Rent Forever, Don’t Buy A Home

[theswoosh]

I just bought a home for $223 in a great neighborhood. Every home around me that is on the market is going for no less than $375K. Fortunatly in Seattle home prices in good neighborhoods are slowly beginning to rise.

Buying a home for the purpose of making money is like anyother market. If you don't do your reasearch, your going to loose a lot of money. If you can buy a home in a great neighborhood now, BUY, but please don't buy a home for the sake of buying a home. May as well keep "investing" money in DS Jordan's.

 

[360wavesandxbox]

in the process of buying a townhome now since Im engaged..foreclosure, inspection went wonderfully. the last townhome that sold by owner in the area about 2 months ago sold for about 40k more..area has a decent rep from where im from, so if i do decide to sell in a couple of years i should be able to do so no problem. Similarly sized apartments in my area rent for more than my estimated payment is gonna be..I think buying instead of renting is definitely the way to go...

 

[360wavesandxbox]

in the process of buying a townhome now since Im engaged..foreclosure, inspection went wonderfully. the last townhome that sold by owner in the area about 2 months ago sold for about 40k more..area has a decent rep from where im from, so if i do decide to sell in a couple of years i should be able to do so no problem. Similarly sized apartments in my area rent for more than my estimated payment is gonna be..I think buying instead of renting is definitely the way to go...

 

[supermanblue79]

Originally Posted by wawaweewa

Originally Posted by seasoned vet

Originally Posted by wawaweewa

What do you base this on? Seriously, I'd like to know because it sure as hell isn't anything concrete. 
A broad statement like that is just plain foolish. A coworker of mine purchased a home in 2001 for 550k with 10% down. He's poured about 200k in repairs into it. He still has a little over 350k in mortgage to go. 

He rents his 2nd floor so it helps a bit but he's realized that at best he'll break even on this thing and in the end it hasn't been worth the headache even though he can sell it for about 850k now.  

I heard Marc Faber make a good point. He said US housing still isn't cheap but in some places it's reasonable. 

.......whats so broad statementish about what i said?
 
 
....and for the third time, I AM NOT TALKING ABOUT BUYING A FIXER UPPER. so miss me with the whines and crys about repairs. the ONLY repairs im talking about are preventative maintenance, seeing as how im talking about new construction or something 1-2 years old.
 
.....of course right? im not talking about anything concrete. im just talking out my !%! like the average NTer? kinda like those speaking on mortgages that dont have mortgages right?

 
 
- its always the same excuses time and time again.
 
 
 
 
  

What's with the demented argument about never owning a mortgage? Is it supposed to be some unattainable feat? 200k may be excessive but homes constantly need repairs. things break down over time. with new construction/1-2yrs, you do know you're referring to a small percentage o the market.btw as advice, it's best not to buy a new home because problems as a result of poor construction ususally don't start showing up until a few years later. Considering that most residential homes are built like *!@@ in the US it's just not wise to go for a new home. Yeh, I know about the guarantee but I also know a thing or two about contractors.You're giving out poor advice.

Most newly constructed homes come with a 10 year structural warranty.

Once again, you don't know what your talking about.

 

[supermanblue79]

Originally Posted by wawaweewa

Originally Posted by seasoned vet

Originally Posted by wawaweewa

What do you base this on? Seriously, I'd like to know because it sure as hell isn't anything concrete. 
A broad statement like that is just plain foolish. A coworker of mine purchased a home in 2001 for 550k with 10% down. He's poured about 200k in repairs into it. He still has a little over 350k in mortgage to go. 

He rents his 2nd floor so it helps a bit but he's realized that at best he'll break even on this thing and in the end it hasn't been worth the headache even though he can sell it for about 850k now.  

I heard Marc Faber make a good point. He said US housing still isn't cheap but in some places it's reasonable. 

.......whats so broad statementish about what i said?
 
 
....and for the third time, I AM NOT TALKING ABOUT BUYING A FIXER UPPER. so miss me with the whines and crys about repairs. the ONLY repairs im talking about are preventative maintenance, seeing as how im talking about new construction or something 1-2 years old.
 
.....of course right? im not talking about anything concrete. im just talking out my !%! like the average NTer? kinda like those speaking on mortgages that dont have mortgages right?

 
 
- its always the same excuses time and time again.
 
