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UTPhil2006

All Encompassing Mortgage and Real Estate Thread

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Yup. You might also search for a mortgage company that holds their loans rather than sell them. They can’t sell them if you don’t meet the computer program requirements set by Fannie Mae, etc. However if they hold them, they can do their own assessments.

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After 2 months on the market, we got the first submission for rental... 2 guys - coworkers - who want to rent our place with barely 2x net income vs rental price.  Thats a big stretch isnt it?

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6 hours ago, 52-80 said:

After 2 months on the market, we got the first submission for rental... 2 guys - coworkers - who want to rent our place with barely 2x net income vs rental price.  Thats a big stretch isnt it?

2 months and one submission sounds like your price might be a little high. 
 

Have they been at their jobs for a while?  If so, I’d consider them assuming everything checks out. 

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1 hour ago, UT_OB1 said:

2 months and one submission sounds like your price might be a little high. 
 

Have they been at their jobs for a while?  If so, I’d consider them assuming everything checks out. 

1 year and 4 years.  If they were a gay couple, atleast there might be some stability.  I worry 1 might move on and leave the other hanging.

Price is a tad high.  Our agent first thought so, and then he saw enough initial interest that he suggested to keep it that way. 

If I lower it, then it's another month of sitting around for a new tenant? 

 

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10 hours ago, 52-80 said:

After 2 months on the market, we got the first submission for rental... 2 guys - coworkers - who want to rent our place with barely 2x net income vs rental price.  Thats a big stretch isnt it?

50% is tough.  35-40% is probably the highest I would go.

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How are their other debts?   if they aren't carrying a load of other debt, OK.

If they have a big car payment, student loans, etc, then no way. 

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2 hours ago, 52-80 said:

1 year and 4 years.  If they were a gay couple, atleast there might be some stability.  I worry 1 might move on and leave the other hanging.

Price is a tad high.  Our agent first thought so, and then he saw enough initial interest that he suggested to keep it that way. 

If I lower it, then it's another month of sitting around for a new tenant? 

 

The GF knows a guy in NYC that has a 24 hour moving company catering to the gays.  They get in a spat at midnight, and one them says "it's over" and calls the movers.  Then, they call back in a day or two to have their stuff moved back.  He's got an old box truck, and a few puerto-rican guys on call.   He's making a fortune. 

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2 hours ago, Gil Bang said:

The GF knows a guy in NYC that has a 24 hour moving company catering to the gays.  They get in a spat at midnight, and one them says "it's over" and calls the movers.  Then, they call back in a day or two to have their stuff moved back.  He's got an old box truck, and a few puerto-rican guys on call.   He's making a fortune. 

Know your market and serve it. Fucking beautiful.

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6 hours ago, 52-80 said:

1 year and 4 years.  If they were a gay couple, atleast there might be some stability.  I worry 1 might move on and leave the other hanging.

Price is a tad high.  Our agent first thought so, and then he saw enough initial interest that he suggested to keep it that way. 

If I lower it, then it's another month of sitting around for a new tenant? 

 

Lowering it now and having it rented in a month is better than leaving it and not getting it rented.

Im with Gil. If they don’t have a car payment consuming half of their monthly income, don’t have 50k in CC debt, or some other huge loan, go for it unless you’re concerned they are the type to trash the place. If you are concerned about that, then you shouldn’t even be considering them. 
 

Even if they end up not being able to pay after a few months, make ready costs plus eviction costs probably won’t be much more expensive than the 2 months of rent you’ve already lost. 

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It seems magic, that our realtor does not proactively communicate with us much.  But when we ask him something, he comes back with good news.

 

Yesterday a man made an offer on the rental.  He lowered the price just a tad bit.  But his net income is 3x rental.  Very freshly divorced, but im guessing should be lower likelihood of stripper + cocaine party, than the 2 young colleagues.

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35 minutes ago, 52-80 said:

It seems magic, that our realtor does not proactively communicate with us much.  But when we ask him something, he comes back with good news.

 

Yesterday a man made an offer on the rental.  He lowered the price just a tad bit.  But his net income is 3x rental.  Very freshly divorced, but im guessing should be lower likelihood of stripper + cocaine party, than the 2 young colleagues.

Whens his housewarming?  Asking for a friend

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I bought my current house in 2013 at 4.5%. I've been thinking about getting a refi but I'm not sure if it's worth the hassle. I'd like to get my loan from my credit union (I have my car loans there and I like having all my shit together in the same place), their current rate for a 30 yr fixed is 3.75. I'm not sure I'd save enough per month to justify the closing costs. 

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6 hours ago, Sandman said:

I bought my current house in 2013 at 4.5%. I've been thinking about getting a refi but I'm not sure if it's worth the hassle. I'd like to get my loan from my credit union (I have my car loans there and I like having all my shit together in the same place), their current rate for a 30 yr fixed is 3.75. I'm not sure I'd save enough per month to justify the closing costs. 

what's the APR?   How long do you expect to stay in the home?

 

 

Meanwhile, i've seen something interesting recently.  "Appraisal waivers".   I've got a shitty little listing in the barrio, and the buyer got a waiver because he's putting more than 20% down.

 

 

Edited by Gil Bang

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6 hours ago, Dbeasy said:

0f883e3fc5c8e79b044328ca540ae875.jpg

Without seeing how the percentages in each age bucket has changed, not sure what to take away from that. For instance, has the percentage of 25 year olds buying houses stayed the same while 50 year olds are doing better financially than 50 year old 3 decades ago and buying more houses?  Or has the percent of 30 year olds that want to get locked in to a long term loan plummeted?  

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9 hours ago, HRSchenker said:

What's the median age of first time homebuyers?

Exactly.

I have no doubt that Millenials and younger are delaying home purchases, but that graph is essentially mirroring the countries demographics.

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17 hours ago, Gil Bang said:

what's the APR?   How long do you expect to stay in the home?

 

I don't know my APR off-hand and it's not on the mortgage website but after doing some calculations, I'd assume it's around 4.7%. I plan to stay here for good but of course, you never know. So let's pretend I'll never move. 

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On 12/5/2019 at 12:11 PM, Sandman said:

I bought my current house in 2013 at 4.5%. I've been thinking about getting a refi but I'm not sure if it's worth the hassle. I'd like to get my loan from my credit union (I have my car loans there and I like having all my shit together in the same place), their current rate for a 30 yr fixed is 3.75. I'm not sure I'd save enough per month to justify the closing costs. 

.75 is a pretty decent jump down, but like mentioned above it's a matter of how long you're staying in the home.  Also, theres also the option of buying points which again if you're staying in the home a while may be beneficial.  I can certainly run these scenarios for you if you want.  PM/email

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On 12/5/2019 at 1:01 PM, Dbeasy said:

0f883e3fc5c8e79b044328ca540ae875.jpg

 

On 12/6/2019 at 7:54 AM, Incredulity said:

Exactly.

I have no doubt that Millenials and younger are delaying home purchases, but that graph is essentially mirroring the countries demographics.

 

And delaying getting married, having kids, etc. Great for the rental market however! 

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We live on a corner lot in an HOA neighborhood but the land right next to us is owned by the HOA. We put in an offer to buy it and they accepted. They talked about us doing a consolidation land survey and it made me wonder, am I going to lose my homestead exemption? Or will I still get it for a "consolidated" property?

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