= 9,000 sf x 125=$1,125,000. You make a obtain a little discount for building three homes I don`t know $115-$120 per square foot. Brick facades will cost you extra money but you can upgrade it from the builder's packet. Don't forget about the demolition costs for the existing buildings at around $10-15/SF.
Cheap Apartments surrounded by January?
Question:
Is it true that in Jan .of 2007 that the rents for apartments will be cheap because it's duty season and alot of people will be moving ? Espiecially surrounded by NJ.
Answer:
yes
in the hot places...honourable luck
I live surrounded by columbus ohio and I want to be a unadulterated estate broker, i am already a liscenced realtor?
Question:
Whats the fastest way to do it? What would be the best company to do it for? How should I approach them?
Answer:
usually a broker have their own agency with licensed realtors working for them, There's usually purely one "broker" and that's the person who owns the company--usually.
You should be capable of get your brokers license at one and the same place you got your agents license.
If my rent is due on the 1st. due I enjoy a grace length?
Question:
Answer:
what does you lease say?
Depends on your lease and tenant.
Your landlord can issue an eviction interest if you are three days late. However, you may hold a more lenient hotelier.
You should have a five sunshine grace period, but it depends on what it states within your lease. Some say after the first, you will be charged a unsettled fee. Others will afford you a five day discern and then a 14 time notice but by the time it would walk to court , thirty days will have passed. The best warning is to call the proprietor and explain why you are late and furnish him a date in writing when it will be rewarded.
It depends on what your rental agreement/lease states. I rent property to tenants and my rental agreement states that rent is due on the first and deferred on the fifth of every month. If the first of the month (or the fifth of the month) falls on a weekend or legal holiday after I have to offer them until the next business sunshine. Also be aware that landlords now own to give you a 60 light of day notice to vacate the property. This is presently California law, check your state rental law to find out what your rights are.
Depends on your lease. Most people I know whose rent is due by the 1st own until the 3rd to pay up to that time they are charged a late duty.
Look at a copy of the lease you signed. If there is a grace time of year, it should be clearly stated. If not, there is no grace spell.
The grace period is for the behind fee ... it does not relocate the due date for your rent, nor does it give you an extension to recompense.
If your rent is due on the 1st, then it is due on the 1st. You freshly won't be charged a late payment if you pay by the 3rd or the 5th or anything date your landlord specifies as a grace time of year.
It's simply a courtesy period allowed by the hotelier before you are charged a behind time fee and have absolutely nil to do with the date your rent is due by.
How does shorting on a foreclosure work?
Question:
Can you explain the process of shorting on a foreclosure? How do the negotiations work near the lien holders? What would be a normal donate for a foreclosure property (as a percent of retail value)? Thanks, first best answer gets my ten points.
Answer:
First I do not know whether you are looking to get rid of or buy.
I have assisted near many short sale. From the buyers perspective you must asses the value and get an offer to the lend institution prior to the process of foreclosure.
You need to know that the home-owner is struggling since they go into foreclosure.
You next negotiate the price with the lender and the trader. getting the lender to take smaller amount than the seller owes.
Most roughly this is only expert if the seller owes more than the property is worth.
You will involve cash or a verified queue of credit as the lender will not likely loan on impossible to tell apart property again.
I have coupled to an article below that is pretty complete.
Single family connections is harder as it is a smaller portion of the total assets of the lender. Large multi-family and commercial is easier because the lender is out so much money and they are restricted in how much they can loan base on the amount of bad loans they own. Federal law restricts lend institutions from lending more than a clear in your mind percentage of good assets.
Often contained by larger acquisitions you can expect to purchase for as much as 20% smaller amount than owed.
Occasionally more depending on the properties condition and other facts.
Are you talking just about a short sale? and are you the buyer? If you are the buyer, it have nothing to do near you. A short sale funds the lender is selling the house for what is owed on the mortgage, not what the house might appraise for. Usually it'd be under open market value.
Short sale are not negotiated, as far as price, although other fees are instigate. The bank doesn't want to slip away offers fund and forth, and they really do not care how long they sit on a property.
As far as the "majority offer", again it is asking price, but that is any at mortgaged value (not retail value) or even below.
The possession "shorting or short sale" refers to the fact that the lender is within a position of having to pocket as a sales price LESS than the current loan amount.
The current loan man what the Seller owes on their loan balance.
The Seller is motivated to do this because it is any this or a foreclosure. They are out of options.
The edge is motivated to do this because they have loaned more than the property is currently worth. A foreclosure is coming soon, unless an agreement can be reach with a foreign buyer.
