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B-Nasty posted:So what? you might have more fun making GBS threads up d&d with your ayn rand bullshit rather than posting it here
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Jun 27, 2019 01:10
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B-Nasty posted:So what? What do you think happens after all the cheap properties, or "undervalued" properties get bought up by the eventual 3 to 4 big players? They ain't gonna just turn off, itll raise rates and prices for everyone. Also, what do you think happens when they control the majority of the rental market? Tbh maybe this is a good thing and every lovely suburb ends up with either rent control laws or owner habitation requirements in the future when this blows up.
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Jun 27, 2019 06:56
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I'm interested in hearing everyone's opinions on that article and am willing to keep an open mind on what it could lead to in the future, but my initial reaction is a very cautionary "So what?". I really hate constantly mentioning my time out of country in every loving thread I poo poo up, but...my time living in Switzerland really gave me a different perspective on home ownership and how necessary (or not necessary) it is to maintain a happy lifestyle. In Switzerland I rented my entire time my time there, as did my my co-workers at the same level as me, as did my boss, as did their bosses. In fact, the only people I knew who were not renters were my own landlords and my one Swiss co-worker who owned a home that had been in his family for generations and which was probably as old as the city of Zurich. That home by the way was not solely owned by him, but also by all his siblings who lived around the country and at least 50% of it's square-footage (meterage?) was devoted to renting out to other Zurich residents. The majority of the country, immigrant and native Swiss, were renters but no one really minded because the protections for tenants was incredibly strong, and landlords had lots of very strict regulations they had to follow lest they get into deep poo poo. I mention this because I don't think the movement of families in America from home-ownership to renting is in itself some dire death knell to the middle class. It's happening BECAUSE an economic downturn took a lot of people's liquid cash away, and thus is a symptom of broad economic issues people in the US are facing, but I don't think it in and of itself is a bad thing. If a lot of Americans are renting out single family homes, then the answer is not rail against large investment companies getting in on that, but instead to make sure we are constantly pushing for strong tenant protections and landlord regulations. We should be pushing for this anyway, but if a significant portion of the population is becoming renters, then it's even more important. I realize that the article is kind of a puff-piece, but it does sound like the company is also managing the homes and making the necessary repairs to them as stuff breaks, which is is far more than a lot of smaller local slumlords and landlords will do. The issue I see of course, is that large investment companies could more easily strong-arm local, state, and federal lawmakers into loosening or undercutting renter protections, so that's absolutely something to watch out for, but I don't see more people renting as a bad thing in and of itself, and I honestly trust larger management companies to maintain single-family home rentals far better than many of the "people down the street" landlords I've had in the past.
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Jun 27, 2019 07:21
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B-Nasty posted:So what? can you really not understand how a potential homebuyer does not want to accept higher prices in exchange for half-assed renovation work?
