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actionjackson posted:love to spent 4500/month to RENT a home that is in a completely car-dependent area where you don't even have sidewalks (notice picture lol) you put 4 millennials in there and its almost affodable!
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Jun 27, 2022 05:14
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actionjackson posted:love to spent 4500/month to RENT a home that is in a completely car-dependent area where you don't even have sidewalks (notice picture lol) 
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Jun 27, 2022 05:32
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actionjackson posted:love to spent 4500/month to RENT a home that is in a completely car-dependent area where you don't even have sidewalks (notice picture lol) look you just get your wife and hubby both working FAANG jobs and split the rent, 2250/ea is easy and quite affordable lol that they're the worst combination of suburban white-flight tract-house car-brained sprawl and condos with no upsides.
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Jun 27, 2022 09:05
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lol
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Jun 27, 2022 16:32
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Who the gently caress is choosing to live there? Rent should be at least 5k/mo in taxes alone, gently caress those people.
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Jun 27, 2022 20:27
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ate poo poo on live tv posted:Who the gently caress is choosing to live there? Rent should be at least 5k/mo in taxes alone, gently caress those people. the minneapolis police for one lol but in general they are people that believe they will get shot if they ever enter the cities, or they want their child to go to a specific school district
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Jun 27, 2022 20:50
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shrike82 posted:as someone in tech, it was always weird to see techbros hopped up on FIRE double/triple-down on being reliant on tech for income in terms of getting paid in tech stocks, doubling down on re-investing in tech, and getting home loans predicated on tech stocks etc we are probably on the same page, I have worked in tech since 2000, I've had three jobs where part of my comp was stock, and I have always treated the stock as virtual toilet paper not worth considering in any kind of planning, until / if it actually converts to hard cash. The case where this worked out the best for me did give me money to get my rear end out of student debt and make a decent down payment on a house in 2017, but that was not at all a thing we counted on. I'd say we would have been "fine" otherwise except our original timeline was to buy a house around 2020/2021 so  but yea you have to be terminally stupid to think that unvested options are anything other than.... virtual toilet papers. I mean, I'd probably take most nonpublic tech stocks over NFTs, but that's like saying I'd take Bud Light over a literal can of piss anime was right posted:leveraging a loan against those assets is basically how all turbo rich people create cash I don't think we're talking about turbo rich people floating debt as a generative engine; tech bros getting a 800k mortgage based on "$350K" compensation which is 50% unsellable vesting options is more the thing I am shaking my head at. Also, gently caress the turbo rich who can leverage debt as income. Xaris posted:look you just get your wife and hubby both working FAANG jobs and split the rent, 2250/ea is easy and quite affordable lol my sister is considering a (short term) $2500/mo place off a teacher's salary because availability is so hosed here she might end up having to live somewhere dumbly opulent until something else opens up. I pointed out this was like $1100 more than our mortgage and she gave me a black look and then I got into an argument with my wife because I didn't include taxes and insurance (which would make it merely ~$600 more than our payment. For a 3bdrm apartment in loving Rutland Vermont). I am trying to convince her that we should just collectively buy something like this and fix it up https://www.zillow.com/homedetails/98-Blanchard-Ave-West-Rutland-VT-05777/250980462_zpid/. That place needs a bunch of work, and also looks entirely livable right now. 600 mortgage, 1000 full payment maybe? Put 1000 a month into fixing it up, STILL cheaper than the loving rental and you can do a decent amount of remediation for $12,000 in a year if we're just talking about repainting poo poo, waterproofing, etc. I've looked at a number of properties like this, they all have issues of one kind or another but also I'm gonna be surprised if this is still for sale in 2 weeks. In 2016 this would have taken 1-2 years to sell, easy. Cabbages and VHS has issued a correction as of 21:03 on Jun 27, 2022 |
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Jun 27, 2022 20:56
