[temeculaguy]

Like AN, I recently purchased and thought I’d ride off into the sunset but am now contemplating an investment property. I’m finding it is even more complicated and has more variables than buying a house you live in. There are many people on the boards with experience as landlords and investors so I stay to steal all of their knowledge to further my evil plan to rule the world.

I also like to entertain carlsbadworker et. al., I’m hoping it’s one of the 12 steps so if I am ever forced into a 12 step program, I’ll already have few crossed off the list when I get there. Just thinking ahead.

“hot realtor chicks?” Where? Nobody said anything about hot realtor chicks, why am I always the last to know these things?

[temeculaguy]

Like AN, I recently purchased and thought I’d ride off into the sunset but am now contemplating an investment property. I’m finding it is even more complicated and has more variables than buying a house you live in. There are many people on the boards with experience as landlords and investors so I stay to steal all of their knowledge to further my evil plan to rule the world.

I also like to entertain carlsbadworker et. al., I’m hoping it’s one of the 12 steps so if I am ever forced into a 12 step program, I’ll already have few crossed off the list when I get there. Just thinking ahead.

“hot realtor chicks?” Where? Nobody said anything about hot realtor chicks, why am I always the last to know these things?

[temeculaguy]

Like AN, I recently purchased and thought I’d ride off into the sunset but am now contemplating an investment property. I’m finding it is even more complicated and has more variables than buying a house you live in. There are many people on the boards with experience as landlords and investors so I stay to steal all of their knowledge to further my evil plan to rule the world.

I also like to entertain carlsbadworker et. al., I’m hoping it’s one of the 12 steps so if I am ever forced into a 12 step program, I’ll already have few crossed off the list when I get there. Just thinking ahead.

“hot realtor chicks?” Where? Nobody said anything about hot realtor chicks, why am I always the last to know these things?

[temeculaguy]

Like AN, I recently purchased and thought I’d ride off into the sunset but am now contemplating an investment property. I’m finding it is even more complicated and has more variables than buying a house you live in. There are many people on the boards with experience as landlords and investors so I stay to steal all of their knowledge to further my evil plan to rule the world.

I also like to entertain carlsbadworker et. al., I’m hoping it’s one of the 12 steps so if I am ever forced into a 12 step program, I’ll already have few crossed off the list when I get there. Just thinking ahead.

“hot realtor chicks?” Where? Nobody said anything about hot realtor chicks, why am I always the last to know these things?

[temeculaguy]

FHA will work for you but it matters where you are buying

https://entp.hud.gov/idapp/html/hicost1.cfm

3% down, negotiate with the seller to have them pay most of the closing costs and your up front mortgage insurance premium

For most counties, it works except for a few in northern, central and imperial counties

you have to doccument your income, have decent credit and not too high of car payments and cc debt, they actually read that stuff.

Based on your numbers of getting a loan of 350-400 on 140k income you are under 3x, should be fine.

[temeculaguy]

FHA will work for you but it matters where you are buying

https://entp.hud.gov/idapp/html/hicost1.cfm

3% down, negotiate with the seller to have them pay most of the closing costs and your up front mortgage insurance premium

For most counties, it works except for a few in northern, central and imperial counties

you have to doccument your income, have decent credit and not too high of car payments and cc debt, they actually read that stuff.

Based on your numbers of getting a loan of 350-400 on 140k income you are under 3x, should be fine.

[temeculaguy]

FHA will work for you but it matters where you are buying

https://entp.hud.gov/idapp/html/hicost1.cfm

3% down, negotiate with the seller to have them pay most of the closing costs and your up front mortgage insurance premium

For most counties, it works except for a few in northern, central and imperial counties

you have to doccument your income, have decent credit and not too high of car payments and cc debt, they actually read that stuff.

Based on your numbers of getting a loan of 350-400 on 140k income you are under 3x, should be fine.

[temeculaguy]

FHA will work for you but it matters where you are buying

https://entp.hud.gov/idapp/html/hicost1.cfm

3% down, negotiate with the seller to have them pay most of the closing costs and your up front mortgage insurance premium

For most counties, it works except for a few in northern, central and imperial counties

you have to doccument your income, have decent credit and not too high of car payments and cc debt, they actually read that stuff.

