Home Buying & Real Estate Thread

Looking at homes in the PG/DC area and I'm basically down to deciding between an older (60s) home that's been "renovated" or a late 90s/early 00s townhome that's been updated. I'm really trying to decide if the responsibility and associated cost of an older SFH would really be worth it given it would just be me living there (no kids or wife).

Advice, suggestions, or personal experience would be appreciated.
 
malikdagoat said:
Looking at homes in the PG/DC area and I'm basically down to deciding between an older (60s) home that's been "renovated" or a late 90s/early 00s townhome that's been updated. I'm really trying to decide if the responsibility and associated cost of an older SFH would really be worth it given it would just be me living there (no kids or wife).

Advice, suggestions, or personal experience would be appreciated.
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do what mnakes YOU happy
no one can decide that for YOU
trust me
YOU gotta love it
 
General consensus on a rental property condo that just breaks even, rental revenue vs. mortgage (including HOA, etc.)?

I think it's a short term loser due to unexpected costs coming up, but with long term rental income appreciation, I'm thinking it might be a good move. Thoughts?

P.S. I'm looking at copping something downtown Orlando.
 
malikdagoat said:
Looking at homes in the PG/DC area and I'm basically down to deciding between an older (60s) home that's been "renovated" or a late 90s/early 00s townhome that's been updated. I'm really trying to decide if the responsibility and associated cost of an older SFH would really be worth it given it would just be me living there (no kids or wife).

Advice, suggestions, or personal experience would be appreciated.
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Dont know the area as far as living been to visit and hang out a bunch.

But nothing beats having your own space not sharing walls or land with people right next to you.

I live in cali. Initially wanted condo th. But when the opp to buy a sfh came up I couldnt pass it up.

Hoa's are nice but you really have to look into there books to see how healthy they are.

My home was a fixer for sure but when it was all said and done I couldn't have been happier.

Just my .02

Congrats on the journey man and good luck.
 
I wouldn’t mind buying in Hyattsville, Langley Park, Adelphi, College Park, Mount Rainier, Brentwood - basically the Route 1 Corridor (sans Langley Park)
 
Stakeholder said:
I wouldn’t mind buying in Hyattsville, Langley Park, Adelphi, College Park, Mount Rainier, Brentwood - basically the Route 1 Corridor (sans Langley Park)
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Same. But my budget is looking more like Largo, near Morgan Blvd, or District Heights (Near the Target) :lol: But maybe i'm being more frugal than necessary
 
Chopper said:
General consensus on a rental property condo that just breaks even, rental revenue vs. mortgage (including HOA, etc.)?

I think it's a short term loser due to unexpected costs coming up, but with long term rental income appreciation, I'm thinking it might be a good move. Thoughts?

P.S. I'm looking at copping something downtown Orlando.
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Hard to plan for / count on appreciation to eventually make it worthwhile. I guess that is just speculation? I think the general consensus would be not worth it as investment unless you're cash flowing quite a bit.

I'm in a similar boat in metro Denver. I could rent my sfh for probably $300-500/mo more than my costs, but still not considered an ideal investment opportunity
 
True indeed. Money is probably better simply invested in the stock market, getting ~7% on average annually.

Just feels like you’re not doing anything with your money when it’s in the market.
 
malikdagoat said:
Same. But my budget is looking more like Largo, near Morgan Blvd, or District Heights (Near the Target) :lol: But maybe i'm being more frugal than necessary
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I’d do Largo. The new hospital and shopping center should bring more value to the property. And SFH > townhouse as long as the place is structurally sound and you’re willing to invest in it you’ll be good.
 
soooo we SUPPOSE to close on the 18th
home inspection got pushed back
doing it tomorrow
Appraisal and pest inspection is done
appraisal may have messed things up a TINY bit
so i MIGHT not get credited 5k for closing by the seller
not a deal breaker
but that 5k could be furniture and such
hell i was eyeing that nice *** samsung fridge thats like a computer
idk
5k might be pushing my budget
not that i wouldn't be able to come up with it
but i had it for something else
so i could move the 5 over for closing
but then i would be broke broke or like 2 weeks till i get paid
hell even 4 weeks cause i still would need to get necessities like a new fridge
fill up pantry buy cleaning stuff
just like regular **** :smh:
hell even a cheap one like 800-1k :rolleyes
but me and the wife discussing what we should do
this buying a house **** is stressful as hell
 
