Home Owners Thread

[BOROSUN]

I recently got a home appraisal because we did bunch of improvements like real wood shutters and stuff. found out my neighborhood has bunch people with loan defaults, which affect our property value as well. I only saw 3 foreclosure during that burst so, didn't think much of it. there was a lot of homes for sale. it sucks but, its not going to stop me from doing home improvements. I'm on a excellent prime area so, eventually P/V will go back up.

[tricky_ab]

I have only seen one foreclosed house, and that was when we were looking moving into a larger house (bank short sale).

Here in Canada, the only bubble I see busting in the foreseeable future, would be the condo market. In my city, there are more available then people in the market purchasing.

You can read an article about it here!

[Mikey213]

I live in highland park, LA. For those of you who understand, it's the age of the wave of gentrification. All you gotta do is ride on it. Looks like it's heading towards east los now.

[TMW]

so watching some house hunters right now

man... idk how some of these guys that are making all the money are letting their wives spend it all on a house they dont even want haha

do any of you guys buy houses to flip or sit on as investment properties? generally i understand its pretty high risk, but if you already have the money it doesnt seem like a terrible investment

[BOROSUN]

I always laugh when they doubt the designers.

[turbronegro]

House hunters is faked

[Silverbullet]

Originally Posted by TMW

so watching some house hunters right now

man... idk how some of these guys that are making all the money are letting their wives spend it all on a house they dont even want haha

there are a lot of wealthy people out there!

[jamg]

im 24 now, and my plan is to dump 80% of my salary into a property home.

im going to live with parents and hopefully buy a piece of property every year for the next couple years. i've got 6 years till 30, so if i can own 8 or so, even at $1k rent a month.... that's an extra $100k-ish on top of what i would be making at my job. the good thing is that my aunt is in real estate so she knows the business as well as manages a ton of properties.

i'll be able to live my 30s with much less financial stress Lol

[STL240SXDRIFT]

I bought my house in 2008 at the bottom of the crunch. Picked up a 2,200 Sq/ft 2 story 15,000 sq/ft lot size foreclosure that was turn key ready to move in. 2 car over sized garage. Purchased for $135,000, appraised out at $175,000 before purchase, since then comps in the area are selling for $215,000 (2012-2014 #'s). Ours w/out in ground pool appraises at $205,000 (eight house neighborhood, 11 houses have in ground pools). Owing is the way to go, keep a close eye on the market and you can find something that can generate some equity. Plus I am always looking at foreclosures, but once they hit the market someone jumps on it faster than me. :/

Would love to find a piece of land with some acres, build a detached garage for activities, build the wife her dream home, shoot anything I want, and ride dirt trails.

[simmode1]

Originally Posted by jamg

im 24 now, and my plan is to dump 80% of my salary into a property home.

im going to live with parents and hopefully buy a piece of property every year for the next couple years. i've got 6 years till 30, so if i can own 8 or so, even at $1k rent a month.... that's an extra $100k-ish on top of what i would be making at my job. the good thing is that my aunt is in real estate so she knows the business as well as manages a ton of properties.

i'll be able to live my 30s with much less financial stress Lol

Shit, I hope you plan to use a property management company. Maintaining multiple rental properties isn't for the faint of heart. A lot of ppl can't hack it, cut their losses & get out of the game.

Be prepared!

[Silverbullet]

Originally Posted by jamg

im 24 now, and my plan is to dump 80% of my salary into a property home.

im going to live with parents and hopefully buy a piece of property every year for the next couple years. i've got 6 years till 30, so if i can own 8 or so, even at $1k rent a month.... that's an extra $100k-ish on top of what i would be making at my job. the good thing is that my aunt is in real estate so she knows the business as well as manages a ton of properties.

i'll be able to live my 30s with much less financial stress Lol

good plan!

1k profit a month? that is asking for a lot. Don't forget about putting cash aside for maintence and operating cost (ideally 50% of the rental)

My highest performing property brings in $1100 profit a month from rent. Putting aside half of that, and paying for operating costs such as paying for taxes and insurance, its only yielding a couple hundred a month. This is pretty typical for an investment rental property unless there was some creative owner-finance purchase method involved

There are a lot of resources out there from many different perspective. Make sure you use them all during your on-going learning process.

[sw20>>s14]

Originally Posted by jamg

i've got 6 years till 30, so if i can own 8 or so, even at $1k rent a month...

