Real estate General topic

[Sprinkler Fitter]

So, been two or three recent threads about specific real estate topics; poor quality online pictures, poor descriptions, I started one about aerial layout maps, ect; so I figured I'd just start a generic real estate thread, focused on rural properties.

So, I'll go first; me and wife are doing a viewing tomorrow, 13ish acres, 5/2 double wide, dirt road, about 15 minutes from 2 stop light Town. We saw it, look at it on ad, Google, basemap, and property appraiser, and then do a drive by, just to check the area. It's a Ssstretch financially, but we qualify for the loan. Wife initially said, yeah, we can afford that payment; but with 48 hrs of time to think, she starts second guessing the fiance of it. We talk, and we will do showing; but in my estimation; and talk with her;
property: if it didn't have the house, and was anything above $150k, I wouldn't even look at it
home: if it was anything above $200k I wouldn't even look at it
the package is $420k. We already have the viewing scheduled, and we will go, but wife basically said, if we Love it, tell them the truth, $150 for the land, $200 for the home, that's max of $350k; and not whiling to go above that.

Couple notes; it was late on Thursday, and I decided to enter info in a popular online mortage originator; they actually called at almost 9pm. Next day, holy crap, the random phone calls and text messages, from them, their 'preferred realtor', other competitive company's. It was probably 15 calls, and 20 texts on friday...


I was honest with real estate lady; told her it was at or right above our max; and that it would have to be perfect to put in a real offer, and I didn't want to waste her time. She was OK with that, and set up viewing anyways.

What is a 5/2 double wide?

 

[paulsharvey]

What is a 5/2 double wide?

A five bed, 2 bath, two section manufactured home.

In truth, it actually was a 4/2 with a extra room, that technically can't be a bedroom, because it didn't have a closet, and was set up as a mix game room/office.

 

[ultrarunner]

My one and only HOA formed in 1948 and for many decades no issues.

As HOA requirements increased through various gov requirements the pool of residents willing to take it all on diminished so now we pay a lot more for professional management which means paying someone to tell you what you can and cannot do.

That said all neighbors continue to be great with some homes in same family back to the 1950’s…

Given that my preference is unincorporated county with enough land to buffer…

 

[ultrarunner]

Sidebar on being a contra ion…

I know a few that thought they were sitting pretty having realized a windfall selling their home to wait out until prices cratered and jump back in.

Only one executed because when prices cratered and every block here had a foreclosure it takes a very strong will to jump in as everyone is walking/running away.

The interesting part is as prices cratered rents remained firm and even increased as those walking away still needed a roof over their heads.

I’ve never been good at timing markets but sometimes I have been at the right place right time.

I’ve come to see money in the bank not in the same light as previously…

Inflation has taken a mighty toll and my guess will continue because value is based on faith and credit of the government.

 

[paulsharvey]

My one and only HOA formed in 1948 and for many decades no issues.

As HOA requirements increased through various gov requirements the pool of residents willing to take it all on diminished so now we pay a lot more for professional management which means paying someone to tell you what you can and cannot do.

That said all neighbors continue to be great with some homes in same family back to the 1950’s…

Given that my preference is unincorporated county with enough land to buffer…

We had one where we live now, and frankly, other than them wanting their $120/year for no benefit, they never messed with us. The issue I always had with them, you knew they Could declare your 'stuff' junk, which was banned. Or your dogs that get out sometimes as a "nuisance animal' which was banned, or your roosters, ect. I always shot and hunted, but that was. banned, until a law changed. Luckily they got dissolved for fraud, about 3 years ago, when they were 2 years expired, and held a secret meeting of 2 people, and sent in reincorporation paperwork with the state (requires like 60% majority to do that). Of coarse nowone got any of the money back for years paying into a non-legal HOA, and there are questions about what happened to certain assets the HOA owned (including an old Ford 2000 with a 7 ft mower, that noone could find...)

 

[paulsharvey]

As much as anything, it's the neighborhood busy bodies, that bother me; and those exist in and out of HOAs. Difference, outside an HOA you can tell them to get F'd, and not worry about them trying to fine and seize your home.

That's why I try to stay off the local 'town' or neighborhood social media groups. "kid in the red truck drives too fast, and I have his license plate and will report to sheriff" or "everyone not putting lids on the trash cans should be out here picking up litter" and all that nosy crap.

 

[plowhog]

I know a few that thought they were sitting pretty having realized a windfall selling their home to wait out until prices cratered and jump back in.

A nice part of the real estate investment is that you have millions of similar investors. That by itself provides some protection.

It has been perverted a bit with the demonization of landlords and the taxes targeted toward vacant parcels or vacation homes. But with runaway spending and running out of money, they have to keep tapping new sources to fund all the many projects.

 

[paulsharvey]

A nice part of the real estate investment is that you have millions of similar investors. That by itself provides some protection.

It has been perverted a bit with the demonization of landlords and the taxes targeted toward vacant parcels or vacation homes. But with runaway spending and running out of money, they have to keep tapping new sources to fund all the many projects.

