looking to buy a house...

[DS]

Spend the $300 on a quality home inspection service.

 

[brownmonster]

Do they base this upon height or weight? Do you make more if you are short and fat or tall and thin?

You make me chuckle.

 

[Ms.PacMan]

A woman on my route, whose husband is a banker, said he expects a second bubble 3-5 yrs from now and thinks house prices will fall again after a false increase. Time will tell.

We bought our house (my house now) in 1988 and we had to buy down to 10 1/2%! The upside to high interest rates are super low home prices - that are easier to pay off.

 

[Paid-over-in-Maine]

The cost of living in So. Maine is alot higher than where you are now. Are you staying put?

 

[brownmonster]

My house payment takes 4 days take home including real estate taxes. Why am I still broke.

 

[BLACKBOX]

I am looking at buying a house as well. I figured that I will buy a house based on 50 hours a week and try for a house around 500,000. I will have around 300 extra a month after i pay my mortgage and bills. Sounds like the american dream....

You're dreaming. Even if you had a side job selling drugs....half a million dollar house? hahahhahaha...

 

[feederdriver06]

I am looking at buying a house as well. I figured that I will buy a house based on 50 hours a week and try for a house around 500,000. I will have around 300 extra a month after i pay my mortgage and bills. Sounds like the american dream....

The half a million price tag is an issue but the real issue here would be using 50 hours as a base. You may get 50 per week consistantly but that could dry up real quick. You are only guaranteed 40 hours per week. Anything above 40 would be living above your means and a recipe for disaster most def.

 

[feederdriver06]

Try buying a duplex. Live in one side rent out the other. You can build equity faster with someone else paying half the expense. Half of all maint. and other expenses are tax deductible.
I bought one the first year I worked at UPS. It is now paid off and has been a great investment. An extra couple of thousand per month will help the old retirement plan.
Also the second house I bought I kept when I moved up to another and so on and so on. I now have four rent houses.
Hard to go wrong with real estate.
Down side is that the equity is not very liquid. If you need the money it could take months to get it.
Just don't buy into any of these "creative mortgage" schemes such as "Buy down", "wrap around mortg". "deed for title" or "adjustable rates". Go with a straight mortgage. All the others spell TROUBLE.

Rental properties are ok until your renters loose their jobs and skip out on you before they pay the rent. Then the mortgage money is all on you. Thats good if you haven't been through that yet but with the current situation I would get prepared for it. It wouldn't take all that many skipped payments paid by you instead of the deadbeats to wipe out the whole years worth of gains that you would make on your rents.

 

[kingOFchester]

Rental properties are ok until your renters loose their jobs and skip out on you before they pay the rent. Then the mortgage money is all on you. Thats good if you haven't been through that yet but with the current situation I would get prepared for it. It wouldn't take all that many skipped payments paid by you instead of the deadbeats to wipe out the whole years worth of gains that you would make on your rents.

You mean owning rentals isn't a sure thing? Next you are going to tell me the stimulus package, with all of its pork, isn't a sure thing either!!

I applaued worthlessdriver for using his/her head and taking some risk. You, or someone else said that the 300k houses are now worth 225k. That would be a 25% decline, which is what I have read as being the national average. The stock market has taken a hit of over 40% since 07. I would rather take a 25% decline in realestate, a tangible asset, over 40%+ decline in stocks. If the housing market drops to a 40% decline, you can bet that Barack Obama Special Inauguration Double Sided Gold coin that the stock market will fall FAR FAR below the 7k level we are at today.

Yes, there is risk in real estate, just as all things in life that offer rewards. Peple have and will get burned. But the bottom line, a good investment!!

 

[kingOFchester]

One more piece of tidbit, as others have said....values are dictated by location. My area, 189k will get you a 1/4 acre. But, you will have to pitch a tent, as this is without a house.

Or you could buy this house that sits on less then 1/4 acre. But it is a taredown. Gutted inside.

 

[rod]

One more piece of tidbit, as others have said....values are dictated by location. My area, 189k will get you a 1/4 acre. But, you will have to pitch a tent, as this is without a house.

Or you could buy this house that sits on less then 1/4 acre. But it is a taredown. Gutted inside.

Considering an acre is approx. 206 ft. X 206 ft. you're talking about a lot 50' X 50'. And for 190k!!!! I would run- not walk- out of that area.

 

[UpstateNYUPSer(Ret)]

Land is roughly $1K/acre outside of the city--lots go for $30-70K in the city.

 

[kingOFchester]

Considering an acre is approx. 206 ft. X 206 ft. you're talking about a lot 50' X 50'. And for 190k!!!! I would run- not walk- out of that area.

wish i could. I live 10 minutes from work. Better half has a 45 minute drive to her work. Can't go any further west. only can go east and the land gets more expensive further east. There are a few pockets here and there between the two places of work, but then you have schools and or much higher real estate tax. A row home (town house) 60 years old...dated kitchen........schools not so hot......that I looked at had no land other then the space the house sat on.........3br 1.5 bath. 199k.........taxes close 5k a year.
The taxes, insurance, heatting bill, water and sewer is more then i pay for my apartment. NOT INCLUDING MORTGAGE.

 

[kingOFchester]

This is the cheapest house in the area that is between our places of employment.



How much for:
Age: 88 year(s) old
2 total bedroom(s)
1 total bath(s)
1 total full bath(s)
Approximately 1334 sq. ft.
Single story
Approximately 0.35 acre
475k!!!!!!!!
Go to realtor.com. 19035. You will see that where I am looking now is far far less then this option.

 

[kingOFchester]

Honey, I'm home....

 

[Sammie]

Give Fannie Mae or Freddie Mac a call!!!!!!!

Fannie Mae Resource Center at 1-800-732-6643

 

[UpstateNYUPSer(Ret)]

This is the cheapest house in the area that is between our places of employment.



How much for:
Age: 88 year(s) old
2 total bedroom(s)
1 total bath(s)
1 total full bath(s)
Approximately 1334 sq. ft.
Single story
Approximately 0.35 acre
475k!!!!!!!!
Go to realtor.com. 19035. You will see that where I am looking now is far far less then this option.

http://www.realtor.com/realestateandhomes-detail/292-River-Rd_Gladwyne_PA_19035_1106281626

That would go for $125-150K here (in the city) and closer to $100K outside of the city.

 

[brownmonster]

Considering an acre is approx. 206 ft. X 206 ft. you're talking about a lot 50' X 50'. And for 190k!!!! I would run- not walk- out of that area.

Rod, wouldn't a 1/4 acre be 103' by 103'?

 

[User Name]

I am looking at buying a house as well. I figured that I will buy a house based on 50 hours a week and try for a house around 500,000. I will have around 300 extra a month after i pay my mortgage and bills. Sounds like the american dream....

sometimes people dont get my sense of humor, i thought someone would get it....... but i guess nobody cares.

 

[brownmonster]

I caught the sarcasm the first time, should have replied. You kind of summed up why the country is where it is today.