I'd hate to be in your shoes when property tax hits each property.

[PMG 705]

Buy one property per year? I am quite certain you dont know what this plan requires. Banks don't just loan out money year after year to the same person with the same salary/equity/portfolio. Unless you're in the mid six figures salary this plan is folly.

In any case, I dont know your financial situation and I wish you all the luck and hope you only take one year to add to your property holdings.

[akaina240]

do u reccomend buying a home for someone whos got like 100k cash?
Im currently still living at home, only make like 2k a month....but the thing is Im not the type of person to stay in an area for too long, i like to try new things and move to new places until I find "home"

[EJ8 944]

Never noticed this thread before, but after reading some of the first pages, it reminds me why I moved out of CA. Home prices are crazy. Moved back here (Northern Utah), I'm now building a custom home in a new sub development, 1600 sq ft, 3 bed, 2.5 bath, 2 car garage, nearly $20k in upgrades, and I'm still gonna be paying less for it monthly than I was for a 900 sq ft, 1 bedroom apartment in West Hollywood. I get that the cost of living is higher there, but I'm making the same money here as I was there, lucked out I guess, as I seem to have much more disposable income now.

It really depends on where you live, I think the prices of homes/rent increase with how desirable it is to live there. Southern California is the king here if you ask me; mild weather all year long, every amenity that you can imagine, every type of neighborhood you can imagine, it has something for everyone really.

[Silverbullet]

Originally Posted by EJ8 944

It really depends on where you live, I think the prices of homes/rent increase with how desirable it is to live there. Southern California is the king here if you ask me; mild weather all year long, every amenity that you can imagine, every type of neighborhood you can imagine, it has something for everyone really.

Hearing from other investors who live in expensive areas, they typically do not invest locally. Many investors have never seen their own properties in person due to investing in profitiable areas that are a good distance away.

[BOROSUN]

Originally Posted by EJ8 944

Never noticed this thread before, but after reading some of the first pages, it reminds me why I moved out of CA. Home prices are crazy. Moved back here (Northern Utah), I'm now building a custom home in a new sub development, 1600 sq ft, 3 bed, 2.5 bath, 2 car garage, nearly $20k in upgrades, and I'm still gonna be paying less for it monthly than I was for a 900 sq ft, 1 bedroom apartment in West Hollywood. I get that the cost of living is higher there, but I'm making the same money here as I was there, lucked out I guess, as I seem to have much more disposable income now.

It really depends on where you live, I think the prices of homes/rent increase with how desirable it is to live there. Southern California is the king here if you ask me; mild weather all year long, every amenity that you can imagine, every type of neighborhood you can imagine, it has something for everyone really.

sorry, south California is not the king. the bay area have the most expensive areas to live. they also get paid higher then the south.

[Kuma]

Originally Posted by STL240SXDRIFT

I bought my house in 2008 at the bottom of the crunch. Picked up a 2,200 Sq/ft 2 story 15,000 sq/ft lot size foreclosure that was turn key ready to move in. 2 car over sized garage. Purchased for $135,000, appraised out at $175,000 before purchase, since then comps in the area are selling for $215,000 (2012-2014 #'s). Ours w/out in ground pool appraises at $205,000 (eight house neighborhood, 11 houses have in ground pools). Owing is the way to go, keep a close eye on the market and you can find something that can generate some equity. Plus I am always looking at foreclosures, but once they hit the market someone jumps on it faster than me. :/

Would love to find a piece of land with some acres, build a detached garage for activities, build the wife her dream home, shoot anything I want, and ride dirt trails.

My friend's nephew from STL bought a 2 story cabin on 168 acres with a river running through it for $300k near Bunker, MO. They use it as a weekend home, but it's a pretty awesome property. All the water is spring water, but you have to cross 3 creeks to get there, so not s-chassis accessible.

[redline racer510]

Build a bridge lol.

[tricky_ab]

Funny I had seen this thread near the top of the page.

My wife and I are currently seeing what's on the market, and good lord is our area expensive!

We would like a double car garage house so that's $550K+. The houses we've seen that we like were closer to $600K.

I'm telling you that you Americans are lucky when it comes to house prices.

