Home
What's new
Latest activity
Authors
Store
Latest reviews
Search products
Forums
New posts
Search forums
What's new
New posts
New listings
New products
New profile posts
Latest activity
Members
Current visitors
New profile posts
Search profile posts
Log in
Register
Cart
Cart
Loading…
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Search titles only
By:
Menu
Log in
Register
Navigation
Install the app
Install
More options
Change style
Contact us
Close Menu
Forums
SVTPerformance's Chain of Restaurants
Road Side Pub
I just can’t convince myself to buy a house.
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="Fat Boss" data-source="post: 16202339" data-attributes="member: 122645"><p>I think that was called "stated income" and is no longer in practice, at least around my area. I bought two homes in two years and both times I had to have a LOT of proof of income and assets. First house sucked, but I made 100G in a year so parlayed that into a much nicer house with a guest house that is rented to help pay the $4400/mo that is the mortgage/taxes/insurance. My PMI was only $160/mo and I only had to pay that for about two years before I got up to the 25% my lender requires to remove it.</p><p></p><p>One thing that can really work in your favor is if you buy in a good real estate market. Even though I have a lot tied up in my house, I would have a hard time coming anywhere near the return on investment in any other financial instrument. My $86k I put down has returned on avg about $60k/yr for the three years I've lived here. I would have had to invest something like $600k with a return of 10% to be equal. Over the long term markets like mine make people pretty wealthy or at least flush with equity to deal with life's emergencies.</p><p></p><p>If you live in a market that doesn't appreciate much, then there's not as compelling of an argument to buy.</p></blockquote><p></p>
[QUOTE="Fat Boss, post: 16202339, member: 122645"] I think that was called "stated income" and is no longer in practice, at least around my area. I bought two homes in two years and both times I had to have a LOT of proof of income and assets. First house sucked, but I made 100G in a year so parlayed that into a much nicer house with a guest house that is rented to help pay the $4400/mo that is the mortgage/taxes/insurance. My PMI was only $160/mo and I only had to pay that for about two years before I got up to the 25% my lender requires to remove it. One thing that can really work in your favor is if you buy in a good real estate market. Even though I have a lot tied up in my house, I would have a hard time coming anywhere near the return on investment in any other financial instrument. My $86k I put down has returned on avg about $60k/yr for the three years I've lived here. I would have had to invest something like $600k with a return of 10% to be equal. Over the long term markets like mine make people pretty wealthy or at least flush with equity to deal with life's emergencies. If you live in a market that doesn't appreciate much, then there's not as compelling of an argument to buy. [/QUOTE]
Insert quotes…
Verification
Post reply
Forums
SVTPerformance's Chain of Restaurants
Road Side Pub
I just can’t convince myself to buy a house.
Top