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Wtf does BWM mean
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Feb 23, 2017 17:42
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HEY NONG MAN posted:Wtf does BWM mean It's a brand of German luxury cars and motorcycles?
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Feb 23, 2017 17:46
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HEY NONG MAN posted:Wtf does BWM mean Black Wives Matter.
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Feb 23, 2017 17:52
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tehDiceman posted:Yes HOA and other fees are not accounted for in this equation. I would certainly consider that cost though as much of OC has them. Definitely not buying a house with a person that I'm not legally bound to, hence why I'm not including any of her income in this discussion. I'm also not buying a house with the expectation that rent money comes in, just another mistake that people make. FYI, redfin has a calculator right on their listing pages that will include taxes/insurance/hoa for that specific property, if available. It puts the PITI for a $600k house in that area more in the ballpark of $4200 with 3.5% down.
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Feb 23, 2017 18:28
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LogisticEarth posted:Black Wives Matter. Big Waffle Man
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Feb 23, 2017 18:34
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supercrooky posted:FYI, redfin has a calculator right on their listing pages that will include taxes/insurance/hoa for that specific property, if available. It puts the PITI for a $600k house in that area more in the ballpark of $4200 with 3.5% down. That cheap? That's a deal, I wish there were $600k houses in the bay area. I bet with 20% down that'd be outright affordable.
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Feb 23, 2017 18:35
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HEY NONG MAN posted:Wtf does BWM mean Bad With Money
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Feb 23, 2017 19:10
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Appraisal came back with no issues on my 225k house (good lord, just listening to people think about a 600k mortgage casually on an 80k salary gives me hives). We've been looking since late November and we are finally allowing ourselves to get excited.
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Feb 23, 2017 19:26
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Are there any good resources to help understand what goes into getting into the investment property realm or does anyone have experience-based advice to share? My wife and I aren't going to be hasty about things but we are considering looking for a ~$300k rental/investment property in Big Bear.
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Feb 23, 2017 19:29
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Twerk from Home posted:poo poo, you don't even have to go to the Midwest. There's tons of nice cosmopolitan cities where you're not even giving anything up and houses are still 1/4 price. Houston, Dallas, San Antonio to start. I was making X in the Bay Area. I'm making X-20k in Portland. I'm able to actually afford a house in Portland paying about 400 dollars less than I did for my lovely apartment in Concord. Get out of California if you want to afford a house. Many others have made very similar decisions. I realized that if I ever wanted to have a house and a family, I couldn't stay in California, even though I personally liked the Bay Area quite a bit. It's turned out to be the best decision I've made in my life.
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Feb 23, 2017 20:00
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Kirios posted:I was making X in the Bay Area. Same but swap NYC in for Bay Area and Denver in for Portland. We were pretty afraid about what life would be like "outside the big city" but as it turns out, there is life outside of NYC, SF or LA.
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Feb 23, 2017 20:05
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we submitted our offer on a lovely fixer upper house today (for $805,000). wish me luck
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Feb 23, 2017 21:43
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Moving sucks. That is all.
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Feb 23, 2017 23:36
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Mikey Purp posted:Same but swap NYC in for Bay Area and Denver in for Portland. We were pretty afraid about what life would be like "outside the big city" but as it turns out, there is life outside of NYC, SF or LA. Makes me remember when we first decided to move from Northern VA to the SW part of the state...to hear my DC-dwelling coworkers, you'd think we were going to the surface of the drat moon or something.
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Feb 24, 2017 00:34
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I live in LA and earn a decent income but buying a house is still going to hurt, a *lot*. Thanks a lot, family, for all being in Southern California.
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Feb 24, 2017 01:37
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Deathwing posted:Makes me remember when we first decided to move from Northern VA to the SW part of the state...to hear my DC-dwelling coworkers, you'd think we were going to the surface of the drat moon or something. I moved from Northern VA to Waco, TX. There was legitimate horror from my friends and family. It was a culture shock for sure, but after the shock wore off life was so much less stressful. A+ would recommend leaving cities. I prefer to live in a small area within reasonable driving distance (<2 hours) of a large city but not actually in the city.
