Forum Replies Created
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AuthorPosts
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ucodegen
Participant[quote=HLS]
Onky when you understand that someone with a net worth of $2m-$3m, 800 credit score, 6 figure liquid assets/cash in the bank, 5 figure monthly cash flow and very little monthly debt cannot qualify for a $200,000 loan on a $600,000+ house
YET
a salaried employee with 3% down payment (that was a gift)
negative net worth, a 680 credit score, and no other assets can qualify for a 97% purchase loan can you grasp what a humbling experience is.[/quote]
I don’t know if I would call it a humbling experience .. more like a Dr Seuss moment. Not quite Dorothy, but kind of like Alice in Wonderland.Some of the distortion is caused by politicians who think that the inability of certain people to own houses is based solely on not being able to get a mortgage.
Participant[quote=moneymaker]Yes the second is a HELOC, it was to purchase solar, so if it costs $250 to subordinate or $500 for ETF I guess the difference is kinda small. I was hoping to not have to pay anything like most people. I guess if I don’t like the final mortgage contract I can spin the interest rate wheel and hope we go down even more. Thanks all for your input, it is stuff like this that needs to be taught to our high school kids before they graduate. I don’t regret buying solar or refinancing twice but I’ll have to admit I didn’t see this coming, who knows it may not be a problem at all. By the way HLS the loan people have not brought it up but we all know how they like to spring things on us at last minute, we have been conditionally approved and are at the underwriting/funding stage.[/quote]
One thing to also consider:- What is the penalty on the second?
- What is the interest rate on the second?
- How big is the second?
Generally (not always) a cash-out refi boosts the interest rate you are paying up 0.5%. Run the numbers with the cashout vs subordination and see which results in lower total costs.If the second has a significantly higher interest rate than the first and combining still keeps you out of PMI(if you currently are out of PMI) – it might actually benefit to combine and take the hit on the new first’s interest rate – you got to run the numbers for both to know. I don’t have enough info of your situation to do that.
Where interest rates are going: I don’t think they will head up in the next 3 months. In the next 6 months, not certain. If up, not by much. Brexit has shaken the market and there are still a lot of unknowns. I don’t think the Brexit is as bad as claimed, and it might be better for the Brits in the long run.
NOTE: An increase in interest is not quite as bad as most people think. Remember that mortgage interest is tax deductible. To get the real ‘effective’ rate on your disposable income, use your marginal tax rate (amount that each additional $ of income increases your tax). So, if you are in the 30% total (fed and state) marginal tax bracket, real interest rate increase would be 0.005 * (1 – 0.30) = 0.0035, or 0.35%.
Participant[quote=bearishgurl] I actually know people who fit your description of owning a residence (free and clear) worth >$1M with a 740+ credit score and plenty of other assets (both liquid and illiquid) who cannot qualify for even a $150K mortgage today![/quote]
I have seen the same. With $1M in the bank/or liquid investments, it ignores that the person is probably making more than $100k/yr in sweet passive income {blast from the past used often by someone initialed CS} from that $1M. It also ignores that for someone to build up that type of asset, they also demonstrate true responsibility with money, debt, credit, and assets.
I recently had an argument with someone who claimed that they know more about credit than I simply because they have more credit cards, used them more often and carried more ‘credit’. Oy vey.
ParticipantYes.
https://en.wikipedia.org/wiki/Wi-Fi_Protected_SetupI use WPA-TKIP with AES encryption (from recollection. If really important, I could double check)
Participant[quote=bearishgurl][quote=mixxalot]Uh oh, BG is baaaaack![/quote]I tried to help you here on the forum to find a house to make an offer on, mixxalot, on at least two occasions, if my memory serves me correctly. So did several other Piggs.
[/quote]
Umm.. he is baiting.. shouldn’t respond. This way the person just gets to listen to the virtual echo of their own ‘voice’. The loneliness of no response can be more effective than a quick thrust of self righteousness.Participant[quote=bearishgurl]Yeah, ucodegen, I also thought the trailer (Conex) may have been used to store things in because the house had been flooded. I do agree that a “roll on” with an open-top (with one end open, if desired) would be better to use to get rid of debris. However, with county parcels which are lower than the street (as this one is), I’ve seen multiple instances where a gravel or dirt … or even muddy half-circle driveway made it impossible for a tractor trailer to deliver a roll-on and set it down on the property. The driveway was too steep, too slippery, a weird angle, etc and there was a danger that the tractor trailer would end up inadvertently backing into the house.
