All Forum Posts by: Mike S.

Good afternoon. Any suggestions on books/blogs you'd recommend for learning about real estate? Things like what to look for when buying houses, live-in flipping (DIY style), flipping vs renting, etc. I know very little about real estate, but am very handy, willing to learn, and interested in real estate as an investing/side hustle strategy. Thanks in advance!

So Better has preapproved us and said we don't need an appraisal on the new house we are purchasing. Is this normal?

We have been preapproved through Chase bank and just recently had an offer we submitted on a house accepted.  Is it too late to shop around for mortgage rates (20 year conventional/ 20% down)?  Will we find a significantly better rate than Chase?  Closing in scheduled for August 26th.  Thanks!

Thanks!  It's our primary residence and we have been here for over 10 years.

Selling House- New Mortgage

So we are selling our house Memorial Day in the Chicago suburbs and moving to Kansas City. With the proceeds from our house sale we will have enough money to pay off our current mortgage (3.75% 30 year conventional loan) and have more than enough for a 20% downpayment on a new house (we have excellent credit). We will be staying with family in KC until we can find a new house. I have a couple of questions on the process:

1. I'm assuming we pay off our current loan and apply for a new loan since our current interest rate in pretty high. I think we will be looking at a conventional 20 year for our new loan.
2. We aren't sure how quickly we will find a new house in KC (could be days, could be 6+ months). Should we apply for a new loan right away? I know in this hot market we have to be prepared to move fast and any buyer is going to want us to be pre-approved, but I also know pre-approval only last so long.
3. What are the tax ramifications on the money we have for a downpayment (under $200k) if we don't buy right away?

Thanks in advance!

So I am interested in getting started in real estate but know very little about it. What is a good book to read for a beginner?  How much money do I need initially to start?

Anyone?

We will be moving to the Kansas City area this summer and know the current real estate market is red hot.  I am wondering what the prognosis for the market in the next year or so is.  We have the option of buying a house this summer, or staying with family and waiting awhile (Fall 2021 or Winter/Spring 2021).  How much longer are real estate prices expected to climb?  When will the level out/start going down?

We are planning on putting our house on the market in the next few weeks and met with a real estate agent recently. They indicated that the market is red-hot, there is very little inventory in our area, and houses are selling in a day or two (I already knew all this), They also indicated their commission rate is 5%. That being said, I am having a hard time paying a real estate agent close to $20k for a house that is going to be really easy to sell. I understand agents need to make a living and that for a lot of people they are a necessity. However we have already sold a townhouse by owner in the past. We also have a lawyer lined up to help us. So I'm wondering what are my options to reduce or eliminate the commissions fee? Thanks in advance!