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Posted on 7/29/23 at 10:34 pm to cbree88
I had two for a long time, three for awhile.
This is a bad time to roll the dice on selling one while moving into another.
Good luck cbree88.
Timing is everything. Luck has nothing to-do with it when it comes to buying and selling and building homes these days. I'd ask when you started building, when you put your old home up for sale, when you locked-in your rate ... but none of it matters now.
Hang in there, sell your old house as quickly as possible ... not much else you can do right now.
I've got a buddy who has had to drop the price on a house he's been trying to sell since rates first started going-up over a year ago ... six price reductions, total -$100k as of today. He's getting desperate.
Hopefully a cash buyer will come along for you with a decent offer.
This is a bad time to roll the dice on selling one while moving into another.
Good luck cbree88.
Timing is everything. Luck has nothing to-do with it when it comes to buying and selling and building homes these days. I'd ask when you started building, when you put your old home up for sale, when you locked-in your rate ... but none of it matters now.
Hang in there, sell your old house as quickly as possible ... not much else you can do right now.
I've got a buddy who has had to drop the price on a house he's been trying to sell since rates first started going-up over a year ago ... six price reductions, total -$100k as of today. He's getting desperate.
Hopefully a cash buyer will come along for you with a decent offer.
Posted on 7/29/23 at 10:36 pm to cbree88
Yes, my daughter was a junior and we didn’t want to move her, but we had an opportunity to buy 24 acres with a house in Magnolia, Tx just before the land up there really went up in that area.
It sucked for 18 months, but by the time she graduated I couldn’t afford half that acreage in that area.
It sucked for 18 months, but by the time she graduated I couldn’t afford half that acreage in that area.
Posted on 7/29/23 at 10:42 pm to JonTheTigerFan
After the 2016 flood we had the mortgage on our flooded house and a rental house payment that was twice the monthly amount of our original mortgage. We could afford it but it still sucked bigly.
This post was edited on 7/30/23 at 9:00 am
Posted on 7/30/23 at 5:47 am to eitek1
quote:
I’d love to but my wife doesn’t want to live there. It’s in the booming metropolis of Ethel, Louisiana. She doesn’t want to go back there.
I’m in Zachary. Son has 3 more years at Zachary high then I’m moving to that area. Land prices are getting insane in East Feliciana.
Posted on 7/30/23 at 5:49 am to madamsquirrel
People with second homes frequently have two mortgages.
It’s the main reason they purchase second homes. Interest expense on a mortgage is a necessity for tax purposes once income approaches $500K annually.
It’s the main reason they purchase second homes. Interest expense on a mortgage is a necessity for tax purposes once income approaches $500K annually.
Posted on 7/30/23 at 5:50 am to cbree88
Have two going right now with two rental properties that are paid off.
The second mortgage is a place we don't rent out so it does suck that there is no money coming in for it but we had a family living there for five months while they house hunted last year and we still are finding small things they fricked up. We use it 5-6 months out the year.
The second mortgage is a place we don't rent out so it does suck that there is no money coming in for it but we had a family living there for five months while they house hunted last year and we still are finding small things they fricked up. We use it 5-6 months out the year.
Posted on 7/30/23 at 6:35 am to cbree88
Can you afford it within your budget? Or somewhat stretch your budget but still make it work? If so, you’re good. When you sell your 1st house you can reimburse yourself with equity. Just gotta make sure you can sustain 6 or so months so you aren’t compromised and have to sell on the first offer you get
Posted on 7/30/23 at 7:10 am to Upperdecker
Did it for 4 months on 2015. Wasn’t too bad because at the time we didn’t have kids so it wasn’t as difficult. If we had to do that now, we could do it, but it would suck.
This post was edited on 7/30/23 at 7:23 am
Posted on 7/30/23 at 7:18 am to cbree88
Yeah, did the same thing because we had two small kids under 3 and the house we bought needed some work before moving in. We wanted a month or two to fix up the new one and take our time moving with the kids. I had enough in savings and this was in 2021 when the market was hot, so I knew whenever I listed my old house it would go fast.
However, shite doesn't always go to plan. Once we moved into the new house, Ida hit that week. I was a nervous wreck with 2 houses in the path of the storm. Fortunately, no major damage to either, but I had to spend a week cleaning debris at two houses before I could list the other. And then I had some various people who wanted to crash in my old one post-Ida and I felt bad, but had to explain that I couldn't pay two mortgages indefinitely. Plus it was a peak sellers market at that time, and I knew waiting another couple months could end up costing me thousands in final sales price.
Point is, even if you can afford it for a few months, keep in mind that a hurricane or a fallen tree can put you in a huge pickle
However, shite doesn't always go to plan. Once we moved into the new house, Ida hit that week. I was a nervous wreck with 2 houses in the path of the storm. Fortunately, no major damage to either, but I had to spend a week cleaning debris at two houses before I could list the other. And then I had some various people who wanted to crash in my old one post-Ida and I felt bad, but had to explain that I couldn't pay two mortgages indefinitely. Plus it was a peak sellers market at that time, and I knew waiting another couple months could end up costing me thousands in final sales price.
