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Heritage Hill Home Tour Oct 1/2

publius

By publius
in Grand Rapids

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publius Unincorporated Area

publius

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Here is the info on the HH sites available on the tour this weekend...

Includes some Hillmount condos apparently...

http://www.heritagehillweb.org/tour05_details.htm

I checked out available rental units on the HH website just out of curiousity--its a very large number.

Twould be nice if about half of those were converted to condos also--

:)

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GR_Urbanist Burg

GR_Urbanist

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I checked out available rental units on the HH website just out of curiousity--its a very large number.

Twould be nice if about half of those were converted to condos also--

:)

Actually it would'nt. A fair number of us live in those rentals because we cannot afford to live anywhere else and they allow us to go to our jobs and go to school in the downtown area without having to drive from some far out suburb. It would be nice for those to remain available for that pourpose instead of being turned into condos for yuppies. :huh:

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GRDadof3 Ecumenopolis

GRDadof3

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Actually it would'nt. A fair number of us live in those rentals because we cannot afford to live anywhere else and they allow us to go to our jobs and go to school in the downtown area without having to drive from some far out suburb. It would be nice for those to remain available for that pourpose instead of being turned into condos for yuppies. :huh:

Condo doesn't always equal yuppy. Just look at Hillmount, starting around $60 - $70K. With the standard tax deduction for mortgage interest, I can't imagine the payment would be more than $5 - 600/mo?

BTW: just for illustrative purposes.

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fluffy Whistle-Stop

fluffy

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Actually it would'nt. A fair number of us live in those rentals because we cannot afford to live anywhere else and they allow us to go to our jobs and go to school in the downtown area without having to drive from some far out suburb. It would be nice for those to remain available for that pourpose instead of being turned into condos for yuppies. :huh:

Yeah dood, I ain't no yuppie and I would love a condo downtown. I can't wait to get one, actually. My wife is working 2 jobs and going to school while I am working 2 jobs as well. Affordable suburbs? F-that, I pay $700 a month to live in an apartment in the burbs. The burbs suck.

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GR_Urbanist Burg

GR_Urbanist

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Condo doesn't always equal yuppy. Just look at Hillmount, starting around $60 - $70K. With the standard tax deduction for mortgage interest, I can't imagine the payment would be more than $5 - 600/mo?

BTW: just for illustrative purposes.

Thats all fine and good if you want to buy the place, but for those of us who are starting out or college students who do not want a morgage, it is a non-starter. Maybe it isnt all for yuppies, but if you talk to the people who have been losing their apartments for the ever increasing number of condos in this town, i'm sure their not all too big on the idea of making more.

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allbusiness Whistle-Stop

allbusiness

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Condo doesn't always equal yuppy. Just look at Hillmount, starting around $60 - $70K. With the standard tax deduction for mortgage interest, I can't imagine the payment would be more than $5 - 600/mo?

BTW: just for illustrative purposes.

I wondered, so I calculated: A $70,000 mortgage, with 20% down ($14,000) at 6% for 30 years is $335.75.

That's pretty darned affordable. If you can get it for zero down, it's just $419.69. Better yet, take it out for 15 years and pay only$590.70.

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GRDadof3 Ecumenopolis

GRDadof3

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I wondered, so I calculated: A $70,000 mortgage, with 20% down ($14,000) at 6% for 30 years is $335.75.

That's pretty darned affordable. If you can get it for zero down, it's just $419.69. Better yet, take it out for 15 years and pay only$590.70.

I doubt many people are going to have 20% down in that price range, but still the payment is not bad. And don't forget that you are figuring after tax dollars ;) That's probably an interest deduction of about $5000.

Hey publius, thanks for the heads up. I forgot that it was coming up again.

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publius Unincorporated Area

publius

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Actually it would'nt. A fair number of us live in those rentals because we cannot afford to live anywhere else and they allow us to go to our jobs and go to school in the downtown area without having to drive from some far out suburb. It would be nice for those to remain available for that pourpose instead of being turned into condos for yuppies. :huh:

I understand gr_urbanist, and hey I've been there...

