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View Full Version : I just bought a little house.



Mandelon
09-30-2003, 10:02 AM
Get this, 586 square foot house. One bedroom, on an 1100 sq ft lot. Postage stamp sized. $178,000.
Believe it or not, at that price it was a bargain...... :rolleyes:

spectratoad
09-30-2003, 10:07 AM
So is a boat deep garage in the works? :D It is not entirely out of the question. The boat while parked could double as the bath-tub. Just think of the cool motorboat sounds you could make while bathing with rubber ducky. wink

Mandelon
09-30-2003, 10:23 AM
Hell no, I ain't gonna live in it. That little crackerbox would fit in my family room, with space to spare for another one. :D
I'm gonna rehab it and sell to some gay guys. wink

OLDRAT
09-30-2003, 10:30 AM
Boozer moving back?

mikev
09-30-2003, 10:35 AM
glad I moved to georgia back in the late 80s . last spring I bought a new 3000 sf 5 bedroom house 5 minutes from the lake and 35 miles from downtown atlanta for 260,000 on 3/4 and acre lot.

Seadog
09-30-2003, 11:15 AM
And I was wishing the property I was looking at Saturday wasn't so high. 85' lake frontage on a deepwater cove, new $15k boat dock, brand new Rinker 282 Captiva and probably 1400 ft2 home needing minor work for $150k.

Mandelon
09-30-2003, 11:19 AM
I will drop $30 to $40 grand in it on repairs to the foundation, roof, kitchen and bath, floors, etc and it will sell for over $300,000. eek!

Hermosa
09-30-2003, 11:29 AM
Mandelon:
Hell no, I ain't gonna live in it. That little crackerbox would fit in my family room, with space to spare for another one. :D
I'm gonna rehab it and sell to some gay guys. wink Use bright "fun" colors, they love that!

superdave013
09-30-2003, 11:35 AM
mikev:
glad I moved to georgia back in the late 80s . last spring I bought a new 3000 sf 5 bedroom house 5 minutes from the lake and 35 miles from downtown atlanta for 260,000 on 3/4 and acre lot. There is good points and bad points to living out here. The good is my house has doubled in value in under 5 years. Sure beat my stock investments made in the same time frame.
I've been thinking on picking up another property too.
[ September 30, 2003, 12:40 PM: Message edited by: superdave013 ]

superdave013
09-30-2003, 11:42 AM
Hermosa:
Mandelon:
Hell no, I ain't gonna live in it. That little crackerbox would fit in my family room, with space to spare for another one. :D
I'm gonna rehab it and sell to some gay guys. wink Use bright "fun" colors, they love that! And how would you know :confused:

SmartMoney
09-30-2003, 12:13 PM
Yah, but superdave013 would you be making that same statement in the late 90's?
I don't see the real estate market crashing but it is definately starting to back off a bit. I see a lot of good value in the stock market right now - especially in the coming years! Their still is a lot of $ on the sidelines and investors are also backing out of bonds, which means more money moving into equities!!!

572Daytona
09-30-2003, 12:39 PM
Actually the housing properties here in North Georgia have gone up substantially as well, especially properties near or on the lake. Just curious, what are the property taxes on that 586 sq ft closet?

Mandelon
09-30-2003, 12:42 PM
For taxes and fees runs about 1.25% thanks to Prop 13. So I guess about $2200 a year. But I won't have it long enough to pay much of any!!!! :D :cool:

Sherpa
09-30-2003, 12:57 PM
are you assuming you too will be paying the "prop-
13" era taxes yourself-?
--Sherpa

SmartMoney
09-30-2003, 12:59 PM
Mandelon - Don't forget about the capital gains tax you will have to pay on the gain from this property because you did not own the house for more than 2 years.
Still sounds like you were able to pick this house up for a great price!! Still a nice turnaround.....congrats!

