r/RealEstate:

u/MonoEqualsOne

Thats HUD – government funded housing. It has to adhere to strict guidelines because its government housing. Literally does not apply to people listing their single family home. Be careful how you write the listing – This is some realtor pushing bullshit. Trying to get some old person to go get a realtor because they read once on the internet you can get sued for writing a SFH listing wrong, gtfoh Edit: lots of misinformed people in this comment section. HUD is not The Fair Housing Act of 1968. And the Fair Housing Act usually only covers 4 or more unit apartments
u/MonoEqualsOne

You say west coast bubble city, so Ill assume the land is valuable, in a decent area, and their for developable by some developer type, maybe affordable/attainable housing (tho I will say if it was zoned for MF, and theres only a single story, slab on grad foundation, idk why a developer hasnt come a knocking yet.) If its in a location desirable for developer – start the process now. Reach out to the city if you want to be a part of an affordable housing MF. If you want to maximize cost, look up the allowable density, call the city and see what the likelihood of raising the density/height of the zoning and lowering the required zoned parking, now you know what you got. Call a MF land broker, WALK THEM THRU IT – its zoned for this, but I talked to the city and we can use a waiver to raise the density. Selling to the right person and being flexible with terms, will get you the most money for the property. Also, keep in mind, developing MF on the west coast is a process, even mid tier cities due diligence is going to take 90-120 days, then any rezoning is likely 180 days, a lot of these deals take over a year to complete
u/MonoEqualsOne

This is the move. I was on a 4 + middle lane 40 mile an hour road. Most people drove it at 50. Moved when Covid hit as we sold quick but it sat on the market a while before we picked it up at a discount.
u/MonoEqualsOne

I bought a home with two unpermitted rooms, a garage conversion and a sunroom. I never could get a straight answer from the insurance company if the unpermitted work was covered in the event of catastrophe but they never specifically said it wasnt, so I bought and then sold it with no issues 1.5 years later. Maybe someone can mention what the law/insurance company protocol is in this situation.
u/MonoEqualsOne

Rates going down to 4/5% and home prices increasing 10-20%.
u/MonoEqualsOne

By far the worst issue with old homes is cast iron sewers. These last 25-75 years depending on soil makeup and use factors. A have deteriorated sections and they are expensive to fix. Home built post 1990 (and as early as the 80s) are built with plastic sewers (I forget the specific type). These systems will last almost indefinitely if not disturbed by an external force. My personal take is craftsmanship was better back in the day but homes are built to better codes now (think electrical). If I found an old home with new electrical and a new sewer, Id go for it in a heartbeat.
u/MonoEqualsOne

Lmao everyone freaking out in the comments. You got 1,500 a month left over, after ALL expenses, right? New cars assuming the payments, right. Bro, youre fine. I mean if you have absolutely no family that would help you out in a pinch, idk maybe Id want that additional $700 a month but if you do get that 1,500 a month and have the will power to save up your emergency fund before vacations/other shit, youre fine.
u/MonoEqualsOne

A theoretical one were a mass extinction event occurs, prob by war, or maybe an asteroid (asteroid detection and elimination seems like a better plan than living in a shit hole like mars). Mass casualty events aside, expect the US to be Europe when it comes to houses.
u/MonoEqualsOne

Two years ago I sold a home purchased in 2019 for 280 for 420. Awesome except when I bought back into the market. Ended up in the smallest home in my community, paying much more than all my neighbors did back 5 years ago when they bought. But thats the thing, they bought before the market took off. Nothing I can do about it if I wanted to live in that specific neighborhood which I did. Now, two years later, housing prices have climbed significantly again and sitting pretty. Dont sweat it. Make it the home you want. Unless youre a flipper, youre going to be in your home two years and by that time your property value will have increased and youll have more equity. Youre good. Edit: smaller homes tend to appreciate more than larger homes in the same area
u/MonoEqualsOne

I want to say sorry, this is a shitty situation but you arent all that fucked. Ive worked with guys that demo asbestos without PPE (unless higher ups/city inspectors were around). Not everyone gives a huge shit about this and its normal And most likely present in every house around you. First home I bought had old electric, lead paint disclosure, electrical panel in the mud room and unpermitted enclosed carport, it was a starter home, fuck it, made +50% on it. Everyone whos lived on an old campus during college lived in homes with lead disclosures. Some poster said – fix whats broke and put it on the market. This is what Id do. Next time dont look for anything you arent prepared to fix. You only got to disclose what you know.