BUYING HOUSES

[Schnitzel]

Make sure no upcoming capital works on the building.

 

You don't want to move in and discover previous person moved out because they couldn't afford the upcoming 28K per apartment for foundation repairs.

 

Can you push it to two bedrooms if you went further out?

no idea on houston so just asking.

 

 

 

[LUGR]

Yeah, @mr.yuckis right…check the association’s declarations & bylaws. You will probably suffer immensely reading it. Your lawyer may come in handy making sense of it all 😂.

 

Reviewing the association’s insurance coverage and obtaining adequate personal insurance to cover your investment is important. I have seen condo insurance only cover returning the unit back to its original standard….not the $150K of betterments the owner added and assumed the building policy covered when the shit was destroyed.

 

Also, never buy on the first floor 💦.

[where]

Seems like culture hates on West Virgnia, but they have the highest rate of homeownership in the country. That is all.

[KILZ FILLZ]

@ndvadvice I have is to use an independent home inspector, not one recommended by your realtor. We went with the inspector suggested by our realtor and he missed a ton of water damage that should’ve been a signal there was a long term leak. If you go with one your realtor sets up there is a pretty large conflict of interest that I didn’t consider - they have no incentive to find anything to mess up the sale. They want that realtor to keep feeding them jobs. 

[fat ralphy]

Yo that mini pool I think was a lap pool - its for streamline hipsters who shave their pubics.

 

 

The spots you posted @ndvlook pretty dope, I am in the opinion that 200k is pretty reasonable and seems like Houston is climbing in property values. Pretty likely that regardless you will end up with some equity if the locations are truly up and coming. 

 

My two cents is just inspecting the shit out of anything and pay a contractor that knows their shit to do it…..some of these modern builds have a lot of cut corners as developers just push them out like nothing. 

 

Buying a single family home is dope but the flip side is everything is your responsibility. Everything.

 

Edited February 22, 2022 by fat ralphy

[ndv]

10 hours ago, Schnitzel said:

Make sure no upcoming capital works on the building.

 

You don't want to move in and discover previous person moved out because they couldn't afford the upcoming 28K per apartment for foundation repairs.

 

Can you push it to two bedrooms if you went further out?

no idea on houston so just asking.

 

 

 

 

2 bedrooms, yes, I can find those all day long right outside of downtown h-town around the same price, however, the listings become more abundant in updates.  I am trying to steer clear of having to update if I can avoid it unless its a insane deal.  I kinda want a move in ready place, perhaps furnished if possible. 

 

2 hours ago, KILZ FILLZ said:

@ndvadvice I have is to use an independent home inspector, not one recommended by your realtor. We went with the inspector suggested by our realtor and he missed a ton of water damage that should’ve been a signal there was a long term leak. If you go with one your realtor sets up there is a pretty large conflict of interest that I didn’t consider - they have no incentive to find anything to mess up the sale. They want that realtor to keep feeding them jobs. 

 

1 hour ago, fat ralphy said:

Yo that mini pool I think was a lap pool - its for streamline hipsters who shave their pubics.

 

 

The spots you posted @ndvlook pretty dope, I am in the opinion that 200k is pretty reasonable and seems like Houston is climbing in property values. Pretty likely that regardless you will end up with some equity if the locations are truly up and coming. 

 

My two cents is just inspecting the shit out of anything and pay a contractor that knows their shit to do it…..some of these modern builds have a lot of cut corners as developers just push them out like nothing. 

 

Buying a single family home is dope but the flip side is everything is your responsibility. Everything.

 

 

Kilz and Ralphy, thanks for the inspection advice. I think this is where most buyers not necessarily neglect but more so not very educated in this part of the home hunting side of things.  Sorry to hear about the aftermath of updates you had to go through, kilz.  Hope the place is much better now and I am sure now you feel more confident in your purchase considering you at least have things fixed with structural integrity to back up your confidence. 

[NightmareOnElmStreet]

Whatever happened to @MarcoFromHouston

[MarcoFromHouston]

19 minutes ago, NightmareOnElmStreet said:

Whatever happened to @MarcoFromHouston

 

I'm around. Taking flicks, eating tacos. 

 

https://marcofromhouston.myportfolio.com/portfolio 

[LUGR]

9 minutes ago, MarcoFromHouston said:

 

I'm around. Taking flicks, eating tacos. 

 

https://marcofromhouston.myportfolio.com/portfolio

That was quick lol…join the fun around here again.

[Elena Delle Donne]

can't tell you guys how fucky this market is and how hungry the flippers are. i'd be as wary as it gets with updated properties. heard about a home where they saved money and avoided supply issues by using oriented strand board instead of drywall just the other day

[mr.yuck]

@Elena Delle Donneis right. The market is flooded with get rich quick flippers who are tired of their 9-5 and decide to cash out their retirement and give construction a go. I don’t think these people have bad intentions, I just think they can’t tell the difference between the contractor that’s going to put things back together right and the crack head thats going to steal all of the copper from the house. The differences can be very nuanced.

