My friend's blog about buying a 5.5 acre lot (with small house) in Scapoose and getting a loan to add on to it (note: first half of entries are about her Portland home, second half about Scapoose purchase) - http://ourlittleplace.tumblr.com/
Would it be helpful for anyone if I posted a break-down of my closing costs (how much my broker charged, how much went to the escrow company, how much went to the govt., etc)? I don't know if that would be helpful. Let me know.
Cute! I think we're looking for a 6K+ lot tho. We did a few open houses yesterday that left me pretty rattled. We looked at a beautiful farm house in Arbor Lodge that Ian saw so much potential in, but all I saw was dog hair and black trim. I have a visual imagination deficit! No joke. I need to learn to see the bones.
That cabin is amazing. Maybe I should just move up to Mt Hood.
Went and checked out a great 2bd condo for $260k on Sunday at SE 13th and Ash, but ultimately decided we want outdoor space/garden/yard. Such an amazing location tho.
Also saw a total shithole at Ainsworth and Interstate for $270k. Ugh.
A word of caution re: condo's... those HOA dues are KILLER. To give you some perspective, that condo I orginally wanted cost $220k or something. I remember calculating the monthly payments at around $1400. It was a one-bedroom. In the end I bought a house for 335k, but with the basement rental my monthly costs will be around $700. And my house has 4 bedrooms with a finished attic-space (possible 5th bedroom).
Also, I got all sorts of warnings about horrible re-sell on condos. I can go into the reasons for this if you're curious. Stuff I definitely didn't know until I started the process...
On a different note: does it make me an absolutely horrible person that I'm charging $900/mo for my basement apartment while I'm paying $700/mo for a MUCH BETTER above ground space? It feels shitty. But my friend told me that the way he figures out what to charge his roommates is thus: split the mortgage 50/50, have renters pay ALL of your utility costs. This is to make up for all of the maintenance costs that you have to cover as the owner. Does that seem ethical? I don't know! I feel weird about it.
"As long as the underground dwellers don't know about it" - I hate that. I like transparency. I want to be fair, so that I don't have to worry about keeping anything a secret!
@flossy_logs you are totally welcome to come with. 10am tomorrow ;) I might ask you to pretend to be an ESL mail-order bride (for fun).
It's a condo a block away from my house. Best neighborhood in PDX, and cheap enough for me to buy. I have a pretty good nest egg, so the HOA fees + mortgage would actually be cheaper than my current rent.
Because I just started my own business, until late 2014/2015 I won't be able to get a loan on anything unless I have a large % down payment, so I'm stuck looking in condo-land, which is fine. I'm single, so I shouldn't get too deep into a house.
FL, you took on the financial risk and responsibilities and did all the work to secure the dwelling. The price you're charging for that space seems consistent with the current rental market. I don't think you need to go into full financial transparency with a tenant when you're charging a fair rate. NO GUILT.
yeah FL don't feel guilty! It's an appropriately-priced space, and remember that the renter takes on no responsibility. If the roof leaks, you have to fix it. If anything IN THE RENTAL SPACE goes wrong, you have to fix it. These are some of the perks of renting--it's a huge load off a renter's mind! So I don't think a straight 50/50 split of the mortgage is necessary, even if your living space is technically nicer. Because all this other responsibility and cost is factored in.
re: mail order brides, I remember in college I saw someone give a presentation about Russian ones, and it's got so much more to do with the society the lady is coming from (read: trying to get out of) than anything about the lady in particular as an individual. Think of mail-order-bridedom as the female equivalent of driving a cab. Maybe you were a brain surgeon in Nigeria but when civil war kills your entire family and you have to flee to America, you become a fucking cab driver. The Russian presentation in particular was about how, at that time (the early 90s), there was only so nice you could make a life for yourself in that country. So these women are doctors and rocket scientists and stuff but they're still, like, sharing a one bedroom apartment with 8 family members because there's no housing and you can't make any money and everything is just covered in soot and you can't even find condoms that work. And the mail-order-bride services have waiting lists that are YEARS long, like grandparents put their granddaughters on them at birth and stuff. It's like one of the only ways you can get out of certain countries.
So anyway, everything I just said is half-remembered from a presentation I heard nearly 16 years ago, so take it however you want. I don't even know if "Russia" was a country back then or if it was The Soviet Union still or what
also not sure if anyone was actually interested in mail order brides or if this is just a classic YT non sequitur
My co-worker is from Russia! YT's story is proof! -- she is absolutely a mail-order bride. I think we all know it (my other co-workers and I) but just never say anything to each other about it.