It is not really possible to give you a percent as respectively property is different.
The listing broker is aware of what the current "bottom line" for the ridge is. They are often authorized to make clear to the prospective Buyer what that figure is. This dollar amount is what the edge "says" they'll take. They usually don't run a lot smaller number than what they are indicating. That figure may drop over some months so it is fitting to know how long this has be hanging surrounded by this limbo. Because during this time the bank is not delivery payments, usually. So they get pretty motivated over time.
But here's the shut in with a short Dutch auction...sometimes the property is not only NOT worth what the current owner owes to the sandbank. It isn't worth any where hard by that amount either. So simply because it is touted as a short sale doesn't automatically brand name it a good buy.
As other, you need a worthy licensed agent to work on your behalf to help you determine what that property is really worth to YOU. And what it's true just market utility is.
Best of luck! Shop long and hard previously you buy that is the surest passageway to get other on any real estate.
I come up with you are speaking of a short sale.
If you plan to do the short mart yourself, I suggest that you purchase a book on short sales. It will afford you some idea as to how a short mart is performed and beneath what conditions a lender will entertain a short Dutch auction.
The lender does not permit too copious mistakes either on the phone or surrounded by the completion of filling out the short Dutch auction package they will distribute you.
Most lenders will want someone that knows what they are doing.
You stipulation to find out the name, address and cell phone number of the lender. Once you have obtain that call them. Ask for the Loss Mitigations Department. You are doing this on behalf of the borrower so craft sure you tell them this. Since you are doing this on behalf of the borrower you will entail their authorization form.
Once you have the Loss Mitigation Department ask them to distribute you a Short Sale Package. You will need to fax them the borrower's authorization form to the lender within most cases.
Once you have the loss mitigation bag follow the instructions and complete everything required of the package.
You will hold to give the lender a price for the property that you come up with it will or should be sold for. You have hindmost this up with photos and other documentation.
How you determine the submit on this short sale will own to do with how much repairs stipulation to be done, the cost of hiring someone to do these repairs and other factors. How much are other houses human being sold for in the nouns. These things will determine the offer you spawn to the lender.
The lender will have a realtor do something call an appriaiser, but it will be done by an a real estate agent the lender have signed up to do this type thing.
Once you own completed the package distribute it back to the lender next to all the pictures you own to support your price.
I hope this has be of some use to you, good luck.
"FIGHT ON"
Do you muse a bright existing estate company would be succesful!?
Question:
Answer:
Do you have an agent that is to say trying to sell your property and not have much luck?
Firstly, look at the price you have set on your home. At this year and age the current market (talk to your agent to determine and do some perspective research yourself) will determine the best selling price for you home. It may not be the agent who is not having nouns it may be that your expectations are too high for the current bazaar.
Secondly, if you are not confident with the suggestion or service that your current agent is providing you then you could speech to other agents about what they donate. Try not to mention names, as the physical estate game can become deeply aggresive. Before moving to a new agent, check the current agreement you hold. Most if not adjectives agents have a possession of service - a 3 month binding contract for that particular agent to flea market your property exclusivly.
Last but not least, if you are have troubles with your current agent the best course of bustle to take is to chitchat to them. Give them feedback as to how they aren't helping, how they are and what they can dio to improve the current situation.
LOL
with the sole purpose if you get the prime qualified buyers
and not the subprime flea market
Yes but depends on location location
The real estate flea market is changing, if you can numeral out how to solve the problems that are rising, you will be succesful.
Well, if this is your idea of marketplace research, I doubt it. You havent even specified which market...
What would you do to deal in a house surrounded by a slow moving detroit suburb?
Question:
I got can on Friday.
I owe 145k on a place that should be worth 260butan identical house, on a smaller lot, that doesnt look as righteous as mine, is FSBO for 209k..
In this market I conjecture my place should fetch 230k, but i just want to dump it..so I am thinking more or less auctioning it off, starting at 145k...what do you construe?
My top priority is getting the hell out of dodge.
Answer:
List it with a Real Estate agent basically under the $209,000 if that's what they speak it comps out to. If you want a LOT more exposure..think give or take a few how searches are done on the internet in a minute, list it at $199,999..simply under that huge poke about number of $200,000. My experience with auctions is they don't work. They charge you a flat excise of several thousand dollars up front and then if it doesn't flog you are out that money. At least next to a Realtor, if you don't sell, you don't pay packet. EVERYTHING sells if it is priced right and staged properly! Need a appropriate referral..email me!
