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Thread: Well, maybe I won't be building a house

  1. #21
    Senior Member rdf's Avatar
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    Buy it by Dec 1st and you'll get an $8,000 tax break if it's your primary residence. It's part of the stimulus plan passed last month. If you pay no income taxes, then from what I read, you still get it. Uncle Sam will just cut you a check for 8 grand. Only applies to homes purchased this year up until Dec 1st. Notice it's not Dec 31st, but the 1st.

    As to additions and decks and patios, I'd do it for you Joe, but you're a philly fan

    Seriously, don't forget about the tax break. You can even apply it to your 2008 earnings/taxes, whichever will work better for you financially...but you'd have to file the form to defer doing your taxes for 2008 via the IRS if you want to use your 2008 income as the base for the tax break. Good luck buddy.
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    Thanks!

  2. #22
    Thanks guys. Ok, so an after market ramp from say spin life is gonna be the way to go if at all possible, that is if they can't do everything level.

    Hey, is it easier for them to just do everything level?
    And the truth shall set you free.

  3. #23
    Depends on code. I couldnt here, because of water drainage etc. I have 1 step into frt door then one step in garage w/ ramp.

    Get this, i approved the plans prior to my foundation being poured, i changed the layout of entire mast bath, long story short they poured w/ the toilet stack on the other side of the bathroom, where it originally was. Not where i approved it....i caught it on 1st walk through, had to be jackhammered up and moved then repour that area. They offered to do anything and everything, i said hell no, bust dig it up and move it. The forman was let go the following week.......

    Always stand your ground
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  4. #24
    if it were me, i wouldn't label anything "accessible" or even push "universal design."

    "barrier-free" is the way to go, imo.

    agreed w/ the others... be firm. you're the boss. you write the checks.

    oh, and get everything in writing.

  5. #25
    Thanks Scott and belated congrats. She's lovely! Luv dimple!!!
    And the truth shall set you free.

  6. #26
    Senior Member lynnifer's Avatar
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    Yes, beautiful couples photo, Scott - you guys are going to have cute babies!!!

    I couldn't express or agree more with GET IT IN WRITING.
    Roses are red. Tacos are enjoyable. Don't blame immigrants, because you're unemployable.

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  7. #27

  8. #28
    decaf, i would be extremely careful about putting any money down or buying anything mew or even in a new unfinished community.
    'there are so many builders going bankrupt, and they will take your down payment today and go belly up next week.
    also in new development if the builder has problems, like they all did this year, the amenities are built last and they will never get finished, so instead of tennis courts and swimming pools you have a pile of dirt.
    sidewalks are put in last many times also.
    if the development is finished and full, but if the people paid more than the house is worth, which would be any development in the metro area finished in the last 5 years, the chance of neighbors foreclosing is huge.
    your value dives, and you also have to pick up the common charges that they are not paying.
    the only place i would buy in this are is in a old established neighborhood with most of the houses single family and not flippers, people that have a connection to the community, that rules out out all these new developments.
    who is the builder??
    cauda equina

  9. #29
    Its MI homes in Maineville OH. The community is 85% finished. All the parks courts, common areas etc are complete and have been for approx 7 years. There are literally less than 20 plots left to build anywhere in the community.

    Here's the last PR statement from news wire:----



    COLUMBUS, Ohio, Feb. 5 /PRNewswire-FirstCall/ -- M/I Homes, Inc. (NYSE: MHO) announced results for its fourth quarter and year ended December 31, 2008.

    For the 2008 fourth quarter, the Company reported a net loss of $75.4 million, or $5.38 per share. This loss includes $52.9 million of inventory pre-tax charges and a $29.0 million after-tax expense for the FAS 109 increase in the Company's deferred tax asset valuation allowance. In 2007's fourth quarter, the Company reported a net loss of $70.9 million, or $5.06 per share, including $109.2 million of similar inventory pre-tax charges.

    The Company reported a net loss of $250.3 million for the year ended December 31, 2008, or $17.86 per share, compared to a net loss of $135.4 million, or $9.69 per share for 2007. For the year ended December 31, 2008, the Company recorded $158.6 million of pre-tax charges for inventory impairments and abandonments and a $108.6 million after-tax non-cash valuation allowance against its deferred tax assets. This compares to pre-tax charges in the same period of 2007 of $210.9 million and a tax benefit of $58 million.

