Buying a house
- Thread starter Meta4iCAL
- Start date
^^this
Meta
It's not really an investment property if you are living in it.
What is your current situation now? Do you live at home, rent an apartment ect?
I'd suggest doing alot of research on property & development laws, taxation laws and market trends in real estate. For example, in Sydney it is becoming popular to buy a house, knock it down and build a duplex, rent it out and negative gear the interest on the loan repayments so the property pays for itself and you can sell it at a profit 5 years down the track. However alot of people are doing this and being taxed heavier once they sell the property.
I PURCHASED MY CONDO LAST YEAR!!!
A 2 STORY, 4 BEDROOM, 2,000 SQ FT. UNIT,
WITH ATTACHED 2 CAR GARAGE!!!
MY MORTGAGE IS $1,750 INCLUDE'N' THE $260 HOA FEE!!!
MY EXPERIENCE WAS STRESS FREE!!!
I KNOW IT' RARE,
BUT I HAD ALL THE PAPERWORK THEY WERE ASKING FOR,
I HAD THE MONEY, AND IT FELL RIGHT INTO MY LIFE PLAN!!!
YEAH I THINK I'D RATHER HAVE A DETACHED SINGLE FAMILY HOME FOR THE SAKE OF NOT SHARING ANY WALLS AND HAVE'N' A BACCYARD,
BUT THE ONLY WALL I SHARE WITH ANYBODY IS A PORTION OF MY FLOOR!!!
DON'T HAVE TO DEAL WITH ANY YARD WORK OR PROPERTY LOOK'N' DIRTY ON THE OUTSIDE CUZ HOA TAKES CARE OF ALL THAT!!!
I DIDN'T GO THROUGH ANY AGENT,
I JUST SHOWED UP AT SOME FIRST TIME HOME BUYER WORKSHOP,
APPLIED AND SUPPLIED EVERYTHING THEY ASKED FOR!!!
THE WHOLE PROCESS TOOK 6 MONTHS FROM DAY 1!!!
NOW I STILL TRIP OUT ON MY HOME, AND MYSELF!!!
YEAH DAT!!!
A 2 STORY, 4 BEDROOM, 2,000 SQ FT. UNIT,
WITH ATTACHED 2 CAR GARAGE!!!
MY MORTGAGE IS $1,750 INCLUDE'N' THE $260 HOA FEE!!!
MY EXPERIENCE WAS STRESS FREE!!!
I KNOW IT' RARE,
BUT I HAD ALL THE PAPERWORK THEY WERE ASKING FOR,
I HAD THE MONEY, AND IT FELL RIGHT INTO MY LIFE PLAN!!!
YEAH I THINK I'D RATHER HAVE A DETACHED SINGLE FAMILY HOME FOR THE SAKE OF NOT SHARING ANY WALLS AND HAVE'N' A BACCYARD,
BUT THE ONLY WALL I SHARE WITH ANYBODY IS A PORTION OF MY FLOOR!!!
DON'T HAVE TO DEAL WITH ANY YARD WORK OR PROPERTY LOOK'N' DIRTY ON THE OUTSIDE CUZ HOA TAKES CARE OF ALL THAT!!!
I DIDN'T GO THROUGH ANY AGENT,
I JUST SHOWED UP AT SOME FIRST TIME HOME BUYER WORKSHOP,
APPLIED AND SUPPLIED EVERYTHING THEY ASKED FOR!!!
THE WHOLE PROCESS TOOK 6 MONTHS FROM DAY 1!!!
NOW I STILL TRIP OUT ON MY HOME, AND MYSELF!!!
YEAH DAT!!!
with respect to repairs, you are right... as far as property taxes and insurance goes... trust me, I've crunched the numbers.
I can have a mortgage payment with insurance and tax out the door at a little over $1,000 a month. I'll be lucky to rent a 1 bedroom apartment at that price
I work in the mortgage industry dealing with escrows and property taxes, so I have a solid of understanding of how it works
and I understand the housing market is shitty right now... but to compare it to a car is untrue. the house is not going to lose value simply because I purchased it. and even if the house goes DOWN in value, I can still sell it for something. when you rent you're not getting ANYTHING in return. just flushing your money down the toilet.
