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Forum » Just went under contract on a new house.
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Thread: Just went under contract on a new house.

post 1690252873 09-18-2023, 07:51 AM
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Just went under contract on a new house.

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!
Always Neg Back Crew.
post 1690252963 09-18-2023, 07:53 AM
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jew
post 1690253073 09-18-2023, 07:56 AM
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A rental in your hood? Ain't your neighbors gonna be pissed?


Anyway, congrats on the new hacienda.
* Trad Archery Crew


If you allow the Govt to break the law because of an emergency, they will always create an emergency to break the law
post 1690253473 09-18-2023, 08:04 AM
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Originally Posted By QuickShotSteve⏩
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.
Originally Posted By Chowboy⏩
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.
Always Neg Back Crew.
post 1690253613 09-18-2023, 08:05 AM
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Congrats. Pics?
post 1690253933 09-18-2023, 08:11 AM
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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.
post 1690254173 09-18-2023, 08:19 AM
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What is the interest on current house?

What will interest be on new house?
post 1690254493 09-18-2023, 08:28 AM
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Landchads back at it again
post 1690254783 09-18-2023, 08:35 AM
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Inb4 Jimmy Hoffa's body is found underneath the house hue hue.
post 1690256693 09-18-2023, 09:14 AM
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Originally Posted By 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.
Lol ok. First off, it's not $100k. It's $60-$100K.

You're just mad I found a good deal lmfao
Originally Posted By squat_blaster⏩
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.
Always Neg Back Crew.
post 1690257113 09-18-2023, 09:21 AM
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Being in the same neighborhood, what makes that lot so attractive?
☆ Member of the Brave 767 crew ☆ Never forget.
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post 1690257503 09-18-2023, 09:28 AM
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Congrats, those Biden interest rates suck tho.
post 1690257573 09-18-2023, 09:29 AM
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God bless you my bro
NEW YORK FOOTBALL GIANTS
RED BULL RACING
post 1690260723 09-18-2023, 10:34 AM
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Originally Posted By leoaa777⏩
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.
Originally Posted By smashedpotato⏩
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.
Originally Posted By cobhc⏩
God bless you my bro
On spread my brother!
Always Neg Back Crew.
post 1690262013 09-18-2023, 11:05 AM
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Originally Posted By Lefticle⏩
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.
☆ Member of the Brave 767 crew ☆ Never forget.
-Florida Gators-
post 1690262473 09-18-2023, 11:12 AM
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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
post 1690263123 09-18-2023, 11:23 AM
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Congrats dude.
post 1690263223 09-18-2023, 11:25 AM
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Fountain ?
post 1690276223 09-18-2023, 03:19 PM
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Originally Posted By 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
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.
Always Neg Back Crew.
post 1690276603 09-18-2023, 03:25 PM
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Originally Posted By Lefticle⏩
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?
Toxic Masculinity
post 1690276763 09-18-2023, 03:28 PM
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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"
post 1690277313 09-18-2023, 03:39 PM
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Congrats, fellow lord
Originally Posted By 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.
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
post 1690277683 09-18-2023, 03:49 PM
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LandLordsat it again.

Inafterrentcel gigacope.

PMA thread, rated 5*.
post 1690309723 09-19-2023, 08:35 AM
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Originally Posted By gixxer0.6g⏩
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.
Originally Posted By 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"
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
Always Neg Back Crew.
post 1690309933 09-19-2023, 08:41 AM
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would make me nervous inspection is going to find something crazy.
post 1690323823 09-19-2023, 12:57 PM
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Originally Posted By Retoaded⏩
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.
Always Neg Back Crew.
post 1690337003 09-19-2023, 05:20 PM
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Originally Posted By Retoaded⏩
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.
post 1690337223 09-19-2023, 05:26 PM
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Originally Posted By r32gojirra⏩
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.
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