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UTPhil2006

By UTPhil2006
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mchookem
mchookem

alrighty...i haven't wanted to jinx anything so i've been pretty quiet... but we just closed on our new home in Denver this morning so i can now officially say YEAH! 😃 in a nutshell - we sold

Esque
Esque

Thank you for this - gave me a good laugh.  But also a good reminder of how the general public does not understand what is going on in real estate and thus why so many get caught offsides when the tid

Neonmoon
Neonmoon

Realtor: You should list your house at 500K Client: But three houses down the street sold for 700K Realtor: Yeah, but those are overvalued due to pandemic Fed policy and institutional invest

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Wulaw Horn

Wulaw Horn 19072

Posted
Posted
On 9/25/2023 at 1:35 PM, Neonmoon said:

There are fewer* deals and every deal is pulling your pants down, and it's still not enough. Kind of depressing

So/ there are 1300 originators in my company. My company is a broker shop and only hires people that have originated loans in the past- no newbies- because there is no structure to it and you have to know what you are doing. 
last month 180 people in my company originated a loan. Let that sink in and roll around your mind. 

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Neonmoon

Neonmoon 38129

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Posted
4 hours ago, Wulaw Horn said:

Anyone doing the equivalent of talking about a no hitter today gonna get cut. Keep it to yourself until 4:01 Pm. Nothing to see here until then. 

 Who said that? Who the fuck said that? Who's the slimy little commode of shit twinkle-toed cocksucker down here, who just
signed his own death warrant? Nobody, huh?! The fairy fucking godmother said it! Out-fucking-standing! I will P.T. you all until you fucking die! I'll P.T. you until your assholes are sucking buttermilk.

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Wulaw Horn

Wulaw Horn 19072

Posted
Posted
8 hours ago, Nonbryan said:

Owning residential rental properties...good idea?  bad idea?  I'm thinking about buying a single family home and becoming a land lord.  Would love to hear advice from those that own rentals.

Do you like real estate?  Do you like tax deductions?  How long are you going to hold it?  What’s the point of what you are trying to accomplish?  Tons of different factors. Good luck and check your PM’s. 

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Esque

Esque 135

Posted
Posted
10 hours ago, Nonbryan said:

Owning residential rental properties...good idea?  bad idea?  I'm thinking about buying a single family home and becoming a land lord.  Would love to hear advice from those that own rentals.

If you have to ask, bad idea.  Getting yourself into a world of hurt.  Go throw it into $SPY and look at it 30 years from now.  Will probably outperform and save you time and headache.

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UTPhil2006

UTPhil2006 3807

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11 hours ago, Nonbryan said:

Owning residential rental properties...good idea?  bad idea?  I'm thinking about buying a single family home and becoming a land lord.  Would love to hear advice from those that own rentals.

Sent you a PM about area, etc. that way you can take a look at rental comps as well. 

On 9/29/2023 at 8:42 AM, Wulaw Horn said:

Anyone doing the equivalent of talking about a no hitter today gonna get cut. Keep it to yourself until 4:01 Pm. Nothing to see here until then. 

Someone talked because everything we gained Thursday and Friday is gone. Back on the march to 4.70

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CooterBrown

CooterBrown 18014

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11 hours ago, Nonbryan said:

Owning residential rental properties...good idea?  bad idea?  I'm thinking about buying a single family home and becoming a land lord.  Would love to hear advice from those that own rentals.

If you really want to invest in real estate, put your money in ABR (Arbor Realty Trust).  A few years ago they focused their business on providing bridge loans solely to multifamily developments and since then, its returns exceed the S&P 500 and it pays a 10%+ dividend.  

 

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Wulaw Horn

Wulaw Horn 19072

Posted
Posted
44 minutes ago, Neonmoon said:

Me: Have your parent wire the money directly to the closing attorney. Here are the detailed instructions

Client: My parent just wired me the money, and I will wire it to the closing attorney

Me: I'm going to start drinking now

login to the mbs market. Start freebasing crystal meth. 

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DefinitelyNotHollywoodColt

DefinitelyNotHollywoodColt 12301

Posted
Posted
14 minutes ago, UTGrad98 said:

I just told my wife we can never sell our house now unless we buy the next one cash. I would be a fool to sell with my 2.99% rate. Its a no brainer for me and so many other households to stay put. 8.00% mortgage rate. What the fuck.

That's about average in terms of historical 30 year fixed rates.

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Wulaw Horn

Wulaw Horn 19072

Posted
Posted
32 minutes ago, UTGrad98 said:

I just told my wife we can never sell our house now unless we buy the next one cash. I would be a fool to sell with my 2.99% rate. Its a no brainer for me and so many other households to stay put. 8.00% mortgage rate. What the fuck.

