|
Ornery and Hornery posted:Comrades, please share your lived experiences with buying and living in a co-op. Depends on the structure and community. In general co-ops tend to have really engaged communities, more rules than HOAs, and a lengthier process to buy in. Sometimes even with an interview from the co-op. You can get lower prices for them because there's less of a resale market for them and the transactions take longer. Also because there might be rules on how much you can sell your unit for too as well as whether you can rent it out or not. That being said they can be great communities to live in. You really really need to interview on your end to figure out the culture though. Financially, co-op purchases can be a headache (outside of New York City) because banks don't want to deal with them and it's not a traditional mortgage instrument. You're buying shares, not property and getting a loan to buy shares in a corporation is a tough sell since there's not a piece of physical property that the bank can take as collateral. therobit posted:They are kind of just a NY thing. You should read about some of the struggles healthcare workers had just trying to stay with family during COVID. nah, there are co-ops/co-housing communities all over the country. You're right though that there's an outsized number of them in new york.
|
#
?
Feb 6, 2023 05:11
|
|
|
|
| # ? Jun 9, 2024 18:42 |
|
|
Blurb3947 posted:The market near me is full of old poo poo houses that are overpriced so I'm looking into modular or manufactured homes with some land. Anyone venture into that territory before? Not directly, but I have old friends/family in rural areas that have gone this route. Why do you want to do this? The biggest issue is lining up utilities. Also check land prices, I think it’s a lot harder to find decent land at a good price. Folks have been snapping up land for years so anything cheap is going to be cheap for a reason.
|
|
#
?
Feb 6, 2023 05:23
|
|
|
El Mero Mero posted:Depends on the structure and community. In general co-ops tend to have really engaged communities, more rules than HOAs, and a lengthier process to buy in. Sometimes even with an interview from the co-op. You can get lower prices for them because there's less of a resale market for them and the transactions take longer. Also because there might be rules on how much you can sell your unit for too as well as whether you can rent it out or not. That being said they can be great communities to live in. You really really need to interview on your end to figure out the culture though. Yeah I suppose that’s correct but I guess where I work we don’t finance them outside of NY and I guess that is just our interpretation of Fannie Mae’s requirement that the unit: quote:be located in an area that has a demonstrated market acceptance for the co-op form of ownership, as reflected by the availability of similar comparable sales for co-op units in the market area. I am not sure if there are any other areas that have demonstrated market acceptance of that type of housing. Maybe San Francisco?
|
|
#
?
Feb 6, 2023 05:53
|
|
|
skipdogg posted:Not directly, but I have old friends/family in rural areas that have gone this route. Mostly because I don't want to pay $300k for a 95 year old house that was used as a rental for college students. I don't know. Like, I'm not in a rush to get a home but I'd also like to not rent and have my own space and poo poo. It just feels like the market has been real spotty for the last 3 years which is also when I started looking at moving.
|
|
#
?
Feb 6, 2023 05:58
|
|
|
Blurb3947 posted:Mostly because I don't want to pay $300k for a 95 year old house that was used as a rental for college students. I don't know. Like, I'm not in a rush to get a home but I'd also like to not rent and have my own space and poo poo. It just feels like the market has been real spotty for the last 3 years which is also when I started looking at moving. I wish I could get a 95 year old house for $300k...
|
|
#
?
Feb 6, 2023 06:24
|
|
|
Blurb3947 posted:The market near me is full of old poo poo houses that are overpriced so I'm looking into modular or manufactured homes with some land. Anyone venture into that territory before? Are you talking about buying an existing manufactured home already on a plot of land - and if so, is this actually a standalone isolated property, or a parcel within a park? Or are you talking about buying an undeveloped piece of land and dropping a manufactured home on it? Two of these three ideas are probably absolutely terrible, and the best of the three is still bad.
|
|
#
?
Feb 6, 2023 06:56
|
|
|
Blurb3947 posted:Mostly because I don't want to pay $300k for a 95 year old house that was used as a rental for college students. My town currently has a 103 year old house that was used as a rental for college students for sale at $1.5 million.  It's not even renovated, looks like poo poo, and is 400 ft from an extremely busy train line. $300k for anything sounds amazing.
|
|
#
?
