Omg! Omg! Omg!

BadPiggy

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If you do get a place with 600-700 per month payments on a 30 year mortgage, then you'd be wise to go ahead and keep paying 1100-1200 per month and pay that bitch off in less than 10 years. You will save close to 150K in interest that way.

Brian, I'm just ready to kick back and relax some. Tired of working to make payments. Maybe I'll just slow down a couple years and pay the mortgage as is, then after some rest maybe start hustling again and double up on payments. I don't know, we'll see.

Shit, rent like that around here gets you some decent Penthouses. Anything nice though is like $800+/mo. Anything less is usually ghetto areas.

I live in a really nice place. Gated complex. Place is about 10 years old. It's nice, but I'm tired of F'n paying it.
 

stkjock

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Chris - good luck with your search


Shit, rent like that around here gets you some decent Penthouses. Anything nice though is like $800+/mo. Anything less is usually ghetto areas.

:lol:

1165 might get you a closet in Manhattan

a co-worker has a 2 bed room apt on the upper east side and I think he pays like $5000 a month, why he does it as a single guy beats me.


image.jpg


https://www.timeout.com/newyork/blo...orhood-is-as-depressing-as-youd-expect-082115
 

BadPiggy

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Going to look at the first house this Saturday. I did a drive-by this past weekend and checked out the exterior. For the most part, I'm pleased with everything about it. There are a couple things that I'm going to bring up if I decide to make an offer.

The listing says new roof within 3 years. That's all fine & dandy, but I'd like to know how they come up with 2 different colors of shingles. The shingles are charcoal with the exception of what appears to be some patches using brown shingles.

The wood fence needs several slats installed.

The landscaping is horrible.

I like the size of the property, the location, the house isn't too big nor too small at 1355 sq. ft. I've already checked and I can build an outbuilding (small shop) in the backyard.

The asking price is $170K but with it needing a new roof, I've got a $150K number in my head should I decide to offer. Anyway, we'll see......

The listing.......

http://www.realtor.com/realestatean..._TN_37865_M81399-06368?ex=TN612908723#photo13
 

skwerl

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The colors in the bedrooms and bathrooms are rather strong. Kitchen needs work, the Formica is peeling off the countertop. Not criticisms, just items to point out and use as leverage. I like the fact that you don't have neighbors elbow distance away, but ask them to justify the price per square foot compared to the local market.

Definitely get up in the attic/crawl space and examine the roof patch areas more closely. Or pay for an inspection. They didn't patch the roof because they felt like wasting a nice Saturday afternoon.
 

tigerhonaker

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Hi Chris,

Good-Luck on your search for the New House buddy.

73afbb4b731db35f58467e7c0d6f2eadl-m0xd-w640_h480_q80.jpg


I like this a lot !!!

73afbb4b731db35f58467e7c0d6f2eadl-m16xd-w640_h480_q80.jpg




Terry
 
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oldVOR

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Check to see if there is a Home Owners Association. While the county may allow you to build an outbuilding, the HOA may be more restrictive for the size of the building and may not allow a business to be operated on the property.
 

MADGT

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Yup, congrats...I was a first time home buyer when I turned 48...
 

BadPiggy

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Looked at the house that I posted. Asking was $170k but it need a bit of work. The $170k would've been fine had the house been immaculate. The columns on the front porch had some rot, the place needed painting and we found a couple other issues. The owners apparently bought at the height of the market because they still owe over $160k on it. Had I offered, about $150k was as high as I was willing to go. Needless to say, walked away from it.

With that said, kept looking and looking. Found a couple more, started to make offers and I'll be damn...when I finally decided to offer, usually about a week later, the houses went "pending." Almost gave up at one point, got frustrated.

Glad I didn't give up. Found this diamond in the rough, made an offer and it was accepted! It's a HUD Foreclosure and has been empty since 2011. Asking price was $122k and they had a bid deadline a couple weeks ago. Decided to bid $117,500 and as I was talking to my agent, I thought about it and come to the conclusion that someone else was going to possibly bid that number and then I'd be in a bidding war. I really liked this house so I decided to up my bid.....by $9.24 bucks! Yes, my bid was $117,509.24!

GUESS who won that house by $9.24 smackers!?!

