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Update to my rear end in a top hat father-in-law saga - got the deed, it does in fact say we own 1/3. He (her dad) signed the contract with the realtor and has said we've earned 37% of the house. It doesn't appear he's trying to screw us or anything at this point, thankfully, but I feel much more prepared now that I know our rights. We're moving forward and will list the house in Feb (yes, I know that's a ways off, but we have roommates that need to look for new places and both of us need to finish out the holidays at our jobs). Also, I'm obsessively looking at houses in Denver now... I could buy a house just as big as ours now, with a huge backyard and a finished basement for 250k there. What the gently caress am I still even doing in the bay area!?! Rotten Red Rod fucked around with this message at 16:56 on Oct 26, 2016 |
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Oct 26, 2016 16:40
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Rotten Red Rod posted:Also, I'm obsessively looking at houses in Denver now... I could buy a house just as big as ours now, with a huge backyard and a finished basement for 250k there. What the gently caress am I still even doing in the bay area!?! This inspired me to look up what it would be like to move out of downtown Atlanta closer to where I work. I could get a slightly nicer house almost straight cash... Maybe I should flip houses instead of going to business school.
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Oct 26, 2016 18:20
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The Big Jesus posted:This inspired me to look up what it would be like to move out of downtown Atlanta closer to where I work. I could get a slightly nicer house almost straight cash... Safer when the zombie apocalypse happens as well.
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Oct 26, 2016 18:26
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Rotten Red Rod posted:Update to my rear end in a top hat father-in-law saga - got the deed, it does in fact say we own 1/3. He (her dad) signed the contract with the realtor and has said we've earned 37% of the house. It doesn't appear he's trying to screw us or anything at this point, thankfully, but I feel much more prepared now that I know our rights. We're moving forward and will list the house in Feb (yes, I know that's a ways off, but we have roommates that need to look for new places and both of us need to finish out the holidays at our jobs). My house I got for 270k in Hillsboro would have costed 600k in Walnut Creek. gently caress the Bay Area so, so hard. I appreciate it essentially more than doubling my salary in two years and giving me hella good leverage in Portland, but I 100% do not miss that area at all. Edit: Scratch that, it's actually 750k in Walnut Creek now. 600k's in Concord. gently caress THE BAY AREA
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Oct 26, 2016 18:43
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Jealous Cow posted:Speaking of areas where rent is unjustifiably higher than a mortgage payment.. I've been looking into buying small homes in the 60-70k range that rent for 1-1.2k per month. But in researching the dynamics of this type of market I came across this chart: I just wanna point out that this chart goes to 2012, and it's 2016 now. Also that asterisk at the end suggests to me maybe the 2012 number is projected from even earlier. And I'm curious what that subheading "vacant properties" really means: it might mean the chart is excluding rental units in nonvacant properties... like apartment buildings? In 2012, tons of people had just bought foreclosed houses. Housing prices were hitting their lowest point in 2011, so it's not suprising to me that in 2012, rents massively outpaced house prices: remember all those people evicted from foreclosures had to immediately join the rental market, while tens of thousands of foreclosed houses sat vacant for months or in some cases over a year, just waiting for banks to work through their huge backlogs of inventory. I'm betting it is a very different picture in 2016. Leperflesh fucked around with this message at 19:02 on Oct 26, 2016 |
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Oct 26, 2016 19:00
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Rotten Red Rod posted:Also, I'm obsessively looking at houses in Denver now... I could buy a house just as big as ours now, with a huge backyard and a finished basement for 250k there. What the gently caress am I still even doing in the bay area!?! Unfortunately Californians are treated very poorly out here, we don't take kindly to a single one of them. Also we all walk around carrying AR15s every day, it's basically the wild west and also the food is terrible hope that doesn't freak you out because we're not loving changing. Goddammit please stay there.
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Oct 27, 2016 19:24
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Offer accepted on a house in Guam, with 4% seller credits. I guess the fun begins now. Wonder if I can get Chinese missile insurance.
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Oct 27, 2016 19:45
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I actually tell people I'm from Texas (which I was technically born there) because it's treated with less hate than saying I'm from California in Portland. People loving HATE Californians.
