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OMG: Youngest is buying a house !
Posted by: cbelt3
Date: September 26, 2022 09:22AM
His job has relocated him to Athens, Ohio from Columbus, Oh. His partner also got a job in Athens, both working for the university. And there are NO rentals that will allow Miss Buttercup the bouncy medium sized Dog to live there. (College town / student ghettos). So his director connected her realtor with him, and we went down to look at houses on Friday. Oy. Poorly maintained student ghetto bungalows, One 120 year old student rental with a dirt floor basement and termite damage in the main beams, poorly built student condos, etc... And then we saw this little jewel.. a 60's ranch with a full basement that had been extensively waterproofed and foundation repaired in the last 3 years. Owned by three graduate students who had graduated. Fenced in back yard with lots of trees (and at the base of a hill) so a mini dog park for Buttercup.

So he put in an offer, and it was accepted after some back and forth. Financing through FNBOD (First National Bank Of Dad). Closing in late October.

He's getting the inspection set up, and arranging floor refinishers and painters to do move in prep work. He will eventually have to upgrade the 100 Amp electric for his Chevy Bolt and fix the wiring mistakes that are not to anyone's code. And the original kitchen will need to be replaced eventually.

I'm excited for him. And I'll be giving him a lot of my old tools. So I can buy new ones... mu ha ha ha...
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Re: OMG: Youngest is buying a house !
Posted by: Grateful11
Date: September 26, 2022 10:06AM
thumbs up



Grateful11
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Re: OMG: Youngest is buying a house !
Posted by: gadje
Date: September 26, 2022 10:10AM
what's the interest rate at FNBOD?
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Re: OMG: Youngest is buying a house !
Posted by: Paul F.
Date: September 26, 2022 10:32AM
Right on!

Sounds like a few years of "sweat equity" and turned that rough gem into a polished gem, and then (market forces willing) turning it over, paying back FNBOD, and using the profit to make a big down on the NEXT rough gem...



Paul F.
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A sword never kills anybody; it is a tool in the killer's hand. - Lucius Annaeus Seneca c. 5 BC - 65 AD
----
Good is the enemy of Excellent. Talent is not necessary for Excellence.
Persistence is necessary for Excellence. And Persistence is a Decision.

--

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Eureka, CA
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Re: OMG: Youngest is buying a house !
Posted by: d4
Date: September 26, 2022 11:09AM
House at the base of a hill with extensively waterproofed basement and foundation repaired in the last 3 years? Are these red flags? My eyebrow twitched a little. I'm sure it's all fine. Congrats on the house!

I would try and fix all the wiring throughout the house before the painters come, but I understand that schedules are not always ideal. And sometimes it is what it is.



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Re: OMG: Youngest is buying a house !
Posted by: Acer
Date: September 26, 2022 11:27AM
I bought a house with a cracked wall and leaking rainwater.
I fixed it. No big deal, IF the work was done right.
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Re: OMG: Youngest is buying a house !
Posted by: cbelt3
Date: September 26, 2022 11:45AM
Quote
d4
House at the base of a hill with extensively waterproofed basement and foundation repaired in the last 3 years? Are these red flags? ...

I carefully looked at all the work. It was VERY well done... over-engineered. I beams sunk into a new footer all along the affected wall. We're talking earthquake proof.

He plans on doing most of the updates himself within his abilities and what I can teach him. rewiring a ranch house with an open basement is easy. I've done it at my inlaws house. We would definitely have a licensed electrician replace the 100 amp box and incoming service with a 200 amp box.

I'm going to advise him to dig out french drains at the base of the hill to guide runoff away from the house. Shovels and time and he can do that, or rent a trencher. Necessary ? no. Good idea ? Yes. We lived in a house at the base of a hill once. Super heavy rains means you're at the bottom of a flash flood.
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Re: OMG: Youngest is buying a house !
Posted by: mrbigstuff
Date: September 26, 2022 12:26PM
Engineer dad to the rescue!
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Re: OMG: Youngest is buying a house !
Posted by: Michael
Date: September 26, 2022 12:53PM
Quote
cbelt3
I'm going to advise him to dig out french drains at the base of the hill to guide runoff away from the house. Shovels and time and he can do that, or rent a trencher. Necessary ? no. Good idea ? Yes. We lived in a house at the base of a hill once. Super heavy rains means you're at the bottom of a flash flood.

We had a real problem with our first house that had a wet weather spring that ran through the crawl space. It wasn't clear that it was a wet weather spring when the rains came because the hillside wasn't sloped away from the house. After moving plenty of dirt without effect I finally dug a trench across the back and when I hit the spring it was like magic in the crawl space. But, what a pain it was. I dug it by hand because I figured it wasn't too deep. Should have rented a trencher...
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Re: OMG: Youngest is buying a house !
Posted by: mattkime
Date: September 26, 2022 02:34PM
Quote
Michael
I dug it by hand because I figured it wasn't too deep. Should have rented a trencher...

Wow, I respect that. I'm happy to taken on a burdensome job for much longer than I should but generally speaking when I put a shovel in the ground its quickly clear why machines were made.



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Re: OMG: Youngest is buying a house !
Posted by: davester
Date: September 26, 2022 03:29PM
Sounds like the thread title is incorrect. Should be "cbelt3 is buying a house and the youngest is renting it from him (probably at a bargain rate!)".



"In science it often happens that scientists say, 'You know that's a really good argument; my position is mistaken,' and then they would actually change their minds and you never hear that old view from them again. They really do it. It doesn't happen as often as it should, because scientists are human and change is sometimes painful. But it happens every day. I cannot recall the last time something like that happened in politics or religion." (1987) -- Carl Sagan
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Re: OMG: Youngest is buying a house !
Posted by: cbelt3
Date: September 26, 2022 03:39PM
Quote
davester
Sounds like the thread title is incorrect. Should be "cbelt3 is buying a house and the youngest is renting it from him (probably at a bargain rate!)".
Mortgage is being handled by FNBOD (First National Bank of Dad). But it will be his name on the deed.

And Dad will teach home repair and maintenance stuff. And hand over many tools for his use.
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Re: OMG: Youngest is buying a house !
Posted by: gadje
Date: September 26, 2022 03:44PM
Did the older kids also get loans from the FNBOD?
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Re: OMG: Youngest is buying a house !
Posted by: NewtonMP2100
Date: September 26, 2022 04:11PM
....say good....buy....to him.....



_____________________________________

I reject your reality and substitute my own!
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Re: OMG: Youngest is buying a house !
Posted by: August West
Date: September 26, 2022 08:19PM
Congrats, belty!



“There comes a point where we need to stop just pulling people out of the river. We need to go upstream and find out why they’re falling in."

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