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Old 07-24-2018, 09:35 PM   #26 (permalink)
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I donít remember the starter house my parents had that I was in. it until around two years old from what I understand.


All of this shit sounds like ideas from the new wife.
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Old 07-24-2018, 09:52 PM   #27 (permalink)
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If you can swing it once her loans are paid, keep house- rent it out for the cost of mortgage, buy new house, win win win.
Iíve thought about it, but if anything goes wrong thatís a potential big expense.

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Just wondering where you live?

980 SF=172k...what size would you be getting in the 250-280k range??
Michigan. We can get between 1500-2300 depending on location. Most that are 1500 donít include the unfinished basements in the sq ft.

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I donít remember the starter house my parents had that I was in. it until around two years old from what I understand.


All of this shit sounds like ideas from the new wife.
100% on me for Kicking off idea. I donít do clutter and donít work well in it. Weíve got the house organized the best we can, itís just a shoe box. Just an unneeded aggravation trying to do anything. No where for laundry, tiny kitchen, always running into each other when moving around, etc
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Old 07-24-2018, 10:04 PM   #28 (permalink)
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People on the PBB have so much hate for Realtors, but all the OP questions are what the Realtor is there for.
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Old 07-24-2018, 10:14 PM   #29 (permalink)
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People on the PBB have so much hate for Realtors, but all the OP questions are what the Realtor is there for.
Are you kidding me? The Realtor would have one and only one answer for him, and that involves $$ in his eyes.
How about talk to someone that won't profit (twice) off your decision.
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Old 07-25-2018, 04:27 AM   #30 (permalink)
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People on the PBB have so much hate for Realtors, but all the OP questions are what the Realtor is there for.
Yeah, like "Your budget is $280? Let me show you these $400k house."
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Old 07-25-2018, 04:33 AM   #31 (permalink)
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Old 07-25-2018, 04:42 AM   #32 (permalink)
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12% is a lot to fork over, in just a year.

..and then, you're planning to do it again 4 years later?

Damn! I needz to get a real estate license and be your "friend."



Stay where you are for the 4 years. Or do the rent the place thing and by house #2.
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Old 07-25-2018, 04:56 AM   #33 (permalink)
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12% is a lot to fork over, in just a year.

..and then, you're planning to do it again 4 years later?

Damn! I needz to get a real estate license and be your "friend."



Stay where you are for the 4 years. Or do the rent the place thing and by house #2.
How are you coming up with 12%? I'd "lose" ~2%. Yes, no equity, but no worse off than if i would have rented for the last year.
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Old 07-25-2018, 05:03 AM   #34 (permalink)
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How are you coming up with 12%? I'd "lose" ~2%. Yes, no equity, but no worse off than if i would have rented for the last year.
Ever heard of real estate commissions?... and closing costs?

Sure, the seller may have "paid" for those out of his profits, but you paid him. You've already paid over 6% to get in, you wanna pay another 6% to get out, and another 6% to get into a place in just a year?

You're gonna need scuba gear if you're gonna go that far underwater.
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Old 07-25-2018, 05:18 AM   #35 (permalink)
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Ever heard of real estate commissions?... and closing costs?

Sure, the seller may have "paid" for those out of his profits, but you paid him. You've already paid over 6% to get in, you wanna pay another 6% to get out, and another 6% to get into a place in just a year?

You're gonna need scuba gear if you're gonna go that far underwater.
You can't just throw crap numbers at a wall and add them up because they all stuck.
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Old 07-25-2018, 07:33 AM   #36 (permalink)
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Life's too short, sell it now if that's what you want to do. You may be surprised at how you come out. Talk to a couple of realtors and get their opinion.
Even if you break even you will be happier moving on to something you want.
This.

Its just money. You are clearly doing well enough that any small loss is not going to hurt you financially. I used to be of the mentality that I won't take a loss on shit or absolutely minimizing loss but its just not worth it. If you can afford it and you and your family want it go do it. The only thing I disagree with is going back to a 30 year, fuck that. In my opinion on any house after your first you should only be looking at what you can afford with a 10 or 15 year. 30 years are absolute crap.
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Old 07-25-2018, 08:12 AM   #37 (permalink)
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Ever heard of real estate commissions?... and closing costs?

