Home Buying & Real Estate Thread

[NewWave90]

Yeah beezy that's a nice kitchen. Not sure if you discussed it but did you get a 15 or 30 year?

 

[capital sb]

Thanks @yanky  and @theocentric  .

@theocentric  I got a 30 year 3.75% fixed loan. Hoping to rent out this townhouse (currently being rented for $2400/mo) once I get a single family home in about 10 years.

 

[HankHill]

Wait you're not living in it? Or just renting a room?

 

[capital sb]

Wait you're not living in it? Or just renting a room?

I'm living in it, I rent out one room to a friend. Other people are renting out their townhouse for $2400/mo they aren't living there.

The single family homes basements are being rented for $1200/mo. Living on the DC/MD line, and 2 major military bases has it benefits. 

Sorry for the confusion, could have worded the other post better.

 

[NewWave90]

That's a good rate. Man could you imagine life with no house payment.

 

[nazdrowie]

 
Had my final walk through yesterday everything looked great only some small cosmetic fixes need to be done. Everything will be fixed before I close, I am praying on closing next week they are having some delays.

really nice place...almost identical to my friends new townhouse in Elkridge, HoCo (Howard Square, i think is the development name)...must have been built in the same style...

 

[Xennial]

That's a good rate. Man could you imagine life with no house payment.

You still have to pay property taxes and upkeep expenses or HOA

 

[capital sb]

That's a good rate. Man could you imagine life with no house payment.

I can lol I lived for free for the months my house was being built.

Takes a lot of money to pay off a house, with these low rates, many believe it is not the best thing to do.

They say its better to invest the extra money instead, not sure which side I'm on.

 
really nice place...almost identical to my friends new townhouse in Elkridge, HoCo (Howard Square, i think is the development name)...must have been built in the same style...

Thanks man. Most likely a Ryan's Home , they have the same layouts for their townhomes.

If it isn't a Ryan's Home , I have noticed that a lot of builders have gone to this open concept.

 
You still have to pay property taxes and upkeep expenses or HOA

Which is minimal compared to a monthly mortgage payment.

My HOA is $160 every quarter, property taxes close to 5K/year that is nothing.

 

[dathbgboy]

WHAT CAN I SAY ABOUT THIS.

So, they're your landlord?

 

[NewWave90]

So, they're your landlord?

To say the least.

 

[crcballer55]

No its just the will that we (us in the thread) will pay the mortgage off early before the maturity date.

Got it. I read it as something "official".

My goal is to pay off my home by the time I'm 50 (45 at soonest). That gives me 15-20 years of banking a couple grand a month towards retirement/charity/fun.

By my calculation, that's about an extra $350,000 in principle towards retirement. That should easily give me an extra million or two to enjoy by 65.

 

That's a good rate. Man could you imagine life with no house payment.

You still have to pay property taxes and upkeep expenses or HOA

And those are minimal compared to your payment to the bank. You're still saving a thousand or three each month not working for the bank.

 

[NewWave90]

Hey as long as the plan is there something has to come of it. I'm trying for a 10 year Plan (8 more to go) from 33 to 50 when I hope to retire early

 

[capital sb]

With a paid off house early retirement becomes much easier. Goodluck to you all !

 

[jaypesoz]

Been looking for a crib with the wife for a couple months now and we found a house two weeks ago that we absolutely love. We came to a deal on Monday and my lawyer's reviewing the contract right now. I'm so pumped

 

[slicknick951]

Been looking for a crib with the wife for a couple months now and we found a house two weeks ago that we absolutely love. We came to a deal on Monday and my lawyer's reviewing the contract right now. I'm so pumped

Good luck with everything

 

[dathbgboy]

Wife still eager to buy, and I'm afraid that we might end up staying in Pittsburgh, which is not going to give us what we want in a home. I don't mind comprimising, just going to hurt knowing that we're going to pay a price for a house, and if we were to move elsewhere, we could get more house for the same price.

 

[slicknick951]

Wife still eager to buy, and I'm afraid that we might end up staying in Pittsburgh, which is not going to give us what we want in a home. I don't mind comprimising, just going to hurt knowing that we're going to pay a price for a house, and if we were to move elsewhere, we could get more house for the same price.

Have you considered a 2 family home?

Might be able to use the extra income to help offset your higher mortgage.

 

[dathbgboy]

Wife still eager to buy, and I'm afraid that we might end up staying in Pittsburgh, which is not going to give us what we want in a home. I don't mind comprimising, just going to hurt knowing that we're going to pay a price for a house, and if we were to move elsewhere, we could get more house for the same price.

Have you considered a 2 family home?

Might be able to use the extra income to help offset your higher mortgage.

Mortgage wouldn't be higher, it's just the fact that where she wants to buy at if we stay in Pittsburgh, $150k is going to get us a home built between 1900 and 1950, 3br/1ba max, small, uneven backyard, etc.

$150k further south would give us more bang for our buck.

 

[slicknick951]

Yea but could u get something for maybe 200k and rent out the other unit in Pitt ?

