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  • house buying?

    So many years ago when I first moved to the city I currently reside in, I found a LOVELY 1 bedroom 1 bath place over a garage with a really sweet person living in the main house. both of us were renters and kept an eye on each other (decent neighborhood, both single women living alone).

    Owners sold the place, and new owner had me move out of the garage since it needed A LOT of work (nothing I'd done).

    Fast forward several years later and for the past few months the place has been up for sale....

    Its a prime location, VERY near the college, 2 different incomes for renting both places, it could easily pay for itself.

    I have no intention of living in it, not because its a bad place, but because I have my own place where I am very comfortable.

    Am I insane? or does this sound like a good idea.
    It is by snark alone I set my mind in motion. It is by the juice of the coffee bean that thoughts acquire 'tude, the lips acquire mouthiness, the glares become a warning.

  • #2
    Not completely insane. Just make sure that you know what you are getting into. Remember, you'll be a landlord.
    Life is too short to not eat popcorn.
    Save the Ales!
    Toys for Tots at Rooster's Cafe

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    • #3
      Not insane if you can afford it.

      I'm probably going to move within the year. When I do, I'm renting out my house. I can't get what it's worth in the current market, and renting should be a good long term investment until the market bounces back.
      They say that God only gives us what we can handle. Apparently, God thinks I'm a bad ass.

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      • #4
        I already am a landlord.

        I've talked with a realtor whos a close friend and after a bit of research she thinks I could possibly get it for $112,000 (listing price is 129,000), if I can't get it for that, then not to bother.
        It is by snark alone I set my mind in motion. It is by the juice of the coffee bean that thoughts acquire 'tude, the lips acquire mouthiness, the glares become a warning.

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        • #5
          Quoth Sarlon View Post
          I already am a landlord.

          I've talked with a realtor whos a close friend and after a bit of research she thinks I could possibly get it for $112,000 (listing price is 129,000), if I can't get it for that, then not to bother.
          It'll depend on what the current owner owes, then. 112 is pretty far from 129. In this market, the house is probably reasonably priced. A lot of sellers aren't going to want to take more than 10% off the asking price; you're at 13%. But your realtor is probably right on the value of the home. My house is worth 4K less than I paid for it because of the market.

          Can you look up what the seller paid for the house? That might help your negotiation. That information is usually public and you can get it from the county or city.
          They say that God only gives us what we can handle. Apparently, God thinks I'm a bad ass.

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          • #6
            realtor friend said house was bought for $149.

            I know its been on the market for at least 6 months (realtor confirmed), and the price has come down considerably.
            It is by snark alone I set my mind in motion. It is by the juice of the coffee bean that thoughts acquire 'tude, the lips acquire mouthiness, the glares become a warning.

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            • #7
              Quoth Sarlon View Post
              realtor friend said house was bought for $149.

              I know its been on the market for at least 6 months (realtor confirmed), and the price has come down considerably.
              Awesomeness. That sounds very promising for you, then. Hope you get it!
              They say that God only gives us what we can handle. Apparently, God thinks I'm a bad ass.

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              • #8
                I think it sounds good. I used to also live in a garage based apartment my first time out of the house, though mine was a converted garage instead of above a garage. My favorite apartment was the chauffeur's flat and garage parts of a classic coach house - indoor parking under my apartment in a snowy area, priceless! It was one of those rough hewn stone monstrosities that looks haunted, I would buy it in an instant if it hadn't been torn down =(
                EVE Online: 99% of the time you sit around waiting for something to happen, but that 1% of action is what hooks people like crack, you don't get interviewed by the BBC for a WoW raid.

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                • #9
                  **UPDATE**

                  Sadly the sale for me fell through. Before I could get to talk to someone at my bank (damn school schedule), the seller had gone into almost unconditional contract. Barring inspections and lawyer stuff they were going to close on the house.

                  Such a shame....would of been perfect!
                  It is by snark alone I set my mind in motion. It is by the juice of the coffee bean that thoughts acquire 'tude, the lips acquire mouthiness, the glares become a warning.

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                  • #10
                    **Update**

                    So....While the first house is gone out of my reach, I FINALLY got in contact with a sane and reasonable person at my bank (read anyone willing to help answer my 123091234312362452 questions about this), and we worked out exactly what i can afford (even as a rental property).

                    then we ran my numbers.....and i nearly cried. (this was for prequalifacation).

                    My Credit Score is 30 points to low, and my Debt to income ratio is 3% to high ><

                    read that as i need to pay down my credit cards some, and maybe take a hack at my student loans being paid down some....though with the student loans since I'm still in school, they aren't coming up due yet.
                    It is by snark alone I set my mind in motion. It is by the juice of the coffee bean that thoughts acquire 'tude, the lips acquire mouthiness, the glares become a warning.

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                    • #11
                      Sarlon - you didn't get a chance at the house you wanted to try for and finding out the information that you don't quite qualify sucks...BUT... having this information is good as it can give you a plan for the future and you know where to put your financial focus for when you DO see something else so you are ready.
                      I am so SO glad I was not present for this. There would have been an unpleasant duct tape incident. - Joi

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                      • #12
                        I seriously feel for you.

                        One of my amusements [I guess you could call it] is hitting the realty sites in certain areas that we are interested in moving when the money is available. I know that I will be inheriting money when my mother finally passes first from splitting the bank accounts and the insurance money, then after the auction. So I will firstly have at minimum of $100K to play with [and that doesn't count selling our current dwelling.] I found this absolutely lovely property, asking price was on the order of $175K. 20 acres, house on it was older, built in about 1970, and shabby but not badly enough that it didn't have possibilities. 4 bed, 2 bath, about 1800 sq feet. When I checked back on it [I go and check my favorites and cry when I see how little or how much they have sold for.] It sold for $93K. I could have afforded to buy it cash [in the future]

                        *sigh* I probably should stop browsing, but it is a cheap enough hobby. Did I mention the 80 acres of desert down near the Salton Sea that would be phenomenal for a solar power ranch - at something like $150K ... [I think it sold, it isn't on the site I use any longer =(]
                        EVE Online: 99% of the time you sit around waiting for something to happen, but that 1% of action is what hooks people like crack, you don't get interviewed by the BBC for a WoW raid.

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                        • #13
                          welp, 3 hours later I have all the paper work filled out, all the appropriate paperwork from my past 2 tax returns and my last 2 w-2s (bank requirements).

                          I FINALLY have all the paperwork ready....for pre-qualification ><
                          It is by snark alone I set my mind in motion. It is by the juice of the coffee bean that thoughts acquire 'tude, the lips acquire mouthiness, the glares become a warning.

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                          • #14
                            Quoth Sarlon View Post
                            I FINALLY have all the paperwork ready....for pre-qualification ><
                            It sounds like you've gone from the "the old house I know well went up for sale, I ought to buy it" stage to the "I missed the old house, now I have to buy *something*" stage.

                            I'd like to strongly recommend taking a good look at your finances. According to the metrics you weren't financially healthy enough to afford the more expensive house, and their metrics may not be perfect, but they're a good indication. With anything that isn't a hell of a lot less expensive - maybe half the price - you'll instead be marginal, which really isn't a great place to be.

                            I have to suggest you put the idea away for a few years.

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                            • #15
                              Price of first house (fell through): $129k

                              Price of house I'm trying to get now: $65,900
                              It is by snark alone I set my mind in motion. It is by the juice of the coffee bean that thoughts acquire 'tude, the lips acquire mouthiness, the glares become a warning.

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