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OMG I’m buying a house!


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OMG I’m buying a house!
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ThunderPoit
Captain Potatoman
 
Join Date: May 2004
Location: Saint Paul
 
2021-07-19, 19:17

Hi guys, long time no talky talky. Been adulting pretty hard since I had a kid, and now I’m in the last steps of buying my first house!
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Brad
Selfish Heathen
 
Join Date: May 2004
Location: Zone of Pain
 
2021-07-19, 19:46

Congrats! And welcome to the next 15-30 years of debt!
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PB PM
Sneaky Punk
 
Join Date: Oct 2005
Location: Vancouver, BC
Send a message via Skype™ to PB PM 
2021-07-19, 20:04

Not sure if I should say congrats, or you lucky dog you.
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kieran
Tweeting @kierankelly
 
Join Date: Jan 2005
Location: New York City
 
2021-07-19, 20:12

Congrats!

I actually just signed a contact for our first property purchase as well. Buying a rental property at the beach that we should be able to rent out fo make some good passive income.

Won't be ready to go for this season, but hopefully we can get it renovated and such prior to the next summer season.
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pscates2.0
Mr. Katan
 
Join Date: May 2004
 
2021-07-19, 20:35

Quote:
Originally Posted by kieran View Post
Congrats!

I actually just signed a contact for our first property purchase as well. Buying a rental property at the beach that we should be able to rent out fo make some good passive income.

Won't be ready to go for this season, but hopefully we can get it renovated and such prior to the next summer season.
I know a couple of people doing this. They seem to be enjoying it and are doing quite well with things.

I used to watch that Income Property show on HGTV back in the day, where people would renovate a basement or unused wing of their house and rent it out and have a nice income rolling in. That same guy, Scott something-or-other, is now doing a new show where he tackles the same with summer homes...fixes country/small-town/lakehouses up so the owners can have summer rental income properties. I like stuff like that, hearing about the smart way to spend money to get the most bang for the buck and appeal to renters (either seasonal/weekend, or full-time monthly). I've sometimes caught myself thinking about this...
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kieran
Tweeting @kierankelly
 
Join Date: Jan 2005
Location: New York City
 
2021-07-19, 21:43

We just realized we're never going to be buying a house in NYC, so we may as well get something somewhere that will give us an asset and hopefully bringing in passive income.

Still spending a ton of money to do it, but even with that amount, it's nowhere near where we'd be able to get anything in the NYC area.

We'll also be able to get some time at the beach next month hopefully after we close. It'll be the first time out of NYC since last March, save for 3 days in Maine last August. It'll be good.
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PB PM
Sneaky Punk
 
Join Date: Oct 2005
Location: Vancouver, BC
Send a message via Skype™ to PB PM 
2021-07-19, 23:19

Quote:
Originally Posted by pscates2.0 View Post
I know a couple of people doing this. They seem to be enjoying it and are doing quite well with things.

I used to watch that Income Property show on HGTV back in the day, where people would renovate a basement or unused wing of their house and rent it out and have a nice income rolling in. That same guy, Scott something-or-other, is now doing a new show where he tackles the same with summer homes...fixes country/small-town/lakehouses up so the owners can have summer rental income properties. I like stuff like that, hearing about the smart way to spend money to get the most bang for the buck and appeal to renters (either seasonal/weekend, or full-time monthly). I've sometimes caught myself thinking about this...
It's all fun and games until you get that bad renter that fills the toilets and sinks with concrete before they leave. Yeah, that is a thing.
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pscates2.0
Mr. Katan
 
Join Date: May 2004
 
2021-07-19, 23:49

Murder is always an option.
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tomoe
Veteran Member
 
Join Date: Nov 2006
Send a message via AIM to tomoe  
2021-07-20, 00:42

Quote:
Originally Posted by pscates2.0 View Post
I know a couple of people doing this. They seem to be enjoying it and are doing quite well with things.

I used to watch that Income Property show on HGTV back in the day, where people would renovate a basement or unused wing of their house and rent it out and have a nice income rolling in. That same guy, Scott something-or-other, is now doing a new show where he tackles the same with summer homes...fixes country/small-town/lakehouses up so the owners can have summer rental income properties. I like stuff like that, hearing about the smart way to spend money to get the most bang for the buck and appeal to renters (either seasonal/weekend, or full-time monthly). I've sometimes caught myself thinking about this...
Some friends of ours did something similar to this. They bought a $100Kish home ~15 years ago in a crappy at the time but upcoming neighborhood. Sold the home about 5 years ago, made a decent chunk. Took their profit, then went all in on buying around 10 properties for rentals distributed about the western US. They're now living off the passive income and are semi-retired in their early-mid 40s.

Seen a man standin' over a dead dog lyin' by the highway in a ditch
He's lookin' down kinda puzzled pokin' that dog with a stick
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drewprops
Bastard
 
Join Date: May 2004
Location: Atlanta
 
2021-07-20, 06:11

I would consider doing this ONLY if I could use a property management agency.



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turtle
Lord of the Rant.
Formerly turtle2472
 
Join Date: Mar 2005
Location: Upstate South Carolina
 
2021-07-20, 08:12

You know, given the laws that prevented deadbeat renters from being able to be evicted during the pandemic there is no way I would own a rental without owning it outright. I know someone who was buying rentals (via loans) and had about 10 of them in the Charleston SC area. They were doing good and building some strong revenue out of it. Then the market crashed and they couldn't find stable renters. On top of that the husband died and he was the maintenance/repair guy for those properties. It was no pretty. The wife lost everything and literally had to start over with only a handful of the possessions they had.

