thinking about buying a house - Page 2 - Miata Turbo Forum - Boost cars, acquire cats.

Welcome to Miataturbo.net   Members
 


Insert BS here A place to discuss anything you want

Reply
 
 
 
LinkBack Thread Tools Search this Thread
Old 04-05-2007, 08:55 PM   #21
Tour de Franzia
iTrader: (6)
 
hustler's Avatar
 
Join Date: Jun 2006
Location: Republic of Dallas
Posts: 29,114
Total Cats: 351
Default

I don't know specifics, but my roommate is getting a house. Apparently the federal government has a program for first time home buyers. Also, sometimes building a house can be cheap. Find a bunch of lots that only have a few left...usually builders cut a deal on those houses to close up the neighborhood.

Good luck.
hustler is offline   Reply With Quote
Old 04-05-2007, 09:48 PM   #22
Ben
Supporting Vendor
iTrader: (33)
 
Ben's Avatar
 
Join Date: Jul 2006
Location: atlanta-ish
Posts: 12,689
Total Cats: 99
Default

Quote:
Originally Posted by hustler View Post
Find a bunch of lots that only have a few left...usually builders cut a deal on those houses to close up the neighborhood.
Actually, it's the other way around. The first houses to go up in a new development will typically be the lowest price because they're the hardest to move. Once a few houses go up, the rest sell like wildfire, and the price goes up accordingly. The "discounted" houses sold at the end go for substantially more than the first or second house sold.

Look at lot prices alone. A lot in Phase I of a development may be $35k. Then Phase II all lots are $50k, and then $75k by Phase III.
Ben is offline   Reply With Quote
Old 04-05-2007, 10:53 PM   #23
Tour de Franzia
iTrader: (6)
 
hustler's Avatar
 
Join Date: Jun 2006
Location: Republic of Dallas
Posts: 29,114
Total Cats: 351
Default

Quote:
Originally Posted by Ben View Post
Actually, it's the other way around. The first houses to go up in a new development will typically be the lowest price because they're the hardest to move. Once a few houses go up, the rest sell like wildfire, and the price goes up accordingly. The "discounted" houses sold at the end go for substantially more than the first or second house sold.

Look at lot prices alone. A lot in Phase I of a development may be $35k. Then Phase II all lots are $50k, and then $75k by Phase III.

ok, apparently I don't remember wtf she was talking about. I do know there is a program of some sort to help first-time buyers.
hustler is offline   Reply With Quote
Old 04-05-2007, 11:08 PM   #24
Junior Member
 
Join Date: Apr 2006
Posts: 457
Total Cats: 0
Default

Quote:
Originally Posted by Braineack View Post
that's a third of what i just paid for a 1 bedroom condo.... :(
YOURE RICH BEOTCH =P

Most places around Portland are going 450,000 for a suburbia 2 bedroom hizzy built in like the 1980's. New Hizzys and Condos closer to downtown are going 550k-1.5million.
LunaticDriver is offline   Reply With Quote
Old 04-05-2007, 11:38 PM   #25
Senior Member
iTrader: (7)
 
Join Date: Mar 2005
Location: VT
Posts: 939
Total Cats: 0
Default

Quote:
Originally Posted by Ben View Post
Actually, it's the other way around. The first houses to go up in a new development will typically be the lowest price because they're the hardest to move. Once a few houses go up, the rest sell like wildfire, and the price goes up accordingly. The "discounted" houses sold at the end go for substantially more than the first or second house sold.

Look at lot prices alone. A lot in Phase I of a development may be $35k. Then Phase II all lots are $50k, and then $75k by Phase III.
It could also depend on the cash flow of the builder...
Up here we have a lot of small developers, some just want/need there $$$ at the end to move on... Others need it in the beginning to continue...
Jefe is offline   Reply With Quote
Old 04-05-2007, 11:39 PM   #26
Senior Member
iTrader: (7)
 
Join Date: Mar 2005
Location: VT
Posts: 939
Total Cats: 0
Default

Quote:
Originally Posted by LunaticDriver View Post
YOURE RICH BEOTCH =P

Most places around Portland are going 450,000 for a suburbia 2 bedroom hizzy built in like the 1980's. New Hizzys and Condos closer to downtown are going 550k-1.5million.
I'm glad I'm poor, when the rent gets too high I just move the trailer to a cheaper park...
Jefe is offline   Reply With Quote
Old 04-06-2007, 02:03 AM   #27
Junior Member
 
