First Home Purchase...Sale Pending! :D

[Curious George]

This seems to be a post in search of something to object to.
I'll be your left one that he'll manage without becoming a slumlord.

No. Just again explaining that what we have doesn't lend itself to your opinion that my statement was baseless.

 

[YmirGF]

By no means, however, was my statement unwarranted or unreasonable.

Even if a teeny weeny bit inappropriate. The writer of the OP is expressing, quite clearly, a milestone in his young life. Many of your points were quite valid, at a more reasonable time, after this heady time had passed. The guy just finished a small mountain of papers. To me, that says, he is trying to do things "right" and that he is not trying to cut corners. My brain would tends to extend that to his wonderful new endeavor and give him the benefit of the doubt that he will exercise due diligence as that phase enters his focus.

@TurkeyOnRye is a good guy and deserves our support and encouragement, not a fricken inquisition.

 

[Curious George]

Even if a teeny weeny bit inappropriate.

It's almost like I said someone beats their dog.

I did say that I hope I was wrong.

How do people think irresponsible landlords come to be?

 

[Shad]

I just wanted to share the exciting news with everyone that I am in the midst of my very first home purchase and we are now sale pending.

The home is a 2 bedroom 1.5 bath 2-story condo and is very close to my work. It has a washer, dryer, and fireplace, so it really feels like a home. It is a bit outdated (especially the kitchen), so I will be doing some renovation after closing. She's a modest 829 square feet, but actually feels larger than the other condos I looked at due to it being two stories and having vaulted ceilings in the master bedroom. Volume vs surface area. One nice thing about this condo is there is nobody above or below me. In fact, it shares only one wall with one neighbor as it's part of a duplex. I really wish I could've found a detached single family home, but given all the restrictions, I think I lucked out.

Although I would LOVE to move into it as my primary residence right away, I have decided to continue taking advantage of the dirt-cheap rent at my current apartment and renting the property out. My financing is a 30-year fixed conventional loan, but my current plan is to make large frequent payments, and I do think it is within the realm of possibility to get it payed off in half the time. Heck, if I play my cards right, maybe I can even pay it off faster.

Like I said, I would ADORE moving into the place...the idea of having the entire home to myself, free to romp up and down the stairs, knowing it's all mine is a GLORIOUS thought. For that reason, I will be taking the first couple of months during the renovation to really get to know the place. I'll spend some nights there...eat there...become the owner.

Honestly, I'm really surprised to be in the shoes I'm in now. Just a few years ago, I was broke, depressed, had no career, and was basically going nowhere. I now have a stable career and am just weeks away from being handed the deed to my very first home! I certainly have plenty of things to sort-out still, but honestly, if someone had told me then that I'd be here today, I wouldn't have believed them. That is certainly something to ponder when life gets tough.

Congratulations.

 

[Revoltingest]

Even if a teeny weeny bit inappropriate. The writer of the OP is expressing, quite clearly, a milestone in his young life. Many of your points were quite valid, at a more reasonable time, after this heady time had passed. The guy just finished a small mountain of papers. To me, that says, he is trying to do things "right" and that he is not trying to cut corners. My brain would tends to extend that to his wonderful new endeavor and give him the benefit of the doubt that he will exercise due diligence as that phase enters his focus.

@TurkeyOnRye is a good guy and deserves our support and encouragement, not a fricken inquisition.

So that's what a post looks like when from someone with empathy & social skills.
I'd emulate you if it weren't for the fact that I won't

 

[Curious George]

Even if a teeny weeny bit inappropriate. The writer of the OP is expressing, quite clearly, a milestone in his young life. Many of your points were quite valid, at a more reasonable time, after this heady time had passed. The guy just finished a small mountain of papers. To me, that says, he is trying to do things "right" and that he is not trying to cut corners. My brain would tends to extend that to his wonderful new endeavor and give him the benefit of the doubt that he will exercise due diligence as that phase enters his focus.

@TurkeyOnRye is a good guy and deserves our support and encouragement, not a fricken inquisition.

Well that post grew when I wasn't looking...

I gave no inquisition. I made a comment and expressed hope that I was mistaken. The OP asked for further clarification and I elaborated. The other posts were between me and Rev.

 

[TurkeyOnRye]

I fear you are progressing towards being another irresponsible landlord. I hope i am wrong.