[ndv]

5 hours ago, mr.yuck said:

@Elena Delle Donneis right. The market is flooded with get rich quick flippers who are tired of their 9-5 and decide to cash out their retirement and give construction a go. I don’t think these people have bad intentions, I just think they can’t tell the difference between the contractor that’s going to put things back together right and the crack head thats going to steal all of the copper from the house. The differences can be very nuanced.

 

what's funny about this is I have a buddy (not a home flipper) that doesn't wanna pay what it costs to do the job right so he will higher people outside of home depot or literally right off the street just to save a buck.  Basically to sum it up, he will higher a crack head handy man... lol to do the work he wants done.  On top of all of this, he so cheap about it he doesn't necessarily use the proper materials (good quality), cuts corners and expects the job to be done professionally.  Not only is he like this personally but professionally as well. However, he knows he at least has to higher people that know what they are doing in the AV trade, but still has the inferior materials and cuts corners.  Makes a good living by doing it, but I don't trust him in regards to anything hands on.

Edited February 23, 2022 by ndv

[ndv]

You guys remember D-Bag Kenneth Lay of Enron?  

his former place hits the market off and on every few years.  

https://www.har.com/homedetail/2121-kirby-dr-33-houston-tx-77019/10441827

 

the maint fee  $12,314 / Monthly

 

anyhow, back to reality...

[NightmareOnElmStreet]

I would like to publicly apologize to my fellow forum mates for my Egregious language the other night. 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Mercer]

Condos are dope because you're in a building full of owners, game changer compared to a building full of renters. People act like they know how to act knowing their neighbors are long term. Not to mention quality of life upgrade if it helps to eliminate commuting times, and putting you in neighborhoods you might not otherwise be able to afford. I'd lean towards spots with bigger mortgages & lower monthly fees but it's all about location vs amenities.

[LUGR]

27 minutes ago, NightmareOnElmStreet said:

I would like to publicly apologize to my fellow forum mates for my Egregious language the other night. 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Elena Delle Donne]

4 hours ago, Mercer said:

Condos are dope because you're in a building full of owners, game changer compared to a building full of renters. People act like they know how to act knowing their neighbors are long term. Not to mention quality of life upgrade if it helps to eliminate commuting times, and putting you in neighborhoods you might not otherwise be able to afford. I'd lean towards spots with bigger mortgages & lower monthly fees but it's all about location vs amenities.

 

I'm also not mad at a condo. all the advice n here about going long on their financials is right, though. that fee is supposed to pay for upkeep and a new roof every 20 years, not go into an REIT

[Mercer]

Truth be told, the only thing I hate more than HOA Karens are actual politicians. I don’t mind all the work of owning property but also wouldn’t mind a dope condo downtown & a cabin up in the mountains instead of a house.

[Dark_Knight]

HOA? More like HOGAY!

[NightmareOnElmStreet]

8 hours ago, LUGR said:

 

Holy cans. 

[mr.yuck]

I don’t like condos. I don’t really like anything at this point but 1 story ranches with a comfortably sized crawl space. But at the end of the day, owning something is better than not owning something, unless it’s an outright bad deal.

[ndv]

6 hours ago, Mercer said:

Truth be told, the only thing I hate more than HOA Karens are actual politicians. I don’t mind all the work of owning property but also wouldn’t mind a dope condo downtown & a cabin up in the mountains instead of a house.

 

Agreed

 

 

[misteraven]

On 7/23/2021 at 12:57 PM, earmuffs said:

Now is not the time to buy a house. 

post #2 from @earmuffs. 
 

I was saying the same thing at the time and crazy to look back and realize that it was exponentially easier to buy a house in 2019 than it is today in 2024. Not to be on this depressive, critical tip as I look back on some older threads but damn, wonder how long this continues to go off the rails before guillotines maybe become a thing again. 
 

Thread made me think of some fairly recent conversations I’ve had with @Mercer

[Mercer]

For most people:

 

• Level 1 is having enough income to support yourself
• Level 2 is just being able to flex shoes/clothes, maybe a nice whip.
• Level 3 is being financially responsible, zero debt, and saving up money
• Level 4 is when you've built net worth, and you value it more than income
• Level 5 is when your net worth works for you, and you don't work for it anymore

 

 

This is why it's always a good time to buy a house IMO, or at least better than paying rent waiting. Was it better 1, 2, 3, 4, 5, 6, 7, 8, years ago. Yes, of course. That's the norm. The sooner you buy the better. My parent's bought a house for 30K and I wish I could have. Now houses where I live are half a mill.

