Dark_Knight Posted July 25, 2021 Author Share Posted July 25, 2021 Another curveball but possibly more practical and economic is a condo. I found a decent condo for really cheap. Like my monthly would be 580 including HOA. Anyone have any experience with condo living? Like I said my ultimate goal is to not pay high rent. Not necessarily find a forever home. APPRECIATE YALL Quote Link to comment Share on other sites More sharing options...
mr.yuck Posted July 25, 2021 Share Posted July 25, 2021 My parents bought a condo here in 2019. I completely remodeled the thing from head to toe. A few months after we finished it up a waste pipe bit the dust 2 floors above them and rained shit water down through their new remodel. They had to fight with the buildings insurance to get everything covered as far as repairs go. A few months after that the person above them had their dishwasher eat shit and rain water down into their kitchen. I did the repairs for that and they put it on the market. It went under contract a week later. adios mother fucker. I guess one good thing came of all this. Everyone that lives in the. Building has become accustomed to seeing my face and I have since gotten a bathroom remodel and a kitchen remodel out of the deal. 1 1 Quote Link to comment Share on other sites More sharing options...
mr.yuck Posted July 25, 2021 Share Posted July 25, 2021 Oh yeah also playing off what @mortonwas saying about real estate agents being pieces of shit, you can pay a lawyer a few hundred dollars to do the same paper work that you will pay 6 percent to have the realtor do. 2 Quote Link to comment Share on other sites More sharing options...
morton Posted July 25, 2021 Share Posted July 25, 2021 A condo is a group undertaking, which has pros and cons, the condo association can make a huge difference in how things are managed. If I were looking at a condo I would pay as much attention to the association as anything and I would be looking for an operation that hires professional mangers and does not try to cut corners by having volunteers from the building to much at all. My mother lived in a condo where someone on the board hired a painting company owned by a couple of rookie lesbians to do some exterior work for $2400 or something similar. It became quickly evident that they did not have the skillset to do the job, getting permits from the city to work near powerlines etc so the painters stopped work and asked for payment for what they had done. A lawsuit followed where the board continually escalated the legal struggle, in the end the judge sided with the painters, awarded legal fees and the condo association was out $74,000 including their own fees. This meant that the monthly dues needed to go up. On the other hand, that unit had stable expenses overall, my mom never had to do any work beyond the interior of her unit and while the value did not grow as much as a house it did appreciate nicely over the 20 years that she held it. Pros and Cons in all things as usual. 2 2 Quote Link to comment Share on other sites More sharing options...
Dark_Knight Posted July 25, 2021 Author Share Posted July 25, 2021 I honestly don’t know what to do. I need the people of 12oz to make a life altering decision for me. Please and thank you. Quote Link to comment Share on other sites More sharing options...
One Man Banned Posted July 25, 2021 Share Posted July 25, 2021 Disregard mortgage, acquire apartment. And then kill your landlord. 1 1 Quote Link to comment Share on other sites More sharing options...
mr.yuck Posted July 26, 2021 Share Posted July 26, 2021 That first one you showed me is the ticket. The price is affordable and it looks like the lions share of the remodel work is done. I would get a professional to walk the property with you and make sure they didn’t just slap a fresh coat of paint on it and call it remodeled. I’ve seen some nightmare shit people have gotten themselves into. 1 Quote Link to comment Share on other sites More sharing options...
Dark_Knight Posted July 26, 2021 Author Share Posted July 26, 2021 This is what is making me hesitate. If I could afford the house and the remodel right now I’d jump but I don’t know if I could. Remodel may have to wait for a year or two. 1 Quote Link to comment Share on other sites More sharing options...
Schnitzel Posted July 26, 2021 Share Posted July 26, 2021 Do you guys have offset loans in america? They are loans that are connected to your bank account and you gte you pay put into them. Every dollar you put in above your required repayment comes off your principle so your interest payable drops accordingly which can make a big difference over the loan lifetime But you can take money from the "offset" part as required just means your interest due would creep up a bit. Works pretty nicely if you can put a bit extra in there. 500 invested early will work out to savings of way more than 500 on a 30 year loan. Quote Link to comment Share on other sites More sharing options...
mr.yuck Posted July 26, 2021 Share Posted July 26, 2021 On 7/23/2021 at 7:05 PM, Dark_Knight said: St pats on bridge area. In the vicinity. A house on the street just went for 500k something to consider as well; you should find out the price per sq foot on that 500k house. You can use that price per sq foot to compare your price per sq ft of the house you want to buy to see if you are really getting a good deal. 1 1 Quote Link to comment Share on other sites More sharing options...
Schnitzel Posted July 26, 2021 Share Posted July 26, 2021 3 minutes ago, mr.yuck said: something to consider as well; you should find out the price per sq foot on that 500k house. You can use that price per sq foot to compare your price per sq ft of the house you want to buy to see if you are really getting a good deal. That's some great advice dude - thanks for that going to use that when i buy my next place. 1 Quote Link to comment Share on other sites More sharing options...
mr.yuck Posted July 26, 2021 Share Posted July 26, 2021 @Schnitzelthat sounds like an amazing program. Nothing in America is designed to be beneficial to the consumer. I think if you over pay on your loan, the overage is credited to your next payment. You can pay off early, but I believe it has to be 2 separate payments with one being strictly designated to pay directly to the principal. please correct me if I have this wrong. Quote Link to comment Share on other sites More sharing options...
