I accidentally sold our house today (my husband is going to KILL me)

[Dee*Jay]

Well I just drove all over creation and there is the *possiblity* of a neighborhood that I would be willing to live in. I think I will take the HH over there and drive around a bit to see if his head explodes or anything like that, and if not I''ll start looking at listings. The good news is I can access the MLS from my blackberry so even if we came across something randomly I can look it up on the spot.

Smitcompton, that you for pointing out Realty Trac. Having done a few foreclosure and short sale transactions with clients I don''t think I would do one for myself. The process itself that you have to go through with the bank is pretty ridiculous, and I find that a smart shopper would likely have gotten just as good a deal with a strong negotiation on a regularly listed unit minus all the trauma/drama from the bank. Don''t forget, these properties are assets that the bank can carry on their books at only a slight discount from market value so they often do not negotiate as much as one would think. Also, they often leave the listing active until literally the moment of closing so there is always the danger that a better offer will come in and trump yours at any time. As if a home closing isn''t stressful enough without lying awake at night waiting to hear whether your deal is being swept out from under you. Talk about ACK! LOL.

 

[perry]

Ha... Another house.... So where will it end.

I think renovating the warehouse is a great possibility. It should be large enough so that both you and your husband can get exactly what they want. I would also build it as handicapped accessible and with handicapped accessible layout inside (on the ground floor). This plans for the future - and future salability.

Given that the construction market is down you should be able to get your choice of contractors to do the work as well.

Perry

 

[Dee*Jay]

Perry, good point about the ADA. The building was built as commercial space, but I did measure the entry doors the other day (they are 36"), and there is actually an elevator, but I can''t remember if it goes to all of the floors or only the first two. One of my best friends is a contractor and he is just brimming with ideas about what to do there. The first idea is a complete redesign of the staircase to the tune of $75K... Ouch. Oh, and there is only one bathroom at this point (we would have to build out three more), and there is no kitchen (there is a fridge but it would not meet with the HH''s approval), and the floors are some crazy hand honed birch but they are worn in certain spots so R. (my contractor) said we''ll just rip those up and put new ones down, and the first floor is heated with sola tubes from below, but my contractor doesn''t like those either... And the list goes on... Maybe I don''t need to worry about my husband moving with me because I''m going to need to marry a sultan to be able to afford this renovation anyway, LOL!

 

[perry]

I forgot to mention my thoughts on the commercial zoning.... I''d build a second door to some rooms that resembled an office layout or small store at one end that could clearly be closed off from the house (with just a door access).

That would be a potential home based business location in the future (that clearly meets the IRS requirements for separate work area). For now, use it as bedrooms or some such (perhaps a guest suit).

The concept that your house is also commercially zoned has real possibilities (and if not to you - then to future buyers).

With higher energy prices - I see a lot more home based business in the future. Perhaps you would have your own real-estate office there.

I don''t think you would need to marry a second husband. Just buy less bling for a year or two... (I know the concept is hard - but nothing worth doing is easy).

Perry

 

[Dee*Jay]

Perry, sometimes I swear you read my mind! I have a corporation that I flow my real estate business through, and I''ve already talked to my accountant about "renting" space to myself. My contractor said he will also put a desk in there for his corporation (he doesn''t need to do that, but we spend so much time together anyway he might was well have an office of his own rather than tying up my fax machine all the time!). There is a logical place to break the space, so the desks could go in the front by the windows and then have a large family room behind with a door that leads to the bathroom (which is also ADA compliant, BTW) and the three car garage.

Boy... I''m starting to sound like I might do this, aren''t I?

 

[bee*]

I''m still giggling after seeing the title of this thread! It definitely sounds like you''re going to do it Dee*Jay! Best of luck finding the new house!

 

[perry]

Date: 7/4/2008 12:33:31 PM
Author: Dee*Jay
Perry, sometimes I swear you read my mind! I have a corporation that I flow my real estate business through, and I''ve already talked to my accountant about ''renting'' space to myself. My contractor said he will also put a desk in there for his corporation (he doesn''t need to do that, but we spend so much time together anyway he might was well have an office of his own rather than tying up my fax machine all the time!). There is a logical place to break the space, so the desks could go in the front by the windows and then have a large family room behind with a door that leads to the bathroom (which is also ADA compliant, BTW) and the three car garage.


Boy... I''m starting to sound like I might do this, aren''t I?

I think it is important to have a separate outdoor entrance to the "office space" - and you might consider a separate 1/2 bath as well. Allows for your clients to visit without having to be in your house.

Also, remember to have a good secure safe room for bling and other things (personal safety retreat as well).

As far as you doing it.... I suspected as much as soon as I read your mention of it. Something about the tone... Of course, I also think in terms of personal business options as well - and knew that they would apply to you too.

Perry

 

[fatafelice]

First, I love the title of this thread!!!

Second, I would do it! But I could be biased, because my little house has been on the market since October, and we only got one actual offer (fingers crossed that their financing comes through and we can close in August). Seriously, it sounds like too good of a deal to pass up (as long as hubby can be brought on board). And I selfishly want you to go the commercial biulding route, because I want to live vicariously through you as you renovate.

 

[Dee*Jay]

Well... the decision has been made... to stay. (At this point.) I spent the whole weekend dragging the HH all over town to look at different neighborhoods and view a ton of properties, and the only thing that even remotely does it for me is the commercial space. There are a couple of problems with it: it would be a of $$$ to buy in the first place, but then I would have to put A LOT MORE cash out of pocket into renovating it, and because it's commercial space I wouldn't even be able to get a traditional long term mortgage on it. Plus, there is a dog boarding service right across the alley in the the back, so when we were out on the main deck we would hear all these dogs (they let them play together as a pack) and I'm afraid it would make The Demon CRAZY.

So, really, what I would be gaining is a property that is no longer part of an association, but I would be losing the security, location, gym and pool, receiving room, dry cleaners, and the sanity of my husband (although one could argue that went out the window long ago!).

You should have heard the poor agent when I called to tell him this morning that I wasn't going to sell to his cleint; I thought he was going to cry. "But Mark will ONLY live in KP -- can we just give you more $$$?" I wish it was that easy! I did promise to watch every new thing that comes on the market and if anything appeals to me I'll see if he's still interested in making a deal... but as of right now I'm staying.

Thank you all for your support. I may not be entirely done with this adventure, depending on what comes on the market in the very near future, but I am most likely staying put.

Oh well--off to call the contractor to get those two other bathrooms renovated... and the staircases redone... and all the trim and doors replaced... and... !!!

 

[Linda W]

LOL DJ, I bet your hubby is happy you are staying put.



Linda

 

[Rhea]

Sounds like a happy ending! I bet your husband is thrilled you''re staying put for now.

 

[mrssalvo]

Date: 7/7/2008 1:12:05 PM
Author: Linda W
LOL DJ, I bet your hubby is happy you are staying put.

I was thinking the same thing