Home Buying & Real Estate Thread

[アミーゴ]

 

[s0lefunk]

We did something similar. Bought a 5000 sqft. house 30 minutes from Atlanta but ended up moving back to the city and renting it out until we’re ready for the quiet cul-de-sac life. It was too boring for us at the time so we grabbed a 1500sqft gated community condo in the city(buckhead) for a great price that will only appreciate as the city continues to grow. The house is paying for itself and when we’re ready we’ll go back and let the condo pay for itself or outright sell. Main reason we bought was due to the community allowing a rental option so we can lease it out without having to sell when the time comes and we decide to go back to the house for more space. I do miss my mancave basement but the lack of space has brought us closer together both figuratively and literally.

Exactly what I’d hope to do. I’d be fine in a condo closer to the city. Preferably top floor, garage parking required with enough space to have our own separate working areas. She said if we can net 2k monthly then she’d listen. It isn’t impossible but the main headache is competing with another house on our same street listed for rent…

 

[ace]

Exactly what I’d hope to do. I’d be fine in a condo closer to the city. Preferably top floor, garage parking required with enough space to have our own separate working areas. She said if we can net 2k monthly then she’d listen. It isn’t impossible but the main headache is competing with another house on our same street listed for rent…

Yeah we literally checked the first 2 boxes with landing a top floor condo with 2 garage parking spots. The guest bedroom doubles as our office but I go in to my office so she’s the only that need a workspace and I’m not home so it’s all hers during the day. The hardest part is definitely carrying 2 mortgages while you wait for someone to bite on the house, but when it lands(assuming they’re reliable) you’ll be saving money paying for the cheaper mortgage while someone else foots the bill on your other property while you’re overall equity flourishes. Just watch the tenants, our couple wanted to finish another wing of our basement and I had to shut them down since I didn’t want them to waste their resources thinking one day I might sell the home to them. It sounded nice, but we had to put our foot down that this isn’t a long term scenario.

 

[アミーゴ]

 

[ace]

Georgia real estate is amazingly inexpensive, right up there with Texas. You can get a 5000 sq ft 2 acre home with a finished basement in metro Atlanta for under or around $500k depending on the town and subdivision. We spent a little more and got screwed out of claiming a basement bedroom in the appraisal as a true bedroom since the room had no windows and didn’t meet the fire code standards despite having a dedicated bathroom.

 

[spizike231]

I always heard Texas property taxes will hit you from the back with no lubrication.

It’s always swayed me from wanting to move there. Any truth to this or is it exaggerated?

 

[Raji Lowenthal]

Mortgage rates the past 20 years were anomalies. These rates are what are what people have faced historically.

 

[sole searchin]

I always heard Texas property taxes will hit you from the back with no lubrication.

It’s always swayed me from wanting to move there. Any truth to this or is it exaggerated?

It’s true.

No state tax but the property taxes are worse cause it’s forever and the appraisals just keep going up up up

 

[noskey]

Georgia real estate is amazingly inexpensive, right up there with Texas. You can get a 5000 sq ft 2 acre home with a finished basement in metro Atlanta for under or around $500k depending on the town and subdivision. We spent a little more and got screwed out of claiming a basement bedroom in the appraisal as a true bedroom since the room had no windows and didn’t meet the fire code standards despite having a dedicated bathroom.

Yo can you list some areas? My homegirl is moving down there and looking for a house now. She's got a realtor but any extra help would be appreciated.

 

[REALPLAY]

Now add the fact what you could've got in 2021 for 400k is at least 15-20% more expensive in 2023.

Now add the fact of inflation over that 30 year span of the mortgage term

 

[spizike231]

It’s true.

No state tax but the property taxes are worse cause it’s forever and the appraisals just keep going up up up

So rough man. House prices are obviously tempting but I don’t wanna get railed on prop taxes like that

 

[ace]

Yo can you list some areas? My homegirl is moving down there and looking for a house now. She's got a realtor but any extra help would be appreciated.

