Should I go though with a purchase of a house?

[1TuffSupra]

So my mom calls me today while Im at work and she tells me, "a friend of mine tells me that her job is offering houses to people through govt assistance. They are basically giving these houses away. They are valued at over 140.000 but if approved my mortgage would be less than 70-80,000. Would you guys jump alll over this or is it me? I talked it over with my gf and she already lives about 45-60 min from me and she is trying to talk me out of it. The house would be built about an hr for me, so an additional hr drive for her. But my whole thing is that the house is pretty much given to me, I mean when in the hell is a house gonna be sold to you for 60-70 thousand cheaper than list value??? I think probably never, but I just want some other opinions on the matter. I do have to help build the house, but even if I decide to sell it its a crazy ass deal. So what do you guys think? I, personally, think that this is a deal that shouldnt be passed up. Even if the house is an hr from my house I could, at the very least, be able to sell it and make a small fortune. There isnt any limit on how long I have to own the house before I sell it, so its got to be worth it right? Or am I crazy here? I just want a second opinion on the matter that isnt involved in the matter

 

[greg88]

I've you have some extra cash laying around, I say go for it. Alot of people say home ownership is key to financial security. Just make sure the place isn't a complete dump or something, because if it seems to good to be true, it very well may be.

 

[Yellow 13]

Thats cheap for a house compared to houses in CA. We just sold 4 little houses in the ghetto for 300,000 or more.

I wouldnt jump straight into buying a house. Get some information on the houses, like what happens if you decide to sell the house later since your getting it at negated value. Get familiar with the territory its in too, check the crime rates and just chat with a few people in the area about what its like living there. Even if its just an hour away from where you live it could be a whole other world.

 

[whudafux]

Tell her to move in with you.

 

[swaq]

Definitely go for it if you can. If all else fails you could try and rent it out to cover the mortgage payments and then end up with a house when it's all over with.

 

[Big Wang Bandit]

aThoes are cheap houses. Some of the run down houses on my street(not super good lookin) are going for 700k+...

 

[americanjebus]

1: go look at it, backyard, inside, basement, roof, wood brick? made of sitcks??
2: look up zoning, is it septic or part of city sewer system? look at neighbors, is it in the styx, many bussiness arround there???
3: get an assessor or someone that has experience buying a home, if you have friends then SOMEONE you know must know someone in real estate be it an agent or working for gov. ask a favor and have them look at it instead of paying out the ass for hiring an assessor.
4 try to get us some pics.

if its a shack in the middle of nowhere look up the area, the property may be what makes you money not the house. Real estate is somethign you should jump on early in life, its guaranteed that humans will ALWAYS need 1. land 2 medical help, and 3 some sort of gov. thats where you get rich.

 

[willfish]

deffinately buy it,, a house is one of the best investment's you could do!
buy it an most likely the property will go out in a few years for example ,, and if you like you can sell it am profit from it am move to where you'd like to ....

but its a deffinate... buy that shit... best investment..... !!!!!


Will

 

[willfish]

another thing,,, i learned before I bought my house... it all come down to ! thing........



LOCATION, LOCATION, LOCATION


houses for the most part go out in value,,, so you can profit from it, an its a good way to make equity!!!

right guy's


Will

 

[bigaaron]

LOL at those home prices, ours was $475,000 a year ago. I would buy two and use one just for entertaining guests!

 

[willfish]

LOL at those home prices, ours was $475,000 a year ago. I would buy two and use one just for entertaining guests!

I bet if it was in my neighborhood, it wouldn't be worth that about.....


an mine was 20k...:icon_conf

like I said, its all about location.........


Will

 

[Shytheed Dumas]

Will's right. It's about location first and foremost. You can do a little of the legwork yourself to see if it's even worth digging deeper into. Get on your computer and see if property values are available online - they are in some municipalities. Look at the assessed value of similar properties in the immediate area and assume they are about 75-85% of their actual value, although that could vary. Look on www.realtor.com and compare similar homes for sale in the immediate area.

