Palatial Airboat Envy: Get Rich or Bankruptcy Tryin'

[dubshow]

Man, you are just Huey P. Long with this nasty bitch.

reference.

I just dont want mobsters to come mow me down in my palace.

[dubshow]

Updates:

-reno is on hold. Once the dust settled, I've learned that I cant count a penny of "equity" difference from my purchase price and the appraisal. I must wait 7 months/6 payments made before that equity is tangible.

-I will be coming out of pocket a good bit more, than expected, up front to put us at the note range we want and in a conventional mrtg. This is the only stretch I felt okay with taking.

-I was against taking a HELOC out on my current house to apply to renovations of new one. Too much debt liability swinging around. Im not going to hang myself with house debt. There is also a penalty of $850 for closing a heloc in under 1 year.

New game plan. Just move into the damn thing. Have a scramble weekend to spruce up the new house. Its totally livable. I have 6 months of fixing/diy before the next appraisal. That is the time to really get it polished. After that I should have $60k equity position and take out a $50k HELOC and spend it on the bathroom/bedroom renovation, flooring and windows.

First New house DIY Order: ~$3k
1. Install gate to keep in. $2k
2. new waterheater $500
3. Pressure wash/yard work - free
4. Paint $500

Second Order on current

1. Fix drainage in back yard.
2. MAYBE pour smaller patio? unsure. Not much real value.
3. not reslope entire yard but level parts and overseed with grass.
4. Pressure wash
5. Touch up paint interior parts.
6. ceiling down cleaning/scrubbing tile/grout.
7. sail it in prime time april/may.
8. have it sold before my first new house payment is due in May.

So there you go. The plan has been altered. Much less

[dubshow]

Rates are looking like 4.625% I can buy that down to a 4.5% for $1300. It would take 6.66 years to recoup the difference at ~$17/mo.

[dubshow]

Holy shit, that attic space. Man, SO MUCH SPACE FOR ACTIVITIES!
Lol.
You could do something interesting up there if you wanted. That shit's massive. I'd love that kind of storage space.

Yeah, I was thinking about it but am unsure exactly how to utilize it. I think the joist are 2x10 on 14". Im not very sure what loading that can take without doing some real

1 access is in hallway another is near backdoor. Id have to cut a new on in. I think a really cool option would be to lose a closet and have a very tight stair to access attic. The house has the AC capacity to cool another space.

[Acid666]

Holy shit, that attic space. Man, SO MUCH SPACE FOR ACTIVITIES!
Lol.
You could do something interesting up there if you wanted. That shit's massive. I'd love that kind of storage space.

Yeah, I was thinking about it but am unsure exactly how to utilize it. I think the joist are 2x10 on 14". Im not very sure what loading that can take without doing some real

1 access is in hallway another is near backdoor. Id have to cut a new on in. I think a really cool option would be to lose a closet and have a very tight stair to access attic. The house has the AC capacity to cool another space.

A friend of mine in Houston is about to close in some attic space like that. He's building and doesn't want it to be built into the house so he doesn't get taxed on the extra floor space so he's just going to drywall and duct it himself. More as a side room for something, not a main living area or spare bedroom or anything. Kind of a mancave thing.

4.5% isn't horrible. I'm at 4.25% and I got my house 5 years ago. From what friends tell me, that bubble where they were down into the 2-3% range isn't gonna happen for a good while. I don't follow the real estate market tho, so I'm only going off of what I know.

[troyguitar]

Rates are looking like 4.625% I can buy that down to a 4.5% for $1300. It would take 6.66 years to recoup the difference at ~$17/mo.

How does that compare to throwing $1300 more down on the 4.625% loan itself?

[ChrisoftheNorth]

Rates are looking like 4.625% I can buy that down to a 4.5% for $1300. It would take 6.66 years to recoup the difference at ~$17/mo.

How does that compare to throwing $1300 more down on the 4.625% loan itself?

Put that 1,300 toward the principle on your first payment. You'll be surprised how much interest you save.

[troyguitar]

I'm which way is better, but it's worth doing that comparison. You have essentially 4 options:

Pay $1300 for lower interest rate

Pay $1300 extra down at higher rate

Put $1300 into bitcoin

Buy

[goIftdibrad]

Updates:

-reno is on hold. Once the dust settled, I've learned that I cant count a penny of "equity" difference from my purchase price and the appraisal. I must wait 7 months/6 payments made before that equity is tangible.

-I will be coming out of pocket a good bit more, than expected, up front to put us at the note range we want and in a conventional mrtg. This is the only stretch I felt okay with taking.

-I was against taking a HELOC out on my current house to apply to renovations of new one. Too much debt liability swinging around. Im not going to hang myself with house debt. There is also a penalty of $850 for closing a heloc in under 1 year.

New game plan. Just move into the damn thing. Have a scramble weekend to spruce up the new house. Its totally livable. I have 6 months of fixing/diy before the next appraisal. That is the time to really get it polished. After that I should have $60k equity position and take out a $50k HELOC and spend it on the bathroom/bedroom renovation, flooring and windows.

First New house DIY Order: ~$3k
1. Install gate to keep in. $2k
2. new waterheater $500
3. Pressure wash/yard work - free
4. Paint $500

Second Order on current

1. Fix drainage in back yard.
2. MAYBE pour smaller patio? unsure. Not much real value.
3. not reslope entire yard but level parts and overseed with grass.
4. Pressure wash
5. Touch up paint interior parts.
6. ceiling down cleaning/scrubbing tile/grout.
7. sail it in prime time april/may.
8. have it sold before my first new house payment is due in May.

