I bought a house!

[Hetzer7]

Former Construction guy here/ Large Loss Property adjuster now..........Yep, its a cleanout for the sewer lateral that leaves the house and runs to the street. By the looks of it...its a fairly new one, they use to be made from cast iron.....It leads me to believe that at some time there was an issue with the lateral that leaves the house, and repairs were done to it.....which again is a good thing, because having to jack hammer the sewer lateral out of the concrete inside your home if it collapses can be a messy nightmare......the cast iron pipes would react over time with the lime in the concrete and it would speed up the deterioration of the pipe.....also happens with copper lines that are run thru concrete.....many times you dont know you have a problem until your water bill is off the wall...or the broken lateral has washed out so much soil under your slab that it starts to crack. Then again it may have only been repaired in the yard, in which case your lateral is still the same one in the home. I say that because your home is very similar to "Levittown" type construction we have here in PA....and I dont see any signs of a basement where the lateral would be located.....

Hey Serenity, if you ever have any questions regarding homeowners insurance / claims and such, dont hesitate to give me a shout.....Ive helped a few guys here who had questions on their homeowners claims/policy with good results.

well it sounds like you know your sh*t......


<S> Hetz

[mbailey]

well it sounds like you know your sh*t......

(Image removed from quote.)
<S> Hetz

 

[Thruster]

Mazel Tov.

As important as it is to own part of this planet it's not hard to get in over your head. Looks like a nice starter. Bailey's right. It's been a long time but I believe a septic clean out would also have a vent. PVC sticking up out of the ground (especially with tenants) seems like an accident in waiting. I'd do something. Plant a bush, light pole, something. Just a matter of time before it gets hit.

That mildew is part of southern living. If anything, pave around it or put rock down. It's the dirt splashing on the walls along with constant humidity that causes that. Wash it with bleach water and repaint. Keep it clean and above grade.

And.... The reason bi-weekly and weekly payment strategies work is the additional prepayment effected when you take a sum paid 12 times, cut it in half (or quarters) then submit that sum 26 as opposed to 24 times (52/48). Most (all?) mortgages charge no prepayment fees so it's interest free $$ you're paying back....technically. BUT you're chipping away at the back end of the note so that, like the payments you'd ordinarily make eventually adds up. Bottom line is it's a fairly painless way to pre-pay your loan. And remember, to enjoy any deduction you need to have the income to post it against. Most folks in the military don't seem to be in need of many tax shelters. Most just need gas money. If you can, get that deed.

fwiw.

[pembquist]

And.... The reason bi-weekly and weekly payment strategies work is the additional prepayment effected when you take a sum paid 12 times, cut it in half (or quarters) then submit that sum 26 as opposed to 24 times (52/48). Most (all?) mortgages charge no prepayment fees so it's interest free $$ you're paying back....technically. BUT you're chipping away at the back end of the note so that, like the payments you'd ordinarily make eventually adds up. Bottom line is it's a fairly painless way to pre-pay your loan. And remember, to enjoy any deduction you need to have the income to post it against. Most folks in the military don't seem to be in need of many tax shelters. Most just need gas money. If you can, get that deed.

fwiw.

Excellent point about the bi monthly or quarterly payment scheme. It isn't something for nothing and you don't need an intermediary to do it.
 I do have a quibble regarding "tax shelter" though. The expenses on a rental are not deductions. You do not have to itemize to enjoy the benefit of a paper loss. Even if my tax rate were zero I would rather contribute to a Roth than pay down a 4 percent mortgage and increase my income, even if I was still making too little to pay taxes with that increase.  When retirement time comes I want liquid funds not money tied up in a house that will require substantial transaction costs to liquidate at a time of unknown market conditions. To go further, if I have children I want them to inherit the house and avoid capital gains when it is sold. That last part is me I admit, I'm not a wheeler dealer.

The other aspect is that a great number of states are non recourse, meaning that foreclosure ends a borrowers liability, in the event something goes wrong and you cannot make the mortgage you would be better off not having paid off principal early as funds not paid in are safe from the banks claim. Further, if you are forced into bankruptcy, for whatever reason, you will be able to keep your retirement accounts. If disaster strikes would you rather have paid more money for something that is taken away? Or would you rather have that money squirreled away in a safe place?

This is all in regards to a rental property, a primary residence has different issues.

