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Wuhao posted:The whole west side of town is very new. I'm living down in Mountain's Edge, which is in the southwest. It's like a less complete version of Summerlin. Prices here are lower, because Summerlin has had time to develop stuff like shopping centers, and Mountain's Edge has not. Sup Mountain's Edge buddy. If you're going to be working in Summerlin, I'd suggest trying to find something around the Southwest part of town as well. It doesn't have to be Mountain's Edge, there are lots of options around here. I like the I-215/Tropicana Ave area.
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Jul 22, 2009 07:46
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Gravitee posted:Some of the pictures of houses we saw were in no way reflective of the current state of the house. Since so many houses are short sales/foreclosures, people really don't care about the state of their house or the house has been on the market for 6+ months and has fallen into disrepair. I also noticed that if there is only one picture of the inside of the house, that is the only redeeming quality of the house. I remember that. One house looked "OK" from the outside.. We walked in and literally walked right back out without even exploring around the house.. The worst part is all 3 of us were coughing for a good 20 minutes.. Must have been some MAJOR mold issue going on (or a corpse somewhere in the house). Safe to say they won't get anywhere near what they wanted for that one!
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Jul 22, 2009 13:40
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Got the results of the inspection on a house I was previously very excited about. How bad does some of this stuff sound? To me personally I now fear the whole place will fall apart moments after we close.quote:1) Area(s) of rafter(s) are, split and/or broken. one rafter over garage area I'm still in the option period of my contract, so if I back out now I don't lose much ($75) - but I like the location of the house and the condition of the superficial things on the interior (floors, walls, etc.) How much leverage did I just gain with this new knowledge?
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Jul 22, 2009 18:17
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The electrical issues alone seem like a lot of work to fix.. I'm not sure you can even get a Certificate of Occupancy with those.
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Jul 22, 2009 18:29
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roadhead posted:How much leverage did I just gain with this new knowledge? A few thousand dollars worth. None of those things are really a big deal if you otherwise like the house. 1. Cracked or split rafters can be repaired by sandwiching the busted rafter between two good pieces of 2x4 or 2x6 and bolting the whole thing together. Easy DIY. 2. The rotten siding needs to be replaced and the soil in contact with wood re-graded so that it doesn't touch. Difficulty/expense depends on the extent of the rot and how much soil is in contact. 3. Sounds like the breaker panel in general is no longer adequate. Get an electrician to come install a new and larger breaker panel. 4. Problem description is not very helpful here. If it's just a lack of GFCI outlets, those are an easy DIY install. 5. You can buy anti-siphon valves to screw on the hose bibs. 6. If the leaking piping is accessible then replacing it shouldn't be too difficult. 7. May not need addressing depending on where the heater is located 8. So don't tip it. 9. May just need lubrication or rail alignment. I'd get a general contractor to give a quote on fixing all of these items, then asking the seller for a concession in that amount. SlapActionJackson fucked around with this message at 19:23 on Jul 22, 2009 |
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Jul 22, 2009 19:14
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SlapActionJackson posted:
Its in the middle of the drat house! In a closet. I assume this has something to do with venting Carbon Monoxide and it collecting in the living area, or possibly the natural gas itself! I assume this would be bad?
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Jul 23, 2009 12:41
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roadhead posted:Its in the middle of the drat house! In a closet. I assume this has something to do with venting Carbon Monoxide and it collecting in the living area, or possibly the natural gas itself! I assume this would be bad? The report says you're missing an intake, not an exhaust vent. That means the air that gets burned comes from inside the house. This creates a partial vacuum inside the house, so if you've got other gas-burning appliances going, this could interfere with the proper exhaust of their combustion gasses. It's a bigger deal the more air-tight your house is and the harder it is for it to leak in the air being consumed by the heater.
