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- Oct 19, 2004
^Well just making extra payments monthly never gave me any issues. Id see it on the monthly statements, "$x amount additional payment applied to principle"
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- Jan 28, 2006
I need help badly ... My grand father saved well, and my father is an only child who doesn't have a need for my grand father's savings. We sold the house in Scarsdale in December, and just closed yesterday. We walked away with $490K after paying realtor and attorney fees. My grand father wants to gift it to me, and I don't want to fully invest in the market.
How stable is the housing market as an investment and if you were located in NYC would you pay outright for a small condo, or down payment on a two-family home? If both options are sound investments. Any advice or input is welcomed ... We still need to file taxes, but ou family accountant said 10% or less would be allocated for capital gains since my grand father owned the house since 1968 and was a veteran who also served on the NYPD and retired from it ... He'll have enough exemptions.
What would you guys do? Almost makes me nervous considering that I really grew up with nothing.
Thanks in advance.
How stable is the housing market as an investment and if you were located in NYC would you pay outright for a small condo, or down payment on a two-family home? If both options are sound investments. Any advice or input is welcomed ... We still need to file taxes, but ou family accountant said 10% or less would be allocated for capital gains since my grand father owned the house since 1968 and was a veteran who also served on the NYPD and retired from it ... He'll have enough exemptions.
What would you guys do? Almost makes me nervous considering that I really grew up with nothing.
Thanks in advance.
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- Mar 31, 2007
First night at our new place. They started in August, feels good man.
Wife and i were living in a 2 br house with my mom while ours was being built. Will miss moms home cooked meals though i gained 15 lbs living there.
Pics will be posted once we get everything put up. Have dish coming in the morning so we can watch super bowl.
Wife and i were living in a 2 br house with my mom while ours was being built. Will miss moms home cooked meals though i gained 15 lbs living there.
Pics will be posted once we get everything put up. Have dish coming in the morning so we can watch super bowl.
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- Feb 27, 2003
congrats!
where'd you buy if you don't mind me axing?
where'd you buy if you don't mind me axing?
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- Nov 6, 2012
Depends on the lender every one applies payments differently.
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- Feb 10, 2003
I would have fallen for the same thing had I not known how it actually worked. After we refinanced, an outside company contacted us about bi-weekly payments. After I told him no, he tried to tell me how uneducated I was and how my numbers didn't make sense. Umm... No, I'm not going to pay you $500 and $2 extra every month to do what I can do for free (and with better results for that matter. Plus I don't do business with people who forget who pays their bills and try to belittle me for not giving them MY money.
Edit: Is this what being Bernie Sanders feels like? I'm feeling a little fired up about how shady some banks are after the last couple posts.
When my wife bought her car they tried to run game the same way.
Telling us it was "free"
Man ain't no 3rd party going to facilitate this without taking something.
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aepps20
Supporter
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- Feb 8, 2004
Congratulations my dude. Your other pictures were nice.
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- Jun 1, 2011
Yeah be careful with those over/extra mortgage payments. A lot of times the lender will apply it to the interest and this is no good if you end up losing the property or even fall behind on payments down the line. Depending on where your property is located and what type it is, this really may not even be necessary. For example, if you own property in Inglewood, CA anywhere close to century and prairie, I would just make the regular payments and be patient.
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damn, is that common?
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- Jun 1, 2011
Is what common, the banks applying extra to interest instead of principle? Thought this was known but I guess not. Lol what do they get out of applying it to the principle? Banks are all about themselves man times 10! Anytime you think a bank is doing something for you, trust they are not. Ultimately they are benefiting more than you.
Lending out money that don't even exist in the bank, just off some key strokes then charging interest on money they never had, just some key strokes, smh
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- Nov 16, 2001
Consult a tax attorney on that one. If you do it wrong, you could get his with a HUGE tax load from the gift. Laws may vary in NYC, but from my limited knowledge it might be best for your grandfather to buy a new home and put it in his name then gift it to you in his will. I believe the IRS only allows $10,000 tax free as a gift per person per year so you could be looking at a HUGE tax bill if he just gives you the money.
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- Jun 1, 2011
If he made $490k not only is that good but I'm assuming he had to pay capital gains tax, so how much is disposable? Either way, I would never suggest paying for something that much out right when you have the money. Instead leverage yourself and finance it with a nice down payment and get two or three more properties or investment options.
In essence if a new place costs $450k, I would not advise you pay $450k all cash for it just be caused you can do so. Go by some property in a high appreciation place like LA or some new development and cake off the appreciation and keep flipping over n over.
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- May 24, 2008
Hey guys, Im living in a leased townhome right now and the owner decided to give me a 30 days to vacate (1 year lease was expired... was in month 2 month). I want to take this chance to buy a house aroudn 450k-500k mark around Socal (O.C specifically). Any idea where to start looking? Im pretty sure buying a house will take more than 3o days
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- Mar 26, 2015
This would be a hastened decision so I'd recommend renting, until you are able to work your way through this process. Last thing you want is to be rushed into a house that you bought because you were desperate.
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- May 23, 2005
Santa Clarita seems cheap
Also any folks know if $20,000 is a good down payment
Tryna get a house at the most 350k range
Any advice would be appreciated
I live in the Bay Area
So more than likely will stay
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- Nov 5, 2015
I would not suggest SCV...place just seemed years behind the actual world. Place just seemed like "the trueman show" and cliche. I don't understand why young family or whatever would want to move there besides it being cheap.
- 63,610
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- May 23, 2005
- 10,550
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- Nov 5, 2015
I went to school out there, place was mad weird dog. Like scary weird. Absolutely nothing to do but go to the mall and movies, oh and six flags. It's nothing for adults I mean nothing. SCV, Palmdale all of that stuff being developed is not for somebody that comes from the city and use to options. I can see why kids get hooked to drugs and other weird activities.
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- Jul 29, 2012
450k-500k you should be able to get a place in most places in OC. You should decide on what's important to you where you want to live and start narrowing down your search. Near freeway? close to work? good school systems? neighborhood? crime? Ethnicities etc. Also the type of house. Do you want a 2-story? How many beds? Baths? grass? pool? big back yard? garage? washer/dryer units? etc.
I can't tell you where to look fam, you got to decide where you want on your own, one of the biggest purchases of a lifetime! OC is always solid investment imo
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- Mar 14, 2006
Been looking to relocate for a while and decided that I'm gunning for Raleigh, NC. Housing market seems pretty decent down there and your money carries you long down there compared to where I'm at now, and the property taxes are love. Anybody live in Raleigh can give me some pointers on neighborhoods?
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- Jul 29, 2012
I think your only option with 20k, 350k place is the FHA 3.5% down.
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- May 24, 2008
Is it a good time to buy right now?
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- Mar 1, 2011
can't go wrong with FHA
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- Jul 29, 2012
Mortgage rates are great! (historically)
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- Mar 1, 2011
hope next year gets better, thats when im gonna buy a crib
