Home Buying & Real Estate Thread

[lovehateself]

I don’t think businesses and/or investment banks are buying up real estate right now
That’ll come when the bubble bursts and ppl really start foreclosing on their loans

straight cash offers that im seeing are not willing to
Waive contingency / appraisal at all unless it is a recently foreclosed property. It’s a basically ploy

Anyhoo
Just put in an offer on a home in Carson
30k over listing

 

[cs02132]

My boy just bought a 2 bed 1.5 bath for 625k (list was 599) here in Boston
15 years ago it was on the borderline of the hood
It’s pretty nice but not worth that $$
it’s wild out here

I wanna buy a multi fam as an investment property like 30-45 min outside of the city for around 300-350k

 

[edshoecator]

I was looking at Multifams in STL a year or 2 back. Found some realtor lady on Twitter that was promoting the investment properties in that area. Never ended up pulling the trigger though

some areas are sus. A lot of north city stl is abandoned but then a few miles it’s super trendy.

we wanted to buy her old high school back (yes, they sell high schools there) . But at the time we were in escrow and couldn’t move on it.

cheap brother. Cheap!

 

[turbospartan]

some areas are sus. A lot of north city stl is abandoned but then a few miles it’s super trendy.

we wanted to buy her old high school back (yes, they sell high schools there) . But at the time we were in escrow and couldn’t move on it.

cheap brother. Cheap!

Crazy random but she literally texted me today out of the blue. Maybe she's on NT?!?

 

[Mark Antony]

I would love to buy some old school or something and convert to industrial/contemporary housing.

 

[mr jordan04]

Anybody have a rental property and gone through signing a new lease agreement lately? Anything you put in writing to protect yourself from all these government set eviction protections?

I considered a property manager and they mentioned they’re putting clauses into all new lease agreements to protect the homeowner from eviction protections set by government, but I didn’t get the exact verbiage of it

 

[nonnative]

Anybody have a rental property and gone through signing a new lease agreement lately? Anything you put in writing to protect yourself from all these government set eviction protections?

I considered a property manager and they mentioned they’re putting clauses into all new lease agreements to protect the homeowner from eviction protections set by government, but I didn’t get the exact verbiage of it

That sounds like a lawsuit waiting to happen.

 

[B Sox]

Writing a clause to go against something government set doesn't seem like the wisest idea

 

[moderndarwin]

I like the idea of real estate but not sure i’m ready for the effort of dealing with renters.


The what could go wrong side of real estate gets to me a little bit + tying up so much money in a single asset.

 

[ksteezy]

deck finished, patio furniture finally arrived and I finally decided to lay out sod in our yard and it was the best decision EVER!

 

[you go boy]

so the spot I copped 20 over asking deal is dead cuz of my call... I didn't agree with the home inspection... there was some stuff that had to be fixed inside I asked the seller to fix and they offered 1000 which was a joke... the outside was in bad condition and I'd be lucky the HOA would actually fix it...me and my fam didn't like the neighborhood at all so I used the inspection as an out lol... kinda grimey on my part but it worked... will be looking again... I'm a try to take my time and not rush to buy a place... I placed an offer on another place 1250 over asking... don't care what happens hence the low offer but if it wins I'm Gucci... just relieved I got my deposit back

 

[Nereyda Vuelve Por Dios]

so the spot I copped 20 over asking deal is dead cuz of my call... I didn't agree with the home inspection... there was some stuff that had to be fixed inside I asked the seller to fix and they offered 1000 which was a joke... the outside was in bad condition and I'd be lucky the HOA would actually fix it...me and my fam didn't like the neighborhood at all so I used the inspection as an out lol... kinda grimey on my part but it worked... will be looking again... I'm a try to take my time and not rush to buy a place... I placed an offer on another place 1250 over asking... don't care what happens hence the low offer but if it wins I'm Gucci... just relieved I got my deposit back

same here but the neighborhood was good. Needed work and we put about 30k over asking. They wouldnt fix and also had a deadline. Literally the day after we saw it.

luckily we didnt hear back. I didnt really the house like that. But my wife and sis did.