Feb 6, 2023 08:22
|
|
|
There is no vacant land for sale worth buying for less than $150k/acre, generally Anything less is going to have weird restrictions, like your neighbor can use the middle 50' of your property as their driveway, or it's unbuildable, or it's buildable but the city won't put in a water meter or sewer connection or it won't perk or all the wells dried up, or there was a massive fire in the area and everyone's fire insurance went through the roof or or or On the off chance you find good land it's gonna be an hour one way to a super market or Walmart Tax lien sales are full of empty scam subdivisions/property bought sight unseen by boomers in the 70s and their kids know it's useless land so they just don't pay the property taxes and walk away One goon here was a veteran on disability and just wanted to live in a cabin and disappear. If that's your goal you can do that, but decent vacant land near town is stratospherically pricey now as you're competing with six different property developers who want to turn it into tract housing
|
|
#
?
Feb 6, 2023 10:43
|
|
|
Blurb3947 posted:The market near me is full of old poo poo houses that are overpriced so I'm looking into modular or manufactured homes with some land. Anyone venture into that territory before? If you're talking about buying a manufactured home and then renting a place to put it (aka a lot in a trailer park) and it's in a location that's desirable or even just barely desirable because it's not completely out in the middle of nowhere, you risk the landowner selling the land to a developer because they want out of the trailer park owning biz and retire, and got top dollar from someone wanting to put in mcmansions. They you get a nice letter telling you to arrange transport of your extremely difficult to transport manufactured home to somewhere else in X days or else they'll demolish it for you. Some cities are attempting to preserve trailer parks for low income housing and people that have nowhere to go and an impossible to transport 20+ year old manufactured home but you can't count on that. If you're talking about buying a lot and then buying a new construction manufactured home to place on said lot.. well, that's more reasonable, but also probably a lot more expensive especially if you're demolishing a house on one of those "the house is worthless, you're buying the land" listings. Empty land not in a swamp somewhere right off the interstate is usually still undeveloped for a reason.
|
|
#
?
Feb 6, 2023 10:45
|
|
|
carticket posted:Do you have a plumber and/or chimney guy in the Amherst area? Asking for a me. Son's Chimney. Milford Plumbing and Heating.
|
|
#
?
Feb 6, 2023 12:19
|
|
|
Hadlock posted:There is no vacant land for sale worth buying for less than $150k/acre, generally Subjective. Not everyone wants to live where you live. You can get 40 acres where I am for $25k. E: and there won't be any grass to mow.
|
|
#
?
Feb 6, 2023 14:31
|
|
|
100 year old houses rule, they've stood the test of time. Much prefer them over 10 year old houses that were built cheap and fast and won't last 30 years. My house is 130 years old and the plaster walls muffle sound great, it's all stone and brick on the exterior, and it's got a bunch of original wood details that you can't find anymore. Though, I am paying a bunch to get the knob and tube wiring replaced
|
|
#
?
Feb 6, 2023 14:43
|
|
|
Hadlock posted:There is no vacant land for sale worth buying for less than $150k/acre, generally tell me you've never live in a rural area without telling me you've never lived in a rural area
|
|
#
?
Feb 6, 2023 15:04
|
|
|
Curious about something - browsing subreddits like the FirstTimeHomebuyer, people are posting their loan forms with rates of like 5.3-5.5. However every mortgage rate tracker I see says rates are still around 6.5. Why the discrepancy? Are the trackers behind? are redditors full of poo poo?
|
|
#
?
Feb 6, 2023 15:19
|
|
|
KYOON GRIFFEY JR posted:tell me you've never live in a rural area without telling me you've never lived in a rural area If it's not in the heart of suburbia, it isn't worth looking at, apparently.
|
|
#
?
Feb 6, 2023 15:20
|
|
|
A Proper Uppercut posted:Curious about something - browsing subreddits like the FirstTimeHomebuyer, people are posting their loan forms with rates of like 5.3-5.5. However every mortgage rate tracker I see says rates are still around 6.5. Why the discrepancy? Are the trackers behind? are redditors full of poo poo? Eh, I just got 5.75 from my local credit union even though the trackers in this state are saying 6.4, so I think it's in the realm of possibility. They also might have purchased some points?
|
|
#
?