I visited her and her husband a few months ago and it was the most awkward experience, because I really did not realize all of this until that point. It was so bizarre! He is 20 years older, from Mexico, and he told me very nonchalantly that when he met my co-worker, he "only had one demand. That she learn Spanish. Because I just can't express my feelings fully in English." (So this poor Russian girl moves to America and has to learn English AND Spanish!) I asked him if he ever considered learning Russian and he said, "No, I didn't have a use for it." !!!! So let's just ignore the fact that maybe SHE can't fully express herself in HIS native tongue!
So my awesome co-worker moves from Russia, where she was a psychologist, and, of course, has to go to graduate school for 3 years in America before she can even practice as a Master's level clinician here...
I'm not actually into obtaining a mail order bride, but I think harmless pranks are funny (in this case pranking a realtor). No offense intended :) I generally find saying absurd things and trying to act normal is fun.
Wait wait wait. Alex! 13th and Ash? Was it the same building as the original condo I was looking at? (Impossible question for you to answer, I know). That place rocked my world.
So, regardless of whether you're curious or not, I'm going to tell you some things about condo buying/selling because, hey, why not? I love this stuff.
So, buying a condo: banks will often only loan to you if at least half the other units in whatever building you're buying into are owner-occupied. So that's a challenge for buying, but also a huge one for selling. If you buy a condo, and then all the other units (or even just one, in some cases) turn into rentals, you won't be able to sell it, because no one will be able to get a loan to buy it from you. AND, you may not be able to rent it out, either, because some home owners associations have rules on how many units can be rented, and it's first come first served.
So, anyway, a big deal for me was the whole "what if something terrible happens and I can no longer afford this place" thing. I wanted to be able to sell or rent in that scenario. A condo did not give me that back-out plan.
Something to think about, courtesy of Flossy Logs!
Yes, my parents looked at a lot of condos initially that were dealbreakers because you weren't allowed to rent them out. Also it's like you have to abide by "building rules" as though it is an apartment, i.e. NO DOGS ALLOWED or whatever other bullshit.
Communal living has its up sides but thinking about buying a house brings out the GET OFF MY LAND in me. Uh, if I want to rent out this thing I fucking OWN, or get a DOG as is every human's natural right, I'm gonna do it motherfucker
also I always wonder how things get decided. Like if everyone votes to put a new roof on the building and you are like "we don't need a new roof and also I am broke from my divorce/alimony" and they are like "too bad, you owe us ten thousand dollars"
Yup - these are dangers, but you can take proactive steps, like going over HOA meeting minutes, requesting financial records, etc... In my case, the mortgage would actually lower my rent, which is already pretty cheap for Portland. The condo I'm looking at now has pretty clear rules about buying and selling and renting, which I'm cool with. I can rent it out, but the rent is fixed. There is a temporary assessment for water damage (on opposite side of building) that I need to look into a bit more... and other stuff... It's tough. I can't really rely on my folks to co-sign with me, and being self-employed makes it a bitch to get a proper mortgage :(
Wanda - maybe out of your price range, but look at this lot! (And take away some of the awful updates the owners have made and you've got a stunning place...)
Alex - even though condos are not a good idea overall, that one looks solid. It's got good storage, which is so rare and important. Plus, it looks like there aren't too many units in the building (less bothersome home owner's association stuff).
Wow, you guys really hate condos. I don't know, some are good and some are bad. We like ours. We don't want to have a yard. We don't want to be on the hook when the roof fails. We like the HOA dues enforced savings plan for future exterior maintenance.
Our HOAs dues seem low enough to me. Like, sub $200, including garbage, water, Sunday NYT subscription, yard debris, and all exterior maintenance.
Yeah, but you don't live in just any condo, Freddy. Yours is kinda special.
For the record, I definitely don't hate condos. Financially/investment-wise, they're just not as sure of a thing as houses. And because I've paid such ridiculously low rent in pdx over the years, the HOA dues seemed steep - like just slightly less than what I was already paying in rent!
But I'm sure condos are the way to go for a lot of people. Which reminds me, if anyone's looking in the "north interstate corridor" (or whatever it's called), the city has some great incentives for first time home buyers who are poor. I think you have to make less than $40k or something.
Comments
Was it just me, or was Alex more helpful than her mom?
Some links in follow-up:
More info on ADU's - http://www.portlandonline.com/bds/36676
My friend's blog about buying a 5.5 acre lot (with small house) in Scapoose and getting a loan to add on to it (note: first half of entries are about her Portland home, second half about Scapoose purchase) - http://ourlittleplace.tumblr.com/
Would it be helpful for anyone if I posted a break-down of my closing costs (how much my broker charged, how much went to the escrow company, how much went to the govt., etc)? I don't know if that would be helpful. Let me know.
http://www.redfin.com/OR/Portland/7632-N-Mckenna-Ave-97203/home/26611920
That Multnomah Village one is right up our alley!!
