OT 20: rotisserie roller coaster

[razr390]

@Rudy, how much is the rental house if you don't mind me asking?

My buddy here is currently paying $2K for a studio. It's close to downtown but not in a great neighborhood or anything... Rents here have also been nuts.

I just see inventory ticking up rather quickly and sold prices anywhere from $20K under asking to $50K over instead of $50-100K+ over... think these are good signs that we may be cooling down finally. Time for me to get laid off now

Our 3/3, with a 10 min commute to my office is $1,990 a month. Has a dece backyard, a loft on the 2nd floor that will be the kiddo’s play area, community trails and playground etc.

[ChrisoftheNorth]

Renting is the right move right now, assuming a reasonably priced rental can be found.

I honestly don't regret not spending more. Our mortgage is hilariously cheap and our house is still more than we could afford right now. If things ever do it'll be for us since our costs are so low.

Ours is like $2200 because we did a 15 year, but at least there's a real end in sight to the thing if we can just make do with what we have. It's wild that we only owe like half of the house's value 2.5 years in. I should get a HELOC and buy a Cayman GT4.

We're at $1,400 all-in (taxes, insurance, etc) 30 year at 2.6%. With interest that low, I couldn't justify a 15 year and since the mortgage is so cheap there will never be a financial motivation to sell, even if we want to buy another house elsewhere. We owe $200k and it's worth 500ish based on our area. Time to HELOC a Lambo, breh.

[ChrisoftheNorth]

@Rudy, how much is the rental house if you don't mind me asking?

My buddy here is currently paying $2K for a studio. It's close to downtown but not in a great neighborhood or anything... Rents here have also been nuts.

I just see inventory ticking up rather quickly and sold prices anywhere from $20K under asking to $50K over instead of $50-100K+ over... think these are good signs that we may be cooling down finally. Time for me to get laid off now

My mom wants to buy a house by us, so I've been paying attention to listings and sales. Things are cooling off quick here. To the point where I'm starting to find deals on things. At this stage in the year when the seasonally the market ticks up, it's quite something to see the opposite.

[razr390]

For context, our 2/2 apartment is $1200 after parking and pest control and trash fees (included) without utilities.

If we wanted to rent our current floor plan in this complex it would be $1,500 base rent, or $1600 with parking and all base fees (non utilities). A 3/2 apartment would be about the same as the house, $1,800-2,200.

[D Griff]

@Rudy, how much is the rental house if you don't mind me asking?

My buddy here is currently paying $2K for a studio. It's close to downtown but not in a great neighborhood or anything... Rents here have also been nuts.

I just see inventory ticking up rather quickly and sold prices anywhere from $20K under asking to $50K over instead of $50-100K+ over... think these are good signs that we may be cooling down finally. Time for me to get laid off now

Our 3/3, with a 10 min commute to my office is $1,990 a month. Has a dece backyard, a loft on the 2nd floor that will be the kiddo’s play area, community trails and playground etc.

I still knee-jerk at $2K thinking it's a lot of rent... but those days are sadly over. We have a rental house across the street from us, similar floor plan/house but much shittier inside and out, just rented for $1800 - https://lease.invitationhomes.com/homes ... e-nc-28209

I guess our house would likely fetch $2-2.2K/month given it's a lot nicer and more recently renovated.

I'd say it's worth $400/month over a 2/2 apartment if you can do it which clearly you can.

in4pics! That is pretty exciting. Do you think y'all will stick with TX for a while?

[max225]

Our 3/3, with a 10 min commute to my office is $1,990 a month. Has a dece backyard, a loft on the 2nd floor that will be the kiddo’s play area, community trails and playground etc.

I still knee-jerk at $2K thinking it's a lot of rent... but those days are sadly over. We have a rental house across the street from us, similar floor plan/house but much shittier inside and out, just rented for $1800 - https://lease.invitationhomes.com/homes ... e-nc-28209

I guess our house would likely fetch $2-2.2K/month given it's a lot nicer and more recently renovated.

