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ShocksMyBrain

All-Encompassing General Discussion Thread

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Don’t want to create a pointless thread, but want to discuss a general topic? We could do it here.

Obviously pics, tv, music, etc. can use their own threads. 

However, if a random question or thought provoking comment passes your mind—why not do it here? Got a good quote you just read? This the place. You prefer sandals over dock shoes? This is the place. Wanting to know the difference between shampoo/conditioner combo and the others in their respective right? This is the place.

 

***NO POLITICS***

Edited by ShocksMyBrain
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I’ll get it started:

My wife and I are looking into buying our first home soon. I’ve only ever rented, and this amount of responsibility has got me excited, nervous, and a bit scared all at the same time. 

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We felt that way buying our first home. Getting a really good realtor helped us a lot.  She would gladly let us know concerns if she saw them, and she was very good with reading our expressions and thoughts.  It really makes a difference to have someone that is looking out for you over themselves.  Enjoy it though.  Those house visits are some of our favorite memories as a young couple. 

Interestingly I am feeling the same way as you with the thought of selling our house the first time, but we are not quite ready for that adventure yet. 

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5 minutes ago, AUBwins said:

We felt that way buying our first home. Getting a really good realtor helped us a lot.  She would gladly let us know concerns if she saw them, and she was very good with reading our expressions and thoughts.  It really makes a difference to have someone that is looking out for you over themselves.  Enjoy it though.  Those house visits are some of our favorite memories as a young couple. 

Interestingly I am feeling the same way as you with the thought of selling our house the first time, but we are not quite ready for that adventure yet. 

Where we are currently living, Memphis suburbs, versus where we’re shopping in Memphis proper is going to be somewhat of a gamble. 

Memphis is being gentrified massively right now. We can find a house for $100k, and the next street over is $250k. There’s money to be made right now in the Memphis market. 

Memphis is in the beginning stages of what Birmingham currently is. 

Edited by ShocksMyBrain

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11 hours ago, ShocksMyBrain said:

I’ll get it started:

My wife and I are looking into buying our first home soon. I’ve only ever rented, and this amount of responsibility has got me excited, nervous, and a bit scared all at the same time. 

All come with the territory, no matter how many times you go there, but all provide healthy motivation to do your homework and constantly review/second-guess your choices 'til (and even if) you close. Nothing can quite prepare you for the closing experience itself (it's just plain unsettling to know you owe a point to everyone with whom you shake hands), but there's a real sense of empowerment on the other side.

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On 6/20/2018 at 7:52 PM, ShocksMyBrain said:

I’ll get it started:

My wife and I are looking into buying our first home soon. I’ve only ever rented, and this amount of responsibility has got me excited, nervous, and a bit scared all at the same time. 

Get excited and buy what you can afford. Remember the three Rs in real estate, location,location, location. You have responsibility in everything you do. Rent stinks 

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On 6/20/2018 at 5:52 PM, ShocksMyBrain said:

I’ll get it started:

My wife and I are looking into buying our first home soon. I’ve only ever rented, and this amount of responsibility has got me excited, nervous, and a bit scared all at the same time. 

Owning is well worth it on the other side of all of the anxiety. First time we bought a house I remember the excitement of going in the house the first time after closing. A few weeks later we planted a tree and it hit me that I didn't just buy the house, the land was ours too. It was a wow moment for a guy who had rented for 12 years. Good luck on your journey. 

 

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On 6/21/2018 at 8:56 AM, AUld fAUx@ said:

All come with the territory, no matter how many times you go there, but all provide healthy motivation to do your homework and constantly review/second-guess your choices 'til (and even if) you close. Nothing can quite prepare you for the closing experience itself (it's just plain unsettling to know you owe a point to everyone with whom you shake hands), but there's a real sense of empowerment on the other side.

Very well said. As have been the comments from others.

I will add: Second guess all of the professionals' choices/inputs as well. Our first mortgage lender was a good friend of ours. Ours was his last loan as he was getting out of the business. He told us, "People in real estate are *usually people that couldn't handle real jobs." Through 2 home purchases and 1 home sale, it is my experience that his was not an outrageous claim in the least. 

*By usually, he could have meant anywhere from 51 to 99 percent. Please don't assume anything about the next realtor you meet, unless you are working with them, in which case you should absolutely assume the worst. >:)

Congrats in advance! Thinking about our first home will forever make me smile. 

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I rank real estate agents right behind car salesmen.  Caveat Emptor!

In Alabama, by law, real estate agents represent the seller.  “Your” agent actually represents the seller.  Be careful. I don’t know how that is in Tn. 

Lastly, always buy something that others would buy. 

Edited by Mike4AU
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My wife did mortgages for almost 20 years and i didn't know how miserable she was until she got out of it. So i can't offer much advice. She handled literally everything. I had the same hesitance you are experiencing. Im glad i went ahead with it. we own two now. Renting the old one as it is close to pay dirt. lot of work.

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2 hours ago, alexava said:

My wife did mortgages for almost 20 years and i didn't know how miserable she was until she got out of it. So i can't offer much advice. She handled literally everything. I had the same hesitance you are experiencing. Im glad i went ahead with it. we own two now. Renting the old one as it is close to pay dirt. lot of work.