So there you go. The plan has been altered. Much less

dang.



RE: bolded.



dude, don't waste your time..... no one cares and neither did you till like 6 months ago. let it be next persons problem. A puddle here and there will not make or break purchase decision for people /

[ChrisoftheNorth]

I'm which way is better, but it's worth doing that comparison. You have essentially 4 options:

Pay $1300 for lower interest rate

Pay $1300 extra down at higher rate

Put $1300 into bitcoin

Buy

I wouldn't put the money down, rather pay it after the mortgage to cut interest. We pay an extra $100/mo on our mortgage and in the 5 months we've had it, we've already saved $1,500 in interest (over 30 years). Paying more principle early on a mortgage pays dividends since all the interest is up front.

[Apex]

I'm which way is better, but it's worth doing that comparison. You have essentially 4 options:

Pay $1300 for lower interest rate

Pay $1300 extra down at higher rate

Put $1300 into bitcoin

Buy

I wouldn't put the money down, rather pay it after the mortgage to cut interest. We pay an extra $100/mo on our mortgage and in the 5 months we've had it, we've already saved $1,500 in interest (over 30 years). Paying more principle early on a mortgage pays dividends since all the interest is up front.

[troyguitar]

How are those 2 ideas different?

Take out loan on $X, immediately pay principle down $1300, pay interest on $(X - 1300) for the life of loan

Take out loan on $(X - 1300), pay interest on $(X - 1300) for the life of the loan



The first option would have a tiny bit more interest accrued during that first month, but otherwise be the same from months 2 through 360 unless I'm missing something. Putting money down IS "paying down the principle" - isn't it?

[ChrisoftheNorth]

How are those 2 ideas different?

Take out loan on $X, immediately pay principle down $1300, pay interest on $(X - 1300) for the life of loan

Take out loan on $(X - 1300), pay interest on $(X - 1300) for the life of the loan



The first option would have a tiny bit more interest accrued during that first month, but otherwise be the same from months 2 through 360 unless I'm missing something. Putting money down IS "paying down the principle" - isn't it?

I suck at

The only thing you "save" by putting money down after the fact is time...you'll pay the mortgage off slightly faster.

[dubshow]

Holy hell. Clear to close next week.

The agent ain't even removed house from market.... So less than 2 weeks to make offer and buy a house.

[SAWCE]

Holy hell. Clear to close next week.

The agent ain't even removed house from market.... So less than 2 weeks to make offer and buy a house.

[goIftdibrad]

Holy hell. Clear to close next week.

The agent ain't even removed house from market.... So less than 2 weeks to make offer and buy a house.

[dubshow]

Yeah. I don't know what or how. Underwrote loan on a Friday. Pretty much ready to close by Wednesday this coming week.

I guess we will move the Crawfish boil to new house and have a double welcome boil party.

[ChrisoftheNorth]

Wow, that was really fast.

[dubshow]

Wow, that was really fast.

The fact I had all my tax and pay things ready to roll combined with the ability to digitally sign everything from my phone, this process has really been

It's almost too easy to get that much cash. Also is my 4th rodeo.

[goIftdibrad]

Wow, that was really fast.

The fact I had all my tax and pay things ready to roll combined with the ability to digitally sign everything from my phone, this process has really been

It's almost too easy to get that much cash. Also is my 4th rodeo.

Awesome.


YOU NEED TO SELL YOUR HOUSE ASAP NOW

[dubshow]

The fact I had all my tax and pay things ready to roll combined with the ability to digitally sign everything from my phone, this process has really been

It's almost too easy to get that much cash. Also is my 4th rodeo.

Awesome.


YOU NEED TO SELL YOUR HOUSE ASAP NOW

Yes, close and move out stuff will happen quickly. We've already started the tear down of current got crew on board to come clean and scrub everything.

[ChrisoftheNorth]

Wow, that was really fast.

The fact I had all my tax and pay things ready to roll combined with the ability to digitally sign everything from my phone, this process has really been

It's almost too easy to get that much cash. Also is my 4th rodeo.

So you're not using the funds from the sail of your current house and down on the new?

That was the hang up on our last move. We had potential clear to close within a week, but the real deal wouldn't happen until we had the funds in our account from the sale of our prior house since we were using part as a down payment.

[dubshow]

The fact I had all my tax and pay things ready to roll combined with the ability to digitally sign everything from my phone, this process has really been

It's almost too easy to get that much cash. Also is my 4th rodeo.

So you're not using the funds from the sail of your current house and down on the new?

That was the hang up on our last move. We had potential clear to close within a week, but the real deal wouldn't happen until we had the funds in our account from the sale of our prior house since we were using part as a down payment.

No, no time to wait on funds moving. Our current house isnt even listed yet. On paper I will own 2 at the time time.

full disclosure Im having the amount I am short gifted and will repay that "gift" post sail of current house.

[ChrisoftheNorth]

So you're not using the funds from the sail of your current house and down on the new?

That was the hang up on our last move. We had potential clear to close within a week, but the real deal wouldn't happen until we had the funds in our account from the sale of our prior house since we were using part as a down payment.

No, no time to wait on funds moving. Our current house isnt even listed yet. On paper I will own 2 at the time time.

full disclosure Im having the amount I am short gifted and will repay that "gift" post sail of current house.

Bold move.

[dubshow]

No, no time to wait on funds moving. Our current house isnt even listed yet. On paper I will own 2 at the time time.

full disclosure Im having the amount I am short gifted and will repay that "gift" post sail of current house.

Bold move.

yeah. hence name of this

its a risk swing and the house of cards can potential fall after May. April will be really really busy.