There are many risks and assumptions. And why they should either get legal counsel from a RE attorney or just sell it now and walk away or give the half assumed value and not look back.
OT: Real Estate Question - Need Opinions
- Thread starter mosito
- Start date
No, this is math. If they can reach an agreement on price, the rest is easy. Transaction cost is real.
What? He bought the house at the agreed upon price. I would love to invest with you if you still payout on the upside after I cashed out.
Question though, as I don't know- is it normal to ask the partner that is cashing out early to pay their portion of fees?
And also, how are they coming up with the current comp?There must already be fees for an appraiser etc.
I guess I would just never partner on a deal like this without everything structured up front?
Tough part is agreeing to a price. Realtor fees are part of transaction cost. If they sell together, they have to pay a realtor and the net proceeds would be the same.
I can’t believe one of my favorite posters resurrected this! But we are in the same camp…almost.
Either sell it now or buy him out at a mutually agreed upon price. (I assume the OP is the guy who wants to hold the property.) You are BUYING half the property with minimal transaction costs. Where does that factor in?
Either sell it now or buy him out at a mutually agreed upon price. (I assume the OP is the guy who wants to hold the property.) You are BUYING half the property with minimal transaction costs. Where does that factor in?
lol I just went back to see who resurrected this as I hate those. Because I don't always look to see when the original post was and this came up in my alerts yesterday as someone (forget who) had replied.
With your post - I just went back and saw the OP was a month ago and it looks to have ended on 2/28 and to my surprise- my post from yesterday is the first on in here since 2/28...
As an FYI...I was not the one who bumped it...whoever did, deleted their post. Like I said, I hadn't even realized it was an older thread. lol
I swear I saw this exact same scenario on a SAT question. But I dont remember if it was on the verbal or math section.
Something tells me Bob ( or was it Joe) told Joe (or was it Bob) he could pound salt!!!
LOL, no, nothing like that.
No one is pounding salt.
Just need some time (in all likelihood) for things to get resolved.
With that said, the apparent pariah Bob might have been the one to benefit the most from this post.
Seems like Jtung230 had the clearest picture of what was happening.
Yep.
"No, this is math. If they can reach an agreement on price, the rest is easy. Transaction cost is real."
People who live on barrier islands forfeit their right to complain about the cost of homeowners insurance IMO.
It’s funny- the same people say we are idiots for paying State Tax and property tax up here. I would bet their homes down there are still cheaper by SqFt and property
I went to Zillow and picked one at random.
2BR/2BA condo, 949 sq ft - asking price is 775k. On top of that the HOA fee is just under 1k/month and the annual property taxes are 6k/ year.
3BR/3BA single family, 1778 sq ft - asking price 1.1M. HOA fee 1015.00/month, property taxes 6k/yr.
It's not the bargain that everyone thinks, at least not anymore.
Now that's Destin, of course. If you go out into the boonies then certainly things get more reasonable, at least in terms of price. But then you're living in the swamp surrounded by meth labs.
But if you are looking at Destin- wouldn’t the compatibles be west NJ - Jersey City.
I looked in that area before Covid- 2BR- 900 Sq ft was 4200 plus a min of 500 HOA- purchase over a million And Tax over 9k…plus tge same HOA
Yeah, that sounds about right. So really, there's not a shitload of difference, which is my point. For people in the market for million dollar condos, there's not a lot of price differential, here.
And it's freakin' Destin, Florida. With the added bonus of maybe your house gets blown away once in a while.
I was born in Florida and I've spent a lot of time there. It was never the center of the enlightened universe but now it's basically a black hole of dumbassery - one that survives on an industry that the governor is trying really hard to run out of town.
“The Free State of Florida” is definitely a “brand”.
Going to Disney (the most benign thing ever for 50 years) is now a political choice.
Sad state of affairs.
There’s so much truth to this.
It’s the old joke replayed over and over.
Q: ‘What’s something rich people THINK is classy but poor people KNOW is trashy?’
A: ‘Florida’
Fun Fact: Floridians who frequent the mountains of western NC are commonly called "Floridiots" by locals, per the routine and persistent behavior of these visitors. Common courtesy and humility are not their forte.
This applies to commercial real estate as well. Insurance cost is making it difficult to invest there.
People in Destin are liable to get an ass-chapping once a decade
Interesting that others have also noticed that they are some of the slowest individuals you will ever meet. I’m not talking about the white head retirees who move down to Florida, I’m talking the born and raised in Florida folks. Have a conversation with them sometime and you will think to yourself ‘did they even pass middle school?’ Fine places to retire (minus the whole hurricane part), horrible place to raise a family. (For context, currently their student/faculty ratio is 17:1 in schools, NJ which we all know is in the midst of a teacher shortage, is still in spite of the shortage at around 12:1 student/faculty ratio). Point blank families from Florida get screwed all the way around, and only start to see some of the benefits once they retire
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Millennials have also stopped moving there as they realize the climate is changing and hurricanes are becoming more prevalent. It used to be Miami was the ‘Hot Spot’ for young people to move to, these days if they go to Florida they are moving to Tampa and Jacksonville away from the Atlantic coast.
In short, Florida just sucks. The entire appeal of the state is tied to one company and the governor seems hell bent of going to war with that one company.
Unrelated but do you live on Pinehurst? A couple buddies and I are going this fall for a long weekend, paid the premium to play #2 because you have to play it.
We’re also planning on hitting Tobacco Road the day we leave. Anywhere else we should check out?
Jacksonville is right on the Atlantic coast. I don't know if the Atlantic or Gulf coast is more prone to hurricanes but I'd guess the Atlantic gets hit by more.
Lived there (on #3) for two decades but migrated west to Boone a few years ago. Fall is the best time to visit Pinehurst, the high season for golf, so book tee times asap. I served as a marshall at a few men's and women's US Opens while there. Great experiences. If you love golf, you'll love that area. Check out Pine Needles, too, in So Pines. For more, see: https://www.homeofgolf.com
Another reason not to live in Florida.
www.wesh.com
Florida health officials issue warning about flesh-eating bacteria after 2 dozen cases confirmed
This year, there have been 25 reported cases and five deaths since January 2023.
www.wesh.com
No idea why you would voluntarily move to a jungleAnother reason not to live in Florida.
Florida health officials issue warning about flesh-eating bacteria after 2 dozen cases confirmed
This year, there have been 25 reported cases and five deaths since January 2023.
Do we need more? Can't believe I missed some Florida bashing. Have visited all over the state and apart from Key West, would be happy to never go to Florida again, but I have to since my dad has been in Vero since about 1995 and my sister moved there about 8 years ago and my brother is considering moving there. Vero isn't terrible, but Florida is just so hot for 9 months out of the year and never gets snow, has almost no interesting topography (I don't count swamps, lol), has no seasons to speak of, has insects the size of pets and killer gators, and is full of people older than us who can't drive and probably has the highest batshit crazy population on the planet. Plus the restaurants and cultural attractions suck compared to being in NJ (and close to NYC/Philly) and it's 1000 miles from Rutgers. I just don't get the attraction. Rant over.Another reason not to live in Florida.
Florida health officials issue warning about flesh-eating bacteria after 2 dozen cases confirmed
This year, there have been 25 reported cases and five deaths since January 2023.
Meanwhile this guy lives in California. Glass houses and all.Another reason not to live in Florida.
Florida health officials issue warning about flesh-eating bacteria after 2 dozen cases confirmed
This year, there have been 25 reported cases and five deaths since January 2023.
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