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Jun 27, 2019 07:52
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Anonymous Zebra posted:The issue I see of course, is that large investment companies could more easily strong-arm local, state, and federal lawmakers into loosening or undercutting renter protections, so that's absolutely something to watch out for so close Anyway, guess who finally bought a house. Hit me up if you want tips on how to buy a house in a city you don't live in (hope you like last minute day trips) or how a three legged race works, or what to do when the guy you're buying from was cheap and paranoid (cameras, cameras everywhere). Some fun moments: - Having our offer accepted on a different house, booking flights to do a tour, then getting a text while the flight pushes back that the owners have pulled the home off the market and texting properties we'd like to see to our realtor literally while we climbed to 40,000 feet (don't tell FAA) - Making an offer on a house and then getting told by the sellers realtor that they declined but could not produce any evidence they saw our offer - Making an offer on a way overpriced house at "asking price, or 5k over appraisal", only to find out it the appraisal came in at 35k under their asking, it literally went back on the market a week later (we passed after that) and eventually sold to some sucker for the asking price. - Getting an offer on a house we like be contingent on them buying their own house first, or 17 days, whichever happens first, but on day 17 they could literally just walk - Getting told that the security system would not convey with the house (the neighborhood literally has *no* crime. Not like, a little crime, like NO CRIME not even porch pirates being reported) - Inspector shaking head in shame at the obvious weekend warrior projects ("ask for credit, or book your own repair guy cause i wouldn't trust them to do anything") - our licensed electrician just straight up ripped out the backyward security lighting because they couldn't make it safe - Thrifty ripping me off +$15 for a 5 hour rental cause there was a chip in the windshield i didn't report and the picture i took when i got to the car was "too blurry" - Appraisal coming in $15k under asking, them agreeing, then countering with 'but we keep fridge/washer/dryer' - Missing close twice because (1) Escrow never followed up with the solar company for some document despite having a month to do so and (2) The lender somehow got the inspection report and required last minute disclosures on every minor thing or information item in the report until my realtor literally said "no, we're not doing that, no on has ever done that" Optimus_Rhyme fucked around with this message at 08:43 on Jun 27, 2019 |
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Jun 27, 2019 08:22
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"I see nothing wrong with all real estate being owned by 1-2 monolothic entities, so long as they don't abuse all of that power" is just such a weird position to take that it's hard to know how to even start engaging with it. It's like being in support of firearms rights for infants or some poo poo it makes no sense
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Jun 27, 2019 08:35
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QuarkJets posted:"I see nothing wrong with all real estate being owned by 1-2 monolothic entities, so long as they don't abuse all of that power" is just such a weird position to take that it's hard to know how to even start engaging with it. It's like being in support of firearms rights for infants or some poo poo it makes no sense I actually support firearms for infants, so long as we have strong gun control in this country. The issue I see of course, is that large gun lobbies and manufacturers could more easily strong-arm local, state, and federal lawmakers into loosening or undercutting gun protections, so that's absolutely something to watch out for, but if you look at <foreign country with 8 million people in it> they seem to manage just fine.
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Jun 27, 2019 08:45
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Optimus_Rhyme posted:Tbh maybe this is a good thing and every lovely suburb ends up with either rent control laws or owner habitation requirements in the future when this blows up. Just be aware that the most common effects of rent control, and especially owner-occupied requirements, are that less rental properties are available. Renters are primarily lower-income and with lower access to capital (i.e. poor), and disproportionately minorities. Your proposed policy has the same end result that similar ones used to be instituted specifically to cause: keeping "undesirables" out.
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Jun 27, 2019 13:04
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In the U.S. home ownership can be seen as a sort of retirement investment. Social security is basically going to be non-existent in the nearish future so having equity provides some stability post retirement in either a cheap place to live or something to sell. There is nothing wrong with renting in itself, but when fewer and fewer middle class people have equity in their homes as they approach retirement you better hope they were good about saving for retirement in other ways or it's gonna be a bunch of broke elderly people paying rent on a small fixed income. I'm sure Switzerland has a far better social safety net than the U.S. does which makes it more feasible to be a life long renter.
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Jun 27, 2019 15:44
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B-Nasty posted:Just be aware that the most common effects of rent control, and especially owner-occupied requirements, are that less rental properties are available. The largest study on rent control came to a different conclusion. We find that these 40-year-old policies do not exert any statistically-significant effects on their communities’ housing markets once other factors are controlled. https://www.sciencedirect.com/science/article/pii/S0264275115001122
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Jun 27, 2019 16:33
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lampey posted:The largest study on rent control came to a different conclusion. It's worth noting that NJ has only a "relatively weak form of rent control,which guarantees annual increases, exempts new construction, and allows landlord 'hardship appeals' ". Like most economic policy, it's pretty hard to conclusively prove the benefits/downsides apply universally. In this study (https://www.urban.org/sites/default...al_action_1.pdf), which references the one you linked, a different question is asked: quote:A potentially more salient question could be who benefits. At a basic level, the benefit can be measured as the difference between a predicted uncontrolled rent and the actual rent paid for a controlled unit. Measured in this way, studies have found that even as rent control has overrepresented African-American and Puerto Rican people, its benefits are more concentrated among wealthier, white households, who tend to live in neighborhoods with relatively higher unassisted rents
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Jun 27, 2019 16:52
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That big old sanity check I posted a few pages back has two live offers on it, which makes me glad we didn't get our hearts set on it, yikes.
