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#3381 Mackus

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Posted 16 November 2019 - 12:41 PM

Mackus, clear out your message box.

Done.

Apparently can't be done from the mobile site, btw. Had to load the full version.
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#3382 Mackus

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Posted 16 November 2019 - 12:43 PM


Renting the Canton one?

No. If I would love closer or if any of the rental management companies were reliable I would. But I don't wanna be driving 30+ minutes each way to fix things and keep an eye on the property and all of the local management companies have their share of horror stories. Plus the cash payout will be nice for furnishing and any additional work we want to do in short order that isn't in the current reno scope.

#3383 Mackus

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Posted 16 November 2019 - 12:46 PM

Good luck with that.

I bet when you are done, the house will be worth a lot, especially in that area.

For my next house, I kind of want to do what you are doing. Hard to imagine I will be able to buy a house that has everything I want.

We had to get an appraisal done of the estimated value of the house after the work is done and, if accurate, we will be walking in to quite a bit of equity.

The house was a scary prospect for flippers because it absolutely required some major structural work which they never wanna do. So we got a great price on it.

#3384 McNulty

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Posted 16 November 2019 - 12:52 PM

No. If I would love closer or if any of the rental management companies were reliable I would. But I don't wanna be driving 30+ minutes each way to fix things and keep an eye on the property and all of the local management companies have their share of horror stories. Plus the cash payout will be nice for furnishing and any additional work we want to do in short order that isn't in the current reno scope.


Market is stupid high right now, good choice.

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#3385 Mackus

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Posted 16 November 2019 - 12:56 PM


Market is stupid high right now, good choice.

I bought it in 2007. If you buy at a stupid time you're obligated to sell at a stupid time as well.
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#3386 BSLRobShields

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Posted 16 November 2019 - 01:15 PM


I bought it in 2007. If you buy at a stupid time you're obligated to sell at a stupid time as well.

Will you be able to sell for more than you paid?

I’m guessing no?
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#3387 BSLRobShields

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Posted 16 November 2019 - 01:16 PM

We had to get an appraisal done of the estimated value of the house after the work is done and, if accurate, we will be walking in to quite a bit of equity.
The house was a scary prospect for flippers because it absolutely required some major structural work which they never wanna do. So we got a great price on it.


Flippers want the wham bam thank you ma’am flips...which they usually do poorly.

If you are willing to put in the work, what you bought is great for people who want to live there.
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#3388 Mackus

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Posted 16 November 2019 - 01:25 PM

Will you be able to sell for more than you paid?

I’m guessing no?

I think so, but not by a lot. I've put way more than what I expect to profit on it into it over the past decade. Roof, windows, furnace & AC, kitchen counters, redid two bathrooms.

But I had roommates for a long time helping to pay down the mortgage, so all in all it's been a decent investment.

#3389 BSLRobShields

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Posted 16 November 2019 - 01:26 PM

I think so, but not by a lot. I've put way more than what I expect to profit on it into it over the past decade. Roof, windows, furnace & AC, kitchen counters, redid two bathrooms.

But I had roommates for a long time helping to pay down the mortgage, so all in all it's been a decent investment.


Well, at least you can walk away with money.

I have had several clients that bought before 2008 and they are bringing money to the table or lucky to break even/walk with a little bit.
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#3390 The Epic

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Posted 21 November 2019 - 05:06 PM

Well, at least you can walk away with money.

I have had several clients that bought before 2008 and they are bringing money to the table or lucky to break even/walk with a little bit.

 

I got really lucky. Considered buying in 2007 (when buying houses was still considered "free equity" or whatever they called it) but didn't because I was thinking about moving out of state. Didn't even end up buying until 2011, and am well above water. Sometimes things just work out. 


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#3391 NewMarketSean

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Posted 22 November 2019 - 09:15 AM

Congrats, Mackus.

 

I'm sure the house will turn out amazing.