I must admit, your comments did feel like a cold gust of wind, but an indirect thanks is warranted, as such sentiments keep the loins girded and the lamp burning, so to speak. Just realize that the most valuable resource I am protecting in this situation is my flexibility and that I am leaving several logistical backdoors open should feces hit the fan. In any case, I am thinking through the details behind the scenes, and I think I can pull it off. Worst case scenario? I move into my new home.

Thank you @Revoltingest and @YmirGF for being my big brothers.

 

[TurkeyOnRye]

Famous last words.
But I have advice to speed things along.....
Don't get permits.

I've had a brief look into this matter. I will look into it more deeply in the coming days, but I don't believe I need a permit for the improvements I seek, which are mostly aesthetic. I intend to do painting, replace cabinet doors and molding, and potentially kitchen counters.

 

[Revoltingest]

I've had a brief look into this matter. I will look into it more deeply in the coming days, but I don't believe I need a permit for the improvements I seek, which are mostly aesthetic. I intend to do painting, replace cabinet doors and molding, and potentially kitchen counters.

You'd be amazed how the tiniest change can require permits.
A good contractor can advise you on the matter.

Btw, I don't get multiple bids for jobs.
I work with the people I trust, & monitor the jobs.
Seldom is a big job simple enuf to be priced in advance anyway.
Hidden problem always arise....always.

 

[Revoltingest]

My main contractor guy charges people to give bids.
Why?
When they approach him, he gets an idea of what they want,
& gives them a very rough estimate of what it could cost.
For a bid, he'd have his architect weigh in, & give more detail.
This costs him time & money, but the customer....if a serious
customer....gets a realistic understanding of the job & costs.
This is when they decide whether to get permits or not.

 

[TurkeyOnRye]

[UPDATE #2]

The seller has chosen a contractor and siding repairs should be completed on time before the home inspection next week. Crossing my fingers that the home inspection goes well! If so, we're pretty much in the clear. Earnest money has been plopped down, the appraisal likewise. Looking forward to wrapping this all up.

I thought this was rather amusing:
Landlord Gathers Up Mess Left Behind by Former Tenants, Dumps in Front of Their New Home

 

[Revoltingest]

[UPDATE #2]

The seller has chosen a contractor and siding repairs should be completed on time before the home inspection next week. Crossing my fingers that the home inspection goes well! If so, we're pretty much in the clear. Earnest money has been plopped down, the appraisal likewise. Looking forward to wrapping this all up.

I thought this was rather amusing:
Landlord Gathers Up Mess Left Behind by Former Tenants, Dumps in Front of Their New Home

Oh, if only our legal system allowed for such justice.
But legally here, tenants can leave behind such a mess.
And in Michiganistan, we're legally prohibited from charging them for it.
(Cleaning costs are deemed to have been covered by the monthly rent.)
But the dumping at their new abode would be illegal here, & subject
to both tort & criminal prosecution.

Big & occasional losses are just covered in the rent charged to all.
So the good tenants pay for the actions of the bad ones.
(My personal record was tenants leaving behind $250,000 damage
in a house. I did keep their security deposit though.)
Tis a dysfunctional kind of 'justice', eh.

 

[TurkeyOnRye]

$250,000?! What did they do, take a wrecking ball to the place? I couldn't do that much damage unless I really really tried.

 

[TurkeyOnRye]

[UPDATE]

Home inspection complete. There are issues, but no deal-breakers. The interior is in decent shape, but the exterior has some deferred maintenance which falls under the purview of the HOA. Having said that, I can't move on this sale until the HOA has committed to addressing the issues to which it is responsible for. I have sent each of the board of directors a hand-crafted email (so that it's all in writing) explaining (1) where we are in the transaction, (2) what the issues are with the exterior of the property, (3) inquiring what current plans they have to address the exterior issues, and (4) what their plans are to keep a maintenance program going forward. I CCd the real estate agents in care of the transaction as well, so everyone knows what everyone else's hands are doing. Basically the intent is to apply as much pressure and daylight on them as possible to get their act together. If they display a modicum of good faith and commitment to bear the burden of the responsibilities to which they have been appointed, I will proceed with the sale. If not? I have little choice but to walk away, as I have no interest in being tethered to the reins of an incompetent HOA.

 

[Revoltingest]

$250,000?! What did they do, take a wrecking ball to the place? I couldn't do that much damage unless I really really tried.

They used excessive extension cords, & set bedding on top of them.
It caught fire.
(Note:
The house had been recently completely remodeled with new wiring.
Permits were pulled, & inspections passed.)

