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therobit posted:New mods haven’t figured out that this forum police’s itself and does not need them except for title changes. Not true. Sometimes they have to post a toucan to remind us.
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May 12, 2023 07:24
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Leperflesh posted:Like three doors down is a really good Peruvian place called Lima Hah, my parents live near you guys and I went to this place while visiting last year.
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May 12, 2023 07:47
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therobit posted:New mods haven’t figured out that this forum police’s itself and does not need them except for title changes. gently caress those assholes!
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May 12, 2023 07:49
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I do try to stay on top of title changes though
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May 12, 2023 07:52
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I don't understand how perfection was replaced.
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May 12, 2023 12:37
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Baddog posted:I do try to stay on top of title changes though Legitimately the best part of being a mod.
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May 12, 2023 13:13
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Beef Of Ages posted:I don't understand how perfection was replaced. wasn’t me. fwiw the natgas posts got a report, it’s not like I’m looking to care about particulate arguments
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May 12, 2023 13:25
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Jesus loving Christ who touched that title? And for this lame poo poo? Smdh End of an era.
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May 12, 2023 14:23
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Leon Spinks had to come along eventually
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May 12, 2023 15:23
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Sundae posted:I can't wait to see how many of those houses get sold to pay for long-term care or nursing home bills. Or also fun, how many of those inherited houses are in places nowhere near jobs their children work, so they end up being sold anyway. At least in the latter case, the beneficiary gets some $$$ out of it instead of Davita Dialysis & RV Park. https://twitter.com/AliWolfEcon/status/1657076301730308098 https://twitter.com/EdWoodson/status/1657081800458420225 That's actually a big problem. Boomer granddad wants to be near the grandkid, sells his out of the way home and moves to a hot coastal metro area where his children live. When he moves, he brings a giant wad of equity from his last home, letting him make an all cash offer on a "starter-sized" house in the hot coastal metro. How can a millennial, who has to actually care about interest rates, possibly compete with the boomer's all cash offer? Only by having their parents (also boomers) pitch in to help their bid. https://twitter.com/AliWolfEcon/status/1657082826393817088 golden bubble fucked around with this message at 19:55 on May 12, 2023 |
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May 12, 2023 19:53
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golden bubble posted:https://twitter.com/AliWolfEcon/status/1657076301730308098 Me, two years ago in this thread, saying exactly this by casually observing the world around me Crazyweasel posted:
To add some content, I’m not sure I see Boomer buying their kids house. I see on average they have a lot of cash for that first one, but having enough money for two, or one + meaningful down payment..idk Usually their second house is a 1400sqft lake house a couple hours away they bought in 93 Crazyweasel fucked around with this message at 03:50 on May 13, 2023 |
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May 13, 2023 02:35
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Welp I threw money down on a new build, 2bd/2bath, 1100 sqft. I didn't know they still made homes this small so this is great, always wanted something tiny.
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May 13, 2023 14:21
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Hey guys I need to put some money on the street and get a rental property and I'm looking at Charlotte, NC as an up-and-coming locale. I've never been there and don't intend to live there. Thoughts?
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May 14, 2023 06:58
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Throatwarbler posted:Hey guys I need to put some money on the street and get a rental property and I'm looking at Charlotte, NC as an up-and-coming locale. I've never been there and don't intend to live there. Thoughts? Post the emails.
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May 14, 2023 08:01
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Throatwarbler posted:Hey guys I need to put some money on the street and get a rental property and I'm looking at Charlotte, NC as an up-and-coming locale. I've never been there and don't intend to live there. Thoughts? There are higher yield ways to invest than a remote rental property. Lower risk too. (Note that rental risk isn’t just property values it’s also things like needed maintenance, damage to the property, non-paying tenants, etc. A mega corp that owns 2000 homes doesn’t really care about the fraction that end up in eviction proceedings, but that can be disastrous to the small landlord with one or two properties)
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May 14, 2023 13:08
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Can we change the thread title back now That house is flippin sweet but not as sweet as the old thread title
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May 15, 2023 01:05
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Throatwarbler posted:Hey guys I need to put some money on the street and get a rental property and I'm looking at Charlotte, NC as an up-and-coming locale. I've never been there and don't intend to live there. Thoughts? Is $25,000 a lot of money to you? If so don't be a landlord, especially if you're only going to have one unit. Can you get to Charlotte in under an hour to fix a problem? If not, don't be a landlord in Charlotte. Find a CFP to talk to about other options (private REIT? REIG? DST?) if you absolutely need to be in real estate with your dollars. Being a single-unit landlord in a remote location you don't know anything about is a whoooooole lotta red flags.
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May 15, 2023 01:39
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If you're gonna landlord out of state, buy a condo in a large build built less than 20 years ago, or older than 30 AND remodeled less than 10 years ago Condo doesn't have landscaping you need the tenant to deal with and typically HOA covers everything but the walls in for the structure including the roof Unless you're gonna hand it off to a property management company and be totally hands off, you should pick something within, maximum, a 4 hour drive, less than an hour is better. Charlotte is in hyper growth mode right now but my personal (i.e. wrong) opinion is that you're buying on the end of the growth spurt. I just moved out of NC so I'm highly biased against that swampy shithole
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May 15, 2023 02:06
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nothing is compelling you to participate in landlording so I advise that you don’t do it both for your own mental health and also because going in to a remote market and buying up property to be an absentee landlord is a lovely thing to do
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May 15, 2023 11:42
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Aren’t there a billion reit etfs? Just buy one of those.
