Since I don’t pay to use this board I can’t PM, would you be able to PM me? If you save me some I’ll definitely figure out a way to thank you, that would be much appreciated!
Building a house
- Thread starter Ron Mehico
- Start date
Since I don’t pay to use this board I can’t PM, would you be able to PM me? If you save me some I’ll definitely figure out a way to thank you, that would be much appreciated!
They are in the most demand right now. A lot of articles speculating that America is going to turn more towards renting, as the American dream of Home ownership becomes more and more unattainable. I'm personally holding on, but I'm 34 and want these properties for retirement. But if I was say, 55? Yeah I'd probably sell all of them. Hard to pass up that kind of money.
Housing market is ballistic right now, craziest I've seen good or bad in 30 years. I'll take my profits and reinvest once things cool down.
People are overpaying for everything, I'll just wait and pick up an upside down deal in 2-3 years when someone has to dump a property because they can't make their financing work.
Bingo. The delinquency rate is starting to climb.. People buying homes in the past 12 months, and the next 12 months.. a big chunk will be foreclosed. I'm hoping to make my move in a year or 2. Not sure I can wait out for 3 years though lol. 2 of us working from home.. someone won't last 3 years. I'll probably be smothered in my sleep.
I hope to sell half of my rental properties this year. The other half will increase yield and pay the bills, just have to make sure my capital keeps up with inflation in the meantime.
Is this true? I don’t see it being easier than 05 when all you had to do was work to get a 2,000 a month mortgage on an ARM rate.
That was obvious. But I’m going through hoop after hoop, obviously being told don’t worry you’re approved but we have to make underwriting pass it.
Just doesn’t seem like the same failed scenario from years past.
I don't think it will be as bad, because we don't have this underlying bank loan issue. But people are still over paying for houses, going above their means, and a lot of times doing it without an inspection (this is a big problem because sellers know this, and if they have a house with problems, they can dump it off to someone else).
So there are calls to the red to halt the buying of mortgage bongs, something like $40 billion a month. That will cool things down. People who just won't pay these prices will just settle on an apartment, that will also help cool it off.
But I do think you'll see a lot of mid-30's (and anyone buying homes in this time) run into trouble. Upside down mortgages when the prices fall back, biting off more than they can chew, expensive costs.. and what if the economy does go into a real recession? Then you have job loss, the cost of goods, etc working against these home-buyers.
Admittedly, I'm kind of hoping for it, which I know is selfish. But I see a huge sale on the horizon and that's when I'll be looking to buy.
@krazykats idk if that's your email or someone elses (wasn't following), but if it is yours, you should give Ron a good half hour to write it down and then delete it.
<-- paranoid Systems Engineer in cyber security lol
<-- paranoid Systems Engineer in cyber security lol
In the multi-family market, we do commercial loans. Typically the best you can get is 5 years, when rates were much higher you could get 7 yr loans from some places. Those loans will be restructured in.the coming years.
Not sure how this plays out but they can not build apartments fast enough. I also have customers flipping apartments and making ungodly money while renovating and jacking up rents before selling.
The rental prices are only going up and in a lot of places, getting higher than a mortgage.
Single family homes are only getting more expensive and harder to find.
I have never had an easier time selling than now. The demand far outweighs the supply because labor and material are squeezed so hard right now.
I'm saving cash and waiting. Something with break.
The rental prices are only going up and in a lot of places, getting higher than a mortgage.
Single family homes are only getting more expensive and harder to find.
I have never had an easier time selling than now. The demand far outweighs the supply because labor and material are squeezed so hard right now.
I'm saving cash and waiting. Something with break.
It might not even be housing that causes the crash.. so many other factors and uncertainty in play coming out of covid. Seems a lot of things are building that could cause a recession.
Upon your advice we went to an audio/video/smart home/everything electronic place from our builders recommendation to make sure we have all the wiring and IT stuff configured correctly in the build. I wanted to do a projector in our downstairs media room and I configured a 120” screen in a recess in the wall that would look sharp with a projector. He’s a Sony dealer so he priced it out for me with audio and said it would be around 15-20k. I’m not spending that kind of coin for that shit. Right now I’m thinking I’ll just put an 85 inch TV and then upgrade to a projector later when price goes down but have everything set up for wiring for a projector and 120 inch screen. Is that a normal price or is that dude a rip-off?
Just paint your basement wall with “projector paint “, buy a projector off Amazon for a couple hundred, put in some can lights with speakers…guessing you will come in less than $1,000. I think you would be just as happy and save a lot of $$$. I bought a projector from Amazon back during Covid for $120 and have. Even happy with my 125” screen it provides. Use that savings to put in an above ground pool like Glenn”s.
You probably got quoted actual theater level equipment, which is stupid expensive. You can get a decent projector for as little as a couple hundred bucks. It just depends on what level of picture and sound you desire.
