All Encompassing Mortgage and Real Estate Thread

[UTPhil2006 3796]

Random .07 jump bc I guess the market was like “well it’s been to calm for 5 straight days let’s shock the system”

[Wulaw Horn 19050]

10 hours ago, UTPhil2006 said:

Random .07 jump bc I guess the market was like “well it’s been to calm for 5 straight days let’s shock the system”

Inflation in Canada and Australia supposedly. 

[gmr548 16562]

41 minutes ago, Wulaw Horn said:

Inflation in Canada and Australia supposedly. 

[Indomitable 80]

 

[Neonmoon 38129]

Please don’t post your dumb clickbait shit in this thread Chrispy 

[jimmyjazz 45698]

3 hours ago, Neonmoon said:

Please don’t post your dumb clickbait shit in this thread Chrispy 

Wait, I now have to track a NEW username?

[Neonmoon 38129]

I hate trigger leads to my core. 

[Wulaw Horn 19050]

15 minutes ago, Neonmoon said:

I hate trigger leads to my core. 

Sign my petition in Brokers are better. Come up to DC with me next time we are lobbying.  It's dreadful man. 

[Neonmoon 38129]

51 minutes ago, Wulaw Horn said:

Sign my petition in Brokers are better. Come up to DC with me next time we are lobbying.  It's dreadful man. 

I've already signed your petition. 

Am I allowed to bring weapons to assault said lenders that buy them?

[Wulaw Horn 19050]

5 minutes ago, Neonmoon said:

I've already signed your petition. 

Am I allowed to bring weapons to assault said lenders that buy them?

Encouraged to!

[jimmyjazz 45698]

5 minutes ago, Neonmoon said:

I've already signed your petition. 

Am I allowed to bring weapons to assault said lenders that buy them?

Is this happening on J6?  #nocr

[Neonmoon 38129]

Also, was there a reason they market dropped 30 basis points for no fucking reason today?

Because I touch myself at night?

[UTPhil2006 3796]

6 minutes ago, Neonmoon said:

Also, was there a reason they market dropped 30 basis points for no fucking reason today?

Because I touch myself at night?

Grand Cayman inflation 

[Neonmoon 38129]

And the two weeks of improvement are now gone. 

[Wulaw Horn 19050]

2 minutes ago, Neonmoon said:

And the two weeks of improvement are now gone. 

Down 55 since Fridays open. Yikes!  Still not sure what the hell is going on after inflation came in light?  Debate and accompanying freak out afterwards?  Did a fed governor fart somewhere and I missed it?  That broke beneath some technicals that should have been acting as pretty robust support and opened up a new channel of mostly suck. 

[Neonmoon 38129]

Bond market really fucked me today. A couple riding ratios (last week rates) due not being able to use husbands income (credit) might have to withdrawal from contract if rates don't improve. 

[Wulaw Horn 19050]

5 minutes ago, Neonmoon said:

Bond market really fucked me today. A couple riding ratios (last week rates) due not being able to use husbands income (credit) might have to withdrawal from contract if rates don't improve. 

Sorry to hear that man- that sucks.

Fingers crossed.

[LCHorn 2590]

I’ve got a $750k VA loan I didn’t lock Thursday because the buyer was overseas and generally I like to review numbers and firm up a commitment before I lock…oops.  

[Wulaw Horn 19050]

6 hours ago, LCHorn said:

I’ve got a $750k VA loan I didn’t lock Thursday because the buyer was overseas and generally I like to review numbers and firm up a commitment before I lock…oops.  

Same but sub in getting married in Nantucket. 
oh well- 17 of my 18 active deals are locked. So- whenever that’s the case rates going up for a couple weeks is a win- can’t get shopped/beat because of the market.  

[tx 3 putt 76652]

@UTPhil2006

this is me because phil called me one day and said you need to do this asap. I think I’m a at 2.65. He still owes me lunch, but I’m not holding that against him 

 

[UTPhil2006 3796]

You will get your lunch when Kyle Tuckers leg is healed. Aka never 

7 hours ago, tx 3 putt said:

@UTPhil2006

this is me because phil called me one day and said you need to do this asap. I think I’m a at 2.65. He still owes me lunch, but I’m not holding that against him 

 

 

[UTPhil2006 3796]

Sept/Oct rate cuts keep getting closer and the minutes indicate that is still at least somewhat the plan. At some point the 10 year needs to reflect that. 

[Neonmoon 38129]

1 hour ago, UTPhil2006 said:

Sept/Oct rate cuts keep getting closer and the minutes indicate that is still at least somewhat the plan. At some point the 10 year needs to reflect that. 

[Neonmoon 38129]

Unemployment rate up to 4.1%, higher than expectations. 

Hopefully that helps the time to cut narrative. 

 

[Wulaw Horn 19050]

5 minutes ago, Neonmoon said:

Unemployment rate up to 4.1%, higher than expectations. 

Hopefully that helps the time to cut narrative. 