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May 15, 2023 13:00
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My brother in law just moved to Atlanta and is renting his house out... 7 hours away. I implored him to use a management company but he insisted his realtor "has a guy" to help back on the ground. I do not anticipate this will end well. BonoMan fucked around with this message at 16:28 on May 15, 2023 |
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May 15, 2023 15:21
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BonoMan posted:My brother in law just moved to Atlanta and is renting his house out... 7 ours away. I implored him to use a management company but he insisted his realtor "has a guy" to help back on the ground. Sounds like that realtor's brother is the management company, that's a pretty sweet con they've got going
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May 15, 2023 16:13
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QuarkJets posted:Sounds like that realtor's brother is the management company, that's a pretty sweet con they've got going Guess where their current renter came from too? edit: They are renting it out at $1900 on an $1100 mortgage so that's not terrible but probably all going to get sucked up by one major catastrophe.
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May 15, 2023 16:27
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What fresh hell is this https://www.allinoneloan.com/quote:It is a 30-year HELOC with an integrated sweep-checking account. In other words, it combines your home financing and personal banking needs into one dynamic tool.
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May 15, 2023 19:54
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So glad the banking system is completely over that whole 2008 thing.
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May 15, 2023 21:17
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Motronic posted:So glad the banking system is completely over that whole 2008 thing. We're skipping the part where you buy a house with a regular mortgage and going straight to the part where you accrue an unsustainable HELOC balance, the first part must not have been profitable enough
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May 15, 2023 21:40
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The Oldest Man posted:What fresh hell is this https://www.allinoneloan.com/ Unfortunately that type of product was available from 2006-2008 and I think may have even had an MLM based on it at one point. My wife’s cousin was always crowing about how it was going to help him pay off his house faster because?
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May 15, 2023 21:58
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In theory it is a good idea, there are several thousand dollars hanging out in my checking account earning fuckall interest and having that money instead be "earning" 6.25% or whatever by offsetting principal on my loan would be considerably better. I'm sure that the reality is that you'd lose access to your first-line liquid funds at the first sign of anything close to financial trouble.
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May 15, 2023 22:10
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I'm just wondering whether they have equity maintenance requirements and what happens to your house and all the money you put into it if there's a market crash and your home value drops below the outstanding balance?
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May 15, 2023 22:19
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The Oldest Man posted:I'm just wondering whether they have equity maintenance requirements and what happens to your house and all the money you put into it if there's a market crash and your home value drops below the outstanding balance? I'm sure this is addressed in the documents you sign when using this financial product. And I'm sure it can be paraphrased as: "lol margin call!"
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May 15, 2023 22:25
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Selling a farm through auction appear to be almost as bad as the regular house process, but in a different way. Everyone involved seems much smarter, and also out to loving scalp the absolute poo poo out of you in new and different ways. Really different than your typical house realtors/brokers/banks. I guess to be expected, it is a business asset. gently caress.
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May 19, 2023 22:22
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who here has bought a home with a significant other, to whom you were not legally married? in part me your wisdom pls
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May 20, 2023 17:21
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Ornery and Hornery posted:who here has bought a home with a significant other, to whom you were not legally married? Traditional thread wisdom is don’t, unless you’re 100% sure the relationship is gonna last like a marriage is. If you break up in a year or two it’s going to be an absolute loving nightmare.
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May 20, 2023 17:30
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As a banker I have seen what happens when those relationships split up and it is not pretty. See also gay and lesbian divorce before gay and lesbian marriage were legal.
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May 20, 2023 17:39
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Ornery and Hornery posted:who here has bought a home with a significant other, to whom you were not legally married? The wisdom is "don't, but if you refuse to listen to that you both need lawyers to set up a distribution of this asset which is already codified by simply getting married".
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May 20, 2023 17:40
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Ornery and Hornery posted:who here has bought a home with a significant other, to whom you were not legally married? We technically weren't married when we bought the house but we got married a few months later so we just sorta took the risk. I think the answer would be to hire a lawyer to draft an agreement of what is to happen to the house if you split. I think it's probably cheaper to just go to the courthouse and get married at that point but I get there are reasons people don't want to do that.
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May 20, 2023 17:57
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Have a bye sell agreement in place before you buy the house. This applies for any partnership you enter into even business partnerships. Plan the split up before any major purchase.
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May 20, 2023 19:10
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Speaking of boomers driving prices up... I'm not quite that old but I am looking for some advice on how best to leverage my current house when moving. We're looking to move for the first time since buying a house. We have no debt. We have ~$100k we can afford to use as a down payment. What we don't have is enough savings to buy the next house. Should we take out a mortgage on the current house and use that to make a cash offer on the new one? Then pay back the mortgage when our current house sells, obviously. My goal is to end this process with one house and no debt. I've never done this before (we paid cash for our first house because I'd been saving and renting for a long time) so I'm not sure how to calculate my options. Googling around gives lots of advice for first time buyers taking on debt, but I haven't found anything relevant to our situation.
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May 20, 2023 19:10
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LLSix posted:Speaking of boomers driving prices up... I see tons of info searching under “buy and sell a house at the same time”. Realistically, the best thing you can do is hire a buyers & sellers agent in your area, because they’ll have the best understanding of local market conditions and options for your city/state. Having the same agent for both can also make things cleaner from a scheduling perspective. And they’ll understand your loan options better than most people here. As far as loan vehicles go, what you’re looking for is called a bridge loan. Since you have 100% equity and the collateral is fully there, I would suspect getting one for you should not be a problem. I’ve not done one so I can’t speak to specifics. You’ll pay for the privilege, but it’ll let you basically make cash offers because your equity is flushed out. https://www.pacificprivatemoney.com/how-can-you-make-cash-like-offers-without-paying-cash/
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May 20, 2023 19:48
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If you're confident your current place will sell fast, it's also possible to make an offer on the next place contingent on the sale of your current home. Obviously this makes your offer less attractive to the seller, and if your house doesn't sell in X days the whole thing falls through, but it's another option.
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May 20, 2023 19:53
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