house shopping

[Jeef]

B honestly you probably can't afford it. I take home about what you do. Here is the math 675 for condo, taxes, and condo fees. Truck payment and insurance almost 500 bucks a month. Gas 50 bucks every 5 days, $300 a month. Food, drinks, smokes I average about 12 bucks a day, and when I go grocery shopping and basic supplies its like 100-200 a month (I don't eat at home much) so theres another $560 bucks. Then there is paying off the Home Deepthroat card and credit card bills for when shit breaks like last week 530 bucks for a new inwall a/c. Without paying any debt off I am at $2,035 then there are utilities. I sometimes have to cut down on the driving or eat at home more to make shit work.

 

[Jeef]

Originally posted by micah@Jun 16 2005, 04:40 PM
you could always look for homes that have been foreclosed or seized due to back taxes. they are usually priced retardedly low or you could even pay the previous owners balance for it.

[post=513087]Quoted post[/post]​

In our area with how many people do fix and flips with connections the good ones go really quick. I know my brother and I are looking for one right now.

 

[driver1]

Originally posted by erebunicrx@Jun 16 2005, 01:45 PM
there a badass house on matthews st for sale. huge yard and monster barn/garage. you could probally autox in the back yard.

we just cleared a lot in bristol in a new devlopment and the laot was 1/2 acre big and the land went for 175k. but if you need land or a lot cleared lmk

[post=512981]Quoted post[/post]​

that utterly ridiculous....I live in Maine and prices are so much different here. My dad just bought 63 acres for 140,000. The house we live in right now he will be putting on the market once he builds his new home. Its a split foyer....i forget the exact dimensions but good size 3 bedroom 1 bath , with fully finished basement, hot tub, big porch off the back, sitting on 7.5 acres (2 lots which makes it worth even more) oh and the best part........a 36x36 3 bay garage....i thihnnk hes gonna put it on the market for around 300,000. oh andits in the best neighborhood you could ask for, can only see one neighbor at anytime during the yr

 

[posol]

Originally posted by New2TheCarScene+Jun 16 2005, 05:39 PM-->

Keep the STI, sell everything else you have. Wait until later in life to rebuy the toy cars, the sti will serve as a DD/fun car.

yeah, i'm not selling it. it will only be a hassell anyway. i mean, i basically have to buy a new car with another loan, then sell the sti, then pay off my payment... i'm jsut going to end up losing money on the deal, even if i don't have a payment anymore. and in order to sell the car, i need to pay it off first to take the lien off of it to get the title... blah, its a mess. basically, i'd need 40k to pay off the sti, buy another cheaper semi-new car, and then pay off my loan as much i can with what's left... not worth it.

As for increasing your income, if you're willing, sell whatever high tech shit you have thats worth quite a bit to try to bring home some extra cash. Do you really need a big screen right now? Do you need this, do you need that?

I returned my plasma tv... shit broke on me again, and i didn't want it any more. i've already got that 3k back... but i blew it on the wilwood brakes, jdm itr tranny, and the rsr catback. lol

Then the serving job...you can make a hell of a lot more than you expect. I'm not a fulltime server but if I were I could easily pull in 30k a year before taxes. As is, I'm going to pull in 15-20k and I'm in a franchised restaurant thats not all that busy. I pull in $100 or more a night after I'm done with my "tip out" and what not. 4 hours of work last night left me with $112.

Serve on weekends and pull in an extra $800 a month or so.

[post=513085]Quoted post[/post]​

like i said dude- i did it for 6 years. 16 till i was 22. i worked my ass off, working 48-55 hours a week, and i was making about 22k a year gross. people here just don't tip like they should. they think 3-5 bucks is fine for a 40 dollar meal for 4.

Originally posted by micah@Jun 16 2005, 05:40 PM
you could always look for homes that have been foreclosed or seized due to back taxes. they are usually priced retardedly low or you could even pay the previous owners balance for it.