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Feb 24, 2017 01:51
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Nifty posted:Do what I did and buy a duplex in somewhere like Santa Ana. Commute isn't horrible, city actually has character, and you can pay ~2/3rd of your mortgage with the rent from the second unit. With 20% down my mortgage payment is $2,450, and rent from my other unit is $2,100. Though this won't give you the extra bedrooms you apparently need to store car parts This is an interesting idea. My main aversion to shared wall situations is inspections (fire/etc) and not being in control of my own space. Owning a duplex would at least eliminate one of these and provide potential income. The real question is, do I want to be a landlord right now? I feel like that's a solid long term plan for "passive" income, especially if you're bringing management companies into it and not doing any legwork. Something to think about. Thanks! Leng posted:Alright, I'll bite and make an effortpost that goes against the majority/popular consensus here. Thank you! I want to respond to a few of your points as they are valid from the outside looking in. 1. That is a possibility, sure. Most of my net worth fluctuation is in the market, which wouldn't really be affected by monthly expenses. I also realize that there can be a lot of emergencies and my budget could blow out every month. That's part of the risk of home ownership anywhere though. 2. Yes. I could walk away from my hobbies. I don't even have the project car yet and the other hobby mainly requires space and my time. The space becomes cost due to the price per square foot. 3. No. While it is a serious long term relationship, marriage is not on the table right now, maybe never(I'm a divorcee, not sure I'm interested in that dog and pony show again) 100% definitely no kids in the near to medium to long term future, would have to get married first too. 4. Yes, my ex-wife taught me everything I need to know about "how easy it is to take care of pets". Then I was left with three pets when I took her keys. If we do end up with a pet, it will be an older rescue that is otherwise "unadoptable". I figure everybody wants a puppy, not many want to save the older dog that doesn't bother to get up anymore when people walk by. 5. If the job I'm expecting pans out, yes, I will be here minimum 10 years as it is not the type of job to walk away from without a good reason, too much on the table. If the job doesn't pan out, we could leave as soon as 1-3 years, likely soonish. I'm ready for a job change whether the job I want becomes mine or not, I'm changing this year if I have any control over it. The job I end up with, the one I'm expecting or another option, will determine if I'm ok with staying and for how long. 6. Yes, I'm 100% sure that my BWM days are over. It was mostly immaturity and naivety. I've paid a lot of debt down to get where I am now(no consumer debt), I'm not going back to that life. For reference, I purchased a house on 80/20 with zero down payment for 110k on 28k salary. I had zero issues paying all my bills and saving money, but my spending was wild and my ex-wife didn't help once we were married a few years later. You mentioned that you didn't go out, didn't spend, etc, etc. That's my life. I'm totally content with spending more on housing and foregoing bar hopping and drinking every weekend. I don't spend money, if I can help it. One day that money bin will be mine. /scrooge 7. I want to purchase for a few reasons, but one dependency is the new job that I want. If that works out, I'll be here for a while and would like to try and get some value back out of the rent we would spend over that timeframe. If you extrapolate the cost, it makes me sick to think that it has to be considered sunk cost instead of the potential to earn a return when the time does come to leave. Obviously I'm aware that real estate is not a one way street upwards, I could lose a buttload of money, etc, etc. But, you also have the potential to break even, or earn a bunch of tax free income. If I ask why five times, I get the same answer, my hobbies, stability, privacy, control over the living space, potential for return at time of sale or as a rental. 1. Yes, I'm aware that tying a large amount of money into local real estate isn't necessarily best for diversity. If I were to purchase I would pare back my REIT holdings, but yes, I'll be very out of balance for a long while by sinking this much money into a place. 2. There are quite a few points in this one. I know that emotion can be removed from the equation, I'm an engineer by trade, emotion is not priority in a purchase such as this unless all the stars line up for it to be the right thing to do. I wouldn't say I'm "knowledgeable" about the market, but a realtor would be involved to fill any gaps that there are. I've bought/sold a property in the past so I'm not completely lost, but California is a different animal from the midwest where I grew up. I'm not necessarily buying because the price will go up. I'm buying to live there and try to pull some value out of the money that is being spent, the price going up would be icing. 