Home Buying & Real Estate Thread

[crcballer55]

Who here knows about home owners association bylaws and stuff?

What specifically?

 

[championboyz7]

Who here knows about home owners association bylaws and stuff?

What specifically?

My girl lives in a condo. When she first moved in i was allowed to stay overnight 2 times a week.
Then once a week. Then they revoked so i couldnt stay over at all. Thats cool. What i do is at 2-3 am. I go back home. Last night i went to my car to see a warning on it. I spoke to the security guard he said im not allowed to stay past 12am.


So theyre basically forcing me into spending $125 to register my car and get a decal. Which i think its ********. The homeowners association and management of this place makes rules as they please and change it overnight. Idk if this is legal or not.

 

[crcballer55]

 

 

Who here knows about home owners association bylaws and stuff?

What specifically?

My girl lives in a condo. When she first moved in i was allowed to stay overnight 2 times a week.
Then once a week. Then they revoked so i couldnt stay over at all. Thats cool. What i do is at 2-3 am. I go back home. Last night i went to my car to see a warning on it. I spoke to the security guard he said im not allowed to stay past 12am.


So theyre basically forcing me into spending $125 to register my car and get a decal. Which i think its ********. The homeowners association and management of this place makes rules as they please and change it overnight. Idk if this is legal or not.

Have her check the CC&R's. Those are basically the rules that govern what they can and can't do.

I know most complexes have rules about who can and can't park there at what times since they don't want wild parties going on. If you really want to stay there that bad and they are allowed to charge $125 for a parking pass, then it's up to you how bad you want to stay there.

It doesn't sound too far fetched to me.

 

[bravelude]

Need some opinions/suggestions on what to do here.

Earlier in this thread i mentioned i that back in January of this year i bought a home. 3 br 2 bath ranch. Mortgage payment is $1660/month. 

I live by myself and i got laid off from my job back in may. I was making $55 - $60,000 a year, right now I'm working 2 jobs & 80 hours a week to make some progress here. At one job it was a temp to hire permanent position & they're making me permanent. I get a nice raise and double time working sundays. 

This is what I'm getting at. I have an FHA loan and i can't sell it or rent it out for one year and January 2015 will be one year. Im trying to live well within my means. Should i rent it out and get a condo? or just sell it all together and get a condo or maybe a smaller home? I wouldn't mind keeping the home for future investments and one day when I'm ready to settle down with wife & kids i already have a home for us to live in.

I got a home that size because i was thinking of the future not knowing 5 months later i was going to lose my job. 

Definitely work on that cash flow. Not sure the layout, buy if you can rent it out, it will help establish your cash flow. If you sign a 1 year lease, that‘s like saying, you have 1 year of committed extra cash. Every market is difft, but with a ranch, you can rent to Walker Ranger. lol pun intended.

Just don‘t listen to Dean Crosby, the trans.

 

[championboyz7]

 

 

Who here knows about home owners association bylaws and stuff?

What specifically?

My girl lives in a condo. When she first moved in i was allowed to stay overnight 2 times a week.

Then once a week. Then they revoked so i couldnt stay over at all. Thats cool. What i do is at 2-3 am. I go back home. Last night i went to my car to see a warning on it. I spoke to the security guard he said im not allowed to stay past 12am.



So theyre basically forcing me into spending $125 to register my car and get a decal. Which i think its ********. The homeowners association and management of this place makes rules as they please and change it overnight. Idk if this is legal or not.

Have her check the CC&R's. Those are basically the rules that govern what they can and can't do.

I know most complexes have rules about who can and can't park there at what times since they don't want wild parties going on. If you really want to stay there that bad and they are allowed to charge $125 for a parking pass, then it's up to you how bad you want to stay there.

It doesn't sound too far fetched to me.

I read over the application. The rules doesnt say **** about guests leaving at a certain time. It just basically say they can change the rules at any time. But i was told when changing rules the residents have to vote and agree. Not just do as they please. And the reason being is that. She has to be added on my insurance as an authorized driver thus raising my insurance and its an entire process and that alone is another headache because im in an insurance policy with my family.

 

[crcballer55]

 

 

 

 

Who here knows about home owners association bylaws and stuff?

What specifically?

My girl lives in a condo. When she first moved in i was allowed to stay overnight 2 times a week.

Then once a week. Then they revoked so i couldnt stay over at all. Thats cool. What i do is at 2-3 am. I go back home. Last night i went to my car to see a warning on it. I spoke to the security guard he said im not allowed to stay past 12am.



So theyre basically forcing me into spending $125 to register my car and get a decal. Which i think its ********. The homeowners association and management of this place makes rules as they please and change it overnight. Idk if this is legal or not.

