Got a question for those knowledgable about real estate

[FSUTribe76]

I love a good tribe post (I never can tell if you are trolling us, living a fake projected life on the internet, or are just an interesting character)- I will assume character to respond:

The bottom line as others have mentioned is how do you value your time- buying a place is a time investment (even in the best of situations). Renting is not just a payment for the shelter it is an expense for flexibility and time.

Based on your posts you seem like someone that prioritizes flexibility and experiences and have apparently lived comfortably in a crappy rental for a long time, while being wealthy, so why the need to change right now?

Not my choice really. I’d probably have stuck around rather than move but my slumlord gave me the ole heave ho. So now that I’m out in the wild, I’m not going to pick a POS. Now as I mentioned, I’m not going to buy some giant McMansion just because I can, I literally don’t need it as we have no kids and aren’t looking to have any for a couple more years. And I don’t need to show off, I have zero clients in Tally, all of my clients are in South Florida, Orlando, Tampa and Jax and all of my businesses are either in Jax, Panama City or like my emr and risk management company just a collection of people on the internet working from home whether that’s India (our IT and software design guys) or here scattered around Florida and Ohio. So the only people we have to “show off” to are friends and family. And I don’t need a McMansion and a Lambo, I get enough grief from my extended family (which is poor to middle class mostly with only an oddball rich person here or there) just by the trips I take and food I eat. No need to make them “feel bad” by living big.

I wouldn’t say I’m of “humble needs”, but I don’t buy flashy cars or clothes. I don’t need a McMansion to show off either. I just need a nice midsize place in a nice neighborhood to sit back and enjoy my collection of liquors, a large kitchen to play in, a back porch big enough to have a smoker, gas grill & egg grill and my giant museumesque collection of video game consoles (from an original 72 Magnavox Odyssey to all of the new consoles with oddballs like the Philips CD-I, Fairchild Channel F, Super Cassette vision, Vectrex, Virtual Boy, NeoGeo AES, Sears Telegames Super Video Arcade (combo Colecovision and Sega SG-1000 like having a machine that played both XBox and PlayStation in the same system), Nintendo Color TV Game 6 in original white run, etc...). I’m a pretty simple guy, I don’t collect cars like most rich guys I know.

 

[seminole4life1]

Not my choice really. I’d probably have stuck around rather than move but my slumlord gave me the ole heave ho. So now that I’m out in the wild, I’m not going to pick a POS. Now as I mentioned, I’m not going to buy some giant McMansion just because I can, I literally don’t need it as we have no kids and aren’t looking to have any for a couple more years. And I don’t need to show off, I have zero clients in Tally, all of my clients are in South Florida, Orlando, Tampa and Jax and all of my businesses are either in Jax, Panama City or like my emr and risk management company just a collection of people on the internet working from home whether that’s India (our IT and software design guys) or here scattered around Florida and Ohio. So the only people we have to “show off” to are friends and family. And I don’t need a McMansion and a Lambo, I get enough grief from my extended family (which is poor to middle class mostly with only an oddball rich person here or there) just by the trips I take and food I eat. No need to make them “feel bad” by living big.

I wouldn’t say I’m of “humble needs”, but I don’t buy flashy cars or clothes. I don’t need a McMansion to show off either. I just need a nice midsize place in a nice neighborhood to sit back and enjoy my collection of liquors, a large kitchen to play in, a back porch big enough to have a smoker, gas grill & egg grill and my giant museumesque collection of video game consoles (from an original 72 Magnavox Odyssey to all of the new consoles with oddballs like the Philips CD-I, Fairchild Channel F, Super Cassette vision, Vectrex, Virtual Boy, NeoGeo AES, Sears Telegames Super Video Arcade (combo Colecovision and Sega SG-1000 like having a machine that played both XBox and PlayStation in the same system), Nintendo Color TV Game 6 in original white run, etc...). I’m a pretty simple guy, I don’t collect cars like most rich guys I know.

And you can find all those things in a rental- it will cost you more when compared to the exact projected monthly cost of a mortgage on the place but buying has so many hidden costs (as I said the time and flexibility) but also the opportunity cost of the downpayment. Rent, be flexible, there is a good chance the market at best slows in the next few years and when the time and location are right you will be ready to make the jump immediately.

