NorCal Kayak Anglers
General => General Talk => Topic started by: AlexB on February 07, 2015, 10:46:02 AM
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What's up, guys?
I'm just curious to hear any thoughts/feelings/recommendations for a potential first time home buyer. I've done a lot of reading about down payments, PMI, fees, etc, etc, etc, but it's kindof making my head spin...
Do you think it would be wise or unwise to buy a house with less than 10% down (say... 8 or 9%)?
20% down isn't within reach at this point.
10% is within reach, but I worry that these crazy low interest rates will start climbing soon. I don't want to wait and save only to regret not jumping on these low rates when I had the chance.
We're sick and tired of paying our landlord's mortgage instead of our own. I realized the other day that we've given my landlord over $50,000, and have nothing to show for it but someone else's funky roof over our heads. We're adults, and we're tired of asking for permission to plant a veggie garden (granted) or adopt a dog (denied...).
Anyway, I'd love to hear any thoughts or recommendations you might have.
Cheers,
Alex
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HOA = :smt011 :smt013 :smt009 :smt010
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Pull the trigger! Build your dream by getting in a house of your own, fixing it up and allowing yourself to live in full pride for your home.
That's my advice. Good luck. :smt001
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Go for it. Interest rates are unlikely to rise much for some time. Just allow yourself a safe cushion financially when buying. Good luck.
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I'm in the same boat Alex.
I've been up and down to buy a house. Getting financing for self employed Contractor isn't as easy as it use to be. I tried to get a house years ago when the market was at the bottom. But i'm sick of paying rent and want my gem, I want space!!!!! I've been told to look into owner financings ??????
Eric
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Put whatever down payment down as long as you're comfortable with the monthly payment, which will become even more comfortable as your income increases each year. Stay away from HOA's if you don't want others to tell you what you can/cannot done with your own home/property. Pay your insurance separately. And get a fixed rate mortgage, definitely before the rates go up again. I have a 20-year note that I pay extra on each...3 years left and the lender is already hounding me to refi.
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20% down is generally considered the wise minimum, but sounds like you know that already.
My problem is not having cash to do all the stuff I want to do to my place after putting all my money into the mortgage. But I'd rather own my own shack than rent a mansion.
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My first house I used a VA loan and they guarantee a portion of the loan so no PMI insurance was needed. Look at all financing options and there are many first time buyer programs for rural or city homes and some help with second loan so look around. Not sure your background or location but get prequalified and do not get an adjustable rate loan no matter how good it looks. Save some cash for emergency or unintentional job loss and don't touch it.
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Thanks for all the advise, guys.
Little background... About a year ago, my GF and I got preapproved for up to about $450K. We've both gotten raises since then, and I expect another healthy raise is April. I'm an environmental engineer, and my partner is a bridge-K teacher.
Ideally, we want to stay a comfortable amount below the max we were approved for. Definitely limited options here in the Oakland area, but we've seen some decent places in the $300-$400k range. At that price, we have almost enough saved for 10% down payment plus ~ $10k in fees. The mortgage would be a decent amount more than we're paying in rent; but, as someone mentioned it'll just get easier with each raise, etc.
I can't wait to have my own place that I can build up just how I want...
Thanks again.
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I would say if you've been approved for 450k their is no reason you shouldn't. Like you said your paying someone else mortgage and sound financially stable.
Texasboy I've been looking into owner carry properties but they can be few and far between in California. Other states seam to have more opportunities for that.
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Id go for it. I purchased my first home last year at 24years old and im so happy i did. Landlords suck untill youre the one who is the landlord.
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I agree with most of what has been posted except the avoidance of an HOA. HOA fees for some communities are very reasonable and can provide nice amenities as well as good protective rules that prevent people from doing things to their homes that could negatively impact the entire neighborhood. I pay a couple hundred dollars a quarter and get access to a pool, private park and world class tennis courts. I can't paint my house any color I want and need approvals for major changes to the exterior such as additions. I think you have to weigh the value of having an HOA against not having one. My home is far from a starter home but I really value my HOA and feel that it contributes to the desirability and increased property values in my neighborhood. We also have a lot of open space that is nicely maintained by the HOA. I think some HOAs can be a bad thing but mine is clearly a benefit. It is very sound financially and operates transparently to all the home owners. Howard is right that some HOAs can be problematic but not all. A clear understanding of the HOA is as important a factor as choosing the right location. Obtaining a copy of the CC&Rs from the HOA is imperative. Know what you're getting into before you pull the trigger. Buying a home can be a very complex decision but done correctly, it can be one of the most rewarding experiences of your lifetime.
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Having owned 5 different houses in different markets two of which were in HOA's I have to say Screw the HOA route, never again. too many fees and BS and there is always and I mean always some old bitty with nothing better to do than wander around looking for infractions to report.
Make sure you get a Fixed Rate mortgage, the variable ones are a trap unless you only plan on doing a fast flip and run.
Get your own home inspector don't rely on the sellers guys unless you want to get screwed. Do buy insurance on all the home and its appliances, furnace, ac, hot water heater etc. trust me something will break.
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Most people I know that pay HOA fees in the southbay area are between 2-400 a month. I find that they work well for people that love uniformity and order......or generally hate all people and want others to be more like them.
I have a garage full of tools and toys that make noise, boats in the driveway and occasionally drive my motorcycle up a ramp to my front door to park in my living room. I'm not sure I can survive an HOA. :)
I bought my home when I was about 27, it's not the nicest, it's not in the greatest neighborhood and it needs a lot of work......but it's mine, it's about a 15 minute drive to work and I can do whatever the fuck I want to it. That and property value has gone way up since I purchased and then there's always that interest write off.
As an added bonus, chicks always think you're way more responsible, better looking and intelligent than you actually are when you tell them you own your own home. Not sure if that applies in your situation though.
Are you planning on getting married? I only ask cause, at least for me, that's probably the most important question. I know several unmarried couples that purchased together and turned the investment into a financial and credit clusterfuck for both parties.
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My thoughts:
As much down as you can swing, avoid the pmi if at all possible
No HOA!
Mortgage < 2 annual pay because monthly has + pmi + insurance+property tax + repairs and utility....
Think about commute
Then, do it
:)
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Couldn't have said it better. 10% is a normal dp.
Put whatever down payment down as long as you're comfortable with the monthly payment, which will become even more comfortable as your income increases each year. Stay away from HOA's if you don't want others to tell you what you can/cannot done with your own home/property. Pay your insurance separately. And get a fixed rate mortgage, definitely before the rates go up again. I have a 20-year note that I pay extra on each...3 years left and the lender is already hounding me to refi.
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Ideally, we want to stay a comfortable amount below the max we were approved for. Definitely limited options here in the Oakland area, but we've seen some decent places in the $300-$400k range. At that price, we have almost enough saved for 10% down payment plus ~ $10k in fees. The mortgage would be a decent amount more than we're paying in rent; but, as someone mentioned it'll just get easier with each raise, etc.