3. I'm a network engineer so yea, they pay me to keep up to date. I can't really go into details about the organization but it is very stable. I have zero hesitation about stability once I'm into this position. Pryor on Fire posted:Thanks for that huge post diceman, it's nice to see your thinking more clearly even though we're being slightly dickish to you. Ultimately in your situation what many people do is end up leaving California for more affordable pastures. Yes. This is my longest term plan. I don't really like living here, I'm a country boy at heart. Being in IT out here though is like printing money, and I'm pretty good at what I do. I kind of expected the dickish comments, I'm fully aware that 600k mortgage on 90k isn't a good idea, but I need some solid discussion to see if there is anything else I haven't considered before developing an action plan. Twerk from Home posted:poo poo, you don't even have to go to the Midwest. There's tons of nice cosmopolitan cities where you're not even giving anything up and houses are still 1/4 price. Houston, Dallas, San Antonio to start. I spent 30 years in the midwest. I'm not going back. But, I do want to leave California. At the very least, it would be NorCal in the woods where the cost of living is a bit less. The taxes though... I'm not sure I could do Texas, maybe North Texas. Colorado is attractive. Oregon doesn't let you pump your own fuel so that's out. Washington is too rainy, though my moms family lives there. We aren't close by any stretch though. I'm not sure where we will end up in the longer term, but it will 100% be much cheaper than where we are now.
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Feb 24, 2017 05:22
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Problem! posted:I moved from Northern VA to Waco, TX. There was legitimate horror from my friends and family. I've told my wife I'd move to Waco only if Chip and Joanne built the house for me. Are they super huge celebrities there?
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Feb 24, 2017 13:06
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Evil Robot posted:I live in LA and earn a decent income but buying a house is still going to hurt, a *lot*. Thanks a lot, family, for all being in Southern California. Come live out in the sticks! We will eventually have (more) trains!
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Feb 24, 2017 16:05
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mattfl posted:Are they super huge celebrities there? They're super huge celebrities EVERYWHERE including the coasts but in Middle America it's something even more devout, yes. I can't imagine what it's like in actual Waco.
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Feb 24, 2017 16:34
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mattfl posted:I've told my wife I'd move to Waco only if Chip and Joanne built the house for me. I would buy a house just because they designed it. They do awesome work.
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Feb 24, 2017 16:41
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tehDiceman posted:I would buy a house just because they designed it. They do awesome work. As would I! Hell I would buy some run down beat to poo poo barely standing house and let them have at it!
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Feb 24, 2017 16:42
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clopping and cumming posted:If you would not mind, keep the thread updated with this. I am curious how this is going to resolve itself. I have a home warranty through HMS and am trying to figure out if I want to renew or not. Guy showed up yesterday and said "yep, your washer is dead" and said once he reported that to the warranty company they should offer me some amount for a new washer because it wasn't worth fixing. I'll update once I hear from them. Hopefully soon because right now I have to go to the laundromat to wash and then bring it home to dry. And I don't want to go buy a new one until I find out what the details are from HSA.
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Feb 24, 2017 16:49
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mattfl posted:I've told my wife I'd move to Waco only if Chip and Joanne built the house for me. I left before Fixer Upper was a thing. I do know someone who was on the show but he was a boss I hated so I was secretly hoping the house would burn down. I do have friends who still live there and they aren't fans of Fixer Upper. They're driving up home prices and attract insufferable tourists and are turning Waco into a lovely hipster town.
