Home buying thread

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a_skeleton_03

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calhoonjugganaut said:
I keep finding myself in this thread.

I am currently living in Clarksville, TN and need to be back in NC in 13 months. I need to sell my town house and I don't know how much money I need to save between now and then for closing and what not. I bought it for $112,900 and my payoff is $108,400. A town house similar to mine sold for $109k a couple of months ago. It's a military town, so there's actually quite a lot of people deployed from Ft. Campbell right now. Would I be better off waiting til the summer to put my place on the market so that I might be able to ask for more money in a few months or is this something that I should get ahead of before then? The area I live in has grown quite a bit in the past 2 years that I've lived here and there is a tire plant opening about a mile down the road with 850 full-time positions still available.

I'm concerned about property management because I will be a 9-10 hour drive away once I'm back in NC. Any experience, thoughts, or opinions would be helpful. Thanks.
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Being in a military area I would rent it out rather than sell it. Check craigslist for similar size house and see how much they are going for.

You are currently out of rotation for people moving, they like to move them during the summer for school reasons so you are going to get more traffic in selling or renting during that timeframe.

Let me know if you need a realtor in the area if you are moving to the Fayetteville region. I trust my realtor completely and he has bent over backwards taking care of us.
 
Vinen

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a_skeleton_03 said:
Being in a military area I would rent it out rather than sell it. Check craigslist for similar size house and see how much they are going for.

You are currently out of rotation for people moving, they like to move them during the summer for school reasons so you are going to get more traffic in selling or renting during that timeframe.

Let me know if you need a realtor in the area if you are moving to the Fayetteville region. I trust my realtor completely and he has bent over backwards taking care of us.
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Why do people in a military area buy houses? Serious question? Is it worth it for them to own a house?
 
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a_skeleton_03

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Vinen said:
Why do people in a military area buy houses? Serious question? Is it worth it for them to own a house?
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Why do military members or people in general?

So I am no longer in the military but live in a military area. Prices are lower in the area because they know that their housing allowance only covers so much and VA loans are capped as well. You always have a large amount of transient population that can rent and will have their job ensure that you get paid. Also if you know what you are doing you can go to their commander if they trash the place. Most military members do a decent job of upkeep on your house though.

My house was about an extra $150/mo to own compared to what I was paying for rent around here. Not a bad market if I decide to move in a few years and have a house that is basically paying for itself that I can eventually move back to or sell off. In the meantime they are paying the note for it.
 
Vinen

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a_skeleton_03 said:
Why do military members or people in general?

So I am no longer in the military but live in a military area. Prices are lower in the area because they know that their housing allowance only covers so much and VA loans are capped as well. You always have a large amount of transient population that can rent and will have their job ensure that you get paid. Also if you know what you are doing you can go to their commander if they trash the place. Most military members do a decent job of upkeep on your house though.

My house was about an extra $150/mo to own compared to what I was paying for rent around here. Not a bad market if I decide to move in a few years and have a house that is basically paying for itself that I can eventually move back to or sell off. In the meantime they are paying the note for it.
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Military. That explains it.

Wife is back on the house hunt kick... Went by a place today and were like... uhh... that explains why it's been on the market for more than 2 weeks. Was hilarious seeing an amazing inside renovation and then they... didn't do shit on the outside.
 
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a_skeleton_03

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Vinen said:
Military. That explains it.

Wife is back on the house hunt kick... Went by a place today and were like... uhh... that explains why it's been on the market for more than 2 weeks. Was hilarious seeing an amazing inside renovation and then they... didn't do shit on the outside.
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Curb appeal > *
 
Jysin

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a_skeleton_03 said:
Why do military members or people in general?

... Prices are lower in the area because they know that their housing allowance only covers so much and VA loans are capped as well. You always have a large amount of transient population that can rent and will have their job ensure that you get paid...
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Regarding prices, I find the exact opposite true around military towns. Everything is overinflated in its own little bubble economy because there's concentration of military all earning set housing rates. If local prices go up, housing allowances will tend to follow eventually. You end up with a large amount of people with steady incomes and rent, which drives otherwise average property / rentals far beyond what they would be worth in neighboring cities.

I also don't get why military buy property, only to turn around and sell in 3 - 4 years time when they PCS out somewhere else. Even with VA loans offering no downpayment and no PMI, loans are still structured heavily on interest up front. In those 3 - 4 years time, the "owners" have basically been paying 90%+ of their payments as interest to the bank. Very little equity is ever built, unless the property market increases in such short time.
 
calhoonjugganaut

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I just spoke with someone today that does property investments. Basically they sign a 3-5 year lease to own my town home and will essentially bring my closing costs from 10% to 1%. Saving $10,000 will be kind of difficult for me and my family, but $900 is completely doable for us. Does this sound like something logical or does it seem to good to be true? He said he can provide documentation for me to open up another home loan with the VA loan once I start the process of buying a new home. Thoughts?
 
Vinen

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calhoonjugganaut said:
I just spoke with someone today that does property investments. Basically they sign a 3-5 year lease to own my town home and will essentially bring my closing costs from 10% to 1%. Saving $10,000 will be kind of difficult for me and my family, but $900 is completely doable for us. Does this sound like something logical or does it seem to good to be true? He said he can provide documentation for me to open up another home loan with the VA loan once I start the process of buying a new home. Thoughts?
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That sounds very sketchy.

if you can't save $10,000 you probably shouldn't buy a house.
 
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My tenants' car just got keyed twice this weekend. They have now informed me that they are looking to move out, halfway on their one year lease.

Fuck...

I feel for them, there has been report of that from other homeowners.

What are my options, this is on an HOA, with a faily large number of residents, 1k units, on a area where anyone can come in and out. There are no gates.

What are my options? complain to the hoa?
 
ZyyzYzzy

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Lendarios said:
My tenants' car just got keyed twice this weekend. They have now informed me that they are looking to move out, halfway on their one year lease.

Fuck...

I feel for them, there has been report of that from other homeowners.

What are my options, this is on an HOA, with a faily large number of residents, 1k units, on a area where anyone can come in and out. There are no gates.

What are my options? complain to the hoa?
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Leave the country
 
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It has been happening. We expelled the old association for corruption, hopefully there is a criminal case against them.
There is a lot of animosity going around, specially from the people who benefited from the old corruption.
 
Cad

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It has been happening. We expelled the old association for corruption, hopefully there is a criminal case against them.
There is a lot of animosity going around, specially from the people who benefited from the old corruption.
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What'd they do, take money from vendors to give them business? Lot of that going around
 
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Doing that without the services been provided. I understand the working of the condo mafia. But if you are going to fuck me, at least buy me dinner.
They were fucking up without buying dinner, ie money paid for non rendered services.
 
Cad

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Doing that without the services been provided. I understand the working of the condo mafia. But if you are going to fuck me, at least buy me dinner.
They were fucking up without buying dinner, ie money paid for non rendered services.
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Did the condo association set up some sort of middle man to hide the bribes... like say.. a condo foundation? Or CF, for short.
 
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