Feb 6, 2023 15:33
|
|
|
CRUSTY MINGE posted:Subjective. Not everyone wants to live where you live. While it might be subjective in the strictest sense of the word the overwhelming majority of people do not want to live in a remote wasteland and also need a source of income from working so even if they wanted to they couldn't. Also, there are a whole lot of options between $150,000/acre and $625.00/acre. In fact....and here's a theme for you....the overwhelming majority of options are neither of those. The bottom line on "let's buy property and build/put a manufactured home on it" is simply that any property the overwhelming majority of people would want to live on that has utilities......even just electric......has already been built on or is simply not for sale and never will be. Many of these lots you see for sale are lacking: - Power. Just running from wherever the last pole is to the property is going to be a minimum 5-figure bill in almost all cases. Minimum 5 figure bill for any kind of off grid solar that begins to approach something that isn't just a complete and total compromise. And even with that solar install I hope you don't expect to run AC, and you'll be trucking in propane or oil for heat. - Water. Maybe you can get some kind of idea how much a well will cost to drill, but it's always variable and you're typically billed by the foot. There goes another $8-25k - Sewer. Need a perc test. Hope you can find a places where it passes and you get to put in septic for $25k. If it doesn't pass you're trucking in sand to make a sand mound and not only did you spend $30-35k on your septic system it probably has a grinder pump in it that needs power an maintenance now. Yay. - Internet. Hope you like laggy, expensive, low bandwidth satellite. Edit: Almost forgot the best part. A very large majority of the lots I see advertised right now in the northeast don't have any access. I don't mean you need to access them through an easement from the road through some else's driveway. I mean there is no driveway and there is no easement. Just a wooded lot in the middle of one or more other wooded lots. The other option is socializing these costs, which is what developers who sell lots are doing. That's a whole other thing and you're paying a premium and often given a lot of restrictions. Motronic fucked around with this message at 16:31 on Feb 6, 2023 |
|
#
?
Feb 6, 2023 16:25
|
|
|
Hadlock posted:There is no vacant land for sale worth buying for less than $150k/acre, generally
|
|
#
?
Feb 6, 2023 16:29
|
|
|
Blurb3947 posted:Mostly because I don't want to pay $300k for a 95 year old house that was used as a rental for college students. I don't know. Like, I'm not in a rush to get a home but I'd also like to not rent and have my own space and poo poo. It just feels like the market has been real spotty for the last 3 years which is also when I started looking at moving. What part of the country are you in? I have family/friends in Kansas and Louisiana who have done this. Louisiana person didn't want to live next to a bunch of people. Bought 10 acres north of Hammond, LA and put a modular home on it. I think they have municipal water, but they had to put a septic in, pay a few thousand to get a power pole put in. They have no cable/phone line service and have lived off cellular internet the entire time they've lived there. I think they went about 220K all in to get setup. I have some distant/extended family around the Topeka area. You can pick up 5 acres for a decent price depending on how far you want to be from Topeka Kansas ( I prefer to be 1000 miles away personally) and then slap a doublewide or modular on the land if you want. You're probably going to have to drill a well if county water isn't available, put in a septic, maybe extend power, and internet is a crap shoot. In both cases the farther away from "town" you are, the less expensive the land. That comes with trade offs though. Like being 30 to 45 minutes away from anything. Near me I can get a 5 acre lot in a master planned gated luxury community for 189K. If you want real unrestricted land though I need to go way farther out as unrestricted land gets snapped up really quick around here. skipdogg fucked around with this message at 16:42 on Feb 6, 2023 |
|
#
?
