Any of you guys have a second home somewhere?

[Hardcore troubadour 12,597]

9 minutes ago, IGotWorms said:

I doubt I’m buying 1/2 million dollar houses for illegals. Please go ahead and prove me wrong, I’d really like to know if that’s the case

Blackrock buying up residential homes by the thousands. And why are you only worried about 500k homes? It’s ok if the 300k people have a house full of unvetted illegals next door? Fock em, right? Probably voted for Trump. Point is, the taxpayer will be paying the rent. 

[IGotWorms 3,302]

1 minute ago, Hardcore troubadour said:

Blackrock buying up residential homes by the thousands. And why are you only worried about 500k homes? It’s ok if the 300k people have a house full of unvetted illegals next door? Fock em, right? Probably voted for Trump. Point is, the taxpayer will be paying the rent. 

Okay $300,000 homes. I believe that’s well below National median price at this point but whatever. Show me I am buying those for illegals.

[Hardcore troubadour 12,597]

Just now, IGotWorms said:

Okay $300,000 homes. I believe that’s well below National median price at this point but whatever. Show me I am buying those for illegals.

I didn’t say you were. Well maybe you will be if the bank needs a bailout.  You will pay the rent in the meantime though. Why are you not understanding this? You rooting for Blackrock? 

[GutterBoy 2,277]

8 minutes ago, IGotWorms said:

Yeah I dunno, like I said if you’re super young or recently relocated, or a scenario where you’re constantly moving like the military or something, but for most people I just don’t see your point at all

My point, for the third time, is that when you buy a home, you should view it as an investment, otherwise you are better off renting.  If you're not willing to put in the time and effort to increase the value of your home, then rent.

[Herbivore 904]

13 minutes ago, GutterBoy said:

Money - home ownership can be expensive if you're not in it for a few years minimum, and if you're not willing to put in the time and effort to make it worthwhile.

Timing - Especially now, the short term outlook for real estate is not good, so buying now could put you in a hole 6 months from now.

ok, yea, short term ownership though has always been less desirable. If you are holding even a few years, it makes sense to buy. my mortgage was 1100, I could rent it for over 2500 right now. 13 yrs in.

[TimHauck 1,796]

1 hour ago, GutterBoy said:

One - Your taxes and insurance go up all the time

two - usually same for renting

three - That's an investment.

I would think taxes and insurance don't typically go up as much as rents.    But I think that would probably fall into looking at a house as an investment.

Two is not the same for renting.  You can't make changes to a rental (unless maybe you're going to pay to change them back).  But that's basically just the argument against why sometimes homeownership costs more than renting.

[IGotWorms 3,302]

25 minutes ago, TimHauck said:

I would think taxes and insurance don't typically go up as much as rents.    But I think that would probably fall into looking at a house as an investment.

Two is not the same for renting.  You can't make changes to a rental (unless maybe you're going to pay to change them back).  But that's basically just the argument against why sometimes homeownership costs more than renting.

If homeownership temporarily costs more than renting, it’s largely and probably completely irrelevant given that you built equity while owning and acquire nothing through renting.

[TimHauck 1,796]

8 minutes ago, IGotWorms said:

If homeownership temporarily costs more than renting, it’s largely and probably completely irrelevant given that you built equity while owning and acquire nothing through renting.

Agreed, but I think that falls into considering your house as an investment.

[huskyhater75 242]

On 5/18/2022 at 10:34 AM, cyclone24 said:

So looking for some guidance here. We have a lake about an hour from Des Moines where the prices for homes are completely comical. We bid on two places and got blown out of the water by people that paid well over 50 grand over the asking price, no inspections, etc.

wife wants to get one to have lots of memories with the kids growing up at the lake in the summers that sort of thing.

my thinking is we would be better served by buying an oceanfront house down in Florida taking two different weeks over the summer to take the girls down there, have a place we can get away in the winter too if you really want to until we retire.

I will also note my folks have a place out of this lake already that’s an hour away. So it’s not like we can’t ever use it.

so my question is I guess is that logical thinking that you’re investing in a oceanfront house you might only use four or five weeks out of the year? Could rent it out?. Just seems silly to me to spend 3/4 of $1 million on the lake house in Iowa that we know we’re overpaying for.

Florida-crap, steamy weather, gators, snakes, bugs, wierdos from northeast, plus if you own a house on the coast the upkeep is alot more than a house away from the ocean-salt air is tough on everything. If I was you I'd VRBO (that's what we do) it, at least until you know you can stand Florida. And being a landlord for renters-if you choose to do that- is a big pain too. Good luck.

[IGotWorms 3,302]

9 minutes ago, TimHauck said:

Agreed, but I think that falls into considering your house as an investment.

Okay but that’s always going to be the case. So unless you truly can’t afford the down payment or you really aren’t going to stick around for at least a few years, the choice is pretty clear

[cyclone24 1,807]

Just an update since the thread got a little derailed which is fine but I think I at least talked her out of getting something this summer. So that’s good. 

[TimmySmith 2,782]

2 hours ago, GutterBoy said:

I would argue that the only reason anyone should but real estate is for investment, otherwise you're better off renting.

What you state is true in some cases false in others.  Over the long haul owning a home can be not only a great investment, but can help you establish yourself and your family as part of a community.  Over the short haul, renting is probably a better option. Renters rarely have any ties to the community, nor care to. 

[cyclone24 1,807]

So this is crazy….

A condo we wanted next to the marina and has the best views of this lake never come up for sale. 
 

So a guy and his wife who have one had a conversation about maybe…MAYBE selling. He told a buddy they may sell their place off hand, buddy told my moms husband…he tells me.

So i email him and offer. He’s confused but interested. Gets another offer and hes like “How did this even get out?”

Think we sign Monday…got a great deal. 
 

But what an ordeal.

[huskyhater75 242]

No. Live in a house way to big for the 2 of us. I could sell it and have enough for 2 decent houses..............but why, where to go? We go vrbo when we vaca, keeps the options open-not locked into one place all the time.