Have her check the CC&R's. Those are basically the rules that govern what they can and can't do.

I know most complexes have rules about who can and can't park there at what times since they don't want wild parties going on. If you really want to stay there that bad and they are allowed to charge $125 for a parking pass, then it's up to you how bad you want to stay there.

It doesn't sound too far fetched to me.

I read over the application. The rules doesnt say **** about guests leaving at a certain time. It just basically say they can change the rules at any time. But i was told when changing rules the residents have to vote and agree. Not just do as they please. And the reason being is that. She has to be added on my insurance as an authorized driver thus raising my insurance and its an entire process and that alone is another headache because im in an insurance policy with my family.

I'm guessing it's a normal HOA where a board is elected? From your profile, it looks like you live in NYC, which has some crazy rules that sometimes apply nowhere else in the world.. But I digress...

In most HOA's, the owners vote the board. Then the board votes on amendments to the CC&R's. Unless there is something that was voted on and in writing, they shouldn't be able to make up rules as they wish. No court in the world would enforce a policy like that if taken that far.

Does she live in a high rise? I've heard of some buildings in NYC where the owners were getting upset with AirBNB type living situations since so many non-owners were getting keys to owner only areas.

 

[championboyz7]

 

 

 

 

Who here knows about home owners association bylaws and stuff?

What specifically?

My girl lives in a condo. When she first moved in i was allowed to stay overnight 2 times a week.


Then once a week. Then they revoked so i couldnt stay over at all. Thats cool. What i do is at 2-3 am. I go back home. Last night i went to my car to see a warning on it. I spoke to the security guard he said im not allowed to stay past 12am.




So theyre basically forcing me into spending $125 to register my car and get a decal. Which i think its ********. The homeowners association and management of this place makes rules as they please and change it overnight. Idk if this is legal or not.

Have her check the CC

I read over the application. The rules doesnt say **** about guests leaving at a certain time. It just basically say they can change the rules at any time. But i was told when changing rules the residents have to vote and agree. Not just do as they please. And the reason being is that. She has to be added on my insurance as an authorized driver thus raising my insurance and its an entire process and that alone is another headache because im in an insurance policy with my family.

I'm guessing it's a normal HOA where a board is elected? From your profile, it looks like you live in NYC, which has some crazy rules that sometimes apply nowhere else in the world.. But I digress...

In most HOA's, the owners vote the board. Then the board votes on amendments to the CC&R's. Unless there is something that was voted on and in writing, they shouldn't be able to make up rules as they wish. No court in the world would enforce a policy like that if taken that far.

Does she live in a high rise? I've heard of some buildings in NYC where the owners were getting upset with AirBNB type living situations since so many non-owners were getting keys to owner only areas.

I actually live in Fl but i see what your saying. Ive been reading into some laws about hoa down here. Its ridiculous how much power they have over everything. Smfh ima stop by the office and see because based on the rules i havent infront of me it says NOTHING about the subject at hand.

 

[flyny]

NT what's a good way to determine whether you should continue to rent or go out and purchase?

In my situation, buying can incur a lot of fees, and I'm not ready for that yet. Renting comes with the flexibility, and I'm fairly young, so I honestly don't know what city imma end up In 3 years...and right now, my rent payment is about equal to a mortgage payment

Plus add the fact that I'm trynna get a new whip to add onto my current joint. I would feel a type of way having 2 cars but still paying rent in an apartment.

I really want to own my ****. But I don't want to have to accept a career across the country then have to worry about renting my purchased home out to some tenant who may or may not pay their rent. Feel me?

What should I do? Not to mention that if I do purchase, it may be on some FHA 3.5 down payment or 100% financing program. And with those programs there are limits to how long you gotta stay in the home before you sell.

But if I continue to rent, how will I even be able to afford a home mortgage if I'm throwing money down the drain?

I just want to live comfortably and not bite off too much to chew

 

[bravelude]

NT what's a good way to determine whether you should continue to rent or go out and purchase?

In my situation, buying can incur a lot of fees, and I'm not ready for that yet. Renting comes with the flexibility, and I'm fairly young, so I honestly don't know what city imma end up In 3 years...and right now, my rent payment is about equal to a mortgage payment

Plus add the fact that I'm trynna get a new whip to add onto my current joint. I would feel a type of way having 2 cars but still paying rent in an apartment.

I really want to own my ****. But I don't want to have to accept a career across the country then have to worry about renting my purchased home out to some tenant who may or may not pay their rent. Feel me?

What should I do? Not to mention that if I do purchase, it may be on some FHA 3.5 down payment or 100% financing program. And with those programs there are limits to how long you gotta stay in the home before you sell.