 

[FSUTribe76]

And you can find all those things in a rental- it will cost you more when compared to the exact projected monthly cost of a mortgage on the place but buying has so many hidden costs (as I said the time and flexibility) but also the opportunity cost of the downpayment. Rent, be flexible, there is a good chance the market at best slows in the next few years and when the time and location are right you will be ready to make the jump immediately.

Unfortunately there’s no rental available I really like. When I travel I usually hop on I-10 to go to PCB or Jax or go down 19 and/or hit the interstate to go to Tampa and Orlando. And my wife works in Southwood. So for convenience we’d want to stay in either Southwood or anything near/off of Apalachee. And there’s not a lot of good houses for rent and those that are usually go for WAY more than they should (I think I mentioned there are two identical houses up for rent to the one I’m potentially buying, one I am considering as it’s $2000 a month, the other is ridiculous at $2500 a month....for the same house). So I’m either going to rent that $2000 house with the fireplace smack dab where the TV should be forcing us to have a weirdo offcenter entertainment area and no water, or....I don’t really have any other good rental options. I’m not going to live in a townhouse or condo with people making racket next to us I’m used to quiet (I do technically live in a townhouse now, but my one neighbor is an 80+ year old lady who is never home and in bed by like 7 and the master bedroom faces the lake). There was one other 3 br 2 bath house kind of nearby on Tram for $1300 a month but after touring it, it has an unusuable layout (ie 2 or the 3 bedrooms aren’t real bedroom size they’re tiny ones for kids where you can fit a twin with no furniture and that’s it, talk about claustrophobic).

 

[funksouljon]

I remember when there was nothing in the Southwood area. Just trees and random streets with inexpensive housing. Coming back every 5 years its like TLH is a new town every time.

 

[Nole Lou]

I just can't imagine it being worth the hassle of buying and selling in a short time, plus maintenance etc, for such a short time. I get that money is not an issue, and with enough money you can make most hassles more or less go away. But even with realtors etc I don't see it worth it. I guess you could find a broker in a couple years and just say "take my 7%, sell it for whatever you want, call me when you set the closing" or something like that, but considering you're probably going to be looking for a new place at the same time...bleh.

Isn't there just some luxurious executive condo or something you can rent that will still make you look like Mr. Big?

 

[FSUTribe76]

I just can't imagine it being worth the hassle of buying and selling in a short time, plus maintenance etc, for such a short time. I get that money is not an issue, and with enough money you can make most hassles more or less go away. But even with realtors etc I don't see it worth it. I guess you could find a broker in a couple years and just say "take my 7%, sell it for whatever you want, call me when you set the closing" or something like that, but considering you're probably going to be looking for a new place at the same time...bleh.

Isn't there just some luxurious executive condo or something you can rent that will still make you look like Mr. Big?

Not that I’ve seen so far in the area we want to be in.

 

[smhnole]

I expected nothing less than a full financial disclosure when I opened this thread. Thank you for not letting me down.

 

[TennNole17]

I feel like we’ve given you all the reasons in the world to rent, and still want to talk yourself into buying.

Drives me bonkers when people ask your opinion, and then totally disregard your opinion when given.

 

[FSUTribe76]

I feel like we’ve given you all the reasons in the world to rent, and still want to talk yourself into buying.

Drives me bonkers when people ask your opinion, and then totally disregard your opinion when given.

No I’ve got a lot of valuable insight. Doesn’t make me less torn. The financial responsibility angel on my shoulder says rent, the enjoyment of life demon on my other shoulder says buy.

I’m looking at the $2k rental property tonight as well as three other for sale properties in Southwood and will make my decision soon. I’m still 50-50.

 

[FSUTribe76]

I feel like we’ve given you all the reasons in the world to rent, and still want to talk yourself into buying.

Drives me bonkers when people ask your opinion, and then totally disregard your opinion when given.

If there was a great rental property it would be an easy decision but there’s not. Almost all of the rentals available in the area we want are ^*%*. And yes I’m living in %*%* as we speak, but I’m done with it.

