09-02-2014, 10:07 PM | #121 | |
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Garage pics or GTFO
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09-03-2014, 10:23 AM | #122 |
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09-10-2014, 03:59 PM | #123 | |
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The median household income in SF is $73,802 (vs. $53,046 nationwide), but many people are still being displaced to neighboring cities (read: oakland) or counties. I make significantly more than the SF median household income by myself and can't even see myself living in some of the swanky neighborhoods in SF. If you're not on section 8 housing or making at least $125k, SF isn't the place for you.
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09-11-2014, 08:53 AM | #124 |
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Im 34y/o and closing on my first house on the 8th of Oct. the way i look at it is this. To me buying a house is in essence like a savings account, your basically paying yourself, only you cant touch the money untill you sell your house. houses more so than cars are an investment. we all know this. i bought a 1900sf 3bd/2bt house for 156k it has an additional 600sf unfinshed attic that i plan on making into a kind of mother in law suite this will caost me around 3-5k as im handy and will do most of the work myself. i figure it should raise the value substantially. not to mention the area is typically going up about 2% annually anyways. and it sits in a golf community with the community pool about one block away. anyways, if your renting your basically just throwing money in the trash. thats my outlook on it.
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09-11-2014, 01:47 PM | #125 | |
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Assuming you're doing a 30 year fixed mortgage your mortgage plus your property taxes and insurance will maybe be around $800/mo or so. So after 2 years you'll have $19,200 in those payments plus your down payment and say you want to sell for whatever reason. If you pay a realtor to sell you pay a x% to the realtor... I don't think you'll see any of that back and chances are you'll get a check for less than your down payment back when you sell. I'm not saying buying a house is bad and it sounds like you bought in an in demand area but in my opinion buying a house is a major risk... especially since your $20k or so in payments probably only paid your note down a couple grand in those first two years. That doesn't matter as you'll start paying more towards principle as time goes on but buying a house in my opinion is really a bet on weather wall street will stick or not... and I'm sure it will... even if there's another crash. Just my $.02. I remember my first mortgage payment and I'm like what... $50 towards principle and $xxxx to interest! Now lending to people who buy houses who have good credit and buy into the system... that's low risk even with this super low interest rates on mortgages... because they're not really that low. How much of your first years mortgage payments will go to principle and how much will go to interest. Buying a house is a long term play. You bought good it sounds like and chances are if you get in trouble financially or the market crashes you can easily rent it out and possibly be cash flow positive.
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09-12-2014, 06:16 AM | #126 |
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But how much would you have lost in rent over the same period? Plus you should never invest in a house for anything less than 3-4 years if your looking to make any sort of profitaside from flipping which im not even going into. But you are correct in that if you are looking to sell before the 4 year mark you very well may only break even, but that to me is still better than paying off someone elses mortgage, i dont think paying rent on time is reported to credit agencies. i mean really look at monthly mortgage rates compared to what you will typically charge someone for rent to live in the same house. i know around these parts, your monthly mortage might average 1000 but people are routinly renting those places out for 14-1500 monthly. granted there maintaining the property. but who is going to make out in the long run on this in a perfect world? im sure there are reasons to rent over buying a home, i really cant think of one other than if you move alot. i would say not having to maintain your yard, but unless you live in an apartment that doent always apply, ive even seen scenarios were someone was renting a house and it came with a washer and dryer, however it became unoperable, but because it wasnt on the lease they had to replace it, but they were allowed to keep it upon there lease ending. i would say that anyone who purchases a home on a whim with no reserach being done is a fool, and a fool and his money are easily parted. but i would chose buying a home over renting almost every day of the week.