Wow, if you can find those prices in the bay area jump on it! Prices are still going up every year. 5 years ago I couldn't believe how much everything was, It's gone up at least 50% since then and still going.
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By as soon as you can, put down whatever you are comfortable with, PMI should fall off after two years or when you can refinance, HOA's can be very good for increase in home value in right neighborhood especially if they include gated community and/or security.
If buying with partner agree on how to settle if goes wrong in future years before purchasing.
Read fine print when it comes to property taxes and transfer taxes in bay area, many communities/cities have additional taxes above Prop 13 limit also look at what people in community are pushing, i.e. future ballot measures, school bonds, etc.
If you research online I would suggest Redfin.com, we bought in 2012 sold in 2014 in bay area, I found Redfin easier to filter and more accurate then Zillow or Trulia.
https://www.redfin.com/city/13654/CA/Oakland/real-estate#!min_price=300000&max_price=500000&uipt=3%2C2%2C1&sf=1%2C2&v=8&sst=3®ion_id=13654®ion_type=6&market=sanfrancisco
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A couple months ago I asked a-not-so-closed-friend-RE what's a good time to buy?
He said "NOW"
I don't want to believe him, and I hope it's not true. No fucking way I can afford it now in the southbay are.
I was skeptical when I see the value of these properties. I am hoping they come down again. Not sure if it will just keep going up.
may be 5, 10 years? Or will it never come down again
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I would stay away away from ARM's and get a fixed rate. Rates are pretty low now do they can basically only go up.
Another thought. Have you thought about an intermediate step, like buying a mobile home for a few years while you save money? Some of your money will go towards rent but some will go towards equity and you can sell the home when you're ready.
We live in one and like it. We have a small yard(others are bigger) for a garden and we have a dog(black lab).
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It is unlikely it will come down very much. The market is just barely starting to pass the prices they were 7 years ago, before the housing market crash. Most likely it will keep going up for several years, IMO.
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3 things.
1 fixed vs ARM
2 make sure you can live in the home for a long time.
3 remember that while the mortgage payment is greater than rent, some of that will be saved on taxes if you itemize your deductions
number 2 is often overlooked. Lets say that real estate prices tank again and your home is underwater. If you can afford your fixed payments, it doesnt matter. Just keep paying until the markets go up again.
HOA depends. My neighborhood has a real low key one. They blow off the bitty geezer that complains but is great at dealing with the one "bad apple" that otherwise would submarine all our home values.
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I think ex-kayaker and eastonkayaker bother made valid points. I wouldn't get a house without either believing I would either get married/work out long term or have specific terms for the worst case scenario.
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Good points, guys. Been happily living with my GF for the last 5 years, we just haven't bothered with marriage yet. (Although that would reduce our taxes, too). Even so, a chat about that is probably warranted.
I'll have to look into what the tax write off for interest payments would amount to. I pay a crapload of income tax... It'd be great to knock that back a little.
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You are right to buy if you can. Rents are only going in one direction......up. The only thing that could change that is a nationwide die off. If that happens all bets are off anyway. Being able to deduct your loan interest is huge. The only way you get wealthy in this world is with investments, property, stocks, bonds. I would rather live in an RV on a lot I was buying than give the landlord $50 grand over a few years.
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We just celebrated our 3rd year anniversary in our first home, couldn't be happier. The best time to buy a house is when you can afford it and it sounds like you can. Looks like a milestone year for you, best of luck.
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Mentioned already but I more time. Use VA loan if you are (or anyone) a Vet. No down payment, no PMI, and low interest rate. Just closed on a VA refinance this week and our rate is 3.25 30yr fix.
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Like others have said, go for a fixed rate. Current interest rates are _very_ low by historic standards. If you weren't around in the late 1970s, look up the interest rates of that era.
As for HOAs, they vary a lot. We have a house in Maryland that's located in a fancy planned community. It's the kind of place where they make people tear down a fence because it's 2 inches too high. I always hated all of the rules when we lived there.
Here in CA, we own a house in the Santa Cruz mountains. There is an HOA, but this one has few rules. That's usually OK, but when my psycho neighbor goes off the deep end, I miss some of those rules...
As for fixer uppers... Our first house (the one in MD) was new. Our current house was a major fixer---after 7 years it's probably been upgraded to a minor fixer-upper. Over that time, I've gotten sick of the fixer-upper scene, since it can suck up huge amounts of time and energy. Next year, my older kid should be out of college we're going to pay to get the remaining projects completed, at least to the point where we can finally declare victory. Then I'll have more time for the really important things in life, like fishing.
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1. 10% should be your target down payment, that's where a lot of conventional loans start. In addition to that, an underwriter will want to see 6 months of reserves available to you, usually 401K accounts can be used towards the reserves.
2. Try to stay away from FHA loans. In my opinion, they're not worth the cost. If you're stretching that far then you probably can't afford it. It's hard to get out of them unless your home value increases a ton and you can refinance.
3. Without knowing your income, I can't speak towards the affordability aspect, but the general rule is to purchase a home that is 3-4x your income. You might be able to afford more, but being house poor is worse than renting.
4. As a first time homebuyer (also If your GF is a teacher), there are a few additional programs out there that might help you as a first time homebuyer, subordinated loans that can be used towards a down payment with low interest rates.
http://www.calhfa.ca.gov/homebuyer/programs/ectp.htm
http://www.calhfa.ca.gov/homebuyer/programs/index.htm
CalPath home loans - google it
There are also programs for Mortgage Credit Certificates in Alameda county:
http://www.acgov.org/cda/hcd/homeownership/mccprogram/index.htm
5. One thing to think about is if you are in a fixed rate loan and need to pay PMI, make sure you understand the terms on how to cancel PMI at a later date. Generally, PMI will require you to pay your house down to 78% of the original appraised value to remove, or 80% of a new appraised value. One of the negatives with the FHA loans is the PMI is forever, and its 0.85%, so that's no fun.
6. Depending on the city you decide to purchase in, you might be able to get some sort of first time homebuyer assistance as well. Look up the city government website and poke around.
7. If you find that the math doesn't really work and that you need a larger down payment, consider downgrading on your rental property to save up more cash for a future down payment. On the surface, $50K in rent doesn't appear to be too bad, depending on how many years that covers. For example, I paid over $20K in property taxes and interest alone just last year on my mortgage, which wouldn't be much different than yours if you're purchasing at the top end of your range. That doesn't include other costs such as garbage, sewer, maintenance.
8. Buying a home should not be a solely financial decision. Generally speaking the increase in home value over time don't outpace the costs related to purchasing and maintaining a house for yourself, and the rent vs buy calculations still generally trend towards the renting. That may be false during certain time periods (like the last two years and during the first boom), but will generally hold up during other times. You need to have a good reason for wanting to purchase a house, and dodging your landlord's rules shouldn't be the only one.
9. Don't forget that rising interest rates could also hurt home price growth in the future.
Let me know if you have any additional questions from the financial aspect of it, I'm pretty well versed on this stuff.