Ya I definitely did, dude clearly thought I was a high roller or something - he had projectors up to 100k - the actual projector was 5500 he quoted me for
This is the one I got about a year ago.
7500Lumens Native 1080P 4K Projector, Full HD Native 1080P Projector for Outdoor Movies, Max 300" Display, Compatible with TV Stick, HDMI, AV VGA, PS4, Smartphone [100" Projector Screen Included] Amazon product ASIN B082HJFZWK
7500Lumens Native 1080P 4K Projector, Full HD Native 1080P Projector for Outdoor Movies, Max 300" Display, Compatible with TV Stick, HDMI, AV VGA, PS4, Smartphone [100" Projector Screen Included] Amazon product ASIN B082HJFZWK
Go to the avs.forum and do it yourself. Lots of great theater builders there that share their knowledge. But I’ll warn you, it can be a deep rabbit hole if you’re not careful. BTW: there are always great deals on projectors in the classifieds there. I got a jvc rs600 a couple of years ago for 2k, and when it came out in 2016 it retailed for 10k. It only had 340 hours on it too.
You can get a nice set up for less than an 85” TV. To start off as frugally as possible to “check all the boxes” all you need is:
- Permanent screen ($300)
- Budget projector (<$1000)
- Projector Mount ($25)
Other than that you’d need the same equipment for good sound for an 85” TV as well:
- AV Receiver ($600)
- Speakers ($500)
- Cables ($100)
You could upgrade any of those AV components, but that cheap setup will blow away an 85” TV for a “theater setting” (dark room) IMO.
Find out what that would be and do the rest yourself (buying and plugging in components) or get a handy friend to help.
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Audio/video folks are a huge rip off IMO. If you have FU money and want a crazy setup then go get one but if you are wanting a basic yet effective setup then do some research and do it yourself. Did all the Cat6, speaker and HDMI wiring in my home. Included speakers in the ceilings on both floors (highly recommend adding). Also helped a friend with his theatre room who bought high end stuff and it sounds and looks as good as a professional job. We did it for around $18k and he had quotes in the $35-40k area.
Yes, it’s a PITA but you will save thousands of dollars in the process. Best advice is go overboard a bit when the drywall is gone because it’s an even bigger PITA trying to run wire when the drywall has been hung. Wireless products like Sonos are great but IMO hard wire will always perform the best.
God, just thinking about the convenience of running wire (electric, speaker, etc) when the drywall isn't in yet, made my dick twinge.
I wouldn't count on the economy retreating anytime soon regardless of who is President. That's a losing bet almost every single year in US history.
But is buying in this climate a good idea? Bidding wars, sight unseen inspections. Maybe the prices won't go back to what they ere in 2029 (well, for sure they wont).. but that doesn't mean it can't cool off.
Yeah I agree about counting against the US econony... but the US just doesn't feel like it used to. Doesn't feel like we're in a great spot. Two giant recessions since 2008, China, geopolitical issues, stagnant wages. I can't pretend to know all this stuff extremely well, but I don't get the sense that I, as a 34 year old, will ever experience something like the 90s again.
How do you know prices won’t go up for another 3 years and then level off to what they will be 1 year from now (meaning you would still get a great deal today)? It’s impossible to know, it’s like trying to time the market. The only thing we know for sure is that the interest rates will 100% be going up. The things to weigh right now is if you’re in a personally good position to build/buy a house and if the build/buy is good quality and in a good location. A good location will always be a good investment in real estate. Think those things will always be more predictable than trying to time some sort of crash for a good deal.
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I still need to wait another year-18 months regardless. I guess as long as you're not getting into bidding wars, and have a set point that you walk away, you're good. You're right, the home values rise might be here to stay.. but that means zilch if you can't afford payments.
Here's a first: Realtor.com has email alerts for me, and today was the first time I got one for a price INCREASE lol. Normally, they send you an individual email about decreases. When have you ever gotten an alert for a price increase on anything? Sign of the times, I guess.
What setup do you have if you don’t mind me asking? Not afraid to spend for good quality, I’m just not really a big electronics guy and spending 20k for one room seemed a little ridiculous as I watch about 1 movie per year
I don’t have a killer setup or anything, it’s pretty bare bones:
I bought the screen, budget projector, and receiver recommended by the wirecutter at the time. Some of them have been superseded by newer models now.
But, when I got them last Fall, I got a “consumer grade” Epson projector for around $700, a silver ticket screen for $350 (gray - to reject as much ambient light as possible), and a Denon receiver for $300. (Some prices are higher now.)
I think the receiver is a little better than the cheapest Denon option, but I forget why I wanted it (4k Future proofing?).
Then, I just bought a set of basic 5.1 speakers from monoprice for around $250. I also have an HDMI switcher because my setup is in my living room, so I have a normal 65” TV to use during the day (on a low half-wall, perpendicular to the pj screen) and I wanted to use the same media inputs and surround sound speakers with it easily.