If that initial work shows that you are anywhere near half the value like you said, and the location is desireable enough that homes are moving quickly, then it's time to talk to a realtor friend. Also, they can do a real comp, find out how long homes are on the market, and get you a showing where it's time to do a quick analysis of the condition: foundation, electrical, roof, obvious damage due to water, etc. If things still look good, then it's probably time to invest a few hundred dollars in an appraiser. It helps if you're as good at working on a house as you might be on a car. I've taught myself stone masonry, deck building, fence construction, and finished my basement from a book I got at a yardsale. I could never have afforded all that work if I had been paying contractors.

If after all of that the location is good, price is right, repairs are within your ability, and homes sell reasonably fast then go for it.

One last thing to consider: don't go in if you can't afford it! Have your cars, credit cards and student loans paid off first. I've seen way too many people house poor, and it's a miserable existence.

 

[Supra]

If the drive for your GF is a concern and/or location is a concern, buy it and rent it. I rent my old house for more than the mortgage + taxes. I get a few extra bux everymonth PLUS I can borrow against the equity any time I want/need money. Interest rate on a second mortgage is much lower than, say, a used car or credit card.

Finding a good renter is a whole nother topic though. :nono:

 

[SupraMario]

with 60-70k you can build a 2500+ sqft house, i dont think u will be getting even close to that.

 

[Insidious Surmiser]

deffinately buy it,, a house is one of the best investment's you could do!
buy it an most likely the property will go out in a few years for example ,, and if you like you can sell it am profit from it am move to where you'd like to ....

but its a deffinate... buy that shit... best investment..... !!!!!


Will

i'm w/ this guy :icon_bigg

 

[1TuffSupra]

Guys, this is a govt sponsored project. The house will be like a 3 bedroom house that I have to help build, it will be around 15-1700sq ft. But the thing is is that it will be valued at over 140,000 (cheap I know, but it is near fayetteville, NC [well ft bragg, the biggest Army base in the country] and in the cut) and it will be brand spanking new. Hell the very big houses (read: 3500sq ft+, 3+ car garages) only go for about 3-400,000 in my area, where the property value is through the roof (it is the 3rd safest city in the country), in the area where the house will be built the property value woulndt be so great, but there are a hell of a lot of soldiers out there. Even the houses that Martha Stewart is selling in my area are going for 200-250,000 and they are between 2-2500sq ft IIRC. With a mortgage that is half the value of the house, equity would be instant. Hell the only reason Im eligible for it is because I just graduated from NC State and my income isnt really as high as it will be in a few months or so (im 23, will be 24 on the 2nd though woohoo, lol). I would have to help build it, but I dont see that being too bad. The thing is is that I only know the general area where the house will be built, since building wouldnt start until Jan. I also dont know what materials the house will be built out of as of yet either.

I never thought about getting it and just renting it out, thats a great idea! Cars are paid off, I really have no bills except one CC and rent. My whole thing is that if I do it and dont decide that the location or design of the house is for me I can sell it and will most definitely make atleast 50Gs+. I could also get a house in my area through the program, but they will only give like 20,000 to put down on one. Compared to them basically handing me 50-60Gs if I get the house an hr away.

 

[Shytheed Dumas]

That sounds like quite a government program - how does a person qualify? It might be worth a quick drive down there to talk to a couple of people who've been through it already.

Fayetteville, NC - I'm there every few months, and I cannot get around without a GPS - Weirdest city planning I've ever seen, but the Carolina's are a great part of the country, IMO.

 

[1TuffSupra]

well you have to make less than 30Gs a year, be single, have decent credit, and not too many bills. Fits me perfectly, I barely made the cutoff on the income though. In 6months or so I see my income tripling at the very least.

LOL at the getting lost thing. I thought I was the only one. When my parents 1st got stationed at Ft Bragg (they have a house in fayetteville) I kept getting lost every time I visited until the 4th or 5th visit. You should try going on Ft. Bragg, the base is so old and the roads are crazy as hell. I get lost damn near everytime I go there and Ive been there more times I can count. But it is VERY VERY BIG

 

[Ckanderson]

Please dont base your major life choices on the opinion of your girlfriend at the time..