Feel free to merge with Preacherboy's thread...
Despite everyone's warnings, I am doing what the average American does... be financially irresponsible and buy a house.
This being said, I have put a LOT of thought and weighed all factors as they relate to each individual scenario and am pretty confident in the outcome. In 3 years, someone may be bumping this thread with a
Given the 20-30% inflation of the rental market in Florida, I can't stomach paying another $400 a month to live in a home that's half as nice as what we've rented for the past 4 years. I don't want to put more money into another investors pocket when I can easily invest myself. We are opting to buy a home that would put us at less than 22% total DTI (debt to income)- so that if necessary, one of us could afford all bills off one income. I am also targeting homes that need some light work that I can do myself and would help insure it holds value if we need to move in a couple years. I am also targeting lower priced homes in upscale stable neighborhoods.
I've looked at about 100 homes in the past month and narrowed it down to these 4:
#1: 1900 sq.ft Water-Front (Channel access to Tampa Bay)
- Wants $370k. Owner is +$70k on the mortgage and relocated to Texas for work. Needs to sell. I'm pushing for $350k.
- Nicely updated- resurfaced color changing pool over looking dock and channel
- Was a 4 bed, 2 bath... guy turned it into 3 bed 3 bath. It now has 2 master suites and 1 small bath. I will have to convert 1 master suite back to a 2 bedroom.
- I will need to put in a boat lift- property JUST won a judgement against the county granting permission to do so
- Some kitchen updates
- Very upscale, gaited community with private parks and beaches
Damn, I wanted to make this a poll... mods?
Last edited by joeking1978; 06-30-2012 at 04:53 PM.
#2: Safety Harbor Home- 2300 sq.ft, 4bed/2bath with pool
- Great school system- (Catholic school down the road)
- Very stable community- home of one of the worlds top spa/resorts
- old township feel - not a lot of thru traffic
- House right next door just had a bidding war and sold for $339k. This house is IDENTICAL in floor plan, but needs new carpets, windows, sliders and new interior paint scheme- listed for $320k. I think I can get it for $310k
- Nice fenced in yard for dogs and pool with outdoor kitchen area
#3: Westchase Home- 4 Bed/2 bath- 2600sq.ft pool, fenced in yard- very upscale neighborhood
- Westchase is kind of like Tampa's Bloomfield Hills. One of the top school systems in Florida
- Home doesn't need any updates at all. Move in ready
- priced to sell. About $20 less per square foot than a lot of comps in the area
- 38min drive to work for the wife
- priced the highest on the list at $369. Might be able to get down to $360
#4: Westchase Home- 4bed/2bath, corner lot- hugh fenced yard, 2300 sq.ft
- Listed at $299k. Owner only has $27k to play with before bringing cash to the table
- Priced higher per sq. ft than then #3- but needs a LOT of work
- It has been a rental the past 3 years
- Needs Paint, Tile, updated cabinets, counters, pool surface and carpets. All in all, I'd probably have to put 20k into it
- Definition of the cheapest house in the neighborhood. All others are going for $360-400k
- Could use an FHA loan to minimize closing costs and down payment to save money to for updates. I would have to get down to $279k to be comfortable- not sure the owners will do that
Final Choice- contingency plan:
#5: Safety Harbor- 3300 sq.ft, 4 bed, 3 bath, 2 story home- great neighborhood on a hill
- Nice updates, but still needs a lot of work. Want $362 and that's about $20 less per sq. Ft than option #2 already.
- They already have a contract on another house pending the sale of this- desperate? have $90k to play with
- Needs windows, small area of tile replace, garage doors replaced and most important- the barrel tile roof in 2-3 years- that's $15-20k
- Amazing back yard- sits on the highest point in the neighborhood- awesome area
I don't know your home situation regarding kids and such, but I would think the house on the waterfront would have the best potential resale value down the line.
100 homes in a month? WTF? good luck
Edit: need more pics of wife under waterfall
Wish I was exaggerating... I've been in tampa 2-3 days a week, looking at about 7-8 houses a day.
The potential resale on the waterfront home has me most intrigued as well. It's just going to depend on whether I can get the guy to accept my offer.
How hot are those screened in pool areas? I hope it's not like being in a greenhouse. I went to a nursery a few weeks ago to buy marigolds and almost passed out in the middle of their facility.