RockRaines Posted March 11, 2015 Share Posted March 11, 2015 QUOTE (bigruss22 @ Mar 11, 2015 -> 01:01 AM) Looking at a few condos tomorrow, really stoked and nervous at the same time. Also, never going to lendingtree again, I just wanted to check rates and got bombarded with phone calls. Huge freakin hassle just sorting through that crap. Dont ever use that site or Quicken Loans. Brutal telemarketing. Quote Link to comment Share on other sites More sharing options...
Dick Allen Posted March 11, 2015 Share Posted March 11, 2015 (edited) QUOTE (RockRaines @ Feb 19, 2015 -> 01:24 PM) I tried renting my west loop place out for a month or so and after meeting about 4 prospective renters I decided to sell. What a mixed bag of sketchy people out there looking for apts. Being a landlord can be a real pain if you don't have the right tenant. If not, they will call you at all hours for the tiniest things, and if you don't get their rent, it takes forever to have them evicted. I was one for a few years. I had a guy who paid his entire year's rent on January 2nd, and would never bother with anything. When he left, the next one I picked was the exact opposite. Edited March 11, 2015 by Dick Allen Quote Link to comment Share on other sites More sharing options...
bmags Posted March 11, 2015 Share Posted March 11, 2015 Woo hoo, got a call about an hour later with our reasonable counter offer. we accepted. Quote Link to comment Share on other sites More sharing options...
bigruss Posted March 11, 2015 Share Posted March 11, 2015 QUOTE (bmags @ Mar 11, 2015 -> 12:36 PM) Woo hoo, got a call about an hour later with our reasonable counter offer. we accepted. Nice, congrats! Quote Link to comment Share on other sites More sharing options...
bigruss Posted March 11, 2015 Share Posted March 11, 2015 QUOTE (RockRaines @ Mar 11, 2015 -> 12:12 PM) Dont ever use that site or Quicken Loans. Brutal telemarketing. Yea lesson learned there, my agent recommended someone more local, way easier to work with thus far. Hopefully the rates/costs are fair. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted March 11, 2015 Share Posted March 11, 2015 QUOTE (bigruss22 @ Mar 11, 2015 -> 12:59 PM) Yea lesson learned there, my agent recommended someone more local, way easier to work with thus far. Hopefully the rates/costs are fair. Most local loans get sold off quickly to the big banks anyway. Better to work with the local people who can give you real answers. Quote Link to comment Share on other sites More sharing options...
RockRaines Posted March 11, 2015 Share Posted March 11, 2015 QUOTE (bigruss22 @ Mar 11, 2015 -> 12:59 PM) Yea lesson learned there, my agent recommended someone more local, way easier to work with thus far. Hopefully the rates/costs are fair. Yeah, friend of a friend is the way to go, use a broker. I used guaranteed rate a few times before they got gigantic and used some little shop on the southside for my last one. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted March 11, 2015 Share Posted March 11, 2015 QUOTE (bmags @ Mar 11, 2015 -> 12:36 PM) Woo hoo, got a call about an hour later with our reasonable counter offer. we accepted. Awesome dude. Great ready to sign your life away. Quote Link to comment Share on other sites More sharing options...
bmags Posted March 11, 2015 Share Posted March 11, 2015 QUOTE (southsider2k5 @ Mar 11, 2015 -> 03:07 PM) Awesome dude. Great ready to sign your life away. I realized at noon that this was probably the most cash i'd have for a long long time Quote Link to comment Share on other sites More sharing options...
bigruss Posted March 12, 2015 Share Posted March 12, 2015 I found a place I really like but of course I'm running into obstacles. The building has an investor that owns 17% of the units, making it harder to get loan. Now, my loan specialist says she has a lender who allows that to be up to 20%, but they only offer ARM loans. So now I would have to look at those loans (which I don't think are that smart with rates so low right now) and I'm also worried any future buyer would run into the same issue where loans would be hard to get because of that. Now I have to weigh the risk of it being harder to sell with that, combined with an ARM loan, with it really being the only option that I really like at this point. Quote Link to comment Share on other sites More sharing options...
