29 and own a home how? You must have got a inhertitence.. forgive my bad spelling. To pay off a house in 11 years would be extremly expensive (monthly payment atleast 2,500 a month)I have friends in the military,dont know how you did it..or believe you

 

Uhhh.. I still live with parents. Makin enough money 2 move out but my peoples aint ready for me 2 go but Ill be out by the end of this year!

 

See, this man has been through a down market. And he is wiser for it, right?

 

very very very inflated in miami and dade counties. i get calls from brokers almost daily wanting to place flip loans. you know guy A bought a condo on construction price $200k closing next week and is selling it to guy B for $315k the next day wanting to know if we can close the loan for guy B. my reply "ummm...does Guy A have 12 months title seasoning? ok there's your answer."

do we have alot of mortgage professionals in here?

 

oops. we are currently financing ours, and are looking into multi unit investment opportunities.

 

Uh NO! 11 years to pay off a house is difficult, but not extremly expensive. I closed on my 2nd home this April and got a 15 year loan at 5.85%. My monthly is about $1200. I pay $1300 every month. So that means I make one extra payment every year. Usually that can knock off 2-3 years from a 15 year loan. So no, it wouldn't cost $2500 every month to pay a house off in 11 years. That also depend on how much you've bought your home for.

 

Yeah, I wish mine was paid off after 11 years at $2500/mo.

 

how much down and general area?

 

got a condo/townhouse this year. just closed my escrow on my other house two weeks ago... plannin' to rent out one of 'em. there's nothing to loose in real estates. land always appreciates..

 

I totally agree. It pretty hard to screw up real estate, given the gains the last few years. If I didn't own a house right now, I would think very hard about trying to wait this out and saving up some money. In 2 years, their maybe some very affordable housing with a hot foreclosure market... Around here the Condo prices with traditional Mortgages Payments are more expensive than the rental payments (It makes you think something is brewing) Fortunately, my mortgage payments are cheaper than the rent especially after tax breaks.

 

Do you do simultaneous closes with seasoning issues? Even without FHA loans? Just curious

 

i just wanted to add that its nice to see some inteligent conversation on here. there were a ton of threads the last few weeks that made me want to put my head through a wall.
on topic, being just 3 weeks shy of 21 i could own my own home, but its just not a good move for me right now. as soon as i finnish school and see where my job takes me (hotel management major) then i will look into buying. i do have a bunch of friends who already own property and make money renting out houses all over the country, but i have other investments ect that keep me from needing to get into real estate currently. meanwhile the more i see about the development planes for Philadelphias waterfront the more i just want to start buying land

 

Yes...over time. But tell that to someone who bought a house in SoCal in 1990 and wanted to sell in 1995

 

It's a good time to be selling real estate.

Buying is another matter. If you don't have cash buy now. You won't be able to get these 0 down loans much longer.

If you have the 20% down you need to get a "normal" mortgage then wait. You'll get a lot more house for 300k in two years then you do now.

 

Here's a key factoid for people. Want to know if your market is close to a downturn? Look at the average of "number of days on market." When that starts going up, it means more houses on the market and eventually more supply than demand. That's when you sell (if you want to).