Matts official buy a house thread

[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)

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

[madmatt]

Originally Posted by Jack The Ripper

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

Great advice. THANKS! I would definately be looking for an older house. And I dont like roomates...so thats out lol. Anyone else?

[RedFirevert04GT]

Along the same lines as getting your own home inspector, get your own appraiser also. I would just keep paying on the car and whatever current credit card payments you have now. If you've not purchased a house previously, don't be surprised if the lender asks for a paycheck stub every pay period from the time you apply for the loan til closing on the house. If you've got experience in home repairs and improvements, look into foreclosures. Those can be real money makers, especially if you don't mind the hassle of not having a gorgeous house all the time.

[mcmmotorsports]

Aren't you like 12 or something?
A little young to be thinking about buying a house, no?
I mean, there are still plenty of XBOX 360 games that need to be bought first.

[madmatt]

Originally Posted by mcmmotorsports

Aren't you like 12 or something?
A little young to be thinking about buying a house, no?
I mean, there are still plenty of XBOX 360 games that need to be bought first.

LMFAO Bite me Mike. Ill be 19 in Oct. Go make some videos or wax that car...

[FritoBandito]

Don't waste you time with renting. Unless you know you are going to be in the area for a limited amount of time, and don't wanna bother with selling a house when it comes time to move on, do not rent. You are spending money on a house you'll never own. I rented houses and apartments for 5 years and have nothing (equity) to show for. My fiancee and I own our house now and plan on renting it out in the next 2-3 years. We are very close to an air force base so good military renters are not too difficult to come by.

[3V2000GT]

if I was you, i would just get an apartment or condo and build up your credit that way and look for a nice house that you want, dont just settle for anything... Im not much older than you but I have an apartment, and i'll tell you paying bills sucks, but I do know that renting an aprtment is a whole lot easier than buying a house, if you do decide to do this make sure you have enough money to live comfortably and make sure you can finish school!

[dannyb785]

I'm scared to death of moving into an appt b/c of tons of stories of peoples' cars getting broken into, even in really secure appt complexes. If you can get a house, more power to ya

[madmatt]

No renting or apartments for me. Might as well live at home if I do that...

[04DarkShadowGT]

Originally Posted by Jack The Ripper

Oh yah, buying a NEW home is risky. the foundationc ould crak, it could have flooding issues, etc, that nobody knows of.

What? Buying a new house riskier than an old one, well thats a new one.

I would suggest just the opposite, if you buy new or nearly new you wont have to deal with any of the maintenance for many years that you will have to if you buy a 20 year old house or so.

No replacing roofing, no worries about old electicals, etc. Another issue with some older homes, is the lack of outlets. MY buddies house only has one outlet in nearly every room. Most newer homes not only have 2-3 they also have phone, ethernet, cable, etc already run. Also if you go new, you can decide where or if you want any speakers for a media room, throught the home stereo, etc.

Not to mention the windows, insualtion, heating and ac systems, are much better and more efficient now than then. So your bills will be less.