Banks can be a to get a mortgage when you're self-employed, tbh, unless you have very steady income... especially after the crash, they charge ridiculous rates for that kind of loans. They've just recently backed down a bit on the paper requirements, so I might look into it, but we've just been saving instead.
my gf's parents want to move back to sweden at some point in the near future, and they've basically told us their house is ours once we tie the knot (will likely happen soon after i'm done with the bar)
needs a load of work/renovation but its still a heck of a gift
For rental, I wouldn't buy lakefront and build a nice house. For yourself, sure, splurge but hate to see a nice house get beaten up by renters. Besides, someone who can afford to rent a great house can afford to buy their own. I prefer a 3 bedroom in a decent neighborhood for a rental.
Don't do it. And it's got nothing to do with the bloodline
The marriage part I mean. The home is fine.
Everyone pays in cash for their first home.
...getting a Matt Bonner tiny house
For the kind of money I'm spending here I could buy a 3-4 bedroom in San Antonio (and I might sell and do that down the road).
At least you get some equity, tbh, instead of handing off money to somebody else every month.
this is the mentality of renters vs buyers...
i spent 32yrs renting in public housing, and was paying market rates....after all those years you have nothing to show for it...no assets or equity under ur name...
decided to buy 2 years ago, and never looked back
think about it, if ur paying market rates renting to some property investor to pay of his house in the long term, what is a extra few hundred to the mortgage to pay off the principal? you fear it will hurt ur standard of living? tell me what u going to do with the money u save? investing or blowing it on booze and ?
the problem most ppl have at the start is do they have enough equity for a deposit? then long term stability like job and interest rates...at the end of the day you still need a roof over your head, if u can commit to paying of a large debt, dont think the debt as something short term when ppl should be looking at it long term commitment
it doesnt matter what time u get into the market, do you think a property you like will appear again on the market? how about interest rates now and future, then u have price now and into future...
I love SA.
We do have projections of 1 million more people in 10 years though.
We don't have the roads for this, no way. The plans in place cannot absorb these numbers.
I will stay for the Mexican food.
That graph doesn't seem right at all - in the midst of the housing crash, the index is so high?
your first house will never be ur last or ur best house, remember that
get into the market by getting ur first house, then if u plan to buy another down t he future, u can always sell ur current one given that it has raise in value, or use it as security to refinance get a bigger mortgage loan to purchase ur next one, use that first house and rent it out for extra income to pay down whatever loans...
yes rates and all this stacks up per house you own anyway, u cant get away from it
but remember not everyone especially those fkn property investors, they all dont own it till they pay it all off, they can gloat this and that how much wealth they got but its all on credit till the banks does a call-in then ur fcked
It's not too bad if you incorporate or LLC your business. Probably a good idea from a liability standpoint anyway.
Thanks for the graph. Proves my point that home prices have beat inflation since WWII.
Mine wouldn't be a full time rental. It would be more of a capital gains play with 10 or 15 years of fun thrown in or maybe sell my SA house and live there. With all the wealthy retirees moving to Texas there is a strong market for high end hill country recreational properties. Texas constant level waterfront isn't like Florida waterfront. There isn't much of it and it's expensive as . Most nice houses on the lake are 800,000 -5 million. One acre waterfront property by itself would be $300,000+. I would probably buy the lot, split it, build two houses and the dock/boat lift infrastructure and sell one to pay for most of the other. If I did rent my house out it out it would be short term vacation rental and not full time rental. Properties like I'm talking about can rent for 5K a week during the summer.
Last edited by CosmicCowboy; 07-29-2016 at 07:34 AM.
It is an LLC.
I am not an economist but I would think the e indicates that prices on homes were high and inflation was low. Ex. They were building a lot of relatively high priced houses in Vegas in very new areas for people who could not afford them except...
Because it became so easy to get a loan (mortgage) for high priced homes there was demand and builders had not quite kept up yet. This was all apart of the big lie. People lying to themselves that they could own a home without a job AND mortgage companies aiding banks in just giving away absolutely horrible loans and hiding these very bad loans. The bad loans were packaged with decent ones (Rotten packages) and sold to investors who bought the crap because home buying had gone bonkers and the ratings of these horrible investments were horribly and knowingly wrong.
Yeah. I will go with that. A lot of people knowingly participated in a false American "Dream". The dreams were pipe dreams.
hmmmm. With my C corp I can retain 75K of income every year with only a 15% tax rate. You can balance personal/business to try to minimize your rates. I will sometimes take profit out of the C to keep it from making too much money, pay the current personal tax, and then loan the remaining balance back to the company at 7%. The interest is deductible to the corporation and you are making 4-5% personally after tax on your money and if you later need cash for some personal expenses you can just write yourself a check and no personal tax is due. All perfectly legal.
There is a balance here. The accountant. Get out and spend time on work that brings in $ in the first place. Some people don't have time, an accountant is cheaper and better for some.
Who do you think tells me how to balance the cash to minimize taxes? i spend plenty of time making money, thanks.
Difference is your anecdote isn't being touted as gospel.
I've heard similar stories tho
False assumption
they're Armenian... But their fam was in Sweden for about 30 years
Double whammy. May god have mercy on your soul.
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