I'd say it's worth $400/month over a 2/2 apartment if you can do it which clearly you can.

in4pics! That is pretty exciting. Do you think y'all will stick with TX for a while?

2k a month is like property taxes here. Very reasonable amount for rent imo. But San Antonio is one the last “cheap” places left in the us.

[razr390]

Honestly yeah we were a bit worried about the $2k thing but honestly, when our 1/1 in DC was $1600 for 800sq Ft (in 2017) now it’s $2k+ etc it doesn’t sound like such a bad deal. Especially when it’s close to work, only for a year, and my job is literally the in the house not commute reliant.

[D Griff]

I still knee-jerk at $2K thinking it's a lot of rent... but those days are sadly over. We have a rental house across the street from us, similar floor plan/house but much shittier inside and out, just rented for $1800 - https://lease.invitationhomes.com/homes ... e-nc-28209

I guess our house would likely fetch $2-2.2K/month given it's a lot nicer and more recently renovated.

I'd say it's worth $400/month over a 2/2 apartment if you can do it which clearly you can.

in4pics! That is pretty exciting. Do you think y'all will stick with TX for a while?

2k a month is like property taxes here. Very reasonable amount for rent imo. But San Antonio is one the last “cheap” places left in the us.

I mean... I guess. The inflation is still insane though. I rented an equivalent house to the one I liked here in 2014 for $875/month less than a mile away.

[ChrisoftheNorth]

Honestly yeah we were a bit worried about the $2k thing but honestly, when our 1/1 in DC was $1600 for 800sq Ft (in 2017) now it’s $2k+ etc it doesn’t sound like such a bad deal. Especially when it’s close to work, only for a year, and my job is literally the in the house not commute reliant.

$2k for a 3/3 house really isn't bad at all.

[D Griff]

Also the property taxes argument is kind of irrelevant when your house pays you more than that to live in it each month. I pay like $3500/year in property taxes and my house pays me 20X that. I'm sure Bay Area is even higher.

[SAWCE]

Honestly yeah we were a bit worried about the $2k thing but honestly, when our 1/1 in DC was $1600 for 800sq Ft (in 2017) now it’s $2k+ etc it doesn’t sound like such a bad deal. Especially when it’s close to work, only for a year, and my job is literally the in the house not commute reliant.

$2k for a 3/3 house really isn't bad at all.

Not at all. We were paying $2100 for 2/1 in San Diego.
Now at $1900 for a 2/2.5 here in Oregon.

[ChrisoftheNorth]

Also the property taxes argument is kind of irrelevant when your house pays you more than that to live in it each month. I pay like $3500/year in property taxes and my house pays me 20X that. I'm sure Bay Area is even higher.

100% depends on the area. We were paying $15k annually in taxes in the Detroit area. Absolute insanity, and our house value was not going up by that much, nor were we getting $15k of value from that.

We're at 3800 here, far more reasonable.

[razr390]

Not to mention there is an underlying benefit from having a bedroom dedicated to her work office versus the way we have it sort of in our bedroom right now. More space = more productivity = more orders and classes = more revenue. So it could really be exponentially beneficial.

[max225]

Also the property taxes argument is kind of irrelevant when your house pays you more than that to live in it each month. I pay like $3500/year in property taxes and my house pays me 20X that. I'm sure Bay Area is even higher.

we’re all about to reverse this trend.

[SAWCE]

Not to mention there is an underlying benefit from having a bedroom dedicated to her work office versus the way we have it sort of in our bedroom right now. More space = more productivity = more orders and classes = more revenue. So it could really be exponentially beneficial.

Don’t forget that if that bedroom is strictly where she runs her business you can write the square footage of the room off on your taxes.

[D Griff]

Also the property taxes argument is kind of irrelevant when your house pays you more than that to live in it each month. I pay like $3500/year in property taxes and my house pays me 20X that. I'm sure Bay Area is even higher.

we’re all about to reverse this trend.

