Home Buying & Real Estate Thread

[gsxrpaul]

Closing on a second home in South Lake Tahoe Next week, just need to sign all the papers. Going to be mainly used as a second home unless the county eases up on the short term rental rules.

Picked up keys a few weeks ago, trying to head up this week, but the house has another few feet of snow compared to this pic, and the roads are closed.

 

[アミーゴ]

Tahoe is supposed to get over 22 feet this season I just read today! Congrats

 

[mplsdunk]

my cousin is a broker, used her for my house. my mortgage gets passed around to all the banks. I think chase has it now. my wife deals with that.

got another through a farm credit union, they had some super low rates and we're a breeze to deal with. I told them I had a job and showed them two pay checks and that was that. dude calls me to this day to shoot the ****.

 

[solewoman]

Anyone with experience using helocs?

 

[lovehateself]

Anyone with experience using helocs?

new to this
is this an alternative to refi?

 

[antidope]

Just wired out my closing costs. Its real now.

 

[ii flash ii]

Anyone with experience using helocs?

Looking to do extension on house so was thinking going through with a heloc

 

[s0lefunk]

I'm with solewoman & lovehateself . Any personal experiences with cashout refi, HELOC, and equity loans would be appreciated especially those used for home improvement projects. https://www.nerdwallet.com/article/mortgages/home-equity-loan-vs-cash-out-refinance

I was set on a cashout refi for finishing the basement. But it sounds like a HELOC may give more flexibility and you don't have to start making payments generally until 10 years have passed.

 

[solewoman]

I'm with solewoman & lovehateself . Any personal experiences with cashout refi, HELOC, and equity loans would be appreciated especially those used for home improvement projects. https://www.nerdwallet.com/article/mortgages/home-equity-loan-vs-cash-out-refinance

I was set on a cashout refi for finishing the basement. But it sounds like a HELOC may give more flexibility and you don't have to start making payments generally until 10 years have passed.

Yeah you still pay the interest. I was looking into it to either finish our basement which is about 1k of sqft and will put our house above 5k if/when we sell. Or use the money for an investment property (if possible to even do)

 

[lovehateself]

Just wired out my closing costs. Its real now.

money is something else that wont be REAL going forward my dude

 

[antidope]

money is something else that wont be REAL going forward my dude

It never was

 

[edshoecator]

You just borrow equity and get 15 years to pay it back. Interest is low.

It’s essentially a second mortgage. You can always refi to combine it down the line.

 

[kvsm23vs24]

I like the Aven card. Basically a CC that’s connected to your home equity. Low interest rate as well.

 

[206to813]

We closed a couple weeks ago on our first short term rental beach condo… 3 hour drive from home, plan to use it maybe 5-6x a year and rent out the rest. The resort is pretty sick and they’re doing a lot of upgrades so I’m betting it appreciates nicely. Kind of a hidden gem about 30 mins from St Augustine one way and 30 min from Daytona beach the other way. 90 min to Orlando.

Our view

Resort

 

[deusavertat]

I know there are benefits and drawbacks to doing this but I'm debating just paying my mortgage off as quickly as possible. I want to get down to about half in 2 years if I can.

 

[solewoman]

We closed a couple weeks ago on our first short term rental beach condo… 3 hour drive from home, plan to use it maybe 5-6x a year and rent out the rest. The resort is pretty sick and they’re doing a lot of upgrades so I’m betting it appreciates nicely. Kind of a hidden gem about 30 mins from St Augustine one way and 30 min from Daytona beach the other way. 90 min to Orlando.

Our view

Resort

How are the fees?

 

[moderndarwin]

Happy 2022 everyone.

Meeting with the realtor next week. Talked with the the lower.com loan agent as well and she said i could go 15% down also instead of 20%. Happy to take the PMI hit temporarily to soften the initial cash outlay. Hopefully will close on an investment property in Texas in the 400-520k range over the next 1-2 months.

Newb question: Should I just have all my cash sitting stacked in my bank (Bofa)?

 

[sneakaprince]

Happy 2022 everyone.

Meeting with the realtor next week. Talked with the the lower.com loan agent as well and she said i could go 15% down also instead of 20%. Happy to take the PMI hit temporarily to soften the initial cash outlay. Hopefully will close on an investment property in Texas in the 400-520k range over the next 1-2 months.

Newb question: Should I just have all my cash sitting stacked in my bank (Bofa)?

Yeah.... If you can have it in a bank account it makes life easier.

I invest heavy in the crypto space and it's always a nightmare with my deals because value can fluctuate a lot.

 

[slaughterx]

I know there are benefits and drawbacks to doing this but I'm debating just paying my mortgage off as quickly as possible. I want to get down to about half in 2 years if I can.

Really no draw backs if you can do it, it will save you a ton in interest. I am hoping to have mine paid in 15 instead of 30 but if this business pops I will do it sooner fur shure.

 

[206to813]

How are the fees?

High no doubt but revenues will make up for em

 

[deusavertat]

Really no draw backs if you can do it, it will save you a ton in interest. I am hoping to have mine paid in 15 instead of 30 but if this business pops I will do it sooner fur shure.

Yea thats absolutely no way I'm waiting 30 years. I don't even think I'm living in my townhouse for more than 5 to 10 years max. The end goal is for it to serve as a rental property if possible.

 

[mplsdunk]

I’m paying mine off in 10 years. It will save me a lot and I got a cheap house just so I could do that.

I’m just selling mine down the line. It’s going to double in value by then.

 

[freshpairs]

I know there are benefits and drawbacks to doing this but I'm debating just paying my mortgage off as quickly as possible. I want to get down to about half in 2 years if I can.

Damn what do you do for work if you don’t mind me asking?

 

[Velle47]

Before and after wife and I painted our door

 

[edshoecator]

Anyone have experience with fake grass?