Home Buying & Real Estate Thread

[turbospartan]

Airbnbs have a place depending on what you are doing and where. Overnight ski trips they are usually way more affordable than hotels in ski towns. And always check Airbnbs when traveling abroad. You may pay less or at the very least get more value for your money. Again, depends on where you are going and what you’re doing.

All things being equal I prefer [nice] hotels.

Yep, and another thing that airbnb / vrbo offer is your own kitchen and amenities. When I'm on ski trips, I'm not trying to sit down somewhere and eat breakfast before I hit the slopes. We used to do a Super Bowl house ski weekend in the mountains every year, some years we'd have 30+ people and rent out a 6000sqft lodge. Hotels are fine for yourself + partner or small groups, but if you want to spend time together with your own space - cant really get that at a hotel. Not gonna have you and your boys or family hanging out in the hotel lobby before you all go back to your separate 300sqft rooms for the night.

I am also aware of the flaws for those types of rentals, too. If I'm paying a cleaning fee, then you clean it mf. And all of the other bull**** fees they charge where it becomes not even worth it anymore.

 

[datznasty]

The 4 bed 2 bath duplex i used to rent for 1400 (its 1800 now), the owners on 4 of them. Its an HOa neighborhood just 2 square blocks of the same duplex over and over, anyways they airbnb the other side for like $375 a night and easily had like 90% occupancy. It was rarely not someone next door, like you said usually groups like construction crews, oil crews, these dudes who wore all black and looked like either they worked in the casino or strippers came often. Still in this scenario you sharing a bathroom with other grownups though which I am all the way cool on.

I’ll find the link but just assuming airbnb takes 20%, 300 dollars x 25 days = $7500, over 4x what they rent it for so i can see why people think buying to airbnb is a good idea if you live near something

Airbnb: Vacation Rentals, Cabins, Beach Houses, Unique Homes & Experiences

www.airbnb.com

 

[Rumble]

$255 for cleaning and they gonna tell you to strip the beds start the laundry, run the dishwasher and take out the trash. Then still leave you a bad review. Air B&B is the worst and messed up the market in Austin. Hope they all stay empty.

You out in the ATX also?

 

[lilchico4life]

I bought a commercial property with 3 rental units on the same lot back in 2020. I didn't get to see the rental units since they're all occupied. A tenant finally moved out of the efficiency. Can't believe they were living like this My contractor says he can get the place looking new for 10k-12k. Going to rent it for $1k after it's done.

Spoiler

 

[turbospartan]

Commercial building and then 3 rentals? You in Houston or somewhere with crazy / lax zoning?

 

[Raji Lowenthal]

I bought a commercial property with 3 rental units on the same lot back in 2020. I didn't get to see the rental units since they're all occupied. A tenant finally moved out of the efficiency. Can't believe they were living like this My contractor says he can get the place looking new for 10k-12k. Going to rent it for $1k after it's done.

Spoiler

Was the condition misrepresented at sale?

 

[sneakaprince]

I bought a commercial property with 3 rental units on the same lot back in 2020. I didn't get to see the rental units since they're all occupied. A tenant finally moved out of the efficiency. Can't believe they were living like this My contractor says he can get the place looking new for 10k-12k. Going to rent it for $1k after it's done.

Spoiler

I've bought stuff like this before. It's not fun putting it all back together but good money to be made I'm sure and lots of easy tax write offs as well.

1k a month and you have your investment back in less than a year plus residual income both before and after having to turn this over between tenants. I don't know what you paid for the package but not a terrible deal.

10k a solid price too. Not sure sure of SQ footage but between flooring, drywall, cabinets, plumbing, paint, and labor I could see how 10k could get run up quickly in here.

 

[lilchico4life]

Commercial building and then 3 rentals? You in Houston or somewhere with crazy / lax zoning?

Central Florida. The property is 102 years old, grandfathered in. No way it can be zoned like this today.

Was the condition misrepresented at sale?

Not really. The property being 102 years old, I knew it was gonna need work. I primarily bought it for the commercial unit, which I thoroughly inspected. It was my business competitor and I bought them out. The rentals were the icing on the cake.

 

[executive76]

 

[turbospartan]

Still debating the decision, but if you had a house and had to come up with six-figure lump sum payout, would you:

Sell the house to obtain the payout, which would also give me a 6-fig lump sum


Or


Do whatever you can to keep the house, such as 401k loan (8%) + HELOC / other loan types ?


Current mortgage is 3.375%, monthly payment less than an avg 1 bedroom in the Denver metro area.