Likely I hope it's true, my own house value be damned. This whole thing is just wild and sucks for most people.

[D Griff]

Not to mention there is an underlying benefit from having a bedroom dedicated to her work office versus the way we have it sort of in our bedroom right now. More space = more productivity = more orders and classes = more revenue. So it could really be exponentially beneficial.

Don’t forget that if that bedroom is strictly where she runs her business you can write the square footage of the room off on your taxes.

Also, you have the intrinsic value of not having arts/crafts stuff all over your common areas.

[Tar]

We are also witnessing softer real estate pricing, and I'm great with property values depreciating a bit. Some homes still sell over ask, but they are trending within the realm of ask price or 20-60k below ask. Our stupid place peaked at 157% over our purchase price three years ago, so there's LOTS of room to go down. They are all meaningless numbers anyways and it's to me unless someone is planning to buy or sell in the near future. I'd personally rent and wait it out, maybe there will be a significant price drop soon.

[razr390]

Not to mention there is an underlying benefit from having a bedroom dedicated to her work office versus the way we have it sort of in our bedroom right now. More space = more productivity = more orders and classes = more revenue. So it could really be exponentially beneficial.

Don’t forget that if that bedroom is strictly where she runs her business you can write the square footage of the room off on your taxes.

Yep already doing that. Utilities too. We have an LLC

[SAWCE]

Don’t forget that if that bedroom is strictly where she runs her business you can write the square footage of the room off on your taxes.

Yep already doing that. Utilities too. We have an LLC

Boom. Nice.

[razr390]

Don’t forget that if that bedroom is strictly where she runs her business you can write the square footage of the room off on your taxes.

Also, you have the intrinsic value of not having arts/crafts stuff all over your common areas.

yea this too. I’d sleep on the couch a lot of nights because she would work long into the night

[rockchops]

Renting a house is nice, a lot of the beneshits but less responsibility - you're off the hook for repairs and such, worst case you have to mow the grass.

I think it's a smart move, this has been the furthest from a buyers market I've ever seen. There are signs that it will get a little bit better, so if buying winds up being what you want, you should be in a good spot for it later on.

I definitely understand what you mean about being too conservative, certainly been there. I wish we would've hardened the hell up and spent like $100-150K more on our house when we bought it. We would've just made even more money and had a house that is now out of our price range.

Renting is the right move right now, assuming a reasonably priced rental can be found.

I honestly don't regret not spending more. Our mortgage is hilariously cheap and our house is still more than we could afford right now. If things ever do it'll be for us since our costs are so low.

*laughing nervously in preparation for closing on a house friday*

[ChrisoftheNorth]

Renting is the right move right now, assuming a reasonably priced rental can be found.

I honestly don't regret not spending more. Our mortgage is hilariously cheap and our house is still more than we could afford right now. If things ever do it'll be for us since our costs are so low.

*laughing nervously in preparation for closing on a house friday*

I'm in the vast minority, clearly doing it wrong. As Dan pointed out, it's much smarter to max out your budget because the value growth will have the biggest impact. While we'd break even on our house with what we have in it, we'd make a killing if we had stretched up. But I'm a bitch when it comes to debt and we're not selling so

[MexicanYarisTK]

haven't seen you around in a while. What's new?

just got back from Miami, had a day at the MiamiGP, saw friends & family. Life is good. stressful but good. Just signed a lease for a 3/3 house because business is booming and we have outgrown this apartment as she needs a full bedroom for her business.

It'll be in the short term since we have to also hold on to the apartment for the 60 day notice, but it's a step in the right direction. Rent isn't that crazy for what we are getting, and it's better than taking a risk with a mortgage since we expect the market to cool down in 6-12 months

I just came, you moved on to a ?

[MexicanYarisTK]

Speaking of home, I may be subjected to finally move closer to DC (probably in DC) again within a year from what it looks like.

Also I am still loving the mobile ownership life...for now so I'm debating on tinting the windows in the accord. Already asked quotes for a few places, considering 35% all around other than windshield. Who knows I may