homebuying fun (caution: stupidly wide .jpg)

[e30austin]

personally, i'm not going to buy shit until it really goes to hell if it does indeed go that direction.

Exactly where I'm at with it all. Can't afford to pay 2-3x what something is realistically worth - just to have to walk away from it in a couple years when I realize my overpriced house isn't worth jack shit now. Hoping I can in the next year or two.

[MR E30 325is]

Speaking of rentals - this is something my fiancé and I are looking to get into. I'm 30 yrs old, been a home owner for the past 5 years and my dad has been a general contractor / carpenter for 40+ years.

I'm not a big risk taker when it comes to money, but I like to idea of having a rental property with long term income.

Anyone care to share their insights and thoughts? Given each market / region is different, I'd still love to input and insights from people who have done it before.

From my limited research regarding Toronto real estate, it seems incredibly painful to be a landlord. Very Tenant friendly, making a landlords job very, very difficult. The people I read about/talk to in that market that make it are very very good at what they do. You really need to have a firm grasp of what's going on regarding your laws, in your market.

Go to biggerpockets.com and go to the landlord forum. There is a literal vast of information for you to discover. Their podcast is pretty rocking as well.

[Powling]

Speaking of rentals - this is something my fiancé and I are looking to get into. I'm 30 yrs old, been a home owner for the past 5 years and my dad has been a general contractor / carpenter for 40+ years.

I'm not a big risk taker when it comes to money, but I like to idea of having a rental property with long term income.

Anyone care to share their insights and thoughts? Given each market / region is different, I'd still love to input and insights from people who have done it before.

[flyboyx]

Yeah, I'll grab some here in a bit and post them up.

This part of the country never really sees the big booms/busts that other areas do.

I bought a 3/2/2 that's just over 1800 sq ft. Completely renovated (smoke damage), new floors/paint, 18ft vaulted ceilings in the living/master, wet bar in living room, cathedral ceiling in dining room, new black granite in all wet areas, etc.

$156k.

i think homes in that size/price range will be relatively insulated in most markets. that sounds pretty similar to the home my wife and i live in and just paid off 5 months ago.

flyboyx,

Here's an interesting thread about a 'bubble'

https://www.biggerpockets.com/forums/311/topics/488958-are-we-in-a-housing-market-bubble-that-is-likely-to-burst

I am continuing to purchase buy and hold properties for cashflow. If it makes money when I buy it, I'll hold it long enough to ride out any bubble, as you really only realize losses (if you have any) when it comes time to sell.

Gambling/speculation, i.e. flipping houses, is a game I am not currently playing, as profitable deals in my area have all but disappeared. I don't recommend others to pursue this approach, unless they are stable/secure.

this doesn't sound bad either. once again, i assume you are not buying 400k+ properties.

at one time, i had 5 rentals. we have sold out of them except for one waterfront in the galveston area and the home we live in now. how many do you have now?

i always figured that i needed to make about 400.00/month per home to come anywhere close to making it worth my while. renters usually suck. they fuck shit up, they sometimes don't pay. they blatantly break things and then call you and expect you to drive an hour in the middle of the night to fix their screwup. i guess you could say that i got pretty tired.

i could hire a management company, but then there goes all your profits and you still wind up writing a check when something breaks.

[MR E30 325is]

flyboyx,

Here's an interesting thread about a 'bubble'

https://www.biggerpockets.com/forums/311/topics/488958-are-we-in-a-housing-market-bubble-that-is-likely-to-burst

I am continuing to purchase buy and hold properties for cashflow. If it makes money when I buy it, I'll hold it long enough to ride out any bubble, as you really only realize losses (if you have any) when it comes time to sell.

Gambling/speculation, i.e. flipping houses, is a game I am not currently playing, as profitable deals in my area have all but disappeared. I don't recommend others to pursue this approach, unless they are stable/secure.

[z31maniac]

congratulations on your new home man. post up some pix.

i do have to say that what is happening in the housing market now (i believe) will slowly sweep across the country at first. its gonna pick up a lot of momentum. maybe it won't be as bad as 9 years ago....maybe it will be worse. i know nothing of the market in oklahoma. i do know there are a lot of places that are exponentially overinflated to a much higher degree than they were during the '08 debacle. denver is my control experiment.

i don't think it looks good. you can quote this in 2 years and either say i'm and idiot or the opposite thereof. all i'm saying is that i'm not buying anything right now.

Yeah, I'll grab some here in a bit and post them up.

This part of the country never really sees the big booms/busts that other areas do.

I bought a 3/2/2 that's just over 1800 sq ft. Completely renovated (smoke damage), new floors/paint, 18ft vaulted ceilings in the living/master, wet bar in living room, cathedral ceiling in dining room, new black granite in all wet areas, etc.

$156k.

[flyboyx]

I think that depends on where you are, in Tulsa and OKC (where I just bought a house) the market is absolutely nuts.

I had to come in above asking price, the day the house went on the market to get it. I'd lost plenty other houses, or they'd go under contract before I could even look at them, etc.

congratulations on your new home man. post up some pix.

i do have to say that what is happening in the housing market now (i believe) will slowly sweep across the country at first. its gonna pick up a lot of momentum. maybe it won't be as bad as 9 years ago....maybe it will be worse. i know nothing of the market in oklahoma. i do know there are a lot of places that are exponentially overinflated to a much higher degree than they were during the '08 debacle. denver is my control experiment.

i don't think it looks good. you can quote this in 2 years and either say i'm and idiot or the opposite thereof. all i'm saying is that i'm not buying anything right now.

[MR E30 325is]

man, you guys flipping high end property better be careful. the housing market is cooling off in a big way right now.

personally, i'm not going to buy shit until it really goes to hell if it does indeed go that direction.

xfuckingmillionsandtrillions

Not the time to be flipping, unless you have at least two viable exit strategies, or you are a top dog with some substantial backup.

[z31maniac]

man, you guys flipping high end property better be careful. the housing market is cooling off in a big way right now.

personally, i'm not going to buy shit until it really goes to hell if it does indeed go that direction.

I think that depends on where you are, in Tulsa and OKC (where I just bought a house) the market is absolutely nuts.

I had to come in above asking price, the day the house went on the market to get it. I'd lost plenty other houses, or they'd go under contract before I could even look at them, etc.

[flyboyx]

man, you guys flipping high end property better be careful. the housing market is cooling off in a big way right now.

personally, i'm not going to buy shit until it really goes to hell if it does indeed go that direction.

[M-technik-3]

Yeah they are. We are working on million dollar condo's right now but that is only because foolish people will pay asking price for them. Granted they are 3k sq feet but it's still a condo and has no land but they are on an xclusive golf course in Lennox Ma.

[Todd Black 88]

The fully renovated, 52 year old condo they just bought was 1.435 million for 1075 square feet.



Prices here are bonkers!

[flyboyx]

wow. thats retirement money right thar.

[Todd Black 88]

$110k in 1973.

[M-technik-3]

What did they pay for the place?