Join Date: Apr 2006
Posts: 457
Total Cats: 0
Default

Quote:
Originally Posted by Jefe View Post
I'm glad I'm poor, when the rent gets too high I just move the trailer to a cheaper park...
Yeah I am in college down in Corvallis when to rent gets to High I just move further away from Campus. Slumlords FTW.
LunaticDriver is offline   Reply With Quote
Old 04-06-2007, 02:19 AM   #28
Junior Member
iTrader: (1)
 
Join Date: May 2006
Location: Phoenix, AZ
Posts: 401
Total Cats: -1
Default

The rules for mortgages have changed quite a bit since the RE boom began. By going with a non-conforming lender, you can still have one loan and avoid paying PMI. Also, if you do end up having to pay PMI, it is now 100% tax deductible whereas in the past, it was not deductible at all.

The best advise you have been given thus far has been regarding getting a recommendation from a friend about a mortgage broker. A broker will often be able to get you a better deal even if the loan comes from the same source - Countrywide for example.

Also, Texas has some odd rules regarding financing/re-financing, so keep this in mind. In Texas, you are only allowed to re-finance ONCE every 12 months. Also, if you ever re-finance to get cash-out for whatever reason, you are limited to 80% of the value of the home. Once you do a cash-out refinance, as long as you own that house, any future re-finance will be considered "cash-out" and will be limited to 80% of the value of your house.

Also, DO NOT BUY A MOBILE HOME, or MANUFACTURED HOME! They are MUCH MUCH harder to refinance.

Also, check your credit report now to make sure there is nothing on it that could hurt your FICO score. By Federal law, a consumer has the right to get ONE free credit report for FREE from each of the 3 credit agencies once per year. Go to www.annualcreditreport.com.

http://ftc.gov/bcp/conline/edcams/fr...rts/index.html

If you have any specific questions, PM me.
chuckerants is offline   Reply With Quote
Old 04-06-2007, 09:42 AM   #29
:(
iTrader: (7)
 
Join Date: Jul 2006
Location: nowhere
Posts: 8,281
Total Cats: 2
Default

My vote is on building a house your self that is what i want to do nothing like abit of sweat equity to make it a home. But i am still not liking the local land prices eventualy it will subside though our market is blaoted and cant support the burden of prices 10x's the real value for much longer.
magnamx-5 is offline   Reply With Quote
Old 04-06-2007, 10:22 AM   #30
Senior Member
iTrader: (12)
 
Join Date: Nov 2005
Location: Murfreesboro, TN
Posts: 596
Total Cats: 3
Default

My wife is a Realtor, so I hope I can help you by answering some questions. First, there are a lot of programs for first time home buyers and some free cash available from the government for this. Make sure you have a good loan officer that is getting everything for you that they can. Second, you *can* buy a house with no money down. I don't recommend it since you will be upside down, but a lot of people roll in their closing cost and actually finance more than they paid for the house. To get around PMI, you can do a second mortgage. We did that on our last house. We did a 80/15/5 loan. We put 5% down, financed 80% on a first mortgage and 15% on a second mortgage.

I sure am glad I live where I do, we paid 180K for a 2400 sq. ft brick home on just over an acre with a 3 car garage. Middle TN FTW!!!

sbrian2 is offline   Reply With Quote
Old 04-06-2007, 11:13 AM   #31
Tour de Franzia
iTrader: (6)
 
hustler's Avatar
 
Join Date: Jun 2006
Location: Republic of Dallas
Posts: 29,114
Total Cats: 351
Default

omfg...must have 3 car garage.
hustler is offline   Reply With Quote
Old 04-06-2007, 11:19 AM   #32
:(
iTrader: (7)
 
Join Date: Jul 2006
Location: nowhere
Posts: 8,281
Total Cats: 2
Default

Quote:
Originally Posted by hustler View Post
omfg...must have 3 car garage.
Quote:
Originally Posted by hustler View Post
omfg...must have turbo.
Quote:
Originally Posted by hustler View Post
omfg...must have FI'ed miata.
yeah we've heard that before
magnamx-5 is offline   Reply With Quote
Old 04-06-2007, 11:51 AM   #33
Tour de Franzia
iTrader: (6)
 
hustler's Avatar
 
Join Date: Jun 2006
Location: Republic of Dallas
Posts: 29,114
Total Cats: 351
Default