Another landlord I knew rented to the hockey team.
They broke every window in the house in winter.
All pipes froze & burst.
Never least to teams: baseball, basketball, hockey, football, wrestling
OK teams: gymnastics, rifle, debate

 

[Revoltingest]

[UPDATE]

Home inspection complete. There are issues, but no deal-breakers. The interior is in decent shape, but the exterior has some deferred maintenance which falls under the purview of the HOA. Having said that, I can't move on this sale until the HOA has committed to addressing the issues to which it is responsible for. I have sent each of the board of directors a hand-crafted email (so that it's all in writing) explaining (1) where we are in the transaction, (2) what the issues are with the exterior of the property, (3) inquiring what current plans they have to address the exterior issues, and (4) what their plans are to keep a maintenance program going forward. I CCd the real estate agents in care of the transaction as well, so everyone knows what everyone else's hands are doing. Basically the intent is to apply as much pressure and daylight on them as possible to get their act together. If they display a modicum of good faith and commitment to bear the burden of the responsibilities to which they have been appointed, I will proceed with the sale. If not? I have little choice but to walk away, as I have no interest in being tethered to the reins of an incompetent HOA.

This reminds me....
Condo boards can be dangerous to owners.
If they do something illegal, eg, discrimination,
the liability can fall upon the owners.
Be involved.

 

[TurkeyOnRye]

This reminds me....
Condo boards can be dangerous to owners.
If they do something illegal, eg, discrimination,
the liability can fall upon the owners.
Be involved.

I intend to be involved for sure. At least involved to the extent of my own interests.

I've heard back from the HOA. They've been pretty responsive and sensible enough, but obviously they can't make any promises as I am not an owner. We're moving forward.

 

[TurkeyOnRye]

After careful consideration, I've decided that moving into the condo as my permanent residence is the best option. Recall from my earlier posts that I considered renting the entire condo out for some added income. The main reason I would like to stay in the condo is that not living there would kind of suck. A lot actually. I would earn slightly more renting the place out, but after the management fees and added complication of keeping up on a second property—in addition to the above-stated displeasure of not getting to actually live in my own home—the bottom line just doesn't pan out. But that is fine. In fact, there is a big smile on my face. I have grown fond of my current home and bless it, but I am ready to leave...Now. lol

There is also a finer contractual detail to contend with. That is that the terms of my financing are that I utilize the home as a primary residence. I can't imagine that a lender would have much incentive to penalize a mortgager who regularly pays on-time for using their property outside the terms of its use, but nonetheless, that is a risk. To my understanding, it's a pretty common breach of contract, but given the paltry profit margin I'd glean, it's just another good reason to move in and play the cards as-delt. In any case, one of the many reasons that I decided on this property was for the ease of potentially renting it out in the future. The current terms of the HOA have few restrictions on utilizing the property as a rental, so when the time comes (assuming HOA policy remains the same), I will have the ability to do with the property as I wish.

All in all, good news! We are proceeding with closing as scheduled. We are tentatively scheduled to close on the 10th, so stay tuned!

 

[Revoltingest]

After careful consideration, I've decided that moving into the condo as my permanent residence is the best option. Recall from my earlier posts that I considered renting the entire condo out for some added income. The main reason I would like to stay in the condo is that not living there would kind of suck. A lot actually. I would earn slightly more renting the place out, but after the management fees and added complication of keeping up on a second property—in addition to the above-stated displeasure of not getting to actually live in my own home—the bottom line just doesn't pan out. But that is fine. In fact, there is a big smile on my face. I have grown fond of my current home and bless it, but I am ready to leave...Now. lol

There is also a finer contractual detail to contend with. That is that the terms of my financing are that I utilize the home as a primary residence. I can't imagine that a lender would have much incentive to penalize a mortgager who regularly pays on-time for using their property outside the terms of its use, but nonetheless, that is a risk. To my understanding, it's a pretty common breach of contract, but given the paltry profit margin I'd glean, it's just another good reason to move in and play the cards as-delt. In any case, one of the many reasons that I decided on this property was for the ease of potentially renting it out in the future. The current terms of the HOA have few restrictions on utilizing the property as a rental, so when the time comes (assuming HOA policy remains the same), I will have the ability to do with the property as I wish.

All in all, good news! We are proceeding with closing as scheduled. We are tentatively scheduled to close on the 10th, so stay tuned!

Make money with a roommate or Airbnb?

 

[TurkeyOnRye]

Make money with a roommate or Airbnb?

Yes, I will get a roommate into the second bedroom once renovation is complete. Spring time probably.