[post=513087]Quoted post[/post]​

i looked into it....
most of these are done at auction- where you need 20k cash in hand at the time of bidding. not my style. its way too much pressure.

that, and 95% of the time, they are shit holes in crappy neighborhoods. people who can't pay their bills generally don't keep up with anything else.
i'm not looking for a fix-it-upper. i want a "move right in" home.

Originally posted by Jeef@Jun 16 2005, 09:52 PM
B honestly you probably can't afford it. I take home about what you do. Here is the math 675 for condo, taxes, and condo fees. Truck payment and insurance almost 500 bucks a month. Gas 50 bucks every 5 days, $300 a month. Food, drinks, smokes I average about 12 bucks a day, and when I go grocery shopping and basic supplies its like 100-200 a month (I don't eat at home much) so theres another $560 bucks. Then there is paying off the Home Deepthroat card and credit card bills for when shit breaks like last week 530 bucks for a new inwall a/c. Without paying any debt off I am at $2,035 then there are utilities. I sometimes have to cut down on the driving or eat at home more to make shit work.

[post=513182]Quoted post[/post]​

well, i don't have nearly the gas bill you do, unless im out toying around blowing gas/listening to music like i do too much... lol i COULD get away with abotu 22 bucks a week for gas. but yeah, i hear ya. it would be tight. and thats why i want a roomate

Originally posted by Jeef@Jun 16 2005, 09:53 PM
In our area with how many people do fix and flips with connections the good ones go really quick. I know my brother and I are looking for one right now.

[post=513184]Quoted post[/post]​

yeah, that too. and since these guys have been doing it-- and a lot are construction guys who can do all the shit themselves. i don't have time for that.

driver1@Jun 16 2005, 10:35 PM
that utterly ridiculous....I live in Maine and prices are so much different here. My dad just bought 63 acres for 140,000. The house we live in right now he will be putting on the market once he builds his new home. Its a split foyer....i forget the exact dimensions but good size 3 bedroom 1 bath , with fully finished basement, hot tub, big porch off the back, sitting on 7.5 acres (2 lots which makes it worth even more) oh and the best part........a 36x36 3 bay garage....i thihnnk hes gonna put it on the market for around 300,000. oh andits in the best neighborhood you could ask for, can only see one neighbor at anytime during the yr

[post=513209]Quoted post[/post]​

there's also nothing to do in maine, hardly any white-color jobs (sorry guys, im not a blue collar dude ) and too much snow.

63 acres? i don't think theres 63 acres available within 20 miles of me before you'd hit either a road, or something. lol un ehard of.
average lot is about 30-70k for ~.5 acres i'd say.

and the shitty part is-- when you buy the land, you HAVE to build on it within 2 years or some shit. so, i can't just buy land and pitch a tent lol



ANYWAY

I drove by that house tonight.... took me about 10 min to find it... lol damn back road mazes.

the pics are pretty misleading. the lot is one huge hill, the driveway sucks-- like straight up then flattens out at the top, and its right in a bedn in the road.
it also looks MUCH smaller in person.
back to the drawing board.

 

[ScrapinSi]

FYI B... Here's my setup...

.75 Acres, 850 sq ft house
Hardwood Bamboo Floors
Baseboard Hot Water
Private Road
Subdivision lockout
Woods on 3 sides
All brand new appliances

I paid $165k, put 5k down, and i'm paying 1180 a month, including taxes, insurance, etc... Look into an FHA loan... I almost bought this house before it was remodeled for $85k, 2 years ago... Prices ain't gonna get cheaper...

Thats why i told you to buy a house before you bought the Sti.

 

[posol]

850 is too small for me. yeah, its just me, but i have a lot of friends who will be over a lot. i think 1500 would be my minimum i would go, 1800-2000 preferred.

as for prices not getting cheaper--- i don't know about that.
interest rates are starting to climb back up. high interest = lower housing prices.

better to buy for cheap w/ more interest and re-finance later than
to buy expensive on cheap interest. you can't re-negotiate the price of your loan

 

[jeffie7]

I can't believe how many people have no idea what's going on in the housing market......