[Serenity]

Former Construction guy here/ Large Loss Property adjuster now..........Yep, its a cleanout for the sewer lateral that leaves the house and runs to the street. By the looks of it...its a fairly new one, they use to be made from cast iron.....It leads me to believe that at some time there was an issue with the lateral that leaves the house, and repairs were done to it.....which again is a good thing, because having to jack hammer the sewer lateral out of the concrete inside your home if it collapses can be a messy nightmare......the cast iron pipes would react over time with the lime in the concrete and it would speed up the deterioration of the pipe.....also happens with copper lines that are run thru concrete.....many times you dont know you have a problem until your water bill is off the wall...or the broken lateral has washed out so much soil under your slab that it starts to crack. Then again it may have only been repaired in the yard, in which case your lateral is still the same one in the home. I say that because your home is very similar to "Levittown" type construction we have here in PA....and I dont see any signs of a basement where the lateral would be located.....

Hey Serenity, if you ever have any questions regarding homeowners insurance / claims and such, dont hesitate to give me a shout.....Ive helped a few guys here who had questions on their homeowners claims/policy with good results.

Thanks bailey! I'm sure I'll take you up on that! I know this whole neighborhood got hit REALLY hard during Ivan, so I imagine a lot of the major changes were made then. I'm noticing quickly that not everything done here was done... well. The structure is great, so it seems, as is the roof and foundation, but the small things were half-arsed. I'm getting REALLY handy running round sanding edges of doorways so the doors don't stick, putting things in to seal the edges of outlets... It's mostly cosmetic/convenience, and I actually rather enjoy the projects (I'll be sitting in A-pool waiting for IFS until at LEAST January) but it really lowers my opinion of the previous owners...

[Bizman]

--- PVC sticking up out of the ground (especially with tenants) seems like an accident in waiting. I'd do something. Plant a bush, light pole, something. Just a matter of time before it gets hit.---

Just adding some ideas to safely hide that tube... I suppose a bush might even add the possibility of an accident. One day the lady of the house might take the axe and get rid of the bush, forgetting about the tube. A nice little building would do the trick more safely. According to your taste you can choose from a great variety, starting from a japanese garden temple to a small windmill, or a little hut for the garden gnome if you'd like to add some magic. Anything that's heavy enough not to be blown off and big enough not to be driven over. A natural looking tree stump made of stone, perhaps?

[GScholz]

A flak-tower!

[Dragon]

Toilet

[mbailey]

What ever you do don't plant any type of tree or bush anywhere near that pipe. The tree roots can grow into the pipe and then you are dealing with sewer back up issues...I see a couple dozen claims a year involving sewage backups caused by tree/bush roots. If it's a cast iron pipe the roots will find a way into the pipe.  Usually the roots only catch toilet paper and other debris and cause a clog. Sometimes they will actually crack the pipe and your paying to excavate it and replace it.  Not to mention when it backs up the interior of you home is now covered in dookie, sink drain water, washing machine water etc etc. All very bad stuff that is just fine inside the pipe.  

I'd leave it the way it is.  If it were to get sheered off its a quick and easy fix. And probably costed than 20.00 to fix

Glad to hear your enjoying working on your house.  I love working on mine.
Little advise about home projects......measure twice cut once  

[Bizman]

Little advise about home projects......measure twice cut once  

Sound advice! And in case you're like me, trained into nice office work instead of doing things with own hands, you'd better dump a couple of ideas in the evening in favour of a brilliant plan which you'd be doing the next day - and which you'd dump along with the used toilet paper after your breakfast! The morning meditation usually gave me the best solutions in any building problems. I'd like to add that I tore our entire upstairs to the frame, so there was a lot of planning and rebuilding. My personal favourite of successfull planning is building a bathroom - shower cabinet, toilet bowl, laundry machine and sink - into the place where used to be a door between two rooms...

[MrRiplEy[H]]

I usually measure once, cut three times then say forget it and hire a professional to do it 

[Ripsnort]

Good on ya. Rarely do you lose money on a house unless you buy in an over-inflated market. 

[Thruster]

Shrubbery's not a problem. Roots will avoid pvc and not affect cast. And just try getting anything fixed for $20. You rent that place and it's just a matter of time before it gets damaged.

Hide it but make it visible. Unless of course there's a rule against it.

[Serenity]

Shrubbery's not a problem. Roots will avoid pvc and not affect cast. And just try getting anything fixed for $20. You rent that place and it's just a matter of time before it gets damaged.

Hide it but make it visible. Unless of course there's a rule against it.

No HOA here, so I suppose there aren't any rules at all... I'm liking that fake well thing more and more, maybe through a few combat garden gnomes in for fun!

We decided to put a bar in the giant living room area, to take up some space. Gonna try to make it look real nice. I'll be making the first home depot run today to start the building.

[ap1102]

Are you in Austin? Im trying to recognize what part of town. im in Giddings now but lived in austin for 45 years.

ezrhino