Home Buying & Real Estate Thread

26,108
15,623
Joined Jul 13, 2005
Anyone here doing a 15 year mortgage?

Found a 1 bedroom co-op I like (asking is 320k) that can be rented after a year. Rent prices in that building are ~2300 right now for 1 bedrooms. Thinking it would be a good investment going forward even if I live there for ~ 5 years.
 
7,213
5,240
Joined Aug 19, 2015
Anyone here doing a 15 year mortgage?

Found a 1 bedroom co-op I like (asking is 320k) that can be rented after a year. Rent prices in that building are ~2300 right now for 1 bedrooms. Thinking it would be a good investment going forward even if I live there for ~ 5 years.
Not sure 15 year is worth it unless you get a much better rate. Rule of thumb I've always read is that if you want a 15 year mortgage, just get the 30 and make the payments like it was a 15 year. That way if things ever get tight, you can always pay the "lower" 30y monthly note
 
26,108
15,623
Joined Jul 13, 2005
Not sure 15 year is worth it unless you get a much better rate. Rule of thumb I've always read is that if you want a 15 year mortgage, just get the 30 and make the payments like it was a 15 year. That way if things ever get tight, you can always pay the "lower" 30y monthly note
From what I’m seeing 15 year rates are close to 1% less.
 
22,057
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Joined May 25, 2004
15 year is way less. I have a 15 year. It was like 2% less.

if I only made min Payments I’d save 230k vs a 30 year.

this was before 3% interest being standard though so maybe it’s different now.
 
7,383
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Joined Aug 9, 2014
Wonder if anyone has insight on roofing companies versus home owners insurance companies

I’m guessing it’s not a regional thing, it’s gotta be everywhere

Roofers canvas neighborhoods with homes of a certain age that would be in the market for a new roof in the upcoming years and tell the homeowners they have roof damage from a storm and insurance will pay for the roof. They want to overcharge insurance for the roof, which leads down a path of legal battles that’s cheaper for the insurance company to just suck it up and pay. As a result, homeowners get a new roof but then are dropped, rates go up, etc.

That’s how I understand it.
My specific situation is I have a 15 yr old home, roofer came by, gave his spiel about having insurance pay for a new roof...

Personally I’ve had a total nightmare of a time with my lousy insurance company anyway with how they handled a water damage claim I had. We had to fight them for 3 years before they paid. We’re getting dropped at renewal in Sept- but it has nothing to do with our previous claim, the company is non-renewing their entire book of business in the area due to it being unprofitable (aka these roofing claims). So I’ll be stuck with a jacked up rate regardless, I’m thinking why not get a new roof? Idk
 
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Joined Feb 5, 2013
not too familiar with having insurance cover the roofing costs
but having been in the construction/ contractor industry a few years ago...these canvassing companies sub out out the work and just want ppl signing up for loans for the work.
car dealership type of process
 
2,838
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Joined Jul 29, 2012
You only got a good claim for new roof if storm/hail/natural disaster/accident that caused some damage. If it's some wear-and-tear old roof... good luck
 
1,659
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Joined Jan 29, 2007
last week of closing on selling my crib... wanted 1.25 Pre pandemic, had 5 different 1.1M-1.05M offers.... march hit and NYC went full bore lock down.. they ALL dropped out!

had it up still and settled with a $800k amount... I was over shooting because of the Pre-Pandemy highs, but not upset about walking away with 800K cash..

did a 45 day T.O.E. (Time Of The Essence) sale so they buyer wouldn't prolong the sale with his fuggery.... so he CANT back out easily and if he does the 8% deposit is mines..

could've held out another year and hope it shoots up $100K-$200K, but quite honestly, I could make that with heavy overtime at work and be a year ahead of the market crash... I just want the bread to be way more liquid

and I started to hate Flatbush.. I need more for the kids and myself.. so I'm not super mad.

if the market drops and foreclosures pop back up, ill hop back in and do it again but until then... its eastern Long Island or Orange County NY for the kid
 
16,592
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Joined May 25, 2001
I live in Tornado Country + we have crazy hail so like you said, they'll come knock on your door and ask if they can do a free roof inspection. Come back tell you it's damaged and they can get you a free roof and to call your insurance and they'll walk it with the adjuster. If you know the roofer like in my case there was one down the street AND you have good insurance like USAA especially, people were getting free roofs + 10k cash back. Roofer overcharges the insurance for the work, this covers your deductible plus profit for you (and the roofer). I tried to play the game, but I have a ****ty insurance company who drastically underpays/underestimates so I ended up coming out of pocket for mine so it wasn't so favorable a deal.

If you're going to do it, be sure you get an estimate from the roofer (one for you with real costs and a different one for you to submit to the insurance company). Get the insurance company to commit to a $ amount before you commit so you know if it's worth it. It's semi-shady but that's how the game is played. At the least, you want or hope the difference to cover your deductible so you're not out of pocket

polo sport nyc polo sport nyc yall have 8% ernest costs in NYC? Down here it's 1%
 
1,659
1,536
Joined Jan 29, 2007
Just sold 1 of my properties in Windsor, Ontario. Market was on straight steroids in Canada past 3 years. Copped it for 187. sold for 450.

