Home buying thread

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Sanrith Descartes

Sanrith Descartes

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Araysar said:
We're planning to stay maybe 2-3 years in that townhome. At that point we're hoping to have more clarity and better options for leaving the State.

I went through LoanDepot and was offered a 2.75%. seemed OK but not great. Called my buddy up who is a loan officer at a mortgage company in Florida ( btw if youre looking to borrow to buy property in FL let me know if you want his info) and he had a pre-approval letter to me in 24 hours with a 2.25%

He suggested having the seller cover some of the closing costs even if it means making a larger offer on the house, apparently that's a thing. Anyone familiar with that?
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Getting concessions out of the seller usually works in a market where they is little seller demand. So ask your agent. Also see how long the place has been on the market. If you are only looking to stay 2-3 years buying may not be the right answer to be honest. You won't be there long enough to pay for the closing costs from a math perspective.
 
Araysar

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Sanrith Descartes said:
Getting concessions out of the seller usually works in a market where they is little seller demand. So ask your agent. Also see how long the place has been on the market. If you are only looking to stay 2-3 years buying may not be the right answer to be honest. You won't be there long enough to pay for the closing costs from a math perspective.
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Property is appreciating like crazy here and home sales in OC are at a 15 year high.

Wife's boss bought a townhome in Tustin at beginning of the year for $820K, it's already been reappraised at 900K in less than a yeat so he's waiting to do a refi to get rid of PMI.

I don't know if our house will appreciate like that but rents are high here too so it's fucky from either perspective. I think we can come out ahead in 2-3 years and I'm tired of lighting couple grand on fire every month on rent
 
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Pharazon2

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2.25% is great, good luck finding any lower. I just closed on a new construction a few weeks ago where I locked a 2.5% using loan depot a few months ago. This was through the builders "lender." At the time, guy told me the other lock he did that day was the first time he'd ever locked a 2.5%. I believed it because I'd been monitoring rates almost daily since I agreed to the purchase a year ago.
 
Frenzied Wombat

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Yeah 2.25% is a great rate. I just got a 20 year refi for 350K on an 800K home with 810 credit score for 2.75% with closing costs waived and couldn't find any lower.
 
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Araysar

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Sanrith Descartes said:
Getting concessions out of the seller usually works in a market where they is little seller demand. So ask your agent. Also see how long the place has been on the market. If you are only looking to stay 2-3 years buying may not be the right answer to be honest. You won't be there long enough to pay for the closing costs from a math perspective.
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It's a new build, new development. They sold 75% of the lots already and I found a news article from last month where they are quoted saying they will sell the rest by end of the year or early next year
 
Sanrith Descartes

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Araysar said:
It's a new build, new development. They sold 75% of the lots already and I found a news article from last month where they are quoted saying they will sell the rest by end of the year or early next year
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It sounds great. The only concerns are the 2-3 year time frame not recovering closing costs and as we speak about in the investing thread, real estate has a fuckton of unknowns right now.
 
Araysar

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Sanrith Descartes said:
It sounds great. The only concerns are the 2-3 year time frame not recovering closing costs and as we speak about in the investing thread, real estate has a fuckton of unknowns right now.
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Yeah that's definitely something I'll keep in mind

Theoretically I'll probably refi the townhouse anyways as soon as I can recoup ~20% of the equity so I can get rid of the PMI, I'm only putting down $25k on this townhouse
 
wormie

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The market is hilarious in NYC. People running away and slashing prices while others are still operating under the assumptions that NYC real estate is hot and are buying hand over fist. Good time for me in title insurance :D

Also, 2.25% is as good as you can get right now.
 
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TJT

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I only have $90k left on my house or so. I am at 3.2% or something which was sweet back in 2015 when I bought it. But it sounds like I can just save money here no problem by refinancing to a retail loan (currently on a VA loan). Which would free up using the VA loan again if I wanted. Getting a different house next year most likely so I should really get on this.
 