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I think what bmb stated is a great guideline. I have a 30 year fixed, sub 4%, which is pretty much where the market is currently. That said, if you are unable to get a fixed rate mort, then you should indeed look into an ARM, 5/1 or 7/1. This can be a very useful tool in an extended low-rate environment. With an ARM, you should have a lower monthly nut vs. a 30 yr fixed. The key is to religiously save the difference, in a fund that will allow you to put down a greater amount (hopefully the 20%) and then refi to a fixed rate loan at some point. That should be a prerequisite.
Others have mentioned it, but the tax advantages are huge. I actually look forward to doing my taxes every year now. Basic rule of thumb is that you are going to get back about 25% to 30%, of the interest you pay on a mortgage, in addition to your real property tax (depending on your bracket). This is huge.
Lastly, I would encourage you to look at a home as a utility. You can't count on appreciation. The idea of forced savings through principal paydown has it's merits, but you should not count on this, as it assumes flat to appreciating home prices over the longer term, which has proven true, but as others have said you should plan on living in the home for an extended period of time to reap the benefits. Don't be encouraged to buy a home because it COULD be a good investment, there is no guarantee. Buying a home is an emotional time, but also very exciting and rewarding.
Good luck!
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Goat rocker funny that you said that. Hopefully in a few months I'll be going from house to trailer in order to afford living on a river. Now to decide trinity vs. Klamath hmmm.
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I don't know why everyone raves about the VA loan.
I didn't even use my VA loan. Seems way over rated to me.
I believe you can still drop PMI with an FHA loan if you do it within the first 2 years or something.
I'd do it as soon as you can. Screw the down payment. I was really worried about that for a while and was gonna chuck 20% down. Realized how little that chunk of money was going to save me a month and decided it would be better kept for emergencies, fixing it up etc. Can always use it to pay principal only too..
Worry about your monthly payment and what you can budget. You have a girlfriend so it's a different situation but.... So glad I bought mine. I too hated throwing money away every month in rent. Now I have a room mate and only pay $600 a month out of pocket to be a home owner. And I still have 2 rooms I could rent out and make money.
It does suck when something goes wrong though. Better keep some money tucked away, no landlord to fix things anymore.
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Actually, FHA loan rules changed a year or so ago, so now PMI can no longer be removed under any circumstances. You'd have to refinance to get out from them.
As for the mortgage interest deduction and the real estate taxes deduction, those don't help folks in lower income brackets as much as they do in higher brackets. That's why they've floated the idea before of limiting those deductions for higher income folks, as the advantage for them is much larger.
Mortgage interest comes off as an itemized deduction, and would only apply if the total itemized deductions are larger than your standard deduction. With the cost range of the house you're talking about, you'd be comfortably over the standard deduction, but the fact that you and your GF aren't married means that you'll need to figure out who takes the interest for their tax return. Obviously the person with the higher income does.
The mortgage credit certificate program on the other hand is a gigantic benefit if you qualify. It essentially gives you 15% of your mortgage interest back to you as a dollar for dollar reduction in your taxes, and the remaining 85% of your mortgage interest is deductible on your schedule A like normal.
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1. 10% should be your target down payment, that's where a lot of conventional loans start. In addition to that, an underwriter will want to see 6 months of reserves available to you, usually 401K accounts can be used towards the reserves.
2. Try to stay away from FHA loans. In my opinion, they're not worth the cost. If you're stretching that far then you probably can't afford it. It's hard to get out of them unless your home value increases a ton and you can refinance.
3. Without knowing your income, I can't speak towards the affordability aspect, but the general rule is to purchase a home that is 3-4x your income. You might be able to afford more, but being house poor is worse than renting.
4. As a first time homebuyer (also If your GF is a teacher), there are a few additional programs out there that might help you as a first time homebuyer, subordinated loans that can be used towards a down payment with low interest rates.
http://www.calhfa.ca.gov/homebuyer/programs/ectp.htm
http://www.calhfa.ca.gov/homebuyer/programs/index.htm
CalPath home loans - google it
There are also programs for Mortgage Credit Certificates in Alameda county:
http://www.acgov.org/cda/hcd/homeownership/mccprogram/index.htm
5. One thing to think about is if you are in a fixed rate loan and need to pay PMI, make sure you understand the terms on how to cancel PMI at a later date. Generally, PMI will require you to pay your house down to 78% of the original appraised value to remove, or 80% of a new appraised value. One of the negatives with the FHA loans is the PMI is forever, and its 0.85%, so that's no fun.
6. Depending on the city you decide to purchase in, you might be able to get some sort of first time homebuyer assistance as well. Look up the city government website and poke around.
7. If you find that the math doesn't really work and that you need a larger down payment, consider downgrading on your rental property to save up more cash for a future down payment. On the surface, $50K in rent doesn't appear to be too bad, depending on how many years that covers. For example, I paid over $20K in property taxes and interest alone just last year on my mortgage, which wouldn't be much different than yours if you're purchasing at the top end of your range. That doesn't include other costs such as garbage, sewer, maintenance.
8. Buying a home should not be a solely financial decision. Generally speaking the increase in home value over time don't outpace the costs related to purchasing and maintaining a house for yourself, and the rent vs buy calculations still generally trend towards the renting. That may be false during certain time periods (like the last two years and during the first boom), but will generally hold up during other times. You need to have a good reason for wanting to purchase a house, and dodging your landlord's rules shouldn't be the only one.
9. Don't forget that rising interest rates could also hurt home price growth in the future.
Let me know if you have any additional questions from the financial aspect of it, I'm pretty well versed on this stuff.
Hell yeah, man. Thanks for taking he time to write this up.
A little more background... I'm 31, partner is 34. We aren't veterans, and neither of us have a vet in the fam. Me licensed environmental engineer, partner bridge-K teacher with a UC Davis degree and teaching credential. Combined income is around $100k and climbing, not including her extra nannying work. Maybe some day this country will decide to pay well educated and credentialed teachers what they're worth; that's a whole other topic...
And a few replies:
1. 10% should be your target down payment, that's where a lot of conventional loans start. In addition to that, an underwriter will want to see 6 months of reserves available to you, usually 401K accounts can be used towards the reserves.
- When I say we're at nearly 10%, I mean dropping 10% would pretty much tap out our reserves (not including 401k, which isn't yet as fat as it probably should be).
2. Try to stay away from FHA loans. In my opinion, they're not worth the cost. If you're stretching that far then you probably can't afford it. It's hard to get out of them unless your home value increases a ton and you can refinance.
- I've done some reading about FHA loans, and came to the same conclusion. They do offer teachers some good deals on houses in "up and coming" (ghetto) neighborhoods, but it's definitely slim pickings here in the Bay Area.
3. Without knowing your income, I can't speak towards the affordability aspect, but the general rule is to purchase a home that is 3-4x your income. You might be able to afford more, but being house poor is worse than renting.
- Combined income is about $100k, so the $300-$400k range seems within reach.
