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/diy/ - Do It Yourself

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913637 No.913637[DELETED]  [Reply] [Original]

Who property owning master race?

Who here are rent niggers? And what are you doing to change your situation?

>> No.913641

>>913637
>And what are you doing to change your situation?
Going to welding school and hoping I end up getting a halfway decent gig.

>> No.913660

>>913637
Bought my first home after highschool when my friends were all going into college. I'd saved all my money from my job up to the point. Grandma co-signed me. Rented rooms out to my friends going to college and fixed it up.

Sold it at the end of the year and got another one. Once that one was fixed up I kept it, still renting out rooms and got my third house to fix. Sold the third one and bought a duplex. Started renting out one side once it was fixed, then the other. Kept going from there.

Own 40 houses/duplexes. 3 apartment buildings (10, 18, 24 units) and act as a property manager for 15 clients with 28 properties.

>> No.913665

>>913641
*mig

>> No.913666

>>913665
sensible hue

>> No.913670

I just have a nice 3 bed 2 full bath mobile on 3.5 acres (I own the land too). Its not alot but its mine and not in the city.

>> No.913672

>>913637
>And what are you doing to change your situation?

Wasted a lot of time, and would always spend every single dime.

Im moving back in with my parents, going to pay the rest of my student loans off, and save up literally every penny I can. Maybe find a hobby to supplement my income.

Still looking for a career job though.

Funny that this thread has come up, I have within the last week decided that is my #1 goal in life is to own a house.

My parents fucked up their credit, and are awful with their money and have rented all my life, and will never own a home unless they inherit one.

I grew up living in a household living beyond our means, and I too have been doing it as an adult.

When I move back with my parents soon, it will be the 8th house my parents have rented while I was alive.
Moving every 2-4 years and living week to week is an awful existence.

Ill live in a fucking mobile home or RV if I have to, but im not going to do it anymore.

>> No.913675

>>913637
Rent nigger here. Saving my 20%. No PMI for my ass, the money I'll save will go to my shop & home improvements.

>> No.913681

>>913660
Can you explain what job during highschool can earn you enough money to buy any kind of house and to have left enough for major household fixes/renovation, because it looks like you found a loophole in life.

>> No.913692

>>913637
I have a rambling mass of bunkerlike poured concrete dating from the late 1930's, in Kentucky.

Currently split into two "apartments", with a detached building in need of restoration that could be a very large two car garage with upstairs apartment.

I work at an industrial equipment vendor/rental facility, so I have free access to all kinds of neat shit, but ZERO time to really use it.

>> No.913701

>>913681
>rentboy

>> No.913718

>>913660
how long did this take? What area of the world? I just bought my first house and I have been really interested in doing what you did. I am enjoying fixing it up and would like to continue to do this. I am failing to see how even a duplex really profits even considering a 30 year mortgage.
Any advice?

>> No.913723

Just bought my first house in the same neighborhood as my Grandma. 3 bed 2 bath 1,800 square feet. $260K. Nice quiet family neighborhood. Housing market here is expensive and shitty. All of the houses are just giant boxes with a garage and deck. Ranch style homes are so ugly. I miss Texas. Could get a 3k square foot home for less than $200K and they actually had some architecture.

>> No.913724

>>913675

>improving somebody else's house

Ultimate kek

>> No.913725

Me. I just keep fixing shit. I'm not really good at it either.
I couldn't figure out how to nail down the tile to wood floor split thing into terrazzo'd concrete, so I sprayed industrial adhesive in the split, tapped the piece down, and we left the windows open and went out to eat. So far so good.

Also, my main sewer drain clogs once every two weeks. Iron pipes with a crevice down the bottom from age. No idea how to fix it without paying a plumber to redo the piping.

>> No.913726

>>913723
Jesus fuck. I paid 140k here in FL 6 months ago for 1600sf, although it's a 60s home.