As for the interest and principle your right, your first several years payments will primarily go towards interest. and most investemts are risky. but what are things that people will always need. land and shelter will always be on that list. And i certianly wouldnt want to buy a house at the top of the market. but its still low right now and on the upswing, so now is a good time to get in if your asking me. i got my loan (VA) 0 down, with a 3.62% with 1 point. its not the best, but it certianly isnt the worst. fingers crossed on it being the right move. Last edited by rb25s13vert; 09-12-2014 at 07:38 AM.. |
09-12-2014, 02:14 PM | #127 | |
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Over the same period I'd guess you'd loose about 5% more by renting than buying, maybe 10% over 5 years. 10-15 years is when you can walk away with a check bigger than your down payment and sometimes hit if the market does change upwards or you just made a good buy, or found the right buyer etc. But, if the market goes down again you could be writing a check for more than your down payment to get out of it... unless you want to ruin your relationship with Experian, Equifax, and Transunion and short sale. I believe there are still ways around this thou buy buying the house in an entities name etc. My worry is that housing prices will be the same in 20-30 years and renting will then be cheaper than buying. Labor rates are skyrocketing in China, they're bustin' their ass and half our country is high on welfare. I think the Carolinas are a great place to buy thou... a lot of people will want to go there to retire in the near future I think because of the lower cost of land but still being near a coast. My point is more that buying in my opinion is about the same as renting financially and the risk is pretty high to buy and there is little risk in renting. With renting you can get out a lot easier and with buying I think generally in most markets you need to have your place for sale for a good 6 months for it to sell. I think so many people invest in real estate(their home) because everyone needs one, financing is easy to get, and it's a sort of cool thing to do in society. As far as investing goes, I think there are way better things to invest in. Now if you're raising a family and have children that's a totally different ball game and a stable home in more ways than one is invaluable... if I'm saying that right. Then we get in to school areas and so on and so on. I think you made a good buy under $150k for a home is awesome and if you ever need to move or you loose your income or whatever you should be able to get out without an unexpected big expense or ruining your credit... although renters can be a full time job sometimes but that all depends. I think in your case it's a good move... now buying land and building... that's even better if you're able to manage people well. I think people say the rule is you should have at least a year and a half of mortgage payments in savings and your mortgage and other home expenses should be around 40% of your income. That sounds about right I think.
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10-13-2014, 11:39 AM | #128 |
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The new house. Closed on Sept 30th. Acre lot. Brookfield, WI.
Some pics of how it's coming along so far. View of the "lake". The day after we closed. Gutting the kitchen, lower bath and laundry area. Relocating everything o make a bigger kitchen. Fuck this tile. Fuck those walls. Now the contractors got to work. New floor, walls reframed. hard to get what is happening but... Doing white cabinets, white/gray Quarts (looks like Carrera Marble butt doesn't suck, floors will be almost black, etc etc.
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10-13-2014, 06:10 PM | #129 |
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^ Dammit man...you got a lot of work to do! But if you got vision, that's what matters.
We're scheduled to close on Nov 10th...full brick, 2 car garage on more than a half acre with a 3-4 acre pond out back.
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10-13-2014, 09:59 PM | #130 |
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Damn... Started ripping the place apart before the ink even dried. I love it! Can't wait to see the fininshed product.
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10-13-2014, 10:56 PM | #131 |
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nice, but...where's the bunker for the ebola zombie apocalypse?
maybe that tree looks strong enough? for a tree house bunker! call the treehouse masters guy. |
10-14-2014, 06:24 AM | #132 | |
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Good luck on yours! We have one in the upper part of the garage! Lol
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10-14-2014, 07:10 AM | #133 |
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Congrats Mel!
The next house I move onto will definitely have a bigger lot. One of my clients at work bought the house next door to him, had it demolished, custom built home with a ridiculously massive two story garage in the back with 3 garage doors. One of them being a large RV garage door. Ground floor will be for the cars of course. Second floor can be a complete man cave. |
10-14-2014, 09:24 AM | #134 | |
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Our plan is to live in this house til the kids graduate HS...soooooo like 20 years. lol.
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10-18-2014, 03:02 PM | #135 |
You can get quite a bit for your money in my area, Southern Indiana. I like it. You have the country and 30 miles away you have the city. Here's an example of a house I'd like to buy. Maybe in a few years if I can get a down payment saved?!?!
http://www.zillow.com/homedetails/22...85301099_zpid/ Is 20% the normal down payment? I'd like 0-5% and just pay a higher mortgage. I've rented for close to 8 years. I am 27 years old. Traveled/lived in other states, ready to make someplace home, and this is where I grew up and my family is located. |
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10-18-2014, 10:36 PM | #136 |
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Do to my wife wanting to live in a swank up scale neighborhood, I had to give up my dream house for hers! I couldn't argue since im stationed in New Orleans. If you have the opportunity by some land and build. I'm buying land next year for storage of my RV that I currently live in, and to dear hunt on. 10-15 acres will do.
With regards to a certain amount for a down payment, I can't help you because I used the VA Loan. 30.year fixed rate of 4%. Once I closed, we had the option to buy down our rate which we did. 3% |
10-19-2014, 12:39 AM | #137 |
I'll have to look into VA loans some more, I was a combat engineer for 6 years.
