- Mar 22, 2003
- 28,993
- 17,663
Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
- Start date
- Aug 22, 2012
- 8,764
- 7,551
Say what?
I live in NC and aside from lowish property taxes they are among the highest housing prices I have seen in the metro areas. It's ridiculous, and I am from a higher cost of living area.
- Feb 7, 2016
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Frigging rich people.
- Feb 7, 2016
- 13,286
- 10,780
I remember that year. Only had $600 left in my pocket and at the point of breaking down. Took odd jobs just to get afloat and on my last month before I'm completely penniless. Had to borrow money as well since I only had 1 remaining job left while the rest of the people around me became unemployed and were selling stuff. I remember talking with some Jewish acquaintances that were selling prime property for 500k. Now that property is worth 10m and could command 12m. Frigging recession was tough.That time was prob my biggest financial regrets of my life. Was going to buy a brick loft condo in Detroit for like $28k, its now worth like $400k. Also was going to buy a different townhouse in Detroit for $65k that is now $400k+ (because its right across the street from the new Little Ceaser Arena). Everyone told me "Detroit is too sketchy, why would you do that?".
- Mar 22, 2003
- 28,993
- 17,663
Hope you got cash for this one
- Dec 19, 2008
- 8,806
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He is nice, I'm not.
- Oct 28, 2006
- 12,463
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Where in NC? I feel like Raleigh/Cary etc...is crazy high right now.
- Aug 22, 2012
- 8,764
- 7,551
Im in Charlotte,Where in NC? I feel like Raleigh/Cary etc...is crazy high right now.
I've lived more "expensive states/cities" But this is the largest gap between cost of living (everything else here is dirt cheap) and home prices..
- Aug 19, 2015
- 8,320
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You thinking we are going to continue trending down?
Honolulu is massive. Which parts you talking about? If we're taking single family homes, pretty much only Kahala and east to Hawaii Kai are areas I'd live in. There's a few pockets around Manoa that aren't bad but they're small. South of diamond head if youre rich rich.
For condos, I'd pretty much only look at Kaka'ako and the very immediate area. Rest of it is pretty sketchy. Also expect very high HOA fees.
- Mar 22, 2003
- 28,993
- 17,663
Think there’s room to go but I’m buying now - closing on a multi family spot in Albany now
- Oct 28, 2013
- 42,769
- 178,624
- Apr 9, 2017
- 17,033
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I cant lie... I would like to clean houses for Air bnb
mplsdunk
Supporter
- May 25, 2004
- 30,371
- 40,995
You’ll get 72 dollars of that 1,900 after they hit you with their cleaner dispatch fee.
solewoman
Staff member
- Jul 27, 2006
- 19,666
- 21,711
Check out kapolei and ewa beach
- Apr 5, 2012
- 4,051
- 4,980
-Bought a property in August 2022 with 5% down.
Property 1
-After we live here for a year i’m thinking this August to start the search for a new primary residence with 5% down loan again. Move in there and rent the Aug 2022 one out.
Property 2
Longer term plan:
After a year of living at property 2 take a break from work and we go live abroad for a bit. My wife’s family has a spot we can stay at abroad for a few years. Rent out property 2 also.
Totally get that the rent wont cover the total cost but have enough saved up to make up the gap. Figure after a few years we can refinance them and get the rent to cost much closer. We’d buy another primary at that point or just rent if we’re back in the US. And in the long run we’ll end up with 2 properties paid off by the time we get to retirement age.
Anything fundamentally wrong this plan?
Property 1
-After we live here for a year i’m thinking this August to start the search for a new primary residence with 5% down loan again. Move in there and rent the Aug 2022 one out.
Property 2
Longer term plan:
After a year of living at property 2 take a break from work and we go live abroad for a bit. My wife’s family has a spot we can stay at abroad for a few years. Rent out property 2 also.
Totally get that the rent wont cover the total cost but have enough saved up to make up the gap. Figure after a few years we can refinance them and get the rent to cost much closer. We’d buy another primary at that point or just rent if we’re back in the US. And in the long run we’ll end up with 2 properties paid off by the time we get to retirement age.
Anything fundamentally wrong this plan?
sneakaprince
Supporter
- Apr 29, 2007
- 16,593
- 20,413
It might be harder than you think to get another 5% down payment option. Not saying you can't do it but I could see it requiring some finesse or you refinancing out of your current loan.