>> No.913742

i am jelly of you americans
here in canada a house is at least 400k in the shittiest part of town for a 50 year old bungalow

>> No.913743

>>913723
>>913726

I've got you both beat, I just bought a house on 1/10 an acre of land, 2 bedrooms, 1050 sq ft, horribly dated but well maintained for $215,000

And that was considered a steal here in mass

>> No.913746

bought 4 bedroom 2 bathroom 1450 sq ft house with a postage stamp of lot for 140k last year. house was built in 2012. would have prefered something I could fix up, wife wanted something that didn't need much. have since painted, put in fans, looking at a fence next summer, eventually some hardwood floors and a chandelier to replace one really inconveniently placed ceiling mount light... love it. even have a nice shed for my lawn mower and whatnot.

also as to >>913718
you have to take into account the area the property is located in, my house is in an area that is growing, has 7/10 rated schools, and isn't surrounded by blight... currently today it's estimated value is about 5~10k higher than when we looked at it to buy it... now thats not exact, but in a decent area over a decade or 2 you can expect rising property values to help your bottom line when you eventually sell.. the kicker is you have to keep the property nice and not turn it into a shithole

>> No.913752

>>913637
I want land so bad but its so expensive where I live and I'm told thats normal. I don't want to live in the city. I live in west virginia. Older run down homes can be had as low as 5-25k. Land out in the middle of the sticks costs thousands. I do mean thousands. An unimproved acre on a steep hillside covered in trees with zero level land is somehow worth 2-3k an acre. I live in west virginia. Currently looking into taxed repossessed land. Tough competition, everyone's so damn poor here so if there is even a hint of money someone has a dirty schnoz in it up to the hilt.

>> No.913765

>>913752
just remember if you buy anywhere near mining (which is anywhere in WV) to get subsidence insurance... so if the mine under your house fucks it up you don't end up out of luck...

>> No.913782

>>913743
>1/10th an acre
Do you enjoy hearing your neibors fuck? Holy crap. I thought my measly 1/3 acre was shit.

>> No.913783

>>913765
This is bullshit, the mining company is responsible. I don't care what state you're in, if your property is damaged due to the neglectful actions of a company unbeknownst to you, why would a court not rule in your favor?

>> No.913784

>>913752
Are you planning on building? I thought about that at first, bit here in Florida development companies buy any plots up like its nothing. The average person has no chance in anything more then gods country.

>> No.913790

>>913637
>implying you actually "own" anything
dear child, have you learned nothing?

>> No.913795

>>913672
God bless you and yours

>> No.913802

>>913637
rent nigger here
going to college, get a stable job, buy house. Financial independence is a reasonable goal for a 2nd gen.

>> No.913812

>>913724
Home improvements can be anything from building an extension to making yourself a stand alone coat rack. I have spent $400 to build a bench into the garage in my rental, but it's stand alone, and its sure as fuck coming with me when I leave. Stop being a faggot.

>> No.913817

>>913681
I started doing lawncare work when I was 12. Got a real job at 14. Saved all my money. Christmas and birthday money ever since I was probably 6 or 7.
>be 7 year old me
>"anon, what do you want for your birthday?"
>"money for my college fund."

I was able to put less than 20% because of g-ma's perfect credit and assets and the fact that the loan officer worked with my g-ma professionally. was renting to four friends who's parents were loaded and paid for their everything. Mortgage and utilities were covered by their rent, leftovers went towards the house repair fund. And on top of it all I had a full time job and a part time job working 60-70 hours a week.

At any point in any day I was either working, fixing the house, eating, or sleeping. I didn't buy a TV until I was probably 25 because I never watched it. Didn't go to movies or the bar or clubs. My only times of leisure were Sunday morning bike rides.

I worked my ass of starting this company, it was hardly a "loophole" by any stretch of the imagination.

>> No.913820

>>913718
>>913718
The best way to make money is to buy houses you're capable of fixing yourself. We're talking horribly outdated, tattered carpets, extensive pet damage, old outdated core appliances etc. You can invest time and money updating and reselling if the market is stronger in your area. Elsewise fix them up to rental standards, and rent.

The rule of thumb is the 1% rule. That is that the rent you charge, less expenses, should be at least 1% of the investment costs. Usually you'll see it suggested that you should set 10% of the rent aside as management expenses. So if you bought the property for 75k and put 15k in updates, your investment is 90k. One percent of that is $900. Therefore you should be renting it for at least $1,000/mo.

From a business perspective keep the rent money SEPARATE from your own. Any updates or expenses the property incurs should be paid from its own account.

It may also help to set up an S type Corp to be the title holder depending on your financial situation.