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while tilling some soil in the yard I was approached today by a girl offering a free estimate on vinyl siding. firstly she didn’t know what the word “till” is. then we got talking about how she was saving for a house but she didn’t know that you can buy with less than 20%. then she told me what her and her bf are paying to rent a small apartment in Denver ($3000) ended up giving her the run down on how it all works, how interest rates gently caress you, what an appraisal gap is, and how to start by doing a mortgage prequalification through a broker. no sale on the siding because her company, through a phone call, wanted me to schedule a time where myself and partner can entertain their sales person inside our house lmao they wouldn’t take sitting on the porch outside so i handed her back her phone…..man I should have told her to sanitize it since my hands were covered in soil amendment… i am harry has issued a correction as of 02:16 on Jun 28, 2022 |
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Jun 28, 2022 02:12
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i am harry posted:while tilling some soil in the yard I was approached today by a girl offering a free estimate on vinyl siding. firstly she didn’t know what the word “till” is. then we got talking about how she was saving for a house but she didn’t know that you can buy with less than 20%. then she told me what her and her bf are paying to rent a small apartment in Denver ($3000) Vinyl siding is vile stuff anyway. Dodged a bullet imo
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Jun 28, 2022 02:18
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Ugh due to a lovely property management company I'm trying to buy a house. Even with interest rates at almost 6% the market here is still so hot people are waiving contingencies. I'm expecting the bottom to fall out at any time and yet 
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Jun 28, 2022 02:48
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Ebola Roulette posted:Ugh due to a lovely property management company I'm trying to buy a house. Even with interest rates at almost 6% the market here is still so hot people are waiving contingencies. a reminder the market can remain irrational longer than you can remain solvent.
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Jun 28, 2022 02:50
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https://twitter.com/normal_papi/status/1541095782677348353
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Jun 28, 2022 16:48
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External Organs posted:When we did a refinance in February the mortgage place just went off the Zillow estimate and didn't even do a new appraisal. Uh, okay. You either refinanced with a lender that sold your mortgage to Freddie Mac (which more commonly gives appraisal waivers in refinance transactions) or Fannie Mae saw your LTV as super low and the loan not really a risk. They saved you a $600 appraisal fee, so it's a net good Source: I am a mortgage underwriter with not much to do because *gestures at the decaying housing market*
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Jun 28, 2022 16:56
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Angrymantium posted:Source: I am a mortgage underwriter with not much to do because *gestures at the decaying housing market* what’s the cheat code to get housing
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Jun 28, 2022 17:12
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Ornery and Hornery posted:what’s the cheat code to get housing rich dad, poor dad by robert kiyosaki
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Jun 28, 2022 17:22
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the white hand posted:rich dad, poor dad by robert kiyosaki https://mobile.twitter.com/davenewworld_2/status/1494086466061885450
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Jun 28, 2022 17:26
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Ornery and Hornery posted:what’s the cheat code to get housing Right now, settling for a condo is a good move. Condo inventories aren't as stressed as detached units and most sellers have to drop their price a few times before they get a bite. A lot of banks are also offering special programs if your household income is 80% or less of the median for your area, so if you don't have much debt and can thread the DTI needle they'll give you an interest free loan for a downpayment
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Jun 28, 2022 17:29
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Angrymantium posted:A lot of banks are also offering special programs if your household income is 80% or less of the median for your area, so if you don't have much debt and can thread the DTI needle they'll give you an interest free loan for a downpayment Can you elaborate or drop a link to something that explains this in more detail?
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Jun 28, 2022 18:08
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Boot and Rally posted:Can you elaborate or drop a link to something that explains this in more detail? https://www.ihda.org/my-home/getting-an-ihda-loan/ There's state specific HDA programs that help out people with their 'first home.' First home can be repeat buyers too if it's your primary residence. My experience was with Illinois and getting $6,000 forgivable over 10 years. They allow 1% down as well. There were different programs popping up, depending on when funds ran out, like a good chunk of student loans paid off or county specific incentives.
