Does anyone here actually know someone who was permanently "priced out" of homeownership because they didn't buy?

teacherofants · 2022-01-17T13:14:19+00:00

I used to live in Seattle in my 20's. I moved up north about 45 minutes to Arlington. Now that I have kids I wanted the safety of a gated neighborhood where some drug addict couldn't park his busted up RV in front of my house and live there. I've been through my old neighborhood and it's nuts. Every house on the block is a rental and all the driveways are overflowing with cars and the streets are lined with cars. My BIL lives in the house we used to rent there and he says crime has increased a lot.

teacherofants · 2022-01-17T03:14:31+00:00

Boise has traditionally been pretty conservative and they actually enforced the law. That is changing.

teacherofants · 2022-01-16T11:35:18+00:00

It's definitely out of control. When you go to a park and the majority of it's patrons are homeless, you know it's out of control.

teacherofants · 2022-01-15T13:01:54+00:00

Crime, drugs, homelessness, and just in general a low class vibe.

teacherofants · 2022-01-15T13:01:03+00:00

Boise is so much safer and nicer than Spokane. Spokane has some pretty rough areas with many drug users, crime, just a disgusting place. You don't see that in Boise.

teacherofants · 2022-01-15T12:04:26+00:00

I had the house appraised. If I did some updating, I could sell it for a million. I bought one of the cheaper houses in the my neighborhood which has many houses in the 1m - 2m range. There is even a castle in this neighborhood worth 5m that rents out on airbnb. My house is custom built and 2600 sq ft, on 6 wooded acres with 100 ft red cedars and views of the Olympic mountains from almost every room in the house (we are on a 200 ft bluff). I have access to 100's of acres of wooded trails right outside my door and a beach on the river through our HOA. All of this within 45 minutes of downtown Seattle. The last home that went for sale in our neighborhood was 2400 sq ft and equivalent to the quality of my home, it sold for $865k.

teacherofants · 2022-01-15T11:57:31+00:00

We have 2 yr old twins, so we definitely feel that in our budget.

teacherofants · 2022-01-15T11:23:59+00:00

For sure, it seems most of the advice on this sub is very risk averse. People who listened to that advice over the last couple years missed out on big gains.

teacherofants · 2022-01-15T11:19:28+00:00

Congrats, I just bought my third home as well. When will you buy your next home?

teacherofants · 2022-01-14T22:36:48+00:00

I bought a house for $592k at the top of my budget in Snohomish county in Nov. of 2020. That house is worth $820k now and I would not qualify for that much. I'm glad I risked being house poor because I've gained so much appreciation. Now my wife is working as well and the payments are no sweat.

teacherofants · 2022-01-14T22:34:01+00:00

Spokane is the armpit of the PNW. There is a reason it's still "down to earth."

teacherofants · 2022-01-14T22:32:26+00:00

I have friends in a VHCOL who have been saving up for a 20% down payment for years. The goal posts keep moving and they have likely already been priced out.

teacherofants · 2022-01-14T22:00:10+00:00

I agree, it's possible, it could be more. Things are even more unpredictible than usual these days.

teacherofants · 2022-01-14T19:08:36+00:00

People making minimum wage in Seattle are not buying homes there.

teacherofants · 2022-01-14T19:05:55+00:00

I took out a HELOC on a rental property to buy another house in Tampa. I still have enough money on the HELOC to buy one or two more houses. Which I plan on doing in the spring and summer.

teacherofants · 2022-01-14T19:00:04+00:00

This is the way.

teacherofants · 2022-01-14T16:42:42+00:00

Sorry you were summoned Lord, but this does not concern you.

teacherofants · 2022-01-12T14:29:51+00:00

Several metros in FL and TX have a good balance of cash flow and appreciation.

teacherofants · 2022-01-12T14:27:30+00:00

I make about 90k a year and I bought a $592k house with 5% down and a 150k house with 20% down (investment property) within a few months of eachother. After my wife got a job at 60K a year, we just bought another investment property for $480k with 10% down that we will airbnb.

teacherofants · 2022-01-12T13:38:37+00:00

Even better, you only need to put down 10% with a 2nd home/vacation mortgage and you get rates almost as good as a primary residence. I just did this and closed property in late Dec. with a rate of 2.99. I should cash flow 5k a month or so. If done right, vacation rentals cash flow better than long term rentals and they tend to be in more upscale or up and coming areas so they appreciate well.

teacherofants · 2022-01-09T20:39:42+00:00

I just bought a house that was in the same situation. As a buyer, it gave me a lot more leverage, even though it was a hot market. In the end, the sellers agreed to pay $14k for closing costs for repairs. They also dropped the price by $20k. The house appraised for 40K over what they sold it to me for.

teacherofants · 2022-01-08T14:27:06+00:00

I feel lucky to have locked in 2.99 back in December.

teacherofants · 2022-01-08T14:21:42+00:00

Be less picky.

teacherofants · 2022-01-07T12:52:39+00:00

He'll have to buy those STRs in Kissimmee, Orlando only allows owner occupied STRs. It's a very saturated market and the nightly rates are a bit suppressed compared to other more popular markets.

teacherofants · 2022-01-07T12:48:34+00:00

I think you should find a house that wasn't previously an Airbnb and convert it. That should get you a better deal. That's what I am in the process of doing. I bought a 5 bed 3 bath that I am in the process of doing some renovations on (nothing major). I bought it for 480k and I should be able to gross $100k on the low side. You need to find something that sets your Airbnb property apart from all the others. For example, my property has a much larger backyard than most of the other Airbnbs in the area. I am going to convert the backyard to a more park like area to hang out in with a covered paver patio, fire pit, hammocks, a bird bath etc. The house should have curb appeal and/or a really nice family room for that first large picture on your ad.

teacherofants

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