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Oct 27, 2016 20:07
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Pryor on Fire posted:Unfortunately Californians are treated very poorly out here, we don't take kindly to a single one of them. Also we all walk around carrying AR15s every day, it's basically the wild west and also the food is terrible hope that doesn't freak you out because we're not loving changing. Goddammit please stay there. We'll have something in common then, because I hate California too! Or maybe I'll just hang out with all the other transplants. Either way, having a few people dislike us for being transplants is a small price to pay for moving to a place I can actually afford.
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Oct 28, 2016 13:00
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DirtyFalcon posted:Offer accepted on a house in Guam, with 4% seller credits. I guess the fun begins now. You'll need tree snake insurance for sure.
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Oct 28, 2016 13:28
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All you losers invaded California first, it's only fair we get to invade backwards.
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Oct 28, 2016 21:50
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Jealous Cow posted:Cleveland, Indianapolis, mobile/Birmingham, and a few other areas are like this. I feel like I'm missing something because this seems too easy. Once you have half a dozen or more properties any issues with one become much less impactful overall. If I could get a 500-750k portfolio loan I could buy 10 properties and pay back the loan in ~7 years after other expenses and management fees. The places where you can buy property that cheap will be economically depressed. Many of the financially qualified tenants will buy a home instead. The vacancy rate will be higher. It is more work managing 10 properties than it is to manage one or two. It is harder and more expensive to finance 5+ properties.
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Oct 29, 2016 08:19
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Would you consider a house worth any more or less if it included a downstairs studio apartment? If so, how much would that range be?
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Oct 30, 2016 20:10
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ohjoshdarnit posted:Would you consider a house worth any more or less if it included a downstairs studio apartment? If so, how much would that range be? The thousand-dollar question: is it a legal apartment?
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Oct 30, 2016 20:13
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minivanmegafun posted:The thousand-dollar question: is it a legal apartment? Ah, I will need to verify this, but it looks like from a zoning perspective my county and town are pretty lax. They only aren't allowed in industrial or mineral zones. Assuming it meets the building requirements to be a legal apartment what do you think? FWIW I wouldn't say I'm seriously considering buying it yet - just exploring. We know someone who is selling a house and have an idea of their ballpark, but it includes the rental suite and also a downstairs preschool/daycare that we would run. They seem to be factoring in the rent money in valuing the business aspect of the sale overall which I think is a bit off.
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Oct 30, 2016 20:35
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I'd rather just have more space in my primary residence.
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Oct 30, 2016 20:45
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Alereon posted:If your dad had someone helping him he shouldn't be in the mess he is now. Be honest, did he find this house himself using Redfin or something? He needs to walk away and find a good agent that will help find him properties that suit him and shepherd him through the process. Someone who will tell him "it's cheap because it's poo poo, and maybe you don't want to deal with a neglected foreclosure." I wonder why all the hate for Redfin among you guys. My wife and I have been using an agent from Redfin and it's been great.
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Oct 30, 2016 21:19
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I have nothing against Redfin at all, in that specific case though it seemed like the guy really needed a traditional agent to earn their commission guiding him through the process and helping him find right house for him. I look at Redfin as offering a solution for people who want to do more of the whole process themselves and thus pay a smaller commission, as is the trend these days. I used Redfin to browse for houses, and if the Redfin minimum for my area hadn't shot up past my budget I may have used a Redfin agent.
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Oct 30, 2016 21:48
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ohjoshdarnit posted:Would you consider a house worth any more or less if it included a downstairs studio apartment? If so, how much would that range be? I would like it because then I could have my mother in law move into my basement, which would unironically be a dream for her for some reason.
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Oct 31, 2016 00:15
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Bozart posted:I would like it because then I could have my mother in law move into my basement, which would unironically be a dream for her for some reason. Do you like smashing your balls with a sledge hammer? I mean the easy child care is great but drat that close all the time gets old fast. The sweet spot is 20 minutes away.
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Oct 31, 2016 21:29
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People all over the world live normal lives in the same homes as their extended families. Anyway yes, having a rentable subspace as part of your home is a bonus. How much of a bonus is directly related to its condition, rentability, and most of all, your local rental market. The only downside that I can see is if you're selling the home to someone who doesn't need the additional kitchen, so the space dedicated to the useless kitchen is wasted; or if the sub-apartment is only accessible from outside, which would be annoying if you just wanted the space as part of your living space. But yeah, exactly how much extra that feature is worth is super dependent on specific factors; exactly what neighborhood you're in in particular, plus the square footage, condition, and features; without which any goon's guess would be just a wild guess.