But if I continue to rent, how will I even be able to afford a home mortgage if I'm throwing money down the drain?

I just want to live comfortably and not bite off too much to chew

Have a clear snapshop of your finances. Where you stand debt wise, income wise, etc. More importantly, you need to realize what it is you wanna do. Life ain‘t predictible, but you need a plan. If you value your whip and don‘t wanna settle, then you are basically saying you are not ready or want to commit to settling.

Also, read up on loans. 100% financing? lol. It‘s more than just staying in your home. Chances are, your payment will be gigantic. My point is, and I have suggested before, NO ONE wants to OWE. So that means, a bigger downpayment and prepayments will do you good! You will be ready when you have that mindset. Trying to buy doesn‘t happen after posting on NT. You need preparation. You need to plan this purchase. For the average american, the car and home are possibly the biggest purchases in their lives.

It took me a few years, but I knew I ALWAYS wanted to buy. It took me time to build score, watch prices, rates, save money, etc. It takes time. Good luck Bro.

 

[flyny]

@Bravelude repped good info

 

[oidreez]

NT what's a good way to determine whether you should continue to rent or go out and purchase?

In my situation, buying can incur a lot of fees, and I'm not ready for that yet. Renting comes with the flexibility, and I'm fairly young, so I honestly don't know what city imma end up In 3 years...and right now, my rent payment is about equal to a mortgage payment

Plus add the fact that I'm trynna get a new whip to add onto my current joint. I would feel a type of way having 2 cars but still paying rent in an apartment.

I really want to own my ****. But I don't want to have to accept a career across the country then have to worry about renting my purchased home out to some tenant who may or may not pay their rent. Feel me?

What should I do? Not to mention that if I do purchase, it may be on some FHA 3.5 down payment or 100% financing program. And with those programs there are limits to how long you gotta stay in the home before you sell.

But if I continue to rent, how will I even be able to afford a home mortgage if I'm throwing money down the drain?

I just want to live comfortably and not bite off too much to chew

I'm in the same boat except i still live at home. It just seems so complicated to buy even though everybody says now is the best time and all these fha loans but I feel like renting would just be easier. Im sure there are older people than me who probably make more who still rent just for the convenience and then there are others who would rather say they own their place.

 

[bravelude]

@Bravelude repped good info

There‘s nothing wrong with renting. It‘s just that some prefer to settle in and take advantage of opportunities. This low interest rate environment has fueled a lot of interest. Kids here toooooo young to remember about 10-14% rates. To understand any market requires time and home work. A word of caution, be careful of scams, too good to be true stuff like that ****** Dean Crosby. And always save cash, and eliminate debt. I would skip the car, and save that cash for that opportunity or cushion.

 

[crcballer55]

@FlyNY - There are some basic steps to take, but from your scenerio, if you're not ready to settle down and don't even know if you want to stay in the area, DON'T buy. There's nothing worse than trying to be a long distance landlord.

If you think you're ready to buy, here are some basic steps:

1. Pay off all debts. Buying a home is a BIG responsibility. I can't imagine having to deal with some of the issues of home ownership while still having debt. Shortly after buying my first home, I still had student loan debt without an emergency fund and was laid off several months into it and it was pretty stressful. Which brings me to the second point

2. Have a 3-6 month emergency fund. You never know what issues will come up while owning a home. Have a fully funded emergency fund should anything happen with your home or job.

3. Constantly monitor your credit report. I pull a report from the 3 major bureaus every 4 months to make sure nothing shady is going on.

 

[willie mcfly22]

Good thread. Hopefully it thrives...

 

[fontaine]

Got an interview with a real estate private equity firm...

Any tips or hot takes on real estate? I don't know **** about it.

 

[antbanks81]

Where do you live? Find the stats for your area for talking points. GL

 

[bravelude]

 
@FlyNY - There are some basic steps to take, but from your scenerio, if you're not ready to settle down and don't even know if you want to stay in the area, DON'T buy. There's nothing worse than trying to be a long distance landlord.

If you think you're ready to buy, here are some basic steps:

1. Pay off all debts. Buying a home is a BIG responsibility. I can't imagine having to deal with some of the issues of home ownership while still having debt. Shortly after buying my first home, I still had student loan debt without an emergency fund and was laid off several months into it and it was pretty stressful. Which brings me to the second point

2. Have a 3-6 month emergency fund. You never know what issues will come up while owning a home. Have a fully funded emergency fund should anything happen with your home or job.

3. Constantly monitor your credit report. I pull a report from the 3 major bureaus every 4 months to make sure nothing shady is going on.

