jvphotoandvideo Posted May 16, 2014 Share Posted May 16, 2014 I'm currently living with my parents in Riverside, CA and am looking to rent a house near Costa Mesa, CA this summer to be closer to my client base and school. Discuss. (Give me advice. Rental agencies? Zillow? Craigslist? Drive and stare at houses? I'd like to avoid apartments if possible) Quote Link to comment Share on other sites More sharing options...
Shitty Rambo Posted May 23, 2014 Share Posted May 23, 2014 Put an offer yesterday (which was also my birthday lol) at 3pm for a home, and got a call at 8pm saying they accepted our offer. I'm equally terrified and excited. Going to wait until the keys are in my hand before straight up saying "I've bought my first house." hippielauryn and lonesomexloveus 2 Quote Link to comment Share on other sites More sharing options...
distinctlydustin Posted May 23, 2014 Share Posted May 23, 2014 Put an offer yesterday (which was also my birthday lol) at 3pm for a home, and got a call at 8pm saying they accepted our offer. I'm equally terrified and excited. Going to wait until the keys are in my hand before straight up saying "I've bought my first house." Been in my first home for 23 days. Shitty Rambo 1 Quote Link to comment Share on other sites More sharing options...
lonesomexloveus Posted May 23, 2014 Share Posted May 23, 2014 Put an offer yesterday (which was also my birthday lol) at 3pm for a home, and got a call at 8pm saying they accepted our offer. I'm equally terrified and excited. Going to wait until the keys are in my hand before straight up saying "I've bought my first house." that's awesome! congrats! Shitty Rambo 1 Quote Link to comment Share on other sites More sharing options...
lonesomexloveus Posted May 23, 2014 Share Posted May 23, 2014 Been in my first home for 23 days. has everything fallen apart yet? my sister (along with everyone else i know who owns a home) seems to have experienced this magical phenomenon of new home ownership. Quote Link to comment Share on other sites More sharing options...
distinctlydustin Posted May 23, 2014 Share Posted May 23, 2014 Termites hit after I moved in. I'm handling 'em though. Quote Link to comment Share on other sites More sharing options...
Shitty Rambo Posted May 23, 2014 Share Posted May 23, 2014 Been in my first home for 23 days. How has it been so far? Any tips or advice beside the obvious boring grown-up stuff? that's awesome! congrats! Thanks bud! Quote Link to comment Share on other sites More sharing options...
¯\_(ツ)_/¯ Posted May 23, 2014 Share Posted May 23, 2014 ugh termites are the worst! so my mother in law is moving to pittsburgh, pretty much all her children moved to pittsburgh, and her daughter (not my wife) is having a 2nd child in november so she's moving up here to help out all the time. anyways, she's selling her house in WV and buying something in Pittsburgh. We looked at a number of homes last weekend within a mile of our house and one of them had this really nice addition built maybe 6 years ago? the house was empty, the disclosure forms had notes about the work they did, yadda yadda, and as we were in the back room they added on I noticed a pile of dust on the floor... which led me to look up the wall... and see either carpenter ants or termites just chowing down on the middle of the wall... to the point where the wood paneling was buckled. needless to say we left and had the realtor call the family to inform them they needed to get that taken care of. my wifes best friend is closing today on her first home in a town outside of Louisville today for her and her son. they're coming up for the weekend, cant wait to see them, but were both so happy for her! its so exciting! i love home buying! !!!!!!!!!! Quote Link to comment Share on other sites More sharing options...
¯\_(ツ)_/¯ Posted May 23, 2014 Share Posted May 23, 2014 Put an offer yesterday (which was also my birthday lol) at 3pm for a home, and got a call at 8pm saying they accepted our offer. I'm equally terrified and excited. Going to wait until the keys are in my hand before straight up saying "I've bought my first house." make sure you get the inspection done by someone reputable, spend the money to make sure its done right and nothing is missed! Quote Link to comment Share on other sites More sharing options...
weinerdog Posted May 23, 2014 Share Posted May 23, 2014 make sure you get the inspection done by someone reputable, spend the money to make sure its done right and nothing is missed! This x1000 But just as importantly imo - be there and follow the inspector around. A reputable one will have no issues with that (and even encourage it), and it's a great way to have an idea of what they look for, as well as determining what is worth worrying about and what isn't. Quote Link to comment Share on other sites More sharing options...
Shitty Rambo Posted May 23, 2014 Share Posted May 23, 2014 make sure you get the inspection done by someone reputable, spend the money to make sure its done right and nothing is missed! Absolutely, my father in-law is a local business owner so we're going through one of his "connections" as a personal favor, hopefully we can get a discount on it. More often than not inspectors just sign off on termites since they're not common in the high desert but they could still pop up here and there. Quote Link to comment Share on other sites More sharing options...
¯\_(ツ)_/¯ Posted May 23, 2014 Share Posted May 23, 2014 Absolutely, my father in-law is a local business owner so we're going through one of his "connections" as a personal favor, hopefully we can get a discount on it. More often than not inspectors just sign off on termites since they're not common in the high desert but they could still pop up here and there. good luck! is there a home warranty included for the first year? helps cover costs should any of the major appliances go within the first year Quote Link to comment Share on other sites More sharing options...
Shitty Rambo Posted May 23, 2014 Share Posted May 23, 2014 good luck! is there a home warranty included for the first year? helps cover costs should any of the major appliances go within the first year Thanks dude! Yeah, we asked for one. Specifically for the AC since it's a master cool and it can get up to 130° here in the summer. Quote Link to comment Share on other sites More sharing options...
