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When did you buy your first house?
Yep, do a portfolio or blanket loan on 5-10 units if you cannot pay cash. As long as the cash flow on rental support strong ROI, investor will do it.Originally Posted by Irving
At the time I bought the house, I was making 10/hr and really could barely afford it. This was right about the time they passed the "Making Home Affordable Act." I applied for the refi through Chase under the program. It took 9 months, and I HAD to miss 90days of payments. That was the bummer, hosing my credit on purpose.
When all was said and done, they wiped my late fees, and refi'd me at a 30yr Fixed at 1.25. Shortly after that, I found permanent employment at a substantial pay increase.
There are a bunch of rules about buying secondary property, renting this one, etc, but I don't plan on moving for a while, so it's all good.
Only Hits Count, You Can't Miss Fast Enough To Catch Up.
Well it's good to hear that someone other than a libtard took advantage of the system for once! No shame here man, that's a pretty fantastic chess move if you ask me, and I thought the $8000 tax credit for the first time home buyer program was good.
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When did you buy your first house?
But the amount you over pay in rent makes up for that. Mortgages are usually cheaper than rent.
It really depends. My mortgage will go up about $200 a month to buy the house I'm renting; but I am in a unique situation.
I used to not understand why some people rented, but in certain situations it makes a lot more sense than it used to. If I was someone who loved the city and didn't worry about economic collapse, I'd probably only buy rental properties and and rent a townhome for myself.
"There are no finger prints under water."
Just under three years ago now with my wife. I was 25. Interest rate is 3.187%
When did you buy your first house?
In November of 2008 I bought a 2 bedroom condo for $30K. The condo was in very bad shape and I could not get any bank to give me a loan on it. I asked my father in law if there was any way he could lend me $30K to buy a place and his words were "How big of a place are you buying that you need $30K for a down payment?" It took him a bit to come to terms with the fact that the $30K covered the place outright.
With the loan of $30K from my father in law, $7500 of my own savings and some hard work and late nights on my part I had a 2 bedroom 1 bath condo that was completely remodeled. I've since taken a 10 year portfolio loan on the condo and my payment is a little more than $200 a month. My condo is currently rented out for $875 a month and a unit exactly like mine without the updates and upgrades I put into mine just sold for $85K. I'm pretty happy with my investment. I got 3.85% interest on a 10 year note with the portfolio loan which was a great rate at the time.
You can still get financing on condos but you need to have at least 10% down if they are less than 60% owner occupied. My condo complex was around 25% owner occupied when we first bought but is now something like 50% owner occupied and that number is expected to continue to grow.
I bought my house when I was 23 (4 years ago next month) and single. I think my initial interest rate was around 5.6%. I'm at about 4% right now though. It ran me 175k and unfortunately hasn't increased in value much, even with about 15 grand worth of work (it was a foreclosure, therefore trashed).
When did you buy your first house?
Where is it at and what are you using to check the values?
If you bought 4 years ago you should be seeing a pretty nice bump in equity. It's almost impossible to find anything that doesn't have bars on the windows under 200K in Denver metro now.
120th and Colorado area.
Sites like Zillow show a nice estimated value. When I had it appraised for my refinance, it was only appraised at a bit over 178k, that was back in March.
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