 
 
 
  

What's with the demented argument about never owning a mortgage? Is it supposed to be some unattainable feat? 200k may be excessive but homes constantly need repairs. things break down over time. with new construction/1-2yrs, you do know you're referring to a small percentage o the market.btw as advice, it's best not to buy a new home because problems as a result of poor construction ususally don't start showing up until a few years later. Considering that most residential homes are built like *!@@ in the US it's just not wise to go for a new home. Yeh, I know about the guarantee but I also know a thing or two about contractors.You're giving out poor advice.

Most newly constructed homes come with a 10 year structural warranty.

Once again, you don't know what your talking about.

 

[cincoseisdos]

Let me ask in this thread since I was contemplating making a thread...

Where can I find rental HOUSES?

It's not like back in the day where people prop the red and white signs on the front lawns, it seems to have all gone online.

I looked at craigslist, and most of the houses on there are under an 800 number where I have to pay about $180 to even get info and blah blah blah

We're being foreclosed on and just got word of this yesterday AKA we have 30 days to get out



Any help is appreciated, thanks.

 

[cincoseisdos]

Let me ask in this thread since I was contemplating making a thread...

Where can I find rental HOUSES?

It's not like back in the day where people prop the red and white signs on the front lawns, it seems to have all gone online.

I looked at craigslist, and most of the houses on there are under an 800 number where I have to pay about $180 to even get info and blah blah blah

We're being foreclosed on and just got word of this yesterday AKA we have 30 days to get out



Any help is appreciated, thanks.

 

[seasoned vet]

Originally Posted by CincoSeisDos

Let me ask in this thread since I was contemplating making a thread...

Where can I find rental HOUSES?

 
- look for those in your local news paper classified section.
 
 


  

 

[seasoned vet]

Originally Posted by CincoSeisDos

Let me ask in this thread since I was contemplating making a thread...

Where can I find rental HOUSES?

 
- look for those in your local news paper classified section.
 
 


  

 

[hombrelobo]

Originally Posted by CincoSeisDos

Let me ask in this thread since I was contemplating making a thread...

Where can I find rental HOUSES?

It's not like back in the day where people prop the red and white signs on the front lawns, it seems to have all gone online.

I looked at craigslist, and most of the houses on there are under an 800 number where I have to pay about $180 to even get info and blah blah blah

We're being foreclosed on and just got word of this yesterday AKA we have 30 days to get out



Any help is appreciated, thanks.

Look into some property management services.

Also, look into cash for keys.

Sorry to hear about your loss.

 

[hombrelobo]

Originally Posted by CincoSeisDos

Let me ask in this thread since I was contemplating making a thread...

Where can I find rental HOUSES?

It's not like back in the day where people prop the red and white signs on the front lawns, it seems to have all gone online.

I looked at craigslist, and most of the houses on there are under an 800 number where I have to pay about $180 to even get info and blah blah blah

We're being foreclosed on and just got word of this yesterday AKA we have 30 days to get out



Any help is appreciated, thanks.

Look into some property management services.

Also, look into cash for keys.

Sorry to hear about your loss.

 

[cincoseisdos]

Originally Posted by hombrelobo

Originally Posted by CincoSeisDos

Let me ask in this thread since I was contemplating making a thread...

Where can I find rental HOUSES?

It's not like back in the day where people prop the red and white signs on the front lawns, it seems to have all gone online.

I looked at craigslist, and most of the houses on there are under an 800 number where I have to pay about $180 to even get info and blah blah blah

We're being foreclosed on and just got word of this yesterday AKA we have 30 days to get out



Any help is appreciated, thanks.

Look into some property management services.

Also, look into cash for keys.

Sorry to hear about your loss.

Thanks bro, it's cool though. Refinancing and so on finally got to us, mortgage ballooned too much with the other expenses factoring in.
Just looking for a 6 month lease at the moment while a family members credit issues clarify allowing us to buy another spot.

 

[supermanblue79]

Originally Posted by CincoSeisDos

Let me ask in this thread since I was contemplating making a thread...

Where can I find rental HOUSES?

It's not like back in the day where people prop the red and white signs on the front lawns, it seems to have all gone online.

I looked at craigslist, and most of the houses on there are under an 800 number where I have to pay about $180 to even get info and blah blah blah

We're being foreclosed on and just got word of this yesterday AKA we have 30 days to get out



Any help is appreciated, thanks.