4. As a first time homebuyer (also If your GF is a teacher), there are a few additional programs out there that might help you as a first time homebuyer, subordinated loans that can be used towards a down payment with low interest rates.
http://www.calhfa.ca.gov/homebuyer/programs/ectp.htm
http://www.calhfa.ca.gov/homebuyer/programs/index.htm
CalPath home loans - google it
There are also programs for Mortgage Credit Certificates in Alameda county:
http://www.acgov.org/cda/hcd/homeownership/mccprogram/index.htm
I will definitely look into this. Thank you for the links.
5. One thing to think about is if you are in a fixed rate loan and need to pay PMI, make sure you understand the terms on how to cancel PMI at a later date. Generally, PMI will require you to pay your house down to 78% of the original appraised value to remove, or 80% of a new appraised value. One of the negatives with the FHA loans is the PMI is forever, and its 0.85%, so that's no fun.
- I've looked into this a bit. In our price range, it would take about 5-6 years of regular payments (no extra) to reach the 80% mark. I understand that you can accelerate this by either paying extra or making improvements to the house and having it reappraised. The latter option is appealing. My dad and I have done quite a bit of remodeling, repairing, etc. The house I grew up in between age 4 and 18 only has one original wall at this point. The rest has been redone, largely by us.
My parents recently helped my sister refresh and rebuild a junker foreclosed home in Santa Rosa. We aren't afraid to get our hands dirty and make improvements.
I also understand that it can be tough to get financing for fixer homes.
6. Depending on the city you decide to purchase in, you might be able to get some sort of first time homebuyer assistance as well. Look up the city government website and poke around.
- I'll definitely look into this as well.
7. If you find that the math doesn't really work and that you need a larger down payment, consider downgrading on your rental property to save up more cash for a future down payment. On the surface, $50K in rent doesn't appear to be too bad, depending on how many years that covers. For example, I paid over $20K in property taxes and interest alone just last year on my mortgage, which wouldn't be much different than yours if you're purchasing at the top end of your range. That doesn't include other costs such as garbage, sewer, maintenance.
- I don't think we can downgrade much from the rent we're paying now. 3-BR 2-bath in Albany for $2,100/month. We had been renting out one room to a friend for $700/month. Funny part is, she didn't even spend a single night here in the last 8 months (living with her BF). She finally decided to "officially" move in with the BF, so we're back to paying $2,100 unless we want to move or seek out a random new room mate.
Also, this house is literally dying from the inside out. Mold, dry rot, basement flooding, etc, etc, etc.. We will be very surprised if the landlord doesn't raise rent soon to start covering some of the repairs that this house badly needs. We've been here over 3 years and the rent hasn't gone up (knock on wood).
We're both tired of renting (have been for years), and feel like this new situation might be the catalyst to get the ball rolling toward home ownership.
8. Buying a home should not be a solely financial decision. Generally speaking the increase in home value over time don't outpace the costs related to purchasing and maintaining a house for yourself, and the rent vs buy calculations still generally trend towards the renting. That may be false during certain time periods (like the last two years and during the first boom), but will generally hold up during other times. You need to have a good reason for wanting to purchase a house, and dodging your landlord's rules shouldn't be the only one.
- Very true. This isn't just financial. We want a home. Our own home, that we can build up how we want and take pride in.
9. Don't forget that rising interest rates could also hurt home price growth in the future.
- Good point.
Let me know if you have any additional questions from the financial aspect of it, I'm pretty well versed on this stuff.
- Thanks again for all the tips, everyone. This has been very helpful.
Cheers,
~Alex
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If you've done house renovation before, it helps tremendously. A lot of financing options out there for rehab loans actually.
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IMHO
No HOA
No PMI
These things just limit your buying power and increase the Monthly
VA is good if one served. Save any extra cash for fixing it up
Look at older neighborhoods. Are the yards well kept= Neighborhood pride. A neighborhood with no bars on windows and no rep for gang banging and you should be OK . 2bd /1ba or 3bd/1bath are less desirable to some and you'll get a better buy. Older neighborhoods also have bigger lots so you have plenty of room to ad an extra bath or bed when you can afford it
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What about a triplex or fourplex? Have others make or help with expenses and have equity and income later in life to buy your dream home.
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Another tip. If you make 1 extra payment towards principle each year you will cut 7 years off of your 30year loan. I personally took my payment divided by 12 and add that towards principle each month then add an extra payment to principle with tax returns if i can. Addig 2 extra per year really helps you jump out of the high intrest brackets youre paying at the begining of a loan.
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Also american home shield is a life save on big appliances. Have had them repair the ac twice and dish washed twice in The first year.
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FHA 203 K fixer loan is great if you have a fixer. Once you fix it up refi to
a conventional loan to drop Monthly Mortgage Insurance. Also Note that FHA will do up to 2- 4 plex owner occupied with 5 % down and rental income helps you qualify. Check with a Lender for your county loan limits. If I was in my 20's again I would buy a 4 plex in best neighborhood I could afford use FHA and I would be retired by now!
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A lot of people think real estate is a commodity, but forgot about financing is also a commodity. At under 4 percent interest, just about anything you purchase is a great opportunity. My suggestion is take a 30 year mortgage, and plan to pay it off one of these days. Being it is your first home, you don't have to die there. You can always rent it out if for some reason you and your gf don't go right.
keep in mind also that home owners have a 42 time higher net worth then being a tenant all their lives.
I do agree HOAs are bad idea. Most of them do not allow a boat, or a motorhome in the driveway. Most of us enjoy leaving the garage door open with the radio playing the ball game, and triggin out our kayaks.
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Some more statistics for you. We in the US need about almost a million new homes per year. Since the financial crisis, hardly any homes have been built. So all of that pressure is still there. it takes about 2 years from when land is acquire to the houses being ready to be sold. It's going to take a long time before the supply starts catching up with built up demand.
I would tend to stay away from Oakland because of the rent control laws. Rent control laws are so bad these days, you can not even get a roommate without being it affecting you.
If you want to try Daly City, I am showing a house on McDonald Avenue for 500k. 3 bedroom 2 bath 1 car garage at 1pm.I think you can hang four kayaks in the detached garage. Call me at 415.203.2086. Herb
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Down payment size doesn't matter. Its all about monthly cost. FHA is a great opportunity you should consider. My recommendation is to do a 15 year loan if possible. They are typically only about a hundred bucks more a month but you build equity much faster. You would see that PMI disappear in no time. You can also write an over asking price offer and ask for cash back at closing to make the down payment work. If it still makes sense on the monthly payment you can use that option.
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I think the PMI can be dropped after one year of ownership. You just have to pay for an appraisal Report to proof there is an 80% loan to value ratio (due to appreciation), and follow the lender's requirements in doing the proper documentation. Don't be afraid to get into the house with PMI. The only PMI that cannot be dropped are the government insured loans. FHA, or VA guarantee premiums.