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10-19-2014, 04:40 PM | #138 |
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^^ Go to the VA website if you served honorable your entitled. You need to have a ok credit score and a stable income. You need at least $6500 for the fees. example, house inspection $600, title/ deed fee 400-800 depends on state, down payment 5-10% for a VA Loan without being active duty.
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10-19-2014, 05:39 PM | #139 | |
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And usually you can get the seller to cover closing costs. That's what we're doing and I think we're only going to need under $300 at closing. VA loan through Veterans United landed me a 30 yr loan at 3.75% with 0% down. It's def. worth checking into, Tony.
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10-19-2014, 06:40 PM | #140 |
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Man I've said it before, but I'd LOVE to have more lot space. The lot sizes in my area are small, and the house prices are high! We're still looking for our "forever home" and it looks like we will be paying out of the ass for it
Whoa! I can't wait to see the finished product! I'm also curious to see other people's houses/layouts. I'll take a few snaps as well. |
10-19-2014, 06:56 PM | #141 | ||
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11-03-2014, 07:42 PM | #142 |
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Curious question that maybe someone on here can help with.... How do open house's work? can you just show up and walk around the house? Or do you need to have an appointment, or do you have to have been previously approved for a house? Me and my fiance just want to start going to some to see what we like, what we don't like, what we need and stuff we can live without, Just didn't know how to go about it.
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11-03-2014, 09:13 PM | #143 |
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Typically, whenever you see a house you're interested, an agent's info is attached to it. You can call them to arrange a time to show you that house & any number of other houses you're interested in. Most people's schedules don't really allow for them to show up at the seller's leisure for an open house. Use an agent to schedule things for you, since it's free to you.
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11-04-2014, 08:18 AM | #145 | |
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It does work that way. You want to see a house, you just show up to it. It can be as simple as that. You don't have to give them a name if you don't want, but if you do it can change some things. Say you find out a really good friend of yours is a realtor or you decide to have a realtor start helping out find a house. You really like your realtor. Well say you end up buying a house you looked at by yourself and you didn't tell the Open House realtor you were working with a realtor. Well your buddy/realtor will get screwed. Here's the thing. It costs you NOTHING to work with a realtor to help you find a house until you buy one. They are experts though (usually). Let them help you. They can answer questions They can give you advice. They can tell you about the process so you aren't counting on advice from a bunch of car guys. I can give you a really good referal if you want one. I know a lot off realtors that ARE experts.
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11-04-2014, 08:26 AM | #146 |
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Yeah, I was gonna say that having a realtor helps, but having a GREAT realtor is a huge boost in your favor. I came to my realtor after being referred by a coworker, and she has done a perfect job. I close on Thursday (the 6th) and the sellers had accepted our offer on Oct 5th, after we looked at the house on Oct 2nd. Just a hair over 30 days from start to closing, I didn't even think it was possible, but our realtor is no joke.
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11-04-2014, 07:51 PM | #147 |
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Guys...
... I am now in the double car garage club! We found a all brick detached house, on a wide (for the area) lot, in a quiet area, with the best school in town. The catch? Oh it needs a new kitchen... It's awful! Once we live in it for a bit, we can go over the likes and dislikes of the space, then drop the big bucks. So we put in a offer and after a bit of back and forth, the price was finalized. It feels good Looks like I'll be putting off that next fun car purchase for a bit, but it was totally worth it! |
11-05-2014, 01:08 PM | #148 |
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^ Good deal, man! Having a two car garage is always a great thing. Post pics when you get a chance!
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11-05-2014, 01:33 PM | #149 | |
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11-07-2014, 07:01 AM | #150 |
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My wife and I were fortunate to inherit/purchase our property from my great uncles estate even though we settled on a price 3 days before he passed away. It just took extra long with the lending company to sort out the kinks. Our total mortgage was about $73,000 with all the fees/taxes from the lending company we gave my pap (it was in a living trust) $67,000 and he gave us $17,000 in return to put into the house and pay off debts...
The house is a 2 Unit house. Outside entrance to the upstairs and we rent to my sister as of now and we live on the bottom floor. It has a detached 25×40 pole building, and the 25×50×2 stories + attached 3 car garage block building which is getting attention now to be fixed and eventually turned into an upstairs RC Drift circuit and storage/wood shop/flower shop for my wife on the bottom. |
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