Home Buying & Real Estate Thread

[dam itz lou]

Just completed a 3 Bed/2 Bath condo with new laminate floors, carpet, stainless steel appliances, granite countertops, etc...
Don't know if anybody is interested in a buy and hold property in n here but let me know...

Apologize for the pics...getting professional pics done on Wednesday then I'll be putting it on the market this Thursday or Friday.

Asking $250k
Can rent for $1800-1900+

Any issues dealing with the board ?

 

[ekrev98]

Any issues dealing with the board ?

Nope. When we purchased the property we had no issues whatsoever.
There is an HOA of $300 (I believe it's less than $300 but I'd have to double check)

The last tenant was paying $1800 and the tenant across the hall said she was willing to pay $1850-1900 for ours because the owners are selling her unit.

 

[ekrev98]

2 of the projects I'm currently working on...

Guest bathroom...decided to do something different and so far I'm loving the design. 2 more weeks and this one should be done

Kitchen design for the other project which should be done in 3 weeks

 

[natrix916]

^help me with some flooring fam

 

[ekrev98]

^help me with some flooring fam

texted you..

 

[ekrev98]

 

[sneakerreaper]

Good thread. I'm currently under contract for a triplex in West Philly. I'm currently renting in South Philly now so this will be my first home purchase. It's $200k purchase price. One 3BR 1BA, one 2BR 1BA, and one Studio. I plan on moving into the studio apartment and renting out the larger units. Very exciting stuff.

 

[pdino]

Good thread. I'm currently under contract for a triplex in West Philly. I'm currently renting in South Philly now so this will be my first home purchase. It's $200k purchase price. One 3BR 1BA, one 2BR 1BA, and one Studio. I plan on moving into the studio apartment and renting out the larger units. Very exciting stuff.

I bet you're going to be cash flowing day 1 you're moved in there! How much are you able to rent out for in that area?

Congrats!

 

[superantigen]

ekrev98 how do you generate those detailed layout drawings (are those technically blueprints)?




...

 

[sneakerreaper]

I bet you're going to be cash flowing day 1 you're moved in there! How much are you able to rent out for in that area?

Congrats!

I'm going to have to make some upgrades to the units, which is expected but I'll be getting $1,000 for the 3BR and $850 for the 2BR after it's all said and done. That will more than cover my PITI with plenty cash left over. After accounting for vacancy, repairs, and capex, I plan to be cash flowing just under $100/month.

I am also a member of BiggerPockets and I have all of their books. Very good info in there. I'm reading the Book on Managing Rental Properties now just so I can know how to put systems in place as a first time landlord. Going to be a learning experience but it's worth it.

 

[ekrev98]

ekrev98 how do you generate those detailed layout drawings (are those technically blueprints)?




...

The renderings are from our cabinet guy.
There are computer programs that you can get/purchase and do them yourself.

 

[crcballer55]

To the realtors in here, do you guys put houses on craigslist ? It looks like a desperate move to me.

Yes, but it's far from the only channel I advertise our listings on. It used to be easy to post 30 ads/day on CL. As of about 3-4 years ago they started really cracking down on how much you can post there. Now, I just post our listings in the morning and renew them during lunch or before dinner when everyone is looking.

It wouldn't be uncommon to get 3-5 inquiries a day on the ads I posted on Craigslist. Now, it's few and far between but when you figure that 2-3 sales each year come from Craigslist the ROI is pretty high when you factor in the cost of having an assistant post there and Backpage and Ebay Classifieds.

 

[crcballer55]

 

I'm getting the comps from the sellers agent. The owner didn't want to deal with a buyers agent.

oh, got it.

here in CA the listing agent has the listing, and the selling agent is the buyers agent.

Never heard of a buyer's agent referred to as a selling agent. Where are you at in CA?

Is this good advice ?

http://www.trulia.com/blog/sellers-guide-to-comparable-sales/

Sounds pretty spot on to me.

 

[dam itz lou]

We've officially moved on from the property we really wanted. The agent kept hitting me up, i just finally told dude that we dont want to keep going back and forth, our offer stands if the owner wants to proceed. I definitely learned not to get in the mindset of its this home or no home. It's a good thing we have plenty of time to find a home.

 

[solewoman]

PG gets no love lol.

I plan on purchasing my next house at Woodmore Towncenter (Glenarden) .
Hoping I can scoop up a forclosed home in the 350K-400K range.

Interested in seeing what you all purchase.

i believe there is hope for pg with the new mgm grand and westphalia town center opening up. Im looking at buying a house there or in anne arundel. my kids will be in private or charter school anyways

 

[HankHill]

Yeah I'll probably look in that area for a new construction home. Upper Marlboro is a little far out for what I'd like, but it's probably the only area where I can get newer homes for close to my price range.

I looked at Greenbelt Station Townhomes, and even their cheaper options were more than I want to pay and they're whack. I don't know why anyone would want to live in stacked townhouses. You're already dealing with people to the left and right of you, now you're paying all that money to have someone live over/under you?

 

[crcballer55]

We've officially moved on from the property we really wanted. The agent kept hitting me up, i just finally told dude that we dont want to keep going back and forth, our offer stands if the owner wants to proceed. I definitely learned not to get in the mindset of its this home or no home. It's a good thing we have plenty of time to find a home.

Nicely done.

That's the biggest obstacle people face when looking at homes. Bottom line is there's a home on every block so don't fall in love with just one. Ultimately it's just a building for your lifestyle.

 

[capital sb]

i believe there is hope for pg with the new mgm grand and westphalia town center opening up. Im looking at buying a house there or in anne arundel. my kids will be in private or charter school anyways

PG is going to be a great area, people will just have to wait and see.

Yeah look at Anne Arundel , Westphalia , and Woodmore Town Center all good areas.

 

[para bellum]

Hypothetical: 

I want to purchase a house with my fiancee. How would I ensure, if I were to sell the house, I wouldn't have to split the profit of the house with her if we were to separate before marriage?

 

[edshoecator]

Hypothetical: 

I want to purchase a house with my fiancee. How would I ensure, if I were to sell the house, I wouldn't have to split the profit of the house with her if we were to separate before marriage?

Don't

 

[superantigen]

Hypothetical: 

I want to purchase a house with my fiancee. How would I ensure, if I were to sell the house, I wouldn't have to split the profit of the house with her if we were to separate before marriage?

What exactly do you mean by "purchase" a house with your fiance? Is she going to be contributing, financially, to the purchase of the house?



...

 

[para bellum]

Just asking in relation to factors like names on the deed of the house, or on the mortgage loan as a cosigner, etc.? What steps would one take to make that happen?

Again, hypothetically. 

 

 

[edshoecator]

Just asking in relation to factors like names on the deed of the house, or on the mortgage loan as a cosigner, etc.? What steps would one take to make that happen?

Again, hypothetically.   

You put her name on the deed...you're done.

She shows she contributes(d) to the house...you're done.

Hypothetical or not...think long and hard about it

 

[pdino]

 

[xwestbullyx]

Maybe getting stationed in Cali next year. Never lived on the West Coast. Where are the San Diego residents at?