- Feb 10, 2014
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Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
- Start date
- Nov 6, 2012
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Two 6 figure incomes lol.
Personally I wouldn't spend more than $50/mo on a security system.
- Jul 19, 2012
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Security system pays for itself. Frontpoint has been solid for me. I hear livewatch is good too.
Only problem is the police response time in certain areas for alarms is garbage.
Only problem is the police response time in certain areas for alarms is garbage.
- Aug 9, 2014
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What do you guys think about this?
My wife and i bought a new house and then had our realtor list our old house. We thought she was great when going through the buying process but over the past 81 days that our house has been listed, im not feeling her much. Now im dreading going into the holidays and hitting 100 days on the market soon.
We've been chewing on the idea of renting it out and finally are ready to try it. Keeping it for sale and seeing what comes first, a tenant or offer.
What if i keep it listed for sale with my original realtor but use someone else to list it for rent? This guy has more experience with rentals.
My wife and i bought a new house and then had our realtor list our old house. We thought she was great when going through the buying process but over the past 81 days that our house has been listed, im not feeling her much. Now im dreading going into the holidays and hitting 100 days on the market soon.
We've been chewing on the idea of renting it out and finally are ready to try it. Keeping it for sale and seeing what comes first, a tenant or offer.
What if i keep it listed for sale with my original realtor but use someone else to list it for rent? This guy has more experience with rentals.
- Jun 29, 2000
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for security systems, i dont think you need to pay for monitoring service. thats where they get you with ADT and other companies. "FREE EQUIPMENT AND INSTALL" but the monthly monitoring fee is like $30-40 a month with a 2-3 year contract? sheesh.
my house is prewired already on all windows and doors for hardwired sensors. all the new security systems use wireless sensors using batteries. obviously a lot cheaper and easier to install even DIY, but f-that. thats why i wanted hardwire not to have to worry about batteries.
the thing is many of these security alarm places always try to get you to have monitoring service--i mean thats where they really make their money. im thinking of installing the security system myself since my whole house is prewired. and use it as an offline system with no monitoring, BUT thanks to advances in systems, they have one now that can send you alerts if anything is triggered directly to your smart phone.
coupled with camera system then its more peace of mind. so i say dont disregard not having a home security system, just look into it deeper. it doesnt have to cost an arm and a leg. the security systems from honeywell and DSC are whats commonly used from those ADT monitoring companies that "get you". But in reality the equipment only cost $200
http://www.homesecuritystore.com/alarm-systems/hardwire-alarm-systems
its all pretty low voltage stuff. i bet those who can install car audio or home theater stuff can do it. obviously more work if you need to run wires. but they also have the wireless systems that use wireless sensors now. just remember to make sure batteries are always charged.
then again just set it as an offline system. the siren and everything will work as intended. you just wont have a call center calling the police or you. but you can get add ons to the system so it uses your wireless network to contact you, i think some you can remotely control the panel to turn off siren etc.
im still in learn mode before i start going into planning what equipment. just really hope i run into someone who has done the same or have knowledge to help. they even have panels that use Z-Wave which many know you can integrate with other smart home things.
my house is prewired already on all windows and doors for hardwired sensors. all the new security systems use wireless sensors using batteries. obviously a lot cheaper and easier to install even DIY, but f-that. thats why i wanted hardwire not to have to worry about batteries.
the thing is many of these security alarm places always try to get you to have monitoring service--i mean thats where they really make their money. im thinking of installing the security system myself since my whole house is prewired. and use it as an offline system with no monitoring, BUT thanks to advances in systems, they have one now that can send you alerts if anything is triggered directly to your smart phone.
coupled with camera system then its more peace of mind. so i say dont disregard not having a home security system, just look into it deeper. it doesnt have to cost an arm and a leg. the security systems from honeywell and DSC are whats commonly used from those ADT monitoring companies that "get you". But in reality the equipment only cost $200
http://www.homesecuritystore.com/alarm-systems/hardwire-alarm-systems
its all pretty low voltage stuff. i bet those who can install car audio or home theater stuff can do it. obviously more work if you need to run wires. but they also have the wireless systems that use wireless sensors now. just remember to make sure batteries are always charged.
then again just set it as an offline system. the siren and everything will work as intended. you just wont have a call center calling the police or you. but you can get add ons to the system so it uses your wireless network to contact you, i think some you can remotely control the panel to turn off siren etc.
im still in learn mode before i start going into planning what equipment. just really hope i run into someone who has done the same or have knowledge to help. they even have panels that use Z-Wave which many know you can integrate with other smart home things.
