They have liberal arts degrees. No money.
So what? The financial penis envy in here is hilarious.
Am I supposed to pretend I'm broke so I can fit in?
The point was the value on the exact same 2200 square foot house can vary by $500,000 depending on where it is located and a lazy appraiser that doesn't know the market can blow a perfectly legitimate purchase.
And it's a stupid federal regulation that caused the problem. Instead of putting predatory lenders, Fannie/Freddie corrupt executives and crooked Wall Street bundlers in jail they just passed stupid regulations to make the buying of anything but a cookie cutter property more difficult.
Good luck getting this thread back on track bud..
No you'll need to be a career student also. Smart & broke is the way to go.
I make my final house payment next month, so thanks for the heads up. Does this apply to buyers and sellers?
Which lake?
Last edited by Th'Pusher; 03-29-2017 at 08:46 PM.
So then they're both bags
post of the day
It applies to sellers as far as the extra bucks being charged by appraisals, but it gums up the system down the line. It takes longer for everyone. If you get all your house plans in order, extras you added, "blueprints" etc... the stuff the appraisers have to do anyway that you can help them with you can greatly expedite the process. I only know because of friends who have had the same problem.
And just because you made your final payment, you don't have to leave your beautiful moated castle yet? Btw, you need to get the alligators out, large anacondas are the preferred domicile protection reptile that will raise the appraised value. Don't let the tax guy on to this though.
Last edited by pgardn; 03-30-2017 at 08:24 AM.
Lol, that last bit. Yeah, we haven't decided yet whether we want to stay or move again. This will be the first time we've ever paid off a mortgage, so I'd kinda like to enjoy that feeling for a while. This definitely isn't our "forever house", since it has stairs. I won't move again unless I can buy the next one all cash.
Depending on location you might be able to rent your existing house for enough to upgrade to the one story you want with a 20% down and let the rent on house 1 pay the note,taxes, and insurance on house #2.
That is something we're also considering, but I've never been a landlord before. I've seen some bad stories about renters causing damage and/or not paying rent.
Teshya Blue, IIRC, has some horror stories.
CC's advice is excellent - especially if you intend to downsize to a smaller, ranch-style house (although these tend to be older houses with more land than the more modern 2 story/smaller lot houses).
A few suggestions:
Decide if this is something you should/want to do:
1. Are you staying in that area long term or are you gonna move out of town and live near children/grandchildren
2. Are you planning to travel a lot or don't want to deal with tenants.
3. Are you handy or have access to a good handyman?
Is the house good rental property?
1. Is it fancy - lots of glass/mirrors, marble floors, expensive fixtures?
2. Is it easily maintained: ceramic tile is better than marble, laminate is better than real wood, almost anything is better than carpet
3. Do you have a pool, on lakefront or canal - if so, you might need extra liability insurance (pretty cheap, umbrella policy $300-500)
If it's rentable:
1. Qualify for loan for new home before you retire. You have to show income - the rent from your previous home will only count as 70%? (to allow for periods of non-occupancy).
2. Run background check if you want but I find it's best to look for a good fit with the neighborhood - family with same background, culture, language so that they will put down roots and stay a long time.
3. Make sure to get 3 months: first, last and security
4. As soon as rent is overdue, post the eviction notice and start the eviction process. Explain to them up front before signing lease that this is what will happen if they are late or set up a late fee - $x if it's 1 day late, $y if 2 days late, etc in contract. The notice usually strongly urges them to pay up because now the courts are involved. It takes a long time for the process so start asap.
5. Be courteous, helpful, respond immediately to calls for repairs - in short, be nice to them and they'll usually be nice (and pay on time) to you.
^Thanks for the advice. A lot to think about.
Lol
But no really I'll have my Butler check on it
You mean you don't have a dedicated money machine repairman on retainer 24/7?
Stop whipping your financial penis out so often.
Don't capitalize his position. Next thing you know he'll want to vote and then use the same restroom as you.
DMC on a strafing run.
I got a job offer today
Congrats
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