Advice on house hunting

dHustla

Rising Star
Registered
Got my pre-approval letter April 14.
First official house for myself, not a flip. I have unique, specific needs.

1. I'm a small business owner and, with current home prices, I won't be able to afford a decent mortgage and keep the rental business location. I have a little over 1,000 sq.ft. of warehouse & office space, with 14 ft. rollup door and separate personnel door.

2. I'm not friendly, I don't fuck wit people like that. I mean, I fuck wit y'all, but we all miscreants on dis bitch. I won't live in a subdivision or have an HOA.

3. I really don't want to be able to see neighbors from my house/doors/windows/porch/deck/yard. I need/want at least 3 acres.

4. Has to be inside the perimeter (I-285). I'm really an A-TOWN native and I be damned if I'ma let them run me out my city to the outskirts. Fuck transplants! :hmm:

5. Need a fairly large detached garage or barn. Something to run the business out of & house all my man stuff (diesel trucks, zero turns, bush hog, trailers, 300 gallon sprayers, power equipment).

Now, I don't have to have it all be in perfect shape. For example, if I get a property that has an old detached 2 car garage in bad shape, I can re hold it if I get a 203(k) loan as long as there is an existing foundation. They not gon pay for new construction from the ground up.

Any suggestions on house hunting?
 
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You probably will not like my suggestions but:

You can always get a shotgun home or a double wide trailer and then build on that. Add container style additions to the existing structure. Add on something to the existing structure like this.
104f6aa569b6ced95130858861da554f.jpg


As far a garage you can:

Carport-A-Frame-Boxed-Eave.jpg


and put a gate around it like this.
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3 acres inside I-285?
3650 Washington Rd
2482 Ben Hill Rd (selling with adjacent 5 ac.)
820 Flat Shoals Ave

Can't think of the ones on the top end that I've seen. They're out there, just keep getting snatched up.

The real estate market is on a bubble right now in Atlanta. Building & construction in every corner of the A, literally.

One builder told me they are paying $350k for houses just to knock them down & build new.
 
I'm not familiar with the ATL but you might want to forget about #4 You can find your dream location out in the boonies. Finance through a credit union. I like having well water or city water, stay away from those houses that are connected to a private company's neighbor pumping ststist.
 
I'm not familiar with the ATL but you might want to forget about #4 You can find your dream location out in the boonies. Finance through a credit union. I like having well water or city water, stay away from those houses that are connected to a private company's neighbor pumping ststist.
I already got my pre-approval letter. I don't think it's for enough money tho
 
I put an offer on a house today. Just listed Friday, I aint get it, they accepted a cash offer well over asking price with no due diligence and a sooner closing date.

Shit is discouraging
 
I put an offer on a house today. Just listed Friday, I aint get it, they accepted a cash offer well over asking price with no due diligence and a sooner closing date.

Shit is discouraging




Keep your head up, fam'. It's a stressful process ... but well worth it in the long run. Did the real estate hunt from the fall of 2008 to the spring of 2009.
 
Lost on another 2 offers man....

First is 3.7 ac. older home, once under contract inspection found that it needed a roof, had mold, needed soffit & new gutters, & sum mo shit.... we adjust offer $22.5k less, they come back not wanting to budge on price saying they will fix roof & mold... by December 31st!
This was on December 10th!

Then we find out a week later that the owner tryna file an insurance claim for the roof, cuz she aint got the money to fix it. :angry: (but dont wanna take this money we offering)

2nd is 1.8 ac. house listed on a Thursday night. We look at it Sat. morning and offer listing price same day. They come back saying they've received multiple offers and want our highest & best offer by Sunday @ 5pm. Which is a set up for bidding war just like the property I put an offer in on last spring..... so here is what my agent put together....

I recommend we offer
$235,000 with $7,000 in Closing Cost
then.............
In the Special Stipulations draft

Buyer is offering $235,000 and asking for 3% Closing Cost
Note: Buyer is willing to go up to $270,000 with 3% Closing Cost
For Example: Buyer is willing to over $1,000 net up to $270,000 to win the Highest & Best

If the Other offer is $241,000 with no Closing Cost
Buyer wants to Offer $249,000 with $7000 in Closing Cost
Sellers Net $242,000 ($1000 over $241,000)
 
Lost on another 2 offers man....

