Home Buying & Real Estate Thread

My newest project hit the market last night. Was going to hold an open house today but it's raining so I decided to cancel it. Here are the updated pics.

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Is it similar to fha where you have to live there for a year? or do you have to live there for the life of the loan with USDA?

FHA i heard does do inspections
 
Looked it up looks like you cant leave for the life of the loan. I know its sometimes easier said than done but I would save the 3.5% and go FHA that way u can leave after the year if you want to rent it out.

FHA does inspections im sure the USDA does as well. I wouldn't want to get charged with Mortgage fraud

The USDA home loan has a bit of a stringent occupancy policy. This loan is intended to build rural communities and give people the privilege of homeownership who otherwise would not qualify. You will have a 60 day timeline to move in and live in that property throughout the term of the loan.

Only the borrower and their immediate family may live in the residence. If there is a family member who requires constant care, such as a disabled adult or a child with special needs, the caretaker may not live in the residence. An exchange student or adopted child may live in the home, but the adults cannot claim income off of the child, they may not be receiving any compensation for hosting the student, nor may the non-biological children add to an overcrowding situation in the home.

If the loan can be paid off early, for which there is no penalty, you can move out of the property or rent it out to others once the loan is paid off. You can rent out rooms in your property under certain circumstances. These circumstances include being incapacitated and off of work, so the rented room compensates for lost wages, or if you are away for an emergency, will be out of work, and can rent out your living space only for that specified time in order to pay the mortgage.
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https://www.fedhomeloan.org/federal-home-loan-occupancy-rules/
 
Put in an offer on a house last night along with the DU, went a little higher than we wanted too especially with the house needing some cosmetic work, so lets see what happens.
 
Anybody here does Tax Sale auction?

Got the list today, done ton of research...

Going to the courts' steps next month..
 
Anyone here ever lived in a home and then turned it into a rental? Bought a home almost 3 years ago in metro-Denver, value has gone up fairly significantly each year but may eventually move away. Wondering if we should try to rent it out, so that someone else is paying down the mortgage while the home continues to appreciate, or to just sell and get out.

All theoretical right now, not moving just yet. Just keep hearing differing opinions on whether or not it is worth it to rent it out.
 
turbospartan said:
Anyone here ever lived in a home and then turned it into a rental? Bought a home almost 3 years ago in metro-Denver, value has gone up fairly significantly each year but may eventually move away. Wondering if we should try to rent it out, so that someone else is paying down the mortgage while the home continues to appreciate, or to just sell and get out.

All theoretical right now, not moving just yet. Just keep hearing differing opinions on whether or not it is worth it to rent it out.
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Lot of factors. Your financial situation, potential appreciation of home value, whether you want to be a landlord, etc. I will say it's a great time to sell in this current market, at least here in Maryland. Inventory is VERY low. Rates going to go up too and buyers will have less buying power.
 
B Sox said:
Lot of factors. Your financial situation, potential appreciation of home value, whether you want to be a landlord, etc. I will say it's a great time to sell in this current market, at least here in Maryland. Inventory is VERY low. Rates going to go up too and buyers will have less buying power.
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Yea it's crazy competitive here in CO too. Low inventory + limited space + tons of new people moving here each year.

As of now, our house has appreciated at like $2k/mo. Obviously can't say how long it will continue to climb, but then again it's still pretty "cheap" compared to Seattle, LA, etc.

I'm just thinking, a tenant would pay down our principal by around $6k per year, in addition to whatetever positive cash flow each month, as well as the potential appreciation. Definitely have to figure in property management fees and maintenance, but it seems hard to imagine those adding up to more the "value" to me as the landlord.
 
would love to sell a rental unit, but the selling process has me anxious, plus all the fees i gotta pay. i never sold before. am i over estimating the fees and effort i have to put in?

^if price of home keeps going up, i would def hold on to it. especially in denver. it's like your own money tree haha
 
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Just closed on my newest project... I’ve done 4 projects in this neighborhood already and i just love everything about this area. It’s a 3 bed/2 bath with a view. My plans are to add a 4th bedroom and to add an accordion style patio door that opens up the view and for that indoor/outdoor feel.
 
I’m in the market for a house

Any sites that can get me info on certain neighborhoods or towns... Like crimes and other useful info?
 
Just praying Trump keeps up with the mess ups 1st time home buying in Bay is ugly and is continuing to do so.

The interesting part is interest rates rising, inventory not picking up like it has over the last few years, and more and more buyers choosing to remove listings

I hope a change is near.

Give a young buck a shot
 
Currently in 3rd month past original timeline for my new construction condo in NYC, short term apartment renewal charge killing me ...
Can truly say I will never purchase new construction again in the city with delays and closing costs around 5% (lawd)
 
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