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All PMI can be dropped. Typically loan to value need to be at least 80% 75% in some cases. In other cases value doesn't matter. You have to have paid off 20-25% of your loan
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As the house appreciates, your equity counts towards that 80%. WE got out of PMI in one year, soley on equity increase.
in other words House is 200K. You put 20K down. that's only 90% Next year house is worth 250K. Your 20 and that 50K is equal to 70K, or 35% of the house value. Viola.
when I am asked when is the best time to buy a house, I always say "Right Now!" No matter what the rates are or what the economy is doing. owning has so many benefits, and refi's are EZ......
Bushy
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The place I am renting now is appreciated $150,000 in just two year.
Is it really right now ?
Anyone know a good agent in the South Bay-San Jose area?
Prefer if you have a good experience with he/she on your own home transaction.
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One nice thing about owning is that you can make the house suitable to your lifestyle.
You feel like knocking out a walkway in the back and plant a garden..go for it.
The fixer upper part isn't so bad if you have the ability/time/desire to do the fixer part yourself.
If you have to hire someone every time you want an upgrade (or necessary repair) it can get very costly.
Owning definitely has it headaches and financial responsibilities. More so than renting.
But it also offers the freedom to pretty much do what you want. No worries about rent increases (providing you go with a fixed rate).
Just be prepared to have a love/hate relationship with your home.
You'll love it when everything is working properly and it appreciates in value, but when things go the other way....break out the cuss jar.
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Hi,
as usual recently I'm late to the party.:)
IMHO: the buying property is the right long term solution if you are ready to stay in this place and area for long time. I agree it's not investment, it's changing your life stile (probably 3rd after fishing and moving from single to married life). I would say some pathetic things about properties:
1. look for area and do not expect to have healthy raises many years in a row so you may stuck there for more than 5 years.
2. do not think that tax saving from mortgage will increase your income - you'll have to pay property taxes, inssurance and maintanance.
2. The hardest part to know your budget and be able to say stop to themseve and agent. it will be always nicer area and property just 50K more...
loans:
1. HOA - just had dinner with my friends and after own home for 7 years they are looking back to moving to condo and give HOA to care about roof, driveway and etc. not everyone can manage homes. I agree that HOA has a lot of drawbacks, but not everyone can take care about house so condo is good choice, just check assosiation finances, check history and coming assestments .. and restrictions I just recently had to deal with HOA in San Bruno for recieveing approval for laminate floor and small dog, it was tough, but we did our homework and get permits from 1st requests.
2. VA and FHA loans - no recent expirience with VA, since my friend who was qualified used it to buy house 10-12 years ago. He never said anything bad about it. FHA - couple firends and family memners used FHA loans to pull the trigger with 3% or 5% down. They refinance as soon as their properties get enough value. FHA loans are usually expensive due to PMI.
3. We use 10/10/80 financing. I'm conservative on mortgage and after my 1st realestate fiasco prefer to have more $$ on my account, hard lesson from my 1st property.
I would rephraze common knowledge: "there is no good time to buy on market, there is good time to buy when you are ready!" I'm beliver in this. When we bought our last house we were paying more than 2bdr appartment rent in our area. After turbulent 6 years on real estate market, I do not feel good to say how much our loans cost us to my friends who had to rent appartments in last year or two.
good luck
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Hi Alex--
Also late to the party here but some thoughts:
1) if you're in Oakland, consider the King Estates neighborhood. It's where 580 and 13 meet. Not perfect, borders some unsavory stuff, but we've been here for a dozen years (6 years longer than we'd planned--damn you real estate price crash!), and have been happy. Scratch the thought if you want kids and to public school them. Not an issue for us, so....
2) screw an HOA, money down the drain IMO. Unless you move in next to crazy.
3) put as much money down as you can to avoid PMI if possible. See #2 for analysis.
4) DRIVE YOUR POTENTIAL NEIGHBORHOOD BOTH DURING THE DAY AND AT NIGHT. Things change in the evening, not always for the better. Make sure it's a comfortable place for you to live. Talk to potential neighbors if they're out and about.
5) Impound account. We've got one of these, and it's been great for us. With in IA, you roll your property taxes and insurance into your monthly payment. Saves you from big payment surprises twice a year. If you're very good at money management, it's not necessary. If you don't like to think about such things, it's awesome.
6) If you plan on any extensive remodels, and if they include bathroom(s), only do one bathroom at a time and/or make peace with having a portapotty in your driveway for about 2.5 times longer than you originally planned.
7) Financing fine print: avoid loans with long-term pre-payment penalties. Just in case. We refi'd the first time after 2.5 years, and we had the choice between two original loans: one with a prepay penalty of 2 years, the other of 3. If we'd gone with the latter, the refi would have been much more expensive.
8) You can always pay more principal on your loan than the monthly requirement. In this way, you can pay your loan down earlier if you're disciplined. Getting a 30 vs 20 or shorter year loan makes it so you can pay less during lean times, but if you don't have the lean times, you can still pay off the note in 15 to 20 years if you have the funds and desire. I'm now refi-ing out of a 10 year interest only that I treated like a 30 year fixed by paying more than just the interest.
lastly: this is gonna be where you live. Look for the best fit you can afford for your lifestyle. Decide what your compromise zones are before you begin to look in earnest. Get on the same page as your GF with regard to these. Buying a house is really, really stressful the first time, and getting your heads aligned to one another helps tremendously to mitigate this stress.
Good luck!
Ron
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another couple of thoughts.
forget about nice cars and trucks. Their value only goes down. Put the money in the house and yard. I would not have you buy a house that is in need of much beyond cosmetic repair unless you are in the construction industry. Major repair work can lead to madness if you don't know what you are doing.
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One thing I can add that I haven't seen mentioned - If you can find a place with a rentable granny unit that is a little bit above your price range go for it.
When I first started my search I was only looking at houses in the $330,000 - $340,000 range because that was the range where I felt absolutely comfortable making those payments....even though I was pre-qualified for quite a bit more than that.
However, after awhile I started looking above that range just to see what else was out there. I ended up finding a 2900 sq ft, 4 bdr house with a 550 sq ft granny unit for $360,000. I did the math and then jumped on it, realizing that renting out my granny unit would pay for damn near half of my mortgage.
So far the inconveniences of being a landlord have been very minimal, and I love the fact that my renter pays for almost half of my mortgage!
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Banks want to refi as often as possible. Loans are structured to pay all the interest up front. The longer you have the loan the more you are paying in principal. As soon as you refi you are hooked again for another 30 yrs term, and the high interest, low principal kicks in again. If you can do a refi in the first couple yrs or so and there is ZERO cost to you, up front or built in, and you can lower your interest by at least .75-1%, then refi might be worth looking at. When I am buying properties Subject To existing financing, I target houses that have at least 50% equity in them. That way the previous owner has paid huge interest and low principal and my payments now will be paying down more principal than interest. Therefore giving me faster equity growth in the property and more profit on the sale in 2-4 years when I cash out
Just a thought from an investors point of view, which you are as soon s you purchase a house even for yourself.