 

Right now, I'm paying 2.8% interest on my mortgage. The banks/lenders are now offering between 6%-8% interest meaning your mortgage is going to be double mine for the same property. Seems stupid to buy right, but that's wrong for a few reasons.

 

Think about level 4. By paying rent, you blow 100% of that payment. With a mortgage, even if most goes towards paying the interest on that loan, at least some portion of it goes towards the principal, which lowers your debt. and goes towards building your net worth.

 

People that are holding off right now thinking once interest rates go back down then they'll buy are being foolish. First off, that's what everyone is thinking. So what do you think is going to happen to prices when everyone is trying to buy? They're going to shoot up. Meanwhile, the person that bought 5 years ago dropped their debt. and built that net worth, they go to the lenders and say let me refinance and boom, now their mortgage is lower than the person who waited to buy until the prices went up. Maybe they can even afford something bigger/nicer now and sell at a profit and roll that into the bigger nicer house. Either way, those who wait are fucking up IMO.

 

 

[mr.yuck]

@Mercer Those statements assume a lot about people looking to buy a home. The average income for men is 58k a year and women is 39k or some crazy shit. The average cost of homes right now is 417k. 

 

You have to make $120k a year with almost 90k down to afford that house. The average couple is falling $23k short a year alone. That shit is wild to me. 

 

I don't think the problem is people just waiting out the market because they don't want to spend the money, it's that they don't qualify in the first place.

[fat ralphy]

@mr.yuck solid points - in my area shit is ridiculous.

 

That said I copped my pad in 2016 - but the median price currently in my area is 1.3M 

 

The fucking median price. Wild. 

[Mercer]

15 minutes ago, mr.yuck said:

@Mercer Those statements assume a lot about people looking to buy a home. The average income for men is 58k a year and women is 39k or some crazy shit. The average cost of homes right now is 417k. 

 

You have to make $120k a year with almost 90k down to afford that house. The average couple is falling $23k short a year alone. That shit is wild to me. 

 

I don't think the problem is people just waiting out the market because they don't want to spend the money, it's that they don't qualify in the first place.

 

You're assuming someone should buy an average median house. I'm not suggesting that. If asked, I'd suggest 1/3 to 1/2 your take home should be your mortgage but that has nothing to do with my overall point so I didn't break that down.

 

Depending on income you might need to live in a fixer upper like I did, somewhere in the hood, way out in the burbs, or in a condo. No matter what, fact is buying a below average home is still smarter than paying rent.

 

Here's a scenario that's easily availiable even in my expensive neck of the woods:

• $120K Condo
• 20% down ($24k)
• 7.7% interest on a 30 year
• $2700 property tax per year
• $2400 homeowners insurance a year
• $1114.08 a month mortgage with taxes/insurance included

Someone earning $39k a year can easily afford that by themselves, and still have some money left over. A $120k condo might not be ideal, but at least you won't be trying to paying a full rent when you're too old to work anymore, where the vast majority of us will eventually end up.

[fat ralphy]

either way - median or fixer upper, fundamentally you are paying yourself.

 

I would bet that exactly none of you are living in places where the property values have significantly decreased in the last 10 years 

[mr.yuck]

Nah. Be for real, brother. Ain't nobody bringing home $600 a week after taxes saving up a $24k down payment on a house right now. Not the way this economy is set up. It's wild, 5 or 6 years ago you could find big ass historic homes in nice neighborhoods that needed a ton of sweat equity for $50k-$99k usually cash deals. Now you could also find houses in this same price range in the hood. Now the hood houses are starting at a quarter mil while the hood jobs are paying $11!

 

I was laughing with my wife the other day about the city we moved from. It's one of those places that you live there because you made your choices and for what ever reason, thats where you have to live. I saw a house for sale for 475 in that bitch the other day. 475 is definitely a "choose to live somewhere" price. It was weird to see a choose to live price in an ended up here ass city 😂

[LUGR]

2 hours ago, Mercer said:

 

You're assuming someone should buy an average median house. I'm not suggesting that. If asked, I'd suggest 1/3 to 1/2 your take home should be your mortgage but that has nothing to do with my overall point so I didn't break that down.

 

Depending on income you might need to live in a fixer upper like I did, somewhere in the hood, way out in the burbs, or in a condo. No matter what, fact is buying a below average home is still smarter than paying rent.

 

Here's a scenario that's easily availiable even in my expensive neck of the woods:

• $120K Condo
• 20% down ($24k)
• 7.7% interest on a 30 year
• $2700 property tax per year
• $2400 homeowners insurance a year
• $1114.08 a month mortgage with taxes/insurance included

Someone earning $39k a year can easily afford that by themselves, and still have some money left over. A $120k condo might not be ideal, but at least you won't be trying to paying a full rent when you're too old to work anymore, where the vast majority of us will eventually end up.

How come they didn’t include any pics of the 1bd 1bth 600 sqft condo?!?!