12-18-2019, 04:55 PM | #45 | |
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12-18-2019, 05:02 PM | #46 | |
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12-18-2019, 06:43 PM | #47 | |
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You can't even touch 3/2 split level homes that haven't been updated since the 70s for less than ~$450K; and that's in a really crummy school district...after some work, they rent for ~$2300. Best you can do is a 2/2 1k sq ft 20 year old condo for ~$250K which brings $1900/mo in rent...but you're still on the hook for $300 in condo fees which eats away any profit. Last edited by FCobra94; 12-18-2019 at 06:50 PM.. |
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12-18-2019, 07:23 PM | #48 | |
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12-18-2019, 08:03 PM | #49 | |
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In more cases than not in these price points I see the following scenarios as to why buyer’s can’t: Number one - Debt-to-income - this is probably 80% of the population in this price bracket that can’t buy a home. Mainly student-loan related, but child-support, credit-cards, bad car loans. Lots of reasons. They can afford the (inflated) monthly payments of renting, but no banks will underwrite their loans for the same priced house, even though when financing and PMI included the monthly payment would be much cheaper... Second scenario is more of a state specific thing but I’ve had a few cases this year where the husband or wife’s DACA number wouldn’t qualify them to co-sign and their other half couldn’t finance the house on their own. Or one half of the couple has no credit at all and lenders having to do modified stated-income for them.
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12-18-2019, 09:25 PM | #50 | |
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I know it would burn me if I was them. You must have some good stories though - how long have you been selling real estate? |
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12-18-2019, 11:37 PM | #51 | |
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The prices have been dropping a bit the last couple years, but still stupid. I can’t believe what some of you folks pay in taxes on your properties down there. I bought my place in 2006 for 635k, and it’s assessed value for taxes this year is 1.6mil and my taxes are only 5,400 this year. I get a slight break on that as it’s my primary residence. My wife and I have been scouring looking for property to buy for retirement, we just cannot decide where. Either way we will be selling this place and buying an apartment here and another........somewhere for retirement. |
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12-19-2019, 08:01 AM | #52 | |
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12-19-2019, 08:31 AM | #53 | |
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Ever heard of the show / them - is it a real thing, are they genuine? Reason I ask is because I remember my sister in law contacting this other real estate show up here...property brothers I think, where apparently the one brother is a realtor and helps you find a house that needs renos, and the other brother does the work with a team to reno it and you get this beautiful house at the end of the day (sort of like Fixer Upper). So my sister in law contacts the show because they were looking for a house in Toronto figuring they could help them find something and reno it. Turns out, its all a sham for TV - the lady on the other end said you already had to have the house and they'd come to look at it, and the one "construction" brother doesn't actually do much of anything, its the crew. It was pretty funny, I had a good laugh at her expense. But yeah, sham, just for TV. That's why I wonder if its actually the same on Fixer Upper. They seem like nice people though. |
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12-21-2019, 11:39 PM | #54 | ||
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The show "tiny house" filmed next door to one of my rental properties, I was near site as they filmed, it's all full of crap, the getting out of the car for the reveal was done 6 times! all the dialogue was on a board. Maybe you can see me near the fence giving them the finger? https://www.telegram.com/article/201...emplate=ampart |
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12-22-2019, 12:33 AM | #55 | |
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In terms of the construction, I think Chip does actually have a crew that does stuff and he is somewhat handy himself and can do some construction projects if he wanted to, but I’m sure he just has a crew working on it. So they may be more genuine than the property brothers who literally were stand up comics or magicians or something like that before the show. I will say though, their market prices for the houses are definitely pretty real. Waco TX is pretty inexpensive housing. It’s a cute place but not a hugely desirable place to live. it’s not a city that’s really close to anything unless your business or job is located there. It’s 1.5 hours from Austin or Dallas. However, because of that, a house built in the 90’s with an acre or two of property is totally realistic for sub-300k. But it’s not a place you could pay me to live personally... The show however has helped the city a TON in terms of tourism.
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12-22-2019, 12:38 AM | #56 |
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yea, most of those shows seem like nonsense. i can't remember the name of the show, but there was another one where people would buy and renovate houses far above their likely income.
i always enjoyed the "income property" show as it didn't seem as fake. same with fixer upper.
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12-22-2019, 04:39 AM | #57 |
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I bought my condo nearly 15 years ago in a very good place of my home city, where doctors, schools, kindergardens and groceries are within close walking distance, even with a walker you hadn't it too heavy to get there.