Originally Posted by akaina240

do u reccomend buying a home for someone whos got like 100k cash?
Im currently still living at home, only make like 2k a month....but the thing is Im not the type of person to stay in an area for too long, i like to try new things and move to new places until I find "home"

If you're the type to up and move (or your job requires movement) then I wouldn't do it, unless you LOVE the area.

Keep saving, and once it's time to settle down, you'll have a bunch of cash to throw towards it.

[sw20>>s14]

Originally Posted by tricky_ab

I'm telling you that you Americans are lucky when it comes to house prices.

Depends on who you talk to. Average rent in SF for an apartment is inching towards $3200. Rent for places around my work is around $4500-$5500+.

There was a 7% decrease in house sales MoM because people are getting priced out of the market. The median price for a home in SF is now $1M, it's the first time ever the median has hit 7 figures. Let's not even talk about housing prices, lol.

[tricky_ab]

Originally Posted by sw20>>s14

Depends on who you talk to. Average rent in SF for an apartment is inching towards $3200. Rent for places around my work is around $4500-$5500+.

There was a 7% decrease in house sales MoM because people are getting priced out of the market. The median price for a home in SF is now $1M, it's the first time ever the median has hit 7 figures. Let's not even talk about housing prices, lol.

I should have rephrased or been more specific. There are areas that command top dollar for houses. San Fransisco is an outlier in the US while talking about rent and house prices...

$605K over asking in the Bay?

Yeah I get that the cost of living is higher/lower depending on which state you're living in, but that's the same in Canada (Province wise). It's just what I've seen from friends and family who are currently living in the US, your dollars go a LOT further then here.

Oh and the median house price in my town is $499K

[dac2828]

I know housing prices generally in our country in the 1980's were half or less than half of what they are now. Where does everyone think they'll be in 30 years from now?

[exitspeed]

Just bought a house. Close at the end of next month. Before pics coming soon. Going to do an entire kitchen remodel (white cabinets, carrera marble countertops, recalimed barn door sliders, etc etc). Acre lot in Brookfield, WI which has homes from about $150k to a few Million. We got a bargain on ours at $255k. It's surrounded by $300-$400k houses.

Looking forward to getting the kids out of the white trash area we live in now.

[LEG1T]

Originally Posted by exitspeed

Just bought a house. Close at the end of next month. Before pics coming soon. Going to do an entire kitchen remodel (white cabinets, carrera marble countertops, recalimed barn door sliders, etc etc). Acre lot in Brookfield, WI which has homes from about $150k to a few Million. We got a bargain on ours at $255k. It's surrounded by $300-$400k houses.

Looking forward to getting the kids out of the white trash area we live in now.

Congrats man, do post pictures of progress. It's always awesome starting from a bargain deal and getting mods at a stock price.

[exitspeed]

Originally Posted by LEG1T

Congrats man, do post pictures of progress. It's always awesome starting from a bargain deal and getting mods at a stock price.

Yeah it is. This will be my second home remodel. I'm staying in this one though until all these damn kids finish school.

[charizard240s14]

Originally Posted by !Zar!

Californians on average make more.

So California homes on average cost more.

That's pretty much what it all comes down to.

Nobody wants to live in the boonies somewhere on the east coast.

So in return, people will make less and pay less for their house.

This is very false . And the east coast isn't the boonies

[exitspeed]

Originally Posted by sw20>>s14

Depends on who you talk to. Average rent in SF for an apartment is inching towards $3200. Rent for places around my work is around $4500-$5500+.

There was a 7% decrease in house sales MoM because people are getting priced out of the market. The median price for a home in SF is now $1M, it's the first time ever the median has hit 7 figures. Let's not even talk about housing prices, lol.

So what does a professional or couple make that affords to live in a $3200 month apartment? I'm curious how it compares to wear I live and my income.

[BOROSUN]

^^ the techies... low and med-income residential renters are getting shafted. they're throwing big money so pretty much everything goes up.

its good and bad.

but, for home owners...hells yeah.

[tricky_ab]

Originally Posted by exitspeed

Just bought a house. Close at the end of next month. Before pics coming soon. Going to do an entire kitchen remodel (white cabinets, carrera marble countertops, recalimed barn door sliders, etc etc). Acre lot in Brookfield, WI which has homes from about $150k to a few Million. We got a bargain on ours at $255k. It's surrounded by $300-$400k houses.

Looking forward to getting the kids out of the white trash area we live in now.

Congrats on the home purchase!