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4) DRIVE YOUR POTENTIAL NEIGHBORHOOD BOTH DURING THE DAY AND AT NIGHT. Things change in the evening, not always for the better. Make sure it's a comfortable place for you to live. Talk to potential neighbors if they're out and about.
true x 1000.
u aint wanna drop muchas ferias only to end pulling surveillance three nights a week from bushes, calling PoPo on crackhedz. Altho once you in, you'll realize "So THAT'S why propT was discounted . . . "
Good luck bro
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Major repair work can lead to madness if you don't know what you are doing.
I am a testament to the truth of this statement...
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it is a no brainer to buy.......pay EXTRA into the principal of the loan EVERY MONTH. Once you get compy with that payment out.....refinace it down to a 15yr loan and repeat the same as before. You will have your house paid off in "what will feel like no time"
Good luck.....paying your own mortgage is the ONLY WAY TO GET AHEAD in the Bay Area.
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I'd say put down as much as possible...while not over-extending your total price range.
I bought my house in 2003 and didn't look beyond 5yrs. It was just my wife & I and we didn't have much foresight (no plans to make babies, so we didn't consider the quality of local schools or the general neighborhood...or even if it was a home that we could live in for 20yrs because I thought we'd flip it in ~5yrs).
Flash-forward 12yrs and I'm browsing for a newer home in a nicer neighborhood with better schools. We are pre-approved for a decent amount, but all of the homes in decent 'hoods need 20% down to be competitive (damn prospectors).
So I guess my advice is to take future plans into consideration...aka kids are expensive! For example, a reasonable price for daycare in my area is $800-1200 per month for full-time infant care. It generally decreases as they get older, then they eventually enter Kindergarten which costs much less (free in public schools but you still pay for after-school care @ 200-300 per month). So for me it was about 1100/month for the first year+ then 900/month from age 2-5. Then about 200/month for after-school care in grades K, 1, 2 so far. My daughter is 3, so fortunately they weren't both in full-time PreK at the same time because that would've exceeded my monthly mortgage! Instead, I'm paying about $1200/month for a 3-year period until my daughter enters Kindergarten (then it'll go down to only $500/month).
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^ dont have kids and you'll save alot of $$$,$$$ :smt003
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^ dont have kids and you'll save alot of $$$,$$$ :smt003
Or have kids and live within 3 miles of your in-laws and within 6 miles of your parents! :smt002
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^ dont have kids and you'll save alot of $$$,$$$ :smt003
Or have kids and live within 3 miles of your in-laws and within 6 miles of your parents! :smt002
False economy. The resulting therapy bills add up! :)
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I did not start this topic, but thanks for all for sharing.
It will come handy when I am on the market for my first home purchase.
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Seriously... Thanks again everyone.
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As Mark Twain put it, "Buy land- they aren't making any more of it".
If you are going to live in the house, it's always a good time to buy. Also, most Americans homes are the single most important financial investment for your retirement. And, property values are going up, they always do. Do it!
I put 5% down on my first home with an FHA loan, made some equity after 4 years, then removed the mortgage insurance.
Justin
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I would find a realtor and tell them you want to find a house that would go up in value 20% the next year or two. Sounds crazy, but near where you are now it's going to happen. You just need to pick the right spot. Stay near the freeway and bart. That makes it valuable. I'm five miles south of you, (hwy 24 and Telegraph). Two houses here just went for 100k+ over asking in the last 6 mo. I know two people now that are investing in fixer uppers in Richmond.(near where you are now) A clue is young people buying where the old residents are dying off.
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Forgot to mention... Google maps and street view will save you a tone of time and legwork. Makes it easier to not waste time scoping out places with apartments nearby, parking issues, oil-stained, poorly-maintained streets, bars on windows, etc...
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I remember when I bought my house. I was a nervous wreck worrying about how I was going to make that high payment every month. $209/mo.! $243/mo. if you included property taxes. That was back in 1974.
We paid it off about 15 years ago and now pay $750/year in property taxes. Gawd, I can't tell you how good that feels!
Listen to these guys with all the great advice, and then DO IT! Best of luck.
NotaSeal
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I bought my first place back in 1978 in the City. Had to sneak an inlaw in to make ends meet. Few years later, refinanced it to take money out to buy a detached home. After moving in the new home (built in 1926 of course), I thought I died and went to heaven. It was so quiet - no more hearing my tenant downstairs making out, and noisy neighbors from the side.
When you first start out, don't be too picky. Just be careful of cash flow. If you loose a job, rent out a room if you already have the inlaw rented. Hang on with you finger nails. Just imagine you are still in school, and roomate is not that big of a deal. Try to pick secondary locations - prime area are lousy on cash flow, and price tag.
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In my life time I went through home buying six times and hopefully this is may last. Been through all what I have read here and it is all true and good advice.
We got real lucky when we sold our dwelling in the heart of Silicon Valley. Got way above our asking price in 2013 and made out real well. Moved out to Texas, bought a home twice as big as we need, have a real low interest rate do to timing and my home now is about 80% paid off already. Hopefully be able to rid myself of a mortgage in less than five years by doing what is written and paying extra each month. The lender hates this because they won't make all the interest, but its my money and not theirs. One word of advice when getting a loan make sure you won't get penalized for paying it off early.
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Been through all what I have read here and it is all true and good advice.
One word of advice when getting a loan make sure you won't get penalized for paying it off early.
Good advice ! What part of Texas did you move too ?
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Pretty much blew through all of my advice earlier. Let's see if I can close on this sumbitch!
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good luck Bmb!!! hope you get the biatch
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Well... We're putting in an offer today!
https://www.redfin.com/CA/Oakland/6328-Outlook-Ave-94605/home/564780#main
What do you think?
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Gem of a place AlexB - and right down the street is ARW! :smt003
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Good luck on the offer. Looks really nice inside. Hope all works out for the best.
Once it is accepted make sure to do a thorough pest inspection, especially around any of the wet areas, toilet, shower etc. because of the age of he house. On a house that old things can be happening. Looks like a fresh rehab, so hopefully the sellers did a great job and did not cut corners. Once the offer is accepted and you do an inspection if anything shows up in inspections it you can renegotiate to get things fixed. If they don't want to fix anything remind them that they will have to disclose anything found to future potential buyers. That will make them see the light hopefully.
Rob
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thanks all for this thread, about to embark on first time buying this summer, good luck on your offer alex, looks like a great little home, cameron
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What do you think?
Nice floors
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What do you think?
Nice floors
+1
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I bit the bullet and went for a 15 year fixed. A little more but nice now not having a House payment.
Its GREAT being free of that. Now looking IN Montana FOR A PLACE TO RETIRE. Will miss the Ocean but seems like the Albacore bite has been better up North so a two or three day trip to Astoria to get that fix. Just my opinion. Its a little better than renting in that you will own it in time. I NEVER refinanced like my friends and I own and they are in another round of 30 year mortgage.
