Home buying thread

Daidraco · May 9, 2023

Lanx said:
in my area, the only house that isn't 2m+ is this house for 450 that just got a reduction, b/c

yes, the kitchen is tri-color w/ unfinished tiles...

There has to be more to it than just the pastel colors and the incomplete shit show jobs. If the rest are going for 2 mil, and thats at 450k - you could do a flip and walk away with close to a half mil in your pocket after taxes? Thats selling at 1.5 mil instead and still doing luxury custom fitting cabinets, fixtures, windows, doors, landscaping, tile, flooring, a sheetrock scrub and painting. Taxes obviously being your biggest burden. Even after good credit, interest rates are at five and a quarter. Theyre beginning to do 100% finance on real estate and 40 year loans. (As a flip, I wouldnt care what the term is as long as its monthly burden is affordable as I wait for the listing to sell.)

I still need to see the outside (roof and siding condition) - but if a two different inspectors came back with no other issues, and the market is truly where you say its at - this is potentially, a good buy for someone that has at least a basic knowledge of home repair (DIY Electrical, Plumbing, etc.)

Jysin · May 9, 2023

Yea, Florida (like Texas) went crazy hot on housing following the work from home (zero state income tax) and some political reasons. Hell, many NY trade firms have up sticks and moved to Miami / Tampa areas for tax reasons. I believe Tampa has had the largest home price boom in all of the US from 2020+.

Intrinsic · May 9, 2023

Burns said:
Arkansas, outside of Little Rock, actually looked interesting, as they have low costs of living across the board, or at least did 5 or so years ago.

Little Rock isn't really that bad and being centrally located is helpful. I'm not a fan of NW AR for a lot of reasons that I'm not a fan of, let's say, other trendy developing places? Not sure how to put that exactly. Bentonville, Rogers, Springdale, and Fayetteville are everything I dislike about other cities. In 10 years I'd hate it and it'll be overrun by how much it is growing and traffic around there already sucks.

I'd do the same thing we're currently doing outside of Little Rock (for the same reasons).

Land around Roland, Wye, Bigelow, a little further West. We have a river crossing just to the North with easy access to I-40 and Conway, Russellville, on up to NW AR, but can also drop down to Highway 10 and be at the airport in 20 minutes or hit 430 to go to Dallas, etc.

But we're also not looking at retirement right now. Otherwise I'd be up closer to North-Mid AR. Doing a lot of client work in TN at the moment also. Probably getting an RV through my company next year and will take it around the State while working and get more familiar.

Fucker · May 9, 2023

Daidraco said:
There has to be more to it than just the pastel colors and the incomplete shit show jobs. If the rest are going for 2 mil, and thats at 450k - you could do a flip and walk away with close to a half mil in your pocket after taxes? Thats selling at 1.5 mil instead and still doing luxury custom fitting cabinets, fixtures, windows, doors, landscaping, tile, flooring, a sheetrock scrub and painting. Taxes obviously being your biggest burden. Even after good credit, interest rates are at five and a quarter. Theyre beginning to do 100% finance on real estate and 40 year loans. (As a flip, I wouldnt care what the term is as long as its monthly burden is affordable as I wait for the listing to sell.)

I still need to see the outside (roof and siding condition) - but if a two different inspectors came back with no other issues, and the market is truly where you say its at - this is potentially, a good buy for someone that has at least a basic knowledge of home repair (DIY Electrical, Plumbing, etc.)

It is going for cheap because it is in a high crime area and needs a complete interior reno.

Daidraco · May 9, 2023

Fucker said:
It is going for cheap because it is in a high crime area and needs a complete interior reno.

I dont know where its located. Is the crime rate because the city is folding in on itself economically, or its just in a shitty area? Im all to familiar with managing properties in shitty areas (as thats why these landlords actively seek out my services), but if people are actively fleeing the area like its Flint, Michigan - thats something Ive been lucky enough that Ive never had to deal with.

Lanx · May 9, 2023

Daidraco said:
I dont know where its located. Is the crime rate because the city is folding in on itself economically, or its just in a shitty area? Im all to familiar with managing properties in shitty areas (as thats why these landlords actively seek out my services), but if people are actively fleeing the area like its Flint, Michigan - thats something Ive been lucky enough that Ive never had to deal with.

naw crime is non existent

it's just old and needs a gutting

also it's right by the highway, so like super noisy

also i misworded, i had a filter on, it's the only 5bedroom house that isn't 1.5m or more in the area.
which is even crazier

Daidraco · May 9, 2023

Lanx said:
naw crime is non existent

it's just old and needs a gutting

also it's right by the highway, so like super noisy

also i misworded, i had a filter on, it's the only 5bedroom house that isn't 1.5m or more in the area.
which is even crazier

Dont know what he's talking about then.

