real estate; from first-time homebuyers to seasoned investors. Let's come together toThis is the #threadcast for anyone interested in or is passionate about
- Share insights and learn more about the industry.
- Ask questions and discuss the latest trends in the market.
- Share post pics, articles, quotes, news, videos, and anything else related to Real Estate.
Let's go!!!! #realestate #dailydook
Is it preferable to invest in commercial or residential property?
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If I sell my mortgage-free home, do I have to use 100% of the proceeds to purchase a new home?
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Can I rent out my basement in a single family home?
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If you had excessive money lying around and you wanted to invest, would you put it in owning a corporate building or a single family home?
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Does It Make Sense To Pay Off My Mortgage?
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Should You Include Utilities In Your Rental?
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Is it worth buying an investment property as a first time home buyer⁉️
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Renting vs Buying a Home: How to Decide
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Can a tenant cancel a lease before they ever move in?
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As a first time home buyer, do I have to live in that house or can I rent it right away?
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I heard that completely paying your house mortgage is unwise. Is it true? If it is, why?
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What additional expenses should be considered when buying a home compared to renting?
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As the property owner, do you have the legal right to ask your adult son’s visiting friends to leave your house or land?
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Can a tenant pay as much as they like in advance until the money is used up?
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How do you prove ownership of a piece of land if your ancestors didn't have any documents or papers to show their claim?
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What will it take for monthly rent payment to work in Nigeria?
Renting in Nigeria can feel like an extreme sport. Not only is there a shortage of affordable housing in many cities, but renters that do find a suitable property typically have to fork out a whole year’s rent in advance to secure it, if not two.
This longstanding norm of annual rent payments reduces risks for landlords and gives them more financial flexibility. Some tenants prefer it too. But with Nigeria’s economy in crisis and the cost of living sky rocketing, the pressures of coming up with huge bulk payments for somewhere to live are becoming unbearable for many.
What will it take for monthly rent payment to work in Nigeria?
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Dealing with a deceased person's money and property
After someone dies, someone (called the deceased person's 'executor' or 'administrator') must deal with their money and property (the deceased person's 'estate'). They need to pay the deceased person's taxes and debts, and distribute his or her money and property to the people entitled to it.
Dealing with a deceased person's money and property
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Ever dreamt of owning your own piece of the Nigerian dream? I know I have.
But, hold on a sec, because navigating the world of real estate can get tricky.
Imagine buying your perfect plot of land, only to discover someone else claims they own it too? Not cool.
That’s where understanding land ownership documents comes in – land ownership connotes the rights to exclusive possession and unfettered access to it.
While these land documents are many, the most important document proving land ownership in Nigeria is a Certificate of Occupancy (C of O).
It’s your golden ticket to proving you’re the rightful owner, and this article will tell you all about it (and more!)
Proof of Land Ownership in Nigeria: 6 Important Land Documents
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Top 10 Landlord-Tenant Laws to Remember
Landlord Tenant Laws at the state and federal levels are established to protect both parties of the landlord tenant relationship.
Knowledge of and compliance with federal, state, and local regulations is crucial for both landlords and tenants. Rental property owners want to run a profitable business and protect their investment. Tenants want to live peacefully in a rental home and protect their personal rights.
As a landlord, understanding your rights and legal obligations will help you protect yourself, your rental business and your investment property.
Top 10 Landlord-Tenant Laws to Remember
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What property buyers should know about land loans
Looking to buy some land? You have plenty of options, from modest suburban lots to massive 5,000-acre ranches.
You probably won’t be able to finance a land purchase with a regular mortgage, though. If you’re not sitting on enough cash to buy the land outright, you’ll need to explore land lease options or apply for a land loan, also often called a lot loan or property loan. Read on to learn more about land loans, how they differ from conventional mortgages and what you’ll need to get approved for one.
What property buyers should know about land loans
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My landlord passed away 6 months ago, I have 3 years left on my lease, can the family evict me?
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Inheriting a House With Siblings
Inheriting a house with siblings is not always as straightforward as it seems. For example, what happens when one sibling is living in an inherited property and refuses to sell? Or what about if a sibling is living in a deceased parent’s house? Can siblings force the sale of inherited property?
When a will, trust or intestate succession statute calls for an inherited property split between siblings, it’s common for there to be disagreements about how to divide the property. Perhaps one or more siblings wish to keep the property in the family, whereas the other siblings wish to sell.
