Primary home, mainly looking to reduce the horrible commute time!
Make sense. I was trying to see how you can make those number work for investment.
Yes, this is what I see competition has not reduced at all. Any good home under 1M is getting visibility.
IMO,You can list January middle and sell it by Feb/Mar. It can provide you same price or better by doing it.
My idea is to get a large lot 10k home, move in now, expandable at a later point of time. I may sell my current primary later, take all capital gain 500k tax free that can be used to expand the home.
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Yea, thinking the same, but Chinese New Year is Jan 28th, so I would want to avoid that weekend as my OH. We are considering to list right after it.
List right after SuperBowl sunday, the start of the selling season
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Good point. Two weekends to avoid.
That’s what I thought will be doing for current Primary, but my significantly other half love the house too much, now way passed $500k.
RE market came alive after Trumps won the election. Decent houses were sold fairly fast. Prior to election is very quiet. Sensing that I went to an OH and bid at $1.3 mil for a house listed from $1.18 mil, sold at $1.5 mil 
. Overbidding is back.
It depends on location and the financials. I hope you have WSJ primary, deserves keeping rental.
Given the growth rate 4%-5% range and locking property tax at least 50% at original purchase price makes me think renting it. Above all, I cashed out current primary with fixed 30 year at 3.625% which discourages me selling.
I can easily get the 100k tax benefit by that appreciation in 2 years. But, it tough for me to get construction loan having multiple loans at present.
Since I plan to build a home or expand new primary, I may need money. I need to tap into tax free capital gain of primary home.
Yes, stock as well as real estate was slagging when they projected Hillary+fed rate hikes.
Everything changed with Trump+Rep congress, personal+corporate tax cut, less control on companies. This may result Stimulation/money printing which raises inflation, all prices goes up including real estate.
We really do not know about future how FED rate affects entire economy !
The Dow may be near record high, but for us the Nasdaq is more important. It has been depressed since Trump won.
What’s the typical interest rate and cost for Construciton loans? Is it qualified just like a regular mortgage using w2 income?
The best way to get a construction loan is to take a second on another property…Hard money is 11% plus 3 points on a development deal.
7% and 1 point on a refi…pure construction loan might be 6 and 1 depending on your experience. .Cant get a loan without a experienced contractor on board…
Nowadays, to my knowledge, they do not give it for private people like us.
This is mostly limited to experienced builders/business.
Buy a crappy house on mortgage, use your cash to finance the construction.
Will the mortgage lender require you to repay the mortgage in full if they find that you demolate and rebuild?
Leave the original foundation and four load bearing pillars. Then is called re-modelling. Please verify because I heard it from my realtor.
If you rear down a house with a mortgage they can foreclose. .better be prepared to build fast if they do…
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This is what I planned. but whatever crappy homes, with good size lot, are going crazy price.
These were in my watch list, went into pending today in 15 days and in 6 days respectively.
This one is Montavista, easy to rent or combine into single one for primary. This can not be expanded limited lot space, but a good rental. At this price, it is 700k/plex which is like condo price in Cupertino.
https://www.redfin.com/CA/Cupertino/21701-Olive-Ave-95014/home/926394
I knew this one is attractive unit for MF both built-year and cash flow purpose. The location is very near to bus station and railway station, large place for investment property. Since I was looking for primary home in santa clara, I did not seriously look at gilroy property. This is pending in 6 days.
https://www.redfin.com/CA/Gilroy/440-Old-Gilroy-St-95020/home/1032440
This one I was looking into, but needs extra $100k to $150k to make it nice. We did not like the layout, left it. Since the school is good and less than 1M LP, it went fast pending today.
https://www.redfin.com/CA/San-Jose/2242-Bello-Ave-95125/home/1754869
All these three homes are good choice, buyer won’t regret later, even if economy goes down 10% (in case if it goes down) in future.