🏡 Better Homes OFFICIAL real estate bs discussion

[Z28Camaro]

To improve cash flow of my building I plan to turn some units into short term rentals such as month to month and an Airbnb unit or two. I have a consultant who will manage everything seamlessly but not sure what steps I may be missing. I think someone will need a license or permit potentially but not sure because if I’m a homeowner I would need that for short term rentals.

Anyone with experience or wisdom to share on this? Plan is to price out the riff raff and I think there will be good demand for our units.

 

[Shawn1112]

To improve cash flow of my building I plan to turn some units into short term rentals such as month to month and an Airbnb unit or two. I have a consultant who will manage everything seamlessly but not sure what steps I may be missing. I think someone will need a license or permit potentially but not sure because if I’m a homeowner I would need that for short term rentals.

Anyone with experience or wisdom to share on this? Plan is to price out the riff raff and I think there will be good demand for our units.

Where is your bldg located? I think location is the biggest thing with Airbnb

 

[Z28Camaro]

Downtown in the historic warehouse district. It’s a good location for professionals without kids.

 

[Shawn1112]

Downtown in the historic warehouse district. It’s a good location for professionals without kids.

Fulton District? If so, fuck yeah you should do well. Just be careful as people rent out airbnb in that area to throw big ass parties.

 

[Z28Camaro]

Unfortunately the building is in Peoria, I should have been more clear.

 

[Fish]

Unfortunately the building is in Peoria, I should have been more clear.

You turned a Fuck Yeah into a Fuck with just one word. Peoria. Lol.

Other than that, I got nothing.

 

[Jon01]

Wifey and I just locked this one up. Pending inspection and all the usual bullshit this'll become the new hillbilly shenanigans HQ.

31362 Chardonnay Point, Waukee, IA 50263 | Zillow

31362 Chardonnay Point, Waukee IA, is a Single Family home that contains 2560 sq ft and was built in 1988.It contains 5 bedrooms and 4 bathrooms.This home last sold for $715,000 in July 2023. The Zestimate for this Single Family is $657,500, which has increased by $4,171 in the last 30...

www.zillow.com

I can't wait to see mf faces when I roll through with the downpipe open on the C10.

Gotta update this.
Inspection was a cluster fuck.
Roof is fucked - missing some shakes and leaking around chimney, termites and ants in the deck, ants in the main floor windows, plumbing is all slow to drain.
We got some roof estimates, per covenants gotta do either shakes or coated steel. No asphalt.
Roof is 57 square and came back between 80 and 115k based on shakes or steel.
Deck estimate for tear off and replacement was 30k.
We dropped our offer from 715 to 625, they got their own roof quotes which came in about where ours did.
They countered at 650, we came up to 630 and now they're holding firm at 650.

I'm torn here. We love the house and area. It's a killer location and setting but idk that it's worth 650 when I gotta plug another 100+ directly into it.
Plus, mortgage rates are up a full point over the last 3 weeks. Current 30 year quote went from 5.625 to 6.625 and we have baller credit and 60% down.
Also, nothing else in the development is moving. The house right next door has killer landscaping and a brand new roof, it's currently at 725 and has been listed for over a year. We looked through it in February, their realtor called us begging for an offer about a month ago.
There are 2 others that are the same story.
But, in the grand scheme of things, 20k doesn't make a huge difference if it's our forever home.

With this shit in mind do I tell them to cancel the contract and step back in hopes that nobody else comes along then hit them again in a month or so, or do I grab my balls and go for it?

 

[Bigturbonotch]

That pricing is outta control. Looks like a 300k rehab tbh.

 

[camarothatcould]

"call me when the new roof is done, thanks bye"

 

[camarothatcould]

Of if you really want it. Offer 640 and then Split the roof costs up until a set amount. But something that big I wouldn't move until the roofs done

 

[Z28Camaro]

Honestly the place looks like a maintenance headache. The listing says well maintained but it doesn’t seem so.

Any one of those issues will be a pain in the ass, but all of them? I would drop the contract and throw out a lowball offer to the place next door if you like it.

 

[FirstWorldProblems]

Yeah don’t do it. Walk away

 

[The Beast]

Of it’s the location you want and the house you want do it. U might not find another house like that.

 

[OffshoreDrilling]

You’re too in love with the house. I wouldn’t touch it until at least the cost of a roof replacement is taken off asking price.

“Dream” house is going to turn into a nightmare.

 

[OffshoreDrilling]

Bigger the house, bigger the issues. All the infrastructure is larger and more complex. Finishes are nicer and more expensive to repair.

Things get out of the DIY range, or should. Buying a 3/4 mil+ house and affording one are two different things. If my income supported that, I’d rather be using my time to enjoy life and pay someone else to fix shit more than swapping a deck board or changing plumbing fixtures.

 

[The Beast]

Bigger the house, bigger the issues. All the infrastructure is larger and more complex. Finishes are nicer and more expensive to repair.