 

It will. Allegedly 4.2 is the magic number. 

[Neonmoon 38129]

Here's a good summary

Quote

The US employment report proved to be something of a mixed bag, but on aggregate looks weaker than forecast. That should keep fixed income well bid, which might also inject some demand for equities. While the headline payroll growth was slightly above expectations, the revisions for the last couple of months were quite negative at -111,000. The rise in the unemployment rate to 4.1%, the highest since November 2021, was also notable. This might excite people about a possible trigger in the so-called Sahm rule, though it is not clear why that indicator will be a better predictor of recession than other metrics that have failed to work during this cycle. It is worth noting that household employment actually rose in this release; the rise in the U-rate was a function of an increase in labor force participation, which itself has been a little erratic recently.

Cameron Crise
Macro Strategist, New York

 

[UTPhil2006 3796]

Down around 20 basis points on the week. Hopefully that helps with your lock 

[closetohumping 17418]

13 hours ago, Wulaw Horn said:

It will. Allegedly 4.2 is the magic number. 

That’s what south Austin’s mom told me

[HRSchenker 2262]

Will someone explain the concept of seasoning money to me? I have a down payment for a new home all stored in my vanguard settlement fund earning 5% and now I'm hearing I may not be able to use it because it has to be in an actual bank account for a minimum of 60 days. Is that right? Am I fucked?

[Wulaw Horn 19050]

28 minutes ago, HRSchenker said:

Will someone explain the concept of seasoning money to me? I have a down payment for a new home all stored in my vanguard settlement fund earning 5% and now I'm hearing I may not be able to use it because it has to be in an actual bank account for a minimum of 60 days. Is that right? Am I fucked?

That is not right. You can send it directly to title (after verifying it as an asset) from your vanguard fund. Or- you can show it was in your vanguard and went to your bank- and then moved on. 
when you say new house do you mean new to you or do you mean buying from the builder?  

[Neonmoon 38129]

54 minutes ago, HRSchenker said:

Will someone explain the concept of seasoning money to me? I have a down payment for a new home all stored in my vanguard settlement fund earning 5% and now I'm hearing I may not be able to use it because it has to be in an actual bank account for a minimum of 60 days. Is that right? Am I fucked?

Did you recently put the money in your Vanguard account? If so, was this cash from your couch cushions or selling drugs? 

You should be fine for any large deposit as long as you can provide a paper trail. If you recently deposited a large amount of cash because you’re an anti-bank weirdo or the cash was from selling meth or human organs, then you have a problem. 

[Wulaw Horn 19050]

39 minutes ago, Neonmoon said:

Did you recently put the money in your Vanguard account? If so, was this cash from your couch cushions or selling drugs? 

You should be fine for any large deposit as long as you can provide a paper trail. If you recently deposited a large amount of cash because you’re an anti-bank weirdo or the cash was from selling meth or human organs, then you have a problem. 

True. I assume it’s been in vanguard for a while the way he wrote his post. I do like the last 2 sentences though. 

[UTPhil2006 3796]

3 hours ago, HRSchenker said:

Will someone explain the concept of seasoning money to me? I have a down payment for a new home all stored in my vanguard settlement fund earning 5% and now I'm hearing I may not be able to use it because it has to be in an actual bank account for a minimum of 60 days. Is that right? Am I fucked?

@Neonmoon is correct the paper trail is what you need. 

[Gil Bang 25905]

On 7/6/2024 at 12:24 PM, HRSchenker said:

Will someone explain the concept of seasoning money to me? I have a down payment for a new home all stored in my vanguard settlement fund earning 5% and now I'm hearing I may not be able to use it because it has to be in an actual bank account for a minimum of 60 days. Is that right? Am I fucked?

The whole point is to demonstrate that it's YOUR money.  It can be in any type of account, as long as it's in your name. 

[Incredulity 11571]

On 7/6/2024 at 12:24 PM, HRSchenker said:

Will someone explain the concept of seasoning money to me? I have a down payment for a new home all stored in my vanguard settlement fund earning 5% and now I'm hearing I may not be able to use it because it has to be in an actual bank account for a minimum of 60 days. Is that right? Am I fucked?

See "Headshot" from The Wire.  

You don't want to do 30 in pound me in the ass prison

https://davidsimon.com/kwame-brown-another-federal-case-another-head-shot/

[chainsaw 9841]

Kwame Brown was a bust

[UTPhil2006 3796]

CPI down, 10 year down .10 to 4.17 which is roughly a 4 month low 

[horn4life 3758]

1) I have a neighbor who was living in the property up the street, that her father owned.  She and her partner moved into his house where he build on some space to take care of him as he has parkinsons.  The house is almost vacant, and is beginning to fall into disrepair.  The Father owns several duplexs and houses, so I do not think he really cares about the money, but I know they said it needed some interior remodeling.  Which I could easily do, and thought I might offer to do the remodeling on my dime in return for a below market lease, that allowed me to sublet the property.