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Thanks, guys.
We definitely plan on THOROUGH inspections if our offer is accepted. The house has been rehabbed recently, including foundation work (shear walls, tie downs, and minor cribbing in a couple areas), kitchen upgrades, new furnace, etc. I also crawled all around all the crawl spaces and did not see (or smell) any water or pest damage.
Fingers crossed...
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Good luck Alex, looks like a nice place.
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Thanks, Soleman!
I think it would do just fine for us. We don't need a mansion, just somewhere comfortable.
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Another thing to check is the Megan's law database. The results can garner a surprising amount of negotiation leverage . . .
http://www.meganslaw.ca.gov/
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How could a potential buyer leverage registered sex offenders for a lower price? Sorta-serious question.
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How could a potential buyer leverage registered sex offenders for a lower price? Sorta-serious question.
maybe if it was known by the seller and not disclosed?
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How could a potential buyer leverage registered sex offenders for a lower price? Sorta-serious question.
maybe if it was known by the seller and not disclosed?
It's public, though.
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Televise the sewer lateral
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The sex offender thing does not have to be disclosed because it's already public info. There is in fact a registered sex offender in the area, but that's going to be the case in just about any neighborhood I can afford. Take a look at the maps, they are scary and creepy...
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Televise the sewer lateral
Good tip. Sewer lateral has already been done, so we're good there.
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Sweeeeet
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How could a potential buyer leverage registered sex offenders for a lower price? Sorta-serious question.
maybe if it was known by the seller and not disclosed?
It's public, though.
see i would never would have even thought about this in my house search, and if i found out after the fact, well....now i need to look at some new things, thanks, cameron
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That's my neighborhood! Outlook is pretty sweet, I almost bought there, but make sure you hang out there at night time, and prepare yourself and wife for the realities of east oakland life a block above MacArthur. It can and does get sketchy. Not trying to scare you off, just be aware. I almost bought on 64th right below outlook about 10 years ago and it was HELLA sketchy at night. 64th seemed to be one of the hot spots. That being said, a lot has changed and the frisco chaps have moved in and turned this neighborhood around quite a bit. About a month after I bought my house it was featured predominately on discovery channels gang wars oakland! Not cool! Good luck, and don't forget to duck!
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Yeah, we aren't strangers to Oakland. Our realtor refuses to show us anything below Outlook. He says that's more or less the border of the "sketchiness" these days.
The neighborhood seems to be "up and coming", gentrifying, whatever you want to call it. It's pretty much the only decent neighborhood in Oakland that's still slightly affordable.
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It's definitely up and coming. It used to be the homes for the people that worked in the quarry and the chevy plant at eastmont. The climate is nice here and usually warmer and sunnier then most of oakland. There's shit for shopping, but laurel is pretty close and farmer Joe's is alright. It's definitely a cool community with a lot of contractors, hells angels, and new city hipsters moving in. Good luck on your offer, I know there's a lot of competition these days. If you haven't looked at kings estates on the other side of Edwards near Greenly and Sunkist, that's a really cool, affordable neighborhood too. I just did a bunch of work over there and it's super quiet and country feeling.
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We are looking EVERYWHERE. We really like the King Estates area. You're right, it's got much more of a rustic country feel, which I really like. It's just slim pickings right now. We were looking at one MAJOR fixer in that area that we guesstimated might have needed $100K+ to make safe and livable. It ended up selling for $110k over the asking price, even though it was literally crumbling down the hill.
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We offered 11% ($46k) over asking price on the Outlook house, and haven't heard back. We shall see.
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We offered 11% ($46k) over asking price on the Outlook house, and haven't heard back. We shall see.
Oakland is super HAWT right now!! We do a ton of panel and electrical upgrades for the major real estate players around here, and it has kept us plenty busy for the last few years. We probably do close do 15-20 services/panels a month. Everything is going for over asking, but I think youre smart looking a little more east than a lot of the city slickers are willing to go.
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Dam Alex that's insane how the market is changing in Oakland.. I live down south in Ventura area and prices have gone back up to pre 2008 crash.. Lots of great advise given and I can offer something that has worked for me if your having a hard time..
My background if it helps.. I have worked for the largest mortgage company for last 12 years and also am a investor, flipper, landlord...
Prices will continue to rise for next 2 years at this point even through the election which normally slows things down on Wall Street but given the political landscape its appearing that the same party will continue in office so don't see any reason for market to not continue to climb.
Get in front of the market!! Meaning start to find homes before they hit the market by basically doing a few things that worked for me and some friends of mine in your situation.. Walk the neighborhood you are interested in moving to and start talking to the people living there and asking if they know anyone thinking of selling.. Bring a dog or kid so you appear more friendly and not stalking.. Find the crappy dump on the block and knock on the door and explain that your desperate to move out the neighborhood and if they wanted to sell you would be interested and could make it easier for both parties.. Most people hate the process of selling their homes and you would be shocked that is a reason but it is.. I have had this work for me on over 6 homes and can't even count how many friends have done this with success. You could also try writing a letter and mailing it to all the households but that has not resulted in much success for me.. Most people don't read these days or think it's junk is my assumptions..
Another option which is sure to piss your agent off but then again what's more important.. You finding a house or they earning a commission? Talk to different real estate brokers and tell them you will work with them if they have any pocket listings or homes that haven't hit the market.. They get double commission and you would be surprised how many care more about this than doing what's best for their seller... Spare me the ethics speech as I understand all to well about it.. Just in this kind of market all things get thrown out the window..
Good luck and I may be visiting Oakland soon to see what all the hype is about [emoji4]...
Btw anything with a view snatch it up!! Like previous poster said they aren't making more land and sure as heck not making anymore with views as well...
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Mono fish - Thanks for posting! Great advice.
Our realtor is very proactive with mailers, walking the neighborhoods, etc, but I can definitely see how the personal touch of a motivated buyer showing up at the doorstep could be helpful. We don't have a kid or a dog (yet) but we could probably "borrow" one from friends and go for a walk.
When you mentioned double commission, you're talking about working directly with a selling agent instead of getting our realtor involved? Basically "bribing" the selling realtor with an extra commission so they'll pick your offer? I don't have any moral/ethical problem with that, as long as it's legal and the deal works in our favor.
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HOLY CRAP!!!! THEY ACCEPTED OUR OFFER!!!!
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Congratulations!!!!!!!
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congrats alex. You've still got a long way to go to get it done though, so hope it all goes well for you.
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Thanks, guys! We shall see!
We are already pre-underwritten and set for a 21 day escrow. Hopefully it'll all fall into place for us.
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Congratulations, that's a beautiful home, thy woodwork is primo.
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Congratulations! Get the home warranty everything breaks in the first year.
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Haha. Good advice. Luckily the washer, dryer, stove and dishwasher are all new or newish. But yes, they will probably still break.
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WTG Alex!!!!
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CONGRATS!!!!
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Thanks, guys! Man, my head is in 1,000,000 places at once right now... It's making it real hard to get any work done at the office today.
