don't do it breh, just keep your finances right and buy when you get back. There's always another deal somewhere. Buy as soon as it makes sense but don't rush. Takes a while to find a property management company you can trust, and I wouldn't do it international
The Official Homeowners Thread
- Thread starter Dolla$
- Start date
Ohh, trust me bro. I know all about managing a property from overseas. My parents have two spots where I'm the property manager
Our family home home, we have tenants there, but anytime something goes awry, I gotta call up Juan and Francisco to get the repairs in order. The official property management company be quoting us out the ass. I call up Juan and he get's his amigos to fix up the job for less than half the price of Joe and Rick
Our family investment property is the one we have on AirBnb, but after the fiasco of last week, we're just gonna rent out the room individually. The house was nice to have since my parents travel back and forth frequently and it was nice for them to have a house they could lay their head in. Hotels are cool, but homes will always be appreciated.
I put down 5%.
Best decision I ever made because this investment was the foundation to building my wealth. This property is a income producing asset.
Initially I hated being a homeowner because I had to shell out around 25k to redo the roof,change the vinyl, and fresh coat of paint for each units and on the cabinets.
But I rented out all 3 units and while I continued to stay at my dad's place.This gave me a chance to stack up money from my 9-5 and the monthly net profit from the rentals.
After a couple of years I was able to use my savings to start up a business.
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Got my lawn care locked in for the season and just bought a dope grill/smoker (cost me a pretty penny)
Finally ready for this good weather
Finally ready for this good weather
OfTheCross
Veteran
That was different, though. You didn't buy a house, you bought a business. That property was not your home, it was a business venture.
Smart move.
Even though the buyer's side was actin' like BANs...I finally sold my spot...buying my new spot next week.
While the new neighbors get to duke it out (I hated those weirdos...I'm sure they won't get along), I made out like a fukkin' bandit
I could possibly buy my investment property within a year.
While the new neighbors get to duke it out (I hated those weirdos...I'm sure they won't get along), I made out like a fukkin' bandit
I could possibly buy my investment property within a year.
I applied and got a couple pre-approval letters.
Looking at how much I wanna do on a down payment. I've accepted I'll be paying PMI but I'm kinda trying to hold onto most of the money I have on hand. I'm looking at a monthly payment between 35-39% of my take home pay after taxes right now. I think I can get my living expense in a new home down to a single paycheck a month outside of food. That means I feed myself and buy whatever on the other check.
If I can't get the seller to contribute to my closing cost I'm looking at moving into my new home with $2000-$6000 liquid cash on hand and $20,000 in taxable securities I could sell in the event of an emergency.
Basically I jerked around my money for much of my youth and only got serious about saving in the last 2-3 years. I saved up about $40,000 in that time. I've invested half of that in the stock market and the rest I have in cash between several accounts. About half of that is liquid cash and the rest is investments in a taxable account.
My credit union says I can put 3% down on a house minimum on a conventional loan. I was looking at putting closer to 8-10% down.
I'm looking back at that $3000 computer I built back in January and the $3000 I had to pay on fixing my car with a fair amount of irritation. Still I won't sell that PC as I expect it to last at least 5 years maybe more. Selling that 2080 ti might be smart though.
Looking at how much I wanna do on a down payment. I've accepted I'll be paying PMI but I'm kinda trying to hold onto most of the money I have on hand. I'm looking at a monthly payment between 35-39% of my take home pay after taxes right now. I think I can get my living expense in a new home down to a single paycheck a month outside of food. That means I feed myself and buy whatever on the other check.
If I can't get the seller to contribute to my closing cost I'm looking at moving into my new home with $2000-$6000 liquid cash on hand and $20,000 in taxable securities I could sell in the event of an emergency.
Basically I jerked around my money for much of my youth and only got serious about saving in the last 2-3 years. I saved up about $40,000 in that time. I've invested half of that in the stock market and the rest I have in cash between several accounts. About half of that is liquid cash and the rest is investments in a taxable account.
My credit union says I can put 3% down on a house minimum on a conventional loan. I was looking at putting closer to 8-10% down.
I'm looking back at that $3000 computer I built back in January and the $3000 I had to pay on fixing my car with a fair amount of irritation. Still I won't sell that PC as I expect it to last at least 5 years maybe more. Selling that 2080 ti might be smart though.
pmi sucks but it's good to keep a bunch of cash reserves
OfTheCross
Veteran
I plan to have the PMI removed in 3 years or less.
You could look into a 80/10/10 financing. Can you afford 10% down? It'll avoid PMI
I have 10% but I'll have to do the math to figure out the savings if any.
yeah look into the 80/10/10. Credit unions offer them, maybe get in touch with a mortgage broker to get more options as well. Try not to pay PMI, it's literally a pocket lining to the banks.
Main fridge on the fritz, needs to be replaced (never buy Samsung appliances. The one I'm replacing came with the house)
Water heater acting crazy, probably needs to be replaced
But guess who just bought a brand new Traeger grill last week?
Owning a home is expensive as fukk
Water heater acting crazy, probably needs to be replaced
But guess who just bought a brand new Traeger grill last week?
Owning a home is expensive as fukk
RichieRich
Beg my pardon to Martin...
GMB 
putting my house on the market this summer, thought about buying her out but I'd rather keep it moving and sell
putting my house on the market this summer, thought about buying her out but I'd rather keep it moving and sell