Buying a house at the new top of the market?

[an]

Very interesting example DWCAP. I don’t think I would want to leave my children a house that doesn’t cash flow either. Here’s how I see it, when I die, my kids will probably be either almost at retirement or are in retirement themselves, so they would probably have their own primary house and their own investment property(ies). I view this as my own family’s “trust” fund, in a way. My house is probably at break even point today, so I’m sure in 30+ years, it would cash flow then too. Again, I view it as me passing down a passive income to my future generation(s). It requires lots and lots of time to amass a huge family asset. It started w/ my parents and I’ll continue that tradition and build on top of it. I would hope my kids and their kids will build on top of that. I don’t believe in get rich quick scheme, but I do believe if you build family assets over several generations, it will get to a sizable amount eventually.

[bearishgurl]

[quote=DWCAP] . . . The resulting bounce since then has convinced them to hold on till they can get out for even.

There isnt too much room to expand. I dont understand all of it, but it was gonna cost him like a quarter mil+ to put a second story on it. . .

. . . They make great $$$, and if they really wanted to make it up, they could just cut back on the lifestyle alittle. But they dont so they have chosen to remain stuck. . .

It was just an example of how family housing inheritances can sometimes not be optimal. [/quote] (emphasis added)

I believe the way your parents left the RE was FAR MORE VALUABLE than them or the estate liquidating the RE in order to be able to distribute cash. Our wonderful “Prop. 13” makes it so.

DWCAP, I don’t feel condos are currently benefitting from any “bounce” in the market right now or will appreciate at all in the foreseeable future.

Well, your post just illustrates that an heir can’t have it both ways. If one chose to occupy mom and dad’s house instead of selling because of the Prop 13 treatment, all the while knowing how big the property was and then subsequently “grow out of it,” one either has to live in it as it is or, like you said, “go up” if there’s no room. I believe your brother can save at least $100K by doing as much of the second-story himself as possible and build it for $125 – $150K. Here, of course, the family might be inconvenienced for more than a year.

DWCAP, both parcels are protected under Prop 13, no? Do YOU or another relative own the property next door and if so, would you/they be willing to sell it to your brother so he can apply for a lot joinder thru the subdivision map act?? I’ve seen this done in Chula Vista. Then he can build a sprawling one-story and take years for platting, permitting and building and the family would be much less inconvenienced. While he’s messing around with the formalities for 1.5 yrs. +, he can rent the place next door for more cash flow.

He is probably aware that another option is to sell and buy a bigger house, with market-rate taxes.

[bearishgurl]

[quote=DWCAP] . . . The resulting bounce since then has convinced them to hold on till they can get out for even.

There isnt too much room to expand. I dont understand all of it, but it was gonna cost him like a quarter mil+ to put a second story on it. . .

. . . They make great $$$, and if they really wanted to make it up, they could just cut back on the lifestyle alittle. But they dont so they have chosen to remain stuck. . .

It was just an example of how family housing inheritances can sometimes not be optimal. [/quote] (emphasis added)

I believe the way your parents left the RE was FAR MORE VALUABLE than them or the estate liquidating the RE in order to be able to distribute cash. Our wonderful “Prop. 13” makes it so.

DWCAP, I don’t feel condos are currently benefitting from any “bounce” in the market right now or will appreciate at all in the foreseeable future.

Well, your post just illustrates that an heir can’t have it both ways. If one chose to occupy mom and dad’s house instead of selling because of the Prop 13 treatment, all the while knowing how big the property was and then subsequently “grow out of it,” one either has to live in it as it is or, like you said, “go up” if there’s no room. I believe your brother can save at least $100K by doing as much of the second-story himself as possible and build it for $125 – $150K. Here, of course, the family might be inconvenienced for more than a year.

DWCAP, both parcels are protected under Prop 13, no? Do YOU or another relative own the property next door and if so, would you/they be willing to sell it to your brother so he can apply for a lot joinder thru the subdivision map act?? I’ve seen this done in Chula Vista. Then he can build a sprawling one-story and take years for platting, permitting and building and the family would be much less inconvenienced. While he’s messing around with the formalities for 1.5 yrs. +, he can rent the place next door for more cash flow.

He is probably aware that another option is to sell and buy a bigger house, with market-rate taxes.

[bearishgurl]

[quote=DWCAP] . . . The resulting bounce since then has convinced them to hold on till they can get out for even.

