Home Buying & Real Estate Thread

turbospartan said:
Its getting weird... trying to do what I can to hold onto this house.

Give up chunk of 401k or give up the house? I have more confidence in the housing market continuing to rise (at least in metro Denver) than I do the stock market.
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Is a 401k loan an option? Your plan may allow a loan up to 50% of the balance. Then you repay the loan using after tax dollars from your check. In reality you are paying yourself back, even the interest. If you leave your job you have 90 days to pay off the remaining loan balance otherwise the loan is then considered taxable income for that year.

It may vary by fiduciary but I think you also still earn capital gains on the loan amount taken out.

Definitely wouldn’t give up a property if I have the money to keep it. Retirement money is still money. You gotta fight today’s battles before thinking about tomorrow’s.
 
polo sport nyc said:
wild concept..

if you plan on having it for a long time, forego the 401K and that'll be your retirement.. sell it then and move in the future!

market should crash 2023-2024 due to rising interest rates but go back up.

sell now and HOPE you find a house in this crazy market... regular buyers are dying off with the 6% interest (and its getting higher) BUT the BlackRock & investors are still gunning so beware.

Lawrence Fink from Black Rock is responsible for buying up 25% of Houston TX, BTW... madness
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My house is about 9 days from closing on the sale side.

I'm on the sidelines in an apartment for now. I still have a solid investment portfolio but I can't wait to see what happens over the next year or two.

The interest rate hike from my decision to move (in Feb) to now is crazy. The hike has cut about 100k easily from my buying power.

I wouldnt be shocked if I end up renting for a little longer than I planned in order to let that cool off.
 
s0lefunk said:
Is a 401k loan an option? Your plan may allow a loan up to 50% of the balance. Then you repay the loan using after tax dollars from your check. In reality you are paying yourself back, even the interest. If you leave your job you have 90 days to pay off the remaining loan balance otherwise the loan is then considered taxable income for that year.

It may vary by fiduciary but I think you also still earn capital gains on the loan amount taken out.

Definitely wouldn’t give up a property if I have the money to keep it. Retirement money is still money. You gotta fight today’s battles before thinking about tomorrow’s.
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I took a loan out on my 401k last year... they give you 5 years to pay it back, which is deducted from my checks... but I specifically asked then what happens if I leave my job and they told me that I would just need to pwy it back in full by the 5 year mark.
 
A house is a sizable investment. Not mad at anyone who goes the 401k route, especially if it's without penalties
 
I took it out to buy a food truck but ended up using it to buy a new roof. Luckily insurance is covering most of it... not a fun way to spend 20k.
 
slaughterx said:
I took a loan out on my 401k last year... they give you 5 years to pay it back, which is deducted from my checks... but I specifically asked then what happens if I leave my job and they told me that I would just need to pwy it back in full by the 5 year mark.
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Definitely depends on the institution so read the policy or ask a rep. I took out a loan with a 4 year payback period but left the job early. I was doing manual e-payments for a few weeks afterwards until the loan disappeared in my account and they sent me a check with my last payment amount. Sent an email and they replied with the policy citing the 90-day repayment window post job departure that exceeded.

I wouldn’t stress that too much because its not like a dire consequence. You just have to file it as taxable income and deal with a potential tax bill later.
 
Hunnynutcheerios said:
Finally closed on our home today! So many emotions but mainly happy the stress of getting in our home is over. Now the unpacking and getting **** we need. Anyone have any advice on washer and dryers. Good ones or ones to stay away from?
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Congratulations!!!
My washer and dryer just went out. Definitely get home appliance insurance. Our washer and dryer, ac, and fridge all went out :frown:

Based on my research Maytag and whirlpool which are the same. Have been the most reliable. Also if you have Costco they don’t charge shipping or setup and haul away. And they come with a warranty.