Remember that while as much as 3/4of the rent may be going to the mortgage, you are gaining equity in the mortgage if you have one. After a few years once the property has some liquidity in its expense account then you can start paying down the mortgage if you want, or paying it out to yourself to invest.

>> No.913824

>>913641
Tons of jobs for ya in N/S Dakotas

>> No.913828

>>913812
Ehh, I did this. Built up a beautiful removable closet setup with the intention of taking it, ended up saying fuck it. Bought my house with plenty of storage, no need to remove it.

>> No.913829

>>913637
Bought a house 7 months ago. 2100 sq.ft. 1 acre of land away from the city. $150,000

>> No.913831

>>913820
>7.5 years just to break even, assuming no major costs in that time
>assuming all renters pay
>assuming none of them fuck up your shit
Nah, that's bullshit.

>> No.913835

>>913817
Your grand mother co-signed for you and you used her credit. you didn't do THAT on your own. that or your a huge trust fund kiddie. and your family gifted you "money" as in, like a grand a year for your birthday and a grand for xmas. most down payments on homes is like 15 grand at least.

Face it, you had it easy. you're one of those fucks who just skate by on life with nothing "truly" bad that happens to you.

come back here to gloat when you build your credit, work your ass off move from place to place for work, get some horrible disease that puts you thousands in debt.. an then give me a cool story how you REALLY made it.

mooching off family doesn't count, no matter how you want to look at it kekmaster.

>> No.913852

>>913742
Here in Texas you can buy land and build a house so cheap that it's quite comical when Euros and Canucks say how expensive housing is.

>> No.913857

>>913852
Yeah as long as you don't want to live anywhere close to civilization. The big cities are still expensive.

>> No.913859

>>913857
>as long as you don't want to live anywhere close to civilization

This. My house is old and on the outskirts of suburbia amidst farms but still has a capitol improved value of $390k. Thankfully I own it and am debt free.

>> No.913867

>>913835
Butthurt jelly commie fag detected

>> No.913869

>>913867
life is not fair

>> No.913870

In my city houses cost over a mil...

My friend just bought a small nothing special 4 bedroom house for 1.6mil

>> No.913871

>>913870
Rent is pretty high too. Our 2 bedroom apartment costs $550 a week.
So I don't think we're going to own a house any time soon.

We live in Sydney by the way. I know USD>AUD but not that much

>> No.913880

>>913857
>>913859
>living near people
As long as I have electricity and water what more do I really need.

>> No.913885

>>913782

Insulation is key, at least I didn't pay half a million for a brownstone which is just a 600 sq ft apartment with no parking, fuck that.

>> No.913892

>>913742
Do you live in Vancouver? I remember seeing screenshots of housing prices on a thread on /pol/ of Vancouver's neighbourhoods, that shit was fucking bizarre

>> No.913893

>>913660
Yeah it's easy to make obscene amounts of money almost exponentially from those who can't afford to get onto the property ladder, if you can just get that first house.

Which most people can't these days. Maybe not ever.

>> No.913927

>>913812

Buying/building furniture != home improvements

>> No.913962

>>913783
and if the mine is 30 years old and the company has been out of business for the last 2 decades?

and realistically even if the mine IS still around, and IS still mining there what do you plan on doing while they fight it out in court for the next year or 2? they have this specific insurance for a reason.

>> No.914102

>>913637
>brick walls in Murica
I'm impressed. It's nice to see real houses instead of shitty prefab ones

>> No.914109
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914109

>>914102
>He thinks that's real brick.

>> No.914110

>>913637
Got jewed on a house a few months ago near dallas. $250k for 2300sq ft, 5 years old but with a 1 year warranty. Essentially no acreage. Corner lot though.

>> No.914144

rentfag currently 27 y/o

planning to build a geodesic dome, basically skinned like a glorified tent/yurt. im thinking i can make it happen for 20 grand including a little plot of land somewhere in the rural southeast.

im making a scale model now kek

>> No.914145

>>913637
Sjdh

>> No.914159

>>913742
Only in BC, Ontario and Alberta bud.

>> No.914169

Renter here, my job results in having to move every few years which makes it impossible to buy a house in the next ten or fifteen years

>> No.914185

>>913637

I bought a 3 bedroom property from a family whose 85 year old aunt needed cash urgently. I bought it for an absolute steal because it had all the original fixtures, and fittings from when the house was built in 1915.

