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The Home Ownership Thread - Page 94

post #1396 of 2192
Perfect opportunity to have Ed bring his chainsaw.
post #1397 of 2192
Quote:
Originally Posted by SkinnyGoomba View Post

Perfect opportunity to have Ed bring his chainsaw.

Jeeze... I mean I would at least give the manufacturer a courtesy warning call before heading over there with a chainsaw
post #1398 of 2192
Quote:
Originally Posted by Douglas View Post

That's really not that far outside the realm of normalcy for a full-service job. Unfortunately.

Can def be done cheaper, but it doesn't scream ripoff... depending on what you are planning to do. Especially in your area. smile.gif

I have three bids in hand: $75K, $85K, and $45K. All for highly recommended, properly licensed and bonded GCs. I think the first couple built in massive contingencies because we were too vague with our initial project scope. Still, their bids were so far outside the realm of sanity that we're not bothering to go back to them with the tighter specs.

When we went back to the third guy with the final scope he lowered his estimate to $30K.
post #1399 of 2192
Quote:
Originally Posted by RedLantern View Post

The Mrs. and I were out snooping around a house tonight (the house had apparently just gone pending) and bumped into a contractor measuring to put up a new fence. Chatted him up for a bit and he took us to a house that he has been working on that is not yet on the market, but they are looking to sell. Turns out the second house is fantastic. Got the contact info for the owners and going to get in contact with them tomorrow. Feeling excited and lucky to be in on the DL real estate tip . . .icon_gu_b_slayer[1].gif

Going back for a second showing tonight. Did some CMA stuff and other snooping around. Followed up with a couple financing questions I had with my bank. Have a number in mind to make an offer if it looks as good on a second go-through! biggrin.gif
post #1400 of 2192
They should be reviewing our offer by Thursday!
post #1401 of 2192
Thread Starter 
Sounds exciting. Good luck.
post #1402 of 2192
thanks! It is (for our area) a large house - nearly 2900sf split into 2 levels. Top floor is 3br 2bath, living, dining, kitchen. Top also has an attached 2 car garage, which is also a rarity here. Bottom is 2br 1bath, living, and is roughed in for a kitchen (also has various storage and utils downstairs). I like the versatility that the property offers, in that we can rent out the downstairs (which has a separate entrance), and nearly cut our PITI in half, until we have a family and then reclaim the rest of the house as needed. Also, if we wanted to move we could rent out both units, making it a good investment property. The lot is large and level - 7200sf, and is in a quiet middle/working class neighborhood. Our street is very quiet but it's only a block away from a main street heading into downtown, making for an easy bus commute for my wife. We would be only a 2 or 3 minute drive from a pretty decent shopping center, which includes a good grocery store, a gym, bookstore, Target, etc. It would be a little but of a drive (10mins) to any "interesting" nightlife/restaurants, but I guess that is the price you pay for living in a family neighborhood.
post #1403 of 2192
Quote:
Originally Posted by RedLantern View Post

thanks! It is (for our area) a large house - nearly 2900sf split into 2 levels. Top floor is 3br 2bath, living, dining, kitchen. Top also has an attached 2 car garage, which is also a rarity here. Bottom is 2br 1bath, living, and is roughed in for a kitchen (also has various storage and utils downstairs). I like the versatility that the property offers, in that we can rent out the downstairs (which has a separate entrance), and nearly cut our PITI in half, until we have a family and then reclaim the rest of the house as needed. Also, if we wanted to move we could rent out both units, making it a good investment property. The lot is large and level - 7200sf, and is in a quiet middle/working class neighborhood. Our street is very quiet but it's only a block away from a main street heading into downtown, making for an easy bus commute for my wife. We would be only a 2 or 3 minute drive from a pretty decent shopping center, which includes a good grocery store, a gym, bookstore, Target, etc. It would be a little but of a drive (10mins) to any "interesting" nightlife/restaurants, but I guess that is the price you pay for living in a family neighborhood.

Sounds like a good setup.

Living in the city, I've wondered if that would be the way to go...pick up something that had been converted into multiple units (or was built that way) and rent out the extra space. I'd like to think that I am handy enough that I could handle all of the landlord needs (I wouldn't want to do maintenance on a multi-family across town, but a tennant downstairs seems fine). Then when you've got the money and need the space, you can just expand downstairs instead of having to move or tear down and build a larger house.

The guy who does this blog: http://manhattan-nest.com/ recently bought a house that was set up that way, although he is in the process of converting it back to single-family (pulling out the second kitchen, opening access between floors, etc).
post #1404 of 2192
Yeah, but I think there's a big difference between having someone living in an apartment you own somewhere else and living in your home. At least, judging by the craziness I saw from the landlords I rented from when I was living in an owner-occupied unit it is.
post #1405 of 2192
Thread Starter 
Dehumidifiers. Who knew they were so expensive? Sheesh.
post #1406 of 2192
Quote:
Originally Posted by otc View Post

Sounds like a good setup.

Living in the city, I've wondered if that would be the way to go...pick up something that had been converted into multiple units (or was built that way) and rent out the extra space. I'd like to think that I am handy enough that I could handle all of the landlord needs (I wouldn't want to do maintenance on a multi-family across town, but a tennant downstairs seems fine). Then when you've got the money and need the space, you can just expand downstairs instead of having to move or tear down and build a larger house.

The guy who does this blog: http://manhattan-nest.com/ recently bought a house that was set up that way, although he is in the process of converting it back to single-family (pulling out the second kitchen, opening access between floors, etc).

My great grandfather did this for most of his life, it's not without headaches, but makes a nice income once the place is paid for. He repeated the process multiple times as he decided he no longer wanted to live in the house but kept them to rent. Everyplace he lived in was multi-story and with tenants.
post #1407 of 2192
Quote:
Originally Posted by Douglas View Post

Dehumidifiers. Who knew they were so expensive? Sheesh.

+1 I picked one up from newegg and it has worked me well for two years now.
post #1408 of 2192
Offer is in! It's kind of a weird deal, the property is owned by a Church so the sale has to be approved by a board of directors, which meets Thursday night. Hopefully they will get to it this Thursday, but next week at the latest.
post #1409 of 2192
Quote:
Originally Posted by otc View Post

Sounds like a good setup.

Living in the city, I've wondered if that would be the way to go...pick up something that had been converted into multiple units (or was built that way) and rent out the extra space. I'd like to think that I am handy enough that I could handle all of the landlord needs (I wouldn't want to do maintenance on a multi-family across town, but a tennant downstairs seems fine). Then when you've got the money and need the space, you can just expand downstairs instead of having to move or tear down and build a larger house.

The guy who does this blog: http://manhattan-nest.com/ recently bought a house that was set up that way, although he is in the process of converting it back to single-family (pulling out the second kitchen, opening access between floors, etc).

There's a particular property that is my one great real estate regret, that was set up this way - a full flat unit on the top floor and a one-bedroom in-law on the ground floor. We had only just started to think about buying something, the selling agent was a complete asshole, and Mrs. A was leery of becoming landlords, so we never made an offer on it. The way rents have skyrocketed in SF that in-law unit would be covering our mortgage and then some.
post #1410 of 2192
Quote:
Originally Posted by RedLantern View Post

Offer is in! It's kind of a weird deal, the property is owned by a Church so the sale has to be approved by a board of directors, which meets Thursday night. Hopefully they will get to it this Thursday, but next week at the latest.

Good luck! Got any juice with The Man Upstairs?
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