There isnt too much room to expand. I dont understand all of it, but it was gonna cost him like a quarter mil+ to put a second story on it. . .

. . . They make great $$$, and if they really wanted to make it up, they could just cut back on the lifestyle alittle. But they dont so they have chosen to remain stuck. . .

It was just an example of how family housing inheritances can sometimes not be optimal. [/quote] (emphasis added)

I believe the way your parents left the RE was FAR MORE VALUABLE than them or the estate liquidating the RE in order to be able to distribute cash. Our wonderful “Prop. 13” makes it so.

DWCAP, I don’t feel condos are currently benefitting from any “bounce” in the market right now or will appreciate at all in the foreseeable future.

Well, your post just illustrates that an heir can’t have it both ways. If one chose to occupy mom and dad’s house instead of selling because of the Prop 13 treatment, all the while knowing how big the property was and then subsequently “grow out of it,” one either has to live in it as it is or, like you said, “go up” if there’s no room. I believe your brother can save at least $100K by doing as much of the second-story himself as possible and build it for $125 – $150K. Here, of course, the family might be inconvenienced for more than a year.

DWCAP, both parcels are protected under Prop 13, no? Do YOU or another relative own the property next door and if so, would you/they be willing to sell it to your brother so he can apply for a lot joinder thru the subdivision map act?? I’ve seen this done in Chula Vista. Then he can build a sprawling one-story and take years for platting, permitting and building and the family would be much less inconvenienced. While he’s messing around with the formalities for 1.5 yrs. +, he can rent the place next door for more cash flow.

He is probably aware that another option is to sell and buy a bigger house, with market-rate taxes.

[bearishgurl]

[quote=DWCAP] . . . The resulting bounce since then has convinced them to hold on till they can get out for even.

There isnt too much room to expand. I dont understand all of it, but it was gonna cost him like a quarter mil+ to put a second story on it. . .

. . . They make great $$$, and if they really wanted to make it up, they could just cut back on the lifestyle alittle. But they dont so they have chosen to remain stuck. . .

It was just an example of how family housing inheritances can sometimes not be optimal. [/quote] (emphasis added)

I believe the way your parents left the RE was FAR MORE VALUABLE than them or the estate liquidating the RE in order to be able to distribute cash. Our wonderful “Prop. 13” makes it so.

DWCAP, I don’t feel condos are currently benefitting from any “bounce” in the market right now or will appreciate at all in the foreseeable future.

Well, your post just illustrates that an heir can’t have it both ways. If one chose to occupy mom and dad’s house instead of selling because of the Prop 13 treatment, all the while knowing how big the property was and then subsequently “grow out of it,” one either has to live in it as it is or, like you said, “go up” if there’s no room. I believe your brother can save at least $100K by doing as much of the second-story himself as possible and build it for $125 – $150K. Here, of course, the family might be inconvenienced for more than a year.

DWCAP, both parcels are protected under Prop 13, no? Do YOU or another relative own the property next door and if so, would you/they be willing to sell it to your brother so he can apply for a lot joinder thru the subdivision map act?? I’ve seen this done in Chula Vista. Then he can build a sprawling one-story and take years for platting, permitting and building and the family would be much less inconvenienced. While he’s messing around with the formalities for 1.5 yrs. +, he can rent the place next door for more cash flow.

He is probably aware that another option is to sell and buy a bigger house, with market-rate taxes.

[bearishgurl]

[quote=DWCAP] . . . The resulting bounce since then has convinced them to hold on till they can get out for even.

There isnt too much room to expand. I dont understand all of it, but it was gonna cost him like a quarter mil+ to put a second story on it. . .

. . . They make great $$$, and if they really wanted to make it up, they could just cut back on the lifestyle alittle. But they dont so they have chosen to remain stuck. . .

It was just an example of how family housing inheritances can sometimes not be optimal. [/quote] (emphasis added)

I believe the way your parents left the RE was FAR MORE VALUABLE than them or the estate liquidating the RE in order to be able to distribute cash. Our wonderful “Prop. 13” makes it so.

DWCAP, I don’t feel condos are currently benefitting from any “bounce” in the market right now or will appreciate at all in the foreseeable future.

Well, your post just illustrates that an heir can’t have it both ways. If one chose to occupy mom and dad’s house instead of selling because of the Prop 13 treatment, all the while knowing how big the property was and then subsequently “grow out of it,” one either has to live in it as it is or, like you said, “go up” if there’s no room. I believe your brother can save at least $100K by doing as much of the second-story himself as possible and build it for $125 – $150K. Here, of course, the family might be inconvenienced for more than a year.