The decision of how to divide inherited property between siblings can be a complex one.
Inheriting a House With Siblings
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Just completed the sale of my house to Opendoor and couldn't be more pleased with the entire process.
From the initial offer to money in my bank was only 30 days. No shenanigans. 0 phone calls. Not even for the virtual walkthrough.
I opted to just upload videos of my house, and then someone came out and did like a 15 minute walkthrough just to verify the videos in person. Everything was coordinated via the app and email.
To top it all off I got a pretty competitive offer. My home needed some repairs before it would be ready to sell the traditional way, including a new roof. I didn't have the time or money on hand for that. Opendoor cited me 6k in repairs, which I was a but surprised at how low that was.
Path of the Unrepresented Buyer: What to Expect When Looking at Homes
While some opt for the support of a dedicated real estate agent, others choose the path less traveled – that of the unrepresented buyer. For those daring souls venturing solo into the realm of home buying, it's essential to understand the unique challenges that lie ahead.
As an unrepresented buyer, your quest for the perfect home begins with a fundamental reality: you won't have the built-in support of a buyer's agent. This means forging individual relationships with each and every listing agents for each every property that you would like to see or have any semblance of interest in.
Path of the Unrepresented Buyer: What to Expect When Looking at Homes
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Incompetent old lady sells house $250k under value
Is there anything that can be done? I just met this lady a couple months ago and her memory is awful. Her neighbor tricked her into selling her house to him for like nothing.
I feel awful for her. She still lives in the house and not sure what she’s signed yet but she said everything was verbally committed and she thinks she signed some papers but doesn’t know what. Can anything be done?? The house is estimated around $400,000 and she is giving it to him for around $170,000.. she’s clearly not all there in the head and I hope I can help her out in some way.
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My dad left me 7000 acres of land and my uncle hasn't been paying the tax for the last seven years. Do I have to pay the tax of seven years before I can inherit the property?
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Can you rent out your apartment on Airbnb if it's an apartment with multiple units (i.e. not just one home)?
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What will happen with a mortgage company if my home value drops below my mortgage amount?
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If your home value drops below the amount you owe on your mortgage, you are in a situation known as being "underwater" or having "negative equity." Here’s what typically happens and what your options are:
1. Continue Making Payments
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2. Refinancing Challenges
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3. Selling the Home
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4. Potential for Foreclosure
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5. Loan Modification
6. Impact on Credit
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My daughter-in-law lives on my property rent-free and has since my son died. I now want to sell the property. What do I do?
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Selling a property where your daughter-in-law lives rent-free, especially after a significant life event like the death of your son, can be a delicate situation. Here are the steps you can consider taking:
1. Communicate Openly and Compassionately
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2. Understand Her Legal Rights
3. Offer Assistance
4. Formalize the Arrangement
5. Prepare the Property for Sale
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I’m a landlord, can I evict someone for having different beliefs than me?
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No, as a landlord, you cannot legally evict someone solely because they have different beliefs than you. Discrimination based on religion, race, gender, national origin, familial status, disability, and other protected characteristics is prohibited under federal laws like the Fair Housing Act, as well as many state and local laws.
Key Points to Consider:
Fair Housing Act: The Fair Housing Act protects tenants from discrimination based on race, color, religion, sex, national origin, familial status, or disability. Evicting someone for their beliefs (religious or otherwise) would be considered discriminatory and is illegal.
State and Local Laws: In addition to federal laws, many states and municipalities have their own anti-discrimination laws that may provide even broader protections, including protections for sexual orientation, gender identity, and political beliefs.
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Legitimate Reasons for Eviction: You can only evict a tenant for legitimate reasons, such as:
Legal Process: Even if you have a legitimate reason for eviction, you must follow the proper legal process. This typically involves giving the tenant proper notice (the amount of time depends on local laws and the reason for eviction) and, if necessary, filing an eviction lawsuit in court.
Potential Consequences: Attempting to evict someone for discriminatory reasons can result in serious legal consequences, including fines, lawsuits, and damages. Tenants who believe they have been discriminated against may file complaints with the U.S. Department of Housing and Urban Development (HUD) or seek legal action against the landlord.
No
What features do you miss from older homes that are not included in newer homes?
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Here in city, old houses were spacious, strongly built, some with inside garages, trees and flowers planted around them.
