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InvisibleLiz
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Buying A House!
    #6303782 - 11/20/06 08:53 PM (14 years, 5 months ago)

My boyfriend recently got accepted into college, and starts in January.  We started looking into rents in the areas around his new school, and they're outrageous!  $800-$1000 for a ONE BEDROOM apartment - fucking ridiculous!  Also, most places don't allow pets (especially dogs) and there's NO way we're parting with our dog, so fuck renting. 

The housing market in our area (Boston) has been in a huge decline lately...it's a total buyers market right now, with a lot of houses sitting on the market for months upon months, and dropping in price like crazy.  So we went today and got pre-approved for a mortgage!  We're going to be buying a 2-3 family home, and after running the numbers, we'll actually be paying LESS after taking the rent we'll be collecting into consideration, than we would have been paying for a lousy 1 bedroom apartment.  And we'll be building equity, and have a sound investment for the future!  Yay! 

After he's done with school, we'll move out of the unit in the multi-family, rent that one too, and buy a single family.  Or, if the market has rebounded, we will sell the multi family for a profit.  Either way, I'm so excited, things are finally falling into place! :dancing:


--------------------
Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.




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InvisiblePenguarky Tunguin
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Re: Buying A House! [Re: Liz]
    #6303841 - 11/20/06 09:12 PM (14 years, 5 months ago)

Good plan, lady.  :thumbup:

Best of luck to you.


--------------------
Every mistake, intentional or otherwise, in the above post, is the fault of the reader.


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InvisibleLiz
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Re: Buying A House! [Re: Penguarky Tunguin]
    #6303862 - 11/20/06 09:19 PM (14 years, 5 months ago)

Thank you very much!!  I've been in the mortgage industry for like 5 years, so I always knew this is what I wanted to do...the time is just right now, and it's finally happening!!  I'm sorry if I sound like a raving lunatic...I'm just so excited  :crazy2: 

Also, the lady handling our mortgage application...I worked for her for 2 years, she's one of my closest friends...so they're going to do it for minimal money, and get it done fast  :thumbup:  Yay!! 

Shroomery gatherings at our place, soon!  :heart:


--------------------
Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.




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OfflineCaRnAgECaNdYS
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Re: Buying A House! [Re: Liz]
    #6303867 - 11/20/06 09:22 PM (14 years, 5 months ago)

Yay. That's awesome. Congrats to you and Suffer. Good luck with the home buying.


--------------------

The secret to being funny is to say smart things stupidly, or is it stupid things smartly? Whatever..it's not rocket surgery...or something like that.


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Invisiblebadchad
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Re: Buying A House! [Re: Liz]
    #6303870 - 11/20/06 09:23 PM (14 years, 5 months ago)

It's nice to own.

I think of that every month when I sign my $1200 rent check.  :smile:


--------------------
...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436


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InvisibleRandalFlagg
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Re: Buying A House! [Re: Liz]
    #6303956 - 11/20/06 09:51 PM (14 years, 5 months ago)

Congratulations Liz! I have thought about buying a house as well. Screw paying a bunch of rent. And I don't even like my apartment that much.

But, I don't know if I want to get tied down to a place. I like the thought of just being able to get up and go whenever I want.


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Offlinekillme
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Re: Buying A House! [Re: RandalFlagg]
    #6303972 - 11/20/06 09:57 PM (14 years, 5 months ago)

Yeah, rent is wasting money...I bought a house 5 years ago for 150K and am now selling it for 200k....After what I already have paid off I am going to make around 100k on it. Definately the way to go.


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InvisibleLiz
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Re: Buying A House! [Re: RandalFlagg]
    #6306898 - 11/28/06 08:31 AM (14 years, 5 months ago)

Quote:

RandalFlagg said:
Congratulations Liz!  I have thought about buying a house as well.  Screw paying a bunch of rent.  And I don't even like my apartment that much.

But, I don't know if I want to get tied down to a place.  I like the thought of just being able to get up and go whenever I want.




Hey Randal!  your sig made me crack up laughing! I'm glad the boards are back up so I can reply to all of these threads now! 

