Answers by Tyler Nash

This really depends heavily on your goals and what you're trying to achieve by owning the property. In general, investors are typically going to say don't buy in cash and to utilize leverage. But, that is not always the right move for everyone and with high interest rates, it's definitely becoming a more popular option and thought process. There is also the option of paying cash now, and putting a mortgage on the property later if needed/desired, something to think about. If you're looking at buying purely for monthly cash flow, then that could be a good play to pay cash and have no debt payment. This would allow you to keep more of your monthly rental income because you're not making a mortgage payment. Or if your plan is to acquire multiple properties, than you'd be better off using leverage (debt) to put as little down as you can, and use your cash to purchase more. Think about your goals, and what you'd like to achieve, and then start running numbers on investment properties. It will be harder to make the return metrics work with debt on the property, but it's definitely still possible even with higher interest rates and prices. Feel free to reach out if I can help you think through this any further!

I just responded to another very similar question. This really depends heavily on your goals and what you're trying to achieve by owning the property. In general, investors are typically going to say don't buy in cash and to utilize leverage. But, that is not always the right move for everyone and with high interest rates, it's definitely becoming a more popular option and thought process. There is also the option of paying cash now, and putting a mortgage on the property later if needed/desired, something to think about. If you're looking at buying purely for monthly cash flow, then that could be a good play to pay cash and have no debt payment. This would allow you to keep more of your monthly rental income because you're not making a mortgage payment. Or if your plan is to acquire multiple properties, than you'd be better off using leverage (debt) to put as little down as you can, and use your cash to purchase more properties. Think about your goals, and what you'd like to achieve, and then start running numbers on investment properties. It will be harder to make the return metrics work with debt on the property, but it's definitely still possible even with higher interest rates and prices. Feel free to reach out if I can help you think through this any further!

It depends on your states laws and regulations but typically yes an owner can put a house up for sale with tenants living it, this happens all the time especially indoors multi-family housing. I don't know where you are but there is likely a notice period the owner must give you on the sale, as well as for showings, but most likely it is in their legal right to put the property up for sale while you're in it. But also, usually they must adhere to your current lease terms as well. So if you're on a fixed lease through March of next year, they must uphold that least (again depending on how your state operates). If you're really concerned, it would be best to look up local tenant help organizations in your area to get clarifications on what can/can't be done.

Edit: I replied on the wrong thread sorry!

Just get it in writing and documented in your legal documents that way if needed, you'll have something to lean on and reference back to if things go sideways. Bring it up with an attorney to do it correctly in your area.

Yes you can. If you're on good terms and both in agreement the easiest thing to do is buy the other person out if you're able. Figure out what the house is worth, split the equity, and one person Quit Claim Deeds the house to the other. If you're both on the mortgage, you'd also need to refinance to get the other person off the mortgage. It can get tricky if one is not able to qualify without the other though, and in that case it may end up just needing to be sold all together.

Yikes, while not illegal it's certainly an ethical concern to offer something that far off list price. You can certainly ask to get out of your contract with her, most agents are willing to let clients out of contracts if it's not working or something comes up. Have the conversation up front and save yourself the headache down the road. Best of luck!

Another thing to do is go on Homes.com and look them up and you can see their recent sales. This can help you determine if they're an active producer with homes in your area or maybe not!

Your best bet is to meet with a local real estate attorney here in MN to help you with your options. Feel free to reach out if you'd like me to connect you with one!

Your sister is in the most risky position here. You are the owner of the house as your name is on the deed. If the house were to sell, the bank would get paid, then the closing costs will be paid, and then the owner of the house would receive the remaining proceeds, being you.

I would definitely speak with a real estate attorney to review your options in this scenario. There are many factors at play that will determine what you can and cannot do in this situation. Best of luck!

I wouldn't say common, but they may have done it based on the amount of interest they were receiving in the property. Did you offer over asking? I wouldn't ever advise someone to do that, but I've seen it done here and there. Typically a home coming back on the market creates questions for buyers and usually drives demand down, so it's a bold move to try and increase price after that!

Yes you can definitely do that, and it's a great strategy to subsidize your mortgage! You do not need to have anyone else on your mortgage to do this. I highly recommend doing a thorough job vetting the roommate (unless it's a good friend) and putting a proper lease in place (even if it's a good friend!) just to plan for worst case if something goes south.

No you don't really have any recourse with the inspector. Your best option is to just look forward and do your best to negotiate and work it out with the buyer. Unless they've signaled they're walking away, they still want the house and there is a resolution to be made. Think about it like this, if your inspector would have caught those issues, what would you have done with it ie. would you make the repairs? Just work through that with the buyer. Inspectors don't catch everything, but also inspectors often note "perceived" issues that may not really be, so don't necessarily just take the buyer's inspectors word on it either. Talk through it with your agent and come up with the best approach for your situation!

