smcox1

Well I guess it's just all on the location. I don't live in a big city there's only 18,000 people so for a 1 bedroom apartment being north of $200,000 is ridiculous. You can go further out in to the country where I live but 40 acres with a decent 3,000 sq foot house is going to cost at least a million dollars. But I've seen houses in Texas probably about 5 years ago where you could get a 3,000 sq ft brand new brick house for $200,000 I'm not exactly sure of the area though.

tareed94

The areas I'm looking at you can buy brand new for almost the same price as used. It's crazy. I'm looking at 3 bedroom, 2 bath houses and a minimum of 1,500 sqft. Depending on the area that's anywhere from $150,000-$400,000. Haha. I'm trying to stick below $200,000. However, I'm looking at this nice piece of property if I change projects/jobs (drama going down here, been cussed out in the office by my boss 3 times over absolutely nothing) that's 16 acres for $168,000 asking price. If I did that I'd either build out one of the sheds from Home Depot for the interim while I build an actual house out there, put an pull behind camper out there and build, or live with my parents and build. There's so many scenarios running through my head constantly it's ridiculous. Haha

AricsFX

iTrader: (3)

^^^

and this is why I still pay 1500 a month to live in an apartment

tareed94

All that pricing, (if the estimations I'm using are correct) puts me under $1300/month. I'm torn on if I want to look at overall price, or monthly payments. Ideally I want to stay under $1500/month. No idea what my interest rate would be yet, I'm waiting until closer to when I'll be more serious about buying to get preapproved. Which will be when my lease on my apartment is almost up. I'm concerned that if I go now that it won't be valid any longer when I actually go for financing, and my credit score will have taken another hit. Which right now it's at a 714.

As you can tell from the mini essays I'm writing in these posts, there is A LOT on my mind at any given second. Haha

smcox1

If I could give some advice I would say no more than 3% interest and no longer than a 15 year mortgage.

tareed94

That's what I'm shooting for, but probably gonna have to be a 30 year mortgage. I'm only going to be able to put down around 5-8% depending on when I buy so I don't think I'll be able to do a 15 year. Plus, my lending history is still very young. I was only able to get approved for a 76 month loan for my truck at 6.83%, that was the only "yes" that I got. I was trying for 60 months... So I'm just paying on it as if I was approved for 60 months.

Just stumbled across this thread... Really makes me want to do custom leather, and do the cooled seat fix at the same time...
https://www.f150forum.com/f37/katzki...dealer-372114/

smcox1

Even if you can only get a 30 year loan if you are able to make the payment of a 15 year loan you will cut the interest down by more than half.
That saddleback and outlaw tooled leather looks sooooo nice.

tareed94

Very true. It'd be the same thing as what I'm doing with the truck.

Right? I had looked at it all when I was contemplating getting a loaded XLT... Black leather with brown tooled inserts to match the color of the dark wood accents inside... But I wouldn't be able to do tooled inserts and keep my cooled seats... Maybe just dark brown perforated.

andrewdod

This is a moot point anymore considering most people dont own a house for longer than 7 years anymore.... Take the lower payment of a 30, pay double. but if you get caught in a bind you only need to pay 1 payment. you'll still build the same amount of equity doing it that way.... The money will be in the improvements you make... Look for the worst house in the best neighborhood, make a few improvements and you've got instant equity.

andrewdod

Also an after thought.... Have you thought of a duplex? You could rent out on one side and live basically rent free because the other unit would be contributing to most of your mortgage if you got a good tenant and the right house....