Home Buying & Real Estate Thread

[s0lefunk]

At that point just rent it

That’s what I want to do. We bought a house to grow into but don’t need all this space yet. Rent it out to a family for a couple years while we chill out in a 1-2 br apt. Use the rental profit to pay down more principal on the mortgage. Wife hasn’t completely shut down the idea but she’s not pressed to explore the possibilities.

 

[lovehateself]

3.1 in soCal

That’s what I want to do. We bought a house to grow into but don’t need all this space yet. Rent it out to a family for a couple years while we chill out in a 1-2 br apt. Use the rental profit to pay down more principal on the mortgage. Wife hasn’t completely shut down the idea but she’s not pressed to explore the possibilities.

dont do this mane

 

[cs02132]

My plan was to stay with my parents in my 20s and save up and put a down payment on a multi fam house to rent out fully and eventually move in one of the floors but my dad convinced me to just add to my mutual funds instead. Neither of us knew anything about real estate so I listened..
I got a decent chunk saved up but it would have been nice to have that investment going all these years now

With the market conditions in Boston and Mass in general I feel like that was my chance and I missed it back in 2016-2018

 

[spizike231]

It’s so wild, some of the stories and situations that people go through for home ownership or those that are missing out on it.

If it wasn’t for a leap of faith my wife and I took on our house in 2020, mid pandemic, unknown what would happen to either of our jobs or the housing market, we wouldn’t be in a house right now and we definitely wouldn’t be able to afford a house here in California right now.. not comfortably at least.

 

[pdino]

Of my main friend group (mid-30s) :
2 of us in houses
3 renting
2 living in families property/with family

Bought my first few properties in 2016 around 3.5%. Bought current primary during pandemic 2021 at 2.8%. Plan to buy again in 2026 regardless of what the interest rates are

 

[アミーゴ]

Of my main friend group (mid-30s) :
2 of us in houses
3 renting
2 living in families property/with family

Bought my first few properties in 2016 around 3.5%. Bought current primary during pandemic 2021 at 2.8%. Plan to buy again in 2026 regardless of what the interest rates are

 

[206to813]

I own a 4 bed/2 bath 1930 sq ft house that I rent… my last tenant moved out middle of august which was after the start of the school year. I think the timing messed me up and I should’ve had rent a bit lower.
Anyway I’m still looking for a tenant. I have someone who wants to rent and most everything seems good to go. He is moving here from out of state for work so I did a FaceTime walk thru with him. My one and only reservation is he’s gonna have 6 people (3 adults, 3 teenagers) and 2 dogs (poodle and yorkie). Idk how they’re gonna be comfortable in this house, I know it’s gonna be a lot of traffic/wear and tear etc.

Don’t really have a lot of choices though. Talked to him for 30 mins, seems responsible/mature, good job. He could move in like 10 days.

My last tenant spoiled me…lived there 3.5 yrs , 3 people no pets, no drama

 

[HankHill]

Did you talk to the other adults? I assume they'll be on the lease as well right?

 

[206to813]

Did you talk to the other adults? I assume they'll be on the lease as well right?

Naw but both parents will fill out an application which includes a background check, credit check and proof of income. I’m not really worried about the grandma who’s here for a year and going back to Asia. I’m more just not excited about how full the house is gonna be lol

 

[spizike231]

Naw but both parents will fill out an application which includes a background check, credit check and proof of income. I’m not really worried about the grandma who’s here for a year and going back to Asia. I’m more just not excited about how full the house is gonna be lol

They’re Asian? Ew. (Jk I’m Asian)

FWIW a lot of Asian cultures don’t wear shoes in the house so maybe it’ll be a little lighter than you’re expecting

 

[アミーゴ]

 

[206to813]

They’re Asian? Ew. (Jk I’m Asian)

FWIW a lot of Asian cultures don’t wear shoes in the house so maybe it’ll be a little lighter than you’re expecting

I only met the guy who is white but it really doesn’t matter my guy

 

[アミーゴ]

 

[206to813]

Edit- double post

 

[spizike231]

 

[sneeker]

They’re Asian? Ew. (Jk I’m Asian)

FWIW a lot of Asian cultures don’t wear shoes in the house so maybe it’ll be a little lighter than you’re expecting

From what I've heard, Japanese seems to be clean when it comes to living spaces.

 

[アミーゴ]

From what I've heard, Japanese seems to be clean when it comes to living spaces.

 

[had pants]

 

[spizike231]

I had to actually look up the interest rate of today, can’t believe it’s really 7.7

 

[willie mcfly22]

And here I am tryna buy a house in this stupid a** market. These numbers are insanity…

 

[had pants]

 

[JustBlaze.]

Nasty work.

 

[s0lefunk]

Now add the fact what you could've got in 2021 for 400k is at least 15-20% more expensive in 2023.

 

[datznasty]

And wages are stagnant if not regressing

 

[ace]

That’s what I want to do. We bought a house to grow into but don’t need all this space yet. Rent it out to a family for a couple years while we chill out in a 1-2 br apt. Use the rental profit to pay down more principal on the mortgage. Wife hasn’t completely shut down the idea but she’s not pressed to explore the possibilities.

We did something similar. Bought a 5000 sqft. house 30 minutes from Atlanta but ended up moving back to the city and renting it out until we’re ready for the quiet cul-de-sac life. It was too boring for us at the time so we grabbed a 1500sqft gated community condo in the city(buckhead) for a great price that will only appreciate as the city continues to grow. The house is paying for itself and when we’re ready we’ll go back and let the condo pay for itself or outright sell. Main reason we bought was due to the community allowing a rental option so we can lease it out without having to sell when the time comes and we decide to go back to the house for more space. I do miss my mancave basement but the lack of space has brought us closer together both figuratively and literally.