And herein is the reason that the market can't really remain like this if we ever want to see any action.  I get it man. The only deals I'm doing are people who absolutely must (divorce, death, relocation for job etc). 

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UTPhil2006

UTPhil2006 3807

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38 minutes ago, UTGrad98 said:

I just told my wife we can never sell our house now unless we buy the next one cash. I would be a fool to sell with my 2.99% rate. Its a no brainer for me and so many other households to stay put. 8.00% mortgage rate. What the fuck.

Yup a good portion of our clients are must deals or first time homebuyers around 30 that never got to do the 2.5-4% rates.  3/2/1 and such buydowns with seller contributions about the only way to get a reasonable rate for the time being. 

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Dbeasy

Dbeasy 15052

Posted
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On 10/2/2023 at 9:32 AM, CooterBrown said:

If you really want to invest in real estate, put your money in ABR (Arbor Realty Trust).  A few years ago they focused their business on providing bridge loans solely to multifamily developments and since then, its returns exceed the S&P 500 and it pays a 10%+ dividend.  

 

The environment is not quite that simple right now. While many of these funds have dropped substantially, there are still very real questions about whether we will see a wave of defaults, including Multifamily, over the next 12 to 36 months. Those defaults may eat into the present value of those properties, which are depressed due to interest rates. 

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Esque

Esque 135

Posted
Posted
On 10/2/2023 at 9:32 AM, CooterBrown said:

If you really want to invest in real estate, put your money in ABR (Arbor Realty Trust).  A few years ago they focused their business on providing bridge loans solely to multifamily developments and since then, its returns exceed the S&P 500 and it pays a 10%+ dividend.  

 

This is horrible, horrible, horrible advice.  A great way to lose a lot of money.  Many of those deals are so underwater and $ABR is heavily collateralized via repo lines and CLO issuances.  If anything, I'd consider buying putts to short them.  Shitco.

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LCHorn

LCHorn 2620

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24 minutes ago, Esque said:

This is horrible, horrible, horrible advice.  A great way to lose a lot of money.  Many of those deals are so underwater and $ABR is heavily collateralized via repo lines and CLO issuances.  If anything, I'd consider buying putts to short them.  Shitco.

That was my thought, too.  I really don’t see an investment in anything real estate related smart for anyone but the stout of heart.

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Wulaw Horn

Wulaw Horn 19072

Posted
Posted
50 minutes ago, UTPhil2006 said:

Actual jobs data 1/2 of what was reported.. 10 year down .05 already 

 

Just now, Neonmoon said:

Mortgage Applications lowest in 28 years. 

Image result for drinking gif

And MBS market goes from up 40 to up 11. The market refuses to do anything but hang out in a room cycle. If it was the opposite way we’d be down 90 right now. Instead we are only up 10

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UTPhil2006

UTPhil2006 3807

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51 minutes ago, Wulaw Horn said:

 

And MBS market goes from up 40 to up 11. The market refuses to do anything but hang out in a room cycle. If it was the opposite way we’d be down 90 right now. Instead we are only up 10

It’s all over the board this morning and we’re barely 2 hours in 

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victory88

victory88 5668

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Well fellas... the buying process right now is such a headache.  Wife and I found a house in a neighborhood in a good school district we love fully renovated in north Dallas above Addison.  50 year old home but there are no new builds in this area or around it.  "New" roof, repaired foundation, PEX plumbing, gutters, raised ceilings... everything.   developer has been buying homes and flipping them in this area and they have been going under contract in under a week.  7 figure price point.  

Got my lending in order, got under contract.  Went in excited.  Paid for inspector, electrician, structural engineer, termite guy etc.  Red flag after red flag.  This dudes make the interior look like a home out of magazine and everything behind the curtain is a safety hazard.  Engineer said roof is at risk of collapsing.  So fucking pissed bc I'm now out 5k between option period and all the inspections.  Was a headache even getting a loan in this market.  Come to find out that they got 0 permits for all the extensive work as they gutted and expanded the old home and lied about a lot of things like new gutters, hvac, electrical.  Fuck the selling agent for not disclosing any of the problems.  Most of the shit wouldn't pass code or safety inspections.  Fuck this housing market.  I should report these fuckers to the city.  I feel bad for the families that are buying these expensive ass homes without proper inspections by looking at the interior and finishes. 

This seem to be the norm with most of the renovated homes.  I've been through 2 construction projects and was hoping for a turn key situation as I do not want to go through a 3rd project with a baby.  But now I feel forced to buy and tear down a home and go with a legit builder or move to the damn burbs like prosper which I do not want to do.