    New contracts of 1,879 for the twelve months ended December 31, 2008 were 25% below 2007's 2,513. New contracts for 2008's fourth quarter were 339 compared to 322 in 2007. The Company's cancellation rate was 31% in the fourth quarter of 2008, compared to 49% in 2007's fourth quarter. Homes delivered for the twelve months ended December 31, 2008 were 2,061 compared to 2007's deliveries of 3,288. Homes delivered in 2008's fourth quarter were 554, decreasing 47% from 2007's fourth quarter 1,042. The sales value of homes in backlog at December 31, 2008 was $139 million, with backlog units of 566 and an average sales price of $247,000. The backlog of homes at December 31, 2007 had a sales value of $233 million, with backlog units of 748 and an average sales price of $312,000. M/I Homes had 128 active communities at December 31, 2008 compared to 146 at December 31, 2007.

    Robert H. Schottenstein, Chief Executive Officer and President, commented, "Clearly these are very difficult times for homebuilders. The combination of weak demand, falling home prices, historically low levels of consumer confidence, mounting foreclosures, and the increasing recessionary pressures dominating the overall economy have resulted in what many regard as the most severe housing recession in decades. After experiencing challenging conditions throughout most of 2006 and all of 2007, market conditions further deteriorated in 2008. Despite the significant headwinds we faced, we made progress in 2008 in a number of key areas. We generated $148 million of cash during 2008, reduced our homebuilding bank borrowings from $115 million at the beginning of 2008 to $0 at year end, and ended 2008 with $33 million of cash. Our homebuilding net debt to capital ratio is 32% -- one of the lowest in the homebuilding industry. We also successfully reduced our expense levels, lowered our headcount by 41% from a year ago, and reduced our owned lot count by 40% during the year. We continue to take steps designed to generate cash flow and strengthen our balance sheet."

    Mr. Schottenstein continued, "Looking ahead into 2009, we expect market conditions to remain difficult. Accordingly, we will continue to employ a predominantly defensive operating strategy -- focusing on our balance sheet and our liquidity. We currently have $333 million of net worth, recently amended our bank credit facility, and have no debt maturing until 2012. This provides us with additional flexibility in these difficult times. At the same time, we will continue to focus on key offensive initiatives that we believe will position us for the eventual turn around in the homebuilding industry."

    The Company will broadcast its earnings conference call today at 4:00 p.m. Eastern Time. To hear the call, log on to the M/I Homes' website at mihomes.com, click on the "Investors" section of the site, and select "Listen to the Conference Call." The call, along with any applicable reconciliation of non-GAAP financial measures, will continue to be available on our website through February 2010.

    M/I Homes, Inc. is one of the nation's leading builders of single-family homes, having delivered over 73,000 homes. The Company's homes are marketed and sold under the trade names M/I Homes and Showcase Homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Chicago, Illinois; Indianapolis, Indiana; Tampa and Orlando, Florida; Charlotte and Raleigh, North Carolina; and the Virginia and Maryland suburbs of Washington, D.C.

    Certain statements in this Press Release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities and various governmental rules and regulations, as more fully discussed in the Risk Factors section in the Company's Annual Report on Form 10-K for the year ended December 31, 2007, as updated in the Company's periodic filings on Form 10-Q. All forward-looking statements made in this Press Release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this Press Release will increase with the passage of time. The Company undertakes no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.


    Quote Originally Posted by metronycguy View Post
    decaf, i would be extremely careful about putting any money down or buying anything mew or even in a new unfinished community.
    'there are so many builders going bankrupt, and they will take your down payment today and go belly up next week.
    also in new development if the builder has problems, like they all did this year, the amenities are built last and they will never get finished, so instead of tennis courts and swimming pools you have a pile of dirt.
    sidewalks are put in last many times also.
    if the development is finished and full, but if the people paid more than the house is worth, which would be any development in the metro area finished in the last 5 years, the chance of neighbors foreclosing is huge.
    your value dives, and you also have to pick up the common charges that they are not paying.
    the only place i would buy in this are is in a old established neighborhood with most of the houses single family and not flippers, people that have a connection to the community, that rules out out all these new developments.
    who is the builder??
    And the truth shall set you free.

  10. #30
    its nearly done. ok what i did. give 1/2 of whatever ernest they want at contract signing and other 1/2 after its framed. i put 10k down. 5k at signing and 5k when rough framed. they didnt want to do it, i said no deal then, they quickly changed their mind,. YOU SHOULD BE ABLE TO PUT LESS DOWN, THEY WANTED 10% AT FIRST, I SAID NO. I would do say 5-6k on 110k home.

    put everything in your contract, mine had an additional 10 pages in addendums..

    something else, be sure your working w/ a good loan company, because that pre approval you have is no guarantee in 5mths, trust me , im in the business, most companies dont like giving those out anymore. that is no guarantee, its just based on your scores/income/dp, its not a loan. programs change daily. fwiw, i wrote my own loan through countrywide, yes i did it myself. try them, they are strong w/ "a" paper still. your developement is a PUD.
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