<p>dstark,
only in the more desirable areas such as WC and certian areas of Fremont, East Oakland, Richmond, Antioch etc. are still littered with REO’s, short sales…However, the house with the right price do move fast. You still can find Under $100K SFRs 3bd/2bth.</p>
<p>I will let you know when I got rid of those “occupants”… UD is filed already. :)</p>
<p>Wow…still dealing with those tenants…</p>
<p>We have a pretty large house, also. It doesn’t feel huge with three teenagers and a collie, though! And this summer, we’re having six members of my family come up from Texas, and there will be plenty of room for them. We have a large “bonus room” over the garage that’s perfect for sleepovers, Boy Scout meetings, neighborhood road association meetings, etc. We also have a big home office with windows overlooking the woods (DH and I run our engineering consulting firm out of our home). I love our house and am very thankful for it.</p>
<p>We started out in an 1,100 square foot house with three postage stamp bedrooms and a bathroom so small you couldn’t sit on the commode without your knees hitting the wall. We managed to fit one kid and a grand piano in the space, too. I thought we were doing pretty well, until I learned that former owners raised FOUR kids in that space! Wow.</p>
<p>In CA, You can NOT start a UD suit right away against a prior owner, you need at least 45 days BEFORE filing… most likely 60 days.</p>
<p>3 kids, 2 dogs,lol…we have visitors often so they have their own guest suite…home office, 3 kid BR, master suite,work out stuff and theater in basement…backyard is like paradise…others bemoan about not using formal Dr and LR ,but we use them…</p>
<p>Ahhhh…artloversplus…that is a pain.</p>
<p>Qdogpa…sounds like a very nice place.</p>
<p>Just got an offer on my mother’s condo in FL, which she has decided to accept. Hallelujah!</p>
<p>arabrab, my mother lives in Wilton, and she says houses seem to be moving quite briskly. Coincidentally, she lives in my grandmother’s house, although she and my father did significant renovation/expansion after they moved in.</p>
<p>VeryHappy, we did the inspections, and are now just finishing up on the work to correct everything in the reports. A whole laundry list of plumbing and electric problems have been fixed by a handyman for less than $500. A potential buyer would have come in, seen the list, and dropped their offer $10K. It’s going to save you money in the end.</p>
<p>UCDAlum, thanks. The inspection wasn’t too bad, actually. I think it may be more like $1,000 to $1,500 to correct things, but thankfully there wasn’t anything at all of significance!! And I agree: By having the report and showing that we corrected everything they discovered, I think we’ll gain a lot in terms of credibility.</p>
<p>Tomorrow is the day…realtor and photographer coming at noon, on market by the end of the day.</p>
<p>Today…cleaning, final staging, mowing, hanging porch swing on newly screened and painted front porch, all the little stuff. Still have some littler stuff - cleaning inside of kitchen cabinets and the like that can wait until after photos but before buyers look.</p>
<p>I cannot wait for this part to be done. If I never see another can of paint it will be too soon.</p>
<p>Consolation…congrats…</p>
<p>Ohiobassmom…good luck.</p>
<p>Very Happy…1,000 to 1,500…chump change…you got out cheap.</p>
<p>Artloversplus… I do not know the exact details…</p>
<p>Would you buy a place in an area like Antioch…25 percent down…rent it out…and the return is around 15 percent a year on your investment?</p>
<p>Artloversplus…Forget the 15 percent…probably closer to 8 percent after all expenses after 40 percent down.</p>
<p>dstark, this is on top of the $25K we already spent . . .</p>
<p>Oh… :)</p>
<p>“Alwaysamom, so true…do we need 7000 sf( finished basement included), likely don’t NEED it, but love the space…i always love comments by those who admonish families with large homes,mostly by ise who can’t afford them anyway…i always wonder why the negativity.” </p>
<p>I don’t think it has anything to do with being able to afford one or not. I just see it as a dying segment of the market - especially with people more concerned about trying to reduce their carbon footprint. I have visions of whole swaths of suburban towns all over the country abandoned.</p>
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<p>I don’t know if you can even get 8% cash on cash, you must have good tenants, otherwise you will be losing money. And collection in an area like Antioch is going to be tough. one small slip, you are in a 3 month UD suit which you get nothing but headachs.</p>
<p>Here is what I can see on 200K(market rate) house:</p>
<p>Cash down 40% =80K
Rent =$1500/mo
PITI(mort+tax+ins)= $800
remodel= $20k amortized lets say in 10 years that is 200/mo (round number)
expenses=100/mo</p>
<p>Net income 400/mo or 5000/year rough</p>
<p>cash on cash 5000/100,000=5% that is managed by yourself</p>
<p>Inspections are done and we have a signed Purchase and Sale Agreement in grubby little hands. :)</p>
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<p>This all goes back a couple of weeks. We had been going back and forth doing the counter-offer tango with these buyers (and had an acceptable deal in place), when another buyer swooped in, looked at the house, and made an offer two hours later that blew the first buyers out of the water. </p>
<p>In retrospect, I think they were just locking in an option. They came back three days later and spent 4.5 hours with the “inspector from hell” and walked. And we went back to the first buyer (who I’m sure were crushed that they had lost the house – perfect buyers) and did the deal that afternoon.</p>
<p>They did the inspection with an inspector and their building contractor father, and came up with a list of stuff that they figured dad’s construction company could handle after the closing and we settled on a “discount” of $5,000, which brought us full circle back to the price we thought we were going to accept two weeks ago before the “too good to be true” buyers swooped in. So we ended up, P&S agreement signed, for 8% under our asking price.</p>
<p>All in all, a pretty good outcome in this market.</p>
<p>Time for house sale victory airdyne intervals.</p>
<p>Interesteddad…congratulations. I am glad to see the original buyers get the house.</p>
<p>Artloversplus…yeah…doesn’t look exciting to me…
I don’t think I am going to do it.
0ne thing goes wrong …and there goes the return…</p>
<p>I guess the excitement for others is…after years of buying a place and getting no cash flow…now you can buy a place and get positive cash flow…but geez? You still end up owning a place in Antioch.</p>
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<p>idad, you don’t think they truly intended to buy? You think they just wanted to put a “hold” on your house and then brought in the inspector from hell to kill the deal?</p>