It's kinda a weird situtation; 50% of people are complaining about squatters rights, and not being able to kick people out; while the Same 50% are complaining about Blackrock/Vanguard/PRC investors buying up properties. The whole thing is a crapshow; and I would always be worried about absentee ownership...

Not the US, but I worked with a younger guy years ago that told me about property in Belize that his parents bought, and he always had a plan to save up $25k, and go live like a king down there for 5 years. I told him, odds are Very good that you don't own that anymore.

 

[WinterDeere]

In truth, it actually was a 4/2 with a extra room, that technically can't be a bedroom, because it didn't have a closet…

Wow. Growing up and always living in old houses, I’ve never lived in any house that had closets in the bedrooms, other than those added by modern renovations.

Is that code where you live, that it can’t be a bedroom without a closet? It would disqualify half the bedrooms in this old corner of PA. Our forefathers used bureaus and wardrobes, closets are a more modern convenience for most.

 

[ultrarunner]

It's kinda a weird situtation; 50% of people are complaining about squatters rights, and not being able to kick people out; while the Same 50% are complaining about Blackrock/Vanguard/PRC investors buying up properties. The whole thing is a crapshow; and I would always be worried about absentee ownership...

Not the US, but I worked with a younger guy years ago that told me about property in Belize that his parents bought, and he always had a plan to save up $25k, and go live like a king down there for 5 years. I told him, odds are Very good that you don't own that anymore.

I started managing property in 1982 and it was very different then.

Rental agreement 1 page with a second page condition and inventory... that was it.

Current rental agreement 50 pages... several pages agreement with specific language and dozens of mandated pages from lead paint, rent control, city smoking ordinances, just cause eviction, contact info for free tenant legal aid, etc.

If a tenant did not pay a simple 3 day notice... now city must grant permission for unlawful detainer to commence if allowed plus no manager will ever forget the years of eviction moratorium...

The answer for some is dumping anything residential and keeping commercial...

 

[ultrarunner]

Wow. Growing up and always living in old houses, I’ve never lived in any house that had closets in the bedrooms, other than those added by modern renovations.

Is that code where you live, that it can’t be a bedroom without a closet? It would disqualify half the bedrooms in this old corner of PA. Our forefathers used bureaus and wardrobes, closets are a more modern convenience for most.

It's been code since mid century 1900's to be considered a bedroom for rental purposes.

Original homes going back to 1900 all have closets even if 30" wide with door.

 

[WinterDeere]

It's been code since mid century 1900's to be considered a bedroom for rental purposes.

Original homes going back to 1900 all have closets even if 30" wide with door.

Interesting, I honestly didn’t know that.

Houses I’ve owned or lived in were built 1692, 1720 (x2), 1738, 1775, 1865, 1877, 1894, and 1953. Only the 1953 one had closets that were original to the home, but I always thought that was more about style and modern convenience than code.

 

[LouNY]

I wonder if that is a city or state code.

 

[paulsharvey]

The answer for some is dumping anything residential and keeping commercial...

Just be careful of generic office space, my understanding there is a Big surplus of that, as companies have less general office staff.

 

[ultrarunner]

Just be careful of generic office space, my understanding there is a Big surplus of that, as companies have less general office staff.

Public Storage is a good performer...

 

[paulsharvey]

Public Storage is a good performer...

In NE/NC FLa, Boat and RV Storage yards are doing very well. Thank HOAs banning storing boats, RVs, SxS, ect from being stored, even when there is plenty of room. The investment in actual construction is pretty low, but even still, engineering/zoning changes, ect, make a gravel yard with a gate cost $500k

 

[ultrarunner]

We have found semi-retired couples are the best onsite managers and take extra effort so that the 2 bedroom managers unit is nicely appointed and strategically located and is part of the compensation package as required.

Some units have temp control from solar, some are drive thru with 10x30 the most popular with contractors... I was surprised at just how popular 5x10 "Closet" size is in general.

Red Iron construction for the 2 story climate controlled building.

Unlike residential units, storage units with unpaid rent are easy to recoup with the lien sales and many sign up for short term rental so a win/win.

Each unit is alarmed and access to premise code controlled.

 

[plowhog]

I wonder if that is a city or state code.

Interesting question. I'm a licensed RE broker in a few west coast states and it has always been the requirement on every residential deal I've ever been in.

 

[ultrarunner]

My city charges a bedroom fee for new construction per bedroom...

Some creative custom builders would build with rooms labeled den or home office or media to avoid bedroom tax because no closet... well no bypass closet doors but the closet niche was there... just no door.

There was also a fire sprinkler requirement of 3 or more floors and common on view downslope property...

Some builders went to very high ceilings to avoid fire sprinklers before the state mandates.

 

[Sigarms]

How would yall feel about the a back property having an access easement kinda right down the center of your property? Obviously not ideal, and would affect placement of permanent outbuildings. Would it bother you much, or just work around it?

How many times have you read about issues with easements on properties on this forum?

A stupid guy like me even knows not to touch a property with an easement with a 10 pole before I even came to this forum.
An easement right down the center of your property?

Don't get me wrong, I get the fact that we all have the power companies to deal with with cutting, but NEVER with someone who uses that easement to access their own property.