Sorry to hear this.
Take a look at your state's MLS (multiple listing service) website.  It will give you all of the rental properties available in your target area.
Any major real estate website should take you there.
Here's the link through Remax.
http://www.remax.com/resi...nced_search/default.aspx

 

[supermanblue79]

Originally Posted by CincoSeisDos

Let me ask in this thread since I was contemplating making a thread...

Where can I find rental HOUSES?

It's not like back in the day where people prop the red and white signs on the front lawns, it seems to have all gone online.

I looked at craigslist, and most of the houses on there are under an 800 number where I have to pay about $180 to even get info and blah blah blah

We're being foreclosed on and just got word of this yesterday AKA we have 30 days to get out



Any help is appreciated, thanks.

Sorry to hear this.
Take a look at your state's MLS (multiple listing service) website.  It will give you all of the rental properties available in your target area.
Any major real estate website should take you there.
Here's the link through Remax.
http://www.remax.com/resi...nced_search/default.aspx

 

[cincoseisdos]

Originally Posted by hombrelobo

Originally Posted by CincoSeisDos

Let me ask in this thread since I was contemplating making a thread...

Where can I find rental HOUSES?

It's not like back in the day where people prop the red and white signs on the front lawns, it seems to have all gone online.

I looked at craigslist, and most of the houses on there are under an 800 number where I have to pay about $180 to even get info and blah blah blah

We're being foreclosed on and just got word of this yesterday AKA we have 30 days to get out



Any help is appreciated, thanks.

Look into some property management services.

Also, look into cash for keys.

Sorry to hear about your loss.

Thanks bro, it's cool though. Refinancing and so on finally got to us, mortgage ballooned too much with the other expenses factoring in.
Just looking for a 6 month lease at the moment while a family members credit issues clarify allowing us to buy another spot.

 

[hombrelobo]

Here are some statistics for my area

[table][tr][td] Mar 2011[/td] [td]820[/td] [td]$151,000 [/td] [/tr][tr][td] Mar 2010[/td] [td]792[/td] [td]$170,000 [/td] [/tr][tr][td] Feb 2011[/td] [td]634[/td] [td]$145,000 [/td] [/tr][tr][td] Feb 2010[/td] [td]616[/td] [td]$165,000[/td][/tr][/table]

Sales have gone up, but the median price range has gone down. People are buying less home and prices are still falling.
It's still not a bad time to buy. Personally, I'm looking to do more purchasing in 2 years. These foreclosures are going to continue for a few more years 3-5 (in large quantities)

 

[hombrelobo]

Here are some statistics for my area

[table][tr][td] Mar 2011[/td] [td]820[/td] [td]$151,000 [/td] [/tr][tr][td] Mar 2010[/td] [td]792[/td] [td]$170,000 [/td] [/tr][tr][td] Feb 2011[/td] [td]634[/td] [td]$145,000 [/td] [/tr][tr][td] Feb 2010[/td] [td]616[/td] [td]$165,000[/td][/tr][/table]

Sales have gone up, but the median price range has gone down. People are buying less home and prices are still falling.
It's still not a bad time to buy. Personally, I'm looking to do more purchasing in 2 years. These foreclosures are going to continue for a few more years 3-5 (in large quantities)

 

[deuce king]

Originally Posted by TheSwoosh


Buying a home for the purpose of making money is like anyother market. If you don't do your reasearch, your going to loose a lot of money. If you can buy a home in a great neighborhood now, BUY, but please don't buy a home for the sake of buying a home. May as well keep "investing" money in DS Jordan's.

Truth.

 

[deuce king]

Originally Posted by TheSwoosh


Buying a home for the purpose of making money is like anyother market. If you don't do your reasearch, your going to loose a lot of money. If you can buy a home in a great neighborhood now, BUY, but please don't buy a home for the sake of buying a home. May as well keep "investing" money in DS Jordan's.

Truth.

 

[dirtylicious]

or contact an agent

 

[dirtylicious]

or contact an agent

 

[wr]

Originally Posted by CincoSeisDos

Let me ask in this thread since I was contemplating making a thread...

Where can I find rental HOUSES?

It's not like back in the day where people prop the red and white signs on the front lawns, it seems to have all gone online.