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- Nov 16, 2001
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No, wouldn't do it. I'm guessing you only have another week on your listing contract? If so, let it expire and wait until January to list it. We list properties for sale & rent sometimes and just take the best offer that comes along.
We typically see a big jump in buyer activity around the beginning to middle of February so you only have a couple months until you'll likely get it sold anyways.
- Aug 9, 2014
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Our original realtor had us sign a one year agreement to work with her (Keller Williams fwiw) but I've been told these things get cancelled all the time. We'd have til around Sept '17 if we honored that though :x
Was wondering if listing for rent with a diff realtor who focuses on rentals and prop management, while using our current realtor to list for sale is a weird or bad situation. But maybe you're right and we shouldn't rent it, as we would prefer to sell. Wait it out even if it takes til Feb to sell :x
- Jun 13, 2002
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Why not just keep it for a rental property? Would market rate rent cover all your expenses? We just did a cash out refi on our rental to do remodel in the house we live in now. We desperately need a second bathroom or else I would take that money and look into buying a multi family to have as another rental property.
Been listening to a lot of BP lately and it's really got me thinking about financial freedom. We're in Spain right now for a family vacation and been trying to get in my wife's head about how great it would be if we could afford to live here and raise our family without really having to work out here.
- Aug 9, 2014
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Man, it's a very nice, 4 year old home, in a gated community with about 17 homes in it. I don't think it's a type of home I want to make a rental.
I'm def open to a rental property but one that I'd be more understanding as renters F it up and I can rehab it in between.
But the other big reason I want to sell it and not rent it is I wasn't planning to move (upgrade) and about 1.5 yrs ago I refi'd to a 15 year and took cash out. So my payment is high and I don't think rent would cover it, although it'd be close. Not counting repairs and expenses that is.
- Nov 6, 2012
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I don't think the wireless sensors have have batteries, I'm not sure though, but I agree paying for the monitoring is a waste. $30-$40/mo is on the low end I've actually never seen a monitoring service less than $40/mo. ADT is pretty expensive $60+/mo I know my mom pays close to $80/mo.
I don't think the monitoring pays for itself like the other guy said. I think it's best to have something offline that sends you alerts and to have cameras. Much cheaper in the long run.
- Jul 27, 2012
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Opened escrow on our 4th project. Never would i have imagined we'd have 4 projects going on at one time. So crazy to think about it cuz last year at this time, I was scrambling to find 1 property to work on and it wasn't until January 2016 we got our 1st project to start off the year.
This property was going for $580k and i was able to get it for $495k so we had to jump on this one! The previous owner turned the garage into a living space and got it permitted which added an additional 400 sq ft. Originally, i wanted to turn it back into a garage but now we are thinking of turning it into a garage/living space to keep that additional sq ft and sell for a higher asking price. Backyard has a pool and an awesome view. We close on it next week and I can't wait to get started on this one.
This property was going for $580k and i was able to get it for $495k so we had to jump on this one! The previous owner turned the garage into a living space and got it permitted which added an additional 400 sq ft. Originally, i wanted to turn it back into a garage but now we are thinking of turning it into a garage/living space to keep that additional sq ft and sell for a higher asking price. Backyard has a pool and an awesome view. We close on it next week and I can't wait to get started on this one.
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- Jun 13, 2002
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One other thing you might to think about is how will Trump affect the way buyers think. If buyers think IR are going to go up, they might be more motivated to buy. On the flipside, if your house sits and IR goes up there might be less people looking to buy. I think that crc will be able to give elaborate more. I think the good thing is that you are willing to rent it out if necessary. We turned our first house into a rental property. It was a brand new house that was only 1 or 2 years old. I never even lived in it. My wife and I was doing the long distance thing and so she was living in a 4/3.5 2200 sq ft all by herself. I remember how she was telling me how she had to use the downstairs bathroom sometimes. There was a good reason for it but I forget what it was now. We ended up having to sell it but I still wish we didn't.
Def look into finding out if you can get out of the contract with your agent if you feel like its what needs to be done.
I'm sure every investor will tell you I'm wrong but I wouldn't mind if I had to pay a few hundred dollars to cover the carrying cost of a rental property. The way I look at it, I'm paying a few hundred a month for 15 years to own a house.
