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Message
Advice with buying a starter home
Posted on 11/11/13 at 9:09 am
Posted on 11/11/13 at 9:09 am
I'm 23, just graduated (No student loans to repay), have little savings. About to start a new job that could pay 50-60k depending on overtime and other factors.
I've been looking at smaller homes priced in the $60-80k range. I would like to put 5% down if possible which according to estimates on zillow would put me at paying around $350-500 a month in mortgage. I would get one of my buddies in college to live in and pay rent which would basically leave me paying utilities.
I have about 3 years of good credit card history. Is this enough to get me a home loan?
Anyone have experience with this scenario? Advice?
I just hate to get an apartment and throw money away each month when it could be building equity.
TIA
I've been looking at smaller homes priced in the $60-80k range. I would like to put 5% down if possible which according to estimates on zillow would put me at paying around $350-500 a month in mortgage. I would get one of my buddies in college to live in and pay rent which would basically leave me paying utilities.
I have about 3 years of good credit card history. Is this enough to get me a home loan?
Anyone have experience with this scenario? Advice?
I just hate to get an apartment and throw money away each month when it could be building equity.
TIA
4
Posted on 11/11/13 at 9:34 am to jp90
Where are you located? And you're not factoring in property tax, insurance, PMI, etc into your cost.
Posted on 11/11/13 at 9:38 am to LNCHBOX
Houma-Thibodaux area. I haven't factored them in, correct...but I did figure there would be more costs associated which is why I'm inquiring here to get a better idea.
Posted on 11/11/13 at 9:42 am to jp90
You won't have a problem getting a mortgage, provided you have a 620 credit score.
Congrats on your first home, and being a good steward for buying something way under your means.
Congrats on your first home, and being a good steward for buying something way under your means.
Posted on 11/11/13 at 9:42 am to jp90
This is the zillow estimate of "monthly Payments"
Estimated Payment$477
Principal & Interest$302
Taxes$9
Homeowners Insurance$127
Mortgage Insurance$39
Estimated Payment$477
Principal & Interest$302
Taxes$9
Homeowners Insurance$127
Mortgage Insurance$39
Posted on 11/11/13 at 9:44 am to jp90
quote:
Homeowners Insurance$127
That seems high for Homeowner's Insurance. I pay less than that on a $300k home.
quote:
Taxes$9
That seems low. I don't know Louisiana though.
Posted on 11/11/13 at 11:52 am to anc
Sounds right for tax. High for insurance
Posted on 11/11/13 at 5:32 pm to jp90
Know your area around here. The cancer center and oil field pay keep real estate prices inflated.
Posted on 11/12/13 at 9:43 am to jmarto1
He may be going lowest deductible to pay higher premiums
Posted on 11/12/13 at 8:53 pm to tygerfan1
quote:
High for insurance
He is in houma... that sounds cheap!
Posted on 11/12/13 at 11:02 pm to jp90
Please try to build up some savings before or soon after you buy.
You will avoid a lot of stress and heartache if you have some money set aside to cover your a) named storm deductible, b) a new a/c, and/or c) a new roof.
Sure, there is credit available for these purchases/expenses, but do you pay your regular bills with credit? Don't do it with these inevitabilities either.
You will avoid a lot of stress and heartache if you have some money set aside to cover your a) named storm deductible, b) a new a/c, and/or c) a new roof.
Sure, there is credit available for these purchases/expenses, but do you pay your regular bills with credit? Don't do it with these inevitabilities either.
Posted on 11/14/13 at 10:36 am to pottymouth
Found a property that is still fairly small and within the said price range, but has a guesthouse behind it (small kitchen,living,bed,bath). With that being said...
I've always wanted to get into real estate and was considering setting up an LLC at some point. Start to rent out the guest house as well as a room in the main house and just keep it as a rental property once I move out. Eventually grow with a couple other properties.
I know it sounds pretty ambitious and isn't an easy undertaking in the least.
I'm sure there are ppl here who have done something like this. What are the biggest challenges/ liabilities?
I've always wanted to get into real estate and was considering setting up an LLC at some point. Start to rent out the guest house as well as a room in the main house and just keep it as a rental property once I move out. Eventually grow with a couple other properties.
I know it sounds pretty ambitious and isn't an easy undertaking in the least.
I'm sure there are ppl here who have done something like this. What are the biggest challenges/ liabilities?
Posted on 11/15/13 at 7:56 am to jp90
I wouldn't think its too ambitious. I was your age when we purchased our first house. We keep our houses when we move and rent the old houses out. It may take a long while but by the time we are retired I would like to have 5-10 houses that are providing us with a good income through retirement.
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