Dark_Knight Posted July 23, 2021 Share Posted July 23, 2021 Wasn’t sure where else to put this so a thread was made. So my landlord sold my house and gave me 30 days to move. I have been grandfathered in to a good monthly rent. When I started looking for a new place I realized that a mortgage is cheaper than rent. Anyways, I have been looking for a house and have like 20 days to do it. Any advice on what to look for/ avoid etc etc when buying a house so I don’t make a life long mistake? Literally any advice on the matter is appreciated heres some boobs for your troubles 2 Quote Link to comment Share on other sites More sharing options...
earmuffs Posted July 23, 2021 Share Posted July 23, 2021 Now is not the time to buy a house. 1 3 Quote Link to comment Share on other sites More sharing options...
Dark_Knight Posted July 23, 2021 Author Share Posted July 23, 2021 21 minutes ago, earmuffs said: Now is not the time to buy a house. I agree. But when rent is higher than a mortgage unless you want to live in the ghetto, what is the better option? 1 3 Quote Link to comment Share on other sites More sharing options...
mr.yuck Posted July 23, 2021 Share Posted July 23, 2021 Rent. Throw the extra money away on rent rather than be upside down for the next 10-15 years at the beginning of the next real estate cycle. 2 Quote Link to comment Share on other sites More sharing options...
Dark_Knight Posted July 23, 2021 Author Share Posted July 23, 2021 25 minutes ago, mr.yuck said: Rent. Throw the extra money away on rent rather than be upside down for the next 10-15 years at the beginning of the next real estate cycle. when do you think this inflation will subside? Quote Link to comment Share on other sites More sharing options...
mr.yuck Posted July 23, 2021 Share Posted July 23, 2021 On 11/29/2020 at 11:46 AM, mr.yuck said: https://blog.dce.harvard.edu/extension/how-use-real-estate-trends-predict-next-housing-bubble @NightmareOnElmStreet @KILZ FILLZ @Mercer I was just talking with my neighbor a few days ago about how he is looking to sell just because of how high our property values have gone. Ive personally gained 60k in equity over the past 2 years, pre renovation value. I just heard on the radio a few days ago that there is a builder that is about to revitalize an old industrial neighborhood area with retail below and living above near me. Make this Area Poppin Again. Im making moves to chunk down this mortgage sizeably over the next few years with the intention of selling at the top of the bubble and collecting a tax free windfall. I started to talk about this in the Jekyll island group but there weren’t any takers. I’d still like to get other peoples input. according to historical trends there might be another 3 or 4 years. When you buy a house under normal circumstances it’s 5 years before you can sell and break even on your investment. Right now is like playing with fire if you plan on selling to cash in on this retardo equity that’s been building over the past few years. If you plan on dying in the house you buy, the present is the best time to buy. 1 1 Quote Link to comment Share on other sites More sharing options...
Dark_Knight Posted July 23, 2021 Author Share Posted July 23, 2021 So I found a house in a gentrified neighborhood whos property value will always be on the rise. Problem is it needs an addition. Do you think it would be worth investing in a neighborhood that’s guaranteed to increase in value regardless of the current trend? This house is move in ready. It’s just small so it would need the addition to make it worthwhile. 1 Quote Link to comment Share on other sites More sharing options...
Dark_Knight Posted July 23, 2021 Author Share Posted July 23, 2021 6 minutes ago, mr.yuck said: I started to talk about this in the Jekyll island group but there weren’t any takers. I’d still like to get other peoples input. according to historical trends there might be another 3 or 4 years. When you buy a house under normal circumstances it’s 5 years before you can sell and break even on your investment. Right now is like playing with fire if you plan on selling to cash in on this retardo equity that’s been building over the past few years. If you plan on dying in the house you buy, the present is the best time to buy. And my problem on top of it is I don’t want to wait another 3-4 years either. 1 Quote Link to comment Share on other sites More sharing options...
mr.yuck Posted July 23, 2021 Share Posted July 23, 2021 2 minutes ago, Dark_Knight said: And my problem on top of it is I don’t want to wait another 3-4 years either. I hear that. I didn’t buy the house I’m in til I was 37. If this flip doesn’t go according to plan, I’m gonna be paying on this bitch til I’m almost 70. If you plan on this place being a long term investment that you intend on building extra equity into… I don’t want to give you any advice that might affect your future financial well being… but I would probably do it. 1 Quote Link to comment Share on other sites More sharing options...
Dark_Knight Posted July 23, 2021 Author Share Posted July 23, 2021 (edited) 5 minutes ago, mr.yuck said: I hear that. I didn’t buy the house I’m in til I was 37. If this flip doesn’t go according to plan, I’m gonna be paying on this bitch til I’m almost 70. If you plan on this place being a long term investment that you intend on building extra equity into… I don’t want to give you any advice that might affect your future financial well being… but I would probably do it. My idea would be to live in it for 5-10 years. Refinance and rent out eventually. Rent in this neighborhood is retarded and I want to exploit the retards who spend it…. One day. Just don’t know how much shit costs. in due time. Its a big commitment and if I fuck myself over I will blame you entirely @mr.yuck Edited July 23, 2021 by Dark_Knight 1 1 2 Quote Link to comment Share on other sites More sharing options...
