Home Buying & Real Estate Thread

[brownsuga1]

Never lurked in this thread prior to today. Wish I had, a lot of great comments and suggestions.

Closed on a new development condo three months ago. Was very happy with the deal I got. I signed the contract back in June when a lot of developers were panicking. Brooklyn has done quite well during the pandemic where everyone from Manhattan seems to be moving here.

I put an offer in at the right time. Developer paid for ALL my closing costs and accepted my reduced price offer. There's no way I'd get the same offer accepted right now.

If anyone in the NYC area has any questions about the process, from mortgage inquiries to the closing costs and all the obstacles in between, let me know. Happy to help with any questions here.

 

[alfa]

Anyone willing to share their experiences/tips renting out their old house and purchasing a new one?

Our family is getting bigger and we're likely going to be moving in the near future and starting to evaluate options. We spoke to some loan officers already, so that piece is moving along, but not yet sure if we want to sell and buy, or just rent out the current house. We're leaning toward a property manager to keep the logistics down and view it as an equity investment.

 

[freshpairs]

Never lurked in this thread prior to today. Wish I had, a lot of great comments and suggestions.

Closed on a new development condo three months ago. Was very happy with the deal I got. I signed the contract back in June when a lot of developers were panicking. Brooklyn has done quite well during the pandemic where everyone from Manhattan seems to be moving here.

I put an offer in at the right time. Developer paid for ALL my closing costs and accepted my reduced price offer. There's no way I'd get the same offer accepted right now.

If anyone in the NYC area has any questions about the process, from mortgage inquiries to the closing costs and all the obstacles in between, let me know. Happy to help with any questions here.

How many rooms/bathrooms and sq ft? How much you pay?

 

[turbospartan]

Anyone willing to share their experiences/tips renting out their old house and purchasing a new one?

Our family is getting bigger and we're likely going to be moving in the near future and starting to evaluate options. We spoke to some loan officers already, so that piece is moving along, but not yet sure if we want to sell and buy, or just rent out the current house. We're leaning toward a property manager to keep the logistics down and view it as an equity investment.

Can you still cash flow positive from the rent, after you take out: mortgage + taxes + insurance + prop management fees + vacancy + repairs ?

 

[brownsuga1]

How many rooms/bathrooms and sq ft? How much you pay?

1 bedroom, 1 bath, 615 sq feet, $500K in Bushwick/East Williamsburg
Them covering the closing costs saved me so much cash. With new developments, you get hit with transfer taxes. It saved me $35K in cash that I would have needed to bring to the closing table

 

[アミーゴ]

Anyone willing to share their experiences/tips renting out their old house and purchasing a new one?

Our family is getting bigger and we're likely going to be moving in the near future and starting to evaluate options. We spoke to some loan officers already, so that piece is moving along, but not yet sure if we want to sell and buy, or just rent out the current house. We're leaning toward a property manager to keep the logistics down and view it as an equity investment.

Yes - I have a few properties that are all managed by mostly property management companies. Very simple, easy to deal with.

Are you trying to stay liquid or what’s the play here?

 

[slaughterx]

1 bedroom, 1 bath, 615 sq feet, $500K in Bushwick/East Williamsburg
Them covering the closing costs saved me so much cash. With new developments, you get hit with transfer taxes. It saved me $35K in cash that I would have needed to bring to the closing table

Damn, glad I don't live in NY.

 

[datznasty]

Anyone willing to share their experiences/tips renting out their old house and purchasing a new one?

Our family is getting bigger and we're likely going to be moving in the near future and starting to evaluate options. We spoke to some loan officers already, so that piece is moving along, but not yet sure if we want to sell and buy, or just rent out the current house. We're leaning toward a property manager to keep the logistics down and view it as an equity investment.

I'm renting my home while living up here and have very tentatively explored buying another while keeping that one and the more likely option for mr, selling that one first then buying up here. I have a property manager who does everything for me, they charge 10 percent. I rent it for 1300 so I get 1170 after her fee every month. I bought it new construction late 2011 so not dealing much with repairs or anything but when that hapoens they'll normally send me a work order and have her guy look at it and send me an estimate, which is always OD expensive, but luckily I am only 1.5hrs away or so so I can call and get my own too or send my Dad out to check things out.

 

[dmbrhs]

I never realized how expensive rugs are - like rugs you put on a wood floor, not carpeting

My mom bought me an oriental rug for Christmas two years ago. I went shopping with her to pick it out. It's only 8x5 and it was, like, $900.

 

[アミーゴ]

My mom bought me an oriental rug for Christmas two years ago. I went shopping with her to pick it out. It's only 8x5 and it was, like, $900.

Bro she sent me one yesterday that was 8k - we breaking up for sure, you trying to move in?

 

[MakeNTGreatAgain]

meeting with a loan advisor or whatever they called in a week or two for a preapproval stuff

kinda debating if i should do the whole buy a crib in the city and convert it to a duplex and get cashflow or buy a bigger ranch type place in the middle of no where. i kinda want both and i feel like i can cop something in the city for cashflow then cop a ranch type place in a year or two

 

[mplsdunk]

Do that, house in the city will appreciate faster too.