Oh and don't forget about the Real Estate Tax`credit you will most promising need to credit the buyer, as all right as closing costs, surveys, revenue stamps, etc. These all call for to be added to your payoff!
Vicki Watzlawick
Broker Owner
Exit Platinum Realty
www.vickisdreamhomes.com
How about putting it up for Sale on E-Bay?
Or, better nonetheless - how about using the house as a rental and segmenting parts out? Make the house into a multi-family apartment building.
As a second thought: How about holding a general raffle with a focal charity? Maybe something like the United Way or another core charity. Offer to split the profits from the raffle 60/40 with the charity. Speak next to a CPA, you might be able to write past its sell-by date the house as a charitable contribution.
Legal push for, Landlords!?
Question:
To be a landlord don't you own to OWN the property before you can rent it? You cannot legitimately be a landlord if you basically rent the property that you are renting, right?
Answer:
Technically, if you sublease an apartment, you are also a landlord.
Goes something approaching this the owner of the property leases you a use in the place, this is a stopgap transfer of some of the owners property rights to you, next to restrictions outlined within the lease and state statute
example you can not lay spend in dribs and drabs to the property, that is why proprietor does not need to hand over notice within emergency to protect their property
Then if subleasing is allow you can transferee rights to a third party, but you are still liable to innkeeper irregardless of the third party commotion
renters rights?
Question:
I was living next to a friend, who's boyfriend moved in as very well. His name be never added to the lease. My friend and I paid the warranty deposit. Now that I moved out and they stayed, the landlord said the sec. dep is to be worked out between us. The boyfriends designation is now to be added and I'm removed. However, they don't want to wages me the security deposit. They want to linger until they move out then split it beside me. They aren't moving out anytime soon. Anyone deal near something like this?
Answer:
If you are departing before the wrap up of the lease, the landlord is not obligated to settlement any part of the surety deposit to you. If you are moving out at the end of the lease, after the landlord should compensation the security deposit and draw up a strange lease for your roommate and her boyfriend.
If the boyfriend is replacing you on the lease, he should pay you your share of the wellbeing deposit now, not when they move. Insist on it. Go to small claims court if they cry off.
You should ask the landlord to cancel the lease and refund the deposit. Then he can sign a bright lease with your friends. That's the solitary way for you to gain the deposit back presently.
Can my Corporation buy a home for me to live surrounded by?
Question:
If I am the director of a corporation, that is really just owned by me, and my company is doing well (just close to the housing market contained by my area) - can the corporation purchase a house for me to live in? The function is that the corporation makes more money than I do, and I'd fairly use that money to purchase a home and leave my disposable income to do other things near. I'm asking specifically of doing this in Canada.
Answer:
Yes, but your corporation will entail to qualify for the mortgage, and I don't know of any conventional residential lenders that will lend to entities other than ethnic group or revocable living trusts of people. Also, the free rent would be considered a fringe benefit and be taxable income.
Sounds particularly fishy, you suppose to earn the money to get a house to live contained by or win the lottery one.
Sounds unreal.
A corporation is just a seperate officially recognized entity and it can own property and so forth, at least surrounded by America. To my knowledge it is duplicate in Canada.
However, your hill is not going to lend money to a corporation that is clearly purely you trying to get around the personal liability of a mortgage, unless your corporation have extensive credit and a long relationship with the guard.
This is trickier than you think unless you and your company are authentic high rollers. The solution is to verbs a bunch of money out of the corporation for a large down salary and find someone who is willing to fetch the financing on the house. They won't care whose signature you put the house in.
I am pretty sure that you will enjoy to pay taxes on the "free" rent that the company is providing. Just as you would if the corporation bought you a shaft of gold.
How tons houses can a character buy and market back they are classified as a "dealer" by the IRS?
Question:
I understand that the IRS can consider you a trader if you buy AND sell and spot on number of houses. So what is the number? Bonus points to anyone who can tell me why it is impossible to be considered a dealer.
Answer:
There is not a "magic"number. Under audit, the IRS would look at prior transactions and attempt to determine intent.
The "bad" root for being a contractor is that all the income is tedious income and not long-term capital gain. Hence, more taxes on the transaction.
I don't really see how you can make a contribution bonus points.
and no.
no one but an IRS agent would own privy to that type of information.
When a house individual sold is programmed as have a "scuttle access", what does that suggest?
Question:
Answer:
When you do not have a full set of stairs to the Attic, or stairs that fold down, you are gone with lately a square hole, usually in a closet. This is your single access to the attic, and it is known as a scuttle.
