Home Buying & Real Estate Thread

[ekrev98]

How much the did reno cost you per Sq ft if you don't mind me asking? any details on the interior work would be great as well.

This house was a mess and went over budget due to the some rooms not having permits, etc...and the quality of materials we used from the carrara marble countertops, wall hung toilets in each bathroom, hardwood floors, iPad entertainment controls, underground wine cellar, and the list goes on. I can't go into specifics but the cost of reno was over $100k and the house came out to 3200 square ft.

 

[ekrev98]

You mast flippa
U have your own crew?

It's me and a business partner. We have contractors who we've worked with on other flips. Looking to expand in 2016

 

[OG44NJ]

This house was a mess and went over budget due to the some rooms not having permits, etc...and the quality of materials we used from the carrara marble countertops, wall hung toilets in each bathroom, hardwood floors, iPad entertainment controls, underground wine cellar, and the list goes on. I can't go into specifics but the cost of reno was over $100k and the house came out to 3200 square ft.

Looks great. Congrats.

 

[ekrev98]

Looks great. Congrats.

Thank you! Are you flipping properties as well? If so, what area?

 

[slicknick951]

You mast flippa
U have your own crew?

It's me and a business partner. We have contractors who we've worked with on other flips. Looking to expand in 2016

If you ever decide to work on the east coast let me know

 

[mr jordan04]

Lol I'm in an area being gentrified. Even in the DC area something that is pre gentrified is mid 300s.

It's the same in LA...



Some of these $300k properties, . Falling apart, foundation issues.

Buddy of mine just bought a 2 bd/1 bath in Whittier for $375, and has a **** ton of work to do

 

[capital sb]

Capitol heights right? most def gentrifying, that's just DMV for you. But I will say if you can get something in the city for 300, it's almost a guaranteed profit after the flip, maybe a 200%+ return.

Yup Cap Heights, super quiet over here and I never see my neighbors. There are only 6 single family homes left and 18 townhouses left in the community.

Investors are buying out all of the old houses and renovating them. I stopped by the model house today and the sales rep showed me the plans for a new county park . Pretty excited about it.

Yeah DC is guaranteed money to be made if you can get in. Houses in SE and NE are low to mid 300s.

 

[Los Angeles]

Buddy of mine just bought a 2 bd/1 bath in Whittier for $375, and has a **** ton of work to do

As much as i like whittier, cant stand their terrible access to freeways. :x

 

[mr jordan04]

Buddy of mine just bought a 2 bd/1 bath in Whittier for $375, and has a **** ton of work to do

As much as i like whittier, cant stand their terrible access to freeways. :x

I'm 2 min to the 605 or the 60 brah

 

[crcballer55]

they need something out here to help pay for these expensive behind appraisal fees and inspections fees if the deal does not fall thru after the fact.

House hunting is stressful as hell man wasting money looking and inspecting houses just to find something wrong the seller cant afford to fix and im not bout to pay for it when I never lived there. I don't want no fixer upper if im dropping 200k+ in Florida. This aint DC lived there too.

end rant.

Consider that your insurance plan. Yes, you might pay a grand for them, but it's a lot cheaper than having to fix some major issues down the line. During the inspection we found out the HVAC unit was going out and got a $3000 credit to replace it. We ended up spending $6500 to get it replaced which was still a bargain for what we paid for the house since the community was just coming out of a depressed situation.

 

[edshoecator]

I can't stand whittier. 

snobbish Latinos.

 

[ooiron manoo]

what area you looking at? 
im tryna find something in the southbay

lots of fixxer uppers in the cpt,LB, paramount area but im not moving out there. 

Not trying to go to paramount either, . Boyle heights, east la, el Sereno area. Nothing even decent. Junk going for $300k plus.

Buddy of mine just bought a 2 bd/1 bath in Whittier for $375, and has a **** ton of work to do

Not shocked. Whittier is a little far for my liking have looked in the area just out of curiosity and not much there either.

Currently in the east la area, two houses, newly built, one went for $530k (4bd) the other for $475k (3bd). Nice house but half a mil, in that area. My friend bought his house down the street, newly remodeled in 2013 for $199k. It's a joke. Oh yeah, houses have been sitting empty. Since being purchased. You'll see a Benz and a Lexus in the driveway during the day, otherwise they sit empty. Such a waste.

What are these grants people are speaking of? I'm aware of FHA. Aware me about other resources.

 

[dam itz lou]

Refinancing exists . A couple hundred dollars shouldn't be breaking your pockets.
If you are not putting 20% down on a conventional loan you have PMI too if you didn't know.

Seriously I don't know many people under 25, hell even under 30 that can put 20% down on a 400K+ home with no help from their parents. People can barley save money as it is, how will they save 90K+ for a 20% down payment just to avoid PMI. It's very unrealistic now a days for younger people.

Yeah I know but I'd be looking at $500-600 in PMI alone for a 2 family property in my area. The low end for a 2 family property is about 650K. The idea of throwing 5-600 away on PMI alone just irks the ish out of me.

 

[pmatic]

I want to move back to CA so bad in the future, but the housing prices. Oh well, I'll deal with NoVA pricing.