This man knows.  Not only does paying your debt frees up cash and liabilities, you set yourself to better financial standing.  A better credit/financial situation/history leads to better rates, benefits, etc. etc.

The biggest thing is to adapt a lifestyle that works.  Realizing that you are going to own a home is a start, but it will hardly go smoothly.  The lifestyle change mentality won't hit you until you actually live in your home and understand that you MUST change.  That's just my humble opinion and experience.  Sacrifices will be made no doubt, but the incentive to do so is that much greater once you settle in. =)

You'll know when you're ready when you spend time watching HGTV lolz.

 

[dam itz lou]

You'll know when you're ready when you spend time watching HGTV lolz.

I watch too much damn HGTV. I'm always telling my girl "ive seen this episode already".

House Hunters international & Property brothers

 

[capital sb]

Just found the townhouse that I want to purchase. The houses are built from the ground up , so you get to customize the finishes and have other options as well.

Right now they are selling for 300K, I'm hoping that they don't raise too much in price by mid 2016.

Time to start saving..

 

[dathbgboy]

Wife said she wants to own by the time she 33 so that gives us 5yrs. Started mapping out debt more in depth.

My while thinking is, even if we can afford a $1000/mo. Mortgage, I'm still going to shoot for something lower than that. I've seen people but houses based on their current situations not thinking about what could happen, which is usually loss of income.

 

[jjs07]

Just found the townhouse that I want to purchase. The houses are built from the ground up , so you get to customize the finishes and have other options as well.

Right now they are selling for 300K, I'm hoping that they don't raise too much in price by mid 2016.

Time to start saving..

After customizing, those houses can easily go over 400k (obviously, depending on the upgrades). However, it might be a smarter move to wait for a minute and buy the house after someone has lived in it for a year or two...you can negotiate price.

Not 100% certain, but I don't think there is any room for negotiation when buying a new construction because you have to go through their lender.

 

[capital sb]

After customizing, those houses can easily go over 400k (obviously, depending on the upgrades). However, it might be a smarter move to wait for a minute and buy the house after someone has lived in it for a year or two...you can negotiate price.

Not 100% certain, but I don't think there is any room for negotiation when buying a new construction because you have to go through their lender.

Yeah I've noticed that. Right now they are giving out pretty much every upgrade for free , so I'm hoping they have something similar to that when I am ready to purchase. I will look also look into buying one that somebody wants to sell also.

Just a little background on the community. They starting selling in 2006 at 250K, and have only sold about half of their townhouses. So I am thinking that they will always be promoting these kind of deals just to get people in to buy.

I just can't see them selling the other half within the next 2 years, although their consultants seem to think so. It is also in a area that alot of people do not want to live in right now.

 

[flyny]

Just found the townhouse that I want to purchase. The houses are built from the ground up , so you get to customize the finishes and have other options as well.

Right now they are selling for 300K, I'm hoping that they don't raise too much in price by mid 2016.

Time to start saving..

Where at?

 

[crcballer55]

 

After customizing, those houses can easily go over 400k (obviously, depending on the upgrades). However, it might be a smarter move to wait for a minute and buy the house after someone has lived in it for a year or two...you can negotiate price.

Not 100% certain, but I don't think there is any room for negotiation when buying a new construction because you have to go through their lender.

Yeah I've noticed that. Right now they are giving out pretty much every upgrade for free , so I'm hoping they have something similar to that when I am ready to purchase. I will look also look into buying one that somebody wants to sell also.

Just a little background on the community. They starting selling in 2006 at 250K, and have only sold about half of their townhouses. So I am thinking that they will always be promoting these kind of deals just to get people in to buy.

I just can't see them selling the other half within the next 2 years, although their consultants seem to think so. It is also in a area that alot of people do not want to live in right now.

If a lot of people don't want to live there right now, will they want to live there when you look to sell? If they've only sold half the units in 8 years through 2 boom cycles, red lights are going off in my head. I would take a hard look at whether to buy there.

Also, rather than doing the "free" upgrades from the builder, see if you can negotiate on the purchase price, then do upgrades later through a wholesaler. You can typically get a better price and more options available to you too. My dad wholesales flooring, granite, & cabinets and can buy and install them for less than some of the box stores sell the materials for. Just because they're advertising them as "free", doesn't mean they are. They're just rolling the price into your loan.

 

[capital sb]

crcballer55 Well from what I have seen so far the places that people want to live are in the 400K- 1M range here in the DMV. That is well out of my voice range. The townhouse is near the Addison road station in Capital Heights , MD .

I like the location and once people feel like it is safe enough to live prices will sky rocket, word to SE and NE DC.

http://mobile.ryanhomes.com/find-yo.../capitol-heights/the-park-at-addison-metroth/