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Jul 23, 2009 14:44
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SlapActionJackson posted:The report says you're missing an intake, not an exhaust vent. That means the air that gets burned comes from inside the house. This creates a partial vacuum inside the house, so if you've got other gas-burning appliances going, this could interfere with the proper exhaust of their combustion gasses. It's a bigger deal the more air-tight your house is and the harder it is for it to leak in the air being consumed by the heater. Wow Reading Comphension-- on my part. Today I met with the Realtor and we took the easy way out - attach the inspection report to the contract with an amendment citing it, demanding everything marked "Deficient" be brought up to code. The reason we were considering this particular property is that it seemed to be in "move-in" condition. With the electrical system in the condition is was in I would not be able to occupy the property 
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Jul 23, 2009 21:57
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My boyfriend of 7 years (Jim) and I are in a position to buy a house. I am currently unemployed with almost no savings, so it's all on him, but he is a financial machine even with his mediocre salary. (Me not so good with the finances.) We went to a mortgage adviser who told us we could afford the following: Up to $130K for a single home using conventional financing Up to $200K for a multi-unit using FHA (we would live in one unit) Now, we have found a 5-unit that we absolutely adore which is within our price range. Our realtor's mortgage person advised her we could use FHA to buy it since it would be owner-occupied. Our mortgage people advised us that we cannot buy it, we can only buy a 4-unit even if it's owner-occupied. He advised we would have to do a commercial loan (for which we can't afford a down payment). What the hell? I'm going to tell Jim to read this thread, he will eat it up. He is forever doing web research. Bonus: creepy old guy on the first floor of this place who's lived there forever and has a copy of Mein Kampf sitting out in his living room.
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Jul 24, 2009 17:29
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Ottoman posted:My boyfriend of 7 years (Jim) and I are in a position to buy a house. Pardon the bluntness, but no you are not. Wait until you are re-employed and have savings. What will you do if your "financial machine" loses his "mediocre salary" job?
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Jul 24, 2009 17:49
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Ottoman posted:My boyfriend of 7 years (Jim) and I are in a position to buy a house. quote:I am currently unemployed with almost no savings quote:with his mediocre salary Well those are some contradictory statements. You have no job. You have no cushion that would help you through having no job. And your boyfriend has a "mediocre" salary. If Dave Ramsey has only 1 nugget of advice to give, it is that you can't bleed a stone. If your income is in the shitter I don't care if your boyfriend can stretch a 25 cent box of ramen out to 5 meals, your income is still lovely. But then again, if your definition of "mediocre salary" is 6 figures, then I guess the only thing I'd say is you should re-think what "mediocre" really means. How much does he make? How much does he have in savings? How much debt do you two owe now collectively? And FYI, chances are if you went with a 5 unit dwelling for $200k you'll be living in the ghetto.
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Jul 24, 2009 19:02
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Zombie Dictator posted:Well those are some contradictory statements. Er, sorry for being so vague. My main question was just about the 4-unit vs 5-unit owner occupied commercial loan. Jim makes about $30K/yr and has $35K savings. He has no debt except upcoming community college tuition, which is $750 for this fall and which he already has paid half. I have debt: $300 on my credit card and student loan payments. That's covered by my unemployment for now. Since I lost my job in March we've pinched pennies enough that I'm still able to save a little, got a couple thousand in the bank. For the house we'd have a 30-yr mortgage. Conventional loan would be 20% down for a residential, FHA 10% down for a multi-unit. By the way, the $215K 5-unit we want is in a good neighborhood with historical buildings, in fact that building is from the 1800s and has been impeccably maintained after the conversion. What can I say, eastern PA has cheap houses, and prices fell a little since the bubble burst. We've found some deals sprinkled in the listings.
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Jul 24, 2009 23:42
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Ottoman posted:Jim makes about $30K/yr and has $35K savings. He has no debt except upcoming community college tuition, which is $750 for this fall and which he already has paid half. The debt isn't much, cc tuition, credit card/student loan... I have a few observations though: 1. Credit is very tight. You are not going to get a loan on a 30k a year job + 1 person who may or may not be cosigning on the loan being unemployed. 2. It seems you are going to spend a lot of savings to get a reasonable bank note. You then run the risk of financial ruin pretty quickly. You will have items to tend to in a rental unit. Who is going to pay for repairs? You have to find a balance of what you can afford monthly and what you can honestly afford to put as a down payment. 3. I don't see anyway around it, but the both of you will need incomes, even if yours is some temp job, or even fast food. Income is Income and right now you lack it. A few hundred dollars a month is significant. Now, if you wanted to get out of the mentality of "we are going to be landlords and make $$$$" Depending on your neighborhood, you could probably put 20k down on a house/condo and finance an additional 65-85 and have a monthly payment of 475-600 or so, which is very manageable, and you would be homeowners. What Zip Code are you in? I am sure there are cheap homes to be had.