These are the things that most new houses lack.
#thread2earn #freecompliments
You are so right. We no longer have spacious houses nor places with trees for ventilation. It's crazy how people want to make a lot of money by building cartoons as Houses 😂
!DOOK
That's destroying our ecosystem and causing harm to h up man.
Space
Is it common to pay rent to parents when living in their house?
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Yes, it is relatively common for adult children to pay rent when living in their parents' house, though it varies widely depending on cultural norms, family dynamics, and individual circumstances. Here are some reasons and considerations:
1. Financial Contribution:
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2. Cultural and Family Norms:
3. Circumstances:
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4. Reduced Rent or Alternative Contributions:
5. Saving for the Future:
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lol pay rent as how? It's not common in our clime please.😑
What are my options if my landlord wants me to sign a written lease agreement but I do not want to?
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If your landlord wants you to sign a written lease agreement but you do not want to, you have several options depending on your circumstances and local laws:
1. Negotiate the Terms:
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2. Continue on a Month-to-Month Basis:
3. Understand the Consequences:
4. Seek Legal Advice:
5. Explore Other Housing Options:
6. Request a Grace Period:
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Does a mortgage company have to allow me to pay bi-weekly on my mortgage? Does this help me at all?
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A mortgage company is not legally required to allow you to make bi-weekly payments, but many lenders do offer this option or allow you to set it up through third-party services. Here’s how it works and how it might benefit you:
How Bi-Weekly Payments Work
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Potential Benefits of Bi-Weekly Payments
Pay Off Your Mortgage Faster: That extra payment each year directly reduces your principal balance, which can help you pay off your mortgage faster. Depending on your loan term and interest rate, this could shave several years off a 30-year mortgage.
Interest Savings: By paying down the principal faster, you reduce the amount of interest that accrues over the life of the loan. This can result in significant savings, particularly in the early years of the mortgage when interest makes up a larger portion of your payment.
Build Equity Faster: Since you're reducing your principal more quickly, you build equity in your home faster. This can be beneficial if you plan to sell or refinance your home in the future.
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Considerations
Lender Policies: Not all lenders allow bi-weekly payments. Some may require you to enroll in a specific program or use a third-party service. Be sure to check if there are any fees associated with setting up a bi-weekly payment plan.
Do-It-Yourself: If your lender doesn’t offer a bi-weekly option, you can mimic the effect by making an extra monthly payment each year or by dividing your monthly payment by 12 and adding that amount to each month’s payment. This way, you achieve the same result without needing a formal bi-weekly plan.
Third-Party Services: Some companies offer to set up bi-weekly payments for a fee. Be cautious with these services, as the fee may outweigh the benefits unless you’re unable to manage the payments on your own.
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How many houses can a real estate agent sell per month or year?
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The number of houses a real estate agent can sell per month or year varies significantly based on several factors, including:
Experience: More experienced agents often have larger client bases and better marketing strategies, allowing them to sell more homes.
Market Conditions: In a hot market with high demand and limited inventory, agents may sell more homes. Conversely, in a slow market, sales might be lower.
Location: Agents in highly active real estate markets (like major cities or rapidly growing areas) may sell more homes than those in less active markets.
Network and Referrals: Agents with strong networks and many referrals can often close more deals.
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Time Commitment: Full-time agents generally sell more homes than part-time agents because they can dedicate more time to marketing, showings, and client management.
Brokerage Support: Agents working with large or well-established brokerages may have access to better resources, training, and leads, which can increase sales.
Average Sales
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Considerations
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What are some tips for tenants who want to avoid getting evicted by their landlords?
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Tenants who want to avoid eviction can take several steps to ensure they maintain a good relationship with their landlords and comply with their lease agreements. Here are some key tips:
Pay Rent on Time: This is the most critical factor. Make sure to pay your rent by the due date every month. If you're facing financial difficulties, communicate with your landlord immediately to see if a payment plan can be arranged.
Understand Your Lease Agreement: Read your lease thoroughly and make sure you understand all the terms and conditions, including rules about noise, pets, guests, and maintenance responsibilities. Adhering to these rules is crucial to avoid violations that could lead to eviction.
Maintain the Property: Take good care of the rental unit. Keep it clean, report maintenance issues promptly, and avoid causing any damage. If you do cause damage, be honest with your landlord and discuss how it can be repaired.
