All Forum Posts by: Tanveer Ahmed

Hi BP, when I open any forum or social media the hot topic is upcoming housing market crash. But I don't understand what does "CRASH" means in real state. Is it like stock that will go down 30-50%? Looking at the historic data I don't see any "real estate" crash. I see sub prime mortgage and insanity in appraisal which caused(foreclosure) the market to go down in 2008. Other than that value of real estate alway treanding up slowly but surely. Now what's going on last few years is abnormal. People bidding a house way over than it's actual worth. People had unnecesaary money from stimulus, the money they didn't have to work for. I think rising interest rate will slow that down and come back to normal. In addition we are short 5 million houses. Is that some folks refering this as crash? does it make sense one day we will wake up and see on zillow our house worth 50% less than prior day?  Or I am spending too much time on social media and news outlets? 

I had the same issue when purchased a property in Texas. What I did was bring some foundation companies and asked for an evaluation(Free). They gave me a written report with a diagram. Then I hired a structural engineer for an Independent evaluation. Then matched with the foundation companies report. The one came almost the same as the SE report I hired them because I knew they weren't lying. Some companies are right of the bat outrageously dishonest. 

Hello BP, I am looking around to rent a one-bed apartment in Dallas, and seems the rent is gone through the roof last 6-12 months. Is buying a small condo/co-op a better option than simply renting out an apartment? I am seeing on Zillow some condo-co op are listed under 100K. (ZIP 75231). HOA fees don't seem too bad. Is it a good option to explore?

That's also a nice idea I didn't think of. I will take a look into it. Thank you so much for the advice. 

 For my job, I have to travel a lot between states. So for some reason finding a roommate every now and then seems stressful. I prefer to rent out to a family for the long term. I don't at least have to worry about when I am not home what's going on inside my house. Correct me if my thought process is wrong. Thank you for your reply. 

I just bought the property 6 months ago and I won't qualify for a mortgage at this moment(checked with a lender already). I have around 50k equity( based on Zillow)

Yes, I am considering it as an option as well. But not sure where to advertise. Craiglist I found so much scam going on. 

Hello BP, I have a 3/2(1500 sqft) single-family home in Carrollton, TX(75006). It's actually too big for me since I am single. I am wondering if it is better to rent out the house and get myself a 1 bedroom apartment. The house I can rent out for $2000 and my apartment will cost me $1400 with all utilities. I am not sure with tax benefits/write-off which will make more sense and should I take the extra headache for a few hundred dollars more. What holding me off is that the house is fully renovated. New floor, painting, appliance, new bathtubs, shower tiles, new Ikea cabinets. My initial plan was to move in with my family who are supposed to migrate to the USA but due to pandemic, the process will be delayed. I noticed the rental price in Dallas went up so much. Thanks in advance for any input. 

@Lucia Rushton Thank you so much for your input. 

@Lucia Rushton I offered 2 of them a 10k appraisal waiver and another one 15k more than the asking price(without waiver). I got the ONE TO FOUR FAMILY RESIDENTIAL CONTRACT (RESALE) form from my agent. I will fly to Dallas tomorrow. Since I am out of state and a first-time buyer I feel nervous about the process. I am supposed to deposit earnest money to Fair Texas Title-Katrina Lane. Is there something I should do due diligence to avoid any fraud/scam? I checked the house on Zillow under contract since I got a notification that was accepted.