DWCAP, both parcels are protected under Prop 13, no? Do YOU or another relative own the property next door and if so, would you/they be willing to sell it to your brother so he can apply for a lot joinder thru the subdivision map act?? I’ve seen this done in Chula Vista. Then he can build a sprawling one-story and take years for platting, permitting and building and the family would be much less inconvenienced. While he’s messing around with the formalities for 1.5 yrs. +, he can rent the place next door for more cash flow.

He is probably aware that another option is to sell and buy a bigger house, with market-rate taxes.

[UCGal]

[quote=DWCAP]
There isnt too much room to expand. I dont understand all of it, but it was gonna cost him like a quarter mil+ to put a second story on it. An addition is possible, but not cheap any way it goes.
[/quote]

Hubby just went through advising friends on this. Adding a 2nd story gets costly because the foundation/structure of a one story was designed to carry the roof load – not the roof load and another story. It can be addressed – but often involves putting in new load bearing footings and load bearing supports. If you have an open floor plan – you often end up with some kind of support (to support the 2nd story) right in the middle of it.

If you have reasons to keep the property (like this case) it can make sense. But it’s not trivial and adds to the cost.

[UCGal]

[quote=DWCAP]
There isnt too much room to expand. I dont understand all of it, but it was gonna cost him like a quarter mil+ to put a second story on it. An addition is possible, but not cheap any way it goes.
[/quote]

Hubby just went through advising friends on this. Adding a 2nd story gets costly because the foundation/structure of a one story was designed to carry the roof load – not the roof load and another story. It can be addressed – but often involves putting in new load bearing footings and load bearing supports. If you have an open floor plan – you often end up with some kind of support (to support the 2nd story) right in the middle of it.

If you have reasons to keep the property (like this case) it can make sense. But it’s not trivial and adds to the cost.

[UCGal]

[quote=DWCAP]
There isnt too much room to expand. I dont understand all of it, but it was gonna cost him like a quarter mil+ to put a second story on it. An addition is possible, but not cheap any way it goes.
[/quote]

Hubby just went through advising friends on this. Adding a 2nd story gets costly because the foundation/structure of a one story was designed to carry the roof load – not the roof load and another story. It can be addressed – but often involves putting in new load bearing footings and load bearing supports. If you have an open floor plan – you often end up with some kind of support (to support the 2nd story) right in the middle of it.

If you have reasons to keep the property (like this case) it can make sense. But it’s not trivial and adds to the cost.

[UCGal]

[quote=DWCAP]
There isnt too much room to expand. I dont understand all of it, but it was gonna cost him like a quarter mil+ to put a second story on it. An addition is possible, but not cheap any way it goes.
[/quote]

Hubby just went through advising friends on this. Adding a 2nd story gets costly because the foundation/structure of a one story was designed to carry the roof load – not the roof load and another story. It can be addressed – but often involves putting in new load bearing footings and load bearing supports. If you have an open floor plan – you often end up with some kind of support (to support the 2nd story) right in the middle of it.

If you have reasons to keep the property (like this case) it can make sense. But it’s not trivial and adds to the cost.

[UCGal]

[quote=DWCAP]
There isnt too much room to expand. I dont understand all of it, but it was gonna cost him like a quarter mil+ to put a second story on it. An addition is possible, but not cheap any way it goes.
[/quote]

Hubby just went through advising friends on this. Adding a 2nd story gets costly because the foundation/structure of a one story was designed to carry the roof load – not the roof load and another story. It can be addressed – but often involves putting in new load bearing footings and load bearing supports. If you have an open floor plan – you often end up with some kind of support (to support the 2nd story) right in the middle of it.

If you have reasons to keep the property (like this case) it can make sense. But it’s not trivial and adds to the cost.

[scaredyclassic]

good gosh, i just went up 40,000 on an offer. i’m helping to firm up that new top….

[scaredyclassic]

good gosh, i just went up 40,000 on an offer. i’m helping to firm up that new top….

[scaredyclassic]

good gosh, i just went up 40,000 on an offer. i’m helping to firm up that new top….

[scaredyclassic]

good gosh, i just went up 40,000 on an offer. i’m helping to firm up that new top….

[Author]

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