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Old 06-05-2021, 02:22 PM   #29
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i'm not a believer in the Cult of Musk. but thanks for asking.
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Old 06-05-2021, 04:01 PM   #30
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In the complex here, 14 units for sale, and 5 are pending. Some units have sat for a long time as they are either undesirable or very expensive. Others are pending within days of listing, like the unit two below us.
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Old 06-05-2021, 06:42 PM   #31
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I'm pre-approved for 400k 20% down. I told them this amount, I didn't request the maximum they would approve me for. I don't want to worry about the payments. It's nice to not have to check my balances.

It's contract work, so I get new contracts. It's W2 though.

I'm very far from where I used to be. I am interested in east Texas, east of I35, north of I10. I am very flexible due to the nature of my work. Right now I'm in west Texas but I can be in the east if I want in July.

I'm a single guy with no entanglements
No debts, no obligations, free as a bird
OK. Once you decide to buy a house (as opposed to a condo or renting) I suggest you go on zillow.com or realtor.com and scope out general areas of interest, to get an idea of what homes are selling for in that area.

Put into your search criteria the basic parameters (like number of bedrooms, size in square feet, lot size and price range). This will give you an idea of what houses are selling for in any particular area.

Next firm up a preapproval letter (from a reputable lender) (by getting it in writing).

Contact a real estate broker, of a well known real estate agency, in the area you are looking in and ask him/her to recommend an experienced buyers agent to represent you.

Interview the recommended agent and outline your criteria.

* geographical area
* square feet range
* minimum number of bedrooms
* maximum price
* lot size range

Mention your timing (being flexible), that you are pre approved, that your offer would not be contingent.

Follow the advice of your buyers agent.

Good luck!
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Old 06-07-2021, 10:20 AM   #32
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you're not buying a magic money tree that will double, triple, or quadruple in value over 10-20 years like the days of past. Y:

Have you looked at the increases in the values of homes since say 2011? I just wish I had bought a few more then. I only bought 2.

Here is a double wide trailer on a 4000 SF lot I bought in 2011 for $230K,,,

https://www.zillow.com/homes/722-Gar...45826428_zpid/

Based on recent sales in the neighborhood it should sell for in the upper 5's, if it was for sale, it's not , that would be over double what I paid for it in 10 years.

I bought at the bottom of the market not the top. Buying at the top of the market, kinda like now, might very well be pain full if there is a correction.
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Old 06-07-2021, 10:51 AM   #33
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Cheaper rates vs cheaper homes is the forever battle of the buyer. I've bought a house recently and wasn't expecting this expensive house, but monthly payment is realistic number due to lower interest rate.
Bought my first home in 1981,,, 12 3/8 interest rate and that was special 'Bond' money. The problem is I moved for a better job in Houston within 15 months and got stuck with the home. Ended up signing it over to another couple so only really lost down payment. No problem with credit.

The good news is that lesson kept me from buying in Houston. That was a good move a the bottom fell out of the real estate market shortly there after. I had quite a few friends walk away from their homes.
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Old 06-07-2021, 11:26 AM   #34
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Have you looked at the increases in the values of homes since say 2011? I just wish I had bought a few more then. I only bought 2.

Here is a double wide trailer on a 4000 SF lot I bought in 2011 for $230K,,,

https://www.zillow.com/homes/722-Gar...45826428_zpid/

Based on recent sales in the neighborhood it should sell for in the upper 5's, if it was for sale, it's not , that would be over double what I paid for it in 10 years.

I bought at the bottom of the market not the top. Buying at the top of the market, kinda like now, might very well be pain full if there is a correction.
A. Looking at value at the bottom of a recession is a hindsight 20/20 move
B. Yes, the place I'm renting now doubled in value
C. Now look at what that $230k would be worth in an s&p 500 index or if you had been a big risk taker and put it in Microsoft, or Apple or Amazon or Disney. Don't forget to subtract what you paid to maintain the property over the past decade when comparing which 'investment' is more profitable.
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Old 06-07-2021, 12:32 PM   #35
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Crucial you find a buyer's agent... Not one who might try to sell you one where they're the selling agent...
Also learn neighborhood bylaws... Avoid HOA like the plague they are, but city laws can be nuts sometimes too. I was once threatened with hundreds/day fine for failing to mow my very flooded back yard. Had to get out the waders and submerge the weed whacker in places to become compliant. That was fundemantally a neighbor problem though. Those neighbors ended up costing us when we sold...30% loss vs purchase. Is what it is. Helped make it possible to buy the place we're in now, and we learned so much.
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Old 06-07-2021, 01:58 PM   #36
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A. Looking at value at the bottom of a recession is a hindsight 20/20 move
B. Yes, the place I'm renting now doubled in value
C. Now look at what that $230k would be worth in an s&p 500 index or if you had been a big risk taker and put it in Microsoft, or Apple or Amazon or Disney. Don't forget to subtract what you paid to maintain the property over the past decade when comparing which 'investment' is more profitable.