Now its rented and carry itself, caused by the very low interests and at the end of the first financing period I close the first contract next year in march. Following period would be not longer as 10 years and the condo is finally paid. Had considered to sell it, because the sell price would be nearly the double of what it had cost once. But I had discarded those thinkings in lack of an adequate single standing house in one of my desired areas. Meanwhile you can afford really nice houses with garage and garden only in areas, where normal living is dead and most people had abandoned their territories. Actually I live for rent in a nice rental appartment, from today I would guess the next 10 years and then returning home. Not entirely sure what to do then, watching the prices and cross fingers, that the right object is coming my way the right time. In my homeland its a bad time for all considerings of buying houses, condos or estates...
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12-22-2019, 07:05 AM | #58 | |
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12-22-2019, 07:30 AM | #59 |
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I don't agree with his overall assessment but he does raise some very decent points about owning a home:
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12-22-2019, 07:30 AM | #60 | ||
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Plenty do do and see, overall very clean and lots of decent people, I was wrong about the Carolinas full of red necks and trucks with Camo as a good popular color to wear going out for dinner Good living is where you make it, I'm still going to put "Hillary2020" bumper stickers around just to fuck with the locals as I pass through |
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12-22-2019, 08:02 AM | #61 | |
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12-22-2019, 08:05 AM | #62 |
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My situation is I "own" my primary residence which I bought in 2001 as new construction and just before the big housing boom. I also "own" a vacation property I bought in 2012 in Delaware. The reason why I put own in quotes is I've always had this mental thing about do I truly own the home if I have a substantial mortgage on it?
Anyways, I subscribe to the other train of thought with real estate. I won't pay off the mortgages early. I'll take them out to term and in turn divert the money towards retirement and unqualified investments. One of the points in the video I posted above is that sinking money into real estate makes it harder to get that cash out when you need to sell it. Where as investments, you can just issue an order to sell and have your money within a few days. There is an argument that many people are not disciplined enough to move money they would other wise sink into real estate into investments. Well, it's the same argument about credit cards. These two things I know will grate at Dave Ramsey zealots. I've been able to be very disciplined with these two things over many years and have the balance sheets to show for it. For my primary residence in the DC area, I've refi'd twice and am now at 3.75% fixed for 30 years. My vacation property was purchased at 3.25% fixed for 30 years. As a percentage of my monthly gross income, the primary home accounts for about 11% and my vacation property accounts for about 8%. So I'm certainly not living beyond my means. I've maxed out my 401k contributions and have been putting money away into an after tax investment account. Could I be doing better with my money? Sure. Real estate in the DC area has been insane and even more so with Amazon moving in. While I hope for a correction, I wouldn't expect much of any crash with the Federal government and other economic factors bolstering the real estate market here. I was on target to my retirement age goal of 55 (I'm currently 49 years old). Have been socking away money into a 529B since my daughter was born up to the max tax deduction for my state and have 5 figures already saved up. All cars and motorcycles paid off. So only mortgage debt. Then 2 major life issues hit me. Major medical and divorce. So far the predominate responders I've seen on this thread are men. I understand how everyone would think things will always be great in your future planning. I thought so too. Married very late because I wanted to be sure I found the "one". Well that didn't pan out. I also didn't live a bad lifestyle. Have been physically active. Never smoked. Don't drink all that often. Yet, I got hit with cancer twice. The divorce is the situation that has set me back the most. The only fortunate thing for me was I filed some what early enough where I'm not on the hook for long term alimony. Nor do I have to split more of my savings to her. The fortunate thing that has saved me was both properties were purchased pre marital and a huge chunk of my retirement is also pre marital. Had all of that been marital property, I would have been devastated financially. This also leads into the whole messy topic of a prenup. There were reasons why I didn't get one drafted before marriage and I took a gamble. This is one of the decisions in my life that I regret the most. In some ways, I also regret marrying this woman but then I wouldn't have my precious daughter so I have to keep that part in perspective. The latter part of my post is probably TMI for the topic. But I felt compelled to say it because I certainly didn't plan for any of it and here I am dealing with these never could happen situations (so I thought). |
12-22-2019, 08:07 AM | #63 |
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dont know about you guys but the RE market in Miami is borderline sham levell... 300k condos in key areas rent for 2k a month... some are sub 800 sq ft. To buy your mortgage payment would include a $500 a month HOA, taxes and upkeep... if you were to rent that for 2k, you are already upside down monthly. As far as buying out of the city, be prepared to deal with monstrous traffic to get from a 30 year old house that looks like a shack for 300-400k... timing is awful right now.
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12-22-2019, 08:26 AM | #64 | |
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Everybody has a gameplan....until they get punched in the mouth.
Last edited by Rmtt; 12-22-2019 at 01:20 PM.. |
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12-22-2019, 08:34 AM | #65 | |
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12-22-2019, 08:48 AM | #66 | |
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For some levity, maybe I should cross post this over in that diamond ring thread. |
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