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Jul 25, 2009 00:52
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TacoBender posted:The debt isn't much, cc tuition, credit card/student loan... Yes, we are a little nervous about being landlords but you're right, we need to find a financial balance. We saw a single house that we rather like and it's a short sell so that's even better, just gotta clean the place up and do mostly cosmetic work on it (ie horrendous wallpaper from the 60s) and other things like trying to put the water heater somewhere other than in the kitchen (post-WWII cape cod house, has no basement). The 5-unit we're not sure if we can get would pay the mortgage if the current tenants stay steady. Obviously we couldn't count on that income, we would have to have a mortgage which was based on Jim's income, but the FHA loan is designed to account for rental income which is why we could get a higher amount for a multi-unit. Naturally we would have to be prepared to lose tenants here and there but in a 5-unit it would be highly unlikely to have a majority of the units be vacant if they are priced correctly. We could use rental income to build up a repair and maintenance fund. We live in ZIP 18018, we love this area but it can be a tad pricey for our range. We have to stay more or less in the same county so Jim can finish his degree — the community college charges 3x the tuition if we're not in a sponsoring school district — but that's okay, we like many surrounding areas. Also I will NOT be co-signing a loan, I will only be tacked on the deed of any house we buy. Basically I'm holding him back financially until I get some income other than unemployment compensation. Thankfully my unemployment is relatively decent for temporary funds.
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Jul 25, 2009 02:07
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Ottoman posted:Naturally we would have to be prepared to lose tenants here and there but in a 5-unit it would be highly unlikely to have a majority of the units be vacant if they are priced correctly. We could use rental income to build up a repair and maintenance fund. I went thru a scenario recently where I bought a condo, and had to lease it out in less than 3 months due to a job re-location. 1. There are all sorts of hidden costs. 2. If your monthly payment is high, you lack the leverage on renting it out at a reasonable rate. 1-2 vacancies, and blammo, you are screwed. Also your boyfriend could easily lose his job in this economy and that leaves 2 people on unemployment trying to make it work. 3. I am sorry, but 1 college student on a 30k a year salary (even in an area that has poor wages, but a low cost of living scale and an unemployed person are going to struggle with the needs of tenants. A single new A/C unit can cost 3k. I don't see how you can manage that given the lack of raw income to be honest. Although I would be pulling for you and routing for you, I'd stick with getting a single family house: Realtor.com lists 11 houses that would have monthly payments of around 400-700 dollars with a modest amount (more than 20% avoiding PMI), While still leaving you enough to bring the house up to date, wallpaper, repairs, carpet. I am also going to level with you about something. The zip code you listed IS NOT in a high priced area. It is not NYC, San Diego, Seattle, S.F., Chicago, Boston or any place where real estate still trades at a premium. If you view that area as high priced, it is more a sign of that your not in a financial position to buy a house, despite having access to a large amount of savings.
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Jul 25, 2009 07:51
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Just do yourselves a favor and wait until you really ARE ready for a house.. This has got to be one of the worst ideas in the thread yet.
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Jul 25, 2009 15:03
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Ottoman posted:Jim makes about $30K/yr and has $35K savings. You can't afford a $100k home, let alone a $200k. A general rule of thumb is banks will lend roughly 3x your gross income. That would be $90k, and in this economy they'll only lend 3x if you have impeccable credit. No one is going to give you a loan for 7x more than you make under the hope you'll be able to rent it out and turn a profit.
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Jul 25, 2009 15:55
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Jim just chimed in: "Are you still typing that post?" Yes, dear. "Tell them I am not too concerned about losing my job, or else I would not be doing it!" All right Jim. He is not a goon so he keeps peeking over my shoulder in curiosity.TacoBender posted:1. There are all sorts of hidden costs. We've been living comfortably with our rent of over $700 a month plus most utilities, our mortgage advisor also took this into account when deciding our maximum loan amount. We told him that was what we were comfortable paying per month and the numbers worked out to a max of $130K for a residential on a 30-year mortgage with 20% down. Jim is great with finances, before we talked to the specialist he came up with a similar number on his own. Zombie Dictator posted:You can't afford a $100k home, let alone a $200k.
