first home opinions needed..
05-03-2005, 11:46 AM
#21
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Originally Posted by white_n_slow
if you haven't already, CHECK YOUR CREDIT SCORE NOW!!!
If you're buying in 6mo-1yr, every point you can raise your score between now and then will save you thousands over the life of the mortgage.
And the age of the home usually has little to do with return on investment or equity building... general market trends dictate most of that. If VA beach is anything like boulder, you're guaranteed at least 10% in the average 3 year period.
Also, if you're pretty sure this is a short-term home, you should consider looking for the best investment property, live in it for a while, and when you're ready to move on, just rent it out and let the renters pay off the mortgage. There are few investments in this world that are as rewarding and reliable as real estate.
Feel free to ask me any questions... I've worked in real estate for a while and am getting my broker's associate license next month
... and of course, if you're serious, find a competent realtor and attourney to help you through the process.
If you're buying in 6mo-1yr, every point you can raise your score between now and then will save you thousands over the life of the mortgage.
And the age of the home usually has little to do with return on investment or equity building... general market trends dictate most of that. If VA beach is anything like boulder, you're guaranteed at least 10% in the average 3 year period.
Also, if you're pretty sure this is a short-term home, you should consider looking for the best investment property, live in it for a while, and when you're ready to move on, just rent it out and let the renters pay off the mortgage. There are few investments in this world that are as rewarding and reliable as real estate.
Feel free to ask me any questions... I've worked in real estate for a while and am getting my broker's associate license next month
... and of course, if you're serious, find a competent realtor and attourney to help you through the process.This is the ONLY decent advice out of all the posts so far. Most are really off base.
The houses are secondary. You need to be working all the finance angles right now. That will dicatate your price range.
http://www.fool.com/homecenter/homecenter.htm
Good info at the fool.
Once you've got your ARM set (you did say short term right?) then you have to ask yourself:
Am I handy? What can I reasonably handle? HUD and foreclosures can really pay off if your persistent and patient.
Always look for the worst house on a nice street. Fix it up. Sweat equity and rising home prices combined can clear you a ton of money.
I did it for the second time in 2002. $118K 4BR 2 Bath HUD. Drywall, paint, furnace, woodwork, yardwork, shingles, etc.. Apraisal in 2004 to refinance and I'm at $214K........and counting.
05-03-2005, 11:53 AM
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Originally Posted by white_n_slow
this varies state to state.
Also, you may qualify for government down-payment assistance or low-income housing/guaranteed affordable housing programs... you don't necessarily need to be poor to get these... they apply to most first-time buyers.
Also, you may qualify for government down-payment assistance or low-income housing/guaranteed affordable housing programs... you don't necessarily need to be poor to get these... they apply to most first-time buyers.
it's actually a federal law since the tax you pay is to the feds.
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Originally Posted by WiLL
...I really wanna get out and shoot people.
05-03-2005, 11:56 AM
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Originally Posted by sinthetiq
ok.. so, get married, use it as ur principal residence, and reinvest the money into another home after you move.
does work anymore. even if you "reinvest" the money into another home you still pay mucho tax if you sell within the first 2 years of your residence. reinvesting only works not for investment property, aka rental property, etc. for primary residence it doesn't work anymore. beginning with 04 or 05 i forget the exact year they changed the law.
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Originally Posted by WiLL
...I really wanna get out and shoot people.
05-03-2005, 11:57 AM
#25
it's my D in a B
I misread your post... wait a minute, what the heck are you trying to say?
Originally Posted by DaKarMaul
there is serious tax implications if you sell within 2 years. if you sell after 2 years, then it's only a tax implication.
05-03-2005, 11:59 AM
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Originally Posted by white_n_slow
I misread your post... wait a minute, what the heck are you trying to say?
if you sell your primary residence within 2 years of occupancy, you pay cap. gain tax. if you sell after 2 years you are exempt upto $200K or was it $400K? I don't remember exactly but you don't have to pay cap. gain tax for the first 200 or 400K over what you paid for the house.
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Originally Posted by WiLL
...I really wanna get out and shoot people.
05-03-2005, 12:07 PM
#27
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Originally Posted by DaKarMaul
if you sell your primary residence within 2 years of occupancy, you pay cap. gain tax. if you sell after 2 years you are exempt upto $200K or was it $400K? I don't remember exactly but you don't have to pay cap. gain tax for the first 200 or 400K over what you paid for the house.
500k married
05-03-2005, 12:08 PM
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Originally Posted by fjm1
This is the ONLY decent advice out of all the posts so far. Most are really off base.
The houses are secondary. You need to be working all the finance angles right now. That will dicatate your price range.
http://www.fool.com/homecenter/homecenter.htm
Good info at the fool.
Once you've got your ARM set (you did say short term right?) then you have to ask yourself:
Am I handy? What can I reasonably handle? HUD and foreclosures can really pay off if your persistent and patient.
Always look for the worst house on a nice street. Fix it up. Sweat equity and rising home prices combined can clear you a ton of money.
I did it for the second time in 2002. $118K 4BR 2 Bath HUD. Drywall, paint, furnace, woodwork, yardwork, shingles, etc.. Apraisal in 2004 to refinance and I'm at $214K........and counting.
The houses are secondary. You need to be working all the finance angles right now. That will dicatate your price range.
http://www.fool.com/homecenter/homecenter.htm
Good info at the fool.
Once you've got your ARM set (you did say short term right?) then you have to ask yourself:
Am I handy? What can I reasonably handle? HUD and foreclosures can really pay off if your persistent and patient.
Always look for the worst house on a nice street. Fix it up. Sweat equity and rising home prices combined can clear you a ton of money.
I did it for the second time in 2002. $118K 4BR 2 Bath HUD. Drywall, paint, furnace, woodwork, yardwork, shingles, etc.. Apraisal in 2004 to refinance and I'm at $214K........and counting.
this is what my brother and his fiance did. bought a house is so so area for $150K fresh paint (structure was sound) redid the lawn, put up nice picket fenses and general upkeep that wasn't done before. after 3 years sold for ~$250K and moved into a newer home (less than 10years old) that cost $350K.
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Originally Posted by WiLL
...I really wanna get out and shoot people.
05-03-2005, 12:10 PM
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Originally Posted by HawtPants
250k single
500k married
500k married
hehe i knew i was close
right now we're beyond the 250K so I need to get married before we sell the house :chuckles:
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Originally Posted by WiLL
...I really wanna get out and shoot people.