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Oct 31, 2016 21:39
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Ok thanks everyone for your feedback.
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Oct 31, 2016 22:09
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I often wonder about people who have these opinions now will feel when they are 70+ years old.
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Oct 31, 2016 22:42
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As someone who isn't having kids, I'm counting on the robots to take care of me.
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Oct 31, 2016 23:32
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Alereon posted:I have nothing against Redfin at all, in that specific case though it seemed like the guy really needed a traditional agent to earn their commission guiding him through the process and helping him find right house for him. I look at Redfin as offering a solution for people who want to do more of the whole process themselves and thus pay a smaller commission, as is the trend these days. I used Redfin to browse for houses, and if the Redfin minimum for my area hadn't shot up past my budget I may have used a Redfin agent.
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Nov 1, 2016 00:53
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Kirios posted:I often wonder about people who have these opinions now will feel when they are 70+ years old. That is what gold diggers are for.
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Nov 1, 2016 18:58
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Oh no we found something we really like and are readying ourselves to make an offer :| RIP our current co-op that's a huge but lovable pain in the rear end that's super cheap
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Nov 2, 2016 05:20
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Negotiating on a house for mom. Sellers are stupid. If your house has been on the market for a year and is overpriced you can't refuse to negotiate. If your house has a 40 year old furnace and original electrical panel when others at the same price have recent hvac and updated panels you're gonna have to come down a bit. Yeah you bought it in 2005. Sucks for you. Edit: will screw fuses pass fha? Jealous Cow fucked around with this message at 15:41 on Nov 2, 2016 |
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Nov 2, 2016 15:38
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Jealous Cow posted:Negotiating on a house for mom. Sellers are stupid. If your house has been on the market for a year and is overpriced you can't refuse to negotiate. If you have a really good agent, they should be having some "Come to Jesus" talks with the seller agent. That was the best part of the last nightmare of a purchase I made. My agent made the seller agent realize how unreasonable the sellers were and it reduced some of the friction.
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Nov 2, 2016 16:30
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Hughlander posted:That was the best part of the last nightmare of a purchase I made. We aim high in this thread.
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Nov 2, 2016 16:33
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Jealous Cow posted:Negotiating on a house for mom. Sellers are stupid. If your house has been on the market for a year and is overpriced you can't refuse to negotiate. Depending on your state, you should be able to ask for a seller's assist to cover the upgrades. The seller still gets to see their dumb sale price on the paper, and it actually works out better for you than a price reduction - a price reduction of $10,000 only saves you $2,000 up front if you're putting 20% down, whereas a seller's assist of $10,000 is $10,000. Ask for the maximum allowed assist.
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Nov 2, 2016 16:48
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Subjunctive posted:We aim high in this thread. I really mean to write it up as a catharsis. Just a hint of things to come. I had to exploit IRS split testing to close on time.
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Nov 2, 2016 17:29
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Erwin posted:Depending on your state, you should be able to ask for a seller's assist to cover the upgrades. The seller still gets to see their dumb sale price on the paper, and it actually works out better for you than a price reduction - a price reduction of $10,000 only saves you $2,000 up front if you're putting 20% down, whereas a seller's assist of $10,000 is $10,000. Ask for the maximum allowed assist. This is a really good idea. Then the seller can tell all his friends and relatives that he held out for asking price and got it. That being said, be prepared to walk away if they don't go for it.
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Nov 2, 2016 17:55
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Hughlander posted:If you have a really good agent, they should be having some "Come to Jesus" talks with the seller agent. That was the best part of the last nightmare of a purchase I made. My agent made the seller agent realize how unreasonable the sellers were and it reduced some of the friction. Their agent is already taking half commission to try and get them to move. This is a cheap house. They're asking 85. I offered 70, they countered at 77 and said "but we can't go further we'd be losing money!!!!" And I'm trying to get 74 now. Erwin posted:Depending on your state, you should be able to ask for a seller's assist to cover the upgrades. The seller still gets to see their dumb sale price on the paper, and it actually works out better for you than a price reduction - a price reduction of $10,000 only saves you $2,000 up front if you're putting 20% down, whereas a seller's assist of $10,000 is $10,000. Ask for the maximum allowed assist. I don't want to wait for the poo poo to get done and be suspicious of the work. We need to get this done asap. Bad situation with current housing.