Point is, even if you can afford it for a few months, keep in mind that a hurricane or a fallen tree can put you in a huge pickle
Posted on 7/30/23 at 7:21 am to cbree88
I have 4.
Posted on 7/30/23 at 7:24 am to cbree88
Yes
Posted on 7/30/23 at 7:59 am to eitek1
quote:
built a house on a bunch of land in 2000. Ended up having to move due to work. Long story but I kept my house and just continued to pay the mortgage. I purchased a new house in the location I needed to live for work. Did it suck paying two mortgages? Yep but I’m pretty frugal otherwise and it’s not a stretch mostly. The downside, I payout 1200 bucks a month plus insurance for a place I don’t live. The upside is the land has appreciated significantly and I’ve got 24 acres. At this point it’s almost paid for so I’m good to go. I plan on selling the place early next year and it should finance the house I’m going to retire in outright. I’m glad I kept the place, it’s been a good investment.
What do you do and could you give us the ballpark of your two mortgages?
Posted on 7/30/23 at 8:17 am to lsufan1971
quote:
I’m in Zachary. Son has 3 more years at Zachary high then I’m moving to that area. Land prices are getting insane in East Feliciana.
I was out there last year cutting the grass and my next door neighbor stopped by to chat. He asked what I was going to do with the place. I said I didn’t know. He told me land in our area was going for 18k an acre. I quickly mentioned that I was going to sell it. I sided the house in 2000 with a fiber cement product made by Certainteed. They were competing with James Hardie for their Hardie panel customers. Going with them was a mistake. I found out after the fact their product had a manufacturing defect. I’m having to completely rewrap the house in new siding. I figured if we are doing that we might as well make a small investment and completely update it. Whomever buys it will be getting a basically new house. We should finish next year right about the time interest rates start to drop.
I already bought a piece of land north of Covington to build on. I’ll cash out when we sell it, build my place north of Covington with the proceeds and I’m done.
Posted on 7/30/23 at 8:39 am to Oilfieldbiology
quote:
What do you do and could you give us the ballpark of your two mortgages?
I have an interesting job but I’ve been in the oilfield for going on 30 years. I’ve done well for myself. I sold my second home and am currently in a rental but for 6 years I was paying I think 2200 one one place and 1200 on another.
I didn’t think about this until now but I’ve paid two real estate payments on more than one occasion. I bought the 24 acres when I was out of state. That was a 700 dollar a month note when I was 24 years old. When I moved back to La, I didn’t build immediately and bought a house. So I was paying a house note and a land note. I think the house was 800 and the land was around 750. That wasn’t easy in 1997. I can tell you that.
I’ve done well but to look at my life you wouldn’t know it. I drive a used economy car and don’t have anything extravagant or luxurious. I don’t have any boats or sports cars or expensive side by sides, etc. I’ve basically put everything into cashing out at retirement and walking away. It hasn’t been easy but it’s manageable. I’m a few years away and will retire a number of years younger than most. With my luck though, the day after retirement I’ll get clobbered with a meteorite.
In the next year once I get my place sold and my other one built and paid for, it will be like I got a second job making 55,000 a year. At that point, I may splurge.
This post was edited on 7/30/23 at 8:42 am
Posted on 7/30/23 at 10:51 am to cbree88
What about renting the old house? Or AirB&B?
I've had 12-15 mortages at any one time back in the early 2000's when I was rolling w rental properties and flipping (part time mind you). I got out before the crash in 2008.
When I was in my last house on 2.5 acres (paid for) I had been looking for more land. Found a small farm (30 acres) in foreclosure in 2019. House is nothing fancy, just a 2,400 sq ft rancher, but it has killer 3000 sq ft outbuildings. So I rented the old house, fixed up the new one, and moved in. The old house is paying for the new one.
Hold onto real estate if you can is my advice.
I've had 12-15 mortages at any one time back in the early 2000's when I was rolling w rental properties and flipping (part time mind you). I got out before the crash in 2008.
When I was in my last house on 2.5 acres (paid for) I had been looking for more land. Found a small farm (30 acres) in foreclosure in 2019. House is nothing fancy, just a 2,400 sq ft rancher, but it has killer 3000 sq ft outbuildings. So I rented the old house, fixed up the new one, and moved in. The old house is paying for the new one.
Hold onto real estate if you can is my advice.
Posted on 7/30/23 at 11:35 am to cbree88
Yes. It is doable but it sucks!
Posted on 7/30/23 at 12:01 pm to cbree88
I remember my parents telling me how stressful it was when we moved in 1983... they had 2 mortgages for about 18 months. Were freaked out since the interest rates were double digit back then.
But when they sold it, they bought a condo at the beach since they were already used to putting it into the old mortgage. Still have the condo :)
But when they sold it, they bought a condo at the beach since they were already used to putting it into the old mortgage. Still have the condo :)
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