Right on for your insight, but I don't necessarily agree with all of it
I can have a mortgage payment with insurance and tax out the door at a little over $1,000 a month. I'll be lucky to rent a 1 bedroom apartment at that price
I work in the mortgage industry dealing with escrows and property taxes, so I have a solid of understanding of how it works
and I understand the housing market is shitty right now... but to compare it to a car is untrue. the house is not going to lose value simply because I purchased it. and even if the house goes DOWN in value, I can still sell it for something. when you rent you're not getting ANYTHING in return. just flushing your money down the toilet.
Right on for your insight, but I don't necessarily agree with all of it
Owning is horrible right now. During these hard times you dong go into buying a home for investment purposes. A a suble reason why the market is in such a disarray. Potential home buyers have to go back to the day where homebuying with the proper finances buy with the feeling of desire and want. You want to have to want the house and want it for more than 5 yrs then dumping it down the line. I'm seeing less and less 10+ year home owners. Take my neighborhood in the ghettos of south sac. 4yrs ago my property was worth 430,000 today ill be lucky to get 120,000. The refi that I'm in sucks ass but my mortgage is low and my principle goes down if I out more into my mortgage. Ill be able to refi in two yrs and get a better rate since I have no more investment properties left. Good thing I didn't pull out any equity cause I don't believe in pulling money out even during these hard times. Yes repairs it don't matter if your house is a yr old you still have to put money in it reguardless. Things break or wear down from everyday uses, bad contractors, bad neighbors etc....
Your desire of owning is a healthy start. I haven't been in the real estate game in quite sometime so I don't associate myself with the industry much. You won't go get snagged into a commitment like a car salesmen unless your the type to buy desert property in death valley in hopes it becomes deachfront property overnight....
Your desire of owning is a healthy start. I haven't been in the real estate game in quite sometime so I don't associate myself with the industry much. You won't go get snagged into a commitment like a car salesmen unless your the type to buy desert property in death valley in hopes it becomes deachfront property overnight....
Yeah you ain't lyin.... I went to one and they teach you the whole process of buying a home and how renting compares to owning. If you buy a single family home then you're more likely to have to deal with the repairs by yourself. No more landlord to call for problems. So you better have some extra scrill saved up. But if you buy a condo and pay HOA fees, the HOA fees will cover some of the maintenance issues.
I'm almost ready to put down on something and I'd rather it be a condo.
I'm almost ready to put down on something and I'd rather it be a condo.
I own two homes and am looking to buy a 3rd. If you are ever thinking about renting the home stay away from hoa. Many hoa require you to be on a list to rent out.
Also if you get a fha loan you have to live there 3 years before you can rent out.
I would make sure you have at least 5k in cash if you buy a home. Stuff breaks and unless you are handy is costs to fix it.
With my original home I make 400$ on it every month. Instead of taking that 400 and spending it on whatever, I use it to pay principle only payments. Not only does my renter pay my mortgage they actually help me plus some.
Also if you get a fha loan you have to live there 3 years before you can rent out.
I would make sure you have at least 5k in cash if you buy a home. Stuff breaks and unless you are handy is costs to fix it.
With my original home I make 400$ on it every month. Instead of taking that 400 and spending it on whatever, I use it to pay principle only payments. Not only does my renter pay my mortgage they actually help me plus some.
bite the bullet and do it, you'll have to adapt for the first year. The fact that youre young and single, youre already ahead of the game. I was 24 when i bought my first house, bought an investment condo three years later, and flipped it for a profit a year after that. Just buy it and hang on to it, once the housing market goes back up(and it will) you will be able to sell that property and buy another cash, maybe not in Cali, but you make some money......
I like having my own house but i know i'm stuck in it for the forseeable future. I cannot rent it and churn a profit from it, I can't refi because i owe more on it than what the market value is and can't sell it. I'm not crazy about the town i live in, i only chose that locaton because its close to my grandmas house. I think i'll be stuck there for at least 10 years. At least the house was built in 1999, hopefuly the roof and AC stay in good shape.
Looking to buy my first house in 2012 in east bay or south bay. Im 31, got around 75K saved up for down payment but I dont want to drop all of that cause I need some money saved up for emergencies. Hoping I can get something nice for around $400K. Im still real new at this and also need to learn a lot about the process.