LittleHurt05 Posted March 12, 2015 Share Posted March 12, 2015 QUOTE (bmags @ Mar 11, 2015 -> 03:26 PM) I realized at noon that this was probably the most cash i'd have for a long long time After you do close, don't look at the amortization schedule either. It's just depressing. Congrats though! Quote Link to comment Share on other sites More sharing options...
bmags Posted March 12, 2015 Share Posted March 12, 2015 QUOTE (LittleHurt05 @ Mar 11, 2015 -> 09:33 PM) After you do close, don't look at the amortization schedule either. It's just depressing. Congrats though! I can't wait for my $5 mortgage payment in 2045! Quote Link to comment Share on other sites More sharing options...
NorthSideSox72 Posted March 12, 2015 Share Posted March 12, 2015 QUOTE (RockRaines @ Mar 11, 2015 -> 02:55 PM) Yeah, friend of a friend is the way to go, use a broker. I used guaranteed rate a few times before they got gigantic and used some little shop on the southside for my last one. Guaranteed Rate is who we have used as well, and I have nothing but good things to say. The only time they approached us unsolicited is when the rates got to those historical lows around early 2012, like 30-year fixes in the mid-3's, and they gave us a completely free re-fi. Quote Link to comment Share on other sites More sharing options...
RockRaines Posted March 12, 2015 Share Posted March 12, 2015 QUOTE (bigruss22 @ Mar 11, 2015 -> 09:19 PM) I found a place I really like but of course I'm running into obstacles. The building has an investor that owns 17% of the units, making it harder to get loan. Now, my loan specialist says she has a lender who allows that to be up to 20%, but they only offer ARM loans. So now I would have to look at those loans (which I don't think are that smart with rates so low right now) and I'm also worried any future buyer would run into the same issue where loans would be hard to get because of that. Now I have to weigh the risk of it being harder to sell with that, combined with an ARM loan, with it really being the only option that I really like at this point. ARM's arent as bad as people make them out to be. It's not a bad option and then you can re-fi in the future. Quote Link to comment Share on other sites More sharing options...
LittleHurt05 Posted March 12, 2015 Share Posted March 12, 2015 QUOTE (bmags @ Mar 11, 2015 -> 09:47 PM) I can't wait for my $5 mortgage payment in 2045! Haha. It's a lot better than the first payment of $1.25 principal and $1,125.00 interest. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted March 12, 2015 Share Posted March 12, 2015 QUOTE (bigruss22 @ Mar 11, 2015 -> 09:19 PM) I found a place I really like but of course I'm running into obstacles. The building has an investor that owns 17% of the units, making it harder to get loan. Now, my loan specialist says she has a lender who allows that to be up to 20%, but they only offer ARM loans. So now I would have to look at those loans (which I don't think are that smart with rates so low right now) and I'm also worried any future buyer would run into the same issue where loans would be hard to get because of that. Now I have to weigh the risk of it being harder to sell with that, combined with an ARM loan, with it really being the only option that I really like at this point. I would be careful about an ARM. You are at the mercy of the market when those reset. Also if one guy owns that much of the building, he also is going to control the condo board within the building. I am on a Planning board in my hometown and have been part of a situation where a guy controlled the homeowners association and he pretty much ran it into bankruptcy with no one able to stop him. That would be a red flag for me. Between the ARM and having one guy own that much of the building, I would consider walking away. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted March 12, 2015 Share Posted March 12, 2015 QUOTE (RockRaines @ Mar 12, 2015 -> 08:51 AM) ARM's arent as bad as people make them out to be. It's not a bad option and then you can re-fi in the future. They are great in a low interest environment. You don't want one if rates are going up. Quote Link to comment Share on other sites More sharing options...
RockRaines Posted March 12, 2015 Share Posted March 12, 2015 QUOTE (southsider2k5 @ Mar 12, 2015 -> 09:46 AM) They are great in a low interest environment. You don't want one if rates are going up. Yeah you have to have a broker who knows when to move you. I had an ARM that actually went down on my last place, and I remember the banker telling me how dumb it was. Quote Link to comment Share on other sites More sharing options...
