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Thread: First Time Buying a House...

  1. #1

    First Time Buying a House...

    Forget I posted that sports car thread........... I had a job then.....

    so...... the wife and I would be first time home buyers...... and I know nothing..........

    fairly or super hot market in Austin right now..... after speaking with a loan officer it looks like we may want to but a place, live in it at least two years............. then rent..... and find another place....... maybe.......
    Everybody here is out of sight
    They don't bark, and they don't bite
    They keep things loose, they keep things light
    Everybody was dancin' in the moonlight

  2. #2
    Hard to buy a second home with a loan. Banks don't give one easily.




  3. #3
    Quote Originally Posted by moonslav59 View Post
    Hard to buy a second home with a loan. Banks don't give one easily.



    Thoughts of turning the first property into a rental....... that should mean money coming in....... I can plunk down a 20% down payment on both of them at least...

    I'm thinking I might be able to have a property portfolio in a decade........
    Everybody here is out of sight
    They don't bark, and they don't bite
    They keep things loose, they keep things light
    Everybody was dancin' in the moonlight

  4. #4
    Quote Originally Posted by SoxHop View Post
    Thoughts of turning the first property into a rental....... that should mean money coming in....... I can plunk down a 20% down payment on both of them at least...

    I'm thinking I might be able to have a property portfolio in a decade........
    We tried to buy a second home for $180K to rent, and they wanted 40% down, even though we had $120K in equity on our first home as collateral.


  5. #5
    I've got enough trouble paying for one house without getting a second or more.
    Priorities:
    1. Yankees lose
    2. Red Sox win

    Fui sobre agua edificada, mis muros de fuego son

    Quote Originally Posted by joeycaps View Post
    So shut up because you have no idea on what you say on anything as evidence of some of your ridiculous posts.

  6. #6
    I have two homes with a rental property mortgage coming down the pipe. It all depends on assets and income if your plan is to buy multiple properties. For your primary place of residence, you have FHA loans that can take the amount of down payment to as low as 3% of purchase price as long as you and the property qualify. Their major problem is PMI, which isn't tax deductible and can be up to a few hundred dollars a month on top of your mortgage. For second/investment homes, you need 20% down payment and FHA doesn't apply. Rates are always higher on non-primary residences. The more you put down, the better the rate
    How many more years left in ARod's contract?

  7. #7
    I'm glad you guys brought up what you need to buy a second home. We meet a real-estate today and it gave me much to think about. We meet with a lender who will be able to help us get a better picture of what it would take here to buy multiple homes.

    I have about 80k to play with to put down at some point.

    My initial plan was to buy a place every two years and then buy our dream home. We've live in the places we buy for those years as that will write off the capitol gains tax.

    But now I'm thinking we may be stuck after we buy a couple and not have enough to put down for a loan, and we'd be stuck living in one of the places we wanted to rent out.

    hmmmmm.

    I have many questions for this financial person.
    Everybody here is out of sight
    They don't bark, and they don't bite
    They keep things loose, they keep things light
    Everybody was dancin' in the moonlight

  8. #8
    Quote Originally Posted by SoxHop View Post
    I'm glad you guys brought up what you need to buy a second home. We meet a real-estate today and it gave me much to think about. We meet with a lender who will be able to help us get a better picture of what it would take here to buy multiple homes.

    I have about 80k to play with to put down at some point.

    My initial plan was to buy a place every two years and then buy our dream home. We've live in the places we buy for those years as that will write off the capitol gains tax.

    But now I'm thinking we may be stuck after we buy a couple and not have enough to put down for a loan, and we'd be stuck living in one of the places we wanted to rent out.

    hmmmmm.

    I have many questions for this financial person.
    I'm confused. Are you flipping homes or just renting them out? Where would the capital gains tax come into the picture?
    Fire Farrell - fucking check mark!
    Trade Pedroia
    Sign JD Martinez to play 1B/DH
    Sign Alex Cora for MGR - check plus!

  9. #9
    i got a crushing tax bill on the gains from selling my last house so keep that in mind if you are flipping.....
    other names i have posted under: none

  10. #10
    Quote Originally Posted by mvp 78 View Post
    I'm confused. Are you flipping homes or just renting them out? Where would the capital gains tax come into the picture?
    We'll, in case we stopped renting and then sold I'd be worried about the capitol gains.

    I don't know as of now. I'm 44, so I'd probably need to sell before I start pooping my pants and can't be a landlord anymore. I'm in exploratory mode right now.

    Of course the wife has her eye on some property with a pool that is just a bit out of our price range, but doable.......... damn that place looks nice...
    Everybody here is out of sight
    They don't bark, and they don't bite
    They keep things loose, they keep things light
    Everybody was dancin' in the moonlight

  11. #11
    Crunching numbers tonight with a friend......

    if you had 20 grand, what would you put it in. Housing in a coming to the end of being hot housing market, stocks...... dog track?
    Everybody here is out of sight
    They don't bark, and they don't bite
    They keep things loose, they keep things light
    Everybody was dancin' in the moonlight

  12. #12
    Quote Originally Posted by SoxHop View Post
    We'll, in case we stopped renting and then sold I'd be worried about the capitol gains.

    I don't know as of now. I'm 44, so I'd probably need to sell before I start pooping my pants and can't be a landlord anymore. I'm in exploratory mode right now.

    Of course the wife has her eye on some property with a pool that is just a bit out of our price range, but doable.......... damn that place looks nice...
    Why would you be worried about the capital gains if you sold a second house? Wouldn't you just set aside a portion of the proceeds to cover the tax burden?

    Also, a property is either outside of your price range or it's in it. Buying a house that is a little above what you are comfortable with is a sure way to enter a really long fight with your wife if things don't break perfectly.
    Last edited by mvp 78; 09-07-2016 at 08:08 AM.
    Fire Farrell - fucking check mark!
    Trade Pedroia
    Sign JD Martinez to play 1B/DH
    Sign Alex Cora for MGR - check plus!

  13. #13
    Quote Originally Posted by SoxHop View Post
    Crunching numbers tonight with a friend......

    if you had 20 grand, what would you put it in. Housing in a coming to the end of being hot housing market, stocks...... dog track?
    Are you looking for immediate gains or long term ones?

    Housing is subject to certain volatility and it's not really a good "investment" like people think. Unless you're an expert, flipping houses isn't a good bet. Even if you're an expert, it's not a sure thing.

    Some people will swear by https://personal.vanguard.com/us/fun...NT&FundId=0968 but I'm not a financial adviser. While I've audited a bunch of broker dealers, I'm not really a stock market whiz.

    When I was younger, I had a little fun at the dog track, but haven't been in over 20 years.
    Fire Farrell - fucking check mark!
    Trade Pedroia
    Sign JD Martinez to play 1B/DH
    Sign Alex Cora for MGR - check plus!

  14. #14
    Quote Originally Posted by SoxHop View Post
    Crunching numbers tonight with a friend......

    if you had 20 grand, what would you put it in. Housing in a coming to the end of being hot housing market, stocks...... dog track?
    Alphabet Inc, MSFT, or 1/10th of a share of BRK.A
    other names i have posted under: none

  15. #15
    SoxHop, I like the Dowling 5. Diversifies without having to spend a lot. Just need to keep up with their recommendations
    How many more years left in ARod's contract?

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