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#3392 Mackus

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Posted 22 November 2019 - 09:17 AM

Got our permits yesterday.  Was actually easy, AA county already an improvement over Baltimore City!  And we didn't have to pay $750 for a permit runner to our contractor since I used a vacation day instead.  Win win!  Well, maybe not exactly a win-win since I'm sure my wife will put those savings into more expensive floor tile or something.  

 

Hopefully work will begin after Thanksgiving.



#3393 glenn__davis

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Posted 22 November 2019 - 09:19 AM

Well, at least you can walk away with money.

I have had several clients that bought before 2008 and they are bringing money to the table or lucky to break even/walk with a little bit.

 

Yeah, when we first got married in 2006 we bought a condo in our area and at the time they were increasing in price at about 10k/year.  Figured it would be a good little investment and by the time we had a family big enough to move out it could help with the downpayment on a house.  Instead by the time we sold it about 4 years later we had to bring about $5k to the table just to get out of it.  Just bad timing, but even now they're not selling for what they were when we bought, so it was a good call to get out when we could.



#3394 JeremyStrain

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Posted 22 November 2019 - 01:30 PM

Thanks everyone!

We are pretty excited. We bought a place that has barely been touched since the early 70s aside from upkeep. My wife is an architect so she's doing all the design. We won't be doing any of the work ourselves, had to hire a GC for the loan. The reno will cost about half of what we paid for the house, so it's pretty major. I'd call it a full gut down to the studs of about half the house and a resurfacing (floors, walls, ceilings) of the other half.

 

Congrats man. if it was that low and with that much Reno you will probably be sitting REALLY pretty afterwards. That area goes up 100k just based on the zip code, add the schools and it's another 100k. You zoned for SPHS?


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#3395 Mackus

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Posted 22 November 2019 - 01:33 PM

Congrats man. if it was that low and with that much Reno you will probably be sitting REALLY pretty afterwards. That area goes up 100k just based on the zip code, add the schools and it's another 100k. You zoned for SPHS?

 

Yep, zoned for Severna Park Elementary, Middle, and High School.  



#3396 JeremyStrain

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Posted 22 November 2019 - 01:38 PM

Yep, zoned for Severna Park Elementary, Middle, and High School.  

 

Oh yeah that's the money spot. We did the same thing, but further south, we are in the new Crofton High cluster.


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#3397 BSLRobShields

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Posted 22 November 2019 - 04:20 PM

I have some political concerns about AA county but that’s a good spot to be in.

I like that area a lot. Close to a lot of stuff. Downtown Annapolis is a lot of fun.
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#3398 NewMarketSean

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Posted 23 November 2019 - 11:49 AM

My family used to vacation at a small cottage on the Magothy River. Kind of strange that we used to vacation in Severna Park but it was a lot of fun. Cottage is still there but the neighborhood has totally changed and become McMansion-ized.
I never had friends later on like the ones I had when I was twelve. Jesus, does anyone?

#3399 JeremyStrain

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Posted 23 November 2019 - 01:45 PM

My family used to vacation at a small cottage on the Magothy River. Kind of strange that we used to vacation in Severna Park but it was a lot of fun. Cottage is still there but the neighborhood has totally changed and become McMansion-ized.

 

There's a bunch of small older neighborhoods like that in SP, and out in like Riva, and around Annapolis. We have friends that live in one down on the Severn i think and it's awesome.

 

Lost in some of the...more infamous neighborhoods in AA, there's some real cool one and unique landscapes. Just have to dig under all the over-development to find them.


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#3400 glenn__davis

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Posted 25 November 2019 - 01:04 PM

My mother-in-law was placed into hospice on Friday evening.  While this is a tough time for us, she is very much at peace and ready to move on.

 

The reason this is an anti-rant is because while I've certainly had family members die this is my first experience with hospice.  What an amazing subset of people these folks are among us, who I never really thought much about before this.  The amount of care and love they've shown to my MIL and family, and to our kids in particular, is amazing.  


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