I looked at craigslist, and most of the houses on there are under an 800 number where I have to pay about $180 to even get info and blah blah blah

We're being foreclosed on and just got word of this yesterday AKA we have 30 days to get out



Any help is appreciated, thanks.

Real estate brokerages have listings for rental properties as well. It's just that the commission for a rent is no where near what the commission for a sale though so make sure you're not wasting the REALTORS' time. 

 

[wr]

Originally Posted by CincoSeisDos

Let me ask in this thread since I was contemplating making a thread...

Where can I find rental HOUSES?

It's not like back in the day where people prop the red and white signs on the front lawns, it seems to have all gone online.

I looked at craigslist, and most of the houses on there are under an 800 number where I have to pay about $180 to even get info and blah blah blah

We're being foreclosed on and just got word of this yesterday AKA we have 30 days to get out



Any help is appreciated, thanks.

Real estate brokerages have listings for rental properties as well. It's just that the commission for a rent is no where near what the commission for a sale though so make sure you're not wasting the REALTORS' time. 

 

[theswoosh]

Originally Posted by hombrelobo

Here are some statistics for my area

[table][tr][td] Mar 2011[/td][td]820[/td][td]$151,000 [/td][/tr][tr][td] Mar 2010[/td][td]792[/td][td]$170,000 [/td][/tr][tr][td] Feb 2011[/td][td]634[/td][td]$145,000 [/td][/tr][tr][td] Feb 2010[/td][td]616[/td][td]$165,000[/td][/tr][/table]

Sales have gone up, but the median price range has gone down. People are buying less home and prices are still falling.
It's still not a bad time to buy. Personally, I'm looking to do more purchasing in 2 years. These foreclosures are going to continue for a few more years 3-5 (in large quantities)

This data is useless without telling us what area you live in.

Please, everyone keep in mind that while the market in general is down, cities with strong local economies were able to weather the storm. For everyone to make money, think about buying into a neighborhood that you couldent afford 3 yrs ago. Then look for a home that YOU can manage, and most importantly afford. Finally don't settle on the first home you find, chances are a better one will come on the market soon.

Try and find someone who needs to sell their home. After we did all of the thing I listed above, we found a guy who began listing his home $100K more than he ended up selling it to us for. To figuer this out, look up all the MLS #'s the address has been listed under (our home had 2 #'s). Finally, their is no rush. Most of us on NT are young and the market in general, should be in your favor for another 2 - 4 years depending on your area. My wife and I watched the market patiently for well over 3 years before buying. Your taking on more debt than you ever will in your life, don't buy unless you KNOW it's the right decision.

What bank to roll with / mortage to get, inspections to order is a whole other question. Also, why buy a townhome when you could probally get a house? Sorry for the spelling errors.

 

[theswoosh]

Originally Posted by hombrelobo

Here are some statistics for my area

[table][tr][td] Mar 2011[/td][td]820[/td][td]$151,000 [/td][/tr][tr][td] Mar 2010[/td][td]792[/td][td]$170,000 [/td][/tr][tr][td] Feb 2011[/td][td]634[/td][td]$145,000 [/td][/tr][tr][td] Feb 2010[/td][td]616[/td][td]$165,000[/td][/tr][/table]

Sales have gone up, but the median price range has gone down. People are buying less home and prices are still falling.
It's still not a bad time to buy. Personally, I'm looking to do more purchasing in 2 years. These foreclosures are going to continue for a few more years 3-5 (in large quantities)

This data is useless without telling us what area you live in.

Please, everyone keep in mind that while the market in general is down, cities with strong local economies were able to weather the storm. For everyone to make money, think about buying into a neighborhood that you couldent afford 3 yrs ago. Then look for a home that YOU can manage, and most importantly afford. Finally don't settle on the first home you find, chances are a better one will come on the market soon.

Try and find someone who needs to sell their home. After we did all of the thing I listed above, we found a guy who began listing his home $100K more than he ended up selling it to us for. To figuer this out, look up all the MLS #'s the address has been listed under (our home had 2 #'s). Finally, their is no rush. Most of us on NT are young and the market in general, should be in your favor for another 2 - 4 years depending on your area. My wife and I watched the market patiently for well over 3 years before buying. Your taking on more debt than you ever will in your life, don't buy unless you KNOW it's the right decision.

What bank to roll with / mortage to get, inspections to order is a whole other question. Also, why buy a townhome when you could probally get a house? Sorry for the spelling errors.