Now, it was a foreclosure and needs about $3000 work done. Re-applied for a different loan, a 203(k) which allows you to add up to $30k in repairs & upgrades and it be financed into the mortgage. Went for the full $30k and not only will the repairs be done, also installing new solid hardwood floors, new tile in kitchen & bathrooms, new carpet in bedrooms, new cabinets & appliances. The back door and 2 of the interior doors are part of the repairs that's listed as "must-do's" so those will be replaced as well. The contractor (work has to be done by licensed contractor for the loan, else I could do it myself) crunched all of the numbers and we're over the $30k by about $4000 dollars. He removed painting and reduced the appliances purchase from $7000 down to $4000 to get the bid closer to $30k for approval from the lender. I'll be doing some of the work...painting, pressure washing, demo...just to help stay under budget so this place will be really gorgeous after its finished.

There is a wall between the kitchen and living room. I like an open floor plan so the contractor & I decided gonna knock that wall down, install a nice sized island which will also have the countertop stove in it. The area where the standard stove/oven goes will be getting a double oven combo. The original refrigerator location will be getting a pantry cabinet that matches the new cabinets. The fridge will be relocated to a different spot.

Anyway, here's a link to the listing.....

http://www.zillow.com/homedetails/2029-Strawberry-Dr-New-Market-TN-37820/55488043_zpid/
 

BadPiggy

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OH YEAH.....forgot to mention....

Home Inspection and Appraiser were there yesterday. Home inspector found a couple issues that'll need to be addressed within the next couple years...roof & CH/A. He also said the water heater was too small (30g.) for that house and I should consider getting something larger. Appraiser looked at house then looked at the upgrade sheet, then told my agent when the upgrades are finished, there would be substantial equity in the home...like $25k equity. Neither the appraiser or inspector could believe we got that house for that price.
 

stkjock

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Congrats Chris

BTW for one person living in the home, 30 G HWH is plenty
 

skwerl

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Yes, Dave's right. My house had a 60 gal water heater that blew out shortly after I moved in. I replaced it with a 40 (smallest available at HD) and it's been plenty big enough with two people in the house.
 

Shotokan1509

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Congrats! Some elbow grease looks like you'll have a really nice place... I want/need that shed

Congrats Chris

BTW for one person living in the home, 30 G HWH is plenty

Yep, that's what I have due to space considerations. My parents & brother lived with me for few months last year and we still didn't have any issues.. but being well & septic I don't back to back things like shower/dishwasher/washer. If it's not too old I'd give it a try, not that it's that much more but why spend to heat more water than you need?
 

BadPiggy

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My damn agent fucked up having the utilities on and then scheduling the appraisal and home inspection. She tried to rush it before the 15 day deadline which was also during the holidays. Well, the water wasn't on by the time the appraiser came. He supposedly told my agent don't worry about it, just be sure everything is snuff by time he comes back out for final appraisal. So now appraiser puts all of this in his report to investors and now they're holding back money that was going towards the remodel.

Now I gotta shell out $350 more F'n bucks that I shouldn't have to. Gotta have F'n water turned on AGAIN and him comeback to check so he'll change his report. Lotta fucking red tape but the bottom line...$350 F'n more dollars!
 

skwerl

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I fully understand and went through tons of bullshit myself on my closing. All I can tell you is to not get discouraged and keep your eye on the prize. You will get through this and in the end it will be worth all the bullshit. Do your best to keep them in line and facilitate solutions. I had several items where I had to illegally enter the house and fix them myself in order to get around all their requirements.
 

ksack

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Just like skwerl said, don't lose hope. I'm in the same boat with negotiations and crap for shit getting fixed. It's even more painful because the seller is in Japan so anything takes at least a day to hear back. I had my eye on a foreclosure but my timeline with moving in didn't make sense with the repairs that needed to be done. Good luck!
 

BadPiggy

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Congrats! I'm surprised it only needs $3,000 worth of work for being vacant for 5 years.

My wording may be misguiding.....

As for actual repairs of things that don't normally go bad, $3000-$4000 bones.

Now things that wear out over time would be another $10,000. The home inspector report has the roof needing replacement in the next 2-5 years and the CHA needing work/replacement immediately. I place these 2 items in the "normal wear/tear" category. Average lifespan of roof depending on shingles used, 20 years. The CHA is at or past its lifespan. With the house being 16 years old, these 2 items don't alarm me.
 

BadPiggy

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Closing Thursday at noon.

Fingers crossed!


Side note...went and bought locks/deadbolts for the 3 entry ways last night.
Never thought owning a home would send you to the poorhouse!
$294 bone for front/back/garage locks & deadbolts!
Still gotta drop about $350 more for matching interior door levers/locks.
 
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