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Old 09-18-2020, 09:42 PM   #4151
shiplemw
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Quote:
Originally Posted by the_saintusa View Post
Not surprising, since COVID, our bank will not offer mortgages on any properties that allow short term rentals. If you already have one (before last year) then you are ok.

For a hold co, they may do a loan (higher rates and the option to not pay principle (is that good or bad depending on your perspective)) if they permit short term rentals.

The number of people looking to default on mortgages on AirBnB / short term rental properties is apparently VERY high.

4+% interest rates!!!!!

Will see what happens. I prefer the 1.8% rate.
So stock pile cash and buy real estate in 6-18 months?
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Old 09-18-2020, 09:46 PM   #4152
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Originally Posted by bcblues View Post
Not a short term rental.
If it is registered with the town/city as being permitted to have short term rentals regardless of what the HOA does/allows than my bank won't finance it.

Apparently when a condo unit goes up they register with the town if short term rentals are allowed or not.
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Old 09-19-2020, 09:06 AM   #4153
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Originally Posted by the_saintusa View Post
If it is registered with the town/city as being permitted to have short term rentals regardless of what the HOA does/allows than my bank won't finance it.

Apparently when a condo unit goes up they register with the town if short term rentals are allowed or not.
Ahh, that may explain it.
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Old 09-19-2020, 03:45 PM   #4154
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Ahh, that may explain it.
There may be other banks in town that will offer a mortgage for a property that permits STRs.

Waiting to hear if the condo we want was registered initially to permit STRs. The condo association does not permit STRs, but who knows how the developer registered with the town.
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Old 10-03-2020, 10:19 AM   #4155
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Compressed:

https://www.zillow.com/homes/for_sal...2%7D&3col=true

That one's going to go super fast.
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Old 10-03-2020, 08:41 PM   #4156
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Compressed:

https://www.zillow.com/homes/for_sal...2%7D&3col=true

That one's going to go super fast.
Yeah, that's super nice
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Old 10-04-2020, 01:52 PM   #4157
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Originally Posted by shikataganai View Post
Compressed:

https://www.zillow.com/homes/for_sal...2%7D&3col=true

That one's going to go super fast.
I like the the house a lot but that lot would have a lot of traffic always going by it all the time. Not a horrible price for brand new construction though.
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Old 10-04-2020, 01:56 PM   #4158
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And it's way too ****ing big.
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Old 10-04-2020, 02:16 PM   #4159
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Originally Posted by Compressed View Post
I like the the house a lot but that lot would have a lot of traffic always going by it all the time. Not a horrible price for brand new construction though.
Not on 40 proper but the little neighborhood loop.



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Originally Posted by Integra96 View Post
And it's way too ****ing big.
Yeah, there is lots of wasted space in that layout. But it'd be nice to sprawl out in, and sounds well insulated.
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Old 10-04-2020, 02:19 PM   #4160
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I wonder how well Trex holds up in that harsh of a climate.

Pretty nice area but the photos maybe don't do it justice (looks kind of flat, barren). I remember spots closer to Winter Park looking a bit more forested and mountainous.
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Old 10-04-2020, 02:28 PM   #4161
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Shouldn't Trex be better in extreme conditions? I mean otherwise what is the point?
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Old 10-04-2020, 02:53 PM   #4162
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Originally Posted by Integra96 View Post
I wonder how well Trex holds up in that harsh of a climate.

Pretty nice area but the photos maybe don't do it justice (looks kind of flat, barren). I remember spots closer to Winter Park looking a bit more forested and mountainous.
Yeah, that particular area is flat from Fraser out to Granby. The really nice places up Vasquez Rd by Winter Park proper that are all nestled in the forest are more expensive (while still requiring a crowded shuttle or a drive in) and have high HOAs, though.
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Old 10-04-2020, 02:55 PM   #4163
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Shouldn't Trex be better in extreme conditions? I mean otherwise what is the point?
Well, yeah, it's better than wood but I imagine it still gets beat up and degrades. There's a boardwalk area around a mountain lake near us that's covered in 20' of snow each year and I think it's a Trex-like material that looks awful after a few years.
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Old 10-04-2020, 03:35 PM   #4164
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So, back in January I moved from Phoenix to Hot Springs, AR. I briefly looked at selling my condo in Phx before I left, but didn't have enough time and wasnt sure how long I'd be living in HS for. I had talked with Open Door about directly selling it, they offered me $129k for it, at the time it was worth probably around $132k.