Communicate with Your Landlord: Keep an open line of communication with your landlord. If you're going to be late on rent or if there's an issue with the property, let them know as soon as possible. Being proactive can often prevent misunderstandings that could lead to eviction.
Get Everything in Writing: If you and your landlord agree on something verbally, follow up with a written confirmation, such as an email. This helps to avoid any disputes later on.
Know Your Rights: Familiarize yourself with local tenant laws. Understanding your rights can help you recognize if a landlord is attempting to evict you unlawfully. For example, in many places, a landlord cannot evict a tenant without proper notice or for reasons that are not legally valid.
Be a Good Neighbor: Ensure that you and your guests respect the peace and privacy of other tenants. Complaints from neighbors about noise or disruptive behavior can lead to eviction.
Keep Records: Document all communications with your landlord, including rent payments, repair requests, and any other important interactions. This can be useful if a dispute arises.
Avoid Illegal Activity: Ensure that neither you nor your guests engage in any illegal activities on the property. This is a common cause of eviction and can lead to immediate termination of your lease.
Seek Help if Needed: If you're struggling with rent or other issues, seek assistance from local housing authorities, non-profits, or legal aid organizations. They may be able to help you negotiate with your landlord or provide financial assistance.
I know nothing about this market but I hope to learn one day
One of the things I want to research further is fractional real estate investing. I am not the least bit interested in being a landlord. I know this because my Dad is renting out his condo in Chicago and it's a huge pain in the rear. My sister who has experience being a landlord herself is helping him with that. I told him yesterday that I would have sold the place and let it be someone else's problem if it were up to me.
Oh, I hear you.
There was one time I read a book about money. A subsection had something to do with investing in real estate.
The author went further to explain that his experience with Real Estate had been painstakingly awful. Just like your dad's experience.
What he did differently to take the burden of being in charge of his properties, running after tenants, and fixing broken facilities away was to delegate that particular role to other people
Once he did that, he was free to do what he loved doing best in the industry; Chasing new real estate deals at home and abroad
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That's the odd thing. My Dad is all okay with it. He'd like to do another one if he had the money for it. It is leaving the bad taste in my mouth. The first tenants moved into their own place in the building that they bought. On their way out of our place they took a big chunk out of the door. It was over $800 dollars to have that fixed. I would totally have gone after them for that. That was after giving us a hard time about showing the place to potential new tenants. We have new renters in there now and I am glad I didn't have to be directly involved in all that.
From the little that I do understand, that is kind of what happens with fractional real estate investing. Someone else takes on the head ache of taking care of the properties and the investors take the returns. And you can start with a really low amount of money to get in. Another attractive aspect.
Yes, you are right. I hope that you and your lovely husband will get the chance to get into the industry through the angle you really love. Good Luck, Ma'am 🥰
!DOOK
My husband and I are selling his sister's house in El Paso, Texas. She passed away in February this year. We are in Kenosha, WI but we have a great real estate agent. It is not easy dealing with that long distance. Looking forward to the transaction closing in a couple of weeks. Her mortgage has been paid off for decades so anything we get from the sale will be profit. Considering buying a place of our own because we can put all that on a down payment and have a very small mortgage payment instead of stressing about rents being raised every year.
Although a good number of people try to ridicule those who buy apartments instead of renting, I believe this is a good choice.
Paying rent yearly in an apartment that probably has lots of broken facilities that require repairs year in, and year out is not something I would advise anyone to do. Plus, your landlord will constantly increase the rent as the year goes by.
But when you buy yours, even though a lot of people may not consider that as an asset because of the fixing and repairs, you will be doing down the line, I believe it's a better option.
Why? One should have a place called home. If you have such a place you can return to no matter what happens to you outside, you know you can always pick up the pieces and start again.
Imagine getting blows from life and you don't even have a roof over your head because you've been evicted. I wouldn't wish that on my enemy 😭
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One thing we will try our best to avoid is any property with a homeowners association. My husband and I both take issue with someone telling us what we can and cannot do with property we own. The house we lost in Illinois was part of a homeowners association. When his daughter was living with us she got a dog so we had to put up and fence. The only kind of fence we could put up was specified by the HOA. Yeah, not doing that again
Ouch! This gave you guys more reasons to want to own your personal apartment, right? Life has a way of putting these things in our faces so we can make a decision.
!DOOK
Yes, there are lessons in everything.