 

[you go boy]

^ so my offer just got accepted to a new spot... crazy i started home hunting in July and this is the third home i copped since... the first deal i copped just cuz it was within my budget... it was a nice place but no outdoor spot to kick it in the backyard and the inside was ok but not great... second spot i copped fell through due to inspections which i called out on... the place was dope but the outside had a lot of fixing i dont know if the HOA would fix and the inside was ok but not great and the selller only offered 1000 to fix everything...but worst of all the neighborhood is not good at all... third spot i just recently copped... it was the most expensive out of the three but my offer won which was like 1,250 over asking which ill gladly take...the cons obviously no outside area for me to grill or smoke budd... but it has 2 full bathrooms and 2 bedrooms, fireplace, living room has hardwood floors and a walk in closet... the downside its one floor which is good and bad but bad because i might have trash neighbors who make a lot of noise both upstairs and next to me... Theres still a lot of stuff for me to put in the spot... day 1 before i move in picking a new paint and new carpet in the bedrooms cuz they are terrible now... i will cop furniture after this but thats where it ends... down the line ill add more stuff like furniture, renovate both bathrooms, put granite counters in kitchen, purchase new appliances like stainless steel microwave, fridge and dish washer... also cop new washer and dryer... i do want to cop a painting or two to put in this spot... was thinking of someone painting a picture of me... kinda boastful but thats the point of having a picture of me in my own spot lol

 

[yogetoffmykickz]

Damn.
3 homes in two months?!

Where do you live.?

 

[lovehateself]

Damn.
3 homes in two months?!

Where do you live.?

and are you hiring

 

[you go boy]

i don't get paid that much lol... it's decent at best... I worded it wrong... I submitted offers on 3 houses but never closed the deal... first one I rescinded my offer it was more an impulse cuz I wanted a house and it was within my budget so I submitted an offer and got it accepted but told them no thanks... second house was very close but didn't like the neighborhood and didn't agree on inspection fixes.... so deal was off after the inspection... this third place though I'm a try to seal the deal and not make a big deal on the inspection... right now they are just starting on the contracts

 

[lovehateself]

put in offers on 2 homes and were sold for 40k over my offer...70k over listing on both

 

[nonnative]

i don't get paid that much lol... it's decent at best... I worded it wrong... I submitted offers on 3 houses but never closed the deal... first one I rescinded my offer it was more an impulse cuz I wanted a house and it was within my budget so I submitted an offer and got it accepted but told them no thanks... second house was very close but didn't like the neighborhood and didn't agree on inspection fixes.... so deal was off after the inspection... this third place though I'm a try to seal the deal and not make a big deal on the inspection... right now they are just starting on the contracts

Was gonna say that we have different definitions of the word cop.

 

[ballinsam23]

Dont know your situation or how badly you need a new place but I def check the area before even looking at the houses.

Gotta do the research before putting these offers in. Definitely go through all this with your broker (condition, area, school zone, etc etc) before making an offer.

 

[Mark Antony]

Oh yeah I know once I see that fancied up, deep hue, sepia tone picture you probably should take a drive out to that neighborhood.

 

[you go boy]

I definitely learned my lesson from the second place I almost got...this place I really checked out the neighborhood but more importantly my coworker recommeded it to me because her daughter lives there... but before man I was going to these places blindly just making sure the inside is nice.... I assumed the area was nice cuz I wasn't in the hood but I was wrong lol

 

[Stakeholder]

potentially stupid question ... for those going in over the asking price, is that with a mortgage (within limit of pre-approval) or with cash offers?

not a home owner and never applied for a mortgage so just curious

 

[$tatus $ymbol]

I was reading an article that said basically regular folks are offering cash outside of what they are approved for if they are bidding over ask. The lender isn’t going to lend more than the home appraises for and I feel like being under budget would be the exception in this market. If we do see a downturn it’s going to be interesting to see what happens with folks overpaying and potentially having little to no equity in the property.

 

[turbospartan]

potentially stupid question ... for those going in over the asking price, is that with a mortgage (within limit of pre-approval) or with cash offers?

not a home owner and never applied for a mortgage so just curious

The appraisal is what matters. If it's listed for $300k and you offer $350k, and it appraises for $370k - you're good.

If it appraises for $280k, your mortgage will only cover the appraised value and you'll have to come up with the difference in cash.

 

[mr jordan04]

Dont know your situation or how badly you need a new place but I def check the area before even looking at the houses.

Gotta do the research before putting these offers in. Definitely go through all this with your broker (condition, area, school zone, etc etc) before making an offer.

Not sure if it’s only a California thing, but don’t you have 21 day window to back out of a deal for any reason and get your deposit back?

When we bought a couple years ago we submitted offers on multiple houses and they both got accepted. We just backed out of one within that 21 day period and we were good.