Thread: gonna buy an ~$80k house
07-24-2020, 04:48 PM
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#31
Originally Posted By Skezo⏩
Why the FHA loan? I have never gotten one so I don't know the benefits. All I know is most people get one because they can't afford any down payment at all and the only ones I know of personally got **** interest rates with it.... unless there is something I am not aware of it seems a bad route to go instead of conventional.
Originally Posted By tk217⏩
First house I bought was a meth addict house for 35K - put 50K in renovations into it. Took 2 years. I was young and full of energy so it was cool - you can do it, OP.
Originally Posted By Schism45⏩
I was originally planning to buy a duplex but that would take an extra year or two of saving AND a higher income which I would have to have for 2 years to qualify anyway so I figure my best bet is to buy this first home and then buy a duplex next. If I could live in my first home and just rent both units out in the duplex that would be ideal but I may end up having to live in one unit for a yearI'm jelly of how cheap your housing is. Absolutely do it.
In fact spend more than that and buy a duplex so the rent pays the full mortgage/taxes/etc and you live for free.
In fact spend more than that and buy a duplex so the rent pays the full mortgage/taxes/etc and you live for free.
07-24-2020, 04:50 PM
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#32
Still no pics
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07-24-2020, 04:53 PM
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#33
- Skezo
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- Skezo
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Originally Posted By SlootMan⏩
There is no downside into looking into a conventional loan then. You will likely get a lower interest rate. Worst that happens is they say No at no cost to you.FHA mainly because I have went to their loan calculator and figured out with my income I can qualify for the amount of loan I need. They seem to be more lenient when giving out loans and I'm not sure if a bank will approve me for a loan without it being government backed through FHA given my low income.
nice! I hope to be able to have the cash to buy fixer uppers like that one day outright and just put the cash into renovating it.
absolutely, I am not worried at all about how fancy anything is for my own living purposes, I would just be fixing it up until it would be viable to rent out and then I can start worrying about everything else that could be done
nice! I hope to be able to have the cash to buy fixer uppers like that one day outright and just put the cash into renovating it.
absolutely, I am not worried at all about how fancy anything is for my own living purposes, I would just be fixing it up until it would be viable to rent out and then I can start worrying about everything else that could be done
07-24-2020, 04:56 PM
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#34
- Skezo
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- Skezo
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Originally Posted By ReadyToLift2019⏩
Where do you live? Cali? NYC? Toronto or Vancouver? My place was 80k and in a good area. Only make 110k but here that is probably like at least 200k+ in San FranciscoI don’t know where you live but it must be a total bumfuk chithole srs
I can’t find anything for less than $500k that I’m willing to live in where I’m at and that comes with $1000/month property taxes on top of the mortgage and INS
$80k wtf lol
I can’t find anything for less than $500k that I’m willing to live in where I’m at and that comes with $1000/month property taxes on top of the mortgage and INS
$80k wtf lol
07-24-2020, 05:14 PM
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#35
Originally Posted By ZMAg⏩
Still no pics
for example. There was an even nicer one that I was looking at that must have already gotten snatched up within the last week or two since I searched since it isn't showing up anymoreOriginally Posted By Skezo⏩
Definitely will look into a conventional as well, likely I will talk to smaller banks like credit unions I think.There is no downside into looking into a conventional loan then. You will likely get a lower interest rate. Worst that happens is they say No at no cost to you.
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