Sanrith Descartes
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Home buying thread
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
Sanrith Descartes
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Sludig
Potato del Grande
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Threads of buy real estate to fight inflation and now the theme is sell and buy the dip later? Fml
Just went under contract in ok at 5%/30. Waiting to see if i get fucked by a low appraisal.
Was planning to rent co home up to 3 years and sell unless market still hot and gains might overtake paying 15% cap gains. Bought 250, worth around 500 or just under. Would net about 220k. Rent currently looks to be about 2200 after mgmt fees.
New place is 412k and I think will be jumping outside of big interest jumps maybe changing things.
Wut do.
Just went under contract in ok at 5%/30. Waiting to see if i get fucked by a low appraisal.
Was planning to rent co home up to 3 years and sell unless market still hot and gains might overtake paying 15% cap gains. Bought 250, worth around 500 or just under. Would net about 220k. Rent currently looks to be about 2200 after mgmt fees.
New place is 412k and I think will be jumping outside of big interest jumps maybe changing things.
Wut do.
Sanrith Descartes
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Every market is cyclical to some extent. The key in almost all scenarios is patience. I personally am risk averse and see lots of uncertainty in housing over the next 9-12 months. I am the type of investor who cashes out and pulls the profits off the table when I see lots of uncertainty. Others may feel differently.
Sanrith Descartes
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Amazing how the Fed raises rates 25 basis points but mortgages go up 200+ basis points, huh?
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Sanrith Descartes
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Because they can. Banks have been getting fucked for a couple years with this zero interest rate shit. Payback time.
brekk
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Bought in Aug 2020 at 1.95%, happily riding that for 30 years.
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TJT
Mr. Poopybutthole
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Builder sent me an advertisement for their latest section of houses being sold (to be sold on April 9th). Same one I bought in 2021 and am waiting on now starts at $240k over the price I paid for it. Which was $35k over list itself at the time.
World is batshit.
World is batshit.
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TJT
Mr. Poopybutthole
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Goatface
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Koushirou
Log Wizard
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That fucking article's made me paranoid as fuck. My builder's a big ass national one (Ryan Homes, I know, I know...) and my appraisal came in at basically what I bought the house for, and the build time was short, so I'm really, really hoping it doesn't happen. I have to give 2 months notice on my apartment, which puts it about half a month before scheduled settlement, so if they decide to play fuck fuck games in that 2 or so weeks, we're fucked on the house and we lose our apartment and I don't know what the fuck we'd do then. I could push our rent out an extra month, but that month of rent + mortgage would be a painful one. Not sure if it's worth the piece of mind vs. potentially being a huge waste of money.
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Sanrith Descartes
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If they fuck with you do the American thing and accuse them of being racists on social media and convince BLM to go "peacefully protest" their housing developments.
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I would look at the cost of losing your apartment and having to find a new one. Paying double, mortgage plus rent, is an easy hedge against the cost of having to scramble to find a place. Most mortgages you start paying the second month, so like if you closed June 4th, you would start paying in July. Depending on how shitty your landlord is, you could possibly only have to pay for one month overlap, in July, if you gave notice on the (hypothetical) June 4th closing date. Try to close near the first of the month to limit your exposure. I know what cost I associate with scrambling to find housing, and to me paying a month or two extra in double rent is a no brainer. The cost is too damn high. (mental and physical costs, mostly)