When I was a student, one of my good college buddies borrowed $5000 from his parents, bought a house, and rented it out to eight of us (four upstairs, four downstairs). I was very sceptical, but by the time we all graduated, my student friend owned 30% equity in the house, and had a tidy profit to apply to his next house...

I learned my non-college undergraduate lesson well, and tried the same thing in graduate school--it worked for me also--I had a tidy ownership profit now as well...

Now everyone is different, and some folks are more averse to risk than others. And I do think you have to be a bit of a handyman to be cost-effective at this(or motivate tenant to do some repairs themselves in exchange for rent). But one thing I never tire of telling folks is that they should always take the time to look into options for buying, rather than renting, as early as possible in their life. Its easier to own property in this country than anywhere else on this earth, and the earlier you can manage it the better. Its a classic way of getting ahead early on...

By the way, I am NOT a realtor, lol

:)

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twoshort Town

twoshort

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I wondered, so I calculated: A $70,000 mortgage, with 20% down ($14,000) at 6% for 30 years is $335.75.

That's pretty darned affordable. If you can get it for zero down, it's just $419.69. Better yet, take it out for 15 years and pay only$590.70.

$70,000 doesn't get you much there, I've looked.. but perhaps the person showing me around didn't know what they were talking about. It wasn't acarlton, I know that.

Anyways $70k with 0 down means PMI.. so with PMI, taxes, and insurance you're looking at about 660ish a month. And like I said $70k doesn't buy much. No, I'm not a mortgage person nor am I affiliated with Hillmount.. I just like my spreadsheets:)

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GRDadof3 Ecumenopolis

GRDadof3

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$70,000 doesn't get you much there, I've looked.. but perhaps the person showing me around didn't know what they were talking about. It wasn't acarlton, I know that.

Anyways $70k with 0 down means PMI.. so with PMI, taxes, and insurance you're looking at about 660ish a month. And like I said $70k doesn't buy much. No, I'm not a mortgage person nor am I affiliated with Hillmount.. I just like my spreadsheets:)

I saw on the realtor site that they had 2 listed for about $70K (efficiencies, but still not bad).

Banks usually don't do PMI anymore (since its a total scam), and will usually set you up with an 80/10/10 or 80/20. Don't ask me exactly what that means :P , but I have some mortgage co. friends that tell me it's way better, and you can get an escape hatch (pay off the equity line) sooner than PMI.

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twoshort Town

twoshort

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I saw on the realtor site that they had 2 listed for about $70K (efficiencies, but still not bad).

Banks usually don't do PMI anymore (since its a total scam), and will usually set you up with an 80/10/10 or 80/20. Don't ask me exactly what that means :P , but I have some mortgage co. friends that tell me it's way better, and you can get an escape hatch (pay off the equity line) sooner than PMI.

Yeah an 80/20 in this case doesn't save the consumer a whole lot... but I suppose the bank would be more apt to do this because they can collect the higher interest rate on the 20% portion.

Go take a look at their effeciencies... I just have a hard time thinking I could re-sell a closet for $70k+. But I suppose crazier things happen in Manhattan and even if you break even you weren't throwing away money on rent.

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svs650k3 Whistle-Stop

svs650k3

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Go take a look at their effeciencies... I just have a hard time thinking I could re-sell a closet for $70k+. But I suppose crazier things happen in Manhattan and even if you break even you weren't throwing away money on rent.

If I was still in college I would love one of the studios they are selling. They are bigger than normal college dorm rooms and most likely cheaper than room and board at the university. Plus you've got a kitchen and your own bath. I guess time will tell on hillmount, sources tell me that they have about 60 reservations currently.

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twoshort Town

twoshort

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If I was still in college I would love one of the studios they are selling. They are bigger than normal college dorm rooms and most likely cheaper than room and board at the university. Plus you've got a kitchen and your own bath.

That's the perfect way to look at it. I didn't think of it like that.

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