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Jul 25, 2009 23:55
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Just sent in our first offer request to Redfin. A bit nervous - we've been looking since October and haven't found more than one decent house, so we kind of gave up, and then suddenly one falls into our lap. That already has a few offers in on it, which adds to the stress. Anyway, my question is: We're currently in an apartment. At what point during the process could we give our apartment 60 days moving notice with 95% confidence that the house deal would go through? Basically, I want to avoid paying rent and a mortgage for too long.
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Jul 26, 2009 01:33
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95%? Probably once you've scheduled the closing date. Cut it too close and you're going to risk being homeless for a while
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Jul 26, 2009 02:37
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Ottoman posted:They are willing to lend 3x to us because Jim has a credit score of 810. Also FHA loans treat potential rental income as actual income when deciding your max amount. That being said we are definitely leery about the whole multi-unit thing in general, but the mortgage specialist also included repair/maintenance expenses in our budget for a multi-unit. I was just wondering about the FHA loan on a 5-unit but I'm thinking that 5-units are automatically commercial and thus we can't do it? I typed up some big long thing but just erased it. In the end you are going to buy a house and feel like you are chained to it because its more than you need to be handling right now. Get any sort of steady work, even part time, and you will be in a much better position to look. Buy a $100-110K house with 20% down and keep the rest as a nest egg. Oh and taxes in PA are going to make you change your mind about ever owning a house.
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Jul 26, 2009 03:20
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Strict 9 posted:Anyway, my question is: We're currently in an apartment. At what point during the process could we give our apartment 60 days moving notice with 95% confidence that the house deal would go through? Basically, I want to avoid paying rent and a mortgage for too long.
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Jul 26, 2009 05:27
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Ottoman posted:Jim just chimed in: "Are you still typing that post?" Yes, dear. "Tell them I am not too concerned about losing my job, or else I would not be doing it!" The two of you are clearly set on buying, so I'm not sure why you are wasting your time in this thread. Take the risk if you want, but I sure as hell wouldn't.
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Jul 26, 2009 14:50
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FidgetyRat posted:The two of you are clearly set on buying, so I'm not sure why you are wasting your time in this thread. Take the risk if you want, but I sure as hell wouldn't. The reason I'm posting in this thread was my original question about the 5-unit qualifying for the FHA loan since we got conflicting information. I'm more inclined to believe our mortgage specialist that we are not able to get it, just wondered if anyone had more input since this seemed like the right place to ask. If no one has information about the FHA thing then I'll move on.
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Jul 26, 2009 15:40
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Ottoman posted:The reason I'm posting in this thread was my original question about the 5-unit qualifying for the FHA loan since we got conflicting information. I'm more inclined to believe our mortgage specialist that we are not able to get it, just wondered if anyone had more input since this seemed like the right place to ask. Okay, so you buy this place and you're renting it out to 4 other residents. What happens when 2 of them vacate at the same time and you can't find someone to rent those 2 units out to? What happens when one of them treats the place like poo poo causing $5000 in damages? Are you going to take them to court? Do you know that you'll have to spend that $5000 out of pocket while tied up in the legal system? Do you know that if you bought this place tomorrow you've in essence got to buy 5 dishwashers, 5 refrigerators, etc, etc? Are you aware that the money you make from renting out the other units counts as taxable income? Are you aware that it'll probably bump you up multiple tax brackets? Have you consulted any lawyers about owning this property and how to protect yourself liability-wise? When some kid trips on the stairs you own and breaks his arm, you own the property so you're getting sued. Do you have the money to keep a lawyer on a retainer for when you inevitability need one? If the home has $20k in necessary repairs that are needed before the bank will loan you the money, can you afford it? Are you willing to liquidate your savings to do it? Is your boyfriend handy enough to do electrical, plumbing, etc work? If not, is he prepared to pay someone else to do it at the drop of a hat? Let me just summarize: BEFORE YOU BUY - Paying a 3.5% FHA downpayment on 215k is 7500k. You have $35k, so that knocks you down to $27.5k. - With closing costs and escrow for taxes, insurance, etc, you're looking at roughly $7500. Let's say you have closing costs paid, we'll drop that down to $2500. So that's $25k left. You just signed the necessary documents and you've lost 10k in savings. NOW THAT YOU ARE A LANDLORD - I'm going to pretend it costs you $0 to move. You have all the appliances you need, etc. - You need