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Feb 24, 2017 16:56
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tehDiceman posted:This is an interesting idea. My main aversion to shared wall situations is inspections (fire/etc) and not being in control of my own space. Owning a duplex would at least eliminate one of these and provide potential income. The real question is, do I want to be a landlord right now? I feel like that's a solid long term plan for "passive" income, especially if you're bringing management companies into it and not doing any legwork. Something to think about. Thanks! I don't know what inspections you are talking about but when you own a house no one comes and inspects it once you own it so that doesn't matter. You can buy a duplex with shared walls or completely detached units, aka you can be in control of your space. I have owned a duplex for 1 year and I have spent approximately 10 hours on "being a landlord", 9.9 of which was in the first couple months. Duplex is the way to go. On the other hand, there aren't that many in Orange County, and practically none south of Tustin, so you need to have patience.
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Feb 25, 2017 07:38
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tehDiceman posted:Thank you! I want to respond to a few of your points as they are valid from the outside looking in. In that case, I'd say that as long as you've done your homework and run the numbers (for the best, average and worst case scenarios - and making sure you've included considerable contingency), if you want to do it, then do it, especially if you get a big kick and happiness out of house stuff. Caveats: 1. Do not do anything until the uncertainties around your job situation are resolved. Unless it's #2 below. 2. Don't just trust a realtor - put in some legwork yourself. It's good that you're aware of the need to take emotion out of the equation; you can practice by looking at loads of properties. Pick an area you think you'd like to live in, then look at lots and lots and lots of property in that area (on different days/at different times and track what agents tell you in terms of price guide vs what the properties actually end up selling for) so that you can get a solid sense of the market before you commit. Different people will have different opinions of how many you need to see (personally, I'm going for ~100 but then again the real estate market here is crazy so there's actually that much turnover, your market may be different). Then you'll learn very quickly (say, after the first...10-20 properties): - if your wants/expectations for a particular area are unrealistic for your budget - how to really distinguish between a want vs. a need - if a particular area actually lives up to your expectations (and if there's anything that you need to know, that you DIDN'T know about it) Over time, when you see enough houses, you learn all the tricks agents use to try pull on your emotions and you become somewhat immune, because instead of falling in love with a particular house and needing to have it at all costs, you actually internalize the knowledge that there's ALWAYS another comparable house that will come on the market at some point. That lets you stop constantly picturing yourself living in each house and start focusing on the condition and quality of the house itself so you make an informed assessment of how much you're willing to pay for it.
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Feb 25, 2017 13:32
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Speaking of not trusting Realtors, what's the best resource for objective real estate market analysis? I know there's only so much you can do to predict how a home/neighborhood will appreciate, but it would be nice to read an expert's takes on my city and ideally specific neighborhoods.
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Feb 25, 2017 16:39
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There are no experts on predicting real estate pricing beyond a year, IMO.
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Feb 25, 2017 19:02
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Where can I find even those guys, though?
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Feb 25, 2017 21:19
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Probably working for REITs and developers instead of publishing blogs. There are some academic sources that have good data and analysis, but those tend to focus on longer term trends and probably won't be as granular geographically as you would need to choose between neighborhood A and neighborhood B.
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Feb 26, 2017 18:25
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No one worthwhile will publish that in anything actionable. Pick up the phone and call brokers, developers, city planners, appraisers, mortgage brokers and anyone else involved in your local real estate market. You'll get n+1 opinions when you do this, but you'll get a feel for which sources are credible about what and use that to inform your decision. The other thing is that the model for research is you either charge for it or work somewhere that gets a bunch of business and has research to get attention. Most investors in single family don't do a ton of transactions and aren't sophisticated enough to compare expected appreciation rates in anything resempling a rigorous way, which honestly can be pretty vague thing even for people doing it for a living. Maybe you could pay an appraiser for an analysis, but most churn out financing appraisals so this is going to be outside what they optimize their work and information for. Broker's opinions would be similar, and probably a little cheaper, but it's still going to have to compare to what a good broker could make selling to get them to do a good job of the market analysis.