Hindsight move? As for indicators on the economy, the stock market and the real estate market, there were plenty of signs that is was time to buy. The crash happened tail end of 2008, the DOW hit rock bottom somewhere around March 2009 and was around 7000. By the time I bought 3 years later the recovery was well underway. In July 2011 when I started looking the DOW was about 12,000 up 70% from the bottom. The Fed had slashed interest rates to almost 0 but the mortgage market was so screwed up financing was problematic. Then there's all of the homes in foreclosure that the banks were carrying. They wanted to unload them,,, and if you were a cash buyer they were very accommodating.

Your original comment was you cant double your money in the real estate market in 10 years and that's just not true and I showed you how this property did. Real estate can be a great investment when purchased correctly. The trick is learning how to buy the right one because not all do.

Look, if you want to invest everything in the market and rent for the rest of your life, have at it. Realistically it's the only place to put 401 and retirement plan money so I have plenty there as well, just not everything is there. Imagine you were heavily invested in 2008, with plans of retiring 12/31/08 and it all goes to hell. Lots of people lived that.

As a sidebar, my investment was in one of the most beautiful places in the world. People come here from all over the country to dive and fish. Remember, life happens while you're saving for retirement.
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Old 06-07-2021, 02:07 PM   #37
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Your original comment was you cant double your money in the real estate market in 10 years and that's just not true and I showed you how this property did.
My original comment was to not EXPECT to double+ your value in 10-20 years when buying a primary residence.
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Old 06-07-2021, 07:53 PM   #38
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goddamn I've typed too much about this but here's the short version.

It's not the 60's, we're not baby boomers, you're not buying a magic money tree that will double, triple, or quadruple in value over 10-20 years like the days of past. You're buying a home, which in the long run may make you happier/more financially secure then renting, may not. Financially you'd be better off living as cheap as possible (rent a dump, you're not responsible for fixing/maintaining it) and putting every dollar you can spare into the S&P 500 or some other trusted index fund or some blue chips and not looking at it for 50 years.

But that's a boring way to live.


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My original comment was to not EXPECT to double+ your value in 10-20 years when buying a primary residence.


I missed the EXPECT in your first post. Can you point that out?? So you want to live your life as a monk, in a POS rental home knowing at 70 you'll be rich? Let me know how that works out with the ladies.

A better move?? Wait for the market to correct then buy.
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Old 06-07-2021, 08:06 PM   #39
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I missed the EXPECT in your first post. Can you point that out?? So you want to live your life as a monk, in a POS rental home knowing at 70 you'll be rich? Let me know how that works out with the ladies.

A better move?? Wait for the market to correct then buy.
You're right I didn't state it explicitly.

If you wait for the 'right time' you'll never buy, that's my advice, get in a place that makes you happy and enjoy it and don't fret over it's value.

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Old 06-07-2021, 08:13 PM   #40
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Don't look at buying a house as a financial investment. Look at as purchasing a place to live. REITs aside, buy houses to live in and investments to grow wealth. If the house appreciates while you live in it, wonderful. If it doesn't or appreciates only slightly you've still had a (hopefully nice) place to live over that time.

As @strat61caster pointed out, the stock market has greatly outperformed many local real estate markets. Over the 10 year period @gtpvette mentions, the S&P index has risen 212%. Over that same 10 year period, my house (purchased in 2000) has appreciated on the order of 25%. Not horrible. but a savings account paying 2% +/- would have done just as well.
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Old 06-07-2021, 10:23 PM   #41
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You're right I didn't state it explicitly.

If you wait for the 'right time' you'll never buy

You need to wait for the 'Right Time' and have the money to make it happen. That's when the money is made.
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Old 06-07-2021, 10:35 PM   #42
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You need to wait for the 'Right Time' and have the money to make it happen. That's when the money is made.
I think he's talking about trying to time the market. The old adage about never trying to catch a falling knife.
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