NightmareOnElmStreet Posted July 26, 2021 Share Posted July 26, 2021 Maaaaaannn stop listening to all these crazies about staying out of the buyers market right now. Just like crypto or stocks or anything you’re investing money into, it’s best to just GET IN THE FUCKING GAME. That doesn’t mean go all in or go overboard. Find a middle ground and go from there. All this housing bubble theory nonsense is like the covid scare to me. Bunch of people acting scary over some shit that’s just reality. You may or may not get fucked depending on how much you watch your back and keep your hands clean. Essentially do enough common sense research and you should be ahite. The price points on houses depending on where you live are most likely never coming way down. So “waiting” it out is just stupid. Everything has dips but generallly speaking everything goes up every year. Period. :::do not listen to me 0ner, I have no idea what I’m actually talking about Lolol::::: 1 Quote Link to comment Share on other sites More sharing options...
NightmareOnElmStreet Posted July 26, 2021 Share Posted July 26, 2021 Also a moment of appreciation to the powers that be for finally bringing back the scroll to top feature lol!!! 1 Quote Link to comment Share on other sites More sharing options...
where Posted July 26, 2021 Share Posted July 26, 2021 Ask some degenerates that write on shit for real estate advice, sound choice lol. Quote Link to comment Share on other sites More sharing options...
One Man Banned Posted July 26, 2021 Share Posted July 26, 2021 18 hours ago, mr.yuck said: @Schnitzelthat sounds like an amazing program. Nothing in America is designed to be beneficial to the consumer. I think if you over pay on your loan, the overage is credited to your next payment. You can pay off early, but I believe it has to be 2 separate payments with one being strictly designated to pay directly to the principal. please correct me if I have this wrong. Think student loans follow the same type of shit. Anything over your payment has to be declared as being toward the principal or else it's automatically applied to your next regular payment instead. 2 Quote Link to comment Share on other sites More sharing options...
ndv Posted July 27, 2021 Share Posted July 27, 2021 America. In Debt We Trust. 3 Quote Link to comment Share on other sites More sharing options...
Kults Posted July 28, 2021 Share Posted July 28, 2021 2 Quote Link to comment Share on other sites More sharing options...
LUGR Posted July 29, 2021 Share Posted July 29, 2021 @Schnitzel’s house is dope. We all peeped it that one time. 1 Quote Link to comment Share on other sites More sharing options...
metronome Posted July 29, 2021 Share Posted July 29, 2021 Forgot to mention this earlier DK but if you do a walkthrough of any potential home you're buying make sure you pull the appliances out to check underneath for water/rodent damage. 1 2 1 Quote Link to comment Share on other sites More sharing options...
mr.yuck Posted July 29, 2021 Share Posted July 29, 2021 1 hour ago, LUGR said: @Schnitzel’s house is dope. We all peeped it that one time. I was trying to figure out which room I was gonna move into. 2 1 Quote Link to comment Share on other sites More sharing options...
Deine Mudder Posted July 29, 2021 Share Posted July 29, 2021 so much intel such little nipples 2 Quote Link to comment Share on other sites More sharing options...
Dark_Knight Posted July 30, 2021 Author Share Posted July 30, 2021 Forget if I told this already or not but I’ve been told I need to put 15% down since I’m not back to work full time yet. Kind of takes away my money for renovations. At such a crossroad of renting for another year or buying. Shits exhausting. Quote Link to comment Share on other sites More sharing options...
fat ralphy Posted July 30, 2021 Share Posted July 30, 2021 Bruh it takes like 30 days just to close when you buy a house.....it may be different if you are buying outright in full. Definitely worth the pain in my opinion - your mortgage is basically an investment that you can cash out on in the future and will likely increase in value. Bought my pad for over 500k 7 years ago and it has almost doubled - but also Bay Area fuckery included in the growth. 1 Quote Link to comment Share on other sites More sharing options...
fat ralphy Posted July 30, 2021 Share Posted July 30, 2021 Also @Dark_Knight those are some proper hoots. 1 1 Quote Link to comment Share on other sites More sharing options...
Dark_Knight Posted July 30, 2021 Author Share Posted July 30, 2021 (edited) 6 minutes ago, fat ralphy said: Bruh it takes like 30 days just to close when you buy a house.....it may be different if you are buying outright in full. Definitely worth the pain in my opinion - your mortgage is basically an investment that you can cash out on in the future and will likely increase in value. Bought my pad for over 500k 7 years ago and it has almost doubled - but also Bay Area fuckery included in the growth. yeah I’d be crashing with my brother during the closing phase… I just have to figure out if I want to go for broke. It’s a lot to take on. Edited July 30, 2021 by Dark_Knight Weird auto correct 1 Quote Link to comment Share on other sites More sharing options...
Dark_Knight Posted July 30, 2021 Author Share Posted July 30, 2021 Here’s a Polaroid pic of a butthole 2 2 1 Quote Link to comment Share on other sites More sharing options...
fat ralphy Posted July 30, 2021 Share Posted July 30, 2021 (edited) @Dark_Knight - I say fucking go all in provided you are happy with the city you are in etc. Fuck paying someone else's mortgage when you can pay into owning your own shit - I agree with your initial post, I was paying 3500 a month for rent and the shit didn't make sense to me. Again, Bay Area but same principle. Forgot to add this in but Property Tax is a fucking bitch where I am....I pay like 10K annual and those bitches increase it every opportunity. Edited July 30, 2021 by fat ralphy 1 1 Quote Link to comment Share on other sites More sharing options...
fat ralphy Posted July 30, 2021 Share Posted July 30, 2021 @Dark_Knight been having all the hoes. International flavors. 1 Quote Link to comment Share on other sites More sharing options...
Dark_Knight Posted July 30, 2021 Author Share Posted July 30, 2021 1 1 1 Quote Link to comment Share on other sites More sharing options...
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