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The Home Ownership Thread - Page 292

post #4366 of 5753
Quote:
Originally Posted by Piobaire View Post

I'm going to suggest the housing and rental stock varies quite a bit throughout the world.

Of course it does and it also depends on if it's a uni city etc. etc.
post #4367 of 5753
Quote:
Originally Posted by MarkI View Post

Maybe not the right place to asks, but is a mortgage under 100,000 something a bank would do, it would probably be closer to around 80k. Is that veering into personal loan territory?

Lol. I know that everybody's a baller here and all, but a lot of the country, a down payment and a 100k loan are all you need to land a decent home.

Pretty much every small town and exurb in middle america....

Here's a charming 1913 4br for basically exactly that. and you can get way more house if you start heading south.

Banks write mortgages like that every single day. Far more often than the idea of them writing someone a 80-100k personal loan.
post #4368 of 5753

If I recall, mortgages are tough to get around the $50K mark.  We looked at a rental near my parents which would have provided $10K per year income on $50K invested but the bank wouldn't mortgage that low and we didn't have the cash at the time.  Also home equity loans wouldn't have helped either.  Really sucks we missed that opportunity.

post #4369 of 5753
Well...banks are also more hesitant to mortgage rental properties rather than primary residences.
post #4370 of 5753

Agreed.  A lot of folks I grew up with are buying their first houses, and the ones who live in flyover country are buying $100k-150k properties without any problem getting a mortgage.

post #4371 of 5753
Quote:
Originally Posted by otc View Post

Well...banks are also more hesitant to mortgage rental properties rather than primary residences.

I wonder how it works for people that do Airbnb sorta stuff. They can probably call it a primary or vacation home.
post #4372 of 5753

What is proper protocol when visiting open houses?

 

Wife and I are thinking about purchasing our first home, but no guarantees we will leave our rental.  Want to get an idea on what is on the market so we stopped by a couple open houses this weekend in our desired area.  The thing is, we had no intent to purchase either house because they were too large for only the two of us: 5BR and 3,000sqft.  When the selling agent inquired, I explained our situation about casually looking, no guarantee we will purchase, no representing agent, not pre-approved, etc.  My wife thought this was disrespectful but I thought the listing agent would appreciate the candid response and our position.  It would enable them to possibly connect us with another listing that may be more appropriate for us.  I assume this behavior is commonplace and realtors are accustomed to it.  Am I out of line?

post #4373 of 5753
I've never purchased a house or attended an open house, but I'd venture to say that telling them your needs and what you're looking for will result in the optimal outcome. Gotta set expectations, brah.
post #4374 of 5753
@ellsbebc that is the right way to go about it, brokers often have pocket listings or know someone who has one.
post #4375 of 5753
That's what I did. Though brokers selling stuff that big often specialize in it and won't know about smaller options. Best to find someone who specializes in whatever niche you're trying to get into.
post #4376 of 5753
Quote:
Originally Posted by js0930 View Post

That's what I did. Though brokers selling stuff that big often specialize in it and won't know about smaller options. Best to find someone who specializes in whatever niche you're trying to get into.

 

We are in the mid-south so most homes are on the larger size.  These should not be specialty brokers.  As soon as I explained us being first-time buyers and no kids/pets, they immediately understood our position and could see their gears turning to think of any other listings that may suit us.  Do not know anyone in real estate to confirm but an open house seems to serve multiple purposes: (1) sell the current listing and (2) network to find additional clients and (3) direct traffic to another listing that may be a better fit.

post #4377 of 5753
Quote:
Originally Posted by ellsbebc View Post

What is proper protocol when visiting open houses?

Wife and I are thinking about purchasing our first home, but no guarantees we will leave our rental.  Want to get an idea on what is on the market so we stopped by a couple open houses this weekend in our desired area.  The thing is, we had no intent to purchase either house because they were too large for only the two of us: 5BR and 3,000sqft.  When the selling agent inquired, I explained our situation about casually looking, no guarantee we will purchase, no representing agent, not pre-approved, etc.  My wife thought this was disrespectful but I thought the listing agent would appreciate the candid response and our position.  It would enable them to possibly connect us with another listing that may be more appropriate for us.  I assume this behavior is commonplace and realtors are accustomed to it.  Am I out of line?

I just walk in, say hello, and go on to visit the house. If the agent wants to chit chat I politely give a short answer and go on to see the house. I leave my information as requested and grab bruchures if I need them on the way out. An open house is not a place for detailed conversions as the agent needs to acknowldge and greet people as they enter and exit. Visiting an open house is by no means any kind of guarantee or commitment to anything.

By the way, usually when there is an open house many neighbors show up to see what the house looks like and get an idea of what their house would be valued at.
post #4378 of 5753
Quote:
Originally Posted by cross22 View Post

I just walk in, say hello, and go on to visit the house. If the agent wants to chit chat I politely give a short answer and go on to see the house. I leave my information as requested and grab bruchures if I need them on the way out. An open house is not a place for detailed conversions as the agent needs to acknowldge and greet people as they enter and exit. Visiting an open house is by no means any kind of guarantee or commitment to anything.

By the way, usually when there is an open house many neighbors show up to see what the house looks like and get an idea of what their house would be valued at.

This.

Don't feel obligated to do anything. You are in the market, you're looking around. That's it. Enjoy - open houses are pretty. biggrin.gif
post #4379 of 5753
agreed x 10....

i walk into open houses near by to see how people renovated or improved their place to get an idea of what i can do.

just be nice and chat. also if you are truly interested the selling or showing agent has a lot of valuable information chat with them, get an idea of how many offers are out and what kind of problems/issues exist on the reports.
post #4380 of 5753
Quote:
Originally Posted by ramuman View Post

I wonder how it works for people that do Airbnb sorta stuff. They can probably call it a primary or vacation home.

Probably a couple of ways. First, if you do it part time in a spare bedroom (or when you are gone), it probably doesn't factor into the loan at all.

Second, if you can qualify for the loan with your regular income/assets/etc. then, the fact that you might airbnb it some of the time doesn't really apply to your qualification.

However, if you require anticipated rental income to qualify for the loan, then the lender is going to be more picky. Just because it is listed on AirBnB and not VRBO or a normal 12-month lease, doesn't mean it isn't a rental property. The bank's going to want to treat it as such.

And beware of being in violation of your mortgage terms. There could be clauses that allow the bank to call the whole thing due. That doesn't mean you lose the place if you don't have cash (you can just refinance it as a rental property), but it is not the kind of bind you want to get caught in.

I've thought it might make sense to buy a bigger place than I need...and airbnb the extra bedroom. Kind of the modern equivalent of buying a 2-flat and renting out the 2nd unit (either forever, or until you can afford to renovate and convert to single-family). But I am not sure how much I want strangers living in my home...I'd be ok with it if my income changed and I wanted some extra money to pay the mortgage, but otherwise I'd rather buy within reach and not have to share my living space.
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