¯\_(ツ)_/¯ Posted May 23, 2014 Share Posted May 23, 2014 those are definitely the two musts you have to have, a good inspection and a home warranty. are you doing FHA or conventional? only ask because there are requirements the sellers must meet with the property in order to do an FHA, I forget all the details, but I know railings for any steps was one when we bought. Quote Link to comment Share on other sites More sharing options...
stranaspank Posted May 23, 2014 Share Posted May 23, 2014 Congrats Rambo! I'm starting to check out housed next week. Quote Link to comment Share on other sites More sharing options...
Shitty Rambo Posted May 23, 2014 Share Posted May 23, 2014 those are definitely the two musts you have to have, a good inspection and a home warranty. are you doing FHA or conventional? only ask because there are requirements the sellers must meet with the property in order to do an FHA, I forget all the details, but I know railings for any steps was one when we bought. We're doing FHA. I just signed some more paperwork, so I think now we just play the waiting game. Congrats Rambo! I'm starting to check out housed next week. Thanks man, and good luck! It felt like we were looking forever, hopefully you'll be able to find something sooner rather than later. Quote Link to comment Share on other sites More sharing options...
¯\_(ツ)_/¯ Posted May 23, 2014 Share Posted May 23, 2014 FHA is the way to go unless you're filthy rich and can afford 20% down at signing lol Quote Link to comment Share on other sites More sharing options...
distinctlydustin Posted May 23, 2014 Share Posted May 23, 2014 How has it been so far? Any tips or advice beside the obvious boring grown-up stuff? Thanks bud! Take care of anything that needs to be taken care of in a timely manner. Also, if you can, set up bi-weekly payments for mortgage. It can take 7-9 years off a 30 year mortgage loan... unless you paid everything up front. Don't let Terminex try and screw you. Is the seller paying closing costs? Quote Link to comment Share on other sites More sharing options...
lonesomexloveus Posted May 23, 2014 Share Posted May 23, 2014 Take care of anything that needs to be taken care of in a timely manner. Also, if you can, set up bi-weekly payments for mortgage. It can take 7-9 years off a 30 year mortgage loan... unless you paid everything up front. my sister and bro-in-law are doing this! i had no idea that was even an option prior to them doing it. Quote Link to comment Share on other sites More sharing options...
thebiglebowski Posted May 23, 2014 Share Posted May 23, 2014 Estimates are a bit high. The biweekly mortgage is a little overrated: http://www.nytimes.com/2011/07/03/realestate/the-benefits-of-a-biweekly-mortgage-plan-mortgages.html?_r=0 With today's interest rates, you cut about 4-5 years off a 30 year mortgage. You pay an extra monthly payment a year but it is always sold as "cut X years off the life of your loan," neglecting the fact that you have pretty much the same effect if you just make an extra payment in the first month of every year. Overall, too many people think there's something magical in the way the interest is reduced by paying biweekly. It's mostly just committing to an extra payment a year that has the big impact. Quote Link to comment Share on other sites More sharing options...
distinctlydustin Posted May 23, 2014 Share Posted May 23, 2014 You can even pay weekly. You are correct with the last sentence, and it's worthy doing it. Quote Link to comment Share on other sites More sharing options...
harley Posted May 23, 2014 Share Posted May 23, 2014 FHA is the way to go unless you're filthy rich and can afford 20% down at signing lol I put 20% down on my house but it is a pretty cheap house (100k). Quote Link to comment Share on other sites More sharing options...
harley Posted May 23, 2014 Share Posted May 23, 2014 I'm looking to move into a bigger house, new neighborhood soon, and am thinking about keeping my current house and renting it. Anyone around here do that? See, my house (that I am in now) is so cheap and the mortgage is so low, that I could probably keep two mortgages afloat. My uncle told me to create an LLC and rent it out through that, to keep the liability of the place at arms length I suppose. I could still be a year or two away from doing this, but I guess it is time to start researching it. Quote Link to comment Share on other sites More sharing options...
thebiglebowski Posted May 23, 2014 Share Posted May 23, 2014 It's definitely a good investment to keep the house but I think the key is that you need to think of it as taking a side job, not "I'll just cash the check every month and everything else will take care of itself." When I did this, I ended up being stiffed for $400 in rent at the end (not enough in my opinion to go after someone). In between renters, you have to mow the grass and do other maintenance. You have to replace stuff that breaks. When they move out, you have to fix the shit that they broke (even if you keep the security deposit, you either have to fix it yourself or get someone there to work on it for you). I know these seem like piddly things when you live in the house, but managing one house is a pain, let alone two. Your taxes go up (assuming you homestead the more expensive house). Your home insurance goes up when you make it a rental. You might have gaps without a tenant where you are bringing in no income. Even if you are careful in getting the right tenant, some people just don't put care into a home that that they don't own. After one experience with it (about 6 months), I sold the house and put the money in the stock market. Would rather just click a button and let my money do it's thing. I know that was a fairly negative post (maybe my experience was worse than most but definitely not the worst that can happen) but the plus side is a pretty nice rate of return if you do it. If you do and it's not for you, you just sell the house like you would have anyways and do other things with the money. Quote Link to comment Share on other sites More sharing options...
distinctlydustin Posted May 23, 2014 Share Posted May 23, 2014 Yeah, our house was only 100K. Quote Link to comment Share on other sites More sharing options...
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