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Joined: Feb 2006
Posts: 43,822
Campfire 'Bwana
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OP
Campfire 'Bwana
Joined: Feb 2006
Posts: 43,822 |
For the last year we've been looking for another house. My sister in law currently rents a nice little farm house from my parents but she wants to be in town and is short one bedroom.
Small town, limited supply, very limited when it comes to decent neighborhoods.
Recently saw a neighbor 5 houses up the street moving out. Inquired, found it was going to be listed so a day or two later I talked to the realtor.
(I had already talked to him and got on the buyers list but given the price point he didn't think we'd be interested)
He said we would get first look but other people had heard and wanted to look as well.
Looked at it on Wednesday evening, signed a buy/sell yesterday. No room to deal, paid full ask which seems a little high but not overly bad.
Still CHEAP compared to pretty much anywhere else in the country.
Called the banker this morning and learned that interest rates are a little higher on rental properties, told wife she better be happy driving her old Ford for a few more years....lol
Anyway, might have been a dumb idea, guess we'll find out.
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Joined: Jun 2007
Posts: 7,900
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2007
Posts: 7,900 |
Movin' On Up, congrats SammO
GOA
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Joined: Sep 2011
Posts: 60,647
Campfire Kahuna
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Campfire Kahuna
Joined: Sep 2011
Posts: 60,647 |
You need a place to get out of the weather Sam.
These premises insured by a Sheltie in Training ,--- and Cooey.o
"May the Good Lord take a likin' to you"
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Joined: Mar 2020
Posts: 4,813
Campfire Tracker
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Campfire Tracker
Joined: Mar 2020
Posts: 4,813 |
Cutting into your pistol budget bro?
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Joined: Dec 2004
Posts: 14,481
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2004
Posts: 14,481 |
Glad I bought mine 18 years ago. It turned out to be okay, but I think it's always like stepping out on ice when you really don't know how thick it is. Gotta wonder if the situation now is a bubble or the new normal.
Good luck with it Sam!
Don't be the darkness.
America will perish while those who should be standing guard are satisfying their lusts.
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Joined: Feb 2010
Posts: 3,274
Campfire Tracker
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Campfire Tracker
Joined: Feb 2010
Posts: 3,274 |
When you need to evict your sister in law and need a heartless lawyer, call me...
Wait, I saw Wind River. Even I'm not greedy enough to try to handle an eviction on the Rez.
Eliminate qualified immunity and you'll eliminate cops who act like they are above the law.
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Joined: Jan 2012
Posts: 45,013
Campfire 'Bwana
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Campfire 'Bwana
Joined: Jan 2012
Posts: 45,013 |
2 sisters 5 homes apart???
Dude.....
🤦♂️🤦♂️🤦♂️🤦♂️😄😄😄😄
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Joined: Feb 2006
Posts: 43,822
Campfire 'Bwana
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OP
Campfire 'Bwana
Joined: Feb 2006
Posts: 43,822 |
This could be the dumbest move of my life!
LOL
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Joined: Mar 2020
Posts: 4,813
Campfire Tracker
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Campfire Tracker
Joined: Mar 2020
Posts: 4,813 |
This could be the dumbest move of my life!
LOL Rent out to blecks and buy up other properties on the cheap.
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Joined: Jan 2006
Posts: 8,777
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2006
Posts: 8,777 |
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Joined: Jun 2007
Posts: 7,900
Campfire Outfitter
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Campfire Outfitter
Joined: Jun 2007
Posts: 7,900 |
This could be the dumbest move of my life!
LOL Rent out to blecks and buy up other properties on the cheap. Excellent suggestion, but.........are there any negros in Montana?
GOA
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Joined: May 2003
Posts: 23,002
Campfire Ranger
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Campfire Ranger
Joined: May 2003
Posts: 23,002 |
Sam Olson: Thats all we need here in Montana - a high plains "Slumlord"!
Naw, just funnin ya.
I hope the deal goes through and the wife doesn't mind driving her current rig for a while longer.
I am just to damn lazy here in my 75th year to invest in more property.
Good for you and again good luck.
Hold into the wind
VarmintGuy
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Joined: Mar 2020
Posts: 4,813
Campfire Tracker
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Campfire Tracker
Joined: Mar 2020
Posts: 4,813 |
This could be the dumbest move of my life!
LOL Rent out to blecks and buy up other properties on the cheap. Excellent suggestion, but.........are there any negros in Montana? Sam needs to open a chiggunz and watermelin spot/gas station. Win win. If you build it they will come.
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Joined: Feb 2006
Posts: 43,822
Campfire 'Bwana
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OP
Campfire 'Bwana
Joined: Feb 2006
Posts: 43,822 |
Nah...
SIL is good.
Her and the kids and my wife left this morning to go to a 'cheer' camp/contest 500 miles away.
I'm home alone and got to thinking out loud on the internet...lol
Little nervous though, it was nice being debt free but a savings account is a waste of money.
Not much of a bubble to pop here but interest rates are obviously on the way up. I wanted a 20 year loan, banker buddy said 5.25% fixed for 10 years, then it goes variable.
Which means to my simple brain....pay it off in 10 years.
Hell if I know.
No more pistols!
lol
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Joined: Mar 2009
Posts: 3,193
Campfire Tracker
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Campfire Tracker
Joined: Mar 2009
Posts: 3,193 |
The same way it is here OP. Getting what they are asking and banks rule the roost. Good luck, here lately, real estate hasn’t been a bad investment.
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Joined: Dec 2013
Posts: 23,685
Campfire Ranger
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Campfire Ranger
Joined: Dec 2013
Posts: 23,685 |
Real estate is an excellent way to ride out inflationary times. Savings account/cash is a great way to lose your ass during hyperinflation.
What IR did you get Sam? We got a 3% fixed 20yr on a 40 unit project about 4 months ago. Feeling like I won the lottery about now.
I’m pessimistic as hell and still surprised that we’re at 5% so fast.
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Joined: Feb 2006
Posts: 43,822
Campfire 'Bwana
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OP
Campfire 'Bwana
Joined: Feb 2006
Posts: 43,822 |
Jack, I am a rookie at this stuff but was thinking/guessing it would be around 4.5%
Not the case for me, unless I'm getting screwed things are up almost a point.
(for rental type loans)
Just talked over the phone with the banker, nothing set in stone but 5-5.5% was the ballpark quote.
First question he asked was how much down payment.
30%.
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Joined: Apr 2008
Posts: 17,090
Campfire Ranger
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Campfire Ranger
Joined: Apr 2008
Posts: 17,090 |
2 sisters 5 homes apart???
Dude.....
🤦♂️🤦♂️🤦♂️🤦♂️😄😄😄😄 He said it all. Uff dah
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Joined: Aug 2017
Posts: 1,120
Campfire Regular
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Campfire Regular
Joined: Aug 2017
Posts: 1,120 |
We sold our second rental after 15 years. It was a long distance relationship.
It worked well until the last year with COVID and a non paying tenant.
Couldn't evict. LGB!!
Made a ton of money though.
The cow is where you are, the bull is where you want to be.
No one gets something for nothing unless someone else got nothing for something.
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Joined: Apr 2008
Posts: 17,090
Campfire Ranger
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Campfire Ranger
Joined: Apr 2008
Posts: 17,090 |
Is she hot? Asking for a friend.
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