It just makes so much more sense for us to buy than pay rent.  Right now where we live is awesome...ton of land, nice house, great area...but it's not ours and that's a huge deal tgo both of us.  Plus, suffer would have like an hour and 1/2 ride each way to school, and that would be without traffic.  With traffic, forget about it, may as well just stay home. 

Rent for a 1-2 bedroom in the area we're looking in is about $900-$1100 a month.  Plus utilities.  Plus, most of the places don't allow pets, and frankly, I'd rather be homeless with my dog than live without her.  We got our final pre-approval letters last night, so now we can start looking seriously and submitting offers and whatnot :dancing:

In Massachusetts right now, the market is tanking, big time.  Plus during the winter (especially around the holidays) noone buys homes, and we are.  This all works in our favor big time.  After putting 20%-25% of the purchase price down, our mortgage payments will be roughly $1500 a month, plus taxes (about $250/mo) plus insurance (about $100 a month).  So say $1900 a month, to be safe.  We will likely be buying a 3 family, so we rent the other 2 units out.  Depending on how many bedrooms there are in each units, we'll get anywhere from $800-$1300 per unit.  So WORST case scenario, we get $1600/mo in rent, and pay a few hundred bucks a month to own a 3 family house of our own.  Makes so much more sense than tossing money away on renting a place.

And Randal, you make an excellent point about "feeling tied down" to a place.  That was a concern of ours, too.  We love to travel, and plan on doing a lot more of it.  For the next 3-4 years, we're tied down to that area regardless, because of suffer's classes.  After he graduates, we plan on buying a single family with a ton of land, and renting out the unit that we were living in, and just keeping the multi family as an investment property.  So, no need to be tied down to a house if we don't want to be :smile: 

Thanks for all of the nice posts and congratulations from everyone  :heart:  We're both so excited, and it means a lot to me that my friends here are happy for us too!  I'll keep everyone updated along the way and hopefully we'll be moved into a place withing about 2 months or so  :thumbup:


--------------------
Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.




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InvisibleCorporal Kielbasa
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Re: Buying A House! [Re: Liz]
    #6306914 - 11/28/06 08:47 AM (14 years, 5 months ago)

i have considered renting with my friends over the past while now. But i was just reading a book writen about shelter, it's actually called Shelter, written in 73.

Thats besides the point. What i am getting at. Is if you can afford to rent you can afford to buy. instead of paying somone elses morgage you can pay your own.
Buy a peace that needs a bunch of work. Fix it up in 13 months you get your money back with some extra.


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InvisibleLiz
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Re: Buying A House! [Re: Corporal Kielbasa]
    #6306920 - 11/28/06 08:53 AM (14 years, 5 months ago)

Quote:

Corporal Kielbasa said:


Thats besides the point.  What i am getting at.  Is if you can afford to rent you can afford to buy.  instead of paying somone elses morgage you can pay your own.




This is somewhat true...the problem most people run into is lack of downpayment and lack of good credit.  You can get aby without 1 or the other, but not both.  You need decent credit to do a loan with no money down or a loan of money down to do a loan with no (or bad) credit.

That's why so many people rent  :tongue:


--------------------
Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.




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InvisiblepB0t
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Re: Buying A House! *DELETED* [Re: Liz]
    #6319804 - 11/30/06 12:04 AM (14 years, 5 months ago)

Post deleted by pB0t

Reason for deletion: .



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InvisibleLiz
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Re: Buying A House! [Re: pB0t]
    #6320542 - 11/30/06 08:08 AM (14 years, 5 months ago)

Quote:

pB0t said:
Congrats, though if you think 1000 for a 1 bdrm is bad you should see the prices here in SF. I pay $1750 including parking! I'm gonna save money and hope my stock options take off so that one day I might afford a place.




Wow, that's a LOT for rent!  if we wanted to live IN the city, like downtown Boston, it might be close to that for a 1 bedroom with parking, but we're talking about 1/2 hour north of Boston, where it's a bit quieter and there's less traffic :smile:  I emailed a realator last night and am waiting to hear back, so that we can start looking at places.  We have a list of about 50 homes that we want to look at, so hopefully we can find a place fairly quickly and get it before prices start rising again.  Some of the houses on our list have dropped close to $100,000 since they were put on the market, it's crazy!


