Homecel overpays by $100k and overestimates rent and for Income property

[OliverHeldens]

But but but but muuuuuuuuh Zestimate gains! What could possibly go wrong?!?

[rollerball]

Why the fukk would this idiot buy in 2023 for the purposes of renting out without doing exhaustive research into the rental rates of the area.

[OliverHeldens]

Why the fukk would this idiot buy in 2023 for the purposes of renting out without doing exhaustive research into the rental rates of the area.

Because homes always go up! Dont' try to time the market, it's time in the market!

[frankdtank20]

Tards gonna tard

[BalognaNbeans]

Lmao what a dumbass

[OliverHeldens]

Why the fukk would this idiot buy in 2023 for the purposes of renting out without doing exhaustive research into the rental rates of the area.

Because things are only going up! Interest rates have no bearing on the housing market!

In another year or two, you guys will be happy that OliverHeldens was around to give you advance warning about what was coming.

[AWSbruh]

thats because he us an idiot who didn't do market research. Also interest rates are too high right now to get into rental properties unless you get a hell of a deal

[Destor]

How does a bank even approve that? My lender required an independent rental assessment before approving the mortgage on my current house, and then they included the rental income at 50% annual occupancy for risk mitigation

[rollerball]

Because things are only going up! Interest rates have no bearing on the housing market!

In another year or two, you guys will be happy that OliverHeldens was around to give you advance warning about what was coming.

Why did you answer twice weirdo, relax

[OliverHeldens]

How does a bank even approve that? My lender required an independent rental assessment before approving the mortgage on my current house, and then they included the rental income at 50% annual occupancy for risk mitigation

HUD 4000.1 instructs the lender, "The Mortgagee may consider Rental Income from existing and prospective tenants if documented” according to FhA loan rules. Rental Income from the subject Property “may be considered Effective Income when the Property is a two- to four-unit dwelling,” or what the FHA describes as an acceptable one- to four-unit property.

[OliverHeldens]

Why did you answer twice weirdo, relax

Because things are only going up! Interest rates have no bearing on the housing market!

[Vhagar]

Imagine being a bitter, broke rentcel and spending your days finding ways to justify your inability to have a home

lol

[wickedman]

Heh, can't think of many worse times to try something like that.

[rollerball]

Because things are only going up! Interest rates have no bearing on the housing market!

You are such an oddball freak lol

[OliverHeldens]

Imagine being a bitter, broke rentcel and spending your days finding ways to justify your inability to have a home

lol

Found the underwater homecel

[imbored205]

>house hack

[TheParish]

-saved aggressively
-took out loan for 95%
-uses phrases like "cash flow"
-redditor
-deep underwater


Pick 5

[IPoopStandingUp]

This feels like a real estate version of a made up reddit cuck fantasy for rentcels

[OliverHeldens]

-saved aggressively
-took out loan for 95%
-uses phrases like "cash flow"
-redditor
-deep underwater


Pick 5

I believe the "Saved Aggressively" part. They had to come up with $32,250 down, which for a person earning $55k per year is a lot of cash.

[Destor]

This feels like a real estate version of a made up reddit cuck fantasy for rentcels

Yeah it does read like that

I don't know how a reasonable person ends up in a situation like this, better to write cuck fantasies about getting bad renters who destroy the place rather than suffering the consequences of your own bad moves.

[Visel]

Idiocracy.

Should've AT LEAST done the 8% rule (normally 5% rule but now it's 8% due to interest rates), which calculates unrecoverable costs of homeownership. Take the $645k, multiply by .08%, divide by 12, you get $4300. He would need to rent for $4.3k, or $2150 per unit, to break even. Sounds like he didn't check to see if that's a typical rental rate in the area. He tried to get $3k rent for one, then down to $2.5k rent and still nothing. Sounds like he pharked the hell up. Should've had way more down than just 5% ($32k). If he had 20% down, and also took out the $100-200 in PMI, his PITI would be in the $3k's and it'd be super easy to make at least a slight profit.

[blueberryboy]

Imagine being a bitter, broke rentcel and spending your days finding ways to justify your inability to have a home

lol

Regardless of interests rates etc ...Can't beat the status symbol of being a home owner and the stability , I'll take it.

