How important is saving up for a house to you right now?

[supermanblue79]

Wife just started working after being a student and unemployed for 3 years, now we have two incomes and being in close to 10k a month not counting side gig money...now we are finally in a position to save and buy a home..:so hopefully by the end of the year we can....setting our budget at 500k with 10% down....shouldn't be too hard since I own my apt and should profit about 30k should I sell.

I even wouldn't think about selling. Why make $30k once by selling when you can make $30k over and over again by renting it out? I would rent it to a family with stable income. They will pay for you and your wifes new home over time and you will own two pieces of property.

 

[Mark Antony]

Home ownership & NYC is an oxymoron.

unless you wanna live in The BX.

Gentrification hitting The Bronx like a Tsunami. Good luck finding a reasonably priced home in the next 3-4 years.

nah, your overselling it, Queens still gotta get hit by the Brooklyn overflow before The Bronx starts to feel it.

Your logic is nonsensical.

But here's the proof:

https://www.villagevoice.com/2017/0...h-bronxs-1300-unit-gentrification-death-star/

https://ny.curbed.com/2017/3/14/14915644/south-bronx-gentrification-waterfront-development

http://www.welcome2thebronx.com/wor...strict-waterfront-towers-renderings-revealed/

https://ny.curbed.com/2017/1/4/14168656/south-bronx-new-york-times-hot-travel-destinations

$3,500/month for an apt is imminent for the "Piano District", formally known as the South Bronx.

that piano district moniker beeeeeeeeeeeeeeeen dropped and if you actually go by da south Bronx, there's no visible development going on, you wanna see gentrification?
View media item 2458888
not too far where i work in Queens.

da Bronx is no where near this type of development, its mostly speculation.

da reality is da Bronx has a hard time retaining high income earners once they move up da tax bracket, its also still da only boro that has a negative outflow of Caucasian people​.

I'd think a cat named Pitman might know the Bx a bit better than you.

 

[isco]

Whats the process of getting your own home built?

Find the land then what? Where im at a lot can go for 150k and up on my side of town.

construction loan

 

[ninjahood]

Home ownership & NYC is an oxymoron.

unless you wanna live in The BX.

Gentrification hitting The Bronx like a Tsunami. Good luck finding a reasonably priced home in the next 3-4 years.

nah, your overselling it, Queens still gotta get hit by the Brooklyn overflow before The Bronx starts to feel it.

Your logic is nonsensical.

But here's the proof:

https://www.villagevoice.com/2017/0...h-bronxs-1300-unit-gentrification-death-star/

https://ny.curbed.com/2017/3/14/14915644/south-bronx-gentrification-waterfront-development

http://www.welcome2thebronx.com/wor...strict-waterfront-towers-renderings-revealed/

https://ny.curbed.com/2017/1/4/14168656/south-bronx-new-york-times-hot-travel-destinations

$3,500/month for an apt is imminent for the "Piano District", formally known as the South Bronx.

that piano district moniker beeeeeeeeeeeeeeeen dropped and if you actually go by da south Bronx, there's no visible development going on, you wanna see gentrification?
View media item 2458888
not too far where i work in Queens.

da Bronx is no where near this type of development, its mostly speculation.

da reality is da Bronx has a hard time retaining high income earners once they move up da tax bracket, its also still da only boro that has a negative outflow of Caucasian people​.

I'd think a cat named Pitman might know the Bx a bit better than you.

da places feeling immediate pressure are Spanish Harlem, and Greenpoint Brooklyn pushing to Longisland city, in Queens. i know cuz part of my job is going to construction sites,

da Bronx will be fine for a long time.

 

[ddel54]

Damn, A lot of great information on here. My wife and I want to buy a house close to my parents so when it comes time to have kids we'll be able to have help. We'd be first time home buyers. Going the FHA route the best way to go?

 

[lauk4kicks]

how much traveling do new homeowners do? They settle have kids and the way the economy is going barely can afford to take they families to a movie and dinner after.

If you can step out the country and LIVE life before you get locked down with all these responsibilitys Do it.

Money is best used to experience life.

Word.
Money for travel/experience is a great idea.
Material things can be bought at any time.

Bought a home last year, crazy expensive, but wife and I both lived at home (our own parents) until late 20's so it gave us a good opportunity to save. Even moved in with her parents for a few months
before we found a place.

We are travelling this summer (splurge) cause we don't know if we'll have kids or not. If we do, we both know it will be difficult to travel whenever and wherever we want.

Exactly. People never look at this aspect of owning a home

Some people move from condos/apts to bigger places. We came from home so we didn't have any furniture. We had clothing basically.

It's damn expensive to own a house, but I think once all those initial expenses are done, it will stabilize. I hope so at least.

Yardwork is a pain.

 

[turbospartan]

 
Damn, A lot of great information on here. My wife and I want to buy a house close to my parents so when it comes time to have kids we'll be able to have help. We'd be first time home buyers. Going the FHA route the best way to go?

Depends on your credit, how much cash you are trying to put down, etc.   FHA can help if you don't have a lot to put as a down payment, but the rates are typically higher (and higher PMI, which I believe never goes away anymore unless you re-finance the loan) than a traditional mortgage. 

 

[jthagreat]

 
Damn, A lot of great information on here. My wife and I want to buy a house close to my parents so when it comes time to have kids we'll be able to have help. We'd be first time home buyers. Going the FHA route the best way to go?