What’s her budget?

 

[noskey]

What’s her budget?

I think she said 400-ish for maxing it out. Hoping 350-375

 

[アミーゴ]

I think she said 400-ish for maxing it out. Hoping 350-375

 

[noskey]

You're telling me

 

[ace]

Most suburbs outside of Fulton county can get her a 4000+ sq ft home with a basement for $300-400k on an acre or possibly 2. Finished basement will be closer to 4, non-finished on the lower side of 3. Keep in mind the commute is at least a hour with traffic coming from any of the outside counties if she’s working in Atlanta. It all comes down to her preference, if she’s ready for the burb life go for it. The Marta train transit is great if you live in the city, if not don’t waste your time.

 

[noskey]

Most suburbs outside of Fulton county can get her a 4000+ sq ft home with a basement for $300-400k on an acre or possibly 2. Finished basement will be closer to 4, non-finished on the lower side of 3. Keep in mind the commute is at least a hour with traffic coming from any of the outside counties if she’s working in Atlanta. It all comes down to her preference, if she’s ready for the burb life go for it. The Marta train transit is great if you live in the city, if not don’t waste your time.

She's a city girl. Def looking more Atlanta proper than the burbs. But damn, I'm boring af and too old for the fun life, and now married, so those specs ain't looking bad 4000 sq ft is pretty much nonexistant in Portland and I've never seen a property with a full acre except the WEALTHY wealthy suburbs.

 

[mplsdunk]

4000 sq ft is wild.

 

[bonde111]

I definitely timed it perfect in fall 2021. Got 2.8% on mine.

Same situation. Randomly looked into refi after I got an email from an assistant of our mortgage loan officer (we built in 2016) emailed me asking if we’ve looked into it….talk about stupid luck. I believe our rate at the time was 3.25, and they locked us into a 2.5% 20 year.

I should really see who was person was and send them a gift!

 

[ace]

She's a city girl. Def looking more Atlanta proper than the burbs. But damn, I'm boring af and too old for the fun life, and now married, so those specs ain't looking bad 4000 sq ft is pretty much nonexistant in Portland and I've never seen a property with a full acre except the WEALTHY wealthy suburbs.

My oldest brother from another marriage lives in Portland. He’s been telling me to pull up says it beautiful out there. I might take him up on the offer soon.

 

[kvsm23vs24]

How much was the appraisal and did you raise value by doing renovations or what

I tried to ask Wells Fargo to remove it based on market value and they told me it can only be done through renovations ??? Lol

Mine was 200. Naaa no way. I didn’t do any renovations. They playing you.

 

[アミーゴ]

I definitely timed it perfect in fall 2021. Got 2.8% on mine.

2.5%

 

[spizike231]

Mine was 200. Naaa no way. I didn’t do any renovations. They playing you.

I called them. The loan had to age 2 years before I could do it on value alone.

I have a letter and a $200 check off to them MF’s right now. Boutta be paying less hopefully soon once this appraisal process is done!

Thankful for the thread!

 

[datznasty]

2.5%

I was in an arm but it was capped at 4%. Had to sell thought because the Mom and Pops insurance was doing em wrong over this new roof a-friend and with taxes and especially insurance going up so swiftly, allegedly I could only get $1500 for my house even though the exact floor plan in a different neighborhood in the same city i see going for 1900-2000. I made a little profit but I dont even think she listed it high enough, especially given that we had 2 failed buyers and literally all 3 times it was sold in under 48 hours

 

[ace]

She's a city girl. Def looking more Atlanta proper than the burbs. But damn, I'm boring af and too old for the fun life, and now married, so those specs ain't looking bad 4000 sq ft is pretty much nonexistant in Portland and I've never seen a property with a full acre except the WEALTHY wealthy suburbs.

She should look at North Druid Hills or Brookhaven. It’s right on the edge of the city but cheaper that claiming an Atlanta city zip code. The train goes to Brookhaven as well.