Feb 6, 2023 16:40
|
|
|
Motronic posted:While it might be subjective in the strictest sense of the word the overwhelming majority of people do not want to live in a remote wasteland and also need a source of income from working so even if they wanted to they couldn't. Almost like the truth is in the middle. You aren't kidding about lots with no legal access though. I've seen those out west in rural Oregon and Washington too. Most options I see (that aren't desert wastelands surrounded by mountain views) are $30-50k lots of varying size (quarter acre to a few acres), varying by proximity to utilities and conveniences like short commutes and shopping. These lots often come with restrictions like "no modulars/mobiles" though. On internet, fortunately the desert wasteland I live in has transmitter internet service (pretty good within 10 miles of the towers) and 5G available, there's even fiber down several otherwise unimproved roads. E: All comes down to where you want to be. If you want to be in a low density area, you'll pay for it in other ways like commuting on no tv or dealing with coyotes. CRUSTY MINGE fucked around with this message at 16:58 on Feb 6, 2023 |
|
#
?
Feb 6, 2023 16:52
|
|
|
Motronic posted:Many of these lots you see for sale are lacking: It's funny because yeah objectively all this stuff is true and it's super inconvenient and stuff to consider but it was just Fact of Life poo poo where I grew up. You want a house? It's just all part of the deal. The going rate for a decent size parcel (10+) in my hometown that has enough road frontage to be zoned as buildable is like $2-5K. It's that cheap because it's loving rural and as you listed you then have to shell out a lot of coin to provision your own services. There are also a lot of people selling non-buildable / conditional access lots to flatlander idiots so that's funny, too. edit: where i grew up there is also still no cellphone service at my parent's house site so like we are talking pretty loving rural here
|
|
#
?
Feb 6, 2023 16:57
|
|
|
KYOON GRIFFEY JR posted:It's funny because yeah objectively all this stuff is true and it's super inconvenient and stuff to consider but it was just Fact of Life poo poo where I grew up. You want a house? It's just all part of the deal. Absolutely. But anyone asking here known exactly none of this and think their bill for a house is land + building costs/purchase and transport of a modular. When in reality the infra is going to cost as much as a modest home and needs to be put in before you even start building. And you're not getting a loan for any of it. You need to float ALL OF THAT until you get a real rear end house built on there that you can get a mortgage on to combine your property loan and all that infra cash and the building slush fund to make up for how slow your construction loan pays out.
|
|
#
?
Feb 6, 2023 17:09
|
|
|
Oh, absolutely. The infra for my parent's house that they built in the 70s was an order of magnitude more expensive than the land and the cost of building the house. They did build the drat thing themselves, which cut a lot of $ construction costs. Friends who are doing similar now are going to shell out probably $75k for infra, and they already have power at the road and heavy equipment to do a lot of the driveway work themselves. Separately: never buy a modular home.
|
|
#
?
Feb 6, 2023 17:27
|
|
|
CRUSTY MINGE posted:
If you haven't lived in a rural area, you need to understand the tradeoffs. I love where I live. However: Three hour round trip to Home Depot, Costco, my husband's cardiologist, any food that isn't Californian, seafood, Mexican, or Thai. Six hours to his neurologist. Ditto to the closest Oriental market. Our doctor's office has no on call at all. Test positive for COVID on a Sunday? Be glad a friend knows an online doctor service that covers California so you can get Paxlovid. If we have strokes, we'll probably die. Local hospital ER is very basic and can't take advantage of the Golden Hour to infuse clot busters. We subscribe to a helicopter evac service, but time is brain. Small hospitals are closing entirely all over the nation. Library is tiny. Again, worth it to us. But you need to think about these things before you move to a small town.
|
|
#
?
