Just went under contract on a new house.

[Lefticle]

Been keeping an eye out for a new house for the past 8 months or so. A much larger house with a better lot just went up for sale in our current neighborhood. Which is great cuz we love our neighborhood and were looking to stay in a 2-mile radius of where we’re currently at. Price is great. Not sure what they were thinking. A home with the same layout in the same neighborhood with a worse location went for +$60k more than they asked for this one recently. The one I’m buying also just assessed for almost +$100k over the listing price. So I put in an offer for asking price and they accepted. I was pretty surprised they accepted it so quickly. They even had an open house the same day.

Also, gonna keep landchadding it and rent out my current home to a rentcel. Adding another property to my landchad arsenal.

Reps til I’m out!

[nn586]

jew

[Chowboy]

A rental in your hood? Ain't your neighbors gonna be pissed?


Anyway, congrats on the new hacienda.

[Lefticle]

congrats, nothing like growing land portfolio

Thanks brother. I’m immediately increasing my net worth by $60k-$100k with this purchase as well. So it’s awesome.

A rental in your hood? Ain't your neighbors gonna be pissed?


Anyway, congrats on the new hacienda.

Maybe. But don’t care. There are a few other rentals in this neighborhood. With this new house, I’ll only have 1 next door neighbor as well. I also checked their voter registration and they are republicans. So it’s a win-win for me.

[tripod29]

Congrats. Pics?

[OliverHeldens]

Lol, yeah I’m sure they’re just giving it to you for $100k under its actual value.

In reality, it’s probably going to drop another $100k during the next 12 months.

[squat_blaster]

What is the interest on current house?

What will interest be on new house?

[OffwhiteBrah]

Landchads back at it again

[hendrixfreak70]

Inb4 Jimmy Hoffa's body is found underneath the house hue hue.

[Lefticle]

Lol, yeah I’m sure they’re just giving it to you for $100k under its actual value.

In reality, it’s probably going to drop another $100k during the next 12 months.

Lol ok. First off, it's not $100k. It's $60-$100K.

You're just mad I found a good deal lmfao

What is the interest on current house?

What will interest be on new house?

Current house: 2.25%
New house: Mid 6%

Will refinance new house once rates drop in the next couple of years.

[leoaa777]

Being in the same neighborhood, what makes that lot so attractive?

[smashedpotato]

Congrats, those Biden interest rates suck tho.

[cobhc]

God bless you my bro

[Lefticle]

Being in the same neighborhood, what makes that lot so attractive?

It's at the top of the hill with fields of open space all behind it and a view. Current house is in the middle of the neighborhood, surrounded by other houses on all sides. My current back yard touches like 5 other back yards with no view. New house is almost twice the size too.

Congrats, those Biden interest rates suck tho.

Indeed. But all good. Its a great price and I'll just refi when rates drop. Would rather have a higher rate which is temporary than overpay for the house.

God bless you my bro

On spread my brother!

[leoaa777]

It's at the top of the hill with fields of open space all behind it and a view. Current house is in the middle of the neighborhood, surrounded by other houses on all sides. My current back yard touches like 5 other back yards with no view. New house is almost twice the size too.




Indeed. But all good. Its a great price and I'll just refi when rates drop. Would rather have a higher rate which is temporary than overpay for the house.



On spread my brother!

Sick, enjoy the new crib.

[LateShow]

What will you do if rates keep climbing and the home value drops, so refi isn’t even an option?

Congrats either way, sounds exciting

[FoulSmell]

Congrats dude.

[OffwhiteBrah]

Fountain ?

[Lefticle]

What will you do if rates keep climbing and the home value drops, so refi isn’t even an option?

Congrats either way, sounds exciting

I doubt that will happen. The fed isn’t trying to destroy the entire earth. But if it does, I’ll just hang onto it and continue to live there until things improve.

[gixxer0.6g]

Will refinance new house once rates drop in the next couple of years.

If... .if interest rates drop.
What makes you so sure they will?

[Zelensky]

inb4 housing crash and OP starts a new thread this time next year: "Just got a deal on a pre-owned Ozark Trail tent to live in, reps til I'm out"

[r32gojirra]

Congrats, fellow lord

Lol, yeah I’m sure they’re just giving it to you for $100k under its actual value.

In reality, it’s probably going to drop another $100k during the next 12 months.

All these flavours and you choose to be salty

Can’t you just be happy for someone’s success even if you can’t experience it firsthand?

Spoiler!

rents due bud

[LogicalLifts]

LandLords at it again.

In after rentcel gigacope.

PMA thread, rated 5*.

[Lefticle]

If... .if interest rates drop.
What makes you so sure they will?

Well next year is an election year, so I don't think JPOW is gonna light the world on fire. Not good for politics. If dems lose, JPOW is out. Could be wrong, but I'm fine either way.

inb4 housing crash and OP starts a new thread this time next year: "Just got a deal on a pre-owned Ozark Trail tent to live in, reps til I'm out"

Not too worried. With 20% down, I'll still have about $200K in liquid investments/cash and another $220k in retirement investments. So about $440k total. I can live for a while off of that. Even if it drops by -50%.




Also, rate is actually 7.43%. Brutal lol

[Retoaded]

would make me nervous inspection is going to find something crazy.

[Lefticle]

would make me nervous inspection is going to find something crazy.

I can get out of the deal and get my earnest money back if it's anything catastrophic.

[LogicalLifts]

would make me nervous inspection is going to find something crazy.

I inspect before I buy. Have a trusted few who help me scope out potential problems, water, electric, design. Srs.

[OliverHeldens]

Congrats, fellow lord



All these flavours and you choose to be salty

Can’t you just be happy for someone’s success even if you can’t experience it firsthand?

Spoiler!

rents due bud

I'm a Real Estate developer. I strictly view property in a dollars and cents fashion. He's saying that he's gaining $100k in net worth just by signing the contract for a Primary Residence(which is a liability, not an asset), and that's some of the most misinformed financial thinking I've heard in a while.