Quote:
Originally Posted by magnamx-5 View Post
yeah we've heard that before
:(

I'm about to get my **** lined up...lol.
hustler is offline   Reply With Quote
Old 04-06-2007, 12:48 PM   #34
Boost Pope
iTrader: (8)
 
Joe Perez's Avatar
 
Join Date: Sep 2005
Location: Delicious and Moist.
Posts: 26,331
Total Cats: 1,928
Default

Quote:
Originally Posted by sbrian2 View Post
I sure am glad I live where I do, we paid 180K for a 2400 sq. ft brick home on just over an acre with a 3 car garage. Middle TN FTW!!!
I hate you.

Currently paying $1600/mo for a 1 bedroom apt. 3 bedroom homes on postage-stamp sized lots just across the block selling in the 900k+ range.
Joe Perez is offline   Reply With Quote
Old 04-06-2007, 12:52 PM   #35
Junior Member
iTrader: (1)
 
Join Date: May 2006
Location: Phoenix, AZ
Posts: 401
Total Cats: -1
Default

Quote:
Originally Posted by Joe Perez View Post
I hate you.

Currently paying $1600/mo for a 1 bedroom apt. 3 bedroom homes on postage-stamp sized lots just across the block selling in the 900k+ range.
Which is why I GTFO out SoCal.
chuckerants is offline   Reply With Quote
Old 04-06-2007, 12:52 PM   #36
Senior Member
iTrader: (12)
 
Join Date: Nov 2005
Location: Murfreesboro, TN
Posts: 596
Total Cats: 3
Default

Quote:
Originally Posted by Joe Perez View Post
I hate you.

Currently paying $1600/mo for a 1 bedroom apt. 3 bedroom homes on postage-stamp sized lots just across the block selling in the 900k+ range.
Oh, I understand. My brother lives in Chula Vista just south of San Diego. He has a 3000 sq. ft. home w/ a 3 car garage and paid 600K for it 5 years ago. It is worth about 1 million now!
sbrian2 is offline   Reply With Quote
Old 04-08-2007, 04:04 PM   #37
Supporting Vendor
iTrader: (31)
 
Savington's Avatar
 
Join Date: Nov 2006
Location: Sunnyvale, CA
Posts: 14,372
Total Cats: 1,339
Default

$120k wouldn't get you a down payment where I live. I need to find someplace cheap once I get out of college. :(
Savington is offline   Reply With Quote
Old 04-08-2007, 05:29 PM   #38
Boost Czar
iTrader: (61)
 
Braineack's Avatar
 
Join Date: May 2005
Location: Chantilly, VA
Posts: 72,910
Total Cats: 1,793
Default

Quote:
Originally Posted by magnamx-5 View Post
yeah we've heard that before

Braineack is offline   Reply With Quote
Old 04-08-2007, 09:49 PM   #39
Supporting Vendor
iTrader: (31)
 
Savington's Avatar
 
Join Date: Nov 2006
Location: Sunnyvale, CA
Posts: 14,372
Total Cats: 1,339
Default

Quote:
Originally Posted by sbrian2 View Post
Oh, I understand. My brother lives in Chula Vista just south of San Diego. He has a 3000 sq. ft. home w/ a 3 car garage and paid 600K for it 5 years ago. It is worth about 1 million now!
I have friends who paid 800k for their house 8 years ago - and it's worth 2 million now.
Savington is offline   Reply With Quote
 
 
Reply

Related Topics
Thread Thread Starter Forum Replies Last Post
Project Gemini - Turbo Civic on the Cheap Full_Tilt_Boogie Build Threads 59 12-15-2017 09:00 PM
Need help - Stock Balancer and Fastforward overlay pulleys Frank_and_Beans Supercharger Discussion 13 09-12-2016 09:17 PM
OTS Bilstein to motorsports ASN conversion stoves Suspension, Brakes, Drivetrain 5 04-21-2016 04:00 PM
Back to Stock Part Out!! Turbo Parts, MS2 Enhanced 01-05, Suspension, and MOAR! StratoBlue1109 Miata parts for sale/trade 16 10-02-2015 10:39 AM


Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -4. The time now is 06:38 PM.