So I am buying a house....

[oudavid1]

Any advice?

[badger]

First off, congrats. It is sooo much better than renting, because you actually aren't just tossing money down the drain to your landlord. Here's some bland advice, not knowing where your housing market is, what type of house you're looking into or your family/friend/roommate situation:

1- Try to have a mortgage payment that is about what you were paying in monthly rent. This way, it's not such a shock to your financial system when you upgrade.

2- Don't get too much "new" stuff right away for your "new" home. You or others might think that they only solution to that giant empty space on the wall is a giant new 3-D television, but it is much better to replace it as you start living in it than look to upgrade immediately.

3- Once you buy, do touch-ups before you move in. NP and I painted walls in main rooms before making the big move and have since painted other rooms... should have just gotten it outta the way initially. Soooo much easier to take care of that stuff if you're not already living there.

4- Figure out what the neighborhood is like and adapt... or choose a different neighborhood. Dogs will pee and poo in our yard and if catch em in the act, I'll tell their owners that I don't appreciate it, but for the most part, you won't be able to change the area you move to. If cars are parked on both sides of the road every day when you visit the house, that's not gonna change once you move in. If the neighbor has music cranked up during the summer, it's going to continue every summer.

5- Understand that it's an investment, but not your typical investment. Yeah, a lot of money is involved, but so is the fact that you're living there. Don't get a "good deal" if you're going to be living in misery. Don't get a fixer-upper if you have no intention of fixing it up.

[oudavid1]

Thanks Badg!

[sooner_born_1960]

Do you have a job, David?

[badger]

Do you have a job, David?

Good point! A job is a very good prerequisite to owning a home :D

And if you think you need to save up money by living in an apartment first --- check to see what a mortgage payment would be compared to apartment rents. You might not be saving anything at all and, like I said, effectively throwing money down the drain.

If you have cheap living arrangements to go with your first job, by all means take them and try saving up for a down payment on a house. But, if your monthly rent is the same as your monthly mortgage, just get the house right away if you can.

[oudavid1]

Do you have a job, David?


Good point! A job is a very good prerequisite to owning a home :D

And if you think you need to save up money by living in an apartment first --- check to see what a mortgage payment would be compared to apartment rents. You might not be saving anything at all and, like I said, effectively throwing money down the drain.

If you have cheap living arrangements to go with your first job, by all means take them and try saving up for a down payment on a house. But, if your monthly rent is the same as your monthly mortgage, just get the house right away if you can.

Ok full disclosure, I am not actually buying. My friend/roommate wants to. He makes a lot of money. A lot. So I am going to rent from him as he pays the mortgage. I was just trying to find some tips to pass a long to him. He wants to buy a new house, I personally dont care cause I am just a long for the ride. Oh and yes, I have a job other than UCO Football I am a substitute teacher. But I am currently trying to find better work. I can only sub three days a week. But my cousin, he makes enough money to buy the house on his own. So money is not an issue for him.

[Curly Bill]

Seems peeps on here are always offering you advice, I'm sure they'll be along shortly to help you out. LOL

[oudavid1]

Seems peeps on here are always offering you advice, I'm sure they'll be along shortly to help you out. LOL

I just like communicating with people. Especially since most of you can offer good advice or past experiences that help me. I have also have 2 awesome parents and a rather large family to counsel as well, but I also like hearing from you losers :).

[tator]

So it's not you, or your friend/roommate, but your cousin that's buying the house?

[oudavid1]

So it's not you, or your friend/roommate, but your cousin that's buying the house?

Sorry, cousin is friend. I guess I called him both, my bad. My cousin is my friend in this explanation. We are both same age(basically) and have grown up together.

[Curly Bill]

I'm anxious to see ST's treatise on homer ownership. ;)

[Breadburner]

So you are a liar.....

[BillyBall]

I've got 5 that no one is buying a house in this scenario.

[dwarthog]

Seems peeps on here are always offering you advice, I'm sure they'll be along shortly to help you out. LOL

Not me, I ain't coming over to lift up a damn thing..... :-) I have done too much of that already...

[oudavid1]

So you are a liar.....

you cant prove it. :D

[oudavid1]

Not me, I ain't coming over to lift up a damn thing..... :-) I have done too much of that already...

your avatar makes me smile.

[Whet]

If your "friend," "cousin," or whoever is planning to stay in the house for several years, it would be something to contemplate. However, if the purchaser is planning to stay there 3-4 years then move on, the purchaser should think twice about purchasing. There are costs associated with purchasing a house that should be figured into the financial benefit of a purchase. The mortgage interest deduction and the real estate taxes are available, but spending $100,000 to save $5,000 is something the purchaser needs to decide if it is worth the effort. The homeowners insurance, homeowners association dues, repairs, utility bills, and such are expenses the purchasers must weigh, along with the mortgage interest deduction.