Depends on your credit, how much cash you are trying to put down, etc.   FHA can help if you don't have a lot to put as a down payment, but the rates are typically higher (and higher PMI, which I believe never goes away anymore unless you re-finance the loan) than a traditional mortgage. 

https://themortgagereports.com/7570/fha-mip-cancel

Although refinancing can be in most folks best interests, its a shame what drump did to change the rules. Not sure how the copy and past will work but if you get an FHA loan now, you pretty much have to (should) refinance just to get rid of the PMI...before you get get the LTV based on og purchase price to 78% creating a simple removal of PMI

How Long Does FHA MIP Last?

FHA loans fall in two categories: those applied for before June 3, 2013, and those applied on or afterward.

FHA MIP cancelation depends on this classification because that’s when FHA rules changed.

→FHA loans applied for on or after June 3, 2013


Loan Term Original Down Payment MIP Duration
20, 25, 30 years Less than 10% Life of loan
20, 25, 30 years More than 10% 11 years
15 years or less Less than 10% Life of loan
15 years or less More than 10% 11 years

→FHA loans applied for prior to June 3, 2013


Loan Term Original Down Payment MIP Duration
20, 25, 30 years Less than 10% 78% LTV based on original purchase price (5 years minimum)
20, 25, 30 years 10-22% 78% LTV based on original purchase price (5 years minimum)
20, 25, 30 years More than 22% 5 years
15 years Less than 10% 78% LTV
15 years 10-22% 78% LTV
15 years More than 22% No MIP

I would suggest a "conventional homeloan" which is 5% down vs FHA 3.5% down so you have the option of removing the PMI at 78%.

PMI is wasted money, before getting to the 78% LTV on my loan, I was throwing away nearly $70 to PMI. Got out of that as soon as I could. + I wish I had refinanced instead of paying extra to meet my 78% LTV cause I ended up refinancing anyway.)

 

[sharpshooter718]

I work in greenpoint... they building faster than ever... it's all for them though... I be chilling out smoking by the piers cause its no cops and I'm usually the only black dude in a 3-4 block radius after 6pm...

 

[abernja]

Saving for a shipping container to use as a tiny house

How'd that turn out? I'm seriously trying to do this as well. Eliminating rent/mortgage you could literally work a min wage job and still be ballin.

 

[sooperhooper]

I feel like it should be more important. But the depression puts in on the back burner.

 

[ninjahood]

How'd that turn out? I'm seriously trying to do this as well. Eliminating rent/mortgage you could literally work a min wage job and still be ballin.

you'd be better off of obtaining your CDL license and converting a straight box truck into something of a living arrangement.

 

[abernja]

you'd be better off of obtaining your CDL license and converting a straight box truck into something of a living arrangement.

Box truck wouldn't be nearly as safe as a shipping container. Those things can withstand almost anything. Florida hurricanes to be more specific.

 

[mplsdunk]

Why not just get a new double wide... ?gonna cost just as much...

a tiny house would be so trash to live in long term.

 

[tr1ll]

Not at all, in the least bit, whatsoever. I don’t have a family, not about to have a family. No need for a house..

 

[ninjahood]

Box truck wouldn't be nearly as safe as a shipping container. Those things can withstand almost anything. Florida hurricanes to be more specific.

you can evacuate b...its called a crib on wheels.

wherever you plop that shipping container, you're gonna have to pay someone to host it on their property..not a problem with a truck.

 

[abernja]

Why not just get a new double wide... ?gonna cost just as much...

a tiny house would be so trash to live in long term.

If I were to ever buy a trailer home it would certainly never be new as they drop in value so quickly.
Again, living in FL they're not safe when hurricanes and tornados come along.

Would not be long term. 5 years max. Loan payments would be super low and could save a ton of money towards the down payment (20-50%) of a regular home.
Afterwards the shipping container home could be used as an Air BnB.

Not a perfect situation for everyone, just a thought I had that would work for me currently.

 

[ninjahood]

If I were to ever buy a trailer home it would certainly never be new as they drop in value so quickly.
Again, living in FL they're not safe when hurricanes and tornados come along.

Would not be long term. 5 years max. Loan payments would be super low and could save a ton of money towards the down payment (20-50%) of a regular home.
Afterwards the shipping container home could be used as an Air BnB.

Not a perfect situation for everyone, just a thought I had that would work for me currently.

you're still not addressing da fact that where ever u plot that container down is gonna be subject to rent or hosting fees.

 

[abernja]

you're still not addressing da fact that where ever u plot that container down is gonna be subject to rent or hosting fees.

Land is not that expensive to buy.
(Yes I know there would be other costs such as sewage and electric connections which usually isn't cheap.)
Also my parents have a large enough property I could potentially place it on their lot for free or for a small fee.

Bottom line is that $1300/month rent is for the birds and I'm just thinking outside the box.
Yes I could rent share with others, but I much prefer peace and quiet and my own space.

 

[nawghtyhare]

Land is not that expensive to buy.

depends on the state and area

 

[abernja]

depends on the state and area

That's true of all scenarios. Plenty of land for under $10k, even under $3k where I live though.

 

[tay1]

Should be a life goal

 

[nawghtyhare]

That's true of all scenarios. Plenty of land for under $10k, even under $3k where I live though.

where

 

[fluid hips]

I heard land in detroit is cheap.

 

[abernja]

where

Orlando suburbs. Of course the farther out you go it gets cheaper.