Sure, the seller may have "paid" for those out of his profits, but you paid him. You've already paid over 6% to get in, you wanna pay another 6% to get out, and another 6% to get into a place in just a year?

You're gonna need scuba gear if you're gonna go that far underwater.
You can't spin it both ways. I'd actually agree that the buyer "technically" paid the sellers cost, but if you're going to lay it out that way OP has already paid the commissions and the new buyer will cover them when he sells. You can't ascribe the full commission buyer one time and the seller the next.
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Old 07-25-2018, 09:14 AM   #38 (permalink)
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So questions are:

-Whats the best method to coordinate buying & selling homes? I'm assuming there are special loans to handle this if you end up with 2 houses at once?
If you do this ^, you will most likely need a bridge loan. Easy to get, but not much fun because.....wait for it.....you will be making THREE house payments at the same time!!
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Old 07-25-2018, 09:17 AM   #39 (permalink)
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This.

Its just money. You are clearly doing well enough that any small loss is not going to hurt you financially. I used to be of the mentality that I won't take a loss on shit or absolutely minimizing loss but its just not worth it. If you can afford it and you and your family want it go do it. The only thing I disagree with is going back to a 30 year, fuck that. In my opinion on any house after your first you should only be looking at what you can afford with a 10 or 15 year. 30 years are absolute crap.
We could do a 15 year, however the flexibility with going for a 30 in the scenario of what if. Current house is my first house.

In actuality, outside of loss of job or major unexpected expenses (which i have a respectable nest egg for at 28), we'd put a couple extra payments a year to drop it down closer to the 15.
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Old 07-25-2018, 11:11 AM   #40 (permalink)
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Just throwing this out there not knowing anything about your house besides sf...

Houses that were built before around 1970 that were 2 bedroom 90% of the time only got a 750 gallon septic tank installed. You would have to determine if you were lucky to have a 900+ gallon before you could legally add on. And ironically the only houses that I have stumbled upon that size that had bigger tanks and built back then were Habitat homes. Habitat never skimps.

But you can obtain that info for free from the health dept if you don't already have it. And other considerations would apply as well like current zoning, setbacks, buffers, property lines ect.

Landlord-ism is NOT what it's cut out to be. It takes a special person to do that.
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Old 07-25-2018, 12:37 PM   #41 (permalink)
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I work in new construction. I'm starting to see a decline in homes sent to me for design after a feverish 2 years. I've also found a lot more "housing is slowing" news articles coming across my news feed.

No one has a crystal ball, this could just be a temporary stall, but how would your current place sell in a slower market? If you're going to absolutely need more space in the next 2-3 years would you be able to get out of that place if the market slows?

IF there's going to be a decline, and no one knows, plus it's very dependant on your local market, I'd prefer to go through it in a house that'll work for my family instead of a place I feel cramped. So do some local market research and see what you come up with.

Personally I think in most parts of the country both rent and home prices are well over inflated again. I doubt we'll ever see a discount sale like we did in 2008, but I'd expect at the least leveling or a slight drop in prices pretty soon.
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Old 07-27-2018, 07:45 AM   #42 (permalink)
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Realtor came by and estimated the house value at $183k. He said most houses under $200k sell for list or slightly above at the moment. Expects the house to sell in under 2 weeks. Costs to sell were a little higher than expected, but the higher list price more than makes up for it. If it sold for list and no money had to go towards repairs, i'd walk away with $38k which is pretty much a wash.

Went and looked at a FSBO house last night. Only house currently on the market we can find that checked most boxes. 95% what we want. In the right area, surrounded by trees so nice privacy, on an acre lot, 2400sq ft, plenty of parking space on the driveway and a spot for a camper trailer.
I didn't like it wasn't a walk out basement, have a 3rd stall on the garage and the master shower seemed like an after thought. I want a 3rd stall or a walk out basement so i can work on dirt bikes in the 3rd stall or use part of unfinished basement to work on my couple builds and storage for bikes in winter. Worst case, i tear it apart and bring it down in pieces

Supposed to meet with the realtor Monday to discuss options and decide best route to go.

Wife is thinking about building, which i'm ok with, i just know it has potential to be a PIA. Also buying a lot versus buying a builder owned lot i believe can create complications/more costs. Would need to investigate more, hopefully realtor can add some clarity. Don't see any lots that scream this is where i want to live at the moment, maybe we're not looking right for strictly a lot. Realtor will hopefully pull something out of a hat and surprise us.