Rather do this than pay into some massive rental corporation that nickels and dimes ya for everything

[Vhagar]

Found the underwater homecel

If by underwater you mean on the low end my house is worth double what I paid for it, you got me.

Housing prices would need to be nearly halved before I’d be concerned about any loss of equity, and honestly that just makes an upgrade cheaper. I’m all for it

[blueberryboy]

If by underwater you mean on the low end my house is worth double what I paid for it, you got me.

Housing prices would need to be nearly halved before I’d be concerned about any loss of equity, and honestly that just makes an upgrade cheaper. I’m all for it

Lol buddy doubled his money on it he ain't hurting


Just like many other home owners , most ain't hurting lol

Take the average net worth of a renter vs an owner

The renters wouldn't even be in the same league

[meanstringbean]

But but but but muuuuuuuuh Zestimate gains! What could possibly go wrong?!?

lol at thinking you can get a turn key cash flowing property in this market

lol at thinking you can rent out one side of a DUPLEX for $3k. Maybe in San Fran but 99% of markets that is a lol worthy (not sure where OP property is)

lol at using credit card for repairs

lol at getting into home ownership, let alone real estate investing, without significant cash reserves ($30,000+)

lol at rates being higher than they've been in 15 years and FINANCING 95% of the property


just lol all the way around. This is probably the worst time ever to find a buy and rent cash flowing property with that little down. If you can come in with significant cash, or you can buy and renovte, etc. then yea it can be done. But 600k duplex in a spotty area? lol tours over for this guy


This is the problem with these 'Bigger Pockets' podcast listening ****gs. They watch some youtube video about how you can get into real estate with $10k down, and think 'whoa I have $12k in my bank account, I can afford this!' - no you phucking cant.

There is a difference between being able to buy something and being able to AFFORD something. You need those cash reserves so you arent going to ruin your life stressing about a pipe bursting or a tenets dog destroying part of the house (have had both happen to me in my landlord days btw). Would sympathize with this guys situation if he was a miscer but since he is a redditor then go get BTFO

[OliverHeldens]

If by underwater you mean on the low end my house is worth double what I paid for it, you got me.

Housing prices would need to be nearly halved before I’d be concerned about any loss of equity, and honestly that just makes an upgrade cheaper. I’m all for it

If things are truly going so well, I'm curious to know why you're so defensive?

[OliverHeldens]

lol at thinking you can get a turn key cash flowing property in this market

lol at thinking you can rent out one side of a DUPLEX for $3k. Maybe in San Fran but 99% of markets that is a lol worthy (not sure where OP property is)

lol at using credit card for repairs

lol at getting into home ownership, let alone real estate investing, without significant cash reserves ($30,000+)

lol at rates being higher than they've been in 15 years and FINANCING 95% of the property


just lol all the way around. This is probably the worst time ever to find a buy and rent cash flowing property with that little down. If you can come in with significant cash, or you can buy and renovte, etc. then yea it can be done. But 600k duplex in a spotty area? lol tours over for this guy


This is the problem with these 'Bigger Pockets' podcast listening ****gs. They watch some youtube video about how you can get into real estate with $10k down, and think 'whoa I have $12k in my bank account, I can afford this!' - no you phucking cant.

There is a difference between being able to buy something and being able to AFFORD something. You need those cash reserves so you arent going to ruin your life stressing about a pipe bursting or a tenets dog destroying part of the house (have had both happen to me in my landlord days btw). Would sympathize with this guys situation if he was a miscer but since he is a redditor then go get BTFO

In general, you can tell the difference between people who have money and who doesn't by the way they act. Anybody with $50k+ sitting in a bank account is going to be more calm than some guy whho is one emergency away from being fully broke.

[NitrogenWidget]

Why the fukk would this idiot buy in 2023 for the purposes of renting out without doing exhaustive research into the rental rates of the area.

but he said he did the research.
wtf he researched i have no idea because it seems he missed all the chit that matters.

[blueberryboy]

If things are truly going so well, I'm curious to know why you're so defensive?

Lol no offense but your continous threads defending being a renter come across a little defensive too

[OliverHeldens]

Lol no offense but your continous threads defending being a renter come across a little defensive too

I'm not a renter.