Home buying thread

There are still houses out there that are affordable. They're just in a lower end neighborhood, or in the boon docks. Dont have central air, roof probably needs to be replaced in 5-10, and all the doors and windows need to be replaced just to keep the energy bill down. But my point still stands, these kids still have a way up the ladder. Its just way shittier than when you or I climbed up it. The sooner the 20-30 year olds realize that they cant start with a half million dollar house (in my area, anyways) - the sooner they'll stop throwing that pity party. Yea, shits fucked. It sucks. But dont just sit there and sulk - start climbing.

Something Ive had a hard time understanding lately are the people that instantly liquidate the properties that they inherit. When really these people need to be worried about their legacy, their generational wealth. Ive seen more black people do this than white people, so it really burns me up when I hear black people complain about the subject. Taking a lump sum that was beat the fuck up by taxes and splurging it on a brand new Truck or some other dumb shit. When instead, they could have got a property manager to handle things if they didnt want to deal with any of it and have a steady income coming in from the properties instead. But whatever, keep blaming whitey for being poor af.

My wife and I were faced with this realization in the last couple years. We'd been renting because due to a quirk of our local markets the cost of tenancy was about 30% less than the cost of owning. However, we had to move in 2022 and face a big catch-up in proportional rent. Fortunately our income/wealth had grown slightly faster than housing prices during our renting phase, but it still hurt getting into the market in the middle of the run-up. But if not now, we didn't see an on-ramp in the next 15+ years and we need a stable place for our kids.

Daidraco said:

a property manager to handle things if they didnt want to deal with any of it and have a steady income coming in

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I have no desire to be a landlord but when we inherit my in-law's house this is most likely what we'll do. My dad's we will probably liquidate because it's an unrentable hobby farm on the opposite side of the country.

I'm expecting the future to be a lot less flexible in terms of housing, and will maintain these properties as if my kids will raise their families in them.

My wife’s parents are 70+ and her father has massive amounts of medical issues caused by vaccines, they live 2 hours from us. I’ve made it clear to my wife we aren’t selling that house and will have it run by a property management company. We’ve had this discussion her mother can’t afford to live without her husband, she will go broke trying to live down there alone. So the plan is when one dies, the other moves in with us and I lose my man cave and the property management company will be set in place so when the other dies it will be a smooth transition.

Also I pray the mother dies first

Blazin said:

I'm often been stunned at how people usually fully understand the devaluation of the dollar but then they seem to completely forget that when thinking about hard assets . We have on this board numerous people who will post in the investing thread "INFLATION IS GONNA FUCK YOU ALL" then come to this thread and say "HOUSING CRASH INCOMING!"

We love to post charts showing market growth over time and I certainly believe in that, but I only believe in that really because of this chart. I'd bet my kids on this chart.

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That chart also cuts off before we went full buckwild printing money for Covid. Housing prices are turbo-fucked

Lanx said:

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My wife had a much more violent reaction, I countered with “one of them has to go first and I’d rather your dad move in with us than your mom” she calmed down and later asked me “you know they could both die at the same time” I responded with “baby I’m not that lucky” I didn’t get laid that night lol.

For real though I love her dad, I hope the mom goes first.

TomServo said:

same for us. was not ideal but the alternative was nothing. we wanted a 2200 to 2600 house. ended up in 1900.

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We looked at probably 80ish houses total, put in a few dozen offers because I refused to overpay the 30-50k cash "expected". Wanted 1500-2200 with an outbuilding (or place for one) but ended up with 3500 because Murphy's Law. I only put in asking because I noticed the open house log was nearly empty (was school vacation week).

OU Ariakas said:

I had friends that grew in stable middle class families that moved into trailer parks out of high school because it was cheap. The younger generation needs to be taught how to share housing, cook, and save their goddamn money for important things like a house.

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There sure are a lot of entitled people out there. They want the big money right away and to skip the 15 years most people take to build a career, and they want the big house too. My first place was a tiny condo, I drove junk for years and packed most lunches at home. Ladle on 12+hour days 6+ days a week, too. Now, people bitch about having to show up on time.

It wasn't that long ago when I had a tenant from eastern europe; a young woman on her own working from home making clothes. She ended up getting buying a house and had a decent car, too...all from making clothes. This was while usa born idiots were crying about not being able to buy a house or find good jobs.

Now, we have millions of lazy and soft-minded people who want free everything.

Fucker said:

There sure are a lot of entitled people out there. They want the big money right away and to skip the 15 years most people take to build a career, and they want the big house too. My first place was a tiny condo, I drove junk for years and packed most lunches at home. Ladle on 12+hour days 6+ days a week, too. Now, people bitch about having to show up on time.

It wasn't that long ago when I had a tenant from eastern europe; a young woman on her own working from home making clothes. She ended up getting buying a house and had a decent car, too...all from making clothes. This was while usa born idiots were crying about not being able to buy a house or find good jobs.

Now, we have millions of lazy and soft-minded people who want free everything.

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You don't think there's a more reasonable medium between free mansions and mean housing prices being > 10x annual gross salary?

Yeah, this is definitely a case of both being true. It's been the case for at least the last decade that people expect to live in a house as large and as nice as their parents did, while still in their 20s. Basically skipping all the starter homes.

At the same time, over the last few years houses have inflated to a ridiculous level, where the prices we saw in a handful of US cities is now the average for the entire country.

It's definitely possible these are related, too, though. Builders weren't building sub-1500 square foot houses because no one wanted them. And now we've got a housing shortage with everything on the market being massive.

Gravel said:

Yeah, this is definitely a case of both being true. It's been the case for at least the last decade that people expect to live in a house as large and as nice as their parents did, while still in their 20s. Basically skipping all the starter homes.

At the same time, over the last few years houses have inflated to a ridiculous level, where the prices we saw in a handful of US cities is now the average for the entire country.

It's definitely possible these are related, too, though. Builders weren't building sub-1500 square foot houses because no one wanted them. And now we've got a housing shortage with everything on the market being massive.

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Builders aren't building 1200 sq ft houses because it's basically almost pennies more to make a 2k house.

The fixed costs of putting in a house (mostly driven by inflation and regulations/code) are massive compared to two extra rooms worth of concrete/lumber/furnishings. Land/permits/survey/clearing/grading/drainage/streets/power/septic or sewer/water or wells/etc. Etc., a lot of that is driven by towns and cities that want high taxable structures. This means your starter home is not cost effective, only mid to upper or 4 over 1 apartments.

Lmao as if by magic

Palum said:

Lmao as if by magic

Don't Call Them Trailers! 5 Marvelous Manufactured Homes Priced Below $525K

The five luxury manufactured homes that we've found for sale right now are located throughout the country and come with acres of land.

www.realtor.com

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Do they come with a fridge stocked full of gourmet hot pockets?

I have the opportunity to buy a home in easy walking distance to Notre Dame. I could pay cash for it. I could rent it for sports weekends, football, hockey, and basketball (and the odd lacrosse weekend). Just by renting it I could easily pull in about $40K a year just in weekend rentals. The house would be unoccupied most of the time, giving me the chance to be in it and make sure everything is okay. But a while ago I sold all my rentals and declared I would never do it again. This feels different to me, and I'm contemplating it.

What do you guys think? Worth the risk of getting out of town people partying at a football game in for a weekend to make money while dealing with the consequences of tailgating?