Things get out of the DIY range, or should. Buying a 3/4 mil+ house and affording one are two different things. If my income supported that, I’d rather be using my time to enjoy life and pay someone else to fix shit more than swapping a deck board or changing plumbing fixtures.

I wouldn’t say bigger the house bigger issues, I would say the older the house the more issues it will have no matter the size.

 

[Jon01]

You’re too in love with the house. I wouldn’t touch it until at least the cost of a roof replacement is taken off asking price.

“Dream” house is going to turn into a nightmare.

Yeah you're not wrong here.
The roof I can't do. HVAC I can't do. Otherwise I'm pretty crafty.

Appreciate the thoughts fam.
Gonna hit the cancel button on our contract and wait.
Our agent doesn't think it'll sell either, especially with rates as they are.
The sellers are getting a divorce, I bet they'll be calling soon.

 

[cdh027]

Yeah you're not wrong here.
The roof I can't do. HVAC I can't do. Otherwise I'm pretty crafty.

Appreciate the thoughts fam.
Gonna hit the cancel button on our contract and wait.
Our agent doesn't think it'll sell either, especially with rates as they are.
The sellers are getting a divorce, I bet they'll be calling soon.

 

[Fish]

Even our house had a couple issues. Brought them up and the owner was almost too fast to accept either less money and or credits.

So watch for that too.

 

[Jon01]

You’re too in love with the house. I wouldn’t touch it until at least the cost of a roof replacement is taken off asking price.

“Dream” house is going to turn into a nightmare.

Mother fuckers just countered themselves and are essentially taking roof replacement off of asking.
Deck is our problem but I can fix it for a few G's.
Plumbing im kinda willing to gamble is caused by hair in the traps - there's 4 teenage boys living there.

Bigger the house, bigger the issues. All the infrastructure is larger and more complex. Finishes are nicer and more expensive to repair.

Things get out of the DIY range, or should. Buying a 3/4 mil+ house and affording one are two different things. If my income supported that, I’d rather be using my time to enjoy life and pay someone else to fix shit more than swapping a deck board or changing plumbing fixtures.

This one is resonating with me.
At this point we'd probably net 400 for our house so that'd all go against this. A $275k mortgage (I'm gonna borrow a little extra to get hardwoods refinished, paint and carpet) is less than half of one of our paychecks so we'd have in my mind plenty of disposable income.

Tell me if I'm off my rocker gang.

 

[Five-0]

You can’t move a house. If it’s the perfect location and neighborhood and you’re ok with the Maintenance, go for it. I wouldn’t take unless the roof was taken care of or credited. An insurance co is going to make you do it immediately if it’s that bad. That being said, if they’re already countering themselves I’d hit them with your take it or leave it price.

 

[Jon01]

You can’t move a house. If it’s the perfect location and neighborhood and you’re ok with the Maintenance, go for it. I wouldn’t take unless the roof was taken care of or credited. An insurance co is going to make you do it immediately if it’s that bad. That being said, if they’re already countering themselves I’d hit them with your take it or leave it price.

The development it's in is where we want to end up for a lot of reasons.
It's made up of $1-2-3mm houses scattered around 400 acres of woods, creeks and hills with a few lesser expensive homes like this plunked amongst them.
It's all pavement so no gravel.
It's county, so taxes are cheap af - this house is assessed at 655, taxes are a touch over 6k. Which is a big deal for us as we intend to retire in whatever we buy this time. There aren't many developments like this around here that are close to town. Wifey will have a 7 minute commute here.
We went through and creeped every house out there that fit our requirements - we want a ranch, ideally back in the woods, and towards the north end of the development so it's away from the 2 lane highway about 3 miles away and the noise associated with it.
This house checks all those boxes and is in the range we can swing.

We are still thinking about it. I'ma let em sweat a bit.

 

[LikeABauce302]

Get a camera inspection of the sewer if you can.

 

[Pewter-Camaro]

Get a camera inspection of the sewer if you can.

Yup…. I’d do this for sure. the house we bought we knew needed a roof and AC. Home inspector said the drains were slow. Yeah turns out the main was repaired half ass multiple times and it completely collapsed on us. $12 to fix it all correctly.

 

[Bigturbonotch]

The development it's in is where we want to end up for a lot of reasons.
It's made up of $1-2-3mm houses scattered around 400 acres of woods, creeks and hills with a few lesser expensive homes like this plunked amongst them.
It's all pavement so no gravel.
It's county, so taxes are cheap af - this house is assessed at 655, taxes are a touch over 6k. Which is a big deal for us as we intend to retire in whatever we buy this time. There aren't many developments like this around here that are close to town. Wifey will have a 7 minute commute here.
We went through and creeped every house out there that fit our requirements - we want a ranch, ideally back in the woods, and towards the north end of the development so it's away from the 2 lane highway about 3 miles away and the noise associated with it.
This house checks all those boxes and is in the range we can swing.

We are still thinking about it. I'ma let em sweat a bit.

You have already made your decision, good luck to you Sir.