Sorry just venting.  

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Catpfish

Catpfish 618

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Been an agent for 30 years and I can count on 2 hands the number of flip houses that I've seen that were done correctly (permits, licensed contractors etc) and that I would even consider buying. I try to prepare clients for the shit show that follows the inspections if I can't talk them out of it from the beginning. Probably less than 25% choose to move forward. You would think that the "professional" flippers would be better but that is not my experience. They've just learned where to cut the corners they can hide.

Broad strokes and all, but that's been my experience

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Firemans4Horn

Firemans4Horn 18052

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2 hours ago, victory88 said:

Well fellas... the buying process right now is such a headache.  Wife and I found a house in a neighborhood in a good school district we love fully renovated in north Dallas above Addison.  50 year old home but there are no new builds in this area or around it.  "New" roof, repaired foundation, PEX plumbing, gutters, raised ceilings... everything.   developer has been buying homes and flipping them in this area and they have been going under contract in under a week.  7 figure price point.  

Got my lending in order, got under contract.  Went in excited.  Paid for inspector, electrician, structural engineer, termite guy etc.  Red flag after red flag.  This dudes make the interior look like a home out of magazine and everything behind the curtain is a safety hazard.  Engineer said roof is at risk of collapsing.  So fucking pissed bc I'm now out 5k between option period and all the inspections.  Was a headache even getting a loan in this market.  Come to find out that they got 0 permits for all the extensive work as they gutted and expanded the old home and lied about a lot of things like new gutters, hvac, electrical.  Fuck the selling agent for not disclosing any of the problems.  Most of the shit wouldn't pass code or safety inspections.  Fuck this housing market.  I should report these fuckers to the city.  I feel bad for the families that are buying these expensive ass homes without proper inspections by looking at the interior and finishes. 

This seem to be the norm with most of the renovated homes.  I've been through 2 construction projects and was hoping for a turn key situation as I do not want to go through a 3rd project with a baby.  But now I feel forced to buy and tear down a home and go with a legit builder or move to the damn burbs like prosper which I do not want to do.

Sorry just venting.  

Be careful buying a “repaired” foundation in that part of town. I bought a house in the Marsh-Royal area that had a new foundation and a warranty and the foundation was like living on top of a water bed. Endless problem and a money pit. 

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Gil Bang

Gil Bang 25960

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5 hours ago, victory88 said:

Well fellas... the buying process right now is such a headache.  Wife and I found a house in a neighborhood in a good school district we love fully renovated in north Dallas above Addison.  50 year old home but there are no new builds in this area or around it.  "New" roof, repaired foundation, PEX plumbing, gutters, raised ceilings... everything.   developer has been buying homes and flipping them in this area and they have been going under contract in under a week.  7 figure price point.  

Got my lending in order, got under contract.  Went in excited.  Paid for inspector, electrician, structural engineer, termite guy etc.  Red flag after red flag.  This dudes make the interior look like a home out of magazine and everything behind the curtain is a safety hazard.  Engineer said roof is at risk of collapsing.  So fucking pissed bc I'm now out 5k between option period and all the inspections.  Was a headache even getting a loan in this market.  Come to find out that they got 0 permits for all the extensive work as they gutted and expanded the old home and lied about a lot of things like new gutters, hvac, electrical.  Fuck the selling agent for not disclosing any of the problems.  Most of the shit wouldn't pass code or safety inspections.  Fuck this housing market.  I should report these fuckers to the city.  I feel bad for the families that are buying these expensive ass homes without proper inspections by looking at the interior and finishes. 

This seem to be the norm with most of the renovated homes.  I've been through 2 construction projects and was hoping for a turn key situation as I do not want to go through a 3rd project with a baby.  But now I feel forced to buy and tear down a home and go with a legit builder or move to the damn burbs like prosper which I do not want to do.

Sorry just venting.  

It's a shame you had to get all of those guys.  A competent inspector (they exist) should have been able to alert you to the structural issues, electrical hazards, etc.   

If you REALLY  like the house and the inspector says something is iffy, well, then it's a good idea to get a second opinion. 

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victory88

victory88 5668

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2 hours ago, Gil Bang said:

It's a shame you had to get all of those guys.  A competent inspector (they exist) should have been able to alert you to the structural issues, electrical hazards, etc.   

If you REALLY  like the house and the inspector says something is iffy, well, then it's a good idea to get a second opinion. 