I spent three years of evenings and weekends with my dsd and brother renovating. Tearing down all the loose concrete ceilings, tearing out the almost 70 year old wiring and plumbing. Knocking through the kitchen into the dining room.

It was finished, i'd spent 9 months living there before i had to go overseas for work for two years... So i rented the place out on a two year lease. After 1 year in my 2 year contract i was made redundant and had to come back home. I'm letting my tenants stay there for the remianing year, its nice them paying my mortgage while i live with my sister for the 12 months.

I cant wait to move back in.

>> No.914367
File: 1.56 MB, 1080x1920, Screenshot_2015-12-13-08-36-58.png [View same] [iqdb] [saucenao] [google]
914367

I own. 4 years ago I paid cash for an abandoned foreclosure on 3.5 acres. The house was originally built around 1900. I removed all the additions that were built over the years.(pic related).
I added an upstairs without changing the roofline, making it a 1 and a 1/2 story. Put an addition off the back with a basement.
Started work memorial day weekend, moved in at Christmas, doing all the work myself with lots of help from family and friends.

>> No.914368
File: 1.00 MB, 1080x1920, Screenshot_2015-12-13-08-46-23.png [View same] [iqdb] [saucenao] [google]
914368

>>914367
And finished product. Again I paid cash for the place, then took out a construction loan. I was able to shop around and got some really good deals on materials. Once the house was finished I had it appraised, then took a conventional loan. I owe a fraction of what it is worth, and should have it paid off in less than ten years.

>> No.914376

>>914169
Tiny house on a trailer. As long as your single.

>> No.914378

>>913742
>>914159
no totally wrong go to northern ontario or anywhere to close to a big city and 200k will get you a decent place

>> No.914409

>>914109
It is real brick, idiot. It's not structural (what is: brick veneer), but it is real brick.

>> No.914436

>>914376
Buying a house is not always the best option. Even if you don't plan on moving, sometimes renting is still better in the short and long run.

>> No.914439

635sq ft condo for $283k here. fucking big city with growing economy prices. at least i dont live in murika

>> No.914465

>>914376
Not single and wtf a tiny house on a trailer, i'm not a gypsy

>> No.914478

>>913820
I've always wanted to do what >>913660 did, but it just seems like a risky long-term investment. It'll take you 7.5 years to get what you paid for back, IF nothing goes wrong, IF your tenants don't fuck up the place, IF there are no hidden issues with the house(s) etc.

>>913672
A lot of people don't understand the third line. They think when they graduate college, suddenly, "Whoo, money!" and completely forget about student loans and real-life expenses, and immediately go (even farther) into debt. I'd be willing to bet that these are the same people who are paying off their student loans 20 years later and complaining that their degree did nothing except put them into debt.

>> No.914495
File: 346 KB, 1024x576, sandford and son.jpg [View same] [iqdb] [saucenao] [google]
914495

built a shack about 8 years ago. bought 3 lots in a small neighborhood for 1500 each. shack was mostly reclaimed materials. 456 sq ft. plenty of room.
i have 3 outbuildings, a 20x15 storage building, a 10x8 greenhouse, and an outdoor bar area that has my washer and dryer in it.

i love my hermit hobo life

>> No.914521

>>913835
>>913817
I think a lot of people don't understand the magnitude of what co-signing is. They think it's just a formality, or a character reference.

What it is, in fact, is that the cosigner takes out a mortgage, and then the cosignee agrees to make all the payments, and the cosigner agrees to hand over the property at conclusion.

*It is the cosigner that takes on the entirety of the risk*. *It is exactly as if they borrowed $200,000 dollars, lent it to you, and trusted you to repay it before the bank asked for it back*.

If >>913817 defaulted, perhaps because all his rich friends who bought his house decided to use their money to buy their own house instead, then his grandmother would have been taken to the cleaners, and in the equity-plummet of middle of the credit crunch would have lost his house and her own house too.