I feel the previous homeowner brought that thing down with his own vehicles and it was still there when the flipper bought it. It is possible that the property was vacant for some or all of years between when the google street view photo was taken and when the flipper bought it in November 2015.
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Conex(s) are considerably heavier than a roll on. They are reinforced to be stacked on ship and handle the motion while on the bottom of a stack of conex(s) on ship. They are reinforced on the edges for stacking and along the sides and doors to handle product shift during transport. Conex(s) don’t come with wheels, they are transported by semi, much like a roll on. Personally, I would rather a semi deliver something heavy than trying to jockey it with a pickup/trailer. The weight of the semi is safety on uneven ground, and the number of tires is traction and control ( twin axle duals). It will be heavier than the object being delivered. On the other hand, a conex or roll on could outpower a pickup on uneven ground – NOTE: I say this as an owner of a 1 ton 4×4 pickup who also offroads it.
[quote=bearishgurl]
Thanks for panning the street in google to see the continuation of the crack. I didn’t bother to do that.
[/quote]I used to do some satellite image exploitation, and in my hobby of photography, I tend to pixel peep – so it tends to be part of my ‘behavior’ with images.[quote=bearishgurl]
The prior tax roll value on the current supplemental tax bill is only $75,949. For that area, this indicates an approximate late ’70’s purchase by one or more of the owners (or their benefactors).[/quote]
Probably when the asphalt shingles were put on. The weathering looks like over 30 years – to get that far down to the felt.Participant[quote=moneymaker]Unless you are hardwired into the NAS it could be slow at backing things up, other than that not a bad way to go.[/quote]
Depends upon the WiFi and what the surrounding signal interference looks like. The one I am using has a combined 1.3Gbit transfer capability – so no problem. If allowing NAS across WiFi, might want to have a WiFi that has a separate set of ‘guest’ bands that do not talk to ‘home network’ equipment but instead only talks out to WAN/Cable.July 27, 2016 at 1:49 AM in reply to: o.t. :braided stainless steel water line or soft copper (dishwasher) #800036Participant[quote=flu]
My alarm system has the water sensors, so I use the ones that come from my alarm company. I think they were about $30 each with no additional monitoring charges. My monthly monitoring charge over cellular link, including smart phone integration is $25/monthBut I think the sensors are only good if you are home or close to home.. If you are away on an extended trip, there is no substitute for just shutting off the water supply line into your house.[/quote]
How about a soleniod control valve after the shutoff valve, but before the regulator?
https://www.google.com/search?q=solenoid+water+valve&ie=utf-8&oe=utf-8#q=solenoid+shut+off+water+valvePlug it into a power relay connected to your house management system…
WiFi controlled dishwasher? – just thoughts… computerized home electronic projects….
Participant[quote=flu][quote=bearishgurl]
A few observations:The 2011 “street view” pic reveals the following. There are no sidewalks or storm drains on this street (in an unincorporated area). The home is lower than the street. The crawlspace of this home could have been flooded multiple times in heavy rains over the years as there doesn’t appear to be any french drains installed in the front or side of the lot to drain off the backyard, which is lower still. The home and lot were likely in gross disrepair when the current seller/flipper purchased it. The June 2011 street view pic reveals a 20+ foot industrial-type trailer (as ucodegen mentioned) parked on the property in front of the house. A previous owner (before the flipper/seller) could have purchased it for almost nothing from DRMO or a local GSA auction.
http://www.governmentauctiondatabase.com/locations/CA/2489
I feel they may have acquired it to use to dispose of wild, overgrown landscaping and termite eaten and dry-rotted/moldy construction debris (due to previous flooding) as renting a “roll-on” can be prohibitively expensive. (The flipper/seller could have purchased the property with the trailer still there.) When the previous owner was gutting it and found the extent of the damage, they decided they didn’t (for whatever reason) want to put the money into it because in 2011/12, the market had literally gone to sh!t out there. They hung onto the property until they could unload it on a professional flipper in late 2015 and recover their money out of it (and likely more). The owner who sold to the flipper was likely a longtime owner or even an “heir” who very well may have borrowed money on it during the loose-lending era of the aughts. (Note: I have not viewed the public record chain-of-title on this property.)