Other concern is we sell the house, and don't find anything. Would mean moving into a rental and then again once we found a house. Not ideal either.

Worst case, we stay in the house a bit longer. I'm definitely more impulsive and want out now that i know we can without losing our ass.
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Old 07-27-2018, 08:31 AM   #43 (permalink)
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You can't spin it both ways. I'd actually agree that the buyer "technically" paid the sellers cost, but if you're going to lay it out that way OP has already paid the commissions and the new buyer will cover them when he sells. You can't ascribe the full commission buyer one time and the seller the next.
Iím assuming heís buying another house
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Old 07-27-2018, 11:00 AM   #44 (permalink)
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Landlord-ism is NOT what it's cut out to be. It takes a special person to do that.
That is why property managers exist. you have zero contact with the tenant, which is good, because tenants are typically idiots
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Old 07-27-2018, 11:22 AM   #45 (permalink)
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We're paying $2k/month towards her loans (she's a teacher). Since we got married (8 months), we've paid off about $25k, with $29k remaining.

Budget for the new house is solely off my income, excluding hers. We could go into the 300's comfortably (with her salary), however I don't want to lose the potential option to allow her to stay home with the kid the first few years before he/she starts school. As of now, she does not want to stay at home, however once she sees the cost i suspect that could change. Also would help let us float bills a little easier if one of us loses a job.

Only "major" thing we have to do at our house is fix the yard. This year has been terrible for weeds and then our small fences in area the grass died off for no apparent reason and was replaced with weeds. Going to get an estimate to fix the yard as that would make the house present not well.

I'm not against staying until next year, and would net us a small profit or put us at break even once yard work got taken care of.

I just don't know if waiting is the smart decision or just get it over with now.
If daycare costs more than she makes why did she become a teacher? You're paying student loans which you could use to pay for a bigger house. Fix the issues with your house. Don't move because you don't need much room for a kid. You won't have many visitors when you have kids for multiple reasons, one being you won't want them that much.

The smart decision would be to stay in your house until loans are paid off, save up vacation time for when you have a kid, then make a decision about moving. $2,000 is a mortgage on a pretty nice house here. I have an infant almost 8 months old. I've been in my house 4.5 years.

If she doesn't work and you lose your job how are you going to pay for anything? Why would you EVER tell someone who is a teacher you agree with her staying home? Benefits and retirement are pretty substantial here for teachers. Having summers off for free daycare would be a nice perk in a few years too.
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Old 07-27-2018, 03:20 PM   #46 (permalink)
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The smart decision would be to stay in your house until loans are paid off, save up vacation time for when you have a kid, then make a decision about moving.
Pretty much this.

Like said, I sure as fuck wouldn't give up my hard earned down payment to a bunch of real estate weinnies.
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Old 07-27-2018, 06:36 PM   #47 (permalink)
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House just popped up. If I was on the fence before, this just made up my mind for me
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Old 07-27-2018, 06:41 PM   #48 (permalink)
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F yeah, that place looks awsome
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Old 07-28-2018, 05:46 PM   #49 (permalink)
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Went and looked at it.

Shop was awesome, most of the upstairs was awesome (2 bedrooms needed new flooring, or just put carpet down), down stairs each room had different flooring...Could see the interstate thru the trees (winter, no leaves so doesn't seem ideal).

Realtor then took us to look at another house. It checks off most of my boxes, however couple things that are out of budget. To get it in our budget, the builder will most likely include landscaping or finish out the basement (bathroom excluded, plumbing is there)).

House is tucked away so barely can see from the road. Drive way is gravel, except for the pad in front of the garage. Road is a dead end so traffic should be minimal. No chance of houses going behind the lot. Lot is 2.5 acres.

Meet with him again on Monday about our current house and going to ask more on this one and then about the potential to build with this same builder but make few minor adjustments to lower the price slightly and then we get everything. Only "downside" is instant gratification. We don't need a finished basement at the moment so it's not a huge concern to me, she'd rather have that finished out (but agrees its not needed) than a yard. We need to do some research on cost to sod and do a sprinkler system as well as finish out the basement.
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Old 07-29-2018, 06:09 AM   #50 (permalink)
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y'all are slacking.

If you have to ask... more than likely, you are.
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