Buying first house - advice?

Catt57 · Mar 6, 2019

RustedBeef said:
I've got a few homes around that price I'm gonna look at. My realtor Ted Newlin said that it's usually better to go with something a little higher priced (100k ish) since I plan to turn it into a rental down the road.

Dunno if he's sincere or trying trick me, but I'm giving him the benefit of the doubt. I'm gonna meet up with him this afternoon to look at our #1 potential buy that's priced at 105k.

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Keep in mind that the realtor is paid a percentage based on the sales price of the house. So a higher sales price, more profit for the realtor.
Not that a specific realtor is trying to push you above your means, but with this incentive for him to push a higher price in mind, I would take his statement with a grain of salt.

kroberts2131 · Mar 6, 2019

Capm_Spaulding said:
From my experience with my first house..

Drop by the house at different times, 6pm on a weekday, 8pm on a weekend, get a feel of the neighbors and area at peak times. Everything is nice and quiet if you take off work at 2pm on a Tuesday to look at a house.

This right here.....we built a house in a new hood so we didn't have this option, but we ended up next to a "party house" and deal with tons of cars parked up and down the road most weekends, during summer months I can't just go out back and enjoy a beer in peace and quiet due to hearing every single word next door. (I'm still not sure how grown adults can't have a conversation that you cant hear next door). I've even had to ask them to quiet down a few times because we could hear them inside, after midnight. They are nice about it, but its not something I like having to deal/compete with.

Definetely get an idea of the neighborhood on weekends....

MacFromOK · Mar 6, 2019

Buying a house (practically any house) at a decent price converts your monthly payment into equity.

Paying rent converts your monthly payment into someone else's income.

Either option provides a place to live, but 10 years down the road can make a big difference in your net worth. :drunk2:

OKCShooter · Mar 6, 2019

Cavedweller said:
And I’ll go against this, in my case renting was costing me much more and I was getting way less for my money. I’ve been in my home 2 years made some modest improvements and already have double digit equity in the house. Just don’t buy because you can and don’t buy above your means. I love my little $80K home and would venture its as nice or nicer than some that sold for much more.

Glad to hear you are happy with your decision. Hopefully you don’t have any major issues (A/C replace,ent ain’t cheap) to cause you hardship.

That “Double Digit” equity will come in handy when you sell to help pay commissions and fees.

RustedBeef · Mar 6, 2019

So the #1 house on our list turned out to have been piered a few years ago by a company called Power Lift Foundation Repairs that cost the owner something around 5 grand in total. It has a transferable life time warranty with a $100 fee.

... that's good right? Don't want the foundation falling apart in the future..

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SoonerP226 · Mar 6, 2019

MacFromOK said:
Buying a house (practically any house) at a decent price converts your monthly payment into equity.

Paying rent converts your monthly payment into someone else's income.

Paying rent is buying patience. It's not a long-term solution, but it beats rushing into buying a house you can't afford.

SoonerP226 · Mar 6, 2019

RustedBeef said:
So the #1 house on our list turned out to have been piered a few years ago by a company called Power Lift Foundation Repairs that cost the owner something around 5 grand in total. It has a transferable life time warranty with a $100 fee.

... that's good right? Don't want the foundation falling apart in the future..

Good that it's been done, yes. Can't speak to the company that did the work, though.

RustedBeef · Mar 6, 2019

SoonerP226 said:
Paying rent is buying patience. It's not a long-term solution, but it beats rushing into buying a house you can't afford.

Yeah, I've been wary of houses I'm not sure I could foot the bill for. My parents had our house get foreclosed back in 07 or sometime round then. Not sure what exactly happened though.

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MacFromOK · Mar 6, 2019

SoonerP226 said:
Paying rent is buying patience. It's not a long-term solution, but it beats rushing into buying a house you can't afford.

I don't recall that anyone suggested buying a house you can't afford.

And the same would apply to renting a house you can't afford.
:drunk2:

SoonerP226 · Mar 6, 2019

MacFromOK said:
I don't recall that anyone suggested buying a house you can't afford.

And the same would apply to renting a house you can't afford.

It beats rushing in to buy anything, period.

Buying first house - advice?

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