nawghtyhare said:
soooo we SUPPOSE to close on the 18th
home inspection got pushed back
doing it tomorrow
Appraisal and pest inspection is done
appraisal may have messed things up a TINY bit
so i MIGHT not get credited 5k for closing by the seller
not a deal breaker
but that 5k could be furniture and such
hell i was eyeing that nice *** samsung fridge thats like a computer
idk
5k might be pushing my budget
not that i wouldn't be able to come up with it
but i had it for something else
so i could move the 5 over for closing
but then i would be broke broke or like 2 weeks till i get paid
hell even 4 weeks cause i still would need to get necessities like a new fridge
fill up pantry buy cleaning stuff
just like regular **** :smh:
hell even a cheap one like 800-1k :rolleyes
but me and the wife discussing what we should do
this buying a house **** is stressful as hell
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Did it appraise higher? Either way 5k is alot considering the cost for my wife and I once we closed and moved in. We came from an apartment so we had nothing essentially as far as appliances and furniture. Last thing you want after buying a house is being too far in the hole. We’ve had so many little things that we have had to get as well. I’d definitely try to keep negotiating that credit if it was originally agreed on
 
jewelknows said:
Did it appraise higher? Either way 5k is alot considering the cost for my wife and I once we closed and moved in. We came from an apartment so we had nothing essentially as far as appliances and furniture. Last thing you want after buying a house is being too far in the hole. We’ve had so many little things that we have had to get as well. I’d definitely try to keep negotiating that credit if it was originally agreed on
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i can't remember EXACTLY how it was explained to me
if it ws lower or higher
but when it was explained to me it made sense and i got it
but cant remember exactly what in order to explain it here
my bad
but yeah im a see
prolly start negotiations after home inspection
and seeing whats what
 
malikdagoat said:
Looking at homes in the PG/DC area and I'm basically down to deciding between an older (60s) home that's been "renovated" or a late 90s/early 00s townhome that's been updated. I'm really trying to decide if the responsibility and associated cost of an older SFH would really be worth it given it would just be me living there (no kids or wife).

Advice, suggestions, or personal experience would be appreciated.
Click to expand...
My bro and his girl just bought a spot in Capital Hill on the low. It wasn't even on the market. It's been vacant for a while, it needs a total gut. The simply found the owner, wrote them a nice letter asking to buy and with an offer and it was accepted. After reno they will have couple 100k in equity. It's literally a block from the Supreme Court, they plan to AIR BNB the basement. I have construction background and so do all my homies and we've been having a ball fixing the place.
 
thenewjs23 said:
My bro and his girl just bought a spot in Capital Hill on the low. It wasn't even on the market. It's been vacant for a while, it needs a total gut. The simply found the owner, wrote them a nice letter asking to buy and with an offer and it was accepted. After reno they will have couple 100k in equity. It's literally a block from the Supreme Court, they plan to AIR BNB the basement. I have construction background and so do all my homies and we've been having a ball fixing the place.
Click to expand...
Can we get pics before
During
And after
 
thenewjs23 said:
My bro and his girl just bought a spot in Capital Hill on the low. It wasn't even on the market. It's been vacant for a while, it needs a total gut. The simply found the owner, wrote them a nice letter asking to buy and with an offer and it was accepted. After reno they will have couple 100k in equity. It's literally a block from the Supreme Court, they plan to AIR BNB the basement. I have construction background and so do all my homies and we've been having a ball fixing the place.
Click to expand...
What range was the steal?
 
nawghtyhare said:
prolly start negotiations after home inspection
and seeing whats what
Click to expand...

Depending on the market / location, you *kind of* have the upper hand once you are under contract. You could come up with some bunk stuff that needs to be fixed, and have them credit you. Thats what we did when we bought a home in the Denver area. There were some things that needed fixing around the house, and instead of having them fix the items we just negotiated and told them "we need $2k in credits at closing, so we can have these issues fixed on our own". And then we never even did the fixes haha
 
turbospartan said:
Depending on the market / location, you *kind of* have the upper hand once you are under contract. You could come up with some bunk stuff that needs to be fixed, and have them credit you. Thats what we did when we bought a home in the Denver area. There were some things that needed fixing around the house, and instead of having them fix the items we just negotiated and told them "we need $2k in credits at closing, so we can have these issues fixed on our own". And then we never even did the fixes haha
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The fixes must been minor lol.
 
CleanestNdaCity said:
The fixes must been minor lol.
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Yea it was like paint chipped on the side of the house and a few other minor issues. Point was, you can still "negotiate" once you're under contract. Maybe it won't work for whatever your $5k situation is/was, but I'd at least ask your realtor about what you can do.
 
thenewjs23 said:
Copped for 350K + 150 to 200k reno. Value should be no less than 700 - 750k and that's conservative.
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Jesus Christ thats a steal.

DC is cracking down on Air BNB's so they may need to be careful.
 
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