[TheUnnamedSooner]

Think of a house as a liability and not an asset and you will do fine.

[tator]

I think this is a social experiment for one of David's classes

[oudavid1]

If your "friend," "cousin," or whoever is planning to stay in the house for several years, it would be something to contemplate. However, if the purchaser is planning to stay there 3-4 years then move on, the purchaser should think twice about purchasing. There are costs associated with purchasing a house that should be figured into the financial benefit of a purchase. The mortgage interest deduction and the real estate taxes are available, but spending $100,000 to save $5,000 is something the purchaser needs to decide if it is worth the effort. The homeowners insurance, homeowners association dues, repairs, utility bills, and such are expenses the purchasers must weigh, along with the mortgage interest deduction.


Think of a house as a liability and not an asset and you will do fine.

Great, thank you so much!!!

[oudavid1]

I think this is a social experiment for one of David's classes

Classes start tomorrow.

[SoonerTerry]

spend half of what you think you can afford

[SoonerTerry]

oh and PIITB

[badger]

I think this is a social experiment for one of David's classes

Note that the chick is the only one that gave him advice and all you dudes have been doing nothing but crapping on him. All that's left is a twitter joke :P

[oudavid1]

Note that the chick is the only one that gave him advice and all you dudes have been doing nothing but crapping on him. All that's left is a twitter joke :P


http://s3-ec.buzzfed.com/static/imagebuzz/web03/2010/4/5/23/haters-gonna-hate-32402-1270523864-286.jpg

[SoonerTerry]

I was serious about the half thing....

[oudavid1]

I was serious about the half thing....

I appreciate the advice very much. It is still very early but I knew some of you would offer helpful advice and you did. Thank you all!

[KantoSooner]

And you should begin to collect the necessities of collegiate house living:

1. Worthless dog. Most any type will do, but probably the best is a generic hound/upland game dog. Something loose limbed and friendly and can sleep through music played through a 2,000 Watt per channel Crown amplifier.

2. Hammock. Goes without saying.

3. Slippery Slide. Never really goes out of fashion.

4. Permanent keg frame, preferably refrigerated. Location should be close enough to one or more exterior doors to minimize the crush during 500 person house parties.

5. Entrenching tools. Screw the grill, you gonna cook in the barbecue PIT!

6. Fire wood. You can never have too much.

7. A first aid kit. Preferably military issue with the powdered clotting agent and #2 sewing needle.

8. A Dremel moto-tool, face shield and mini-blow torch.

9. 25 pounds of frozen chicken nuggets. Nutrition is very important.

10. A Massive package of 'Scrubbing Bubbles'. Worst case, you spray the walls down with a garden hose, set the bubbles free and go see a movie. Can't hurt. Might help.

There you have the ten essentials of young bachelor life.


You're welcome.

[cleller]

Have a professional inspect the house.
Look deeply at the neighborhood, and neighbors.
Don't fall in love with one house.
Don't by the most expensive house in the neighborhood. Shoot for a smaller/cheaper house in better neighborhood.
Do your own legwork, don't rely solely on agents to locate houses.
Be conservative, and patient.

[Jacie]

If you can really scope out the neighbors before signing, do it. It may turn out you might not sign at all but you'll be better off for it.

[Tulsa_Fireman]

GET A JOB, DEAD BEAT QUIT LIVING ON YOUR COUSIN'S NUTS

[oudavid1]

Ok full disclosure, I am not actually buying. My friend/roommate wants to. He makes a lot of money. A lot. So I am going to rent from him as he pays the mortgage. I was just trying to find some tips to pass a long to him. He wants to buy a new house, I personally dont care cause I am just a long for the ride. Oh and yes, I have a job other than UCO Football I am a substitute teacher. But I am currently trying to find better work. I can only sub three days a week. But my cousin, he makes enough money to buy the house on his own. So money is not an issue for him.


GET A JOB, DEAD BEAT QUIT LIVING ON YOUR COUSIN'S NUTS

:facepalm:

[oudavid1]

And you should begin to collect the necessities of collegiate house living:

1. Worthless dog. Most any type will do, but probably the best is a generic hound/upland game dog. Something loose limbed and friendly and can sleep through music played through a 2,000 Watt per channel Crown amplifier.
Lol cant afford that now.
2. Hammock. Goes without saying.
maybe
3. Slippery Slide. Never really goes out of fashion.
lol
4. Permanent keg frame, preferably refrigerated. Location should be close enough to one or more exterior doors to minimize the crush during 500 person house parties.
haha
5. Entrenching tools. Screw the grill, you gonna cook in the barbecue PIT!
Wishful thinking
6. Fire wood. You can never have too much.
good idea!
7. A first aid kit. Preferably military issue with the powdered clotting agent and #2 sewing needle.
haha possibly
8. A Dremel moto-tool, face shield and mini-blow torch.
not happening
9. 25 pounds of frozen chicken nuggets. Nutrition is very important.
bingo
10. A Massive package of 'Scrubbing Bubbles'. Worst case, you spray the walls down with a garden hose, set the bubbles free and go see a movie. Can't hurt. Might help.
boom
There you have the ten essentials of young bachelor life.