to buy appliances for all the units you are renting out. FHA loans are stricter than conventional loans since they want to make sure the dwelling are livable. Let's say an oven, fridge and dishwasher you can buy dirt cheap for $1250 total. x4 = $5000. THat knocks you down to $20k in savings. - I don't know how old this place is and the condition it is in. Maybe it costs $0 for repairs or it costs $30k. Just keep that in mind. I'll assume it is perfect. I could go on and on, but if it was so simple as 1) buy multi-home for $X month 2) rent for $X * 2 a month 3) PROFIT, everyone would be doing it. You've obviously made a decision regardless of what we say, but if the bank is stupid enough to loan $215k to a couple making $30k, then the bank deserves the inevitable default and all of us will link to this thread when you create a new one with the subject "HELP ME I DIDNT KNOW BEING A LANDLORD WAS SO EXPENSIVE". Zombie Dictator fucked around with this message at 16:09 on Jul 26, 2009 |
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Jul 26, 2009 15:58
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Ottoman posted:The reason I'm posting in this thread was my original question about the 5-unit qualifying for the FHA loan since we got conflicting information. I'm more inclined to believe our mortgage specialist that we are not able to get it, just wondered if anyone had more input since this seemed like the right place to ask. Everything I can find says that FHA loans can be used for 4-plexes but not 5.
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Jul 26, 2009 19:58
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I live abroad and want to purchase a house in the USA. I am US citizen, I have over 100K for a down payment and make sort of a lot of money. My problem is that since I am not employed in the US and don't live there, and haven't lived there for about 8 years now, I'm having trouble finding a bank willing to give me a mortgage, and since the property is in the USA Japanese banks won't do it. AND, the institutions that will lend the money (Lloyd's, HSBC) require some bullshit arbitrary house price that is way the gently caress above what I want to buy. Any tips or advice or anything regarding this kind of situation? Have I just been unlucky so far in dealing with the US lenders?
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Jul 27, 2009 07:42
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Jack Burton posted:I live abroad and want to purchase a house in the USA. I am US citizen, I have over 100K for a down payment and make sort of a lot of money. Continue to save and buy a house outright? What is the purpose of the home? Vacation type place or are you moving back, or something in the middle? Where are you looking to buy? Have you tried to call any local bank branches around where you want to live? They may be more willing to work with you other than "online bank-o-rama". You might also try joining a credit union, they tend to have good customer service and may be more willing to lend.
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Jul 27, 2009 13:19
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dreesemonkey posted:Continue to save and buy a house outright? What is the purpose of the home? Vacation type place or are you moving back, or something in the middle? Where are you looking to buy? Have you tried to call any local bank branches around where you want to live? They may be more willing to work with you other than "online bank-o-rama". You might also try joining a credit union, they tend to have good customer service and may be more willing to lend. So, for your questions... I could do that in a few years. But I am afraid by that time that the market will have shifted back to where it was. I was really hoping to take advantage of the current "crisis". The home is "OUR HOME". The house we intend to live in and die in, hopefully. We want to buy in Orange County, California. Part of the problem is that we've seen some houses we really like, and would like to live in as opposed to places that are totally awesome investment opportunities. That's why Lloyd's and HSBC mortgages aren't very attractive. My wife and I really like a lot of houses in the 300~400K range, whereas Lloyd's & Co. insist on 500K+ properties before they will even consider a morgtage. The houses we like are just too cheap, it seems. I have not tried to do that, stupidly. I'm not sure how to join a credit union. I'm not sure if I qualify, considering my situation.
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Jul 27, 2009 16:41
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Jack Burton posted:So, for your questions... There is a federal credit union that I've heard here on the forums quite a bit that is apparently pretty nice. It's like a military or gov't employee one, but if you're not either of those (which you're not because you have money  ) it's like $20 to join. -edit- Some good can maybe help me with the name? -edit- There are probably many specific to CA as well. I can see that it may look rather risky to mortgage companies if you're living and working overseas because it's probably much more difficult to "go after" someone who doesn't live in the country. What you do have going for you is that you have a big hunk of money to put down and that will probably ease the minds of the bank/credit union when you talk to someone personally. Do you have a realtor yet? They could help you with this as well. Our realtor mentioned some mortgage broker people he recommended and it worked out really well for us (but we seemed to get pretty lucky and found a great realtor). It's probably hard to find a realtor or get recommendations when you're half a world away, though. Good luck!
