Sup misc. I've spent 1/3rd of my life here, so only seems natural to share another one of my big milestones.

Signed all my closing documents on my new house yesterday, and will get the keys tomorrow. 2.875% interest 30 year fixed mortgage through my relationship credit union.

3BR, 2BA, attached 2 car garage on a nice quiet cul-de-sac for 485k
















Backstory

bought my first crib in my mid 20's for 112k cash, made a big thread about it back then. It was a real fixer upper in the ghetto and most miscers clowned on me and thought I was retarded. Lived there for about 5 years, put about 30k into renos, and sold it for 264k. Goal was to live there for five years, build equity, then upgrade to a nicer location.

Looking for this house my criteria were:

1) be within a 15 minute drive of my work (I fukin hate commuting)

2) at least 2BR/2BA so I can get a roommate if I want to and not have to share a bathroom

3) have a garage so I can build a home gym

4) be on a quiet street

5) have at least 100k in liquid assets left over for equities - this put my budget around 490k after qualifying for a 350k loan

Living in Portland

yeah, yeah I know. I'm from here, and love the PNW (absolutely fukin gorgeous here) but hate the far left idiots who live here. Have a job I enjoy, and my parents are getting up there in age so I wanna be close to them. So I'm here for better or worse.

Portland Real Estate Market

It's fuking bananas, as it is in most major metro areas in the country. When the pandemic hit, I thought ok surely a bunch of people are going to lose their jobs, won't be able to make their morgtage payments, will get foreclosed on, and inventory will go up and thus prices might come down, right? Nope. Didn't happen. As of March prices here were up 16% YoY. Portland has the lowest inventory on record since the RMLS started keeping data. FML. My biggest regret is not buying a year ago.

The RE market is hyper competitive. Generally people list on a Thursday, and all offers are due by Sunday or Monday night. No escalations clauses allowed, and highest bidder wins. Everything goes for a minimum of 10% over asking, with 20-30% being more average for anything good. And to make yourself stand out, you have to offer extremely competitive terms.

What I did:

1) 2% earnest money (1% used to be the norm) - this just signals I'm really serious
2) no repairs under $2500 (really hot houses people will just say no repairs period)
3) 40k appraisal gap
4) offered roughly 20% over asking

was a multiple offer situation with someone else offering roughly the same, but my 40k appraisal gap is what ended up landing me the deal (sellers agent wanted us to do no appraisal gap, I said fuk that).

Ended up working out fairly well - there was nothing too major on the inspection report except a subpanel that wasn't permitted and didn't meet code. Ended up getting a 4k credit for it and my buddy who's an electrician is gonna do the work for me to move it. Other than that, mainly just small cosmetic stuff.

Property appraised 47k under offer. Because I did the 40k gap, that left 7k that my agent got them to knock off entirely from the sales price. Luckily I was putting down over 20% down payment so the gap didn't affect my loan at all, just lost out on a $400ish dollar rebate because my loan to value ratio dropped under a certain threshold.



Overall feeling pretty good about it all. Love the big attached garage, love the private backyard with covered deck so I can BBQ whenever I want, and love the fact that it's on a cul-de-sac so I don't see petty crime being an issue since there's no through traffic. I don't see real estate slowing down here anytime soon despite the absolutely retarded local politics and policies, and figure better now than later to get a house and start building equity in it again.

love all u *******s. We're all gonna make it.


edit: remade thread because google is getting too damn smart...

Bro those few lines do not prevent reverse image search. If you don't want the misc to know your address, either edit them heavily / mirror them / change size etc.
Or take some pics of the house yourself.

Only members can see this misc now so I wouldn't really be worried about it. The lurkers/alt army trolls were the detectives.

I reversed image searched all the current ones and nothing pops up. Does something show up for you? pls PM if it does (srs)

Yikes.

Congrats on the house though.

Das it mayne!

hwo much do you make?

by yourself? gratz

Congrats OP. How close are you to downtown Portland? That house would go for 800-900k in pretty much any Seattle zip code. I thought Portland was in fairly similar range but maybe not.

fuark, glad i'm never gonna buy another house

that sounds like some real bullchit

Congrats, Opie. Nice, cozy looking crib!

You're good now. Congrats on the house!

