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(former)FormerSanDiegan
ParticipantGenerally a good strategy. Buying a house now as owner occupied will get you better terms than you can ever get buy buying a rental after buying an owner occ.
Also, if you buy the first house as a primary now and convert to a rental in a couple years you can take advantage of the tax credits for 1st time buyers currently available.
Also, if you are focused on a property that makes sense as a rental, you will buy smarter, with less downside, since you will insist on break even or positive cash flow. You will likely be more conservative than most people would when buying a personal residence.
The downside when you buy your personal residence is that lenders typically count 75% of the rental property income when figuring DTI levels. Again, this will reduce the amount you can pay for your personal residence. There is a silver lining in this, it keeps you from stretching too far on the primary.
As for the cash. It makes sense to put 20% down to get the best rates on the first house.
Participant[quote=george]Is it worth upgrading to Granite counter tops?
I have friends in Carlsbad who are planning on selling their $650K house soon. They have got multiple bids to upgrade their kitchen counters and backsplash to granite. The bids all came in around $12K. The current counter tops and back splashes are white tile and look quite respectable. Is it worth doing the upgrade or should they keep their list price $12K lower?[/quote]
I would not upgrade the countertops to sell the house, unless the existing white tile is severely chipped or damaged. You typically never get back what you put in in cases like this. Plus, your selection of granite might differ from a potential buyer. Also, buyer’s now are looking for bargains. Newly installed granite counter tops and stainless steel appliances might be looked at differently today than 3 years ago.
Also, with inventory currently thin, you might be able to catch lightning in the bottle. If you wait 2-3 weeks or more to get the kitchen re-done, there may be changes in interest rates, buyer sentiment, or new inventory that puts you in a weaker position.
Stick with the tile. Get it on the market ASAP.
Participant[quote=george]Is it worth upgrading to Granite counter tops?
I have friends in Carlsbad who are planning on selling their $650K house soon. They have got multiple bids to upgrade their kitchen counters and backsplash to granite. The bids all came in around $12K. The current counter tops and back splashes are white tile and look quite respectable. Is it worth doing the upgrade or should they keep their list price $12K lower?[/quote]
I would not upgrade the countertops to sell the house, unless the existing white tile is severely chipped or damaged. You typically never get back what you put in in cases like this. Plus, your selection of granite might differ from a potential buyer. Also, buyer’s now are looking for bargains. Newly installed granite counter tops and stainless steel appliances might be looked at differently today than 3 years ago.
Also, with inventory currently thin, you might be able to catch lightning in the bottle. If you wait 2-3 weeks or more to get the kitchen re-done, there may be changes in interest rates, buyer sentiment, or new inventory that puts you in a weaker position.
Stick with the tile. Get it on the market ASAP.
Participant[quote=george]Is it worth upgrading to Granite counter tops?
I have friends in Carlsbad who are planning on selling their $650K house soon. They have got multiple bids to upgrade their kitchen counters and backsplash to granite. The bids all came in around $12K. The current counter tops and back splashes are white tile and look quite respectable. Is it worth doing the upgrade or should they keep their list price $12K lower?[/quote]
I would not upgrade the countertops to sell the house, unless the existing white tile is severely chipped or damaged. You typically never get back what you put in in cases like this. Plus, your selection of granite might differ from a potential buyer. Also, buyer’s now are looking for bargains. Newly installed granite counter tops and stainless steel appliances might be looked at differently today than 3 years ago.
Also, with inventory currently thin, you might be able to catch lightning in the bottle. If you wait 2-3 weeks or more to get the kitchen re-done, there may be changes in interest rates, buyer sentiment, or new inventory that puts you in a weaker position.
Stick with the tile. Get it on the market ASAP.
Participant[quote=george]Is it worth upgrading to Granite counter tops?
I have friends in Carlsbad who are planning on selling their $650K house soon. They have got multiple bids to upgrade their kitchen counters and backsplash to granite. The bids all came in around $12K. The current counter tops and back splashes are white tile and look quite respectable. Is it worth doing the upgrade or should they keep their list price $12K lower?[/quote]
I would not upgrade the countertops to sell the house, unless the existing white tile is severely chipped or damaged. You typically never get back what you put in in cases like this. Plus, your selection of granite might differ from a potential buyer. Also, buyer’s now are looking for bargains. Newly installed granite counter tops and stainless steel appliances might be looked at differently today than 3 years ago.
Also, with inventory currently thin, you might be able to catch lightning in the bottle. If you wait 2-3 weeks or more to get the kitchen re-done, there may be changes in interest rates, buyer sentiment, or new inventory that puts you in a weaker position.
Stick with the tile. Get it on the market ASAP.
Participant[quote=george]Is it worth upgrading to Granite counter tops?
I have friends in Carlsbad who are planning on selling their $650K house soon. They have got multiple bids to upgrade their kitchen counters and backsplash to granite. The bids all came in around $12K. The current counter tops and back splashes are white tile and look quite respectable. Is it worth doing the upgrade or should they keep their list price $12K lower?[/quote]
I would not upgrade the countertops to sell the house, unless the existing white tile is severely chipped or damaged. You typically never get back what you put in in cases like this. Plus, your selection of granite might differ from a potential buyer. Also, buyer’s now are looking for bargains. Newly installed granite counter tops and stainless steel appliances might be looked at differently today than 3 years ago.
Also, with inventory currently thin, you might be able to catch lightning in the bottle. If you wait 2-3 weeks or more to get the kitchen re-done, there may be changes in interest rates, buyer sentiment, or new inventory that puts you in a weaker position.
Stick with the tile. Get it on the market ASAP.
ParticipantStarted posting in July 2006.
Lurking since ~ Feb ’06.ParticipantStarted posting in July 2006.
Lurking since ~ Feb ’06.ParticipantStarted posting in July 2006.
Lurking since ~ Feb ’06.ParticipantStarted posting in July 2006.
Lurking since ~ Feb ’06.ParticipantStarted posting in July 2006.
Lurking since ~ Feb ’06.ParticipantI moved.
ParticipantI moved.
ParticipantI moved.
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