 

[capital sb]

Yeah I know but I'd be looking at $500-600 in PMI alone for a 2 family property in my area. The low end for a 2 family property is about 650K. The idea of throwing 5-600 away on PMI alone just irks the ish out of me.

Well throw $500-600 away now or put down about 145K for a 20% conventional loan on a 650K duplex.

Personally I'd go for the $500-$600/mo in PMI any day with only 25K down. If your looking at this as an investment you have to run the numbers to see what works out best. The appreciation of the property alone will outweigh the PMI.

 

[eugenile gts]

yall are lucky who are posting these homes yall are buying for $200K and its nice with big land.

here is what we working with out here.

830 Sq ft home, on a 644 sq land
$600K

http://www.nbcbayarea.com/news/loca...n-Francisco-On-Sale-For-599000-361114901.html

or this is a steal right now, it prob might already be sold.

264 sq ft for $425K

http://sf.curbed.com/archives/2015/12/07/a_264squarefoot_micro_unit_hits_the_market_asks_425k.php

 

[mr jordan04]

I can't stand whittier. 

snobbish Latinos.

It's true
White washed and snobby

 

[Xennial]

 

[lovehateself]

 

whittier, where only some of them are prettier

 

[sneaksoy]

Well throw $500-600 away now or put down about 145K for a 20% conventional loan on a 650K duplex.

Personally I'd go for the $500-$600/mo in PMI any day with only 25K down. If your looking at this as an investment you have to run the numbers to see what works out best. The appreciation of the property alone will outweigh the PMI.

While I respect what you've done in acquiring your property, please don't peddle this advice. This is exactly why we had a housing bubble and subsequent crash in 2007-09. Putting 4% down on a house that's already overvalued (the Cali housing market is in a bubble whether people want to admit it or not) is a reckless play, if that bubble bursts and your house depreciates even $50k, you're underwater on a mortgage and strapped with excessive PMI. If you want to buy as a pure investment, there are much better alternatives you could achieve similar returns on with a fraction of the risk here.

There are some great programs out there for down payment assistance but people, please do your homework and see what is right for you before you jump into a property that you can only afford with assistance. I'm not saying you can't or shouldn't get FHA loans or other programs, just do the research and figure out what you can truly afford and have the patience to save up if you're not ready yet.


Edit: got mixed up and didn't realize the OP here is in NY, but still use some prudence before jumping in to a property at 4% down.

 

[luckyluchiano]

While I respect what you've done in acquiring your property, please don't peddle this advice. This is exactly why we had a housing bubble and subsequent crash in 2007-09. Putting 4% down on a house that's already overvalued (the Cali housing market is in a bubble whether people want to admit it or not) is a reckless play, if that bubble bursts and your house depreciates even $50k, you're underwater on a mortgage and strapped with excessive PMI. If you want to buy as a pure investment, there are much better alternatives you could achieve similar returns on with a fraction of the risk here.

There are some great programs out there for down payment assistance but people, please do your homework and see what is right for you before you jump into a property that you can only afford with assistance. I'm not saying you can't or shouldn't get FHA loans or other programs, just do the research and figure out what you can truly afford and have the patience to save up if you're not ready yet.


Edit: got mixed up and didn't realize the OP here is in NY, but still use some prudence before jumping in to a property at 4% down.

Imo this of buying a house and gaining insane equity are long over lol, pretty much only people who were able to do that were the parents of White Baby Boomers who were able to get their homes dirt cheap with govt assistance on top of discriminatory practices that kept non whites from having access to these benefits this crippling their ability to build wealth. Its kind of sad they still sell everyone else the dream of "Buying a home being an investment". The only reason I even bought a house was because it cost me waaaaay less than renting, but if you are not getting a sweet deal and you factor in high property taxes and maintenance you gotta ask yourself is buying a home even worth it?

 

[slicknick951]

^^ I think your advice is very good and should be taken seriously. Not speaking to anyone in particular but dont buy more house than you can really afford. Even if they will give u a loan for a high amount find out how much you need to live and what would you do if tour financial situation changes.

 

[edshoecator]

It's true

White washed and snobby

 

 
whittier, where only some of them are prettier

All of this.

The 40+ year old moms>youngins in Whittier.

 

[mr jordan04]

luckyluchiano I agree, home buying isn't for everyone. But when you're paying a ridiculous amount to rent, it almost makes sense to buy if you're going to be paying around the same. I'm single with no kids, so Uncle Sam rapes me in my taxes, might as well get a house to write some of that off.

People don't build crazy equity asap like before, but through time most people can sell for a profit. But there are a ton of things you gotta pay for as a homeowner vs renting

 

[luckyluchiano]

luckyluchiano I agree, home buying isn't for everyone. But when you're paying a ridiculous amount to rent, it almost makes sense to buy if you're going to be paying around the same. I'm single with no kids, so Uncle Sam rapes me in my taxes, might as well get a house to write some of that off.

People don't build crazy equity asap like before, but through time most people can sell for a profit. But there are a ton of things you gotta pay for as a homeowner vs renting

of course, I purchased because it made more sense than renting, I`m just speaking in general though that the whole "American Dream" of buying a home is a sham, I dont believe in looking at the place you live as an actual investment, because there are so many intangibles you can't control. I view a home as a necessity where you have to do what makes the most sense financially opposed to holding a dream you will gain crazy equity or something.