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Nov 2, 2016 18:19
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Jealous Cow posted:Their agent is already taking half commission to try and get them to move. This is a cheap house. They're asking 85. I offered 70, they countered at 77 and said "but we can't go further we'd be losing money!!!!" And I'm trying to get 74 now. Given the upgrades it needs you're looking at pouring ~25%+ back into it immediately @ $77k for HVAC and electrical redo, I assume it needs pipes as well. Is this really the house for you? Have you looked up what they actually bought it for on Zillow/Redfin? Is renting for a year a better option if your current housing is that bad? How many months would it take to makeup the $3k split you're asking?
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Nov 2, 2016 18:32
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Jealous Cow posted:I don't want to wait for the poo poo to get done and be suspicious of the work. We need to get this done asap. Bad situation with current housing. Edit to quantify it: Scenario 1 - reduced sale price They wan 77, you want 74. Let's say they come down to 74. Assuming 20%, you put down $14,800 instead of $15,400 and now have $600 more left in the bank to deal with the repairs, and your mortgage payments are a few dollars per month cheaper. If you're putting less down, you save even less money up front. Scenario 2 - seller's assist You agree on 77 with a 6% seller's assist (max in PA). That means you put down $15,400, but the seller pays $4,620 towards your closing costs, which means you have $4,020 more left in your account than scenario 1. At closing you'll have a big ol' check for down payment + closing costs - earnest money - seller's assist. This scenario leaves mad stacks in your bank account that you can use to repair the issues, or keep for an emergency fund, or buy strippers for your housewarming or whatever. The seller can negotiate the seller's assist down, but at the end of the day it's seller net neutral whether it's an assist or a price reduction. It benefits you greatly. Edit 2: Actually my scenarios are not equal. If you got a $3,000 seller's assist instead of a $3,000 price reduction, you'd have $2,400 more left in your account. Erwin fucked around with this message at 19:03 on Nov 2, 2016 |
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Nov 2, 2016 18:42
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H110Hawk posted:Given the upgrades it needs you're looking at pouring ~25%+ back into it immediately @ $77k for HVAC and electrical redo, I assume it needs pipes as well. Is this really the house for you? Have you looked up what they actually bought it for on Zillow/Redfin? Is renting for a year a better option if your current housing is that bad? How many months would it take to makeup the $3k split you're asking? To clarify, my wife and I are buying this for her mom. We are non occupant co borrowers on an FHA loan and are asking for 6% back from the seller because we want to immediately fund a $4k furnace replacement fund. The house is 2 bed 1 bath built in 41. Its extremely simple, all plumbing in one wall, and seems to be in really good condition other than being mostly original/last updated in the 70s. Most of the stuff at 80k is 3/1 or 3/2 with questionable remodels. She doesn't need 3 bedrooms, and that 3rd bedroom makes the living spaces and kitchen much smaller, so a well kept 2/1 is what we all agreed was best. Also yes we will be making the payments on the house my attorney will be sorting out the title structure to keep possible drama to a min. We are prepared to pay the house off and never see the money again, will not be on the title, and are just doing this for her. If she wants to leave the house to us fine, but for now this is 100% a gift.
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Nov 2, 2016 18:57
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Erwin posted:Scenario 2 - seller's assist Jealous Cow posted:To clarify, my wife and I are buying this for her mom. I think we have the winning scenario. Good luck. You are very generous people. Make sure she has her estate in order and the house is held in trust.
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Nov 2, 2016 19:30
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H110Hawk posted:I think we have the winning scenario. Good luck. You are very generous people. Make sure she has her estate in order and the house is held in trust. Real property can't be held in trust in our state, only in the trustees name, which creates financing issues. We are protecting ourselves by not retaining title. We're unconcerned with the debt, just the liability. If her mom wants to leave the house to her dog that's fine. It would suck but we don't want her to feel like she owes us so we are going into this assuming to not retain any long term value from this. We won't be paying it off early though unless for some reason we take title in the future.
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Nov 2, 2016 19:43
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Hughlander posted:If you have a really good agent, they should be having some "Come to Jesus" talks with the seller agent. That was the best part of the last nightmare of a purchase I made. My agent made the seller agent realize how unreasonable the sellers were and it reduced some of the friction. The problem is that ultimately the seller can decide they're not willing to budge, regardless of what the agent says. We had to walk away from our first offer for essentially this reason.
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Nov 3, 2016 02:06
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