You're welcome.


Have a professional inspect the house.check
Look deeply at the neighborhood, and neighbors.Good idea, I think we are doing that tomorrow.
Don't fall in love with one house. Yes, he really likes one he found, its brand new, but we have been looking a lot
Don't by the most expensive house in the neighborhood. Shoot for a smaller/cheaper house in better neighborhood.Great tip, dont think we would anyway.
Do your own legwork, don't rely solely on agents to locate houses.Yeah, my gf's mom is a big realtor and my mother is a 2nd generation one (though she retired) and I come from a family of builders.
Be conservative, and patient.Best advice yet. I am in no hurry. He is though.

Thanks guys! Checks in the mail.

[StoopTroup]

My advice to your Cousin is don't rent to Family.

[Tulsa_Fireman]

Lastly, it's your cousin buying the house. Don't give him advice because that's like a retard telling another retard how to do chinese math. It's not necessary, warranted, or something you want to be a part of.

[oudavid1]

My advice to your Cousin is don't rent to Family.

Why do you say that?


Lastly, it's your cousin buying the house. Don't give him advice because that's like a retard telling another retard how to do chinese math. It's not necessary, warranted, or something you want to be a part of.

I dont know anything, that is why I have so many people evolved.

[nighttrain12]

As long as it doesn't have the word out in front of it, it should be fine.

Also, don't give your Mom a key to your new house, take all your laundry over there.

[hawaii 5-0]

Location, location, location. Preferably near a beach.


5-0

[badger]

My advice to your Cousin is don't rent to Family.
One reason to not take this personally, david, is that in-family debt is a big stickler for some, because it will make you beholden to a loved one.

Let's say that you were behind on rent, or asked recently for a reduced rent dealio based on financial hardship. Fine, says cousin, we're family. Be prepared to get dirty looks every time you buy a video game instead of necessities, or eat at McDonalds instead of eating ramen noodles, or even dare suggest that you take a vacation, even a small one.

By the same token, you may find yourself giving your cousin the dirty looks when he expects rental payments on time, or when you see him spending your rent money in a non-necessity way. Doesn't he know how hard you have it compared to him? Doesn't he know that the money you give him is all you have? How DARE he spend it on a new iPhone, when you could have used that to fill our prescription that you haven't in months!

Just hypothetical examples. It's an uncomfortable situation to be financially beholden to a family member.


Lastly, it's your cousin buying the house. Don't give him advice because that's like a retard telling another retard how to do chinese math. It's not necessary, warranted, or something you want to be a part of.


I dont know anything, that is why I have so many people evolved.

In a nutshell, your role in this will be to not eff up the house and to pay bills and rent in a timely manner. If you eff up the house or get behind on payments (or just don't pay), you are effectively ruining a family relationship between you and your cousin, no matter how buddy-buddy you are now.

[Pricetag]

That's not to mention what happens if cousin has a sweet young thing who wants to move in, too.

[landrun]

spend half of what you think you can afford

Best tip given in the whole thead. ^^^^^

Here's some more... Don't finance for 30 years. Fincance for 15 (for full discloser I financed for 30 and wish I hadn't. As soon as the kids leave home next year. I'm putting the house of for sale.)
Get a fixed rate mortgage... no exceptions!
Always get a home inpsection (I think banks require this but not sure)

[BajaOklahoma]

Or finance for 30 years and make extra payments. If your financial situation was to change for the worst, you could drop back to the lower payment.

[SicEmBaylor]

My aunt just bought a new house. It's two-stories, 4 bedrooms, 2 full baths, separate kitchen/dining/living rooms and plenty of large closet space. It also has a separate 2-story/2 car garage in the back. It's recently remodeled and owner financed. Total cost was 75k -- she put 25k down with a 10 year mortgage. The bad economy hit and the owner just wanted to unload it. I'm not a real estate expert, but I'd estimate the house would normally go for a bare minimum 95k but probably more like 105k.

The market is so freaking bad right now that if you have the money to invest in a home you can get one hell of a f'n deal.