The lot is essentially sloping down from the street to the house, with a third, lower tier as the backyard. The parcel may slope a little further downhill from the backyard but we can’t see it from the pics provided. The driveway in one place, in front of a window has an offset crack (we can’t tell exactly by how much). This nonetheless indicates soil movement because the concrete is so old that it is likely a tree was never growing there. The driveway was not repaired/replaced by the flipper/seller. There is another 1-2 feet of dirt between the driveway and a short retaining wall. The house is 1-2 feet lower than the retaining wall and was completely re-stuccoed, so we can’t tell if that crack (from moving soil over the years) has affected the short retaining wall (which could have been easily repaired) or penetrated the actual stemwall of the house.
In addition, its former roof (in 2011) was decrepit and probably leaked in one or more places. However the walls inside (possibly originally plaster) were likely replaced with drywall by the flipper.
If your offer is accepted and you open escrow, I would get a highly-qualified home inspector (or better yet, a civil engineer) out there pronto and go through the crawlspace with a high beam flashlight and a fine-toothed comb and whatever other meters/tools they use to look for dryrot in the subfloor and evidence of seepage (from cracks) and mold along the stemwalls.
[/quote]How the hell did you become an real estate expert (LETDLITA) in Lakeside and with this particular house simply by looking at a bunch pictures in an MLS listing???? Do you realize how ridiculous this is?????
Its like the last time you did this with the barrister(?) House in mira Mesa, in which your comments on that house, again , only based on the pictures you saw in an mls listing and from Google maps, was totally off too.[/quote]
I would have to agree with bearishgurl on this one, for most of the items brought up (condition), but not necessarily all(flipper vs prev buyer etc).1) Houses out in this part of the countryside, built when this one was built.. did not have much if any in building codes, including compaction studies. The house is below the driveway and the driveway has an offset split. This means that there is movement that likely includes the house, moving away from the road. Gravity does not shift up hill. That area is not bedrock. The short retaining wall between the driveway and the house is severely cracked – to the point of almost being broken up. I don’t know the height of the wall, but fairly certain it does not have a proper foundation. There is also a height shift that can be seen on the driveway near the entrance. There is further confirmation on the road itself, the center of the road has a 3 to 6 foot long crack running the length of it, across from the house.
2) It is a downward sloping lot, the backyard does slope down further (one of the listing pictures shows a view). The house cuts across the lot and the old street view picture shows water staining on the bottom of the door (Since it is under a large eve, it would indicate water buildup). There also seems to be water staining on the stucco above the window, but below the eves (which would tend to indicate leaky roof). I don’t see any stucco cracking on this side though.
[img_assist|nid=25939|title=8683 Golden Ridge Rd, 92040 – in 2011 – annotated|desc=|link=node|align=left|width=100|height=54]
NOTE: look at it in original size to see the detail.3) Looking at the 2011 Google street view shows that the asphalt shingles were decaying (the bonded colored stone aggregate on top was falling off showing that the asphalt was getting hard and brittle) – this is why the shingle surface looked the way it did. The asphalt shingles on it do tell me that it was at one time re-roofed (original would likely be wood/cedar(shake), asphalt was a bit expensive when originally built). It doesn’t look swaybacked – so the rafters are probably ok – though the ridgeboard may not be up to standard as well as the rafters (they are probably 2×4 no 2x6s then, and the centering might be further apart) – you can only use 2x4s on the type of braced rafters used on current construction – though the bracing does eat into attic space.
4) Electrical standards were also different when it was built. Basically no residential electrical standards. I suspect no 3rd wire ground wires anywhere in the house. Type of wire may be the old asbestos covered wires (which can short if they get wet). The ground rod that is currently supposed to be driven into the ground (generally near the utility service panel) may or may not be there, depth and condition probably unknown (check for a noisy somewhat ‘floaty’ ground, particularly if a medium to large appliance is plugged in and running).
5) Water plumbing will be the galvanized steel pipe unless changed. This stuff does last a long time – however it does get plugged up inside by hard water. The other problem with it is that you have to be careful mixing copper with the galvanized steel due to galvanic reaction causing corrosion near the joint. Galvanized steel also looses its corrosion resistance when the zinc coating erodes/corrodes off.
6) Internal wastewater drainage is probably cast iron. The area is probably not on sewer. Purchaser would need to find this out as well as where the septic tank accesses are and size of leach field.
