Bad timing

[George K]

@Mik said in Bad timing:

have seen my dad operate as a long-distance landlord. It's not pretty.

I operated as a near-distance landlord for 3 years. It wasn't pretty either.

[Jolly]

Don't know what you guys are talking about. Being a landlord is the road to riches. At least that's what people trying to sell me property keep telling me.

[Horace]

@Mik said in Bad timing:

I have seen my dad operate as a long-distance landlord. It's not pretty.

Did he go through a property management company? I imagine it would be a nightmare otherwise. My agent's company charges 10% of rent and advises repairs will cost 5%. But they handle all the repair work.

I may have forgotten, but why exactly do you want to move? I know it is not a have-to situation. I'm wondering if the benefits are worth the risks in an uncertain market, especially with the tech sector looking shaky.

Just quality of life. It's a no brainer bad decision financially. But I'm 50 now and I would like to live somewhere I (we) really like.

[Mik]

I'm not sure if he did or not. Knowing my dad, probably not.

I can certainly understand that desire. My recommendation would be to rent a VRBO in a place where you are thinking about - maybe several places - for a couple weeks to see if living there is as nice as you imagine. You can work anywhere so it would be transparent to your employers.

[jon-nyc]

Ive always been afraid of the idea here due to such tenant-friendly laws.

Steve Miller did it a lot, in CA. You should pop over there and ask him.

One thing I remember he would do is get a reference from the prospective tenant’s second-to-last landlord. Current landlord might lie just to make the tenant your problem instead of his.

Of course he was a contractor and managed everything himself, which changes the economics.

[LuFins Dad]

25% Squatters? Fuck that…

[Horace]

Just got an offer at the new ask, with a deadline of 24 hours to accept. They could have made this offer while the ask was 5% higher.. it's not like we didn't expect to negotiate. But whatever. I don't think there's much in the way of competition at this price, or we'd have gotten some offer before. We have a showing coming up later this afternoon, I guess we'll wait to see if they want to compete. This price reduction appears to have worked. And the price still grabs most of the increases from the past couple years. Hopefully it's a solid offer.

[jon-nyc]

Nice! Good luck.

[Horace]

@jon-nyc said in Bad timing:

Nice! Good luck.

Thanks Jon. Lots could go wrong yet, but we'll be accepting this offer. It's from a person who saw the property a week ago. The agent couldn't figure out the lock box so I had to come and let them in. We were at the local park waiting for the showing to happen. I figure seeing how awesome the current owner is, was the clincher for them.

[George K]

@Horace said in Bad timing:

I figure seeing how awesome the current owner is, was the clincher for them.

That's our @Horace - humble as ever.

Hope it works out for you.

Do you have a place in Texas lined up? Will the timing work for getting out/getting in? Every time we moved, that was a major PITA.

[Horace]

@George-K said in Bad timing:

@Horace said in Bad timing:

I figure seeing how awesome the current owner is, was the clincher for them.

That's our @Horace - humble as ever.

Hope it works out for you.

Do you have a place in Texas lined up? Will the timing work for getting out/getting in? Every time we moved, that was a major PITA.

Thanks George. It will be a PITA for us too. With our two big dogs. Our place in Texas is under contract, but not completed yet. The amount of money at risk isn't a big deal. If we close soon, we'll move to an AirBnB and continue shopping for homes. If we see something we like, we'll negotiate with the builder of the current place. They think they will be done by November, but that could easily change. The electricity to the development is not hooked up yet, and that is out of their control.

[Mik]

Is it in the Houston area or Austin?

[George K]

@Horace said in Bad timing:

They think they will be done by November,

Whoa...

They think...LOL.

Every time I've bought/sold a place, it's been 90 days, and you're right on the cusp of that.

Hope it works out for you, and gratz!

[Horace]

@Mik said in Bad timing:

Is it in the Houston area or Austin?

Houston. Near Katy.

[Horace]

@George-K said in Bad timing:

@Horace said in Bad timing:

They think they will be done by November,

Whoa...

They think...LOL.

Every time I've bought/sold a place, it's been 90 days, and you're right on the cusp of that.

Hope it works out for you, and gratz!

Thanks. It could easily be into 2023 before the builder can give us the keys. They have no time limit in the earnest money contract.

[George K]

@Horace said in Bad timing:

They have no time limit in the earnest money contract.

You need(ed) a better lawyer.

[Mik]

@Horace said in Bad timing:

@Mik said in Bad timing:

Is it in the Houston area or Austin?

Houston. Near Katy.

Nice area. You'll have the amenities of a large city without living in one. Take a Sunday drive out to Chappell Hill Sausage Company. Yum.

[Doctor Phibes]

@Horace said in Bad timing:

@Mik said in Bad timing:

Is it in the Houston area or Austin?

Houston. Near Katy.

I was in Katy earlier this year. Far enough away from Houston so that you're away from Houston, but close enough so that you can still get there if you really have to.

Have you been to Buc'ees yet?

[Horace]

@Doctor-Phibes said in Bad timing:

@Horace said in Bad timing:

@Mik said in Bad timing:

Is it in the Houston area or Austin?

Houston. Near Katy.

I was in Katy earlier this year. Far enough away from Houston so that you're away from Houston, but close enough so that you can still get there if you really have to.

Have you been to Buc'ees yet?

Nope, but I've heard good things.

[Doctor Phibes]

@Horace you too will buy your lunch at a gas station store!