I'd look at it as a challenge, personally. Id gut the interior completely and probably replace the outside siding with something like a nice Hardy Board. Probably have to replace the water lines in the house, but the old timey sewage plumbing is probably rock solid. Electrical is iffy. Both of which someone could do by themselves or with a buddy and just have a professional come, check off everything before putting new sheetrock up and then tying it off at the breaker box. Same for plumbing. Split between carpet and some luxury vinyl planks for the flooring. Generic, but nice, kitchen and bathroom counters and cabinets instead of custom stuff. Have a landscaper put up a thick wall of Gabion at the edge of the property, dress it up with a line of trees, install a loud water fixture and the highway noise will all but disappear.

You just havent linked the outside yet, so Im guessing its a doxxing issue. But again, we're talking less than a 100k (probably closer to 60k) to get this house up to a reasonable level to sell IF it doesnt have any major problems to the foundation etc. It would be a lot more for someone thats completely outsourcing all of the work, but thats not me.

Lanx · May 9, 2023

Daidraco said:
Dont know what he's talking about then.

I'd look at it as a challenge, personally. Id gut the interior completely and probably replace the outside siding with something like a nice Hardy Board. Probably have to replace the water lines in the house, but the old timey sewage plumbing is probably rock solid. Electrical is iffy. Both of which someone could do by themselves or with a buddy and just have a professional come, check off everything before putting new sheetrock up and then tying it off at the breaker box. Same for plumbing. Split between carpet and some luxury vinyl planks for the flooring. Generic, but nice, kitchen and bathroom counters and cabinets instead of custom stuff. Have a landscaper put up a thick wall of Gabion at the edge of the property, dress it up with a line of trees, install a loud water fixture and the highway noise will all but disappear.

You just havent linked the outside yet, so Im guessing its a doxxing issue. But again, we're talking less than a 100k (probably closer to 60k) to get this house up to a reasonable level to sell IF it doesnt have any major problems to the foundation etc. It would be a lot more for someone thats completely outsourcing all of the work, but thats not me.

outside looks great for a 1979 home

Gravel · May 9, 2023

Daidraco said:
There has to be more to it than just the pastel colors and the incomplete shit show jobs. If the rest are going for 2 mil, and thats at 450k - you could do a flip and walk away with close to a half mil in your pocket after taxes? Thats selling at 1.5 mil instead and still doing luxury custom fitting cabinets, fixtures, windows, doors, landscaping, tile, flooring, a sheetrock scrub and painting. Taxes obviously being your biggest burden. Even after good credit, interest rates are at five and a quarter. Theyre beginning to do 100% finance on real estate and 40 year loans. (As a flip, I wouldnt care what the term is as long as its monthly burden is affordable as I wait for the listing to sell.)

I still need to see the outside (roof and siding condition) - but if a two different inspectors came back with no other issues, and the market is truly where you say its at - this is potentially, a good buy for someone that has at least a basic knowledge of home repair (DIY Electrical, Plumbing, etc.)

I mean, seems like the land is valued at a million for all the other homes. Could buy it and do a brand new build and still make a massive profit?

Daidraco · May 9, 2023

Still surprises me that those colors were ever popular.

If the lot sold for a million by itself and I knew the market - Id be tempted to just demo the house and sell the lot, lol. As far as building it, thats out of the reach of the DIY kind of dudes and you have contractors coming in, getting permits, far more time involved etc. etc. (In my opinion). When really the box, the roof, the foundation, and the hookups all seem relatively good from what little I know. Nothing about the box seems bad is all, a reno would be much cheaper, and a house at 1.5 million that looks "Ok" is going to sell faster.

Again though - we're, or at least I am, just theorycrafting about the house. Love that stuff.

Gravel · May 9, 2023

I wasn't saying to actually do that, just pointing out that if the comps in the neighborhood are all valued at a million more than this, the land is likely worth that much.

The house itself doesn't play into it that much.

nu_11 · May 9, 2023

Haus · May 10, 2023

Sanrith Descartes said:
Im still juggling numbers to figure out how I can sell my NY house and by a McMansion in FL without a mortgage.