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I don’t know who put the conex there. I think it was to hold tools while working on the house so that the tools would not be stolen – but this is just conjecture – though supported by the paint cans near the front door in the picture linked above. As to who did it, whether it was a failed flip picked up by another flip -dunno, I would be guessing. However it is 2011 to 2016. Long time for a rehab. If the conex was there because the owner needed to put stuff in there because the house was leaking… well that would really worry me.
I don’t think the conex was for debris because you don’t need a locking conex for that, you can just rent an open top dumpster – easier to dump into and cheaper than a conex. Often dumpster fees include the disposal cost of the contents while conex(s) don’t.
NOTE1: Pictures from Google maps can tell you a lot, if you know what to look for. They may not tell you the absolute truth, but it definitely gives you something to look at. Knowing the area and codes at the time of original construction also help.
NOTE2: When this house was originally built, 2x4s were really 2×4 – but rough sawn. Currently they are 1.75″ x 3.5″ .
Participant[quote=FlyerInHi]Doomdayers tend to be self sufficient people. They believe in hardwork. What I don’t get is why they believe that money should safely earn new money in safe investments (as when interest rates are higher than inflation).
Should it not take hard work and enterprise to invest money and earn a return?[/quote]
Actually it does. There is something known as the “risk free rate of return”, which is generally around the rate of return of a 3 month Treasury Bill. For anything more, you need to take a risk, work a bit more, dig a bit harder etc. “Risk free rate of return” is not necessarily higher than inflation – depends on behavior of fed, gov, markets.Participant[quote=svelte]One more thing: this house is definitely a flip.
It was bought in Nov 2015 for $250K, they are now asking $125k more than that.
I assume it looked like what is shown in street view when they bought it:
A flip doesn’t bother me per se, but its worth noting the upgrades were probably made with the intention of resale, not necessarily to the quality of someone who planned on living there long term.[/quote]
I second this.. found exactly the same thing. It does make me a bit suspicious. Strange that there is a new-ish conex outside of the house. Street view is from Jun 2011.With the price listed $299k and only entertaining offers over $375k.. I am suspicious that the realtor may not be an independent party and may have been party to the flip itself. Caveat Emptor – do the due diligence and trust no realtor. There are some good ones and then there are ‘others’ who are willing to screw over their client in a heartbeat.
NOTE: In the pictures on street view, there are horses on the neighbors property.. be aware of the effect of wind and smell.
ParticipantSorry, not me. You might need to look for the Timothy Leary types (joking – tank was invented by John Lilly), though it has been used in ‘altered consciousness research’. He experimented with these tanks.. You do need to be careful with them because the total sense deprivation can do weird things to you senses.. and mind. You might want someone ‘trusted’ to monitor.
Wiki has some info: https://en.wikipedia.org/wiki/Isolation_tank
July 26, 2016 at 12:11 AM in reply to: o.t. :braided stainless steel water line or soft copper (dishwasher) #799986Participant[quote=flu]
Street shutoff works fine. The one to the house after thr street shutoff is not.Yes I meant soldered not welded.[/quote] Ok. Then it would be soldered.. and should be reasonable to accomplish. I would still suggest MAP gas, not Propane. MAP Gas requires a different torch head than Propane (It needs more oxygen) but you get a lot more heat. MAP Gas = methylacetylene-propadiene propane (a mouthful), note that acetylene is a component. It comes in the yellow tanks.
ParticipantI would tend to use a method similar to what spdrun suggested. Run a Linux box, ext4 file system, and Samba it. I have benchmarked Windows filesystems and they aren’t pretty. When MSFT was trying to demonstrate that they were as fast on web servers as most LAMP systems, I looked at what was behind the specs. What was happening was that the drive was being shadowed into RAM and the Windows system was web-serving off the RAM image.
Another thing to consider is what type of access control/permission schema you are considering. Windows/OSX/Linux use different mechanisms.
It turns out that a Raspberry PI can be used as a Linux based file server, as can a cheap notebook with a decent Ethernet interface (use one of the old ones that is not really being used and Linux it).
With the Nighthawk, I think there are only two levels of shared file permissions. Guest and Admin. (I have a NetGear WiFi w/ file sharing. I don’t know if this is enough for what is wanted. The sharing is also a ‘web’ type vs a mounted filesystem.
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