For you homeowners...

[Yes4Prop215]

wow i feel like a fucking loser, im 23 with a college diploma and im not making half of 32.50 an hour, and i dont really know to many kids who i graduated with making more than 25 an hour. shit il be happy if i make 1500 this month, fuck. my boy just came over and hes getting paid 1800 every two weeks, makes me feel like a fucking bum.


on to your questions, go for a SFR, screw condos/apartments.

4 bedroom 2 baths for 1400 a month sounds really good to me.

my mom just purchased a condo and she has to pay like 4k a year in taxes and home owners fees, plus she dropped a good 30k on top of that fixing and replacing things like water heaters, bath tubs, toilets, blinds, carpets, paint, etc.

here in oakland i rent a 3bdrm for 1800 a month, of which i pay 1000, my roomate pays 800, and the grow room pays us a harvest every few months.

this honestly depresses me, i wish i could buy a house. being a real estate investor was a dream for me too, until the recession hit and i gave up. i feel like getting drunk and smoking a bowl to forget what a loser i am.

 

[Yes4Prop215]

or you could buy a duplex and rent the other half out. Then your tenants will pay most of your mortgage....it might depend on your market for that to work well though

where i live it works very well, the rent usually covers about 85% of the mortgage

this is what im trying to get my mom to do. In San Francisco they have really nice duplexs for around a million dollars, you can sell one unit for around 600-700 hundred grand and get yours at a nice discount.


just like buying two pounds for 7 grand, then breaking off one pound to your buddy for 4000 so you get yours for three! (honestly its more like 3600-3400. but whatever)

 

[Yes4Prop215]

where im from though, a 21 year old buying a house is really far fetched and crazy. maybe us inner city folks just think its way out of our leagues. most people i grew up with who are 23-24 still live with their parents. out of everyone i know i probably have the biggest house and pay the most rent. any of my friends who dont live with their parents stay in tiny rooms in other peoples houses or small apartments.

consider yourself pretty damn ahead of the pack andrew415.

 

[ocean99]

I mean why would I rent when with almost the same amount that i pay monthly ,when i can buy a house with a loan??

What happens when you lose your job? Then you're fucked and all that money you put towards your mortgage doesn't mean shit to anyone except the opportunist who buys your foreclosed home. I worked construction for a long ass time, idk how it works around you but here in Cali construction isn't a very steady job, at least not anything I'd take a 300,000 dollar loan with. Cover all your bases, make sure that 1350 mortgage can get covered no matter what.

And you can cut costs on your house with a bunch of different shit. At my place we unplug the central air conditioning when it gets warmer, cause no matter what that bitch is always sucking juice and we only need it like 4 months out of the year.

 

[PonicallyMade]

I say f**k a mortgage although I currently have one.

Mortgages keep you stuck there. I am 24 and own a few houses. 2 are paid for in full as they were cheap (sub 15k) houses that I bought in cash. They were dumps now they are nice with a little (non borrowed money and some hard work).

I also have a 65k mortgage which never gets any smaller. I want to move but cannot sell my mortgaged house in this market. I am planted here. I dont want to rent it as it'll just get trashed by tenents. I'll move when I can justify letting it sit empty while I pay the mortage off...unless I get a friend in to rent it.

If I could do it again I'd simple buy a cheap house cash , fix it up with cash, and enjoy OWNING a property. I mean - I've already done it, but SHOULD have done it 1st.

People with a mortgage house really dont own shit, except for a shit ton of debt.

Note - clearly I am in a WAY different market then people taking loans out on 350k houses, but in my experience if I could do it again I'd take a 15k house (fixed up) over my 65k mortgaged ball and chain.

advise for anyone looking to buy a home - buy not what you are approved for - but the cheapest home in your desired area.

live free - not strapped

peace
pm

 

[dopeshow]

Its okay THC I Know how forums work and unfortunatly in order for a good answer there is 50 shitty ones. haha k+


Why you ask Packabowl? I moved 2500 Miles away from home when I was 18. I'm working hard in the Construction Industry to save up for my future. Had a dream to be a real estate investor after I built up enough money for a downpayment. This is just a step towards my goal.