 

[アミーゴ]

MakeNTGreatAgain feel free to text me if you need anything.

 

[alfa]

Can you still cash flow positive from the rent, after you take out: mortgage + taxes + insurance + prop management fees + vacancy + repairs ?

The margins would be pretty low in terms of cash flow. On the low end of the rent range, no, we'd pay out of pocket for repairs. At the middle, we could break even accounting for 2-3 vacancy and expected repairs. At the high end, we'd flow a few hundred a month. But that's all estimated from the realtor who was providing some back of the envelope guidance.

We'd bank on keeping the house as an investment from appreciation and as a potential future home for our family members. From that standpoint, we'd be willing to shell out a few grand a year to keep it in our possession as a cost if needed.

Yes - I have a few properties that are all managed by mostly property management companies. Very simple, easy to deal with.

Are you trying to stay liquid or what’s the play here?

Thanks for the insight, it's good to hear that it's been simple and easy for you. I've never dealt with physical real estate before as an owner/potential landlord, so I wasn't sure what kind of headaches or things that may crop up with a rental. How'd you find your property manager? We have a couple word of mouth recommendations that we'll interview if we go down that path. Still doing due diligence for the next month or so.

As for the decision, it'll likely come down to whether we're willing to take on the potential risk from vacancy or repairs/time investment needed to deal with a rental rather than the liquid proceeds from a sale, which we'd invest elsewhere. Some days we're willing to take on the risk and spare the time, and other days, we're ready to take the money and move on

 

[MakeNTGreatAgain]

MakeNTGreatAgain feel free to text me if you need anything.

 

[dmbrhs]

Bro she sent me one yesterday that was 8k - we breaking up for sure, you trying to move in?

Waiting for Covid to be over so I can borrow that guest room on a drunken night in Seattle lol

 

[coolcool]

Looking for a good full/queen throw in like a faux mink or some type of fur. Had this one eyed, but it seems OD at $160.00.

I sleep on top of my comforter with a throw every night. I just prefer it. Any suggestions?

Amazon product ASIN B07B3WX4M8

wool

 

[mplsdunk]

Close Friday, not going to closing so just sent in the paperwork/check after signing it with a notary.

put in the offer around thanksgiving. Buying land takes forever if it isn’t platted already.

I got in at the right time though. Prices about quadrupled with all the bs lately.

any land in my price range is super trash or not accessible and needs a road built anymore. I’m sure a lot of it will be for sale again in a few years.

 

[mplsdunk]

Pics of land and the area. I’ll probably put up the cheapest house in the neighborhood.

my boy copped 15 acres down the way and another couple that are my wife’s friends own a lot down the road they will build on about the same time as me.

this is the view from the road in front of the lot facing the other way.

 

[jrp44]

Pics of land and the area. I’ll probably put up the cheapest house in the neighborhood.

my boy copped 15 acres down the way and another couple that are my wife’s friends own a lot down the road they will build on about the same time as me.

this is the view from the road in front of the lot facing the other way.

Damn man that's sick.

 

[mplsdunk]

Thanks man

 

[datznasty]

Incredibly premature, but I have push notifications set up for houses in the OKC area. Classic dichotomy of every metro area, closer to the city center where there's more to do you get less house, an older house (over 100 yr old craftsman and bungalows), less yard, and pay more for it or get new construction 20+ minutes out and in the periphery cities like Yukon, Piedmont, Choctaw, you can get new construction for 200 on 1/4 acre. Or, do I do the condo thing and have no yard whatsoever but like an elevator, kind of a modern building with amenities in the city core? I am in some compromise right now, about 1 miles or 5 minutes drive out of downtown, got a 2 story duplex, 4/2 with a 2 car garage for 1400. But I still want to be more in the mix.

 

[mplsdunk]

I’d go old house or condo.

i wouldn’t want to be in the suburbs personally with the same house as my neighbor and all that.

if you have a dog I wouldn’t do condo. It sucked when I rented one letting the dog out. Plus like you said all your grocery’s gotta go up stairs or an elevator.

 

[Mark Antony]

Pics of land and the area. I’ll probably put up the cheapest house in the neighborhood.

my boy copped 15 acres down the way and another couple that are my wife’s friends own a lot down the road they will build on about the same time as me.

this is the view from the road in front of the lot facing the other way.

That's dope. Living space or something else? Wouldn't mind some land and something like this

 

[mplsdunk]

That's dope. Living space or something else? Wouldn't mind some land and something like this

Thanks man, yeah we’ll move there eventually is the plan. I have to save some more money first and more than likely sell our house and pay for construction with that money.

that house is dope. I like all the windows and the fact that it’s one floor.

I looked into prefab but it ends up costing more per sq. Ft than building.

one of the reasons I got this one is it has city water, electric and gas to the lot already which saves like 100k+ plus a lot of places here have dry wells and you have to get a cistern.

we will probably end up doing drive under the way the building site is and I don’t want to take down a lot of trees so build up vs out. Plus you can see far as hell once you’re above the trees and the poured walls on the ground level are good for fire protection. Then I get a garage gym.

Where you thinking about buying some land?