I have a sub 3% note on my current house with under $100k left on it. My game plan is to have enough to put down on land outside town by a good bit., build there, then make my current house into a rental and move out of the city.

Big Phoenix · May 10, 2023

Daidraco · May 10, 2023

Haus said:
I have a sub 3% note on my current house with under $100k left on it. My game plan is to have enough to put down on land outside town by a good bit., build there, then make my current house into a rental and move out of the city.

You could just use the equity on the house you're currently in for your next loan if your credit is in good standing. That also means you'll be between a 4.55 to 5.26% loan instead of the 7 something thats advertised (depending on term). Assuming you continue to make the same income - when that house is then paid off, you can use it again in full to purchase something else.

Suggestion:

Believe it or not, but seeking out a trailer park in a range you're comfortable with from your house - purchasing it and then having someone manage it for you is the best turn over Ive seen. I know this "sounds" trashy and more trouble than its worth, but its not and trailers are extremely easy to modify and work with. Since you're basically just supplying the "park", its plumbing, road, hook ups, etc. - A lot of it will never need more than a passing telephone call to the power company or similar.

(Using rent values from one of the trailer parks we own)
Look for something 35 plots at 250 minimum per, 8750/m, your full loan with insurance, taxes and all the BS that goes along with it will put you something around ~7500 on a million dollars. Putting aside that 1250 for repairs etc. So at worst, you're pocketing ~2500 a month in equity, at 4.55% and roughly 700 liquid, if you break down what you'll pocket from the savings account on an average year. (This is at the most current going rate as of this morning at 4.55% for excellent credit at 30 year.) Nevermind the "hope" that eventually interest rates will go back down and you can refinance and change nothing - pocketing even more.

This goes a step further in that, the purchase will also have trailers on the property that are included with the purchase. Even the most rough looking trailer can be restored, and done so cheaply. Which means you can then have the person that manages the trailer park for you, rent it out to someone else for ~600+ instead of 250.

Taking advantage of people - Or just business, your call-

People will get a Title 1 loan on their mobile home and put it on your lot. Lease has to be at minimum, 3 years. I can go through all the details if you want, but long story short, you'll end up with a chunk of money from a lease break for one reason or another. Another side of this is that its so expensive to move and install or the opposite, that at times.. you'll end up seizing the trailer altogether. Now you have another rental trailer instead of a rental plot. Our oldest trailer park, out of 44 plots, we only received 3 in that purchase in 2011. We own 19 of them now. Some of which are 20-30k dollar trailers (as insane as that is.)

Haus · May 10, 2023

Daidraco said:
You could just use the equity on the house you're currently in for your next loan if your credit is in good standing. That also means you'll be between a 4.55 to 5.26% loan instead of the 7 something thats advertised (depending on term). Assuming you continue to make the same income - when that house is then paid off, you can use it again in full to purchase something else.

Suggestion:

Believe it or not, but seeking out a trailer park in a range you're comfortable with from your house - purchasing it and then having someone manage it for you is the best turn over Ive seen. I know this "sounds" trashy and more trouble than its worth, but its not and trailers are extremely easy to modify and work with. Since you're basically just supplying the "park", its plumbing, road, hook ups, etc. - A lot of it will never need more than a passing telephone call to the power company or similar.

(Using rent values from one of the trailer parks we own)
Look for something 35 plots at 250 minimum per, 8750/m, your full loan with insurance, taxes and all the BS that goes along with it will put you something around ~7500 on a million dollars. Putting aside that 1250 for repairs etc. So at worst, you're pocketing ~2500 a month in equity, at 4.55% and roughly 700 liquid, if you break down what you'll pocket from the savings account on an average year. (This is at the most current going rate as of this morning at 4.55% for excellent credit at 30 year.) Nevermind the "hope" that eventually interest rates will go back down and you can refinance and change nothing - pocketing even more.

This goes a step further in that, the purchase will also have trailers on the property that are included with the purchase. Even the most rough looking trailer can be restored, and done so cheaply. Which means you can then have the person that manages the trailer park for you, rent it out to someone else for ~600+ instead of 250.