First is 3.7 ac. older home, once under contract inspection found that it needed a roof, had mold, needed soffit & new gutters, & sum mo shit.... we adjust offer $22.5k less, they come back not wanting to budge on price saying they will fix roof & mold... by December 31st!
This was on December 10th!

Then we find out a week later that the owner tryna file an insurance claim for the roof, cuz she aint got the money to fix it. :angry: (but dont wanna take this money we offering)

2nd is 1.8 ac. house listed on a Thursday night. We look at it Sat. morning and offer listing price same day. They come back saying they've received multiple offers and want our highest & best offer by Sunday @ 5pm. Which is a set up for bidding war just like the property I put an offer in on last spring..... so here is what my agent put together....

I recommend we offer
$235,000 with $7,000 in Closing Cost
then.............
In the Special Stipulations draft

Buyer is offering $235,000 and asking for 3% Closing Cost
Note: Buyer is willing to go up to $270,000 with 3% Closing Cost
For Example: Buyer is willing to over $1,000 net up to $270,000 to win the Highest & Best

If the Other offer is $241,000 with no Closing Cost
Buyer wants to Offer $249,000 with $7000 in Closing Cost
Sellers Net $242,000 ($1000 over $241,000)
You don't show your hand in the special stip. Make them your firm offer and let them counter your offer. That's it!
 
You don't show your hand in the special stip. Make them your firm offer and let them counter your offer. That's it!
Even when they have multiple offers?

We was just tryna win the bid & get it under contract
 
Even when they have multiple offers?

We was just tryna win the bid & get it under contract
Then give them your highest bid because you have shown your hand and that's what they want from you even though your's may be the only offer they have.
I just bought an old house in the Vinnings. I offered 205k, they said they had multiple offers and I went up by only 10k and they accepted it. You are offering way more than the market value and it may not even appraise for your highest offer.

If it was an auction then you could tell the auctioneer that you will offer 1k over the next highest offer until it reaches a certain price. This is not an auction.
 
Then give them your highest bid because you have shown your hand and that's what they want from you even though your's may be the only offer they have.
I just bought an old house in the Vinnings. I offered 205k, they said they had multiple offers and I went up by only 10k and they accepted it. You are offering way more than the market value and it may not even appraise for your highest offer.

If it was an auction then you could tell the auctioneer that you will offer 1k over the next highest offer until it reaches a certain price. This is not an auction.
I know and hate it when they do this shit, but we went up to $270k :dunno:

My agent said they might have gotten an all cash offer with no due diligence.


Also, based on comps the house was very underpriced and it seems intentional in order to make a bidding war. It listed for $215k, we offered that ... then the bullshit.

So we shoulda just countered with $270k?
 
I know and hate it when they do this shit, but we went up to $270k :dunno:

My agent said they might have gotten an all cash offer with no due diligence.


Also, based on comps the house was very underpriced and it seems intentional in order to make a bidding war. It listed for $215k, we offered that ... then the bullshit.

So we shoulda just countered with $270k?
Nobody will under-price a house unless there's something that's devaluing that property. If they listed for $215k, they will take the first cash offer with the most net to them. If you are financing I would offer no more than $240k with $3k closing cost and no repairs requested unless it's an FHA loan.
 
You don't show your hand in the special stip. Make them your firm offer and let them counter your offer. That's it!
'Gu, shit been getting snatched fast man, and I have unique needs in a property so I dont wanna lose once I find something. I also dont wanna just throw $300k at everything & overpay.
 
Good discussion, everyone. Got our property assessments last week. The westcoast market's a challenge in that prices are so inflated. The past 4 years the assessed value history is as follows ... makes you wonder how high things will climb before they considerably start dropping off. Assessed value has more than doubled from what was paid in 2009 -




+ 10% (2016)
+23% (2017)
+18% (2018)
+ 21% (2019)
 
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