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Yeah, my father is pressuring me into purchasing a house in the Sacramento, Alma area (number 2 worst real estate markets in the US according to Forbes) and I'm not sure if its a good idea. He says that he has done the calculations and that after 15k down payment on a 30 yr loan it would cost about a grand a month with the bills and mortgage if the property is bought for 150k. However, I neither have that kind of money for a down-payment, nor do i have that kind of income. I'm 20 yrs old and I make about 1500 a month but 500 is nowhere near what I need for my other bills, expenses, and not to mention, gas. My dad is convincing me that I can rent it out to someone for about 1200 per month n that it is a good investment for my future, especially when I get married so as to already have a house. Can anyone give me advice, especially if you have a real estate or financial background, I don't know what to do and I'd really appreciate any help. Thank you, Roman The Warrior
As far as credit goes, I've got decent credit, no problem there. A seminar? I've been watching my dad deal with real estate for the past 7 or 8 years. We're having serious trouble financially with our current home, its a lil overwhelming to think that i can have the same headaches and hardships as my parents while it can be avoided by not buying a property.
15K is a great down payment! As you stated if you had this money. But this would be for as much as 3% on a 300k home. Right now Lenders are still doing 100% financing on FHA loans and some only consider 3% from the Buyer before lending. Yes, the market in sacramento is settling but it's a great time to get into a property of your choice in the area you want to live. As for right now you can purchase a property and get some friends to live with you. Split the mortgage and make your bills as cheap as renting. You will also get tax benefits from ownership. More than renting. Once this dust settles and equity begins on the rise your property starts making money for you. If you want to purchase fixer upper in an area you believe will thrive in a few years than do just that. Your father is giving you guidance, its your choice if you want to follow. Need help with over 200 properties under 150k contact me.if you need help.
$1200 rent is not very good on $150000 investment. Don't think that $1000 will take care of the principle Interest, taxes and ins.. I call these a "PITI" payments. with upkeep, new roofs, siding, furnace, hot water heater, down time, and other unforeseen items. Having been in the business for 20 years and had over 50 houses and a dorm, I feel you might do better. Why do I think it wrong figures?? 7% on $135k would be $898 Monthly,, taxes will run another $450, ins will run maybe anoather $75. Remember you are not in a owner occupied house. but investment property, and will pay higher rates.♠ Now the upside is that in the future the $15000 would get you $65000 without any work in a 5% account. or $150000, house, plus appreciation over those 30 years. ( I never took out longer than a 15 year loan.) $150,000 is a lot of house for a guy making less than $10 an hour. That is what is happening right now in the sub prime market. Now another way of looking at it, is that you can rent it for $1500 a month, with first last and security deposit prior to them moving in would give you $4500 before your first payment would be due. Be ready to hate your tenant, because they will be in a nicer house than you for many years, before you can afford one as good. My first 3 years I lived in an apartment, before I could afford to buy one of my "own" to live in. Plus they will laugh at their 20 year old landlord. and resent you at same time.
I have a friend that is a Realtor in Sac and one in Roseville, the market stinks. With that being said, what you could save by taking advantage of today's interest rates would far outpace any savings for waiting for another $10k to $20k off a price. Do you want to be a landlord? It is a tough gig, advertising, screening tenants, dealing with non-payment, tenants are notoriously hard on rental property, gaps between tenants, handling evictions, etc., etc.. Anyway, it sounds like you already know your answer, go with your gut. Nothing is worse than being house poor or to be facing financial problems because you bought something you were not in a position to buy.
Too many unkowns to furnish an exact answer or suggestion - besides the shown fact that for the duration of short the respond is not any. in case you enable the homestead to be foreclosed then you are giving up all rights to the valuables. The lender will extra beneficial than probable public sale the homestead and need to easily get better the non-public loan stability owed on the homestead. If the everyday public sale brings in under the non-public loan stability then the lender nevertheless has the appropriate to get better the stability from you. i'd communicate the region with the lender as maximum lenders have courses in place to stay away from those circumstances. they do no longer want to be interior the genuine belongings sales organization as they lose money on maximum forclosures. they'd somewhat artwork something out that would desire to be extra valuable to the two one in each of you. At worst you will desire to do a deed-in-lieu of foreclosures. that's voluntarily relenquishing the valuables and would in basic terms be performed if the lender will supply this without recourse, which skill they are in a position to't come when you for any bills as quickly as they public sale the valuables. (get this in writing) besides the shown fact that, i'd propose discounting this belongings and merchandising it your self and chalk it up as a loss and instructions found out. i understand 100k isn't hassle-free to enable bypass of yet you easily are not going to get it by way of foreclosures or financial disaster.
It's an excellent time to buy but you need to find out from a lender if you'll qualify. Doesn't sound like it. So save as much as you can, build your credit rating and pay off whatever debt you have. If you want to do more, attend a free seminar for 1st time buyers from a non-profit in your area and learn what else you need and what to expect.