Home buying thread

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Blazin

Blazin

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Hatorade said:
Possible wrong thread, if so please point me to the better one.

Anyone here have experience with being a landlord? Paid off our first home, looking into buying another to rent out full time. The tax side of it seems to be complicated but it could also just be as simple as turbo tax premium that shit and report everything as income.
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Just be able to be stern with people, I can't do it. One sob story from some single mom and I would cave. Need to be able to toss that bitch to the curb on christmas eve if she doesn't make rent. It's not that hard though being a landlord, you need to know the law you need to have good well written leases and you need procedures that you stick to. I have always stuck to commercial properties because residential just seems like too much headache, but my brother is a real slum lord and has done well with it.

Taxes can be pretty straightforward with just Schedule E, you really dont need to LLC the fuck out of everything as it provides little protection anyway. Key is to be well and properly insured.
 
Locnar

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Hatorade said:
Possible wrong thread, if so please point me to the better one.

Anyone here have experience with being a landlord? Paid off our first home, looking into buying another to rent out full time. The tax side of it seems to be complicated but it could also just be as simple as turbo tax premium that shit and report everything as income.
Click to expand...

Get first, last, AND security. There is nothing more infuriating than tenants sitting in your property not paying rent while you have to run around doing paperwork and waiting on court dates to evict them. Trying to be nice as a landlord always leads to getting run over.
 
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Bandwagon

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I've been a nomad my whole adult life and know as much about home buying/owning as I do about....uh.....nothing, actually. I know less about home buying than anything else that exists in the universe.

If I'm intending to buy a place where I can raise chickens and goats, are there any subsidies/incentives/tax breaks along those lines that I should be looking at? Would it be specific to certain areas? Is there something similar for remote or underdeveloped areas? The dream is to be somewhere semi-remote anyways, so I thought I'd find out if theres some kind of modern version of homesteading.


This whole process makes me feel 12.
 
Locnar

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Bandwagon said:
I've been a nomad my whole adult life and know as much about home buying/owning as I do about....uh.....nothing, actually. I know less about home buying than anything else that exists in the universe.

If I'm intending to buy a place where I can raise chickens and goats, are there any subsidies/incentives/tax breaks along those lines that I should be looking at? Would it be specific to certain areas? Is there something similar for remote or underdeveloped areas? The dream is to be somewhere semi-remote anyways, so I thought I'd find out if theres some kind of modern version of homesteading.


This whole process makes me feel 12.
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I don't think so. At most you could get your property taxes reduced for the land you farm on, but not around the house and 1 acre or so.
 
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lurkingdirk

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No, you won't get incentives for that, and you'll find a lot of neighbourhoods aren't open to you having livestock of any kind on your property. Make sure you ask those questions before you buy if that's what you want to do.
 
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Bandwagon

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lurkingdirk said:
No, you won't get incentives for that, and you'll find a lot of neighbourhoods aren't open to you having livestock of any kind on your property. Make sure you ask those questions before you buy if that's what you want to do.
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I'm in a rural area....by a long shot
 
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Pasteton

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If people are in the market, some of the big banks are offering stupid low rates on 10/1 arms/ jumbo ARMs right now. Like even lower than their 5/1 or 7/1 rates, it makes no sense. I just locked a rate of 2.7% not including some additional rate discounts I’ll get separately, which is nuts. I don’t usually stray from fixed rate loans but if you are talking about a place you could potentially pay off in 10 years it may be worth checking into
 
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Picasso3

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Some of them have maximum increases after adjustment which still makes it reasonable in worst case.
 
moonarchia

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Well, things are moving fast now. Parents just got their place sold, and going to close in the next month or two. We will be getting a place a few minutes south of Denver. Going to be lots of fun times getting movers and everything else lined up, but I am looking forward to it.
 
Brando

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It may not be clear until you actually go and see how much of a loan you can get but USDA loans have very good terms available from what I remember with a minimal down payment and your hobby farm is allowed.

Edit: Would also like to point out it's a great government program of which they are many if you know where to look.
 
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GuardianX

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Brando said:
It may not be clear until you actually go and see how much of a loan you can get but USDA loans have very good terms available from what I remember with a minimal down payment and your hobby farm is allowed.

Edit: Would also like to point out it's a great government program of which they are many if you know where to look.
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The only caveat is that with a financing option from these programs you are almost certainly going to be going through one of the bailout finance institutions.

If you gotta you gotta. I know our home loan got bought by one, it wasn't originally through them but now it is.
 
Bandwagon

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I mean....we don't "gotta", I'm just petrified of doing something dumb or missing an opportunity on my first house. Just want to make sure I find every advantage. This all stems from the fact that I want land and some animals, so I figured I'd see if theres some sort of subsidy for that if I'm already planning to do it.
 
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Drew

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Brando said:
It may not be clear until you actually go and see how much of a loan you can get but USDA loans have very good terms available from what I remember with a minimal down payment and your hobby farm is allowed.

Edit: Would also like to point out it's a great government program of which they are many if you know where to look.
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USDA loan, in Texas at least, is no down payment. They roll a $2000 fee into the mortgage but that's it. Downside is perma mortgage insurance for the life of the loan. When I got my USDA loan the mortgage insurance was 3 times lower per month than a traditional FHA loan with a 3% down payment so it still made sense to go USDA.

Best part is I'm 2 minutes from the Dallas county line and 20 minutes from downtown. So I'm hardly in a rural area.

Today, FHA loans are much cheaper for mortgage insurance, and if you can afford the low down payment requirements, will often come out ahead over the loan. If you can afford a 20% down payment then go FHA without question.
 
GuardianX

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Drew said:
Best part is I'm 2 minutes from the Dallas county line and 20 minutes from downtown. So I'm hardly in a rural area.
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Forney?

Wife and I were debating settling in that area but we ended up in West Arlington near Lake Arlington. Love the area we settled in but Forney and east Dallas area felt so much like NorCal home that I was looking VERY hard there.

Mind me asking how much and when you spent and if you built or bought?
 
BrutulTM

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Hatorade said:
Possible wrong thread, if so please point me to the better one.

Anyone here have experience with being a landlord? Paid off our first home, looking into buying another to rent out full time. The tax side of it seems to be complicated but it could also just be as simple as turbo tax premium that shit and report everything as income.
Click to expand...


Late to the party, but with a good renter it's like free money. With a bad renter it's a nightmare. There are management companies that can deal with the renters for you for a commission. If you're not the type to stay on top of that stuff and willing to confront people or kick them out when they don't pay, it's probably worth the commission. You don't want to be the cheapest place in the area to rent because you'll wind up with cheap renters. We've actually had decent luck renting out a cheap shitty house to an elderly man but once he died it was a parade of drunks and retards that didn't pay their rent and fucked the place up.
 
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moonarchia

moonarchia

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moonarchia said:
Well, things are moving fast now. Parents just got their place sold, and going to close in the next month or two. We will be getting a place a few minutes south of Denver. Going to be lots of fun times getting movers and everything else lined up, but I am looking forward to it.
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So, the seller signed the contract on Monday. I am definitely enjoying this. Once we get all our stuff moved in in November I will get to put my place on the market. I have been getting lots of those mailers from homevestors wanting to buy cash now. Will let them make an offer before I get it listed.
 
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