[oudavid1]

Thanks for all the advice. I understand some of you think him renting to me is a bad idea, and I get what your saying. Me and him have an understanding and their are certain circumstances that I wont really go into but basically he wants me because I can easily afford it and I am the kind of person he needs to live with him. A lot of people my age couldn't handle this place so he really wants me to live there. And as far as falling behind on rent, he can afford everything and I have a stable job, just not the best hours. But i expect that to improve. And we have one hell of a safety net no matter what.

[Tulsa_Fireman]

Substitute teaching barely qualifies as a job, let alone a stable one.

[SoonerAtKU]

The market is so freaking bad right now that if you have the money to invest in a home you can get one hell of a f'n deal.

The wife and I are looking into it now for just this reason. We were initially planning on doing it in 2 years, but we're setting up appointments and getting everything we can together to try to buy one near the end of this year.

[oudavid1]

Substitute teaching barely qualifies as a job, let alone a stable one.

Yeah I know. Working on it.

[oudavid1]

The wife and I are looking into it now for just this reason. We were initially planning on doing it in 2 years, but we're setting up appointments and getting everything we can together to try to buy one near the end of this year.

If you live in OKC or the area, I know a great Realtor.

[Viking Kitten]

Me and him have an understanding and their are certain circumstances that I wont really go into...

I hope you aren't substitute teaching for an English class.

[Viking Kitten]

Or finance for 30 years and make extra payments. If your financial situation was to change for the worst, you could drop back to the lower payment.

This. You can pay as much extra as you want toward the principal every month. Just make sure there is no pre-payment penalty in the mortgage contract.

[8timechamps]

My aunt just bought a new house. It's two-stories, 4 bedrooms, 2 full baths, separate kitchen/dining/living rooms and plenty of large closet space. It also has a separate 2-story/2 car garage in the back. It's recently remodeled and owner financed. Total cost was 75k -- she put 25k down with a 10 year mortgage. The bad economy hit and the owner just wanted to unload it. I'm not a real estate expert, but I'd estimate the house would normally go for a bare minimum 95k but probably more like 105k.

The market is so freaking bad right now that if you have the money to invest in a home you can get one hell of a f'n deal.

What?! I couldn't find a mobile home for that here. Hell, when I bought my first house 75k would have barely covered it. I've flipped a house once (well, I was a silent partner), and the guy that bought the house found it and went to an auction. After all the renovations, I was able to walk away with about the same amount I put in. After 5 weeks and all the work the house needed, we barely got it sold without a loss. However, if you have the money and like the real estate game, NOW is the time to find some good deals.

[CrimsonKel]

If you are buying a house in the Oklahoma City Metro Area, pay attention to the hail deductible of your homeowner's insurance policy. If you need your roof replaced due to hail damage you could be in for a nasty surprise. I'm no expert and for all I know all home insurance policies may include a separate hail deductible these days but if you can get insurance without the big hail deductible then you should consider it. We get a lot of hail around here.

[SoonerAtKU]

If you live in OKC or the area, I know a great Realtor.

Unfortunately, this is in and around St. Louis, but thank you!

[SoonerTerry]

If you can really scope out the neighbors before signing, do it. It may turn out you might not sign at all but you'll be better off for it.

good advise, also check what the houses around you sold for.

I didn't find out until after I bought my house that a house on my street sold for half of the market value because of some murdering that went on there.

[StoopTroup]

good advise, also check what the houses around you sold for.

I didn't find out until after I bought my house that a house on my street sold for half of the market value because of some murdering that went on there.

Keyword...."MURDERING!" not "Murder" :D

[SoonerTerry]

Keyword...."MURDERING!" not "Murder" :D


EXACTAMUNDO!!!

[sooneron]

My aunt just bought a new house. It's two-stories, 4 bedrooms, 2 full baths, separate kitchen/dining/living rooms and plenty of large closet space. It also has a separate 2-story/2 car garage in the back. It's recently remodeled and owner financed. Total cost was 75k -- she put 25k down with a 10 year mortgage. The bad economy hit and the owner just wanted to unload it. I'm not a real estate expert, but I'd estimate the house would normally go for a bare minimum 95k but probably more like 105k.

The market is so freaking bad right now that if you have the money to invest in a home you can get one hell of a f'n deal.

Good lord, I would kill for a makert in my area that is three times those numbers.

[SicEmBaylor]

Good lord, I would kill for a makert in my area that is three times those numbers.

The advantage of living in a **** hole city is this. The disadvantage of living in a **** hole city is living in a **** hole city. (Muskogee)

[sooneron]

Keyword...."MURDERING!" not "Murder" :D

I would think you could write that off as a deduction after you turn it into said murdering museum - you know, charge the school kids less to get the break and all...

[oudavid1]

I hope you aren't substitute teaching for an English class.


Why, do they take message boards seriously? I hear that is just a phase.