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Jun 28, 2022 18:34
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Angrymantium posted:Right now, settling for a condo is a good move. Condo inventories aren't as stressed as detached units and most sellers have to drop their price a few times before they get a bite. just remember the hoa is non-equity money you're paying forever and will probably increase
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Jun 28, 2022 19:01
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Ammanas posted:just remember the hoa is non-equity money you're paying forever and will probably increase And special assessments because the condo committee didn't charge or save any reserves for *insert failure* for the past 20 years.
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Jun 28, 2022 19:11
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Ammanas posted:just remember the hoa is non-equity money you're paying forever and will probably increase about 30% of my HOA goes to reserves (which are legally required), the rest goes to other stuff (property insurance, landscaping, snow removal, water, sewer, etc.) for the latter, that is stuff you would have to pay for on your own if you owned your own home. for the former, this is no different than saving money to pay for a major required replacement, like a roof or driveway on your own home. your comment that the fees are non-equity money make no sense. do you think performing vs. not performing short term and long term maintenance don't affect the value of the property? I do agree that you want to only live in a condo in certain states that have strong regulations. my state (MN) does, many other states (FL lol) do not.
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Jun 28, 2022 19:21
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Bar Ran Dun posted:a reminder the market can remain irrational longer than you can remain alive.
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Jun 28, 2022 19:26
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actionjackson posted:about 30% of my HOA goes to reserves (which are legally required), the rest goes to other stuff (property insurance, landscaping, snow removal, water, sewer, etc.) I live in a condo in Minneapolis and yeah, compared to my friends with a house in St. Paul I probably come out on top in terms of not dealing with water bills, building maintenance, trash removal, etc. To your last point though, FL might not have strong regulations, but Fannie Mae has stepped up their collateral requirements significantly since that condo building collapsed, and as a result has made a ton of loosely managed projects next to impossible to finance. I've already had to deny stuff for people that had great credit and income profiles, but picked a unit in a building that isn't budgeting enough for reserves or has issues with deferred maintenance. Market based regulation isn't ideal, but it's something here. CRUSTY MINGE posted:And special assessments because the condo committee didn't charge or save any reserves for *insert failure* for the past 20 years. Yeah prior to this year you would just get a mortgage on the condo and then get hosed footing the bill for maintenance the last HOA members didn't want to pay for, but with the way Fannie operates now, they just won't give you a mortgage on any unit in the building until they clean up their act.
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Jun 28, 2022 19:36
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since you are in MN, you probably know about the state condo/townhome legislation which was passed in 2007 or close to that. My building was built in 2005, so it was easy for us to come into compliance regarding required reserves. But older buildings (which is a lot of them), have simply not had the funds to do so because they operated for such a long time without such legislation. When was your building built? which is why I said I would only buy a condo or townhome in certain states, and only places that were built after, or not too far before such legislation. The rules here are really strict here too, if you buy a condo or townhome you have 14 (or 21) days to review every single piece of documentation (which is legally required to be provided), and can back out if you are unsatisified for any reason, without penalty. In addition the HOAs have to be audited every I think three years. Also every single piece of financial documentation is required to be provided for all owners. Oh and if someone doesn't pay their dues, we are legally allowed to evict them (this has never happened in the 11 years I've been here).
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Jun 28, 2022 19:41
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There's already a settlement on the collapsed Florida condo. And Florida just passed a bunch of new laws on condos. Not trying to defend Florida but it was in the news last week.
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Jun 28, 2022 19:42
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CRUSTY MINGE posted:There's already a settlement on the collapsed Florida condo. And Florida just passed a bunch of new laws on condos. Not trying to defend Florida but it was in the news last week. ah ok, what is going to happen to all of those old condos dating back to the 1960s that haven't collected the proper amount of dues in decades?
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Jun 28, 2022 19:43
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actionjackson posted:since you are in MN, you probably know about the state condo/townhome legislation which was passed in 2007 or close to that. My building was built in 2005, so it was easy for us to come into compliance regarding required reserves. But older buildings (which is a lot of them), have simply not had the funds to do so because they operated for such a long time without such legislation. When was your building built? My building was built in 2004, so yeah, same deal. My point was that regardless of state law, as of February 2022 you're not going to be able to get a conventional mortgage, period, for those buildings that haven't been well maintained for years. Mortgage lenders have to audit the HOA finances more stringently than ever before, and Fannie is just flat out refusing to lend on entire projects if it deems the HOAs irresponsible in their maintenance or handling of reserves. Condos in Florida are some of the biggest offenders I've seen consistently.
