Manhattan Apartments

[michigancat]

I've bought & sold 2 houses in Wichita area within the past 6 years and got out ahead on both; right now sitting in a house that's appraised 20K higher than what I paid for it.  I doubt I'd get that out of it right now, but I don't see how I could not make $$ even if I had to sell in these crapty times.

It will go down, if it hasn't already.  Even in little ol' Wichita.  The idiotic belief that housing will never go down is a big part of what led to 40 year interest only loans and all the other high-risk bullsh*t.

[Chingon]

Good God but there are an awful lot of FPs around here.   

I bet your place is spider city

I prefer spiders to the things they eat

Yeah, that's totally normal.   

Normal is just so vastly overrated.  

[Legore]

home ownership is a f*cking waste of money.

not a waste of money imo, just not an "investment". 

yeah.  I guess it's better for old people.  Young people move/change jobs too often these days to make homeownership a good idea.  IMO!

Maybe in states other than Kansas.

No, Kansas is included.  Companies in Kansas treat employees like sh*t just like every other state.

I've bought & sold 2 houses in Wichita area within the past 6 years and got out ahead on both; right now sitting in a house that's appraised 20K higher than what I paid for it.  I doubt I'd get that out of it right now, but I don't see how I could not make $$ even if I had to sell in these crapty times.

Are you factoring in transaction costs realty fees, closing costs etc?  Even if you have 20k equity that can get eaten up pretty fast with fees.  Next to impossible to sell a house FSBO right now. 

 Even during the upswing in housing prices I think most people way overstated what they made on their homes.  When you buy you have closing costs and then you always do some redecorating.  Over the years you end up doing maintenance and upgrading different things.  Then you sell and you pay the realtor 6%.  Add all that crap together along with the interest you paid on the loan, HOA fees, property taxes, homeowners insurance etc. and there are a lot of people that think they made 50K on their last home and really probably just broke even or lost from what they could have done renting over the same period. 

[TAFNA Dude]

heard bad things about founders hill.  had friends that lived there, hated it.  walls were super thin, and way overpriced.

[FBWillie]

home ownership is a f*cking waste of money.

not a waste of money imo, just not an "investment". 

yeah.  I guess it's better for old people.  Young people move/change jobs too often these days to make homeownership a good idea.  IMO!

Maybe in states other than Kansas.

No, Kansas is included.  Companies in Kansas treat employees like sh*t just like every other state.

I've bought & sold 2 houses in Wichita area within the past 6 years and got out ahead on both; right now sitting in a house that's appraised 20K higher than what I paid for it.  I doubt I'd get that out of it right now, but I don't see how I could not make $$ even if I had to sell in these crapty times.

Are you factoring in transaction costs realty fees, closing costs etc?  Even if you have 20k equity that can get eaten up pretty fast with fees.  Next to impossible to sell a house FSBO right now. 

 Even during the upswing in housing prices I think most people way overstated what they made on their homes.  When you buy you have closing costs and then you always do some redecorating.  Over the years you end up doing maintenance and upgrading different things.  Then you sell and you pay the realtor 6%.  Add all that crap together along with the interest you paid on the loan, HOA fees, property taxes, homeowners insurance etc. and there are a lot of people that think they made 50K on their last home and really probably just broke even or lost from what they could have done renting over the same period. 

Actually, sold all of my homes in the past without a realtor; not planning on moving any time soon, but if I did, 4 houses on my block have sold within the past 4 months and were only on the market for 2 months or less.   

Second house I sold to buy this one, had the buyer pay all thier own closing cost, but the house I bought the seller paid all of my closing cost, left me a fridge, oven, & Dishwasher & insulated the attic & put new gutters on.  I spent $1500 between new carpet & remoddeling the kitchen....   When the market was good, my house was worth about 15K more than it is right now.... There was a time when I was about 35K ahead...   

Still don't see how I would have ever been in a better situation renting...   but to each his own.

Mortgage, 5.5% @ 15years... which is tax deductable...   

[Legore]

home ownership is a f*cking waste of money.

not a waste of money imo, just not an "investment". 

yeah.  I guess it's better for old people.  Young people move/change jobs too often these days to make homeownership a good idea.  IMO!

Maybe in states other than Kansas.

No, Kansas is included.  Companies in Kansas treat employees like sh*t just like every other state.

I've bought & sold 2 houses in Wichita area within the past 6 years and got out ahead on both; right now sitting in a house that's appraised 20K higher than what I paid for it.  I doubt I'd get that out of it right now, but I don't see how I could not make $$ even if I had to sell in these crapty times.