Dark_Knight Posted July 23, 2021 Author Share Posted July 23, 2021 Any idea on what additions cost? Quote Link to comment Share on other sites More sharing options...
mr.yuck Posted July 23, 2021 Share Posted July 23, 2021 Yes. They cost a fuck ton. I’ve been in this business for over 20 years now and I can’t even find some one to do me a favor for cut rates right now. Luckily from what I’ve been reading the price of lumber is coming back down. there are a lot of mitigating factors to remodel process. Accessibility and parking being one of them. If it’s city street parking and the houses are built right on top of each other, you will pay a PITA premium. How big of an addition are you talking? 1 1 Quote Link to comment Share on other sites More sharing options...
Dark_Knight Posted July 23, 2021 Author Share Posted July 23, 2021 (edited) 16 minutes ago, mr.yuck said: Yes. They cost a fuck ton. I’ve been in this business for over 20 years now and I can’t even find some one to do me a favor for cut rates right now. Luckily from what I’ve been reading the price of lumber is coming back down. there are a lot of mitigating factors to remodel process. Accessibility and parking being one of them. If it’s city street parking and the houses are built right on top of each other, you will pay a PITA premium. How big of an addition are you talking? so I will pay a pita premium. City street and houses are tight. Do have driveway space tho. Not even too big. There’s a tiny bedroom in the back so I wanted to blow out the back wall and make a master bedroom. I would say add like 10-15 ft of depth? I’m pretty ignorant on this subject but yeah it wouldn’t be much. Edit: it’s a ranch so I feel like that makes it a little easier. But once again. I don’t know shit Edited July 23, 2021 by Dark_Knight 1 Quote Link to comment Share on other sites More sharing options...
mr.yuck Posted July 23, 2021 Share Posted July 23, 2021 You have an address you want to send me so I can look at that joint on Zillow or something? Personally I would make a master suite. Bed/bath. You will get a higher return on your money spent. depending on finishes And overall size, Id venture I would charge anywhere between $50k and 70k. That’s all in for anything that might come up. Region also affects pricing. my neighbor wants to resize and remodel one of his bathrooms and I’m about to drop a $20k hammer as a friend price. 1 1 Quote Link to comment Share on other sites More sharing options...
morton Posted July 23, 2021 Share Posted July 23, 2021 Are we talking about The Forest City here, out of towners will not grasp the market there. Check your county appraisers sure and do some research on the costs that people pay historically and currently. 1 1 Quote Link to comment Share on other sites More sharing options...
ndv Posted July 23, 2021 Share Posted July 23, 2021 (edited) Nice boobs! I see where this is going, a few shared their input now she needs to loose the clover and star. With that being said, tell her drop the panties and I'll start talking. The more she takes off the more I'll share. Edited July 23, 2021 by ndv 2 2 1 2 Quote Link to comment Share on other sites More sharing options...
mr.yuck Posted July 23, 2021 Share Posted July 23, 2021 4 minutes ago, ndv said: Nice boobs! I see where this is going, a few shared their input now she needs to loose the clover and star. With that being said, tell her drop the panties and I'll start talking. The more she takes off the more I'll share. Fucking smart. I’m holding out too. 1 1 1 Quote Link to comment Share on other sites More sharing options...
Dark_Knight Posted July 23, 2021 Author Share Posted July 23, 2021 (edited) 7 minutes ago, morton said: Are we talking about The Forest City here, out of towners will not grasp the market there. Check your county appraisers sure and do some research on the costs that people pay historically and currently. St pats on bridge area. In the vicinity. A house on the street just went for 500k That being said… I should do more research. But the price is appealing. I can possibly get a significant amount off for it too. Edited July 23, 2021 by Dark_Knight 1 Quote Link to comment Share on other sites More sharing options...
morton Posted July 24, 2021 Share Posted July 24, 2021 https://myplace.cuyahogacounty.us/ Quote Link to comment Share on other sites More sharing options...
One Man Banned Posted July 24, 2021 Share Posted July 24, 2021 I was going to prop you for doing the proper thing and posting tits but then you went with censored titiies?!?! For shame sir, for shame. 2 1 Quote Link to comment Share on other sites More sharing options...
~KRYLON2~ Posted July 24, 2021 Share Posted July 24, 2021 I bought my house right before prices skyrocketed because of the housing shortage. A lot of farmland is now being rezoned for new housing developments where I moved. I guess the appeal is being close to a huge river and lake system where people build zillion dollar houses and being within an hour drive of chicago and Milwaukee. The good thing is my home is almost doubled in value. The bad thing is inflation and the housing shortage has made buying a house these days out of reach for some families 2 1 Quote Link to comment Share on other sites More sharing options...