Is there anything specific about this in your listing agreement? Most listing agreements will have an end date as well, have you reached that date? Most agents, if you're looking to get out of an agreement, are going to just go ahead and terminate unless they've done a lot of work for you leading up to this point. Might just want to have a conversation with your agent about it first and read through that agreement thoroughly.

It depends on what is laid out in the purchase agreement and the listing contract, but typically in Minnesota the sellers pay both the listing agent commission as well as the buyer's agent commission. This is what happens MOST of the time, but is not guaranteed to be the case in each scenario.

Yes you can, but I have seen this go south many times so I would advise to proceed with caution. If you do end up breaking up, you'll both need to agree to either one person buying the other out, or selling and splitting the proceeds. It wouldn't be a bad idea to put this in writing ahead of time in case things don't end amicably. Hopefully you just get married and it's all good, but that's your judgement call. Short answer, yes you can buy a home together.

That's a good question to be asking because a lot of times what you're approved for is MORE than you'd be comfortable spending. I don't think us here on the internet can tell you what you'd be comfortable affording, so your best next step is to talk to a lender who can dig into your detailed financials and tell you what you'd be qualified up to, and then you can decide with your husband, based on your current finances, what you'd be comfortable paying each month. If you haven't already, I recommend writing down all of your income and expenses and see what it really comes out to. Then you can use that to see what you have left for a mortgage payment, or what moves you'd need to make, to make room for one. Feel free to reach out if you'd like a recommendation to a lender who can help you with this!

If you can find what you want in your budget then it's not crazy. None of us know if or when rates will come down, it could be 12 months or it could be 36 months or it could be never. I always recommend moving forward staying within your means. Otherwise it's gamble on what you're waiting for. You can always refinance if/when rates drop!

As long as the interior is clean, barring any needed obvious repairs, I think curb appeal goes further. It's the first impression someone gets when they get to the home and can set the tone for the rest of their showing.

That is a tough situation! If they don't agree to an extension, you could also try asking for a rent back, which would allow you to actually pay rent to the seller to stay in the property for an agreed upon amount of time. If they're unwilling to do that, there unfortunately aren't a lot of options without breaking the contract, which can come with other consequences. Consider that your buyer may be in a similar situation, and they may need to be out of their home and into your home in a set period of time. Speak with your realtor and come up with a few things you could go back to the buyer with and see if they have any flexibility in the closing. Good luck!

The answer is - maybe! Your best next step is to contact the county planning and zoning department and provide the parcel numbers. They can tell you whether a second home is permitted and what requirements would need to be met. It really depends on your local zoning and land-use regulations.

The best answer is to work with a local real estate attorney that knows your state's laws and regulations. It's likely best to hold the property in a trust or an LLC with the 3 siblings as owners/members and have an operating agreement in place that clearly outlines who is responsible for what, how expenses will be split, what happens if someone wants to sell, etc. The most common issue here is not usually with a property but with disagreements between siblings/owners so you'll want to document all of that up front. From a practical standpoint, treat it like a business from day one. Open a separate bank account for the property, keep detailed records of all income and expenses, and avoid mixing personal funds with rental funds.

Much of it depends on your own personal timeline as well as the market. Typically Spring to Fall is going to be the best time, as the market slows in Winter. But, depending on why you're selling and where you're going plays a factor too. If you're in a desirable area with a well maintained home, you're pretty safe to find a buyer for your home in any market.

This ends up being area specific. In Minnesota, appliances are generally always included in the sale. In some other markets it's common for sellers to take some of the appliances with them. In general, anything "installed" stays. Anything that's just plugged in is up for negotiation.

A life estate is a legal arrangement where someone gets the right to live in and use a property for the rest of their life, but they don’t fully control what happens to it after they die. Whether you should have one or not is very dependent on your situation and it would best to talk with an attorney or an estate planner to help you determine if this would be beneficial or not. Here’s the simplest way to think about it: One person gets to live there until they die (called the “life tenant”). Another person is already named to automatically receive the property afterward (called the “remainderman”). Example: A parent owns a house and wants to stay living there for life, but make sure the house goes directly to their child when they pass away. So they create a life estate: Parent = can live there for life. Child = automatically becomes full owner when parent dies.

First speak with a licensed and reputable real estate agent in your area to get a good valuation on your home if you haven't already. Use that to decide if it's a good move for you or not. If you confirm you're ready, work with that agent, or find another if you don't feel good about them to work through the necessary steps. You'll need to prepare your home for sale ie. potentially make some repairs, small updates, declutter, etc. Figure out listing timing, take pictures, and go through the sale process. There's quite a bit to it, but working with a good reputable agent in your area will help walk you through all of the steps to fit your situation.

Yes an experienced agent can help you through this. Ideally they will have connections to local investors in your area who may be able to purchase your home from you quickly, and avoid the issues you're running into with the city.

As many as it takes until you find "the one". It could be your first, it could be your 15th, there's no telling how many it'll take or how long. Usually it takes a few to dial in what you're really looking for, and from there you should be able to start narrowing it down unless you're looking for something very specific, then it may take longer.