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Thread: Going to be buying a house in September. Need Advice Reply to Thread
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  Topic Review (Newest First)
06-02-2004 11:40 AM
stegen
Re: Going to be buying a house in September. Need Advice

Quote:
Originally Posted by abtech
Location, location, location . . .
this i know, 3 of them are in decent hoods
06-02-2004 10:18 AM
abtech
Re: Going to be buying a house in September. Need Advice

Location, location, location . . .
06-02-2004 8:48 AM
ND4SPD
Re: Going to be buying a house in September. Need Advice

Hope this helps steggy....
06-01-2004 11:58 PM
stegen
Re: Going to be buying a house in September. Need Advice

dont know if this will show up but. http://www.prudentiallovejoy.com/realestate.html
here are some mls numbers:

684773
689694
688936
697306
692775

i plan on buying a house that needs alittle work (or alot)
06-01-2004 7:21 PM
stegen
Re: Going to be buying a house in September. Need Advice

Quote:
Originally Posted by G-Force Junkie
Hey, all that white stuff isnt blow...its like that cold stuff in your freezer Were so jaded to the Cali home market that we think a 750 sq foot condo is a "steal" at 200k
You can get a REALLY nice place here for $200k!!
06-01-2004 5:57 PM
ER
Re: Going to be buying a house in September. Need Advice

From my experiences, I'll add this: Don't assume that your lender has all taxes and additional costs covered. Do the research by contacting your city officials and find out what taxes and fees need to be paid when. Washington Mutual bought out our loan and they're about 1 for 4 so far.
06-01-2004 5:14 PM
G-Force Junkie
Re: Going to be buying a house in September. Need Advice

Quote:
Originally Posted by coderedcbr
I found one Milwaukee
Hey, all that white stuff isnt blow...its like that cold stuff in your freezer Were so jaded to the Cali home market that we think a 750 sq foot condo is a "steal" at 200k
06-01-2004 4:58 PM
bubba
Re: Going to be buying a house in September. Need Advice

Quote:
Originally Posted by Pete
The generally accepted rule, while not "hard and fast", is that 2 times your salary equals a mortgage you can afford. The more debt you have, the lower that multiplier becomes. Roughly speaking, Stegen's salary time 2 is $46,000. 70,000 less the $18K downpayment is $52, so he's quite a bit shy. Add in the "**** ton of bills" and it gets even worse.
but with his salary does he qualify for low income assistance?

I know when I was in the Army making that much, there was NO way I could afford a house. How much of your monthly income is going towards car payment, chlid support, groceries, GAS, etc

What advantage are you gaining from buying a house? on a 55k loan there is barely any yearly interest, you already have the deduction for the kid with single income, there would not be much in the way of property taxes on the house and land. You would have a house - but with the cost of upkeep and maintenance, it may be smarter to just rent and have a landlord keep up with that stuff

Not trying to be an ass Stegen, but you need to look at everything as a whole
06-01-2004 3:27 PM
Pete
Re: Going to be buying a house in September. Need Advice

Quote:
Originally Posted by smkeatr
With absolutely no debt whatsoever, besides our existing mortgage, we are buying our new home in the next 2 months on 2x my salary alone not including the wife's. Debt free living is comfortable. Discipline is the key to success. I would never take all that we're qualified for under any circumstances.
06-01-2004 3:14 PM
coderedcbr
Re: Going to be buying a house in September. Need Advice

Maybe I should cash out my home here in Cali move to Milwaukee buy four homes rent out three and live in one.
06-01-2004 3:05 PM
coderedcbr
Re: Going to be buying a house in September. Need Advice

I found one Milwaukee
06-01-2004 3:04 PM
stegen
Re: Going to be buying a house in September. Need Advice

Quote:
Originally Posted by coderedcbr
$50K-$60K can you post some picks of these homes?
they do need some work but thats what my dad is for. he is a a handy man and knows how to fix all that stuff. alot i can do myself. plus they are smaller homes. we live in a town of 50k so the price of living is quite low.
06-01-2004 2:59 PM
coderedcbr
Re: Going to be buying a house in September. Need Advice

Quote:
Originally Posted by stegen
well the whole purchase, like you said pete, depends on what i can afford. and when i say $70k, that is my top dollar. There are some decent places here for $50k-$60k too. I would like to purchase but its not a for sure thing. depends if i can afford it.
$50K-$60K can you post some picks of these homes?
06-01-2004 2:47 PM
smkeatr
Re: Going to be buying a house in September. Need Advice

Quote:
Originally Posted by Pete
The banks don't tell you that you'll be eating baloney sandwiches for 30 years, though.

I personally know what it's like to have no debt whatsoever, and have a mortgage twice that of my annual salary. I also personally know what it's like to have quite a bit of credit card debt with a mortgage twice my salary. I'll stick to recommending the old method, or something even a bit less than 2x.

With absolutely no debt whatsoever, besides our existing mortgage, we are buying our new home in the next 2 months on 2x my salary alone not including the wife's. Debt free living is comfortable. Discipline is the key to success. I would never take all that we're qualified for under any circumstances. That's how people get into money trouble.
06-01-2004 1:15 PM
ND4SPD
Re: Going to be buying a house in September. Need Advice

Save your money steggy. Unless you're pressed to get out of your current living arrangements, save for another year.
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