B if CT is the way I think it is "kinda like MD" that house is under contract.

ANY HOUSE that is somewhat ok in the 250K area or less goes under contract with in 24 hours of being listed unless the seller list the house with a contact date. but when that heppens you get into a bidding war, or in a good bit of cases investers will "if the house is listed for 225K hand the owner 250K CASH. and walk away with the contract.

Find the MLS # and run it on a few different search engines "real estate databasses" a lot of websites will list a house as being active long after it's been sold so you will call them to ask about the house. "oh sorry MR B that house went under contract, how about I show you a few others in the area? btw do you have agent? oh well heres my card......

and IMO unless you have AT MIN a few hundred $ extra amonth, DO NOT BUY IT or anything else in the price range. you will just add another hud home to the housing market.

did you factor in tax? is there a HOA fee? how old is the AC unit/s? what about the water heater....list goes on and on.

And FYI that same house in AA county MD with that much land would go for an easy 300K and that is even if the house was 80 years old.


I've been activly searching for a house for about 1.5 years and my take on it is "in the MD area" right now is NOT the time to buy. it's a total sellers market and buying right now is a very risky thing to do.

Also $2300 aint jack shit for buying a house You're able to get the loan becuase you have such a great credit score. I also have a great credit score and have been able to get some high dollar loans. much higher then I could ever pay.

I think the only real option for you to get a place with your salary is to find renters but IMO I wouldnt do it.... its not worth it. if anything just get an apartment and wait for the market to drop out and it should soon enough................................



P.S to give you an idea of what I mean by places going under contract within the first day or two, 9 out of 10 places I've found online for sale have been under contract. the 1 that wasnt would be a total dump worth about 110K listed for 250K

Only way I was able to find houses BEFORE they went under contract was to have an agent, I would get a phone call at 1pm from my agent saying hey this house at so and so just went on the market would you like to go see it? I would leave right after work with all my loan papers in hand becuase I knew if I happened to like the place I would have to put an offer on the house THAT DAY if not I would lose the contract.

 

[BigJ]

Try 600-800k in my old neighborhood. The house would be bulldozed as well.

 

[posol]

perhaps you missed this part:

I drove by that house tonight....

the pics are pretty misleading. the lot is one huge hill, the driveway sucks-- like straight up then flattens out at the top, and its right in a bedn in the road.
it also looks MUCH smaller in person.
back to the drawing board.

i'm not even interested in it after driving by it today.

 

[reckedracing]

watch out for applying/getting pre-approved on mortages, everytime they run your credit it lowers your score...

and if you apply online, chances are that one website is running your credit through 10 diffrent lenders to try and get you the best deal...

10 lenders = credit score dropping...

 

[posol]

going to check out this one tonight...

http://www.realtor.com/Prop/1046658511

 

[Battle Pope]

Wow, that's a pretty nice lookin place, B.

 

[posol]

same price as the other one, 3x the land, a little less sq ft, better neighborhood.

i'll try to do a drive-by tonight after work. all i have for this one is the school district.... so i have like 8 sq miles of roads to drive to find it. lol shouldn't be too hard. the grammer school is right on the split of the middle school-- so its gotta be right on the border of those two districts. that will narrow it down to 3 sq miles or so

 

[posol]

oh sweet.

found a map.

http://arcweb.esri.com/servlet/rs_zip?ic=1...87&l=1&u=n&zc=0

that is RIGHT behind chippens hill middle school. like, that big plot of ntohing there, thats the middle school. this is DEFINITELY a prospect-- but its probably already sold. thats a VERY desired nehgborhood.

just down the street from cart autox too

 

[Celerity]

I love it when people misspell "Grammar School"

Good luck with that. I keep reading this forum to make sure you're not encroaching on my latest finding, a log home on 2 acres with a pond.

