Home Buying & Real Estate Thread

200 acres in the middle of nowhere
Near ca border
Thinking bout scooping
Just to chill
Let off gunfire
Build a lil circled race track
Build a lil cabin to camp
Throw parties in the winter on vacation
95k what y’all think
 
with this whole covid thing, house market still aint dropping!?!? lol i'm patiently waiting for bay area housing to drop. The only issue is, somehow theres still too many people making a lot of money in the bay area regardless if people losing their jobs..
 
moderndarwin said:
If i can get a loan for 5% down payment with no PMI is it worth it? It’s a first time home buyer program for people making under a certain amount ($170k).

The house price is about $875k. For a 1 bedroom 1 bath lol. Bay Area is crazy. But the lot is beautiful and we don’t care about it being 1 bedroom 1 bath all that much.
Click to expand...
Talk about hustling backwards. And you're lying to yourself at that to believe that this is a sensible investment.
 
tomdiginson said:
Talk about hustling backwards. And you're lying to yourself at that to believe that this is a sensible investment.
Click to expand...

based on what math? i’m honestly trying to learn.

1) If I save $40,000 a year and get 10% compounding returns for 10 years that = $700,000

2) If i instead buy a home and save $0 a month. Home price = $900,000
5% year over year growth for 10 years = $1,477,000
Remaining of principal loan around $600,00 probably after 10 years.
= $777,000 if we sold.

Huge assumptions of course but there also the reality of getting to have lived in my own home for 10 years. Many many different factors, assumptions, savings rates, rate of returns etc that can skew this one way or another. What i’m mainly trying to compare is standard of living for 10 years. Given cost of rent here to have a similar standard of living it’s going to cost a lot to rent.

Is there something major I’m missing?
 
moderndarwin said:
based on what math? i’m honestly trying to learn.

1) If I save $40,000 a year and get 10% compounding returns for 10 years that = $700,000

2) If i instead buy a home and save $0 a month. Home price = $900,000
5% year over year growth for 10 years = $1,477,000
Remaining of principal loan around $600,00 probably after 10 years.
= $777,000 if we sold.

Huge assumptions of course but there also the reality of getting to have lived in my own home for 10 years. Many many different factors, assumptions, savings rates, rate of returns etc that can skew this one way or another. What i’m mainly trying to compare is standard of living for 10 years. Given cost of rent here to have a similar standard of living it’s going to cost a lot to rent.

Is there something major I’m missing?
Click to expand...
cause its a 1 bathroom 1 bath man
:lol:
 
moderndarwin said:
How much rent you think a 1 bedroom 1 bath costs here?

That’s runs like $3,000 - $3,500 with no sign of it going down.
Click to expand...
bruh i live in cali
i know how much one costs
lived in the bay area my whole life
u asked question
folks gave their opinion
then u SEEM to have an issue with their answer
i dislike when folks ask for opinions or advice
and folks give it
and then folks get defensive
man u have ur mind made up
ur the one getting a loan
or whatever
do whatever u feel u should do
i just know EYE
wouldn't do it
 
nawghtyhare said:
200 acres in the middle of nowhere
Near ca border
Thinking bout scooping
Just to chill
Let off gunfire
Build a lil circled race track
Build a lil cabin to camp
Throw parties in the winter on vacation
95k what y’all think
Click to expand...
What’s the town called

I would 1000% do it if I could..Maybe not if it was desert
 
nawghtyhare said:
bruh i live in cali
i know how much one costs
lived in the bay area my whole life
u asked question
folks gave their opinion
then u SEEM to have an issue with their answer
i dislike when folks ask for opinions or advice
and folks give it
and then folks get defensive
man u have ur mind made up
ur the one getting a loan
or whatever
do whatever u feel u should do
i just know EYE
wouldn't do it
Click to expand...

not at all my man i appreciate the feedback. But seemed like people have opinions and not based on facts or dollars. Which is all good i rock with that - people gotta do what makes them feel right. Just digging deeper and trying to learn in case there’s something i’m not seeing from a numbers perspective.

i get that $1M for a 1 bedroom is ridiculous. I feel the same way. but my family is here and so is work. and don’t see that changing for 10 years.
 
moderndarwin said:
not at all my man i appreciate the feedback. But seemed like people have opinions and not based on facts or dollars. Which is all good i rock with that - people gotta do what makes them feel right. Just digging deeper and trying to learn in case there’s something i’m not seeing from a numbers perspective.

i get that $1M for a 1 bedroom is ridiculous. I feel the same way. but my family is here and so is work. and don’t see that changing for 10 years.
Click to expand...
right
i get YOU don't see that changing
all im saying is everyone has a plan
til something happens
be flexible
u can find a better investment for that price
u can find more that 1 bedroom for that price
not many
but man u can
u never know WHAT could happen
and a 1 bd/1bath is just not a good idea
it MAY seem like it now
but i the long run i dont think it is
BUT
i could be wrong
that's just my opinion
and im giving u my opinion
as if u was a relative or friend of mine
 
moderndarwin said:
not at all my man i appreciate the feedback. But seemed like people have opinions and not based on facts or dollars. Which is all good i rock with that - people gotta do what makes them feel right. Just digging deeper and trying to learn in case there’s something i’m not seeing from a numbers perspective.

i get that $1M for a 1 bedroom is ridiculous. I feel the same way. but my family is here and so is work. and don’t see that changing for 10 years.
Click to expand...

I don't think he's trying to deter you from real estate. More of investing in a 1 bedroom for 1 million (regardless of where it is). I work in Palo Alto, I might be able to get a bum fixer 1bd/1ba in Palo alto, or can look 10-15 minutes away for a 4 bedroom/3ba for the same price.

If I were to do my first time home again, I would go with NACA: Non-profit, No down payment, no closing costs, no fees, below market interest rate. Have to do classes and follow a program, but seems like best bang for your buck. https://www.naca.com/about-naca
 
tomdiginson said:
Talk about hustling backwards. And you're lying to yourself at that to believe that this is a sensible investment.
Click to expand...

I would not do it regardless of location. My gf and I have a 2 bedroom and it's a struggle sometimes. Do a 2 bedroom minimum, with the rise in work from home more couples will need a 2nd bedroom for a home office.
 
nawghtyhare said:
200 acres in the middle of nowhere
Near ca border
Thinking bout scooping
Just to chill
Let off gunfire
Build a lil circled race track
Build a lil cabin to camp
Throw parties in the winter on vacation
95k what y’all think
Click to expand...

95k for 200 acres is pretty good... looked at Gmaps and it looks like a small farming community with a casino?

I'd love to have a bunch of land. Lease out some to farmers to plant crops or run cattle, and the rest as a way to just get away from everyone. Dirt bikes, Jeeps, guns, everything
 
Just opened escrow today on a house with my girl, hopefully it all goes smooth. We're in Menifee CA which is basically the Inland Empire. Its a great up and coming area and its only a hour and 20 minute drive to LA one way and a hour and 10 minute drive to San Diego the other way. We moved to California a year ago from Maryland.

6 bed 3 bath 3 car garage 3100 sq. ft for 455k. Originally we got beat out by a better offer but it fell threw. Good luck to everyone out here looking or that will be looking in the future!
 
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