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Jun 27, 2019 17:55
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Mr. Powers posted:How problematic is buying a FSBO? It's all the fun of dealing with strangers from Craigslist, but with hundreds of thousands of dollars on the line.
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Jun 28, 2019 02:54
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It's okay, I just need to bring a check for a million dollars and they'll give me a money order for the difference.
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Jun 28, 2019 03:08
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So, close got delayed, our rent back went from two days to one day because of it. Except no one told escrow who charged for two days rent back. So sellers are staying for the two full days they payed for, which is totally fine by me because we're renters until the end of next week. OH also get this, so the inspector wrote that some tiles looked out of place on the roof but (verbally) said the roof is fine and should last 30 more years with regular maintenance. Recall earlier the lenders saw the issue with roof? Well, my mortgage broker had to send roofers over to 'repair' the roof at his expense. Cost him $500 and now I don't need to worry about it for a while.
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Jun 28, 2019 21:16
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Cook County (Chicago) released their taxes for 2018 finally. A nice 6.5% increase awaits me! I was jumping around the country looking at rates elsewhere and boy howdy I shouldn't have done that cause it loving sucks.
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Jun 28, 2019 21:23
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Popete posted:Cook County (Chicago) released their taxes for 2018 finally. Get out while you still can. Many areas are in deep trouble debt-wise, but Chicagoland is the worst in the country. With most of their bonds firmly in junk territory, you can pretty much bank on your taxes increasing by that amount almost every year.
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Jun 28, 2019 22:59
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B-Nasty posted:Get out while you still can. Many areas are in deep trouble debt-wise, but Chicagoland is the worst in the country. With most of their bonds firmly in junk territory, you can pretty much bank on your taxes increasing by that amount almost every year. lol he literally just moved in. sure he'll just put the house he bought right on the market and see how that goes.
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Jun 28, 2019 23:15
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Haven't moved in yet! Just under 30 days to go. But years of tax hikes to look forward too! I finally get to be one of those people constantly bitching about Cook County property taxes and I totally get it. Looking at the tax history on my place it's pretty grim.
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Jun 28, 2019 23:50
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https://www.zillow.com/homedetails/1617-Carmine-Dr-Leander-TX-78641/124158675_zpid/ Look at this stupid poo poo  They think sharing that they spent $45k on a loving porcelain floor is going to help. Before I saw this pic I was looking at the others thinking how I would rip all that gaudy rear end tile out.
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Jun 29, 2019 05:06
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My feet are cold just thinking about walking around on that.
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Jun 29, 2019 05:31
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Jealous Cow posted:https://www.zillow.com/homedetails/1617-Carmine-Dr-Leander-TX-78641/124158675_zpid/ "Based on memory and estimates" lol
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Jun 29, 2019 13:33
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So, if you're looking at a house with all flexible ducting, run the gently caress away, or demand that you get to sit in the house through an entire days heat cycle before you move in. Also doors between floors to keep the cold air from just pooling down in the basement are great and very much worth giving up an entirely open floorplan
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Jun 29, 2019 15:11
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I'm looking for a sanity check. Wife and I make ~$150k a year combined. Over the last ~4 years we've saved up 100k for a down payment, (cash, not including emergency fund).My initial mindset was that the type of house we want in our area would cost around 500k, and I wanted to avoid PMI. I'm worried that I've been naïve in thinking we can actually afford that much house even though we have been living comfortably. The calculators and rules of thumb, etc. seem to suggest we can't yet I struggle to understand how the mortgage and associated homeownership costs will exceed our current savings rate + living expenditures. Our rent is 1550, no student loans/car payments, never pay interest on CCs. The biggest sacrifice we make, in my opinion, is that we are only able to fund our IRAs to 30% each year. This was a conscious decision we made knowing we definitely want to buy, and we intend to work towards maxing those moving forward as soon as possible. Home prices seem to have come down a bit and advertised rates are lower than I expected so I (want to*) believe we will find something in the 400-450k range. We want a 3/2 detached home on .25-.5 acres in the general Seattle area. We plan to get a preapproval next month and are getting recommendations for realtors but are assuming we won't be purchasing anything for at least another 3-6 months. In part because I want to save up another ~$10-20k for closing costs/imminent maintenance/improvements. We've been saving so long and actually staring at the wad sitting in my savings account is unnerving. I feel like until now I've had a rosy colored glasses on dreaming about what we want and now I have to face reality. Can we actually do this or are we going to be those overreaching snowflakes who are going to spend the next few years with a rapidly declining QOL until we finally get foreclosed on?