If you do, then we must duel to the death.

-> Steve

 

[posol]

i don't want a log home- so its all you.

ponds end up turning into swamps and then stink... no thanks

 

[CRX-YEM]

Originally posted by reckedracing@Jun 17 2005, 10:22 AM
watch out for applying/getting pre-approved on mortages, everytime they run your credit it lowers your score...

and if you apply online, chances are that one website is running your credit through 10 diffrent lenders to try and get you the best deal...

10 lenders = credit score dropping...

[post=513349]Quoted post[/post]​

actually that is not accurate info. a hard inquiry on your report will lower your score by about 2-5 points. Say you're shoping around for a mortgage and have 30 hard inquiry's in I believe a 30-45day period, they are treated as one inquiry. no harm in credit score. same thing goes for buying cars, your allowed a 14day period for as many inquires you can rack up and only cont as one iquiry, this is made possible so you can shop around for a loan. there are a few other type of loans that provide some type of grace period for credit report inquiry's

and appling online thru some broker they only need to pull your report once and send it to all lenders they want to work with.

also a soft inquiry does not count against credit score.


B. before you jump in and just buy, go take a look at like 20 houses so you can get a feel for prices, size of property,locations etc.. you should make an appointment and check out the house you're not interested in anymore, just to get a feel for what a $235K house looks like, get the sellers disclosure (you'll be amazed at how much shit might need fixing). The more you look at you'll get a beter feel for how much the house is either really over priced or not. looks are very deciving.


what I spent.....
.19 acre 1100sq ft. on cul de sac
hardwood floors
radiant heat
fenced in yard
nice area.

I paid $145,000 absolutely no money down, actually got $6 back at closing.
mortage is $932 P+I ( I don't have to pay PMI since I have $40K in equity already the house is worth $185K appraised a year ago) houses on my street have been selling for $200K+

 

[posol]

oh i know. i'm not jumping into anything over night, and i'm not signing anythign until i have a solid roomate on board with me. I talked with bill about it briefly the other day.... we're thinking about goings halves on the house (i front the DP) and when one of us wants to move on, we either sell the house, or buy it out from the other person, and we split the profit/cost in half + my orig DP back. just talking. he's looking at condos... but i don't want a condo. too much BS and fees and rules. between the 2 of us, we can easily get a 350-400k house if we wanted to- but a 230-250k house is plenty, and a solid investment. its MUCH easier to sell an average priced home than a high-priced home IMO as more people can afford it. with our two salarys, we are well above the average household income... right around 100k between the two of us.

When i asy "look at" i mean find the thing myself, drive by a couple times slow and scope it from the outside.
if the outside does it for me, then i'll take it to the next level and try to get an appointment to look at it set up. but i'm not there yet.

 

[posol]

Originally posted by pissedoffsol@Jun 17 2005, 12:09 PM
going to check out this one tonight...

http://www.realtor.com/Prop/1046658511

[post=513402]Quoted post[/post]​

well, that one was a POS.

its up about 20 feet from road level... in about 10 feet. crazy slope.

the 1 acre of land??? What, the rock ledge at a 60* slope full of rock and trees?

christ. i've seen patches of grass in manhattan bigger than that yard.

so, that one's out for sure.


i stumbled across this one...

http://www.realtor.com/Prop/1047151571?lnksrc=00045

its a little more money... 20k more. but its in the next town over that haw a lower mill rate.
it will pay for itself in 3 years of property taxes.

i'm going to do a drive by on that shortly... been at work all damn day. i hate projects

 

[jeffie7]

I just got back from the rents house and our family friend/agent was there. He was talking about showing one of their "him and his gf" friends houses they want to spend 180K he said the total shown count to date is 144 houses in this area. they've put offers on 10 different houses and have been out beat on every offer by far.

But like you... they're picky.

Bottom line, you will not get what you want for the money you're willing to spend unless of course you do the cosign deal with your buddy.