Feb 6, 2023 17:30
|
|
|
Arsenic Lupin posted:Bears. You forgot to mention bears. Yup. There's a town here in Colorado that's dealing with mountain cats coming in and taking pets, getting too comfortable around people. Frankly, I'd prefer bears. It's all compromise. I like where I am. Cold in the winter but merely warm and very dry in the summer. Lots of wildlife. Low population density. Ideally, I'd like to be able to shoot from my back porch and not hear about it later from the neighbors. Stare at pitch black skies with no light pollution while blaring the stereo at max volume at 3am and not have a cop remotely come close to dropping by for a noise complaint. 40 acres of alpine desert is appropriate for me, definitely not for most. I might stroke out and die loving around on a pile of sand, but to me, that sounds better than the alternative of winding up in a state veterans home at some point. To each their own. If I'm lucky, I'll be able to afford 40 acres this fall outright, but then I get to save up for all the other poo poo Motronic mentioned. It would be substantially easier to just buy a house in town once an old lich dies and their family lists it because they don't want to deal with a house in a rural town that was last updated maybe in the 80s. But then I would be compromising on my desire to have no neighbors and shoot from my back porch. E: small advantage to rural areas, you can apply for a USDA Rural Development loan. Link: https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-direct-home-loans#overview CRUSTY MINGE fucked around with this message at 18:25 on Feb 6, 2023 |
|
#
?
Feb 6, 2023 18:00
|
|
|
A Proper Uppercut posted:Curious about something - browsing subreddits like the FirstTimeHomebuyer, people are posting their loan forms with rates of like 5.3-5.5. However every mortgage rate tracker I see says rates are still around 6.5. Why the discrepancy? Are the trackers behind? are redditors full of poo poo? A lot of the low rates are either special programs (VA, FHA) or large points buydowns (or both). Pretty much go to Bankrate, put in your area, filter to zero-points, and sort by APR. that will gives you a good idea of about what the rates are doing in your area.
|
|
#
?
Feb 6, 2023 19:16
|
|
|
Where in this thread is the explanation or mortgage points? I cannot find it for the life of me. We put in an offer on a condo and now we’re in this weird state of panic. If our offer isn’t accepted, we’re gonna be sad. If our offer is accepted, we’re gonna be terrified.
|
|
#
?
Feb 7, 2023 16:11
|
|
|
Bread Set Jettison posted:Where in this thread is the explanation or mortgage points? I cannot find it for the life of me. You pay the mortgage lender a fixed amount (one percent of the mortgage amount = one point) to reduce the mortgage rate. I think my recollection is that a point paid corresponds to a .25% reduction in rate, but I think this varies by lender. Obviously with this upfront cost, you have to try and figure out how long you anticipate being in the house to see if it’s worth the cash outlay.
|
|
#
?
Feb 7, 2023 16:35
|
|
|
The math is also complicated by the fact that you are paying for points with today-dollars which are worth more than future-dollars.
|
|
#
?
Feb 7, 2023 17:05
|
|
|
Bread Set Jettison posted:Where in this thread is the explanation or mortgage points? I cannot find it for the life of me. Discount points (with a calculator) https://michaelbluejay.com/house/bankoffer.html The calculator though is simple and doesn't take into account the time-value of money. Basically this: Shifty Pony posted:The math is also complicated by the fact that you are paying for points with today-dollars which are worth more than future-dollars. jjack229 fucked around with this message at 17:13 on Feb 7, 2023 |
|
#
?
Feb 7, 2023 17:10
|
|
|
Thank you these are helpful. I’ve been lurking in this thread off and on for a while but my wife and I now just found a good opportunity. It’s the most money I’ve ever had to consider in my entire life to the point where it feels just kind of abstract. My down payment isn’t great but the lovely state of massachusetts might be able to offer me down payment assistance which is nice.
|
|
#
?
Feb 7, 2023 18:05
|
|
|
We are a commonwealth how dare you
|
|
#
?
Feb 8, 2023 03:46
|
|
|
A Proper Uppercut posted:Curious about something - browsing subreddits like the FirstTimeHomebuyer, people are posting their loan forms with rates of like 5.3-5.5. However every mortgage rate tracker I see says rates are still around 6.5. Why the discrepancy? Are the trackers behind? are redditors full of poo poo? Just locked in at 5.25% last week. First time home buyer.
|
|
#
?
Feb 8, 2023 04:04
|
|
|
Furious Lobster posted:Just locked in at 5.25% last week. First time home buyer. Conventional 30 year loan with no points?
|
|
#
?