You guys. Look at this dreamy Mt. Hood cabin. I want it! But maybe Alex should buy it! http://www.redfin.com/OR/Rhododendron/68933-E-Vine-Maple-Dr-97049/home/45112381
Went and checked out a great 2bd condo for $260k on Sunday at SE 13th and Ash, but ultimately decided we want outdoor space/garden/yard. Such an amazing location tho.
Also saw a total shithole at Ainsworth and Interstate for $270k. Ugh.
Also, I got all sorts of warnings about horrible re-sell on condos. I can go into the reasons for this if you're curious. Stuff I definitely didn't know until I started the process...
On a different note: does it make me an absolutely horrible person that I'm charging $900/mo for my basement apartment while I'm paying $700/mo for a MUCH BETTER above ground space? It feels shitty. But my friend told me that the way he figures out what to charge his roommates is thus: split the mortgage 50/50, have renters pay ALL of your utility costs. This is to make up for all of the maintenance costs that you have to cover as the owner. Does that seem ethical? I don't know! I feel weird about it.
It's a condo a block away from my house. Best neighborhood in PDX, and cheap enough for me to buy. I have a pretty good nest egg, so the HOA fees + mortgage would actually be cheaper than my current rent.
Because I just started my own business, until late 2014/2015 I won't be able to get a loan on anything unless I have a large % down payment, so I'm stuck looking in condo-land, which is fine. I'm single, so I shouldn't get too deep into a house.
http://theworstroom.tumblr.com/
What!!
(Actually, I think I work with a true mail-order bride! It's weird because she's this amazing, multi-lingual, independent badass)
Ok, feeling better about rent split, esp. since some of you have seen it and still think it's fair. Thanks!
So anyway, everything I just said is half-remembered from a presentation I heard nearly 16 years ago, so take it however you want. I don't even know if "Russia" was a country back then or if it was The Soviet Union still or what
also not sure if anyone was actually interested in mail order brides or if this is just a classic YT non sequitur
either way I feel ok about it
I visited her and her husband a few months ago and it was the most awkward experience, because I really did not realize all of this until that point. It was so bizarre! He is 20 years older, from Mexico, and he told me very nonchalantly that when he met my co-worker, he "only had one demand. That she learn Spanish. Because I just can't express my feelings fully in English." (So this poor Russian girl moves to America and has to learn English AND Spanish!) I asked him if he ever considered learning Russian and he said, "No, I didn't have a use for it." !!!! So let's just ignore the fact that maybe SHE can't fully express herself in HIS native tongue!
So my awesome co-worker moves from Russia, where she was a psychologist, and, of course, has to go to graduate school for 3 years in America before she can even practice as a Master's level clinician here...
Life is crazy.
So, regardless of whether you're curious or not, I'm going to tell you some things about condo buying/selling because, hey, why not? I love this stuff.
So, buying a condo: banks will often only loan to you if at least half the other units in whatever building you're buying into are owner-occupied. So that's a challenge for buying, but also a huge one for selling. If you buy a condo, and then all the other units (or even just one, in some cases) turn into rentals, you won't be able to sell it, because no one will be able to get a loan to buy it from you. AND, you may not be able to rent it out, either, because some home owners associations have rules on how many units can be rented, and it's first come first served.
So, anyway, a big deal for me was the whole "what if something terrible happens and I can no longer afford this place" thing. I wanted to be able to sell or rent in that scenario. A condo did not give me that back-out plan.
Something to think about, courtesy of Flossy Logs!
Communal living has its up sides but thinking about buying a house brings out the GET OFF MY LAND in me. Uh, if I want to rent out this thing I fucking OWN, or get a DOG as is every human's natural right, I'm gonna do it motherfucker
http://www.redfin.com/OR/Portland/10570-SW-63rd-Dr-97219/home/25783121
(P.S. You don't need to respond to these. I know I'm a little bonkers when it comes to real estate)
http://828hancock.hasson.com/property_details
#location #condolife
Come back to the hood :)
Our HOAs dues seem low enough to me. Like, sub $200, including garbage, water, Sunday NYT subscription, yard debris, and all exterior maintenance.
For the record, I definitely don't hate condos. Financially/investment-wise, they're just not as sure of a thing as houses. And because I've paid such ridiculously low rent in pdx over the years, the HOA dues seemed steep - like just slightly less than what I was already paying in rent!
But I'm sure condos are the way to go for a lot of people. Which reminds me, if anyone's looking in the "north interstate corridor" (or whatever it's called), the city has some great incentives for first time home buyers who are poor. I think you have to make less than $40k or something.