Nothing wrong with this correct?  I am giving consideration with the repairs and would maintain the property because I would turn around make it into a 30 day or more furnished rental.

I don't think the owner or his daughter want to sell it, because she wanted to move back.  But I was thinking this might be a way that would work out for both of us.  Am I crazy?  Liability or risks that I should think about?

[UTPhil2006 3796]

Nothing wrong with it ethically.  I'd consider going for the lease to own angle though.

[horn4life 3758]

9 minutes ago, UTPhil2006 said:

Nothing wrong with it ethically.  I'd consider going for the lease to own angle though.

That's what I want to do, but I am pretty sure they don't want to sell. 

If they did bite, what's the best way (or typical) way to structure a lease purchase?   

If I was paying a full rent price, and living there I would want an option price and a percentage of the rent to go towards the downpayment.  But I am trying to negotiate a way below market rate, by taking on the repair expenses myself.  My thinking that I can make good coin subletting it as a 30 day furnished unit to relocation companies, and temporary housing companies catering to insurance companies.  

Since my house flooded and I remodeled it during covid, I am unfortunately familiar with temporary housing, and the costs shocked me.  Seems like somewhere on this thread or another similar one somebody on the board only had furnished rentals because of the additional margin.  But we (USAA) was paying $6200 a month for a 1400 square foot barely furnished apartment, that would have normally rented for maybe $2300/mo on a normal lease.  The idea of short term renting is not appealing to me at all.  But 30 day or more is usually 2-3 months at a pop. 

 

[Gil Bang 25905]

7 hours ago, horn4life said:

1) I have a neighbor who was living in the property up the street, that her father owned.  She and her partner moved into his house where he build on some space to take care of him as he has parkinsons.  The house is almost vacant, and is beginning to fall into disrepair.  The Father owns several duplexs and houses, so I do not think he really cares about the money, but I know they said it needed some interior remodeling.  Which I could easily do, and thought I might offer to do the remodeling on my dime in return for a below market lease, that allowed me to sublet the property.

Nothing wrong with this correct?  I am giving consideration with the repairs and would maintain the property because I would turn around make it into a 30 day or more furnished rental.

I don't think the owner or his daughter want to sell it, because she wanted to move back.  But I was thinking this might be a way that would work out for both of us.  Am I crazy?  Liability or risks that I should think about?

Depends on your state.  In CA, you need to be a licensed contractor to legally do anything over $500 in labor and materials. 

[Wulaw Horn 19050]

9 hours ago, Gil Bang said:

Depends on your state.  In CA, you need to be a licensed contractor to legally do anything over $500 in labor and materials. 

Is that for someone else’s home or does that count your own home too? 

[Mother mopar 3311]

Depends on your state.  In CA, you need to be a licensed contractor to legally do anything over $500 in labor and materials. 

$500, that's a few 2x12s and plywood, lulz.

[UTPhil2006 3796]

1 hour ago, Mother mopar said:

14 hours ago, Gil Bang said:

Depends on your state.  In CA, you need to be a licensed contractor to legally do anything over $500 in labor and materials. 

$500, that's a few 2x12s and plywood, lulz.

Don’t even get out of bed for less than that 

[Gil Bang 25905]

5 hours ago, Wulaw Horn said:

Is that for someone else’s home or does that count your own home too? 

You can do whatever you want as the owner.  Still supposed to get building permits for a lot of stuff, but the cities will issue them to "owner-builder".

You wouldn't believe the shit I've done at my home.  For instance, I converted a walk-out basement/game room to a studio apartment with kitchen and bathroom. 

Edited July 13 by Gil Bang

[jimmyjazz 45698]

nm edit post, delete user

Edited July 13 by jimmyjazz

[UTPhil2006 3796]

13 minutes ago, jimmyjazz said:

Seems to me that's one that would be hard to make worse.  Use a couple of pairs of bolts to scab on a pair of same-sized boards, one on each side.  Done.

I think you may have crossed threads with the roofing truss one 

[jimmyjazz 45698]

2 minutes ago, UTPhil2006 said:

I think you may have crossed threads with the roofing truss one 

Shit, you're right.  I'll try to delete.

[UTPhil2006 3796]

1 hour ago, Gil Bang said:

You can do whatever you want as the owner.  Still supposed to get building permits for a lot of stuff, but the cities will issue them to "owner-builder".

You wouldn't believe the shit I've done at my home.  For instance, I converted a walk-out basement/game room to a studio apartment with kitchen and bathroom. 

My concern is what the lease will convey either standard or LTO. It needs to be tailored by an attorney but that adds another reason for these guys to pass. 
 

I genuinely think your best bet is to he as “close” to honest as possible with the guy about your intentions. Anything outside of that will require things he likely won’t want to do. 

[Gil Bang 25905]

got an email from my broker today.  Two separate "veteran" agents in my office fell for the scam, and took vacant land listings from a scammer, not the owner. 

Fortunately, it was discovered before any money changed hands.