The inspector did a great job to his ability.  Showed me issues and told me it was out of his scope to evaluate and recommended i call an engineer to evaluate the structural repairs.  I just wanted more info to see if they were small problems we could have the seller fix or major problems.  The more licensed pros that took a look, the clearer it was for me to pass on this home.  New roof, brick veneer, , new windows, and completely redone interior makes it look like a brand new home without a scratch so it’s very deceiving for someone like me who doesn’t know shit about construction.  When we sent the termination contract, the selling agent was basically begging us to list items for repairs and they would take care of all of it,  she said, we can fix all the hardware and missing knobs.  I laughed… the entire work in the attic looks like two dudes from Home Depot just started hammering 2x4s to hold up the roof.  The structural engineer was shocked to see it.   Those skinny beams are all that’s supported that roof.  They covered big fractures in the foundation by putting epoxy over it in the garage.  Painted over fractures on the exterior.  

IMG_9660.jpeg

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victory88

victory88 5668

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5 hours ago, Firemans4Horn said:

Be careful buying a “repaired” foundation in that part of town. I bought a house in the Marsh-Royal area that had a new foundation and a warranty and the foundation was like living on top of a water bed. Endless problem and a money pit. 

This is near Campbell in Arapaho so not too far.  I had a lot of fears as well as they put in 23 piers to level it.  Surprisingly the foundation is leveled well but was told to expect more issues due to soil.  

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Gil Bang

Gil Bang 25960

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2 minutes ago, victory88 said:

The inspector did a great job to his ability.  Showed me issues and told me it was out of his scope to evaluate and recommended i call an engineer to evaluate the structural repairs.  I just wanted more info to see if they were small problems we could have the seller fix or major problems.  The more licensed pros that took a look, the clearer it was for me to pass on this home.  New roof, brick veneer, , new windows, and completely redone interior makes it look like a brand new home without a scratch so it’s very deceiving for someone like me who doesn’t know shit about construction.  When we sent the termination contract, the selling agent was basically begging us to list items for repairs and they would take care of all of it,  she said, we can fix all the hardware and missing knobs.  I laughed… the entire work in the attic looks like two dudes from Home Depot just started hammering 2x4s to hold up the roof.  The structural engineer was shocked to see it.   Those skinny beams are all that’s supported that roof.  They covered big fractures in the foundation by putting epoxy over it in the garage.  Painted over fractures on the exterior.  

IMG_9660.jpeg

Yeah, I see what you mean.  That's when you get the local building department involved.  I understand that your building department probably doesn't have the same teeth as the ones out here, but that's some bullshit. 

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victory88

victory88 5668

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7 hours ago, UTPhil2006 said:

What did the sellers disclosure say?

There was nothing in there.  Only yes that was answered was to if the home was modified without permits.  There was a 50k ins claim settlement on it 6 months ago so I imagine there was a major leak as it was in Feb.  home definitely had major issues this year that they did not mention when we looked at it.  

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Gil Bang

Gil Bang 25960

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So, I'm in CA.  In this state, per the purchase contract, the buyer is obligated to disclose any and all inspection reports to the seller.  And of course, the seller then must disclose those same reports to the next buyer.   It prevents some, but not all, of this kind of bullshit. 

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victory88

victory88 5668

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Just now, Gil Bang said:

So, I'm in CA.  In this state, per the purchase contract, the buyer is obligated to disclose any and all inspection reports to the seller.  And of course, the seller then must disclose those same reports to the next buyer.   It prevents some, but not all, of this kind of bullshit. 

I sent all of our stuff to them in hopes the next people would see it but I highly doubt they will disclose it.  They didn’t bother to clean up the trash in the attic knowing we were coming to inspect the home.  Garage door didn’t work.  Attic ladder was broken.  Hvac installed was for max 3k Sq ft home and this home is 3.5k Sq Ft.  1 electrical panel (should have two for this sizes home) that is maxed out with no surge protection, no gfci where kitchen and dish washer appliances are.  Some outlets don’t work at all.  Turn on the water in the bathroom and the pipes behind the wall are banging back and forth loudly.  Left unsealed wood in the fire place.  Damaged gutters buried into the dirt with no ability for water to flow out.  Duct taped cardboard to cover the hvac and water heaters bc they lost the covers.  Seller list of improvements include “new hvac, new electrical, new gutters, new plumbing”.  It’s bullshit.  Here are photos of the interior. 

IMG_9662.jpeg

IMG_9663.jpeg

IMG_9664.jpeg

IMG_9665.jpeg

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LCHorn

LCHorn 2620

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9 hours ago, Gil Bang said:

So, I'm in CA.  In this state, per the purchase contract, the buyer is obligated to disclose any and all inspection reports to the seller.  And of course, the seller then must disclose those same reports to the next buyer.   It prevents some, but not all, of this kind of bullshit. 

It’s the same here but good luck enforcing it.  

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