One Man Banned Posted July 24, 2021 Share Posted July 24, 2021 Don't know your hood but you can't necessarily go by what one house sells for. Don't let a realtor lay pressure on you with shit like someone else is looking at this house too or whatever. If they aint laid their $ down, it don't matter. An addition is obviously going to jack up your total costs, by a lot. When you have your home inspection go through with the inspector and let them explain everything that's fucked up to you. Also, standard clause on a home inspection is they don't catch everything, it's mainly structural and such, blah blah blah. So if you see something fucked up that the inspector is not taking note of point that out and take note of it for yourself as well in case it doesn't get put in the inspector's report, you might need that item when negotiating the price of the house. The homeowners will have to sign docs stating shit like the home has never had water leaks/damage, has never had pest infestations, etc. Do not go by their word, look for signs of that yourself when you're viewing the home and during your home inspection. Mice/rats, termites, ants, mold, rot, water damage. If you do find signs of pests you're going to have to look for water/water damage because they can get in through rotten/moldy boards, plus they need a source of water to survive. If you can, try to see the place during or just after a rain and look for signs of leaks, water damage, flooding, improper drainage on/in the house but also on the property. How old is the house, the roof, windows, the components that make it run like HVAC. If any of that shit's worn and going to require replacement sooner rather than later it's expensive and adds to your overall cost. Consider issues you might face with the house in different seasons. It might be great in summer, but a steep driveway with a turn in it is a bitch in freezing rain. Also see the place at different times, like is the street a parking lot for traffic at rush hour? Does it become a hoe stroll when the sun goes down? You're trying to do this in a short time, if you're not pre-approved for a loan start that process now. Because of the time limitation it might also be difficult to get the current owner to fix any issues found before you buy. That means that while you might be able to negotiate the price down to cover those costs, you're going to be the one fixing all those issues on your time. May or may not be a big deal if you're adding an addition. Do not rush this. If you have to, you're better off renting a little longer vs jumping into a major investment. 1 3 Quote Link to comment Share on other sites More sharing options...
One Man Banned Posted July 24, 2021 Share Posted July 24, 2021 Quote Link to comment Share on other sites More sharing options...
One Man Banned Posted July 24, 2021 Share Posted July 24, 2021 Forgot to add, google the current owners and see if you can get a sense of what they do, how much they make and such. It's a major sale and worth it for both sides to consider every penny of it but nothing like seeing a rich fuck try to argue not fixing something and leaving it for you when it needs fixing and they can clearly afford to do so. 1 Quote Link to comment Share on other sites More sharing options...
Dark_Knight Posted July 24, 2021 Author Share Posted July 24, 2021 @One Man Bannedthe people who own it were trying to flip it but the bedrooms are too small to be appealing. Other than that it’s mostly all updated. They’re gonna take a loss on the house. But will work in my advantage…I think. Quote Link to comment Share on other sites More sharing options...
~KRYLON2~ Posted July 24, 2021 Share Posted July 24, 2021 To kinda add on to what OMB said. Make sure you or the inspector take lots of photo's with the location and description of what has been observed. Check the hvac system to see if its been serviced regularly. Usually you'll find a sticker with dates and what parts or services were provided. And how old it is, it might be working now but it could be on its last legs Check the water heater as well for rust, leaks, or bulging pipes Make sure the gutters are clean and water spouts are directed away from the foundation. Some of the homes i looked at looked great until i looked behind the gutters and found dry rotted wood. Also check the circuit breaker brand and model number. Some models are known to fail and cause fires Take a look at any trees on the property that could be dying or need to have branches trimmed off. Especially if the branches are growing over the home Have the sewer line and pipes inspected as well. I got lucky and had a great inspector who took the time to explain to me any looming issues with my home and I was able to get the previous owners to fix the problems. 2 3 Quote Link to comment Share on other sites More sharing options...
mr.yuck Posted July 24, 2021 Share Posted July 24, 2021 I looked at quite a few houses where the window trim was wrapped. A lot of times unscrupulous scumbags will wrap rotten wood instead of fixing the problem. I push hard on shit to see if it gives way. 2 2 Quote Link to comment Share on other sites More sharing options...
metronome Posted July 24, 2021 Share Posted July 24, 2021 check out HonestDoor for price comps and real time value. Quote Link to comment Share on other sites More sharing options...
One Man Banned Posted July 24, 2021 Share Posted July 24, 2021 Other things that came to mind: Check the appliances for age/wear, and find out if they're taking any with them. Maybe not an issue since you said this is a flipped house but if it has old appliances check them. If the house has a septic system have that checked, you don't want to have to dig that up for repairs a year after you move in. Run the hot water and see how long it takes to get hot, and also your water pressure. Run the shower and give the toilet a flush at the same time. If the house has a basement check it for signs of a homo dungeon. 1 1 1 Quote Link to comment Share on other sites More sharing options...
morton Posted July 25, 2021 Share Posted July 25, 2021 Also, remember that real estate agents are a bunch of liars. Caveat Emptor Up 74,000 over five years without pulling a permit https://myplace.cuyahogacounty.us/MDAzMzAwMzc=?city=OTk=&searchBy=UGFyY2Vs&dataRequested=UHJvcGVydHkgU3VtbWFyeSBSZXBvcnQ= The Cuyahoga county gis is too much fun. Assessor GIS sites in general are amazing resources https://www.arcgis.com/apps/View/index.html?appid=ddb0ee6134d64de4adaaa3660308abfd This one is tons of fun too but not for the same reasons. 1 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.