3 years. Crazy

Next question.. How do i escape capital gains. It was a rental prop
roll it over to a new property, show receipts of Reno money spent, 1031 deferred form (in NYC we have that)?
 
54,288
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Joined Mar 31, 2011
Just sold 1 of my properties in Windsor, Ontario. Market was on straight steroids in Canada past 3 years. Copped it for 187. sold for 450.

3 years. Crazy

Next question.. How do i escape capital gains. It was a rental prop
Buy something else. 1031 Exchange.
 
10,786
1,675
Joined May 2, 2007
last week of closing on selling my crib... wanted 1.25 Pre pandemic, had 5 different 1.1M-1.05M offers.... march hit and NYC went full bore lock down.. they ALL dropped out!

had it up still and settled with a $800k amount... I was over shooting because of the Pre-Pandemy highs, but not upset about walking away with 800K cash..

did a 45 day T.O.E. (Time Of The Essence) sale so they buyer wouldn't prolong the sale with his fuggery.... so he CANT back out easily and if he does the 8% deposit is mines..

could've held out another year and hope it shoots up $100K-$200K, but quite honestly, I could make that with heavy overtime at work and be a year ahead of the market crash... I just want the bread to be way more liquid

and I started to hate Flatbush.. I need more for the kids and myself.. so I'm not super mad.

if the market drops and foreclosures pop back up, ill hop back in and do it again but until then... its eastern Long Island or Orange County NY for the kid
Come to Suffolk... Best decision I made, grew up in Brooklyn/Queens my whole life

Schools by me are top notch
 
26,108
15,623
Joined Jul 13, 2005
polo sport nyc polo sport nyc u couldve gotten over 1 mill if u waited probably by end of year. People are starting to come back to the city. I get it if you just wanted to close and get out though.

Crazy how Flatbush turned into the new Williamsburg/Astoria. 10-20 years ago you could’ve had 5 properties there for that price.
 
1,659
1,536
Joined Jan 29, 2007
polo sport nyc polo sport nyc u couldve gotten over 1 mill if u waited probably by end of year. People are starting to come back to the city. I get it if you just wanted to close and get out though.

Crazy how Flatbush turned into the new Williamsburg/Astoria. 10-20 years ago you could’ve had 5 properties there for that price.
I don’t even think this year.. all indicators are point out about 18-24 months for NYC to have buyers like that. And on top of that I’m a if redlining.. so my property will always fall prey to low ball numbers. But if I go two blocks over across Flatbush, BOOM! 1.5M all day in all ways… it is what it is.
 
1,130
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Joined Aug 8, 2003
Avoid HOAs like the plague.



Those are some petty *** neighbors & HOA rules.
In my eyes, each one of those rules are bogus, and anybody that represents those HOA rules should ashamed of themselves.



I've been part of two HOA(currently live with one, and am part of the committee) and we have a somewhat strict set of guidelines, all for good reason. There was one rule that stipulates all driveways must be paved, but gave a pass to two house after a vote. One family said the rock driveway is period correct for the style of home they built, and was purposely designed that way. They both just have to make sure it's properly maintained with no weeds/grass growing within it, graded with no ruts/mud.

We can make any changes to the HOA if it's reasonable, and there are enough homes that vote for said change. Granted it's not too many homes total, but ultimately it's just about trying to be a good neighbor.
 
4,773
1,860
Joined Jul 31, 2012
What’s an accurate place to check the mortgage rates? Was watching the local news and it said 2.5 for a 30yr but checked online and says 3.10
 
7,213
5,240
Joined Aug 19, 2015
What’s an accurate place to check the mortgage rates? Was watching the local news and it said 2.5 for a 30yr but checked online and says 3.10
You can use zillow to find rates, but sometimes local credit unions etc might have even better deals specific to your area


This link also shows the average rates across the country: http://www.mortgagenewsdaily.com/mortgage_rates/daily.aspx
 
1,032
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Joined Nov 28, 2012
Just sold 1 of my properties in Windsor, Ontario. Market was on straight steroids in Canada past 3 years. Copped it for 187. sold for 450.

3 years. Crazy

Next question.. How do i escape capital gains. It was a rental prop

I'm in the exact same boat as you. I rented out my condo for the last 5 years and I'm officially selling it now. Officially getting out of the rental game since I no longer want to deal with that headache. Paid $170K for it. Have about $160k left on the mortgage (took some money out to pay for other stuff like my MBA degree). It's probably going to sell for $500K.

Was considering buying a new house but the only way to avoid capital gains tax is it has to be considered a rental property again and more expensive. In addition, I live in the Bay area and everything is going for over $1M for a single family home and I already have a townhome as well. Can't stomach paying for a $1M+ home with all the property tax.
 
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