Crazy Housing Market

[kritikalcat]

Interesting idea about being close to the hospital


Ahh, well if you're close to retiring, and it sounds like you might be getting OUT of the landlord game (and not deeper into it), then maybe paying it off ASAP is worth it for the piece of mind. Financial stability and removing it as a stressor is important.

I’m not close to any of the local hospitals, which is why I’m not sure that it’s practical to rent it up traveling healthcare workers; but at least I’ll look into it

If my health holds up I would like to work at least to 70. My Dad worked to 77 running his own business and very physically active, but he died at 79 and never got to enjoy retirement, so maybe I don’t want to push things that far. My wife plans to leave IT at 55 which will be a big hit on our income, so we are trying to be ready for that. However she may also try to stay in her field as a contractor.

I used to manage rentals for clients and co-own some with family, around 105 units at peak. I don’t want that much on my plate again, but a few in my own portfolio, sure

 

[kritikalcat]

So sounds like the tenant isn't long for the apartment. Which means the painstaken process of cleaning, fixing, tenant interviewing, and praying to God the tenant you picked isn't going to be an issue. Interesting idea about being close to the hospital. I try and look for properties that are near college and hospitals. Because there's an abundance of high paying jobs near by. Plus, I'll take college kids over white trash/poor people any day of the week. And if the hospital/university ever grows, they might try and buy your place. Several blocks near Albany Med were bought up and demolished. Owners of the property made out pretty well.


Ahh, well if you're close to retiring, and it sounds like you might be getting OUT of the landlord game (and not deeper into it), then maybe paying it off ASAP is worth it for the piece of mind. Financial stability and removing it as a stressor is important.

And the house we are working on paying off in 8 years is our primary residence. We aren’t currently paying more than the normal payment on the rental. It’s on a 20 year note we just refinanced last year. If we decide to hold onto it we may start rolling the net back into extra principle to pay it off faster, too

 

[Beatle Bum]

Spoke with a woman in Breckinridge, CO, this past week. She said her neighbor had a fairly simply adorned (Formica counters, roughed in bathrooms, etc.) 3-4 bedroom place with nothing fancy that was purchased recently for $1.3 million in cash by a real estate mogul in Denver. From discussions in the area, seems a lot of Californians are moving to Colorado. I remember being in Seattle 25 years ago and hearing residents ***** about Californians moving to Washington messing impacting their market dramatically.

 

[Anon1640710541]

That property is worth it for many reasons, not the least of which is that it’s great rental property year round. Breck is insane in the winter and slammed in the summer.

After Hurricane Ida, and with our idiot mayor insisting on ruining the New Orleans economy, the lass and I decided to move to Denver for 6 months. We tried to find a place to rent in a ski town but there’s almost zero inventory.

We got $5k/month for our 3 bed/2bath, with the funds coming straight from our renters insurance company. Our friends did the same and got $4k/month for their 2/2. We both could have gotten way more had we asked. Happy to escape for a bit.

 

[Beatle Bum]

I hear ya, but I was talking to the woman who lives next door and she was shocked. So, I think this is not typical.

 

[Anon1640710541]

Well, the median home price in Breckenridge is $1.2 million, so I would say this is actually pretty typical.

And if you try out Telluride, Aspen, Crested Butte, or Vail, you're gonna pay WAY more than that.

Realtor.com (Breckenridge)

 

[BankerCat12]

Spoke with a woman in Breckinridge, CO, this past week. She said her neighbor had a fairly simply adorned (Formica counters, roughed in bathrooms, etc.) 3-4 bedroom place with nothing fancy that was purchased recently for $1.3 million in cash by a real estate mogul in Denver. From discussions in the area, seems a lot of Californians are moving to Colorado. I remember being in Seattle 25 years ago and hearing residents ***** about Californians moving to Washington messing impacting their market dramatically.

People from Cal have been moving to CO for years. My brother graduated from Boulder early 2000's and a good majority of the kids were from Cal. He's been out there since and that market is INSANE. Close to Nashville level.

 

[august-west]

Congrats on being poor.

I paid my house off at 38.

Damn, you beat me by 5 years.

 

[august-west]

If you cannot recoup your closing costs in 2-3 years, you need to stay where you are. You can refinance now at 2.875%-3% but not sure its really worth it unless your loan amount is above $300k. Some lenders would probably try to sell you on it, but cant make up the closing costs in the time frame above.

Refinances went away in early March. The ideal time was December-February when you could get 2,5% and no closing costs. Rates are still historically low but its a purchase market now. Some people are coming out of the woodworks for refinances but they missed the low point.

User name checks out

 

[Ron Mehico]

I’m just sitting here waiting for the bubble to pop in about 4 years once inventory catches up.