Yes by myself. Make around 54k. Mortgage is just over $1800/month, so after all my expenses I basically will have nothing left over each month. I know this is financially retarded in that sense, but since I have over 100k in other assets I'm not too worried about it. I'd rather be building equity with the house on a 2.875% loan than having a cheaper rent payment.

Lot of posts ITT got delted. Wonder what happpened tbfh

lol I know. It's fuking absurd. First house I looked at was in a nicer location listed at 435. I wanted to look at it and my agent who knew my budget was under 500 was like "okay, but I can tell you based on the location this is gonna go for at least 530". I was skeptical at first, but sure enough a month later I got the email from zillow saying the house had sold for 535. My agent was able to correctly call the prices on everything - I would look at a house, save it on zillow, then get the follow up email once it sold. Market here is retarded.About 15-20 minutes with standard traffic. Portland isn't as insane as Seattle, from what I've observed we're like 5 years lagging behind.

Congrats bro! I was kinda shaking my head at the 20% premium you gave away but if you're planning to be there long-term, nearby parents and work, then it's not a big deal especially with such low interest rates. I used to commute over 40mins each way to work and definitely felt much happier when I cut it down to 10mins so I can understand where your priorities lie. Just make sure to keep your AR near the doorway when those antifa scumbags go rolling through your hood.

Good idea at waiting until the peak of the real estate market to buy a house.

Congrats mane, you ever hung out with ratfish?

[QUOTE=keyboardworkout post_id=1640071473]Good idea at waiting until the peak of the real estate market to buy a house.

[img]https://awealthofcommonsense.com/wp-content/uploads/2019/03/Capture1-1.png[img][/QUOTE]- bond rates basically at zero
- 30% of all US dollars printed within the last year

where do you plan on keeping your money to keep up with inflation boyo? Because I got some bad news. The only options are stocks or real estate.

thx bros. All out of reps, but on R/C.

House reps.

I closed on my home sale yesterday.

___


Any renov or DIY projects you got planned out ?

This isn't a peak. Home prices will continue to rise in desirable areas. In 2008 there was a surplus of homes. Now there is a shortage. And until until they find a way to start building homes faster to keep up with demand it ain't slowing down anytime in the near future.

this ^^

anyway see you on sunday bro

Yup, if you're in a desirable location then there is no peak any time soon. Not enough supply of homes, and new constructions cant be put up fast enough

love this for you boyo & congrats!

i hope you get to enjoy your new home on a quiet street

seeing all you misc brahs buy your homes is killing me..cant wait to do it myself

Gz OP.

Very surprised you only make $54k USD but have this kind of liquidity and house.

Without considering the down payment, Nerdwallet recommends against anything more than $300k mortgage for that income. You're doing $350k IIRC from the thread yesterday. It also calls $1800/mo on mortgage a little on the "Stretching" side, almost "Aggressive"... I mean it IS like 40% of your monthly income.

https://www.nerdwallet.com/mortgages...-affordability

Gratz though on your moves. Entering real estate in your twenties was a smart move.

I'm 26, zero debt, annual income roughly around $110k after bonuses, if I sold my non-retirement investments right now and coupled it with my emergency fund I'd have like $30k at my disposal. Wish I was already in the real estate market but I'm still a rentcel, probably will be till 28 srs.

the housing market everywhere is ass backwards, a house across the street from my folks just sold for 700k, guy was asking for 610, it was a bidding war and thats where it ended lmao insanity

Real estate is being driven by super low inventory and low interest rates.

4.3% of current mortgages are being protected by the CARES Act which expires on 6/30. The Fed is going to have to bump interest rates to deal with inflation.

The real estate market is going to drop early next year. I'm already seeing it start to stall in my area even though inventory is very low.

dam 54k isnt much. Your gonna be house rich for a while.

the question would be how much of his net equity matched the rise in the cost of the new one

lol @ people who think asking price actually means anything. the house is worth what people are willing to pay for it. He paid $40k over asking, but the new price of the house will be what he paid for it. Literally doesn't matter

Mirin OP, your house is gorgeous. I don't know Portland at all, are you in a good neighborhood?You realize your mortgage payment will be higher next year after the real estate market crashes compared to if you were to buy now, right?