It's usually easier to go from a multi to a single fam etc vs going single fam to single fam (not sure if you bought a multi or single).
Make sure you take into account your debt to income ratio when planning as well. Now that you have a crib that debt will show up on your credit report.
Otherwise (in regards to the purchasing plan) it sounds solid. All that living overseas **** etc might be hard but if you got a plan and people to take care of your cribs it could be feasible.
- Dec 23, 2009
- 30,363
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So whats good with Indianapolis? Why shouldn't I buy an investment property(ies) there in a couple years?
Yeah those are fine, especially if you want new construction, but not technically Honolulu. And unless you have flexible hours or WFH, RIP to your commute if you work anywhere east of Aiea.
- Apr 5, 2012
- 4,051
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Thanks for read and comments.
Should be okay as I went under budget on property 1 and property 2 i plan to spend even less on. So I have plenty of wiggle room in my debt to income ratio. And my intention is to move to like a temporary rental for a few months while I look so should be able to have income vs expense on property 1 by then (to help with debt to income ratio).
I guess I just feel like i’m missing something. Seems so simple to me and not sure why it’s not more common. But i’m just probably very unique circumstances where moving isn’t a big deal to me (WFH job).
- Mar 22, 2003
- 28,993
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You may have issues at the lender level and higher interest rates
- Jun 22, 2018
- 5,267
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Factor in maintenance costs for the rental property. Costs for me were higher than expected since I did so much stuff myself when I lived there. Might get lucky and get a tenant willing to take on some responsibilities.
solewoman
Staff member
- Jul 27, 2006
- 19,666
- 21,711
no shade but when he said honolulu i assumed he meant the entire island out of ignorance. Most people who have never been or lived there refer to the island as "honolulu" or "waikiki". That area is newer construction but not like brand new. I lived in both cities back 2012 ish. It was newish for hawaii. The whole island unless things have changed is pretty much older construction but makes sense since they dont get anything but summertime weather lol.
- Jul 29, 2012
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Have had a lot of issues with my rentals this last year that cost me a lot of $. 2 tenants in California took advantage of the COVID+ moratorium (1 still is), Had to get lawyers involved and cost me 5k+. He wasn't paying rent and claiming COVID for a year+, when I filed him for eviction he lawyered up. Had to come to settlement that basically he'll only leave if I waive his missing rents. Lost 20k+ in rents, but glad he is out of there ultimately. Now, I'm turning over that unit (tenant left the place in shambles, didn't return the keys/garage door opener, made life as hard as possible) and got to find a good tenant.. I've had to evict in Ohio and it took a week and 300$. Evicting in California cost me 5k+ and several months, really strong tenant protections that it's just not even fair.
Other tenant in another property in California (inherited tenant when I bought the property 2 years ago) hasn't been paying, using COVID moratorium, and they won't let me evict in the county... There's literally nothing I can do to get him out at this time.
Property in Ohio has annual inspections. The city required a fix and my property manager was dragging their feet claiming storm/freezing weather etc. I ended up switching property managers (process takes a month+). I asked for a extension and eventually had the repairs completed. Didn't have the re-inspection in time (even though repairs were completed), and city was trying to charge me in court.. Attorney went and represented me, saying that repairs were already completed, checked off by city and in compliance. Court said didn't meet their deadline and their charging me with minor misdemeanor/ 200$...
So annoyed with everything going on that I rage sold a property (for decent profit)
Nice passive income until it isn't
Other tenant in another property in California (inherited tenant when I bought the property 2 years ago) hasn't been paying, using COVID moratorium, and they won't let me evict in the county... There's literally nothing I can do to get him out at this time.
Property in Ohio has annual inspections. The city required a fix and my property manager was dragging their feet claiming storm/freezing weather etc. I ended up switching property managers (process takes a month+). I asked for a extension and eventually had the repairs completed. Didn't have the re-inspection in time (even though repairs were completed), and city was trying to charge me in court.. Attorney went and represented me, saying that repairs were already completed, checked off by city and in compliance. Court said didn't meet their deadline and their charging me with minor misdemeanor/ 200$...
So annoyed with everything going on that I rage sold a property (for decent profit)
Nice passive income until it isn't