We're thinking about buying a small rental property. We'd probably use a management company, at least at first. I can barely stay on top of the house we live in.

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2 minutes ago, McLoofus said:

We're thinking about buying a small rental property. We'd probably use a management company, at least at first. I can barely stay on top of the house we live in.

We have a realtor for the business end and it’s well worth the 10%. If there’s an eviction or legal matter they cover it. I do all maintenance as well as opening and closing the pool. If they sign a year lease I buy chemicals and get it cleaned and balanced out before I hand it over. I probably do more than I should. I’m actually training these folks on pool maintenance now. ( I barely know myself) they are good tenants. Just not savvy enough to use google and YouTube to figure s*** out like I can. 

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Wife went and toured some homes in Memphis proper. Some beautiful homes, but just not getting that warm fuzzy feeling about them. 

 

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Insurance question: We had to file a claim, and I just got a message from our insurer that "a check for <$X>  has been issued to the contractor. Payment details: Payment under Dwelling coverage less <$X> deductible and less recoverable depreciation <$X>."

So I'm unclear on that recoverable depreciation amount. I've googled recoverable depreciation and I'm still not crystal clear on it. I've asked for clarification from my insurer and am awaiting a response, but I'm freaking out a little because it's a substantial number that we're not prepared to pay out of pocket. Anyone dealt with this before?

Edit: They responded and explained it to me. /freakout

Edited by McLoofus

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On 6/23/2018 at 9:53 PM, McLoofus said:

We're thinking about buying a small rental property. We'd probably use a management company, at least at first. I can barely stay on top of the house we live in.

We had a rental townhouse in West Palm Beach for about 20 years. Because I move so much with my company I thought about buying at ever relocation and just keeping it for rental. But having so many rentals in  15 different states did not make sense to me. Always used a management company worked out great for us Mgmt co. handled everything plus it was a help with taxes back then have no idea if that's true anymore. 

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2 minutes ago, augolf1716 said:

We had a rental townhouse in West Palm Beach for about 20 years. Because I move so much with my company I thought about buying at ever relocation and just keeping it for rental. But having so many rentals in  15 different states did not make sense to me. Always used a management company worked out great for us Mgmt co. handled everything plus it was a help with taxes back then have no idea if that's true anymore. 

Fortunately our realtor down here has been on the island for 40 years, knows everyone, lives across the 16th fairway from us and has taken a keen interest in helping us get acclimated. His wife is over here now helping my wife decide on new flooring. He would be able to help us along in the process. 

Thanks for the info. Good to know the management company worked out for you. We'd be silly not to take advantage if the opportunity presents itself. Free money if someone else is doing the work. And who knows what's in store, but we'd be holding the deed by the time we retire and then it's a really nice little chunk of steady income if the island hasn't sunk yet.  

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16 minutes ago, McLoofus said:

Fortunately our realtor down here has been on the island for 40 years, knows everyone, lives across the 16th fairway from us and has taken a keen interest in helping us get acclimated. His wife is over here now helping my wife decide on new flooring. He would be able to help us along in the process. 

Thanks for the info. Good to know the management company worked out for you. We'd be silly not to take advantage if the opportunity presents itself. Free money if someone else is doing the work. And who knows what's in store, but we'd be holding the deed by the time we retire and then it's a really nice little chunk of steady income if the island hasn't sunk yet.  

Maybe you told me but which golf course? HHI correct

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1 minute ago, augolf1716 said:

Maybe you told me but which golf course? HHI correct

Yep. I live in Hilton Head Plantation. I guess the course I'm on is just called Country Club of Hilton Head? The other 2 in the neighborhood are called Bear Creek and Dolphin Head.

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5 minutes ago, McLoofus said:

Yep. I live in Hilton Head Plantation. I guess the course I'm on is just called Country Club of Hilton Head? The other 2 in the neighborhood are called Bear Creek and Dolphin Head.

I've played CCHH never played the other two

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2 minutes ago, augolf1716 said:

I've played CCHH never played the other two

The 16th hole is right before 2 little bridges that hop a small, wooded island next to the big lake and the event hall. We're right off the tee box, which is next to another small pond. There's a gator who lives in there and sometimes crosses the road or swims through the drain pipe over to the little pond by the 15th hole. That's where I saw those dudes let their cart roll down the hill into the pond. 

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13 minutes ago, McLoofus said:

The 16th hole is right before 2 little bridges that hop a small, wooded island next to the big lake and the event hall. We're right off the tee box, which is next to another small pond. There's a gator who lives in there and sometimes crosses the road or swims through the drain pipe over to the little pond by the 15th hole. That's where I saw those dudes let their cart roll down the hill into the pond. 

Dogleg tough green with the slopes off the green really short if I remember correctly

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52 minutes ago, augolf1716 said:

Dogleg tough green with the slopes off the green really short if I remember correctly

Sounds about right. Crazy that you can remember all these courses so well.

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24 minutes ago, McLoofus said:

Sounds about right. Crazy that you can remember all these courses so well.

My wife hates me for that but I forget to take out the trash

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9 minutes ago, augolf1716 said:

My wife hates me for that but I forget to take out the trash

I can relate. 

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