>> No.914545
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914545

>26
>union carpenter
>been a home owner for 4 years in the burbs
>1200 sq ft 3 bed ranch
>mortgage is $615 a month
>between new windows and kitchen just remodeled, spent $20,000
>mfw better than renting still

>> No.915069

>33
>Aperger's
>bipolar
>about 30% of the time, I literally can't tell the difference between something I remember doing yesterday and something from a week ago. Going through my memory is like traveling in the TARDIS, you have no control what time period you'll end up in.
>wtf is a job?

Needless to say, I rent.

>> No.915073

>>915069
>about 30% of the time, I literally can't tell the difference between something I remember doing yesterday and something from a week ago.

Shit...
I feel like that too, its really fucked and makes stuff so difficult. I havent been diagnosed with anything though

>> No.915074

>>913743
Eastern mass sucks like that. Price you pay for living near a decent job

>> No.915079

>>915069
I have terrible memory. Like, bad. I rely on my GPS tracked vehicles log to do my time sheet, because I cannot regularly recall 2 weeks, and I'm too lazy to take notes daily.
I own a house. All billing/mortgage has reminders through email and text, and everything else you already have to deal with.

>> No.915103
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915103

I live in California and our housing market is shit. I bought my house for $250k, 800 sqft, 5000 sqft lot. Which considered cheap here. I call it a ripoff

>> No.915595
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915595

>>913637
Trying to save money, but I've been unemployed big parts of my life because of personal problems, and I took a student loan to study something that ended up being a dead end. Now I work 50%, but only 3/4 of the year.

Owning my own house debt-free is a big dream, but seems so distant.

>> No.915596

>>915595
Ha i use to do that to girls.

>> No.915612

I own two lots and have the second largest piece of land in my neighborhood. Never saw the point in renting, if I'm living on a piece of land, I intend to own it eventually. Owning land is a huge investment that everyone should strive for.

>> No.915615

Houses in my country are too expensive. Even a small place in lower middle class area is 300k. Dad bought a place with no yard (besides a little grass strip out the front) in a better area, it was 650k and it's newer which means it's not brick, all new houses are made like American paper houses here now. I want a place off the grid instead. A lot cheaper so I'd actually be able to pay it off in my life time and do diy shit all day everyday.

If it's going to take you decades to pay off the house you "own", you're just as bad as the rent plebs and you don't actually own shit.

>> No.915643

>>913835
I am in a similar situation as >>913660. I've been working full time since I was 14 (labor laws prevent many kids from being allowed to work before age 14. Basically if you work on your family farm, you can work before age 14). At 22 I had saved around $60,000 from working. I moved out of my parents and rented with my brother at age 19.

As for help from my parents, my dad loaned me $10,000. I have the money, but didn't want to tap out my bank account.

I'm planning on renting this place out and finding a smaller place to rent myself. I only worry about keeping tenants in there all the time. I pay fuckawful Condo fees and equally bad property tax (New Jersey has the highest property tax on average. Obviously places like NYC or LA are higher) amounts to $600/mo. If I put it up for $900 it would be considered cheap, but I live in a fairly rural area and it's like 20 minutes drive to public transportation to the city.

I have put no additional money into the place thus far. It was built in 1984. I do need to look at the chimney flue because it won't open. It may just need WD-40 and to be jiggled a bit. I'm also looking to remove a grab-bar in the bathroom so no one knows some old fucker died before I bought it. And there were some minor leaks in the ceiling, so I'm in the middle of cutting out and replacing the sheetrock. I can't see myself spending more than $500 for the tools and materials.

Then I'll slap some paint on the walls and try renting the bitch. I can't stand having upstairs neighbor.

>> No.915650

>>914495
I have a neighbor that lives like this next to me. Has a bunch of kids, drinks a lot, lives off SSI, complete scumbag. Every fucking day, I hope he dies...

>> No.915652

>>915103
New York fag here. I almost committed to a $170k, 900 sqft, 100 sqft lot (no backyard at all), and needed a LOT of remodeling. I need to move out of this fucking Jew liberal state.

>> No.915657
File: 36 KB, 608x608, 1229846_4685306549092_1037099112_n.jpg [View same] [iqdb] [saucenao] [google]
915657

>>915615
> If it's going to take you decades to pay off the house you "own", you're just as bad as the rent plebs and you don't actually own shit.
Unfortunately, you're right. Regardless, you're STILL a slave to some type of "rent", whether it be mortgage, utility, annual taxes, etc. It also takes MANY years to finally "own" the place you "live in" (you're most likely working so god damn much that you're barely home to begin with). All it takes is one horrible life event where you're unable to make your payment, then your house gets repossessed by the bank/whoever, your credit score goes to garbage, and then you'll end up a bitter rent fag anyways.

