Tuesday, May 28, 2013

Oh yeah. That's completely normal.

I honestly think car salesmen are better than real estate agents. Car salesmen at least are not always trying to become your BFF. Having said that - I have a new BFF.

Remember a while back I was doing yard work and an agent was walking my neighborhood trying to find houses to sell? I was chatting him up to get info, but now every couple of days I find envelopes on my porch with comps for my crapshack. Today the guy was clever enough to just plug in my primary residence, and viola! He knows exactly where my rental is. I'm sure he did this right away, but his envelope today erased any mystery. So he's been sending me comps for it - because houses in that range are hot hot hot. Let me tell you how hot.

Last year in October I tried to refi my rental which I call a crapshack because I basically gutted it. I had about 10 to 30 grand in equity. The house was worth about 450 grand at the time. The bank told me they would never refi me at that time because the house was not owner occupied. I could have had 100% equity and it would not have mattered. I remember it vividly because I almost lost my shit. It just burned really bad to see deadbeats getting refi'ed and they were giving responsible people the finger.

In January again I tried for a refi and they granted it that time. Which makes the rest of what I tell you a mind fuck. I'm borrowing money about as cheaply as you can get it for that house.

Today's bit of news is a comp right down the block from my crapshack. It went pending in 4 days. List price? 599.942. Got that?

All things relatively equal - that is a bump of about 150 grand in 6 months. My crapshack is about 100sqft smaller.

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