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post #1 of 29 Old 08-06-2013, 01:19 PM Thread Starter
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Buying first house, Tips?

Im looking to buy my first house here in a few months(mid winter) and i need some tips on how to go about doing it because i have pretty much no real good idea or experience with buying houses since my parents lived in the same house since i was born and ive just gone from apartment to apartment.

I know about what I can afford and what i want in a house but i need to know how to do the actual meat and potatoes part. Ive heard i will want to get a preapproval, problem is i dont have the liquid assets right now for a down payment until December/January when bonus time and performance reviews come around. So am i basically stuck waiting on doing anything until then or are there some steps i could take now to help prepare for when i actually have the assets and can get a down payment.

Currently i pay $630/mo for my 1000 sq ft 1 bed apartment so im looking for something that is at the most 600/mo for everything(mortgage/taxes/insurance etc.) for it to make it worth it/possible to me to move into a house. Does that sound possible or am i just screwed? Keep in mind cost of living here is pretty reasonable not like California or New York.

And selling my trucks is out of the question im fine with living in an apartment if it comes to that but i would like to get a house just because it would be nice building equity rather than lining the landlords pockets.

Any suggestions for a guy starting out in the real estate world?

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post #2 of 29 Old 08-06-2013, 02:39 PM
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I'm sure it's possible at $600/mo, but when you look at the nifty mortgage calculators and it says your payment is $600/mo, that's JUST on the house loan... not insurance, taxes, etc. It'll be more like $1000-1200 when it's all said and done.

I'm assuming you're young. I would say that selling a depreciating asset like a truck in order to afford an appreciating asset like a house is a good idea
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post #3 of 29 Old 08-07-2013, 06:01 AM Thread Starter
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Originally Posted by drunk on diesel View Post
I'm sure it's possible at $600/mo, but when you look at the nifty mortgage calculators and it says your payment is $600/mo, that's JUST on the house loan... not insurance, taxes, etc. It'll be more like $1000-1200 when it's all said and done.

I'm assuming you're young. I would say that selling a depreciating asset like a truck in order to afford an appreciating asset like a house is a good idea
The calculator on the actual reality website does include taxes but not insurance so i can kinda estimate from that

Yes i am, im 21 but like i said selling my truck is not an option, Its never gonna happen so if it comes to that ill live in an apartment until i can afford to buy the house. It would just be nice to get into a house as soon as i can.

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With the issues fixed a 6.0 can run circles around a 7.3.
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SCT tuned
8" Fabtech lift 13" total
5:13 Gears
46" Goodyear MVTs Military takeoffs
Bushwacker Cut-Out Fender Flares
Ranch Hand front and rear bumper
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post #4 of 29 Old 08-08-2013, 02:30 PM
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It might be best to stay put for now. $630 a month for a unit is a pretty good deal til you can get situated in your own place. I know here in CT the banks would be wary of a 21 y.o. trying to get a house no matter how run down or small. Maybe they're more forgiving where you are.

My family is in land development/property management and own two apartment complexes and several houses so if you have any questions down the road hopefully I can help.

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post #5 of 29 Old 08-08-2013, 02:44 PM
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dont buy more than you can afford and become a slave to a payment. have reasonable expectations and be prepared to walk if the seller is unwilling to negotiate.
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post #6 of 29 Old 08-08-2013, 02:46 PM Thread Starter
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Quote:
Originally Posted by acprimus631C View Post
It might be best to stay put for now. $630 a month for a unit is a pretty good deal til you can get situated in your own place. I know here in CT the banks would be wary of a 21 y.o. trying to get a house no matter how run down or small. Maybe they're more forgiving where you are.

My family is in land development/property management and own two apartment complexes and several houses so if you have any questions down the road hopefully I can help.
Yea i would probably have to have my dad cosign but im not too worried about my credit score last time i checked it was 750ish but that was before my loan on my SD. But yea i see what your saying i just have been doing the apartment thing pretty much since i turned 18 so im already sick of it but im not gonna do it if im not ready. Ill sure keep you in mind when i get the cash up to get started with the process

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Quote:
Originally Posted by access_max View Post
With the issues fixed a 6.0 can run circles around a 7.3.
2000 F-350 7.3L ZF6
Standard 7.3 mods
SCT tuned
8" Fabtech lift 13" total
5:13 Gears
46" Goodyear MVTs Military takeoffs
Bushwacker Cut-Out Fender Flares
Ranch Hand front and rear bumper
On-board air W/Semi horns

1995 F-350 7.3L E4OD DRW
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post #7 of 29 Old 08-14-2013, 06:37 PM
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Before you sign papers, make sure you get a known reputable inspector. Iowa is a bit far for me to drive to help you out. Lol

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post #8 of 29 Old 08-14-2013, 07:12 PM
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Quote:
Originally Posted by Rammstein1224 View Post
Yea i would probably have to have my dad cosign but im not too worried about my credit score last time i checked it was 750ish but that was before my loan on my SD. But yea i see what your saying i just have been doing the apartment thing pretty much since i turned 18 so im already sick of it but im not gonna do it if im not ready. Ill sure keep you in mind when i get the cash up to get started with the process
A high credit score with no real history is no better than an avg score with real history when it comes to buying homes.

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post #9 of 29 Old 08-14-2013, 07:33 PM
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A high credit score with no real history is no better than an avg score with real history when it comes to buying homes.

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100% agree, a bank and under writers are more apt to take someone with say a 680-690 that has over all good credit with say 1 ding on the report causing the lower score, then they are to take a person with almost no credit except one or two things that are small and negligible which will make the score higher.

I'm not saying it cant be done but when it comes to a home loan its a completely different ball game then a credit card type loan or car loan. they want to know there going to get there 200,000 dollars back or whatever it may be plus there interest

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post #10 of 29 Old 08-15-2013, 06:47 AM Thread Starter
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Before you sign papers, make sure you get a known reputable inspector. Iowa is a bit far for me to drive to help you out. Lol

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Haha yea i wouldnt want to drive to Iowa either

Quote:
Originally Posted by MacDougall View Post
100% agree, a bank and under writers are more apt to take someone with say a 680-690 that has over all good credit with say 1 ding on the report causing the lower score, then they are to take a person with almost no credit except one or two things that are small and negligible which will make the score higher.

I'm not saying it cant be done but when it comes to a home loan its a completely different ball game then a credit card type loan or car loan. they want to know there going to get there 200,000 dollars back or whatever it may be plus there interest
Oh yea i understand a mortgage is a totally different animal than a car loan, hell id want to make sure i got my money back too if i was them

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Quote:
Originally Posted by access_max View Post
With the issues fixed a 6.0 can run circles around a 7.3.
2000 F-350 7.3L ZF6
Standard 7.3 mods
SCT tuned
8" Fabtech lift 13" total
5:13 Gears
46" Goodyear MVTs Military takeoffs
Bushwacker Cut-Out Fender Flares
Ranch Hand front and rear bumper
On-board air W/Semi horns

1995 F-350 7.3L E4OD DRW
Standard 7.3 mods
PHP Hydra W/Tony Wildman tunes
160/0 Injectors
T-500 HPOP
E-fuel Conversion
West Coast mirrors
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