iamshack Posted March 12, 2015 Share Posted March 12, 2015 So I mentioned in another thread I am shopping for a home for my parents, because they would like to move out to Las Vegas (where my wife and I live). We have a son on the way. My wife's parents live here in Las Vegas as well. Am I nuts for considering having a multi-generational home built? Apparently these are beginning to become a little more commonplace in the United States, but are fairly common elsewhere in the world. Rising childcare, healthcare, energy and other costs of living are continuously increasing, and it is cheaper to maintain one large household than several small ones. I dunno, it seems to make quite a bit of sense assuming you can design a home in such a way that allows for the separate generations to have adequate space and privacy. Quote Link to comment Share on other sites More sharing options...
bmags Posted March 12, 2015 Share Posted March 12, 2015 QUOTE (iamshack @ Mar 12, 2015 -> 11:35 AM) So I mentioned in another thread I am shopping for a home for my parents, because they would like to move out to Las Vegas (where my wife and I live). We have a son on the way. My wife's parents live here in Las Vegas as well. Am I nuts for considering having a multi-generational home built? Apparently these are beginning to become a little more commonplace in the United States, but are fairly common elsewhere in the world. Rising childcare, healthcare, energy and other costs of living are continuously increasing, and it is cheaper to maintain one large household than several small ones. I dunno, it seems to make quite a bit of sense assuming you can design a home in such a way that allows for the separate generations to have adequate space and privacy. Would probably make a lot of sense in SW where there could be bigger market. I'm pretty sure the chicago two-flat, and every other cities (brownstones, philly/baltimore rowhouses) were actually build for multi-family. They just became something different. Quote Link to comment Share on other sites More sharing options...
iamshack Posted March 12, 2015 Share Posted March 12, 2015 QUOTE (bmags @ Mar 12, 2015 -> 09:37 AM) Would probably make a lot of sense in SW where there could be bigger market. I'm pretty sure the chicago two-flat, and every other cities (brownstones, philly/baltimore rowhouses) were actually build for multi-family. They just became something different. Oh good point... Do you think living with your parents and/or your in laws, even if in a well-designed, large space, would drive you absolutely f***ing crazy though? Quote Link to comment Share on other sites More sharing options...
bmags Posted March 12, 2015 Share Posted March 12, 2015 QUOTE (iamshack @ Mar 12, 2015 -> 11:40 AM) Oh good point... Do you think living with your parents and/or your in laws, even if in a well-designed, large space, would drive you absolutely f***ing crazy though? Yes, but if them being there meant not having to pay for a nanny/childcare, I think I could live with it. Quote Link to comment Share on other sites More sharing options...
iamshack Posted March 12, 2015 Share Posted March 12, 2015 (edited) QUOTE (bmags @ Mar 12, 2015 -> 09:44 AM) Yes, but if them being there meant not having to pay for a nanny/childcare, I think I could live with it. Yeah, that's pretty much where I'm at too...plus, when they inevitably begin needing more and more help due to increased age, it'll be easier to care for them. Not to mention the benefits to children being cared for by their grandparents rather than strangers. Edited March 12, 2015 by iamshack Quote Link to comment Share on other sites More sharing options...
LittleHurt05 Posted March 12, 2015 Share Posted March 12, 2015 QUOTE (iamshack @ Mar 12, 2015 -> 11:40 AM) Oh good point... Do you think living with your parents and/or your in laws, even if in a well-designed, large space, would drive you absolutely f***ing crazy though? You tells us that, it's your family, your in-laws. Some people could do it easily, some can't live within 500 miles of their parents. I would majorly agree that having free family child care is HUGE. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted March 12, 2015 Share Posted March 12, 2015 QUOTE (iamshack @ Mar 12, 2015 -> 11:35 AM) So I mentioned in another thread I am shopping for a home for my parents, because they would like to move out to Las Vegas (where my wife and I live). We have a son on the way. My wife's parents live here in Las Vegas as well. Am I nuts for considering having a multi-generational home built? Apparently these are beginning to become a little more commonplace in the United States, but are fairly common elsewhere in the world. Rising childcare, healthcare, energy and other costs of living are continuously increasing, and it is cheaper to maintain one large household than several small ones. I dunno, it seems to make quite a bit of sense assuming you can design a home in such a way that allows for the separate generations to have adequate space and privacy. That really depends on how much your wife gets along with your in-laws. It can be a pretty intense thing, and if it goes wrong, a b**** to sort out. Quote Link to comment Share on other sites More sharing options...
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