I do not want to live the average 9 to 5 life.

This is just what popped into my head first when I read your OP and this one...

Have you considered building? If you can get approved for a 300k mortgage I am sure you can get a loan to build. I see this as an ideal project for an ambitious young man like yourself.

With your experience and knowledge in the construction industry, you would save a lot of money doing a portion of the labor (what you can) on your own and being your own general contractor. There is a real sense of pride in owning a home sure, but double or triple that for a home you have built yourself.

A downside would be buying property, but you could use the savings from labor/General Contractor to get a good lot.

But there are options too... I think JJ Scorpio was the one who said it... FORECLOSURES. Dear god, few people understand how it works but JJ hit it on the head, find the listing of foreclosed homes and you will find a quality home for a very attractive price.

Ignore the jokers who are advocating rent. Whoever said it is like flushing money down a toilet, they were absolutely right. Build equity. Instead of paying someone else's debt for them, pay your own.

And taking out a loan to buy a home is not a bad thing, it's what I did and mine is damn near paid off. Having assets are a good thing. Taking out loans you CANT PAY, or being talked into an ARM, or being sold a shady loan from bank are the bad things. If you've got a head on your shoulders, a bit of money in the bank, and a secure job... get that loan and buy your dream house dude, don't even hesitate.

But I definitely do want to say major props to you for being ambitious and having the balls to work hard and make a living for yourself. Most 20 year olds (packabowl) don't even understand how its possible to do what you did but they aren't at the maturity level you are or simply didn't have the balls to go for it. Props to you, young sir.

 

[Yes4Prop215]

oh yea one thing i havent seen any one address here is the PRINCIPAL AND INTEREST!

I couldnt believe it when i first learned that for a 300k mortgage, over 30 years at like 5% you end up paying about 600k+ for that house.

So yea, buy in cash, or use a huge down payment! my mom put down 200k on a 400k spot, so her mortgage isnt that bad, like 900 a month and she gets 1500 a month from rent.

^^ and ponically made, ill move into that house!! why not set up a nice 5k grow and make some money out that bitch??

 

[PonicallyMade]

yeppers,

Rotten Interest! My heart goes out to all those with an adjustable.. hope your still in a home. I bought my house adjustable because it was all I could get at the time. ended up refi 3K more then my original purchase price 3 years into the loan. How much sense does that shit make.

my parents bought their house for like 40k many many many years ago. Just now fishining her off around 30 years later. Had to be around 200-300k in interest let alone the major renovations the house incurred all those years.

Its better then renting if you want to stay their for a while...or having a family and staying your whole life. You can put a price on your real home.
A house with a mortgage is no investment..unless the market is hot.

That being said - if you can borrow money for a good rate like 5%..I'd be hesitant to turn that down.

 

[Hammerhead]

Please make sure you do your home work on whats going on right now. The price of homes have dropped allot. There are going to be thousands of foreclosures hitting the market very soon.

 

[belfast]

1) renting sucks, its flushing your money down a toilet, often in a shitty place with no piece of mind or freedom; and quite often mold

Renting a house may suck.
if you buy and have a mortgage you pay rent on the money (interest) you borrowed to buy the house.

 

[sparkjumper]

Property taxes can be a big deal if you move into a state with a homestead exemption you'd be doing yourself a big favor.And if you plan to grow buy as far away from any school as possible!

 

[Bobby Stainless]

Sounds like we have quite a few land lords here.

Great business.

 

[iGro4Me]

Sounds like we have quite a few land lords here.

Great business.

It really depends on the renters and how much bullshit you're willing to deal with.

When it's good, it's good.....when it's bad, it's real bad.

That being said, real estate is never a bad investment long-term.

As a business or otherwise.