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Jul 27, 2009 17:01
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dreesemonkey posted:There is a federal credit union that I've heard here on the forums quite a bit that is apparently pretty nice. It's like a military or gov't employee one, but if you're not either of those (which you're not because you have money PenFed: https://www.penfed.org/howtojoin/overview.asp
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Jul 27, 2009 18:00
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Jack Burton posted:I could do that in a few years. But I am afraid by that time that the market will have shifted back to where it was. I was really hoping to take advantage of the current "crisis". If a few years is less than 5, I would not worry about needing to buy right now. The CA real estate market has a long way to go before this crisis is over: 
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Jul 27, 2009 18:05
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What is the general consensus of buying down your interest rate? Worth it or a waste of $$?
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Jul 27, 2009 19:34
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xaarman posted:What is the general consensus of buying down your interest rate? Worth it or a waste of $$? How long are you buying down and at what exchange rate?
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Jul 27, 2009 20:09
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xaarman posted:What is the general consensus of buying down your interest rate? Worth it or a waste of $$? It depends on the buydown rates and the anticipated duration of the loan. There are plenty of online calculators to help you decide to buy down the rate or not.
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Jul 27, 2009 21:56
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SlapActionJackson posted:If a few years is less than 5, I would not worry about needing to buy right now. The CA real estate market has a long way to go before this crisis is over: Wow. Yeah, it would probably three or so. Thanks a lot for all the info, people. I appreciate it.
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Jul 28, 2009 05:16
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SlapActionJackson posted:If a few years is less than 5, I would not worry about needing to buy right now. The CA real estate market has a long way to go before this crisis is over: So based on this, the housing market won't recover until 2013 and i should not buy a house this year? 
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Jul 28, 2009 06:07
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Mister Fister posted:So based on this, the housing market won't recover until 2013 and i should not buy a house this year? Obviously nobody knows this for sure, but I would not bet on significant appreciation in the near time frame. The subprime mortgage blowup that started in 2007 triggered the housing implosion we're seeing now. As you can see from the graph, we're just starting to get to the point where the poo poo Alt-A and Option ARM mortgages blow up, triggering more defaults, foreclosures, and REO holdings. If you're not familiar, Alt-A are basically subprime loans given to people with good credit, and usually means the borrower did not have the income or assets that would stand up to normal 'prime' underwriting standards. Option-ARMs allow borrowers to pick a payment every month ranging from interest-only (sometimes even less than the interest owed) to fully amortizing. These were historically used by investors that had unpredictable cash flows on a property, but have recently been used by people who could only qualify for the loan because of the low interest-only payment option. There's a lot of poo poo in these loan classes. So Jack doesn't have to worry about missing opportunities. On the other hand, if you've got the cash for a normal 80% LTV loan, and you can stomach the thought of that equity potentially disappearing if the RE market continues to deteriorate, you can go for it.
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Jul 28, 2009 06:25
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Mister Fister posted:So based on this, the housing market won't recover until 2013 and i should not buy a house this year?
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Jul 28, 2009 12:20
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My wife and I are looking at buying a house and I wanted to see some opinions. Our combined gross income is approximately 50k. Our savings is about 15k. We live in the Greater Cincinnati area and are looking for a house in the 100-120k range. We were thinking of doing a FHA loan with 3.5% down. In the 120k range, which would be the absolute max house price, I was expecting to have to put down about 8k between closing costs and the down payment. We are shooting for a mortgage payment of around 900-1000 a month (Principal, Interest, PMI, Insurance and Taxes). As far as debt, we have no cars or credit card balances (between the two of us, about 8000 in usable revolving credit). She currently has Stafford loans totaling about 16k and I am currently doing an online program that has loans in deferment for about 2 more years and will total about 30k when done (also a mix of sub/unsub Stafford loans). We currently pay 750 a month in rent. We also put about 400 a month into savings which would not be affected by the increase in monthly housing cost. Any advice or discouragement would be appreciated.
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Jul 28, 2009 12:50
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