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Feb 26, 2017 19:16
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Mikey Purp posted:Speaking of not trusting Realtors, what's the best resource for objective real estate market analysis? I know there's only so much you can do to predict how a home/neighborhood will appreciate, but it would be nice to read an expert's takes on my city and ideally specific neighborhoods. What I typically do as an agent is I will actually draw perimeters in an area within MLS and run reports on homes sold, days on market, how many went for or above asking price, etc going back two years. If an agent won't give you that data when you ask they aren't doing their loving job. I actually go door to door with that stuff which might rub some people in this thread the wrong way, but I know people want to learn about how their neighborhood is looking vs the rest of the market and most people really appreciate it. I'm actually working with someone later this afternoon that I met while walking a neighborhood. They were thrilled to find out they could probably get what they wanted for their home because similar properties sold for that much and more in the last 2-3 months. If you were in Richmond VA I'd do it with no strings attached. I love doing things like that. edit: If you want a really really rough birds eye view of the market you would use homesnap.com or neighborhoodscout.com/ but I've found it doesn't go into enough detail for specific neighborhoods.
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Feb 26, 2017 20:13
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Thoguh posted:Guy showed up yesterday and said "yep, your washer is dead" and said once he reported that to the warranty company they should offer me some amount for a new washer because it wasn't worth fixing. I'll update once I hear from them. Hopefully soon because right now I have to go to the laundromat to wash and then bring it home to dry. And I don't want to go buy a new one until I find out what the details are from HSA. They're offering me either a GEŽ ENERGY STARŽ 4.9 DOE cu. ft. capacity Front Load washer with steam or $885.14 for me to buy my own. Anybody have any suggestions for a clothes washer in that price range? Kinda happy because we asked the sellers to leave the washer/dryer mostly so we wouldn't have to move them and the home warranty was something they threw in that we didn't consider at all when determining our offer. So it seems like I really am getting a new washer for the $75 service fee. Now I'm kinda hoping the dryer kicks the bucket before the year is up.
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Feb 27, 2017 21:41
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Take the cash and get a used one off craigslist? edit: although personally having a mismatched washer and dryer would bother me.
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Feb 27, 2017 22:04
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Get a speed queen. They are so loving glorious.
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Feb 27, 2017 22:12
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TheWevel posted:Take the cash and get a used one off craigslist? They'll only give me actual cost, otherwise that'd be tempting.
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Feb 27, 2017 22:14
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Thoguh posted:Now I'm kinda hoping the dryer kicks the bucket before the year is up. Do you have any bricks or cinderblocks? https://youtu.be/CfB0Vcft7uA
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Feb 27, 2017 22:59
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Thoguh posted:They're offering me either a GEŽ ENERGY STARŽ 4.9 DOE cu. ft. capacity Front Load washer with steam or $885.14 for me to buy my own. Anybody have any suggestions for a clothes washer in that price range?
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Feb 27, 2017 23:04
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I got sent over here from the personal fiance thread with my PMI question: Setup: We have been aggressively paying down our house (about 3x the required) to get rid of PMI payments. The principle is now ~79% of the original loan value, so we sent a request to have PMI canceled. The lender (4th owner of the loan in 2 years) sent a reply that we need to pay $700 to have our house appraised to make sure it doesn't loose value. This would wipe out over a year of the savings we would get from not having PMI anymore. Question: Does everyone have to pay to get their house apprised to get of PMI or is this because we requested it at soon as we hit 79%? Would PMI automatically go away sometime before 1 year from now on its own?
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Feb 28, 2017 00:47
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Xenoborg posted:I got sent over here from the personal fiance thread with my PMI question: If I remember correctly you have to wait until you are 78% LTV to drop PMI without an appraisal.
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Feb 28, 2017 02:03
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