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The Home Ownership Thread - Page 248

post #3706 of 5759

Well that was fun.

 

Did the inspection on Sat and it was a disaster. Place was built willy nilly by an artist who was more Pollack when you really want Mondrian. Inspector said, "not sure we should all be on this loft right now." Would have required a near rebuild so I pulled the deal. My agent was nearly in tears.

 

To add to the fun we took a drive and saw a handbuilt cabin on a camp that was spectacular. An extra hour away but the guy really did a great job. There was an accepted offer on it, but no contract so we came in hard and fast with 10% over ask - unheard of for these places - and had a new accepted offer. The original buyers said "fuck you" then came back with 20% over ask. Not going to get into a bidding war on a cabin so adios amigos. Hope the seller appreciates that I just made her 20%.

 

lefty 

post #3707 of 5759
Quote:
Originally Posted by lefty View Post

Well that was fun.

Did the inspection on Sat and it was a disaster. Place was built willy nilly by an artist who was more Pollack when you really want Mondrian. Inspector said, "not sure we should all be on this loft right now." Would have required a near rebuild so I pulled the deal. My agent was nearly in tears.

To add to the fun we took a drive and saw a handbuilt cabin on a camp that was spectacular. An extra hour away but the guy really did a great job. There was an accepted offer on it, but no contract so we came in hard and fast with 10% over ask - unheard of for these places - and had a new accepted offer. The original buyers said "fuck you" then came back with 20% over ask. Not going to get into a bidding war on a cabin so adios amigos. Hope the seller appreciates that I just made her 20%.

lefty 

Lefty just made it rain hard bitches. Sorry about the lost deal though!
post #3708 of 5759

Just got the water test from the spring back. Chock-full of e coli and coliform.

 

Dodged a couple of different bullets there.

 

lefty

post #3709 of 5759
Congrats for avoiding a money pit Lefty.

On that note, my prior estranged deal might actually be moving in the right direction. I don't want to jinx it but I am cautiously optimistic I can get this done. Also turns out that someone contacted me and might have some buyers for another property I have. It's in a booming neighborhood but I am tempted to get out now. Hasn't been a great performer for me growth wise for a number of reasons so I need to decide if I get out now or not. Gains will be taxable which will also be true in the future so upside is somewhat limited even if value grows.
post #3710 of 5759

Gains due to holding period or exceeding the exclusion?

post #3711 of 5759
Quote:
Originally Posted by jbarwick View Post

Gains due to holding period or exceeding the exclusion?

Gains would be taxable due to it not being my primary residence, among other reasons since you can only exclude gains from one sale every two years and my first sale that's in process would fall into that bucket.
post #3712 of 5759
Quote:
Originally Posted by UnFacconable View Post

Gains would be taxable due to it not being my primary residence, among other reasons since you can only exclude gains from one sale every two years and my first sale that's in process would fall into that bucket.
You might consider a 1031 exchange.
post #3713 of 5759
Quote:
Originally Posted by NorCal View Post

You might consider a 1031 exchange.

I've thought about doing a 1031 and buying a vacation home which I initially rent out but I'm not sure I want to be in the rental business. The tax benefits of depreciation don't come into play so I'm not sure it's the right type of investment for me.
post #3714 of 5759
Quote:
Originally Posted by UnFacconable View Post

I've thought about doing a 1031 and buying a vacation home which I initially rent out but I'm not sure I want to be in the rental business. The tax benefits of depreciation don't come into play so I'm not sure it's the right type of investment for me.
What state do you live in?
post #3715 of 5759
had dinner with a friend on thursday night and we were talking about our rental properties. I noted how I've been lucky with good tenants in this unit for ~5 years. Get an email from them Friday morning that they want out of their lease to buy a place. censored.gif
post #3716 of 5759
Quote:
Originally Posted by NorCal View Post

What state do you live in?

The State of Jefferson (NorCal).
post #3717 of 5759
As of tomorrow, the Conneman will be a homeowner. icon_gu_b_slayer[1].gificon_gu_b_slayer[1].gificon_gu_b_slayer[1].gif

Any tips on buying appliances? I don't want to go high end and I don't want to go the budget route. Looking to buy a stainless four burner gas range, refrigerator, and dishwasher. Do Home Depot or Lowe's have major sales any time soon? I've heard buying the full sets can be pretty affordable but I assume you just have to go to the store to catch these deals.
post #3718 of 5759
Lowes 10% off coupons are widely available online. And black friday's coming up.
post #3719 of 5759
Quote:
Originally Posted by Connemara View Post

As of tomorrow, the Conneman will be a homeowner. icon_gu_b_slayer[1].gificon_gu_b_slayer[1].gificon_gu_b_slayer[1].gif

Any tips on buying appliances? I don't want to go high end and I don't want to go the budget route. Looking to buy a stainless four burner gas range, refrigerator, and dishwasher. Do Home Depot or Lowe's have major sales any time soon? I've heard buying the full sets can be pretty affordable but I assume you just have to go to the store to catch these deals.

Conne, I feel like the proud father of the bride....

Now could not be a better time to buy middle of the road appliances. From GE to Samsung there's just so much good stuff out there. Read reviews, align your budget and priorities, and go for it.
post #3720 of 5759
Quote:
Originally Posted by Piobaire View Post

Conne, I feel like the proud father of the bride....

Now could not be a better time to buy middle of the road appliances. From GE to Samsung there's just so much good stuff out there. Read reviews, align your budget and priorities, and go for it.

I'm pretty impressed with what I've seen so far. Samsung in particular seems to make some great stuff at pretty decent prices.

Would it be worth it to sign up with Consumer Reports to do some research? $30 for an annual digital subscription is not bad...

Ataturk, I despise Black Friday but it may be the best time to buy this stuff.
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