Most property managers are *less* than apathetic. They just want the monthly passive income and the least amount of work to put into it. They will not save you. Mrs T and I had a home we rented out in the Orlando area because we became landlords by default. She owned the home before we met and just started renting it after the Navy moved her to Va. We had some good tenants, one drug dealer/pimp and mostly spend more turning the house over after a renter moved out that we made profit the entire time someone lived in it and paid rent. The property managers we had didn't even do a monthly drive by to see if the house was still standing.

One day I might be like tomoe's friends, but don't think I'm going to head that route again.

ThunderPoit, congratulations on getting a house! It sure feels much better knowing the place you live is your place. No landlord telling you what you can or can't do. You can put that picture on the wall anywhere you want!

Louis L'Amour, “To make democracy work, we must be a notion of participants, not simply observers. One who does not vote has no right to complain.”
MineCraft? mc.applenova.com | Visit us! | Maybe someday I'll proof read, until then deal with it.
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kscherer
The Ban Hammer
 
Join Date: Aug 2004
Location: Boyzeee
 
2021-07-20, 11:22

Congrats, ThunderPoit. Now, the fun begins. Lots of work with upkeep, repairs, etc. But, it's a good long-term investment sort of*.

I would much rather own a home than rent (it's also usually cheaper than renting). Pour your heart and soul into it. Make it yours (or rather, "hers" ).

* I've got more money in equity in my home than I've ever seen, but no way to get to it and stay in Idaho.

- AppleNova is the best Mac-users forum on the internet. We are smart, educated, capable, and helpful. We are also loaded with smart-alecks! :)
- Blessed are the peacemakers, for they shall be called sons of God. (Mat 5:9)
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turtle
Lord of the Rant.
Formerly turtle2472
 
Join Date: Mar 2005
Location: Upstate South Carolina
 
2021-07-20, 12:06

Oh yeah, that reminds me. Mrs T and I have this goal to do at least one thing every week to make our house better for us. This might be a small change or a big one. After while the projects will kinda fall to the wayside and you become complacent with the house you live in. If you always try to improve at least one thing, it is really hard for neglect to creep up on your house. One thing a week is also a realistic and doable goal even with a completely full schedule.

Louis L'Amour, “To make democracy work, we must be a notion of participants, not simply observers. One who does not vote has no right to complain.”
MineCraft? mc.applenova.com | Visit us! | Maybe someday I'll proof read, until then deal with it.
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ThunderPoit
Captain Potatoman
 
Join Date: May 2004
Location: Saint Paul
 
2021-07-21, 22:01

Finally got the appraisal back and we’re in the clear there. I’m bracing myself for the amount of upkeep this house will need as it was built in 1890. It’s a big beautiful old house, lots of awesome wood work, hardwood floors, and TWO sets of giant pocket doors!
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drewprops
Bastard
 
Join Date: May 2004
Location: Atlanta
 
2021-07-21, 22:12

Oh wow! You are going to have some serious adventures in that thing.

Is it in a historic district?

Some folks I know bought a home in a small town, which is in a historic district. The husband wanted to take some unused bricks to complete a wall (made of those same bricks) and drew the ire of the historic organization.

As it turns out, his rock star wife was steeped in historic district procedures and flexed her expertise at a subsequent meeting, which acted as a prison fight introduction to the historic neighborhood organization - street cred.





...

Steve Jobs ate my cat's watermelon.
Captain Drew on Twitter
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ThunderPoit
Captain Potatoman
 
Join Date: May 2004
Location: Saint Paul
 
2021-07-21, 23:08

Luckily I don’t have to worry about that. The previous owners did an awesome job keeping it in good shape, wiring was updated 20 years ago when they added on, forced air, finished attic. The inspector really liked it
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turtle
Lord of the Rant.
Formerly turtle2472
 
Join Date: Mar 2005
Location: Upstate South Carolina
 
2021-07-22, 15:23

Nice! I lived in a house build in the 1920's years ago. That house still stands but I'm sure there is still no insulation in the walls at all. It was SO COLD in the winter. We went from a room being 100DegF with an electric baseboard heater to freezing in a room without heat. Doorways with blankets hanging over them. Heat was only in the rooms with running water.

Louis L'Amour, “To make democracy work, we must be a notion of participants, not simply observers. One who does not vote has no right to complain.”
MineCraft? mc.applenova.com | Visit us! | Maybe someday I'll proof read, until then deal with it.
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PB PM
Sneaky Punk
 
Join Date: Oct 2005
Location: Vancouver, BC
Send a message via Skype™ to PB PM 
2021-07-22, 15:23

Sounds awesome. A friend of mine rented an old farm house fir a few years, built in 1910. It needed restoration, but the beautiful wood floors, banisters, ceiling, stained glass windows, old tub and such were very period correct. Lead pipes needed to be replaced, and such things. The local historical society bought it and repaired it, but sadly some yahoo’s destroyed the stained glass.
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turtle
Lord of the Rant.
Formerly turtle2472
 
Join Date: Mar 2005
Location: Upstate South Carolina
 
2021-07-22, 15:25

Oh yeah! I forgot about the windows. The one I lived in had blown glass. So odd looking through those windows when you compare them to a modern window.
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ThunderPoit
Captain Potatoman
 
Join Date: May 2004
Location: Saint Paul
 
2021-07-22, 20:55

YES! It has some of the original windows with those awesome distortions. I’m expecting in the finished attic that I will be needing to install a ductless air conditioner or some thing to make it usable for my home office. Luckily I am able to move 140 miles and still keep my job
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