 

[Mugsy101]

Just because somebody list a property at $2000 rent, doesn't mean that's what you will pay.

Offer $1500 with first last and any security deposit they are looking at and a 2 year lease. I can't imaging $2000/m rental properties in tally are flying off the market. Plus point out that you have no kids and the property won't be torn up,

If you are as "qualified" as you say, the renting agent and owner of the property should be glad to have somebody of your status living there.

 

[Hayduke GW]

This is one of the better humblebrag posts I’ve seen in a while.

Kudos to you, sir.

 

[LesClaypool]

If you are as "qualified" as you say, the renting agent and owner of the property should be glad to have somebody of your status living there.

 

[RangerNole]

Dude you are asking for advice from tons of people that own and have bought a house; probably several times. You have never bought a home, maybe you should listen. If you are leaving town in 2 years and you buy something then you are not very smart. You can buy a brand new house and you will still spend a ton of money on it. Oh well my guess is you will do whatever and tell us how it is the best and most fantastic deal ever.

 

[Mugsy101]

Since you like the dump you're in ask your slumlord to sell you the property as is. They get out, no hassles of renovations, no real estate commissions, and they can move on down the road.

You can do small renovations, and be done.

 

[squiffynole]

Here is some data and analysis -

 

[FSUTribe76]

Here is some data and analysis -

View embedded media

Good point.

 

[FreeFlyNole]

Rent. You won't even recover the closing costs and realator fees if you only stay in the place for a year or two.

Unless you plan to keep the place as a rental property for the future.

 

[Formerly Rockymtnole]

Renting sounds like the way to go.

On the other hand, how likely is it that you're going to actually leave Tallahassee? You've been talking about leaving for several years now.

 

[seminoledq]

Here is some data and analysis -

View embedded media

What is that image telling us? And why is the U of Arizona doing it?

 

[seminole97]

What is that image telling us? And why is the U of Arizona doing it?

They’re showing how rising seas will change the coast. Since the last ice age Florida coasts have changed a bit.

Arizona is just looking forward to their own coastline, but for different reasons.

 

[F4Gary]

How much is the house you are considering buying?
Would you ever move back to Tally?
I wouldn't buy unless you plan on keeping it and renting it out and or might be back in Tally in 10 ish years.

 

[FSUTribe76]

Rent. You won't even recover the closing costs and realator fees if you only stay in the place for a year or two.

Unless you plan to keep the place as a rental property for the future.

So, I think that’s what we are going to do. Unfortunately our realtor did a TERRIBLE job yesterday on the bid. The place was on the market for exactly four days and we put in a bid at $295 or almost full ask but wanted them out in a month, but the seller instead took an identical deal where they could stay in place for two months. So that place sold right under our realtor’s nose within four days.

And that sucks, I REALLY liked it for the price. Just a gorgeous place inside and out overlooking the water.

But...I found another place in Southwood that’s the same size, almost as nice of a layout and going for $50k less (not on the water and it’s HIDEOUS on the inside). But looking at the rental prices (I did a check on the $2k rental place that was on the market for about a week or two and by the time I got home I got a call that the person who toured it right before me decided to take it) I’m pretty comfortable I can get some value out of it even paying exorbitant rental management fees. The only downside is, I’ll probably end up using all of that $50k difference or more getting the place redone.

I don’t know who had it before, but they had TERRIBLE taste. Different colored woods all over the place none of which are current tastes (light honey maple, naturals, grays/driftwood etc) it’s all ugly and old taste dark cherry, dark poop brown and medium oak (the only thing that passes muster now). White shag carpeting....yes that’s right, a house in 2009 built and installed with 70s style shag carpeting. And bedrooms painted Gator blue, dark red and tangerine orange. The kitchen has hideous 70s era white vinyl and super tacky little glass tile pieces as the backsplash to a dark cherry cabinetry.

Gah! It sounds like I’m an appraiser from Queer Eye, but it’s so hideous I don’t know who other than a 70s porn star would have purposefully chosen to build out a new house in this hideous scheme. So that explains why (other than not on the water) why an identical house selling for $50k cheaper has sat around for 2/3s of a year while the one I loved went in four days.