>> No.915664

I'm trying to find acreage out of the way to start a ranch. Shits expensive yo. Don't have a proper education so its unskilled jobs all the way down for me.

So it seems my options are a huge loan to buy land and be shackled to dept, or get an education and be shackled to debt.

Got a ton of hobbies that could possible help, but they all require certification and other education locked papers to legally charge for.

>> No.915753

>>915664
I did the Army route. Looks good on a resume, payed for my college and have the ability to use VA loans for life. Not that I enjoyed it. Worst 4 years of my life. Go Air Force or Navy/Coast guard. Army and Marines are for morons. Look for a signing bonus and shorter enlistment terms. Its means they are short on those people and its easier to get promoted. If you like it, re-up, if not at least you can check the 'I'm a veteran' box now, get the GI Bill and VA loans. I am completely debt free, have a degree, a decent paying entry level job (career job, not a dead end) and am already looking for a place to buy. Oh and my credit score is 790, so my interest rate is very nice, I don't need to make a down payment (than you VA, your tax dollars at work) and don't need to pay PMI either (again VA).

While I wouldn't recommend it to someone with prospects you seem to have right fucked everything up till now so the military sounds perfect for you. Fuckups fit right in. Plus they have jobs in the trades. Mechanic, carpenter, etc, etc. You wont get any certs and they whole 'its good for college credit' is a load of horse shit in most cases (you'll get 6 PE credits and not much else most likely) but you will gain knowledge and learn how to work for the dumbest set for fucked up retards on the plant. Every other job will be a walk in the park after that.

>> No.915768

>>913743

Texas wins this one. Bought a brand new 3900 sq ft modern home on .98 of an acre in an uppity gated community for $230k at 24 years old this past Easter. I like the neighborhood but I feel extremely out of place.

>> No.915874

Bought a foreclosure in a housing dip on the edge of the ghetto hoping for gentrification. Second highest bidder was a low life across the street trying to gamble his dead moms house against the mortgage as collateral. The bank would be happy to loan the mortgage seeing how they could default on both houses. I got to see the bids after winning and got tipped off b4 on how much to bid for the win. I could have bidded alot lower if guys like this didn't exist. I fixed it up and kept the front spotless. The neighbors started noticing me shining on them and started improving the fronts of their houses. Between themselves and the cops I've slowly seen the riff raff being driven out of the neighborhood, sometimes I help give a little nudge, Like doing yard work open carrying and neighbors assuming I`m a cop or calling EPA, never the real cops or code enforcement they show up on their own and it will eventually come around that you`re the guy calling.Everything has gentrified around me and I think this is the last hold out. Neighbors have turned from janitors mixed with shit stains to Tradesmen barely holding out. The other day I saw a white lady jogging and then a guy on a segway. I checked the listings and lesser homes around here are easily going for 3X what I initially bid and the neighborhood is still gentrifying. I dont plan on selling but it's nice to know I`m paying less than if I decided to rent instead of get a mortgage and the profit is there if I decide to retire into a ghost town or RV.

>> No.915909

>>913637
>Who property owning master race?

Not me, also this sentence makes no sense. Grammar bitch, it isn't that hard.

>Who here are rent niggers?
Me, amongst niggers too

>And what are you doing to change your situation?
I have a large lump sum of money and family who is going to sell their house and my money mixed with their equity should buy a piece of land+house. Thats the plan anyway.

>> No.915970

>>915657
Not quite. If you are paying a home loan, you are paying into equity, whichs means yo uhave a chance to get that money back in the future, eg when you sell the house. Hopefully. If the housing market doesn't crash. Again.

>> No.915972

>>915970
Also tax breaks and depreciation if you rent the house. I got $10,000 back from depreciating my house as a rental.

In the US there are too many government subisidies to not have a mortgage, it's stupid, but that's the game.

>> No.915979

>>913660
How old are you?

>> No.915983

>>913660

Dale?

>> No.916059

>>914436
I would think that is true in only a very small set of circumstances.