Taking advantage of people - Or just business, your call-

People will get a Title 1 loan on their mobile home and put it on your lot. Lease has to be at minimum, 3 years. I can go through all the details if you want, but long story short, you'll end up with a chunk of money from a lease break for one reason or another. Another side of this is that its so expensive to move and install or the opposite, that at times.. you'll end up seizing the trailer altogether. Now you have another rental trailer instead of a rental plot. Our oldest trailer park, out of 44 plots, we only received 3 in that purchase in 2011. We own 19 of them now. Some of which are 20-30k dollar trailers (as insane as that is.)

I've thought about this as well. I'm VERY familiar with the trailer park concept. I come from a rather redneck lineage and trailer parks do play a significant role. I even have a brother in law living in one right now.

The real full scope of my master plan. In a PERFECT scenario...
There are two houses I functionally own at the moment. Mine and the one I was raised in (my grandparents originally, where my mother lives now). Find land in country, optimally with a small older house, or double wide already on property. Do essential repairs on existing shelter, use it as a place to live on weekends, or while the real "until we leave this moral coil" house is completed for

Mrs. Haus and I. Once long term permanent house/compound/bunker is complete, we move out there. Our house becomes a rental property. I move my mom into the original house (after fixing it up) and it becomes her retirement home. The house I was raised in becomes second rental property.

Right now I'm accumulating capital to also have cash behind this (on top of a good bundle of equity I have in my current house). Figuring there's a better than 50% chance we're going to see a further deterioration of the housing/real estate market when the economy has to admit we're in another recession. Then pull the trigger when I can get an optimal deal on the right land. Goal being to do it with minimal cash outlay and not cashing in any equities/other holdings.

Your idea about a trailer park could actually make sense, even if one didn't already exist near said land. I'm hoping to buy somewhere north of 20 acres, probably up to 50-100 depending on how far out from civilization I want to be. If it's not too far from civilization, there would even be the option of planting a trailer park on the far side of my acreage. Hell, I know my brother in law would love to live near his sister so if nothing else I'll probably be building at least one trailer pad on the property. heh

moonarchia · May 10, 2023

Well, family decided to go back to Grand Junction, so I am closing on a condo this Friday. It's a nice one that I will probably keep, but I already know I am going to get assfucked when the market implodes. Oh well, how it goes. Once I get settled in I am going to try to find something decent to do part time and just start paying down the principal as quickly as I can. It is pretty fucking posh I have to admit, and in the heart of Denver Tech Center, so convenient access to all of Denver, but the cost is... the cost. I will be 1.8 miles from where I work, and my monthly costs will be pretty close to the same. Google fiber. Underground secure parking. 24/7 security in the lobby. Nicest place I have ever lived in by far.

Nija · May 10, 2023

moonarchia said:
Well, family decided to go back to Grand Junction, so I am closing on a condo this Friday. It's a nice one that I will probably keep, but I already know I am going to get assfucked when the market implodes. Oh well, how it goes. Once I get settled in I am going to try to find something decent to do part time and just start paying down the principal as quickly as I can. It is pretty fucking posh I have to admit, and in the heart of Denver Tech Center, so convenient access to all of Denver, but the cost is... the cost. I will be 1.8 miles from where I work, and my monthly costs will be pretty close to the same. Google fiber. Underground secure parking. 24/7 security in the lobby. Nicest place I have ever lived in by far.

Ahh the joys of city life. Secure parking and 24/7 security required. Don't say we didn't warn you to get out of the cities!

Sanrith Descartes · May 10, 2023

moonarchia said:
Well, family decided to go back to Grand Junction, so I am closing on a condo this Friday. It's a nice one that I will probably keep, but I already know I am going to get assfucked when the market implodes. Oh well, how it goes. Once I get settled in I am going to try to find something decent to do part time and just start paying down the principal as quickly as I can. It is pretty fucking posh I have to admit, and in the heart of Denver Tech Center, so convenient access to all of Denver, but the cost is... the cost. I will be 1.8 miles from where I work, and my monthly costs will be pretty close to the same. Google fiber. Underground secure parking. 24/7 security in the lobby. Nicest place I have ever lived in by far.

At the end of the day if you are living where you want to live and enjoying life, as long as the mortgage payment is within your budget then it doesnt matter what you paid. There is a point where min/maxxing the price to the exclusion of quality of life becomes a detriment in my opinion.

moonarchia · May 10, 2023

Nija said:
Ahh the joys of city life. Secure parking and 24/7 security required. Don't say we didn't warn you to get out of the cities!

Those aren't required just yet, but they are a definite plus for peace of mind. That is true everywhere. Plenty of time before we go full doomer in Colorado at least.

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