We just bought a Maytag dryer. About to get the washer and fridge once we get the payout from insurance. We’re still coming out the pocket but not 3k worth
 
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Tried to buy a vacation home this past week. The catch was the house isn’t on the market. Found it while looking for comps for another property. Did some research and saw that it was purchased by a woman in her 70’s who lives 15 hours away and has never been there. She bought it in August 2021 for $700k. Had our realtor call and offer her $900k and a three month lease every winter. She turned it down so now we are going to offer $950k. Great looking home, not typical tacky Florida - more like North Carolina beach house. Back up plan is that we contacted builder to have him build us same house. Big issue would be finding the right lot.
 
HarlemShakeStory said:
Tried to buy a vacation home this past week. The catch was the house isn’t on the market. Found it while looking for comps for another property. Did some research and saw that it was purchased by a woman in her 70’s who lives 15 hours away and has never been there. She bought it in August 2021 for $700k. Had our realtor call and offer her $900k and a three month lease every winter. She turned it down so now we are going to offer $950k. Great looking home, not typical tacky Florida - more like North Carolina beach house. Back up plan is that we contacted builder to have him build us same house. Big issue would be finding the right lot.
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Dang bully lol. Is she renting it out?
 
Hunnynutcheerios said:
Finally closed on our home today! So many emotions but mainly happy the stress of getting in our home is over. Now the unpacking and getting **** we need. Anyone have any advice on washer and dryers. Good ones or ones to stay away from?
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Congrats!

Had LG sets for 5 years at my old house and now almost a year at my new one. Never had any issues with either.
 
solewoman said:
Congratulations!!!
My washer and dryer just went out. Definitely get home appliance insurance. Our washer and dryer, ac, and fridge all went out :frown:

Based on my research Maytag and whirlpool which are the same. Have been the most reliable. Also if you have Costco they don’t charge shipping or setup and haul away. And they come with a warranty.

We just bought a Maytag dryer. About to get the washer and fridge once we get the payout from insurance. We’re still coming out the pocket but not 3k worth
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Thank you!
 
I didn’t even know you can buy insurance for your home appliances… oh well too late now that I bought a fridge, microwave and oven… im a save up and buy a washer and dryer on black Friday is my goal… my condo came with a washer and dryer but it looks old school… it’s the typical top load washer and dryer but I want the front load with the glass door… my parents had an LG washer and dryer for 17 years and still works without problems… im a get whatever is on sale but still check the reviews lol…
 
truss said:
Some commercial RE news I’ve been watching:

www.reuters.com

Blackstone to buy PS Business Parks in $7.6 billion take-private deal

Blackstone Inc on Monday agreed to buy real estate investment trust (REIT) PS Business Parks for $7.6 billion, including debt, as dealmaking activity in the real estate sector continues to thrive in the aftermath of the COVID-19 pandemic.
www.reuters.com www.reuters.com

www.nytimes.com

How a Lone Tenant Is Holding Up a $70 Million Condo Deal (Published 2022)

Ahmet Nejat Ozsu has refused to leave his apartment on the Upper West Side, delaying a plan for condominiums. A pandemic remedy for renters could help him prolong the standoff.
www.nytimes.com www.nytimes.com

thenevadaindependent.com

Original Fontainebleau developer gets chance to finish resort a decade later - The Nevada Independent

Jeffrey Soffer, the original developer of the Fontainebleau project, is returning to complete the resort after its financing issues. Read more.
thenevadaindependent.com thenevadaindependent.com
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thnx for sharing this
 
My property tax went up :(
Added 50 more bucks to my monthly mortgage. Is this a yearly thing?
 
Tips for new home buyings. Do not skimp on the appliances. Get the ones you absolutely love. You're going to be stuck with them for a long time.
I started with my new home with LG appliances because I got a great bundle deal. Which were really good to start with,. But now I'm slowly replacing each piece with Miele now.
 
kvsm23vs24 said:
My property tax went up :frown:
Added 50 more bucks to my monthly mortgage. Is this a yearly thing?
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It really all depends on your local government situation.

Typically, yes, it goes up every year. Out of the last 13 years, the property I bought last year only had 3 years where taxes lowered or stayed the same. Some years it was like 19% :sick:
 
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