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Jun 29, 2019 16:18
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Crimpanzee posted:I'm looking for a sanity check. Wife and I make ~$150k a year combined. Over the last ~4 years we've saved up 100k for a down payment, (cash, not including emergency fund).My initial mindset was that the type of house we want in our area would cost around 500k, and I wanted to avoid PMI. I'm worried that I've been naïve in thinking we can actually afford that much house even though we have been living comfortably. lol you are so far ahead of most home buyers. You’ll be fine.
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Jun 29, 2019 16:22
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Crimpanzee posted:I'm looking for a sanity check. Wife and I make ~$150k a year combined. Over the last ~4 years we've saved up 100k for a down payment, (cash, not including emergency fund).My initial mindset was that the type of house we want in our area would cost around 500k, and I wanted to avoid PMI. You're 100% fine.
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Jun 29, 2019 16:33
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Yeah, unless you have some telltale heart style secret waiting to destroy your career, that all seems perfectly reasonable.
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Jun 29, 2019 16:50
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Crimpanzee posted:I'm looking for a sanity check. Wife and I make ~$150k a year combined. Over the last ~4 years we've saved up 100k for a down payment, (cash, not including emergency fund).My initial mindset was that the type of house we want in our area would cost around 500k, and I wanted to avoid PMI. I'm worried that I've been naïve in thinking we can actually afford that much house even though we have been living comfortably. A 500k house with a 400k mortgage is going to be about 2500 a month for a mortgage payment(and you really need 115k to cover closing costs). There are other costs besides the mortgage. This is certainly affordable, but not comparable to renting if you only spend 1500 a month
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Jun 29, 2019 17:30
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Crimpanzee posted:I'm looking for a sanity check. Wife and I make ~$150k a year combined. Over the last ~4 years we've saved up 100k for a down payment, (cash, not including emergency fund).My initial mindset was that the type of house we want in our area would cost around 500k, and I wanted to avoid PMI. I'm worried that I've been naïve in thinking we can actually afford that much house even though we have been living comfortably. Only thing I'm worried about is all this we poo poo. Just make absolutely sure you get a lawyer that will write up an agreement which reflects how much each of you are paying into the down payment and monthly payments, and puts in black and white the split you'll get on the sale of the house down the road. One of my family members did a joint purchase like this and was actually smart enough to do a contract with his girlfriend of five years. His gf wound up cheating on him and running off with someone else and that contract 100% saved his rear end, she wanted to sell it out from under him but it allowed him to "buy her out" where he could pay her equity back to her over time and have the place all to himself. Another of my family members did not do a contract with their fiance, and lost about a million dollars and spent many years in a gutted house with no utilities when the fiance turned out to be a serial con artist. I had to buy a house for them so they wouldn't go homeless. Even if you think you're too special to be cucked, it has been shown in many studies that keeping finances separate, pre-nups, and house contracts like these all have great customer satisfaction and remove a lot of stress from relationships because you don't have that little "but what if" in the back of your head.