But....I always have plenty of spare time (benefit of working from home and just making business decisions and contract review) and actually enjoy doing wood working, refurbishing etc... (all of my wood furniture was either bought unfinished or I refinished it). So I’m buying a potential rental property and some “fun” time killers. Now I just have to decide what to put in place of the shag carpeting.

 

[Formerly Rockymtnole]

So now you're buying AND remodeling?

 

[FSUTribe76]

How much is the house you are considering buying?
Would you ever move back to Tally?
I wouldn't buy unless you plan on keeping it and renting it out and or might be back in Tally in 10 ish years.

The one I wanted (and I guess should have offered full ask) was $299. The one I just put an offer on is $250 (which I’m offering but they will have to pay the $15k close so really $235).

I definitely would consider a move back to Tally. My wife wants to be an actuary (one more exam in eight months or so) and so we would likely move to a major city so she can get a good starting job in that field. But my businesses are scattered all over the place (just closed on a 55k square foot facility in Indiana near Chicago for a rehab facility/small hospital specifically catering to addicted pregnant women that will probably open in a year or year and a half, got a rehab opening in PCB in Feb, a full residential and php rehab in Jax already open, a “just” php and iop rehab in West Palm that will be up in six months, I’ve got a risk management company that’s spread all over the state and Ohio plus India (not Indiana) as we all work from our respective home offices and then I’ve got my little “keep up my license” law office I do from my home with no employees). So yeah, long story short, I like Tally quite a bit and would consider coming back. Although I’d also really be tempted to move to Seaside/Grayton etc...

 

[seminole97]

So now you're buying AND remodeling?

This thread just got new potential...

 

[funksouljon]

.......

But....I always have plenty of spare time (benefit of working from home and just making business decisions and contract review) and actually enjoy doing wood working, refurbishing etc... (all of my wood furniture was either bought unfinished or I refinished it). So I’m buying a potential rental property and some “fun” time killers. Now I just have to decide what to put in place of the shag carpeting.

You will be surprised the amount and number of tools to do a renno if you've never done one. How much are you thinking you will do vs hire out? Will also be surprised how much time an a PITA it is to live in a renno, even if you are doing it yourself.

But good luck, I find it very rewarding.

 

[smhnole]

So which is it?

So yeah, long story short, I like Tally quite a bit and would consider coming back.

From https://floridastate.forums.rivals....l-or-better-program-major.71189/#post-1112687

Tallahassee is fantastic for four years. Now the 20 years I've been here...blecch. I was ready to move before I met my wife then got stuck here while I was waiting for her to finish up her second degree (as she was only doing it part time, she worked for the state) so I've been itching to move out of here. But for four years it's great.

 

[goldmom]

So, I think that’s what we are going to do. Unfortunately our realtor did a TERRIBLE job yesterday on the bid. The place was on the market for exactly four days and we put in a bid at $295 or almost full ask but wanted them out in a month, but the seller instead took an identical deal where they could stay in place for two months. So that place sold right under our realtor’s nose within four days.

And that sucks, I REALLY liked it for the price. Just a gorgeous place inside and out overlooking the water.

But...I found another place in Southwood that’s the same size, almost as nice of a layout and going for $50k less (not on the water and it’s HIDEOUS on the inside). But looking at the rental prices (I did a check on the $2k rental place that was on the market for about a week or two and by the time I got home I got a call that the person who toured it right before me decided to take it) I’m pretty comfortable I can get some value out of it even paying exorbitant rental management fees. The only downside is, I’ll probably end up using all of that $50k difference or more getting the place redone.

I don’t know who had it before, but they had TERRIBLE taste. Different colored woods all over the place none of which are current tastes (light honey maple, naturals, grays/driftwood etc) it’s all ugly and old taste dark cherry, dark poop brown and medium oak (the only thing that passes muster now). White shag carpeting....yes that’s right, a house in 2009 built and installed with 70s style shag carpeting. And bedrooms painted Gator blue, dark red and tangerine orange. The kitchen has hideous 70s era white vinyl and super tacky little glass tile pieces as the backsplash to a dark cherry cabinetry.