I'm not sure what the market is like that's why I am asking

 

[Los Angeles]

I appreciate all the knowledge in this thread.

Still have plans to buy when my wife finishes school next year.

Been working on my credit which was at like 580 around this time last year, now its up to 660. By next year I hope to be 700+ ... still looking to go the FHA route.

 

[dathbgboy]

Yea but could u get something for maybe 200k and rent out the other unit in Pitt ?

I'm not sure what the market is like that's why I am asking

Only way to do that here is to move a decent ways outside the city or to buy a duplex. Most of the homes here are older so they don't really leave room for renting out parts of the home. I really don't want to be here though but if there are opportunities here, guess I have to compromise, even if there aren't really any solid opportunities here for me.

 

[capital sb]

Only way to do that here is to move a decent ways outside the city or to buy a duplex. Most of the homes here are older so they don't really leave room for renting out parts of the home. I really don't want to be here though

but if there are opportunities here, guess I have to compromise, even if there aren't really any solid opportunities here for me.

That's exactly what he is suggesting , buying a duplex and renting out the other side. This is called "house hacking" and could potentially cover most of your mortgage allowing you to live for free. Not sure if you are interested in being a landlord though.

If you know you want to move I wouldn't purchase just yet IMO.

I purchased because I know that I will be in the DC area for atleast the next 20-30 years, and the rents are steadily increasing.

 

[dathbgboy]

Only way to do that here is to move a decent ways outside the city or to buy a duplex. Most of the homes here are older so they don't really leave room for renting out parts of the home. I really don't want to be here though but if there are opportunities here, guess I have to compromise, even if there aren't really any solid opportunities here for me.

That's exactly what he is suggesting , buying a duplex and renting out the other side. This is called "house hacking" and could potentially cover most of your mortgage allowing you to live for free. Not sure if you are interested in being a landlord though.

If you know you want to move I wouldn't purchase just yet IMO.

I purchased because I know that I will be in the DC area for atleast the next 20-30 years, and the rents are steadily increasing.

I know that's what he's suggesting and I wouldn't even mind it if the opportunity presents itself. I live in a duplex now and would love to live rent/mortgage free, would just have to convince the Mrs. There are some real estate opportunities here, just have to get my credit right before all the big money companies and universities snatch em up.

Thanks for the suggestions

 

[slicknick951]

Only way to do that here is to move a decent ways outside the city or to buy a duplex. Most of the homes here are older so they don't really leave room for renting out parts of the home. I really don't want to be here though but if there are opportunities here, guess I have to compromise, even if there aren't really any solid opportunities here for me.

That's exactly what he is suggesting , buying a duplex and renting out the other side. This is called "house hacking" and could potentially cover most of your mortgage allowing you to live for free. Not sure if you are interested in being a landlord though.

If you know you want to move I wouldn't purchase just yet IMO.

I purchased because I know that I will be in the DC area for atleast the next 20-30 years, and the rents are steadily increasing.

I know that's what he's suggesting and I wouldn't even mind it if the opportunity presents itself. I live in a duplex now and would love to live rent/mortgage free, would just have to convince the Mrs. There are some real estate opportunities here, just have to get my credit right before all the big money companies and universities snatch em up.

Thanks for the suggestions

This is exactly where I am now. The colleges and hospitals are buying land and anything that looks attractive and making dorms or offices. On top of that they are starting a 10-15 year plan to rehab the downtown areas so rent prices keep climbing. I just wanted to put a flag in the ground while we save to buy a house we really want because spending 1300 to rent a 1br in a half way decent building is crazy to me.

 

[dathbgboy]

Only way to do that here is to move a decent ways outside the city or to buy a duplex. Most of the homes here are older so they don't really leave room for renting out parts of the home. I really don't want to be here though but if there are opportunities here, guess I have to compromise, even if there aren't really any solid opportunities here for me.

That's exactly what he is suggesting , buying a duplex and renting out the other side. This is called "house hacking" and could potentially cover most of your mortgage allowing you to live for free. Not sure if you are interested in being a landlord though.

If you know you want to move I wouldn't purchase just yet IMO.

I purchased because I know that I will be in the DC area for atleast the next 20-30 years, and the rents are steadily increasing.

I know that's what he's suggesting and I wouldn't even mind it if the opportunity presents itself. I live in a duplex now and would love to live rent/mortgage free, would just have to convince the Mrs. There are some real estate opportunities here, just have to get my credit right before all the big money companies and universities snatch em up.

Thanks for the suggestions

This is exactly where I am now. The colleges and hospitals are buying land and anything that looks attractive and making dorms or offices. On top of that they are starting a 10-15 year plan to rehab the downtown areas so rent prices keep climbing. I just wanted to put a flag in the ground while we save to buy a house we really want because spending 1300 to rent a 1br in a half way decent building is crazy to me.

Exactly, PITT, all these property management companies, UPMC, and Highmark are cleaning up. they're pretty much gentrifying the E.Liberty neighborhood here and will start on the downtown area too in the upcoming months.