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Jun 28, 2022 19:50
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actionjackson posted:ah ok, what is going to happen to all of those old condos dating back to the 1960s that haven't collected the proper amount of dues in decades? Not a goddamn thing lol. They have 3 years to collect reserves on current residents before the law really comes down on repairs. They tightened the time period for inspections both close to shore and further inland, and that already is in effect. I heard this on NPR whatever day was the anniversary, so it was some lame lanyard talking to a florida republican about it.
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Jun 28, 2022 19:51
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angry you should post in the minneapolis thread i host meetups every so often I would imagine the old Florida ones are just going to be torn down in a few years because no one will be able to afford the repairs
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Jun 28, 2022 19:54
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yeah I wasn’t in a bad mood so I went with the original Keynes and not my own modification from the doomsday thread. actionjackson posted:ah ok, what is going to happen to all of those old condos dating back to the 1960s that haven't collected the proper amount of dues in decades? special assessments
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Jun 28, 2022 19:56
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actionjackson posted:angry you should post in the minneapolis thread i host meetups every so often Maybe I will! Sounds cool. But yeah, between repairs and condos that have to deal with budgeting for sea wall stuff as the coastlines are claimed by the ocean, the condo projects that have already been lagging on maintenance are just going to slowly die off as people move out without anyone being able to take their place. There are definitely ways to get mortgages for those buildings, but anything that can't be sold back to Fannie is going to have worse pricing than a property they're okay with.
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Jun 28, 2022 19:59
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Bar Ran Dun posted:special assessments Yea, if you look at condos for sale and see one that looks like a great deal it's because it has like 50k of special assessments due soon or something.
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Jun 28, 2022 20:07
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actionjackson posted:love to spent 4500/month to RENT a home that is in a completely car-dependent area where you don't even have sidewalks (notice picture lol) "We totally downsized," said Sherrie Wilson, who's in her early 60s. "Everyone was overpaying for everything. … I didn't want to play that game." I didn't want to overpay so I pay $4500/month in rent lol
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Jun 28, 2022 22:21
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celebrities paid all manner of rents when they started their journey to superstardom, most under $100 a month throughout Los Angeles and New York's storied histories. just find any old place. nobody except retired geriatrics are paying thousands a month in rent
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Jun 28, 2022 22:23
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thank your insight, grandpa
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Jun 28, 2022 22:27
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CongoJack posted:Yea, if you look at condos for sale and see one that looks like a great deal it's because it has like 50k of special assessments due soon or something. how do we as buyers figure out if a special assessment is coming? can we kick down the door to the HOA and demand minutes/finances which indicate a special assessment is coming up?
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Jun 29, 2022 00:13
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depends on the state some they’ll just give it to you, others you’ll never get it.
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Jun 29, 2022 00:40
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Ornery and Hornery posted:how do we as buyers figure out if a special assessment is coming? Not sure, when I was looking my RE agent would get all the hoa financial disclosures which indicated funding after I put in an offer. When they got them quickly and completely that is how I knew the hoa had their poo poo together at least a little bit. All the times there was for sure an assessment coming up the sellers were up front about it even before I put in an offer. For potential assessments years in the future you have to figure it out yourself based on their funding levels. Bar Ran Dun posted:depends on the state some they’ll just give it to you, others you’ll never get it. Thats hosed up, every offer I put in came with a contingency based on the HoA. I can't imagine buying a condo without knowing what the HoA financials are. CongoJack has issued a correction as of 00:51 on Jun 29, 2022 |
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Jun 29, 2022 00:49
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Ornery and Hornery posted:how do we as buyers figure out if a special assessment is coming? you have a legal right to all the info you mentioned and much more, at least in some states (don't get a condo in those other states)
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Jun 29, 2022 02:49
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