Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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The $4000 is upkeep. The HOA is $391/mo mainly because of the Concierge/security. Taxes are $1171/year. The Total for renting a place @ 1400/mo for 3 years was $50,000. For the appeasement of those...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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You cannot always rent out a condo. Many condo associations have very strict rental caps (where only a certain percentage of units are allowed to be rented - if they've already reached that cap by...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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I know California has Stated Income loans. As long as you can put 20% down they don't care much about your 3 years of income taxes. Is this similar to any Georgia policy?
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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Because of my lack of tax returns for last 3 years, no one I found was willing to give me a mortgage, despite 50-70% down.
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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The money was sitting in an estate fund until after I turned 25, it was earning slightly below prime, but I wanted to wait until after I had graduated to touch it/use it so I didn't make any silly...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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I appreciate the insight, but this condo sold in 2004 for $230,000 prior to the massive real estate inflation/run-up. Aside from that though, anything even remotely comparable is $1300-1400/mo in...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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owning it might not be a bad idea even if they only live there for 2-3 years so long as they can rent it out...since its paid off it could essentially be free income to them for many years to come.
...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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As said, for such a short time frame you should just rent. You aren't going to get a return on your money in that time frame.
Besides, owning is over rated. You've got to pay taxes, pay for all...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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why are you buying a condo, rent.
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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I think you will do fine...and likely end up staying more than 3 years because time will fly by.
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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Your not showing at least 2 years worth of income to qualify for a loan and banks must follow stricter loan guidelines. Forget the loan, wait about 1 year to 1 1/2 to apply for refinancing. Its a...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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I get that you don't want to "lose" money in rent, but you will lose (
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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Meaningless what it sold for in the past. Utterly meaningless. And you are not getting a 140k condo for 124.5. You are getting a 124.5 condo for 124.5. That's how out of loop the sellers are with the...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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Are you in the same market he's in? How do you know if this is relevant? I just sold my house for 4% commission. Buyer paid closing costs.
Also, mine was on the market for about 4 weeks.
...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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good luck tomorrow OP!
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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Ok, what do you mean by "remotely comparable?" Don't you have actual comps? It is a condo, what are the last sales for exact comps in that building? If there aren't any then you might want to...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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I will disagree with those that say you're "throwing your money away". Situations change over time and even location. The main thing you have to look at, if things don't swing wildly out of...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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Only $4k in taxes and HOA dues over 3 years? Damn, my taxes alone are almost that for a single year, much less HOA & Insurance.
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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Things are a little different in the south. Rent is usually inflated but negotiable (if you want to tread that path) because of larger wage discrepancies between the property owners and renters than...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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Nothing's guaranteed, but you're doing the right research. Don't let the naysayers talk you out of it. Some people have been badly burned in this market and project onto others. Some just like a...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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I do like the freedom of owning and being able to fix what i want how i want. the op is buying a condo so he will be limited on what he can do to the outside...personally i like working in the yard...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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Why bother with an equity loan when you're paying in cash? Just put a 60% down payment and do a mortgage, it'll be a lower interest rate. Do a 15 year and you should be much better off than a...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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I'm curious how you had no tax returns but have that much liquid money and why wasn't it making interest?
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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Word. Anyone who says "renting is throwing money away" has no grasp on finances at all.
I was going to mention his 1099 but since he didn't ask. You're right though. Sounds to me 50k by 1099 is...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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Wanted this to be said again. Nobody considers the realtor fees! That's an automatic 6% or so off the top of the house!
People always think "But I'm wasting money by renting" and that's not the...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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If you don't mind me asking, I wanna know too!
Also, what the others said...you just gotta keep shopping around. It really makes much more sense than a loan.
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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At least 2-3 years.
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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Don't ever let a realtor select a lawyer, home inspector or anything for you. They are more than likely getting a kickback. Additionally, $1200 for an lawyer? What do you get for $1200? I'm in...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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No offense but he hasn't presented a wit of data the mortgage company would research. the data he is presenting seems to be from reading what you should do if buying a mortgage financed , where the...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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Congrats. As I said it is an excellent time to be buying. I was just concerned as you had previously had no mention of the major risk factors that mortgage companies look for, and which are often...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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You are throwing money away then.
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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I'm currently under contract for a condo in the Atlanta area, Asking was $140, Getting it for $124,500. I'm paying for the condo with all cash, and it is my first home purchase. I'm under 30, and...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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I'm a 32yo also Atlanta area. Like you, I could buy a home at any time and pay for it almost entirely in cash, but I find renting to be far more favorable for me than owning. It sounds like you're...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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congrats! be prepared for hand cramps as you sign.
It seems like you've calculated your risks and return, and with anything with money... there's always a risk, and you're well aware of them,...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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Had the appraisal done a far as comps in the within a .25 mile of the there (all are condos or town homes as it is a major street).. Rental cap for the the Association is 20%, it is an FHA approved...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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discostu58 is right. It would be financially wiser for you to rent than to buy for two reasons:
1. The short length of time it seems you might be in the home. The condo market was hit even...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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CoNdo Purchases if you had a mortgage the lender would require the following
. Condo association budget last, current and future if available
. Hoa6 insurance which covers the inner dwelling
....
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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Okay, minus the crude comment of me being out of my depth, I do appreciate the advice, though not directly related to my question. I have checked up on the HOA by now, they have a health reserve...
Purchasing first home on Nov 8, advice/am I doing anything wrong?
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Thread created 10-19-2012 by ANM85
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Make sure that you can rent it out...some HOA may not allow this...
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