Random LTL Rants (all are welcomed)

I don't know I've never lived there, but I always heard cost of living expenses in New York State were rather high. You don't quite live in New York City correct?

 

Oh goodness, no. I live just outside Binghamton, near the junction of NY-17 and I-81 (can hit NY-17 from my front door with a bow-shot). Cost of living is lower here than there, as are real estate prices, but the utilities and of course taxes are fairly awful. Rents are also quite bad, with the place I'm renting now likely pulling $1800/mo or better on the market.

 

SO are mine, hence they have not accompanied me here, but are stored safely outside the People's Republic of NY. Infuriating quandary to be in, I assure you.

 

We have the people's Republic of Oberlin, here in Ohio. We call it the PRO. I have a cardboard sign that I found on the ground that I picked up as a memento from the great Gibson's Boycott of 2 weeks ago. I want to sell it on Ebay one day for $1,000 lol!

 

Alright I have to go to bed now it's late and I must get up early and have to dust off my check book. Thank Goodness tomorrow is pay day, I could use the money!

 

No double wide . Smaller one is 2400 sf modular on just over a acre . Main house is little bigger on 56 acres. Long story , but had a house droped in my lap... So now a landlord. Hoping tenant buys house he is in soon. Warped , but got eye on several other homes I could buy with the same investment . Then have three extra houses .

 

You should get a copy of the HUD-1 day before closing. Find out which the title insurance company the seller is using and call them for more info; they set some of the closing costs and will likely be present at the closing. If your agent isn't providing you with figures they aren't serving you well, they could be calling the title company. Also, your mortgage company should have numbers for you, and your agent should have looked at those numbers and perhaps given you advice about whether they were decent terms or not.

Take your time with all parts where you're supposed to sign something, read carefully, everyone in that room is getting paid piece-rate so they want you done early. if you don't understand, don't sign until you do. Think of this like signing up with CRE. :^)

Your agent is supposed to be conversant on all aspects of the HUD-1, it's a good time to download a blank and ask them questions about how it works, if you have them after reading it. If they can't answer them now, they won't be worth donut powder on closing day.

Agents go through training that is strikingly similar to truck driving school, meant to get the student through the state exam and not really teach the business. Thus experience really counts. A first-time buyer with a first-time agent is like a Swift trainer with 3 months experience wanting to team with their student; it's a recipe.

Don't get blinded by the courtship, millions of homes out there. I wouldn't give a rat's whether they want to close this fiscal year or not, take your time, it's your money they're all playing with.

 

Not just GOOD advice, EXCELLENT advice from @speedyk !

Good luck with it! First time homeowner is quite an adventure.

The biggest problem with being a landlord, is getting the right Tennant's in, without violating some BS affirmative action law! If you have several properties, it might be a good idea to have a management company handling them. In any case, insist on good references from potential renters, and check the references out. Make a mistake and rent to someone who uses the place for a drug lab, can bankrupt you, and possibly worse.
Keeping that in mind, rental property can be a real plus at retirement time.