Digital Masta wrote: ↑Thu Mar 03, 2022 3:11 pm
Do you mean that in terms of the hoops you have to go through to pay that amount?
Hopefully, de-fi will grow to a point where that won't be as much of an issue.
Also, I guess your tenant found that money.
We are buying new construction...and unlike our other homes -- we had to get a mortgage first (because we didn't want to rent at $25k/yr anymore...plus with this market -- we expect the costs to go up further when our lease expires in June) -- and we don't have enough cash on hand to purchase 100% down again. We plan to pay off this inflated mortgage in 4-5 years.
Anywhoo...
the house is about 80% built -- so there was initially a $10k deposit to finish it by April. Essentially, we put in an offer...they said if we can do the $10k deposit -- they would make it happen that same day
We said deal...but can't sign the paperwork until that afternoon after work...they said OK.
That night -- when we signed the paperwork and submitted everything -- they said -- "We actually got 2 other offers...we are seriously considering them and will get back to you in the morning"
WHICH WAS HORSESHIT!!
My wife and I talked -- and if they said we need another $5k -- we were gonna tell them to eat a dick, kick rocks. I would pray that they eat spicy food and it burns their asshole!!
The next morning, they said someone actually beat our offer price -- BUUUUUT -- because they wanted a $20k deposit instead to finish it out (this all gets applied to purchase price in the end)...we are getting a chance -- so we said YES. CASH IS KING!!
[This was a Monday night to Tuesday morning]. Originally, they said $10k, 3 days after signing the contract to purchase...but now they said they wanted $20k ASAP. I said...Oh....well...I easily have $20k in cash at just about any given moment. It will take me 30 secs to move the money...Will you take a personal check? They said...NO...we want the money wired directly to our acct. I said OK...but I wont be able to get to the bank until Friday (my day off). They said no...we need it by Wednesday. I said....but you told me...3 days after signing the documents...and YOU haven't signed the documents [this was Tuesday]. They said...well...we need to order this stuff ASAP because the world is on fire. I said...well OK...send me wiring instructions.
They went silent for the rest of the day.
They came back and said -- actually....a personal check is fine. When can you bring it? I said - Friday. They said what about Wednesday? I said...today is Wednesday and it's 7p -- NO. They said what about Thursday? I said -- I work M-Thurs...Friday? They said what time?I said --I'm off Friday...so 10a? They said no...too late...I said OK...Friday 9a? 8a? 7a?6a?.......5a? They said no...Thursday is best for us. I said -- IDGAF what's best for you...I'm giving you $20 stacks. Then another half a million!! SHIIYYIIIT -- tell me you are gonna give me 20 grand and I'll be there...rain/sleet/shine. I make good money...but not $20k/day. They said Thursday afternoon...5p? I said sure (they are actually coming alllllllllll the way to me. To the grocery store I live by...to get the check).
I asked why they didn't want the wire transfer. Well....apparently they've had issues with wire fraud...and wire takes days to process...vs a check which gives them partial access to the money immediately.
Either way -- this house probably gets us 90% of what we want. I get 1.05 acres of land (means a work shed, space to build a boat, space to do a aquaponic/hydroponic garden + fish pond, plus raise garden beds...my wife wants chickens...then my wife gets 5 beds/3.5 baths/3 walk in closets/ and new construction). I am not excited about the Whirlpool appliances....but oh well. I am excited about a gas stove and enough service to upgrade to a tankless water heater...and the covered back porch (I will screen it in myself).
Past that -- I liked the oversized garage....the finished bonus room..PLUS the unfinished bonus room. The covered back porch...and we have a stream that runs through the edge of our property. Looking at it...and due to my country roots -- I bet it's filled with crawdads!! We will find out soon enough -- I'll revisit in 60 days.
I plan to wait 30 days...then seriously try for #2. My wife has been bringing it up lately...and truth be told...I don't like it. It makes me feel used. She only wants my DNA ATM..not my body -- which I have been beating into shape with pull ups, push ups, crunches, squats, rowing, and 10+ miles/day of cycling. But seriously need to clean up my diet
Talked with the mortgage officer -- we already have enough cash on hand to pay 3x the down payment. Gonna sell more funds just because...