 

[s0lefunk]

Still debating the decision, but if you had a house and had to come up with six-figure lump sum payout, would you:

Sell the house to obtain the payout, which would also give me a 6-fig lump sum


Or


Do whatever you can to keep the house, such as 401k loan (8%) + HELOC / other loan types ?


Current mortgage is 3.375%, monthly payment less than an avg 1 bedroom in the Denver metro area.

Is this your primary residence or investment property? If the former I’d try to tap home equity unless you are looking to move and downsize anyway. HELOC would be preferable since you’d maintain the 3.3% mortgage rate on the majority of your balance. And your HELOC may offer a rate lock option so you can lock and unlock as interest rates go. Then go 401k loan if you need more funds. That’s a last resort option but at least you are paying yourself back, even the interest.

If its an investment property then I’d sell, personally. Unless you can work out a payment plan on the six-figure obligation and your rental income exceeds the negotiated principle+interest payments.

 

[turbospartan]

Is this your primary residence or investment property? If the former I’d try to tap home equity unless you are looking to move and downsize anyway. HELOC would be preferable since you’d maintain the 3.3% mortgage rate on the majority of your balance. And your HELOC may offer a rate lock option so you can lock and unlock as interest rates go. Then go 401k loan if you need more funds. That’s a last resort option but at least you are paying yourself back, even the interest.

If its an investment property then I’d sell, personally. Unless you can work out a payment plan on the six-figure obligation and your rental income exceeds the negotiated principle+interest payments.

Primary residence. HELOCs and HEL (Home Equity Loan = fixed rates, around 8%) are options, but paying quite a lot in interest. Interest only on $50k is $334+ a month, not including paying down the principal (which requires 1-2% of the balance per payment). 2% of $50k is $1000/mo + $334 interest. And $50k loan isn't going to be enough.

401k loan would be paying myself back, but the 54 monthly payments (not sure why my 401k plan has a max of 54 months vs. 60 which would be a flat 5 years) would add $1k+ for only $50k of loans (that is the max you can take out via a 401k loan).


The house itself is a 4-bedroom 2 bath ranch (2 beds + 1 bath upstairs, 2 beds + 1 bath downstairs in fully finished basement with legit egress windows). Its not a terrible house by any means, but its also kind of in the suburbs and not really close to either downtown Denver nor close to the recreational activities in the mountains (such as living closer to the foothills where I could walk / bike directly to trails). So right now, I have to drive to whatever I want to do (not walkable / bike-able).

That said... mortgage payment is pretty damn cheap, relatively. If I do sell, I am likely going to spend more per month on a 1-bedroom apartment than I would for the current mortgage of the 4-bedroom house. But, if I have to take out $100k+ in loans that add $2k+ to my monthly living expenses... I could prob rent a baller *** place for $3-4k a month (not that I would). Or the even muddier option is that I keep the house, take out the loans or whatever I need to do, and then rent out the house itself as it would rent for more than the mortgage (but not more than the mortgage + loans).

 

[アミーゴ]

turbospartan you know my thoughts - you are newly single, I’d sell, move into the city and enjoy traveling. Take the cash influx and enjoy my dude

 

[turbospartan]

turbospartan you know my thoughts - you are newly single, I’d sell, move into the city and enjoy traveling. Take the cash influx and enjoy my dude

Yea I know thats prob the best idea bc I dont "love" this house and its not the location that would best suit my life going forward, part of me just thinks that interest rate is a unicorn and not to be given up. But also prob not wise to take out a bunch of loans to keep this house, which theoretically could see its value continue to drop.

I flip flop about 37x per day on what I want to do

 

[アミーゴ]

turbospartan yeah it’s not imo - you can also take that cash while the market is down and invest or buy a rental property - make the money work for you rather than owing someone you don’t want to deal with

 

[executive76]

 

[alfa]

Anyone have any experience or heard stories about buying land and setting up some tiny homes/camping areas? Debating about this recently as we saw a few acres pop up in an area we go camping every year.

 

[executive76]

 

[NToweG]

 

[had pants]

 

[had pants]

 

[had pants]

 

[spizike231]

Anyone have any good info on ID? Contemplating moving there in a few years. Beginning phases of planning rn.

 

[gsxrpaul]

About a year now since we bought a vacation home up in South Lake Tahoe.
So far we did some minor remodeling, new vanities/toilets floors in both bathrooms. New counters/sink floors in the kitchen and all new appliances. New paint inside and out. Had to replace the back door about 3 weeks ago as we had a bear break in an do some damage, so front door is going to be replaced soon as well. Future plan are fence around the property and possibly a detached garage.

 

[アミーゴ]

gsxrpaul my boy bought up there in 2020 as a vacation/rental spot. It’s been a nightmare dealing with renters - have had so many different issues.