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Any of you guys ever have two mortgages at once?
Posted on 7/29/23 at 2:49 pm
Posted on 7/29/23 at 2:49 pm
If so, how did it turn out? It looks like I will temporarily have two mortgages while trying to sell my old house. I can afford it for a while, but I’m hoping it won’t be like that for too long.
I was trying to avoid moving in with my parents while trying to sell the old house, so I began the process of having the new house built already even though I didn’t sell my current house yet.
I was trying to avoid moving in with my parents while trying to sell the old house, so I began the process of having the new house built already even though I didn’t sell my current house yet.
This post was edited on 7/29/23 at 2:52 pm
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Posted on 7/29/23 at 2:51 pm to cbree88
quote:
If so, how did it turn out? It looks like I will temporarily have two mortgages while trying to sell my old house. I can afford it for a while, but I’m hoping it won’t be like that for too long.
I did but I was reimbursed by my company until my house sold. I may have to do it again for a little while but it will be out of pocket this time.
This post was edited on 7/29/23 at 2:54 pm
Posted on 7/29/23 at 2:51 pm to cbree88
I did, it had certain terms but dont remember
Posted on 7/29/23 at 2:51 pm to theunknownknight
People do it all the time. Just make sure to not overprice the house you are selling.
Posted on 7/29/23 at 2:52 pm to cbree88
My FIL had to do that for a while. He made good money, so he didn’t stress about that, but he hated it. More of a principle thing. He didn’t want to pay for a house he wasn’t using. I think it was a whole year before he finally sold the house.
Posted on 7/29/23 at 2:55 pm to cbree88
yes.
My house was for sale, found a deal on a house that I couldn't pass up. Had to do a 'bridge loan', then refinanced into a 15 year mortgage once the first house sold. I was really stressed for the two months that my other house was up for sale. But it has been 21 years and still in that 2nd house.
My house was for sale, found a deal on a house that I couldn't pass up. Had to do a 'bridge loan', then refinanced into a 15 year mortgage once the first house sold. I was really stressed for the two months that my other house was up for sale. But it has been 21 years and still in that 2nd house.
Posted on 7/29/23 at 7:36 pm to TigerintheNO
Thanks for the input you guys
Posted on 7/29/23 at 7:45 pm to cbree88
I 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.
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.
Posted on 7/29/23 at 7:56 pm to eitek1
A friend of mine did on purpose. Renting out their old house after moving. Made a little bit of money on it over the years. Finally sold it when the market picked up. Said it was obviously worth it in the long run but there were times between renters that he was having to paint and make repairs while not having any income and still having the mortgage payment.
Posted on 7/29/23 at 8:46 pm to cbree88
Yes, but one of them was a construction loan mortgage. So I could use the draws to pay the interest. Was in that situation for about 6 months.
Posted on 7/29/23 at 8:49 pm to cbree88
I like your first plan better- moving in with mom til house is sold.
To me, what you’re doing is financially irresponsible. You’re biting off more than you damn well know you can. Why would you put yourself in that situation if you have an option?
To me, what you’re doing is financially irresponsible. You’re biting off more than you damn well know you can. Why would you put yourself in that situation if you have an option?
Posted on 7/29/23 at 8:54 pm to cbree88
We did when we built the house we are in now. It wasn’t bad at first when it was just the land on the second mortgage but once we got a couple months into building, money got tight for a bit. Listed the other house for sale by owner a couple months before we were ready to move into the new house bur didn’t have any legit offers for a while.
Then the 2016 flood happened, we left our neighborhood in a boat thinking the worst would happen but luckily, water got into the garage but none in the house. We sold it in no time after that as people were looking for houses that didn’t flood
Then the 2016 flood happened, we left our neighborhood in a boat thinking the worst would happen but luckily, water got into the garage but none in the house. We sold it in no time after that as people were looking for houses that didn’t flood
Posted on 7/29/23 at 8:56 pm to cbree88
I did for about 4 months. Bought a house in 2020 and it took about 3 months to find someone to do some fix up work.
The worst part was this was the summer of Laura/Delta. Ended up needing a roof on both houses. Sold the old one withing a week of listing.
The worst part was this was the summer of Laura/Delta. Ended up needing a roof on both houses. Sold the old one withing a week of listing.
This post was edited on 7/29/23 at 8:56 pm
Posted on 7/29/23 at 8:56 pm to cbree88
I'll have to ask my accountant.
Posted on 7/29/23 at 8:58 pm to eitek1
quote:
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.
Why not retire on the 24 acres?
Posted on 7/29/23 at 9:01 pm to cbree88
About to be on month three of it. We have a lot of interest in the old house, but interest rates coupled with the HO insurance situation in New Orleans are making it take a lot longer than we would have hoped.
Luckily we can swing it because the old mortgage is cheap, but i could certainly find a better use for that cash. I also have no interest in being a landlord.
Luckily we can swing it because the old mortgage is cheap, but i could certainly find a better use for that cash. I also have no interest in being a landlord.
Posted on 7/29/23 at 9:03 pm to cbree88
Yes.
I bought my first house in 2005. Had a kid. Hated my job and found one 4 hours away.
Listed my house… in November 2008. All I had were offers 1/2 of what we paid and lower for about 6 months. Finally rented it at a loss for a few years and tried to sell again. Then my realtor asked if he could rent it for an even cost (to his mother in law) of my mortgage and he’d take care of any repairs. Was a good deal other than cashing and writing a check every month. Then he asked to buy it outright and we made about $10k profit after 6 years of frustration.
The next month the oil boom hit in west Texas and every house in my neighborhood was going for $100k over what we paid for it.
I looked at it last year and the same people still owned it so at least they didn’t screw me over by flipping it for a profit.
I bought my first house in 2005. Had a kid. Hated my job and found one 4 hours away.
Listed my house… in November 2008. All I had were offers 1/2 of what we paid and lower for about 6 months. Finally rented it at a loss for a few years and tried to sell again. Then my realtor asked if he could rent it for an even cost (to his mother in law) of my mortgage and he’d take care of any repairs. Was a good deal other than cashing and writing a check every month. Then he asked to buy it outright and we made about $10k profit after 6 years of frustration.
The next month the oil boom hit in west Texas and every house in my neighborhood was going for $100k over what we paid for it.
I looked at it last year and the same people still owned it so at least they didn’t screw me over by flipping it for a profit.
Posted on 7/29/23 at 9:04 pm to cbree88
Used to see them a lot. Do a refinance; put a HELOC in place, write off that interest on your taxes.
Posted on 7/29/23 at 9:06 pm to cbree88
My 180 month truck note is kind of like a mortgage.
Posted on 7/29/23 at 9:07 pm to Walt OReilly
quote:
Why not retire on the 24 acres?
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.
It’s somebody’s dream home, just not hers. I know someone will want to step out their back door and hunt their own land. I don’t hunt so it’s kind of a waste for me. I bought the land in ‘94 because it was a killer deal. I lived out of state at the time. When I moved back I figured we’d build on the land. It was nice for a long time. We’ve moved on,
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