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congrats!!.......one thing is a must....you must put some xtra money down on the principal of the loan.....it will save you alot of money in the long run.
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Thanks, Fishunter. Good tip. We are going to aim for at least one extra payment per year toward principle only. That should knock at least 7 years off the 30 year timeframe. And build equity more quickly...
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Thanks, Fishunter. Good tip. We are going to aim for at least one extra payment per year toward principle only. That should knock at least 7 years off the 30 year timeframe. And build equity more quickly...
sounds tough, but you'll make it.......i remember being in your shoes back in '94 and looking ahead 30 years is hard......house is paid off now.
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HOLY CRAP!!!! THEY ACCEPTED OUR OFFER!!!!
Nice!
Congrats. This is about 6 or 8 blocks from my house that I've been in for a dozen years or so. Neighborhood's come up a long way in that time, but thankfully, the donut shop on top of the hill at 73rd Ave is still going strong.
Regarding inspections: the big thing in this area is going to be foundation / sewer stuff as the hills are made of some very expansive soil, but it looks like they've already addressed this stuff. The next bit would be residual asbestos insulation given the era of the construction.
Neighborhood tips:
get out of town each and every 4th of july and new year's eve if you value sleep. It's insane. I was out of town, but my wife was holding down the fort (keeping the dogs calm). She reported hearing the first firework explosion at about 8:30am, and the last one at about 3:30am on the 5th. We're still hearing a lot of residual stuff 3 days later.
discover Gazalli's meat counter in Eastmont, and Old Weang Ping thai on Mac Arthur:
https://plus.google.com/106458237794761437540/about?hl=en
it's Teh Awesum.
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HOLY CRAP!!!! THEY ACCEPTED OUR OFFER!!!!
Nice!
Congrats. This is about 6 or 8 blocks from my house that I've been in for a dozen years or so. Neighborhood's come up a long way in that time, but thankfully, the donut shop on top of the hill at 73rd Ave is still going strong.
Regarding inspections: the big thing in this area is going to be foundation / sewer stuff as the hills are made of some very expansive soil, but it looks like they've already addressed this stuff. The next bit would be residual asbestos insulation given the era of the construction.
Neighborhood tips:
get out of town each and every 4th of july and new year's eve if you value sleep. It's insane. I was out of town, but my wife was holding down the fort (keeping the dogs calm). She reported hearing the first firework explosion at about 8:30am, and the last one at about 3:30am on the 5th. We're still hearing a lot of residual stuff 3 days later.
discover Gazalli's meat counter in Eastmont, and Old Weang Ping thai on Mac Arthur:
https://plus.google.com/106458237794761437540/about?hl=en
it's Teh Awesum.
Good stuff, thanks for sharing. Thankfully the foundation has already been addressed (we'll have it inspected anyway), and the sewer lateral has already been handled.
I usually try to get out of town for 4th of July weekend, but thankfully I stuck around this year. If I'd left town, I would have missed this opportunity.
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Nice! Congratulations to your new ownership! Now you have places for more kayak! :smt005
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Well, we don't own it just yet, but it looks like we will soon!
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It's all falling into place! Hoping to sign the closing docs next Friday!
Goddam this happened quick!
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Nice - if you need help moving in, NOPE
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Nice - if you need help moving in, NOPE
:smt005
We ain't THAT kind of friend! :smt044
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It's all falling into place! Hoping to sign the closing docs next Friday!
Goddam this happened quick!
They WANT your money!! Give it to them! :smt004
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Ha! Good thing my cousin is a mover with his own truck.
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he's gonna want some $$ too.......moving households is a hard business. :smt002 tell him you'll pay him in Fish! on a weekly or biweekly basis.
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Of course he will want $, and I will happily pay it. He's got two kids to support with one paycheck, and one's headed for college next year.
The fish payment idea probably won't work. He's up in Washington salmon fishing with my uncle as we speak. I think his freezer will be full for a while.
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It's all falling into place! Hoping to sign the closing docs next Friday!
Goddam this happened quick!
Nice. It's amazing how slowly everything moves until it gets into gear, and then how stupid fast everything seems to go afterwards!
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Good luck Alex... If you can buy a home warranty.. Doesn't cost much and besides peace of mind it will come in handy and more than pay for itself the first year....
Once your closer to signing then the fun starts which is painting and getting things done before you move in... One more advise having moved around more times than I care to remember.. Get all the work done BEFORE moving in.. Everything is easier without furniture and a TV to distract you... [emoji16]
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Thanks momo. We are definitely getting a home warrantee (seller pays).
Good advice on painting etc before moving in. We'll still have this rental for a month after we get the keys, so we'll have time to knock out a few small projects like repainting the bright salmon-colored kitchen cabinets.
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Just got the appraisal report. It appraised over 5% higher than we are in contract to pay! Feeling pretty good about that!
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flip that bizatch and go play the ponies :smt044
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Ha! Maybe a few years down the road...
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Yeah Buddy! Congrats, and if you ever need any landscaping advice feel free to hit me up.
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Thanks, Soleman!
My dad was a landscaper, too, and I grew up helping him out during the summer. Can't wait to fix up MY OWN landscape for a change!
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What better time than during a drought! :smt002
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What better time to be a wet blanket?
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What better time to be a wet blanket?
Hey, what are friends for :smt002 There are TONS of great low-water use landscape options out there so I'm sure you will find something that fits your needs/taste. With any new (to you) house, there's always tons of little things that seem to find their way on the list faster than landscaping. Leaves the chance we may be in a better 'state of water' by then.
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I only have plans for one small patch of drought resistant grass, and it will only be "watered" when I rinse my kayak and fishing gear over it. :)
Other than that, we will try to stick with drought-resistant native plants.
Raised veggie beds will be heavily mulched to retain moisture and set up with drip irrigation as needed.
There will be MANY things ahead of landscaping in our list of priorities, but it'll be nice to get outside and pick away at it when I need a break from the other stuff.
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Good advice on painting etc before moving in.
Been here 20 years and have never finished painting one bathroom and one bedroom. Too much stuff in storage in both to get to them now. Do it before you move anything in.
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I only have plans for one small patch of drought resistant grass, and it will only be "watered" when I rinse my kayak and fishing gear over it. :)
Other than that, we will try to stick with drought-resistant native plants.
Raised veggie beds will be heavily mulched to retain moisture and set up with drip irrigation as needed.
There will be MANY things ahead of landscaping in our list of priorities, but it'll be nice to get outside and pick away at it when I need a break from the other stuff.
If you clean your fish at home put the scraps (and some kelp cuttings) in a covered bucket of water for a couple of days then water your plants with it. No more than 2-3 days though, I forgot about my bucket one time and after a couple weeks I was unpleasantly reminded.
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Interesting. I've never tried it that way. I usually just dig holes and bury my carcasses and scraps around the garden. I also do kelp and alfalfa meal teas for the veggies, along with lots of home made compost and worm castings.