Oso planning to go pro
Currently in a holding pattern hoping this is a bubble about to burst
I thought this a couple of years ago that we were in a bubble. I have been seriously convinced otherwise.
Reeks, listen ta Hards, Fluffy BM, Jockster, and Smithy cuz dem youngsters no everythin', hey? #freerocket2022v2#freeziggy2022
I thought this a couple of years ago that we were in a bubble. I have been seriously convinced otherwise.Your area may be different, but materials are very expensive still, and there isn't a ton of inventory.We bought a second property a few years ago and are very glad we did.
TAMUI do know, Newsie is right on you knowing ball.
Agree on the concept of not being afraid of bidding high if you want the house.Imagine the $400k house .. bidding $440k seems outrageous, but .. it's 10%. Had you gotten the house at $400k, its value will be $440k in 1-2 years anyhow. .. Not withstanding a housing crash, of course. It's hard to see a housing surplus any time soon.As for getting a "good inspector" .. that's fine. But no doubt, if you're buying in a location that has low inventory, unless the house has nuclear waste in the back yard, the seller will just wait for the next bidder.
Still salty because you don't understand monthly inflation statistics?
A bubble a couple of years ago? LOL. That’s about the time real estate just began to explode.
We just agreed terms on a duplex yesterday. Two 3BR units and in good shape. Strictly investment, got a 4.5% rate and will be inheriting two tenants both on month-to-month. Really hope to keep them (both have been there for 4+ years) but need to raise rents to cover the mortgage.
I understand my monthly grocery bill, hey?
O, bye da wey. Make sure ewe back da dude hoo didant dismantle da once grate skool system, hey?#freerocket2022v2#freeziggy2022
8,000 members of your generation are dying every day and so I assumed that many of the homes that you've been sitting on would find their way to market. Instead, investment firms have snatched up properties left and right and rent them instead of selling. Lenny, if you knew that the real estate market was only going to explode then why, pray tell, are you not wholly invested in real estate instead of the stock market?I'll tell you. Because hindsight is 20/20 and you knew as much as I did at the time. So while you're attempt to make fun of my prognostications regarding real estate a decade ago seems hilarious, know that you are simply calling yourself and anyone who didn't chase real estate from that time period equally foolish. Dumb take, as usual.
You thought we were in a real estate “bubble” a couple of years ago. A couple of years ago the general economy/stock market had roared back from the crash. The real estate market had only limped backed, barely surpassing pre crash values. You saw this as a “bubble” because 8000 evil baby boomers were dying daily? Totally ignoring the supply side and value side of the equation? Lazy, simplistic analysis - while, as you point out, the smart money was buying.As to my investments, I’m 73. It’s no longer prudent for me to chase trends. I’m fortunate that I don’t need to. I’m still somewhat over invested in real estate - I have some money with a private equity fund in that space - but I sold the rental home that I bought in 2012 this year.
What are the thoughts on waiving the inspection for newer builds? When we were looking it was pretty much at the height of the craziness and we missed out on the first house we put an offer on even though we put a pretty aggressive offer in, so we were considering waiving the inspection in future offers because we were looking at mostly newer houses. We ended up not having to do that and had our offer accepted a couple hours after we submitted it on the second house we offered, but would people be somewhat comfortable waiving the inspection on a house that was built in 2019?
I am sure the mortgage also includes paying the property tax as well. Will your rental income also cover any maintenance or repairs when they come up (ie. central air/heating, kitchen appliances, plumbing, leaky roof etc.).
Newer houses, yes, though as said, check the history of the builders.In my neighborhood, the houses were built in the 50’s and people are waiving the inspection to buy and it’s insanity. At least with newer houses you can hope the previous owners couldn’t do too much damage but houses with multiple owners or single, long-term owners, no way. I’m selling a family members house who didn’t do any upkeep. The house needs so much work and updating, anyone offering without an inspection? Well, buyer beware
My In-law's home needed a lot of work as well. It is not only the buyer's inspectors but some townships won't let you sell until they issue a certificate of occupancy. We had more issues with the township getting everything up to code.
By a little bit. It will take a little time for the property to build itself a maintenance fund, until then it'll be out of pocket and write-offs. We're factoring all the and hoping to make some improvements to hopefully keep the tenants even as we raise rents over the next 2-3 years.
I think we’re ok in that regard where the house is but other than the roof and furnace, it’s a whole project
I assume you've looked into this, but remember to depreciate your rental property.https://www.investopedia.com/articles/investing/060815/how-rental-property-depreciation-works.asp