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Jun 29, 2019 18:30
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Yeah, talk to your lawyer about the "right to first refusal" which should let either of you purchase the other's interest at the the same price an uninterested buyer in market would be willing to pay, even if they've found a willing buyer, you get to, as it were, cut in line and buy it out from them. Ask them to work it into the deed as well, so that if they DO end up selling to someone else whoever ends up taking possession will still do so subject to your right, and you can still buy them out regardless of what they want.
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Jun 29, 2019 18:51
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lampey posted:A 500k house with a 400k mortgage is going to be about 2500 a month for a mortgage payment(and you really need 115k to cover closing costs). In the 3.2-3.8% rate range it should be 1800-1900 for a 30 year and 2800-2900 for a 15 year, right? Also Chimp, I would caution that the property tax the current owners pay is not a good way to estimate what your prop tax will cost — yours will probably be noticeably higher.
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Jun 29, 2019 19:42
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WithoutTheFezOn posted:Huh? Am I mistaken here? I assumed they were doing the full PITI payment at $2500. I wouldn't fret too much about "all of this we poo poo" - they're married and both of those examples were unmarried people. Really the only thing you might want is a right of first refusal at appraised value.
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Jun 29, 2019 19:56
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Crimpanzee posted:I'm looking for a sanity check. Wife and I make ~$150k a year combined. Over the last ~4 years we've saved up 100k for a down payment, (cash, not including emergency fund).My initial mindset was that the type of house we want in our area would cost around 500k, and I wanted to avoid PMI. I'm worried that I've been naïve in thinking we can actually afford that much house even though we have been living comfortably. Can you provide more numbers? Like what you expect to pay overall, broken down, and how much you have available to spend between old rent + your current rate of savings - your desired rate of savings. 150k/year is a heft amount and should be plenty for a $500k home at 20% down; do you have a crippling addiction to candles or something? Definitely account for closing costs (like you're doing) and try to have a healthy emergency fund because once you own the house you own it, and if the water heater explodes on day 2 then it'd be good to have more than 0 dollars in your emergency fund.
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Jun 29, 2019 20:08
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Would also factor in needing to set aside 1-2% per year of the house value in expected repairs/upkeep in addition to PITI. You may not have any significant costs for a while (and if they happen up front that's why you need a good E-fund), but eventually expensive things happen like the roof needing to be replaced to the tune of $25k and so it's something to budget in the beginning so you're not caught off guard when the large bills come due. How much to budget for this also depends on how handy you are vs having to farm out repairs.
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Jun 29, 2019 20:55
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You know, one of the upsides of being priced out of larger homes is that the 1200sqft stuff I can afford in Austin would not cost $25k to reroof.
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Jun 29, 2019 21:27
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Jealous Cow posted:You know, one of the upsides of being priced out of larger homes is that the 1200sqft stuff I can afford in Austin would not cost $25k to reroof. FWIW I don't think anyone around here actually pays for their own roof, everyone goes through insurance. My 1400sqft roof was about $10k though.
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Jun 30, 2019 01:52
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Andy Dufresne posted:FWIW I don't think anyone around here actually pays for their own roof, everyone goes through insurance. My 1400sqft roof was about $10k though. Really? The two places I’ve owned homes don’t have frequent enough events to warrant a claim. There are tons of roofing companies in Cleveland that do a full tear down to decking and re-shingle for 4-7k for the typical house up there. Every year there is at least one home on the block getting a new roof.
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Jun 30, 2019 02:10
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Jealous Cow posted:You know, one of the upsides of being priced out of larger homes is that the 1200sqft stuff I can afford in Austin would not cost $25k to reroof. Yeah but how much for tile?
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Jun 30, 2019 12:36
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Andy Dufresne posted:FWIW I don't think anyone around here actually pays for their own roof, everyone goes through insurance. My 1400sqft roof was about $10k though. Wait what? How does this work?
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Jun 30, 2019 12:40
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Residency Evil posted:Wait what? How does this work? Hail, probably.
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Jun 30, 2019 12:47
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