superdave013
09-30-2003, 01:09 PM
SmartMoney:
Yah, but superdave013 would you be making that same statement in the late 90's?
I don't see the real estate market crashing but it is definately starting to back off a bit. I see a lot of good value in the stock market right now - especially in the coming years! Their still is a lot of $ on the sidelines and investors are also backing out of bonds, which means more money moving into equities!!! You are right about the market. I have been doing my onec a month investments from the age of 18. When it's down I say it's on sale.
In the late 90's I made a killing in the market but what I put in just a few years ago I did so so or lost. But in the over all picture I've done very well.
But it came to a time where I had to grow up and quit renting the beach house I had. I bought and I'll tell you what. I wish I would have done it in the mid 80's when I first moved here.
I hear ya about the property market backing off a bit. That's why I have not made a move yet as it would only be for investment. If I was paying rent I'ed would not even think about waiting.
[ September 30, 2003, 02:11 PM: Message edited by: superdave013 ]

572Daytona
09-30-2003, 01:10 PM
2200/yr taxes was about what we were paying on our 3600sq ft lake house before we sold it. I've wondered for years when the bottom is going to fall out of the CA real estate market, I don't know how anyone can afford to live out there unless the jobs pay that much more. My sister lives in Menlo Park and her 50 year old house is 1/5th the size of mine on a postage stamp lot is worth more than twice what mine is and I live on a lake. The only way she was able to afford it is buy using equity from previous home sale gains. What in the heck is a 1st time home buyer supposed to do? I lived in New England when the market there went belly up and we lost on that deal but we've made up for it in Georgia so far.
[ September 30, 2003, 02:12 PM: Message edited by: 572Daytona ]

Mandelon
09-30-2003, 01:17 PM
SmartMoney:
Mandelon - Don't forget about the capital gains tax you will have to pay on the gain from this property because you did not own the house for more than 2 years.
Still sounds like you were able to pick this house up for a great price!! Still a nice turnaround.....congrats! Thanks! Although actually I think they will not be taxed as capital gains, but taxed as regular income, (even higher)....set me straight if that is wrong.
I have done a bunch of these fixers over the years and have kept a few duplexes and triplexes. They offset the stocks that are valued about where they were 4 years ago.
Looking for some units to do condo conversions on now, but prices are still really high around here. frown

SmartMoney
09-30-2003, 01:19 PM
superdave013 you got it!!! Smart man, just stick to your goals and plan. Everything always works in cycles. Take advantage of any investment opportunities when they are least favorable and then be patient!
The only problem is that too many people want that get rich quick fix. To bad it only happens to a few lucky ones. Hey, isn't that what the LOTTO and Vegas is for????

Hermosa
09-30-2003, 01:22 PM
I'm gonna rehab it and sell to some gay guys. wink [/qb][/QUOTE]Use bright "fun" colors, they love that! [/qb][/QUOTE]And how would you know :confused: [/QB][/QUOTE]
Hey, I live in Northern California, I see it all day long... Just hope it doesn't rub off...

SmartMoney
09-30-2003, 01:35 PM
Mandelon - if this property is "Rental" property ordinary income rates apply if you sell the home within 12 months eek! . Otherwise, anytime after long term capital gain rates will apply wink .
If possible, take your time on the improvements!

mikev
09-30-2003, 01:55 PM
I grew up in cali and was there when the housing market crashed in the early 80's. I remember when people walked away form there houses after they dropped to about half of what they paid for them. luckily we were renting at the time so dad didnt loose his shirt. i do miss the weekend trips to the river when we were kids back in the 70's and there were not that many boats. and all the stars you could see at night i think the campground we used to always stay at was lost lake but im not sure it was on the parker strip about 20 miles north of Blythe.
[ September 30, 2003, 02:56 PM: Message edited by: mikev ]