Feb 8, 2023 10:17
|
|
|
Motronic posted:While it might be subjective in the strictest sense of the word the overwhelming majority of people do not want to live in a remote wasteland and also need a source of income from working so even if they wanted to they couldn't. Yeah this Properties I walked away from signing on (so far) 1) 11 acres in Mt Aukum CA, next door to a a 25 acre vineyard, 3 acres of flat usable vineyard (4 if you really push it) known good perc, known good wells, inside the X feet from a fire station for lower fire insurance, power pole on the property, $140k, 2.5 hours from San Francisco Guy had retired from the army in the 70s bought the land as part of a new development, never developed it, one of the last vacant lots, finally died his 60 yo son sold it to get rid of it 2) 6 acres in Elizabethtown. Flood proof due to local geography. Flat, buildable, maybe useful as farmland or an orchard. 2 hours from the nearest major airport. Not near anything or... Anything really, adjacent to an electrical substation could be turned into a solar power plant for passive income. Just outside of city limits no HOA. $65K Guy who owns it is some random retired businessman living about 30 miles away, clear cut it once to cover his property taxes until he dies Both of these are functional pieces of land But they're nowhere near a business center, no wealth generating whatever. If you're under 50 and need to pay off the note with a white collar job it's not worth it. Eventually you'll need to drive in to the office. I've had coworkers who live 2+ hours away on a hay farm. They looked wretched after 15 years of doing that, even just 2 days a week. Can you do it? Yes. Is it worth it? Probably not Wife seems to really like Sonora so we'll give that another chance Right before we temporarily left the bay area we were looking pretty hard at a 1.3 acre piece of land up on the mountain above Sonoma (not Sonora) and asking price was $300k. 45 minute commute to downtown SF in perfect conditions. It had an HOA and two separate weird right of ways on different sides of the property line Still looking for that right piece of property. It's somewhere between 1.7 and 3.5 acres, within 45 minutes of an international airport, at least 30% of it reasonably flat. Good land near major population centers is not cheap, especially without weird encumbered restrictions Edit: and yeah I've done the research looked at stuff like Van Horn tx, rural Arizona etc yes you can buy 1k/acre scrubland but enjoy your 4 hour round trip weekly grocery run. My wife and kid won't put up with that unfortunately Hadlock fucked around with this message at 11:32 on Feb 8, 2023 |
|
#
?
Feb 8, 2023 11:12
|
|
|
Hadlock posted:It's somewhere between 1.7 and 3.5 acres, within 45 minutes of an international airport, at least 30% of it reasonably flat I mean, here's your problem right here. If it's within 45 min of an international airport and flat it's probably already a suburb. Maybe if you got creative with your definition of an "international airport" (I once lived near a small town with a puddle hopper airport that was mostly flights to the nearest big city but also had a once-a-week flight to Canada, so they got to call themselves an international airport). Or if you're OK with living outside a mid-sized city in the midwest or something. Since you're saying California I'm assuming you're not down to move to Ohio or Kansas or something. Just glancing at a map I bet you could get that within 45 miles of Tulsa International.
|
|
#
?
Feb 8, 2023 14:43
|
|
|
Cyrano4747 posted:Maybe if you got creative with your definition of an "international airport" (I once lived near a small town with a puddle hopper airport that was mostly flights to the nearest big city but also had a once-a-week flight to Canada, so they got to call themselves an international airport). I don't think Hadlock is using that actual definition of "international airport" here, because half the county seats in rural america have a legit international airport. The bare minimum for that designation is that they receive international cargo once in a while so they have a part time/on call customs agent. But as to the definition I suspect is being used: Cyrano4747 posted:it's probably already a suburb.
|
|
#
?
Feb 8, 2023 14:48
|
|
|
Lots of land for cheap within 45 minutes of MSP.
|
|
#
?
Feb 8, 2023 15:05
|
|
|
Dik Hz posted:Lots of land for cheap within 45 minutes of MSP. Motronic posted:the overwhelming majority of people do not want to live in a remote wasteland
|
|
#
?
Feb 8, 2023 15:08
|
|
|
|
| # ? Jun 9, 2024 18:42 |
|
|
hey come on that's not fair, MSP is nice for like 3 weeks in September.
|
|
#
?
Feb 8, 2023 15:47
|
|