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Poster

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TJT said:
I only have $90k left on my house or so. I am at 3.2% or something which was sweet back in 2015 when I bought it. But it sounds like I can just save money here no problem by refinancing to a retail loan (currently on a VA loan). Which would free up using the VA loan again if I wanted. Getting a different house next year most likely so I should really get on this.
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Probably won't save all that much in interest if you're going to sell in a year, but it should be painless to refi. Just don't pay any closing costs out of pocket.
 
Big Phoenix

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Anyone have experience with VA IRRRLs? Any catches? Constantly get letters offering to refinance my loan for 3.75 to low 2s.
 
Fogel

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Dunno about VA, but rates are down across the board. I just refi'd from 3.9 to 2.75 this month, so may be a something worth looking into.
 
TJT

TJT

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Big Phoenix said:
Anyone have experience with VA IRRRLs? Any catches? Constantly get letters offering to refinance my loan for 3.75 to low 2s.
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Yeah I get these all the time too. I don't think its worth it to use the VA loan more than once with the funding fee increase and with retail so low right now buying another house might be on the plate anyway.
 
Aychamo BanBan

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Anyone have experience purchasing a vacation rental and having a company (ie vacasa) manage it for you? What unexpected expenses did you have? I’m curious if they find ways to fuck you out of every cent or not?
 
lurkingdirk

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Falxy-US said:
Anyone have experience purchasing a vacation rental and having a company (ie vacasa) manage it for you? What unexpected expenses did you have? I’m curious if they find ways to fuck you out of every cent or not?
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I have friends who do, and they said they had a hard time finding a company that they trusted and liked. They went through a few, and it wasn't until they went and spent time at the rental property themselves and got to know the locals that they founds someone. It always seems that it turns out there is some local guy who takes care of properties, and he's the one everyone wants. I'd say go and get to know the locals.
 
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Aychamo BanBan

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lurkingdirk said:
I have friends who do, and they said they had a hard time finding a company that they trusted and liked. They went through a few, and it wasn't until they went and spent time at the rental property themselves and got to know the locals that they founds someone. It always seems that it turns out there is some local guy who takes care of properties, and he's the one everyone wants. I'd say go and get to know the locals.
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Thank you, I think that is good advice. I was looking at a national company and they were quoting 25-30% of gross, which really wipes out any profit. I just looked for some local companies and found they are 20%, and like you said, there's probably someone in town that will do it for even less. Shit man, I'd love to quit what I do for a living and go live in a beach town and just run some properties.

It's honestly tempting to just empty my 401k, buy a shitload of properties, and just be done w work.
 
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TJT

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Looks like we're going to be gearing up to buy another house in Texas. Most likely in Leander as we want a bigger lot. Secondly we want to get ahead of the coming wave of Oracle/Apple/Tesla/etc hires coming in the next few years. My goal is to get a house within walking distance of the Austin Metro Rail as prices are surprisingly low in Leander area and this will only increase in value.

My current home is on the VA home loan but I'll be going conventional this time. Will just be paying down 20% to avoid PMI and shit. Might turn to builders to avoid the aids competition for existing inventory I've already dealt with back in 2016. But IDK.
 
Fogel

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TJT said:
Looks like we're going to be gearing up to buy another house in Texas. Most likely in Leander as we want a bigger lot. Secondly we want to get ahead of the coming wave of Oracle/Apple/Tesla/etc hires coming in the next few years. My goal is to get a house within walking distance of the Austin Metro Rail as prices are surprisingly low in Leander area and this will only increase in value.

My current home is on the VA home loan but I'll be going conventional this time. Will just be paying down 20% to avoid PMI and shit. Might turn to builders to avoid the aids competition for existing inventory I've already dealt with back in 2016. But IDK.
Click to expand...

I'm not a fan of 20% down, keeping 10% or more of the houses value in index funds should easily eclipse what you pay in PMI
 
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Aychamo BanBan

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Fogel said:
I'm not a fan of 20% down, keeping 10% or more of the houses value in index funds should easily eclipse what you pay in PMI
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Agree. When I buy a property it’s as little cash outlay as possible. Let’s say I want $7500 off, I just make offer for asking price with $7500 to closing costs.
 
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