Dr. Eagle
09-30-2003, 02:01 PM
Mandelon:
Hell no, I ain't gonna live in it. That little crackerbox would fit in my family room, with space to spare for another one. :D
I'm gonna rehab it and sell to some gay guys. wink San Diego's real estate market scares me $300,000 for a crackerbox??????
[ September 30, 2003, 03:04 PM: Message edited by: Dr. Eagle ]

superdave013
09-30-2003, 02:16 PM
mikev:
I grew up in cali and was there when the housing market crashed in the early 80's. I remember when people walked away form there houses after they dropped to about half of what they paid for them. luckily we were renting at the time so dad didnt loose his shirt. i do miss the weekend trips to the river when we were kids back in the 70's and there were not that many boats. and all the stars you could see at night i think the campground we used to always stay at was lost lake but im not sure it was on the parker strip about 20 miles north of Blythe. But the people that didn't walk away are now partying like Rock Stars!
I moved here in the early eighties. Everyone told me to buy and I said there is no way in HELL I'm payin 80K for a cracker box in Hawthorne! Bad move for me because they go for mid 300K now!

mikev
09-30-2003, 02:31 PM
moved with the parents when they moved to georgia in 86. If I would have stayed i probably would be dead now anyway. but it sure as hell was fun partying my ass off.

Faster Daddy
09-30-2003, 05:28 PM
Originally posted by: SmartMoney
I don't see the real estate market crashing but it is definately starting to back off a bit.Where are you getting your info from? Check NAR, CAR, CA housing markets are posting records year after year. There is no evidence that I know of showing anything different. Southern CA builders can't even keep-up with housing demand. Besides pockets of slowing markets such-as silicon valley, the market as a whole continues to be strong without any "bubble" on the horizon.
Just my .02
[ September 30, 2003, 06:30 PM: Message edited by: Faster Daddy ]

Mandelon
09-30-2003, 06:42 PM
I believe that is right. Record increases in price and volume again last month. As long as interest rates stay low we should be OK.
I used to manage foreclosures for banks in the early 90's. People just walked away........but that was really the time to buy.

Mandelon
09-30-2003, 06:43 PM
Dr. Eagle
[/qb]San Diego's real estate market scares me $300,000 for a crackerbox?????? [/QB][/QUOTE]
It won't be a crackerbox when I am done. It will be a beautiful home for some homos!! :D

Dr. Eagle
09-30-2003, 06:45 PM
So it is in Hillcrest?? (Homo District). I worked in SD for three years but kept my house up here and got an apt in Mira Mesa. I had a friend from work that lived in one of those crackerboxes in Hillcrest. We went out to get dinner and all there were around were homos...and some of the stores down there...wholly crap.
[ September 30, 2003, 07:48 PM: Message edited by: Dr. Eagle ]

Mandelon
09-30-2003, 06:49 PM
Hmmmmmm. How do you know about that? :rolleyes:
As a matter of fact it is just around the corner in University Heights. A block from Park Blvd, and the little shopping area there at the north end of Park and Adams.
I did a 6 unit Victorian in this neighborhood last year. Great little neighborhood. Less traffic than Hillcrest. Freeway close and walk to shopping!

woodster
09-30-2003, 06:54 PM
Mandelon...Is your client still interested in doing the epoxy garage? Just checkin in with ya

Mandelon
09-30-2003, 07:05 PM
Hey! I haven't heard from him in a while....All the shit he was asking for got him an estimate of over $30 grand. He did sound interested though, but I bet he was shopping our numbers around. I should call him though. Thanks for reminding me.

TCHB
09-30-2003, 07:13 PM
Along the coast in Southern California you can not by a house for under 250K for any size house. In Huntington Beach most new homes start at 700K to 1.5MM. That is crazy!!!!!!!!!!!

Dr. Eagle
09-30-2003, 07:17 PM
Mandelon:
Hmmmmmm. How do you know about that? :rolleyes:
As a matter of fact it is just around the corner in University Heights. A block from Park Blvd, and the little shopping area there at the north end of Park and Adams.
I did a 6 unit Victorian in this neighborhood last year. Great little neighborhood. Less traffic than Hillcrest. Freeway close and walk to shopping! like I said, I saw it with my own damn eyes.