Home buying thread

Haus said:

With what I do for a living (Cybersecurity work), I could actually put around 4gig to solid use. WHen I get the place away from town I am probably going to convert this house into a rental. Wondering what the logistics to having it be rented with "Free internet and wifi" so that I could keep a locked cabinet in my current workshop with all the networking gear in it. Then keep a couple small servers and use it as a jump point. Just VPN into this house from the country and out to the web from there.

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You're not supposed to send all the logs to your home Splunk server

Lanx said:

just talked to neighbors and the house a few down from me is under contract and the owners (son in heritance) had to "settle" for 600k, the asking price. there was a higher bid, but it fell through and it seems ppl just can't take the rates

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Fed is supposedly dropping rates "soon." Could go into this big blog about how apartments/condos are the go-to for builders right now, but thats irrelevant to most people here.

Fucked up a lot of things, but man did we time the interest rates well. Got in just before they started shooting up (Oct 2021).

Lanx said:

i have the occassional youtube real estate (non shill) pop up and he's said that there will not be a housing crash, instead there will be even more demand for houses and new housing (but construction cannot keep up w/ demand)
since 08, banks really have done the work and will automatically deny less than 720cr

which makes me think, yea i guess there is that reason that houses around me rent for more than a mortgage payment, cuz these guys have $$$ but bad credit.

also as we're approaching 2030, these are the years well established ppl/ late gen x and early gen y are preparing to retire and no one is going to sell a house that is has been paid for now, in this economy and also no one is going to sell a house that they bought at stupid low 2.5%rates

so it's going to be more rentals and ppl still fighting to buy homes, especially now till the end of summer cuz ppl move during this time and theyre trying to buy a good home in a good district b4 the school year.

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There are a shitton of appartment complexs being built in the suburbs around me. One place is a 5 story 380 apartment/condo building. Another is probably 10 to 12 3 story buildings, that started filling up as soon as the first building was done. Lots of renters now I guess

Arative said:

There are a shitton of appartment complexs being built in the suburbs around me. One place is a 5 story 380 apartment/condo building. Another is probably 10 to 12 3 story buildings, that started filling up as soon as the first building was done. Lots of renters now I guess

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There are a ton of new builds that are condo's, town homes and apartments here where I live. Little all inclusive "neighborhoods" that have everything you could need within walking distance. Theyre great for the area when it comes to business - but counting up all the different areas that are condo's/town houses, apartment complexes - just doing it off the top of my head there are around 9 new ones that popped up in the last 5 years. 100+ units on most of them, with a couple that are 300+ units. The influx of people moving into these areas is making VDOT look more and more incompetent every single day, not that its their fault. The main roads in this area are Timberlake and Wards. In 2015, you could drive from one end of one of those roads to the other in about 10 minutes and it takes about 30 minutes now.

Its good for my own business because fees are percentage based on rent. What used to be a 700 rental has more than doubled to about 1600 now. That rental, and the condo's near it have been around since the 80's and the last one that sold was in 2019 for 134k. No one is selling those places, now. You'd be stupid to.
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My current idea is to buy a small lot in this nicer neighborhood for sale and piece meal an apartment complex on it. Build up four 2 story units around 1200 sq/ft each, 3 bedroom, 2 1/2 bath, kitchen, with living room / dining room (with washer/dryer closet) and rent them out. Rent in that area, for roughly the same, goes for about ~2000/month. Ive already talked to my buddy and if we build them all on a single pad, all at once simultaneously - we cut costs drastically. Should end up being somewhere around 400k for the entire build on the first set. After down payment, good business loan interest rate, it should be just under 3k a month, with roughly 8k coming in. Expenses should never be more than 500-1k a month. Roll the rest into the loan and get some big ass equity for the next set of four. After thats all done - I can only imagine what that property will sell for.

Arative said:

There are a shitton of appartment complexs being built in the suburbs around me. One place is a 5 story 380 apartment/condo building. Another is probably 10 to 12 3 story buildings, that started filling up as soon as the first building was done. Lots of renters now I guess

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That sounds like a nightmare.

I'm salty about all the single family homes going up, and considering leaving the area.

But maybe Daidraco has the right idea. Use it to your advantage and buy up the property, while moving far, far away.

Sanrith Descartes said:

I wonder how many of those bitching bothered to vote in the last HoA election.

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Yup. Sounds like the solution is one of those memes where the fed up guy gets elected to the board and then refuses to attend any meetings so they can't have a quorum to vote.

HOA's with a lot of rental properties usually do that, from my understanding (/cough), when they want to increase the quality of renters in the neighborhood. Im under the impression though, that without "proper" use for those funds - a judge can rule in favor of the fee becoming unlawful or something? I recall reading about a case like that, just dont remember what the particulars were.