Then I bought a bunch of speaker mounts and cable management stuff. And I painted the room a dark teal (darker ambient colors are best.)
I bought the screen, budget projector, and receiver recommended by the wirecutter at the time. Some of them have been superseded by newer models now.
But, when I got them last Fall, I got a “consumer grade” Epson projector for around $700, a silver ticket screen for $350 (gray - to reject as much ambient light as possible), and a Denon receiver for $300. (Some prices are higher now.)
I think the receiver is a little better than the cheapest Denon option, but I forget why I wanted it (4k Future proofing?).
Then, I just bought a set of basic 5.1 speakers from monoprice for around $250. I also have an HDMI switcher because my setup is in my living room, so I have a normal 65” TV to use during the day (on a low half-wall, perpendicular to the pj screen) and I wanted to use the same media inputs and surround sound speakers with it easily.
Then I bought a bunch of speaker mounts and cable management stuff. And I painted the room a dark teal (darker ambient colors are best.)
My take on the economy at large is this. We spent the last 30 years onboarding China, India, and South America onto the world economy. The only continent left to onboard is Africa. There aren't enough people in Africa to meaningfully depress wage growth in the entire rest of the world. Population is also starting to recede in developed countries. Wage growth had a bad 30 years, but it is about to have a very solid decade or more, especially in the US.
Why in the US? Our biggest generation is still the Baby Boomers and they are retiring which means in the office world a lot of folks are going to be promoted over the next decade. In the services sector Boomers are going to use a lot of services and provide none so there is going to be a huge demand for people to serve others. We're already starting to see it. $15/hour is the new normal wage whether it becomes a national minimum or not. Employers of high school grads are going to have to pay that to get someone decent and keep them.
Aside from that we are in the middle of a huge transition from fossil to renewable energy and from an office society to a remote society. Both of those are going to destroy some old business models and provide some new businesses a lot of opportunity for growth.
The government is also going to continue to be supportive of the economy through low taxes and support for the poor. That money all circulates to all of us, especially the money that goes into the hands of lower income folks. They spend it all.
As for buying a house? Maybe you can wait a few months and materials costs will lower, but they're going to bottom out somewhere higher than they were pre-pandemic and then rise steadily at the pace of inflation. That's a timing game and if markets were easy to time we would all be rich.
As for the 90's again. You ain't seen nothing like what the 20's are going to be barring some new geopolitical crisis or pandemic. In the US the big problem we are going to see is continued random acts of violence. Politicians and their media propoganda vehicles are cornering people on the internet and turning them into angry people who think they world is against them. I expect this to continue to cause a lot of random acts of violence over the next decade. I'm just not confident we can change that and keep the 1st amendment intact so it's probably something we just have to live with.
We're "almost" done building and it's been a long and stressful process. A lot of stuff has already been covered in here and this isn't really in relation to the building process, but since I'm sure you're wife will want a lot of new furniture for your new place you need to pay attention to furniture lead times. We're still looking for a few things and a couple of stores are telling people 25-30 week lead times for couches and chairs. This isn't the super high end stuff either, brands like Flexsteel are that far out.
Have been waiting on outdoor furniture for almost 3 months now. Have a few theatre chairs that have been on order for about 2 months. Bought some TV's and a 55 inch Samsung has been on order for over month. If there is something you know you want, you better order it now or you will likely be waiting a long time for it or pricing will go up.
Don’t put all the bedrooms upstairs.
I got one other thought I would like to pass on to anyone building or planning to build. When the house is finished and the contractor is ready for the final walk-through and a punch list is created, get a professional home owner inspector to go through with you. Believe me they will find things they you will miss. When we did our final inspection we found about 8 things I would call very minor in nature, but after we moved in about 10 other things were discovered. Fortunately we had a reputable contractor that addressed the issues but it was a time consuming laborious process that required a lot of coordination, missed appointments, unreturned phone calls and general aggravation. In retrospect we would have required most of the items to have been addressed prior to closing. Remember once you close on the house you are no longer a priority to the contractor, even a very reputable one. All you have as good faith.
To give everyone an update….we have a foundation 😂
What a GD nightmare this is. Just got word our lumber bill is going up five figures just in time for framing as well so we’re waiting even longer. Good stuff, this should be a fun next 16 months 😂
What a GD nightmare this is. Just got word our lumber bill is going up five figures just in time for framing as well so we’re waiting even longer. Good stuff, this should be a fun next 16 months 😂
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What is the last completed step? You're all set with the banks, signed everything, do you have any outs?
We were close to pulling the trigger. Had the lot, the model, finances were good, and I think 45 days to pick up furnishings and all that. But then the interest rates shot up, and for as nice as the house was, it just wasn't worth what the cost was to us. We haven't fully walked away, but we've seen some of the nightmares with construction and we're still gun shy.
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