Are you factoring in transaction costs realty fees, closing costs etc?  Even if you have 20k equity that can get eaten up pretty fast with fees.  Next to impossible to sell a house FSBO right now. 

 Even during the upswing in housing prices I think most people way overstated what they made on their homes.  When you buy you have closing costs and then you always do some redecorating.  Over the years you end up doing maintenance and upgrading different things.  Then you sell and you pay the realtor 6%.  Add all that crap together along with the interest you paid on the loan, HOA fees, property taxes, homeowners insurance etc. and there are a lot of people that think they made 50K on their last home and really probably just broke even or lost from what they could have done renting over the same period. 

Actually, sold all of my homes in the past without a realtor; not planning on moving any time soon, but if I did, 4 houses on my block have sold within the past 4 months and were only on the market for 2 months or less.   

Second house I sold to buy this one, had the buyer pay all thier own closing cost, but the house I bought the seller paid all of my closing cost, left me a fridge, oven, & Dishwasher & insulated the attic & put new gutters on.  I spent $1500 between new carpet & remoddeling the kitchen....   When the market was good, my house was worth about 15K more than it is right now.... There was a time when I was about 35K ahead...   

Still don't see how I would have ever been in a better situation renting...   but to each his own.

Mortgage, 5.5% @ 15years... which is tax deductable...   

I agree to each his own.  I know some have made money owning homes no question but I just think people often overstate what they made and don't count all the cost that go with ownership.  Take the guy you bought from it sounds like he dumped a lot of money just to get his place sold between the closing costs, the repairs, the appliances he left and probably has to replace at his next house etc. 

I'm a homeowner myself and have been quite awhile.  I don't think it's a bad idea and each situation is unique.  Right now people are probably undervaluing home ownership and the benefits and that is why homes are relatively cheap.  A few years ago people were over valuing homeownership and discounting the risk and pittfalls that go along with it.  Around that same time people were demonizing renters saying how it was just throwing money away.  That isn't always the case sometimes it makes sense to rent and sometimes it makes sense to buy.  Either way I don't think you can count on flipping a house for a big profit and you should look at your home as a place to live not an investment.  Some day it may turn out to be an investment but the catch is you've always got to live somewhere so people seldom see the actual cash profits from their home sales until they're really old or dead.     

[FBWillie]

Honest to god truth....  The house I'm in now was on the market for 9 months because it had a leaky basement.   I fixed the leak problem with $75 worth of corrugated pipe, some heavy duty plastic, & a used sump pump kit I bought from my dad for $50; not to mention about 3 days worth of digging.   From the time the house was listed to the time I bought it their asking price dropped 15K and I offered 10K less than that.   They counter offered splitting the diff. and I told them I would accept if they left the appliances mentioned above and made the fixes I questioned about.

I think people get into trouble with houses when they just don't put the effort in making a house livable.   Every house I've lived in the prior owner was satisfied living in a house that had literally no insulation in the attic, shoddy electrical work, holes/dents in walls or no trim, out-dated inefficient appliances, & crappy plumbing; all things that are relatively easy to fix.   

Home ownership comes with a lot of work.   I guess if you don't ever want to worry about rolling up your sleeves & doing some work around the house, mowing your own lawn, or paying for a new water heater when it goes out, than it's not for you... but I actually enjoy all that stuff.   And I don't see how anyone can't see a situation where home ownership would be better than renting.  I'm not saying it's for everyone, but saying owning a home is a waste of money is pretty retarded.

[michigancat]

I'm not saying it's for everyone, but saying owning a home is a waste of money is pretty retarded.

Says the guy who loves digging in dirt for 3 days and buying water heaters.

[SkinnyBenny]

Fixer-uppers.
 

[Pike]

I lived at Chase Manhattan for a summer. No complaints.

And the pool PWNS the UC pool since you get the whole pool pretty much to yourself. You can get so drunk and not worry about pissing people off.

[SkinnyBenny]

Anybody ever see anything freaky going on in the UC pool?  That was always what I heard about that place.

[ayosaba]

Hey KatKid, I'm actually in the process of pulling the trigger on Highland ridge also. Took the tour today for a 3 person and everything looks great. The only downside was that it's kind of out there, but it's not really that bad. So... just thought I'd let you know that another fellow message boarder might be one of your new neighbors.

Ayo

[Kat Kid]

Hey KatKid, I'm actually in the process of pulling the trigger on Highland ridge also. Took the tour today for a 3 person and everything looks great. The only downside was that it's kind of out there, but it's not really that bad. So... just thought I'd let you know that another fellow message boarder might be one of your new neighbors.

Ayo

thanks bro.

Will welcome you to katpak events and such.

[frankencat]

Have you considered a double wide in Ogden