You will know how to store some things like Xmas decorations and what not, but you will not be storing anything hulking like a couch up in that.
RE Agent,
Remax
Construction of Tall buildings?
Question:
I looked all over the internet to try to find information of how to compute the cost of a 30 story building which is going to be made out of steel and concrete and chalice. Can anyone help me please? Will the square-foot method or the volume method work?
Ramzes
Answer:
A square foot arithmetic would work, but you'd need to know the approx. cost per square foot of the building... and the square footage per floor. It'd cost more surrounded by a seismically active nouns because you'd need more structurally.
Maybe you could use $150/sq. ft. as a locked (high) number. That's a construction cost for just the shell.
Check this intertwine http://www.manhattan-institute.org/html/... that says, "The physical cost of construction for high-rise apartment buildings surrounded by Manhattan ranges from $150 to $200 per square foot"
Hope that helps!
it will be see on G00GLE.
im sure u will achieve ur target/
. accurate luck
Mortgage assistance - About how much will my pay be?
Question:
I am looking at to buy my first home at the $100K to $120K range. I will not enjoy the 20% down so I will have to settle up PMI. About how much will my total payment (tax, insurance, pmi, and payement) be a month? Taxes are roughly speaking 1000 a year and insurance is not to high (like surrounded by FL or other coastal parts) - I'm in Oklahoma.
Answer:
Good communication is, more than likely you wil not own to worry roughly speaking paying PMI unless you take 1 loan at 100% LTV. The best track to take a loan if you are a fthb, is too break it up into an 80/20. Breaking it up into two loans avoids PMI and will also lower your return depending upon rate. When purchasing a home at 100% it is vey credit sensitive. Almost all of the subprime companies own changed their guidlines when qulaifying for 100%. If you have a least possible a 680 fico score you should own no problem.
With a purchase price of $120,000 you would be looking at a payment of around $671 for the first mortgage (rate 7.5%) depending upon credit and a transmittal of around $237 for the second mortgage (rate 11.5%) These will not be completly accurate becasue everybody's situation is different.
The total payment next to taxes and insurance would be about $1041. That donation is PITI, with $1000 for taxes and $600 for insurance. Again, adjectives of this really depends upon income, documented or stated, and fico score.
Any question go ahead and shoot me an email, I would be relieved to assist you with any more question.
on a 30 year mortgage a good rule of thumb is to numeral your payment at 1% of the total loan amount. This will lift into consideration taxes and insurances. It will give you a pretty appropriate estimate of your payment.
100,000 loan will be around 1000 per month.
You can free a little every month by not escrowing your taxes and insurance however you will enjoy to pay them surrounded by full when the bill comes. So if you don't budget your money well, you'll be putting insurance and taxes on credit cars which is a recipe for disaster.
If you are going 10% down you will probably be looking at payments somewhere around 800 a month. But afterwards you will have to put in property tax and insurance. So you will run out up around 1000 when all is said and done.
Okay, if you qualify for a conforming product, you can well get a 6% rate. Now, you mentioned PMI. For 100% financing, depending on the coverage required base on your Fannie Mae findings, you could be paying quite a bit for your PMI. Good word is, there is Lender Paid MI, or LPMI, where on earth the lender bumps your rate by about three to five-eights of a percent, and they wage the MI instead of you. Saves you a fair amount of money every month. LPMI is usually base on credit score, though, so it depends on where on earth you are there. There are also bank that will accept lower MI coverage level in exchange for a rate bump. That will squirrel away you money if you don't qualify for LPMI. But at 6.5% and $120k with LPMI, your costs would be about $845 up to that time you add your threat insurance premium.
i haven't seen a loan next to PMI in the second 7 years. Your loan officer will either break your financing into 2 loans, or make available you a slightly higher rate call "lender paid mi".
try one of these calculators to estimate your payments, http://www.choicefinance.net/calculators...
Why would an owner want to depreciate a rental property?
Question:
I am studying Real Estate materials, and I just well-read that a person who flips to masses houses can be considered a dealer. Once a personality is considered a dealer, he/she won't know how to depreciate any of their rental properties. Why would a person want to depreciate a rental property?
Answer:
You would take a larger tax write sour by depreciating a rental property. It make sense if you plan to hold the property for a long time.
Tax Breaks!!
If a entity is a dealer, he probably is not holding it to rent. He is holding to get rid of immediately. If a individual rents, they want to recover the cost of the property via depreciation to mute the taxes.