Gah! It sounds like I’m an appraiser from Queer Eye, but it’s so hideous I don’t know who other than a 70s porn star would have purposefully chosen to build out a new house in this hideous scheme. So that explains why (other than not on the water) why an identical house selling for $50k cheaper has sat around for 2/3s of a year while the one I loved went in four days.

But....I always have plenty of spare time (benefit of working from home and just making business decisions and contract review) and actually enjoy doing wood working, refurbishing etc... (all of my wood furniture was either bought unfinished or I refinished it). So I’m buying a potential rental property and some “fun” time killers. Now I just have to decide what to put in place of the shag carpeting.

I'm available for remodeling advice...seriously.

 

[Wendy79]

Is this house not on realtor.com? The two houses listed at 249,9 are contingent.

There's a great house listed for 267,5.

 

[Semiologist]

Why rent or buy? Read obits daily. Find obits that read, "no relatives have come forward at this time." or some sort of that verbiage. Use Spokeo to determine if deceased had property. Check out property. Move in. Claim to be long lost relative. Pay utilities and taxes. In 7 years property is yours under Adverse Possession law.
EDIT: Ooops.....important step. Check deceased mail for mortgage bill. Pay mortgage.

 

[FSUTribe76]

So now you're buying AND remodeling?

Yep! Sounds like fun huh?

Actually it does to me, but I’m crazy like that. My work is all kind of tangential where you don’t really SEE and hold a finished product, so I get more enjoyment out of redoing a cabinet than winning a case or helping some patients. You can SEE the finished product and go “I did that”.

 

[FSUTribe76]

Is this house not on realtor.com? The two houses listed at 249,9 are contingent.

There's a great house listed for 267,5.

It’s the one listed at $2675000 but the realtor knows they only really are asking $250 and I put in an offer for $235

 

[funksouljon]

Its not that bad.

 

[FSUTribe76]

You will be surprised the amount and number of tools to do a renno if you've never done one. How much are you thinking you will do vs hire out? Will also be surprised how much time an a PITA it is to live in a renno, even if you are doing it yourself.

But good luck, I find it very rewarding.

I’ll probably do all of the woodworking stuff myself (Ie redo cabinetry, stairs and MAYBE one floor....one floor is medium oak which is fine by today’s standards, the staircase and second floor is dark cherry which looks like %*%*). The painting and carpet I’m definitely hiring out. Changing out the backsplash in the kitchen...I’ll probably give it a shot and then if I don’t think I’m doing a good job, I’ll hire some professionals.

 

[funksouljon]

You should withdraw that offer and offer for this place. And make the furniture part of the sale

https://www.realtor.com/realestatea...e-Ln_Tallahassee_FL_32305_M65622-39736#photo3

It already has a "fire pit" out back and you know the fence is well watered.

 

[FSUTribe76]

I'm available for remodeling advice...seriously.

Thanks! I can always use advice. I don’t claim to be stylish. I only know modern color and wood schemes from having to do the redesign of the PCB facility which we did in a light taupe with ultra light mint/“seamist” and mainly colonial aqua (a medium turquoise/gray mix) as the accent walls and colors, light honey maple for the faux wood floors (hospital grade fake wood that’s impossible to scuff but actually looks real, I would want in my own home) and a carpet that’s a mix of gray, turquoise, colonial aqua and taupe in a typical generic carpet pattern.

 

[FSUTribe76]

You should withdraw that offer and offer for this place. And make the furniture part of the sale

https://www.realtor.com/realestatea...e-Ln_Tallahassee_FL_32305_M65622-39736#photo3

It already has a "fire pit" out back and you know the fence is well watered.

Yeah that actually looks pretty nice as is. The colors are definitely WAY more modern.

 

[FSUTribe76]

It’s the one listed at $2675000 but the realtor knows they only really are asking $250 and I put in an offer for $235

Or I guess I should say an offer of $250 but they have to pay us $15k at close.

 

[FSUTribe76]

This was the one I really wanted and got screwed on thanks to my dip%*%* realtor.

https://www.zillow.com/homedetails/4056-Shady-View-Ln-Tallahassee-FL-32311/66747241_zpid/