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- Jul 27, 2012
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Officially started demo on my newest project. Went to the city and we either have to keep the permitted space as a garage or living area. After going back and forth, we are going to convert it back to a garage. Even though we lose that extra 400 sq ft and a higher asking price, I don't think buyers will want a house w/o a garage.
- Jan 4, 2014
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Damn man I don't even follow the thread that much but I see new project updates every time I do check in 
Nvm I see 4 projects that's dope!
Nvm I see 4 projects that's dope!
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- Jan 29, 2007
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Give me a pass about to re read this from the beginning and rehash somethings
- Feb 17, 2008
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no back and forth needed, it looks tacky especially with that rock exterior. seller put a fire place in the garage too?
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- Nov 6, 2012
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I agree with Stork lol
- Mar 14, 2006
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Still pluggin away dealin w/ NACA but think we're closer than we thought about getting approved, communication just sucks on their end.
A lot of decent houses w/ potential here but the market isn't hot in Pittsburgh, people can't afford to buy homes.
A lot of decent houses w/ potential here but the market isn't hot in Pittsburgh, people can't afford to buy homes.
- Jul 27, 2012
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no back and forth needed, it looks tacky especially with that rock exterior. seller put a fire place in the garage too?
The owner had it permitted and everything. It's super ugly but we would've done it up real nice if we kept it the way it is. Leaving it as a livable space, we could've gotten an extra $30-40k to the asking price so you can understand the dilemma there. But we want to put a good product out so we are converting it back to a garage but spend a little more $$$ on a nice garage door, garage floors, etc...
- Jul 27, 2012
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Unfortunately not. Sucks having to leave that much money on the table but at the end of the day, i gotta put myself in the buyer's shoes and Theres no way I'd want a house at that price point without a garage. Got a smokin deal on a garage door tho. Originally costs $7k and got it for $3k. I know it's a garage door but it's gonna be sick!
We are going to start demo on the front this weekend and everything should be done by next Tuesday or Wednesday and I can start designing the
interior.
- Aug 18, 2012
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@ekREV98 I love following all of your projects and what business you've built over the years! A couple questions from a novice- I've been doing a little of my own research, and within the next 2 years, I'd like to buy my first investment property. I'm initially considering buy & hold, but would also consider flipping. Let's say I look at a 3/1 1200 square foot bank owned home. Throwing numbers out there- $100k. If I want to put 25k into it, do I need the down payment plus 25k cash for the rehab, or is that 203k loan worth looking into? So ideally, I'd front the down payment (20%, but would def consider 10% or 3.5% obviously), but put the rehab costs into the mortgage. Are the FHA loans for 3.5% down hard to get compared to traditional 10 or 20 percent down?
Thank you!
- Aug 18, 2012
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@ekREV98 I love following all of your projects and what business you've built over the years! A couple questions from a novice- I've been doing a little of my own research, and within the next 2 years, I'd like to buy my first investment property. I'm initially considering buy & hold, but would also consider flipping. Let's say I look at a 3/1 1200 square foot bank owned home. Throwing numbers out there- $100k. If I want to put 25k into it, do I need the down payment plus 25k cash for the rehab, or is that 203k loan worth looking into? So ideally, I'd front the down payment (20%, but would def consider 10% or 3.5% obviously), but put the rehab costs into the mortgage. Are the FHA loans for 3.5% down hard to get compared to traditional 10 or 20 percent down?
Thank you!
- Jul 27, 2012
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Thank you for the kind words!
You can go the 203k or FHA loan route but IMO there's more hoops to jump thru and will cost more money (monthly PMI, and you'd have to check with the guidelines for flipping a home w/ FHA. Unfortunately I don't have that info.) I tried helping a friend with their 203k loan and using my contractor and it was such a headache to the point where my friend just cancelled the purchase.
The easiest would be the route of a conventional loan, 20% down + rehab costs. The reason is because there's no PMI which saves money monthly, better interest rate, and getting an accepted offer on the property is generally stronger with a conventional loan.
At the end of the day, you'd want to calculate the numbers both ways (FHA or conventional loan) and determine if it's a buy & hold or flip. Also the speed of completing the rehab. Because time is money. The longer you hold onto the property, the more expenses which cuts into your profit.
- Aug 18, 2012
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Thanks for the advice! I've heard the same that the 203k definitely has plenty of obstacles and hoops to jump through. For the time being, I'll look to network locally in the REIA groups to see which contractors/loan officers are recommended. Time to start clipping coupons and keep tucking money away for that 20% down! haha
