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Message
re: First Time Buying a House
Posted on 1/20/16 at 11:35 pm to CE Tiger
Posted on 1/20/16 at 11:35 pm to CE Tiger
quote:
m not spending the extra $30k on a binge and living like a powerball winner. The whole point is that is something comes up and maybe you want to take a $2,000 vacation the money is there. Also if you want to buy furniture for the house or a nice TV you got it. When you are sitting in the house sweating your arse off because you put down 20% and now cant afford to fix the AC , your equity ain't gonna cool your balls off
Oh, so now my ghetto house doesn't have a good ac? Jk
My point is it's not like you're gong to liquidate (as in the proposed scenario) and you're going to have a separate bucket with $30k in it. You're using that to live while you own the nicer house. And that's cool. But the person with more equity (for whatever reason) is going to come out ahead. You can buy food or pay rent with a tv or furniture.
Also note: in theory I'm saving substantially on my note so that's $500 in my pocket every month. 2 months, tv. 4 months, vacation. 6 months, new ac. There I just got all those things you had. $6000 in savings per year plus quicker equity buildup.
0
Posted on 1/20/16 at 11:36 pm to slackster
Also, the repairs will need to be funded as you go rather than being lumped in with the primary mortgage. You'll need much more cash on hand to get started if you go that route. You can roll them into the home once they're completed and you refinance, or if you have enough equity from the original downpayment, but that isn't always the case.
Posted on 1/20/16 at 11:37 pm to GynoSandberg
quote:
If a person or persons can save 20% for a down payment in a few years,
you get out of college at age 22-23. Start a job in the 55k range. Probably gonna have a car note, need to pay back student loans, pay a minimum of $800 in rent. Where is the gameplan to live a normal life and save $35k in 3 years. I mean I must have missed that.
And after you have saved this $35 you put it into the house, pay inspections, closing costs, etc. Your savings are empty and now you live paycheck to paycheck??
I mean if people are saving then more power to them, but it wasn't happening for me and i had no problem paying a higher note
Posted on 1/20/16 at 11:38 pm to ladytiger118
quote:
Shreveport's housing prices are really inexpensive based on what your Zillow link said.
How accurate are Zillow & Trulia in pinpointing how much the home will cost a potential buyer?
We get paid less
Posted on 1/20/16 at 11:39 pm to CE Tiger
15 or 30 years?
i'm assuming 30 but i will stand corrected if i'm wrong
i'm assuming 30 but i will stand corrected if i'm wrong
Posted on 1/20/16 at 11:40 pm to SlowFlowPro
im in a 30 year mortgage
Posted on 1/20/16 at 11:41 pm to ZBeaux10
Getting in late, but FHA loan. If you're young and have a limited credit history, with some money to put down, and a decent job... it's the best way to go. Ton of paperwork, but easier than a conventional loan.
Posted on 1/20/16 at 11:42 pm to CE Tiger
quote:
Where is the gameplan to live a normal life and save $35k in 3 years. I mean I must have missed that.
Therein lies the problem. The normal American life is anything but a fiscally responsible one.
I've got no desire to live the normal life. I won't sacrifice life experiences, but life experiences can be had locally with friends and family, they don't have to be exotic trips overseas.
Posted on 1/20/16 at 11:42 pm to 1 Damn Good Dawg Man
quote:
Getting in late, but FHA loan. If you're young and have a limited credit history, with some money to put down, and a decent job... it's the best way to go. Ton of paperwork, but easier than a conventional loan
I think after this thread, the OP is scared AF and going to live in a cave somewhere!
Posted on 1/20/16 at 11:49 pm to CE Tiger
quote:
im in a 30 year mortgage
3.5% down vs. 20% down on a 300k home @ 4% interest saves you $50k up front in downpayment but costs you an extra $175K over the life of the loan.
That isn't an insignificant amount by any means.
Posted on 1/20/16 at 11:50 pm to CE Tiger
Can anyone tell me where these entry level 55k a year positions are for college grads? I made three times that working contract auditor work... But I'm nevwr touching those hours again.
I'll settle for 45k and a 50 hour work week?
I'll settle for 45k and a 50 hour work week?
Posted on 1/20/16 at 11:50 pm to CE Tiger
quote:
I mean if people are saving then more power to them, but it wasn't happening for me and i had no problem paying a higher note
Just goes to everyone's situation is different I guess. A bunch of my friends bought a house w 20% down on a single income within 5-7 years of graduating college. Drive nice cars, take vacations, disposable income etc. I don't know the details of their financials but they did it
No car note
No student loans
Live with parents
Posted on 1/20/16 at 11:51 pm to X123F45
quote:
I'll settle for 45k and a 50 hour work week?
Can you fix ghetto air conditioners?
Posted on 1/20/16 at 11:53 pm to slackster
quote:
3.5% down vs. 20% down on a 300k home @ 4% interest saves you $50k up front in downpayment but costs you an extra $175K over the life of the loan.
That isn't an insignificant amount by any means.
most people aren't staying in their first house for 30 years. I may get 8-10 out of mine depending on when we decide on kid #2. Yea in the big picture that 175k number looks astronimical but if I sell after 10 years in a decent market (i could probably sell my house for $20k more than what I paid for it) then i would still prefer the $50k up front
This post was edited on 1/20/16 at 11:54 pm
Posted on 1/20/16 at 11:58 pm to poochie
Anything that drives, flies, floats, sinks, dries, dampens, heats, or cools.
Posted on 1/21/16 at 12:03 am to CE Tiger
quote:
most people aren't staying in their first house for 30 years. I may get 8-10 out of mine depending on when we decide on kid #2.
Fair enough. After 10 years and 3.5% down you'd have paid $243,600 in monthly payments, $10,500 down, and still owe $228k. With a 20% downpayment you'd have paid $185,400 in monthly payments, $60k down, and owe $189k.
20% down would have saved you $8,700 out of pocket AND it would help you pocket an extra $29k once you sell it.
Posted on 1/21/16 at 12:04 am to CE Tiger
quote:
I may get 8-10 out of mine depending on when we decide on kid #2
This goes with something I was just thinking. My house is of moderate size, nothing flashy. We'll probably build something in the next 5-10 years because with two kids we may need something bigger. That being said, this house was my wife's great aunt's house. She raised 4 kids in this same house. And somehow we think it may be too small for us! What we all think we "need" is just really what we want.
Posted on 1/21/16 at 12:05 am to GynoSandberg
quote:
I don't know the details of their financials but they did
quote:
No car note No student loans Live with parents
Posted on 1/21/16 at 12:07 am to slackster
quote:
20% down would have saved you $8,700 out of pocket AND it would help you pocket an extra $29k once you sell it.
Yea... But I'd rather not live with my parents from age 23-28. And I love my parents.
ETA: Assuming one doesn't live with their parents, you also aren't factoring in the 3-5 years of rent money thrown away while trying to save up 20%.
This post was edited on 1/21/16 at 12:14 am
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