Quote:
|
Originally Posted by madmatt
Ok, so Ive been thinking about buying a house next year or the year after, but the concensus is I shouldnt wait that long. SO, what I want to know is some different info from Blake and the others who have done some of this before
-How much of a downpayment should I put down
-Should I mess with a credit card for the next 6 months or so and will that be enough time by next year to get a decent interest rate
-RENTING-is it smart to buy a house, and rent it out to pay the mortage?
-anything else you can think of
Thanks for the help guys. Nothing will come of this until AT LEAST next year, as the car wont be paid off until January (granted things go according to plan)
|
Downpayment should be about 10% or your firstborn. whichever is more convenient.
Messing with credit card will not help you much, i would just continue to pay the car.
Renting out is very very risky. I reccommend against it unless your handyman skills are up to par and have a 5,000 credit limit at home depot, and know and trust the rentors. And dont trent to your friends, rent to a family. less chances of them trashing the house if they dont party all the damn time.
I have a 5 bedroom house (aint all that big) and pretty much have the whole main floor. I rent out my basement to a couple friends, each pays 400 a month + 1/3 utilitys. The house is big enough where we akll have our own space. That is the ONLY way i would consider renting my house out.
Oh yah, buying a NEW home is risky. the foundationc ould crak, it could have flooding issues, etc, that nobody knows of.
Buying an older house you normally dont have that problem, but make sure if you buy an older house that if it has a deck that it is in good shape. Also make sure the windows are new. dont be suprised to drop 6,000 to replace al yer windows if they are all cracked and old.
GET YOUR OWN HOME INSPECTOR. Seriously, pay for your own. a guy not associated with any aspect of the sale. these guys will show you EVERYTHING that is wreong with the house, things you wouldnt even expect.
good luck