I passed on that because I ended up renting it out via AirBnB, but now I am pretty sure I am going to be living in HS for awhile so I am going to sell. Out of curiosity, I checked back with OD and their offer is now $140k. The Market in Phx is pretty hot right now, so when I go to List it, I stand to make some decent coin. Not really seeking advice, just sayin' :P
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Old 10-04-2020, 03:44 PM   #4165
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No interest in keeping it as a rental?
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Old 10-04-2020, 03:58 PM   #4166
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No interest in keeping it as a rental?
I mean I kinda do. But, my HOA is a pain in the arse.

It's a nice gated community in N Phoenix, mostly older Snowbirding Canadians. Current HOA rules are, 1 month min on Rentals, 6m max in a given year. They tried to pass a rental fee last year, but ended up with a "tell us who is living in your house" rule instead.

With the equity and the current home values, I think I can sell and get a nice down payment on a house/condo on the lake here.
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Old 10-04-2020, 04:00 PM   #4167
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Oh, so can't do a yearly lease? Nevermind then, not worth it.
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Old 10-04-2020, 04:06 PM   #4168
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Originally Posted by NutBucket View Post
Oh, so can't do a yearly lease? Nevermind then, not worth it.
I had renters in there from April to the end of Nov. When HOA found out they wanted to know who they were and if I knew I was in violation of the rules. I said 1) They are family, 2) I cant be in violation if I am not taking rent from them. The Manager was like, "oh, that's a good way to do it." Mic Drop
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Old 10-05-2020, 02:50 PM   #4169
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Almost through underwriting for our refinance! Going to take 6 years to break-even vs the 46k we are bringing to closing but whatever, at least we'll end up with no subordinate financing to deal with.

Only took 42 unique documents to be uploaded for the refinance vs 73 documents for the original mortgage.

Also only managed 2.99% for a 30 year, but whatever to that as well. Beats the 4.25% we had!
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Old 10-05-2020, 03:41 PM   #4170
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Originally Posted by motorpotor View Post
I mean I kinda do. But, my HOA is a pain in the arse.

It's a nice gated community in N Phoenix, mostly older Snowbirding Canadians. Current HOA rules are, 1 month min on Rentals, 6m max in a given year. They tried to pass a rental fee last year, but ended up with a "tell us who is living in your house" rule instead.

With the equity and the current home values, I think I can sell and get a nice down payment on a house/condo on the lake here.
I'm having a tough time swallowing how cheap those are, what does a down payment look like and why can't you own a few properties for that, are salaries in that are very low?
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Old 10-05-2020, 05:52 PM   #4171
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I'm having a tough time swallowing how cheap those are, what does a down payment look like and why can't you own a few properties for that, are salaries in that are very low?
I dont really want to own multiple properties in multiple states. I dont think I am ever going back to AZ since my job took me to AR.
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Old 10-05-2020, 05:52 PM   #4172
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Originally Posted by shikataganai View Post
Compressed:

https://www.zillow.com/homes/for_sal...2%7D&3col=true

That one's going to go super fast.
I called it. Attractive. Pending sale now 2 days later!
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Old 10-05-2020, 06:03 PM   #4173
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That's absolute insanity. This was listed 2 days years ago, still sitting.


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Old 10-05-2020, 09:32 PM   #4174
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Quote:
Originally Posted by shikataganai View Post
I called it. Attractive. Pending sale now 2 days later!
nice house indeed. Would have been nicer if the mountain view was from the deck though.

Brand new... why does it look so worn down? Other than the wood itself being like that.
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Old 10-05-2020, 09:45 PM   #4175
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I called it. Attractive. Pending sale now 2 days later!
I'm not the least bit surprised either. It had been under contract already IIRC.

Yep.
Quote:
DATE EVENT PRICE
10/4/2020 Price change $779,000 (+4%) Date: 10/4/2020, Event: Price change, Price: $779,000 (+4%)
Source: Ecoluxe Real Estate
10/2/2020 Listed for sale $749,000 (+7.2%) Date: 10/2/2020, Event: Listed for sale, Price: $749,000 (+7.2%)
Source: Ecoluxe Real Estate
8/28/2020 Listing removed $699,000 Date: 8/28/2020, Event: Listing removed, Price: $699,000 (0%)
Source: Ecoluxe Real Estate
8/3/2020 Pending sale $699,000 Date: 8/3/2020, Event: Pending sale, Price: $699,000 (0%)
Source: Ecoluxe Real Estate
7/29/2020 Price change $699,000 (-20.6%) Date: 7/29/2020, Event: Price change, Price: $699,000 (-20.6%)
Source: Eco Luxe Real Estate
7/16/2020 Listed for sale $879,900 Date: 7/16/2020, Event: Listed for sale, Price: $879,900 (0%)
Source: Eco Luxe Real Estate

This place went under contract in 5 days @ 1.5M
https://www.coldwellbankerhomes.com/.../pid_38059876/

Doug that place is nice.
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