--------------------
Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.




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InvisibleVvellum
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Re: Buying A House! [Re: Liz]
    #6321398 - 11/30/06 02:54 PM (14 years, 5 months ago)

you gave up your cat.


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InvisibleLiz
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Re: Buying A House! [Re: Vvellum]
    #6322024 - 11/30/06 06:37 PM (14 years, 5 months ago)

What's your point? 

I had to give up my THREE cats actually, and it was one of the hardest things I've ever gone through...and will never part with a pet again.  Hence buying a home instead of renting one, so as to not be at the mercy of a landlords "no pet policy" ever again. 

Thanks for derailing my thread though  :thumbup:


--------------------
Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.




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InvisibleLiz
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Re: Buying A House! [Re: Liz]
    #6343503 - 12/07/06 08:48 AM (14 years, 5 months ago)

So just to keep everyone posted, we went house hunting yesterday (again) and found a house that we absolutely love.

It's huge, and gorgeous, and pretty much everything we want in a place. 

It's a 2 family - 1 side is 3 bedrooms, a kitchen, bathroom, livingroom...the other side is like 5-6 bedrooms, big living room and kitchen, and 1-2 bathrooms.

The best part is, it's on 5 acres of land.  That's pretty much unheard of around our area.  Oh, and there is an above ground pool with a deck around it out back.  It's priced incredibly cheap, because the husband has leukemia, and they're moving into a smaller place because they can no longer afford or upkeep a property this big.  Right now it's listed at $40,000 below the assessed value of the place, which is just unbelievable. 

Hopefully we hear from our realtor today and can move forward with putting in an offer on the house  :shocked:  I'm so excited. :crazy:

Our dog would have a ton of room to run around, we could live on the 3 bedroom side, and rent out the other side for a ton of money to help with the mortgage payments!  I'm trying not to get my hopes up, but clearly it's too late for that. 

:heart:


--------------------
Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.




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Invisiblegoobler
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Re: Buying A House! [Re: Liz]
    #6343509 - 12/07/06 08:58 AM (14 years, 5 months ago)

so how much?

sounds huge is it like 5000-6000 sqft?


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InvisibleLiz
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Re: Buying A House! [Re: goobler]
    #6343535 - 12/07/06 09:27 AM (14 years, 5 months ago)

I pmed you the list price, etc. As for square footage though, it's about 3500 sq feet - some of the bedrooms are fairly small, and actually the listing lists one side having 3 bedrooms and 1 side having 4...but when we looked through it yesterday, the larger side definitely had 5-6. Maybe they were using what was originally intended to be an office or a den or family room as bedrooms? Either way, it would be a great rental.


--------------------
Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.




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OfflinemndfreezeM
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Re: Buying A House! [Re: Liz]
    #6343929 - 12/07/06 11:47 AM (14 years, 5 months ago)

3500 sq feet is a lot of house.  be prepared for a LARGE decorating cost!

When I divorced and was given the house (she didnt want to take the payments) it was just impossible to decorate, and it was only 2200 or so.  Now, living is a much smaller place, but designed a LOT better, I can actually afford to decorate the damn place as well as feel cozy and 'at home' in it.

Even all you fags do find my taste in art ugly :wink:


--------------------
Nothing says love like grannies prolapsed anus!

quote]Urb said:
I know... Its fucked up... Ill fix it minyana..[/quote]


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Invisiblegoobler
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Re: Buying A House! [Re: mndfreeze]
    #6343968 - 12/07/06 12:00 PM (14 years, 5 months ago)

taste?


come on now


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OfflineHitman203
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Re: Buying A House! [Re: goobler]
    #6344040 - 12/07/06 12:30 PM (14 years, 5 months ago)

art who cares lol.

Congratulations though. Its a big accomplishment.

Just be careful with the drugs and shit like that, especially since the tenants are likely to have kids.

Good luck


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