Based on your numbers of getting a loan of 350-400 on 140k income you are under 3x, should be fine.

[temeculaguy]

FHA will work for you but it matters where you are buying

https://entp.hud.gov/idapp/html/hicost1.cfm

3% down, negotiate with the seller to have them pay most of the closing costs and your up front mortgage insurance premium

For most counties, it works except for a few in northern, central and imperial counties

you have to doccument your income, have decent credit and not too high of car payments and cc debt, they actually read that stuff.

Based on your numbers of getting a loan of 350-400 on 140k income you are under 3x, should be fine.

[temeculaguy]

[quote=FormerSanDiegan][quote=scaredycat] In wha other area is buying NOT cheaper than renting. [/quote]

Since you asked there are plenty of cases where renting is cheaper than buying. Here are some examples :

1. Renting a seat on an airplane is much cheaper than buying the aircraft for all my trips.

2. Renting a car when I travel is cheaper than buying one. (Same with the hotel room, etc)

3. My tux for my Junior prom.

4. Rent for the hall where we had our wedding reception was cheaper than buying it.

5. My company’s lease (so far after 5 years) is much less expensive than purchasing a similar building.

6. I rented an RV several times. Cheaper than buying.

7. We take a boat to Catalina at least a couple times a year. Renting one is cheaper than buying.

8. U-haul truck.

9. Internet access.

10. Movies on DVD.

[/quote]

#11. Wives

[temeculaguy]

[quote=FormerSanDiegan][quote=scaredycat] In wha other area is buying NOT cheaper than renting. [/quote]

Since you asked there are plenty of cases where renting is cheaper than buying. Here are some examples :

1. Renting a seat on an airplane is much cheaper than buying the aircraft for all my trips.

2. Renting a car when I travel is cheaper than buying one. (Same with the hotel room, etc)

3. My tux for my Junior prom.

4. Rent for the hall where we had our wedding reception was cheaper than buying it.

5. My company’s lease (so far after 5 years) is much less expensive than purchasing a similar building.

6. I rented an RV several times. Cheaper than buying.

7. We take a boat to Catalina at least a couple times a year. Renting one is cheaper than buying.

8. U-haul truck.

9. Internet access.

10. Movies on DVD.

[/quote]

#11. Wives

[temeculaguy]

[quote=FormerSanDiegan][quote=scaredycat] In wha other area is buying NOT cheaper than renting. [/quote]

Since you asked there are plenty of cases where renting is cheaper than buying. Here are some examples :

1. Renting a seat on an airplane is much cheaper than buying the aircraft for all my trips.

2. Renting a car when I travel is cheaper than buying one. (Same with the hotel room, etc)

3. My tux for my Junior prom.

4. Rent for the hall where we had our wedding reception was cheaper than buying it.

5. My company’s lease (so far after 5 years) is much less expensive than purchasing a similar building.

6. I rented an RV several times. Cheaper than buying.

7. We take a boat to Catalina at least a couple times a year. Renting one is cheaper than buying.

8. U-haul truck.

9. Internet access.

10. Movies on DVD.

[/quote]

#11. Wives

[temeculaguy]

[quote=FormerSanDiegan][quote=scaredycat] In wha other area is buying NOT cheaper than renting. [/quote]

Since you asked there are plenty of cases where renting is cheaper than buying. Here are some examples :

1. Renting a seat on an airplane is much cheaper than buying the aircraft for all my trips.

2. Renting a car when I travel is cheaper than buying one. (Same with the hotel room, etc)

3. My tux for my Junior prom.

4. Rent for the hall where we had our wedding reception was cheaper than buying it.

5. My company’s lease (so far after 5 years) is much less expensive than purchasing a similar building.

6. I rented an RV several times. Cheaper than buying.

7. We take a boat to Catalina at least a couple times a year. Renting one is cheaper than buying.

8. U-haul truck.

9. Internet access.

10. Movies on DVD.

[/quote]

#11. Wives

[temeculaguy]

[quote=FormerSanDiegan][quote=scaredycat] In wha other area is buying NOT cheaper than renting. [/quote]

Since you asked there are plenty of cases where renting is cheaper than buying. Here are some examples :

1. Renting a seat on an airplane is much cheaper than buying the aircraft for all my trips.

2. Renting a car when I travel is cheaper than buying one. (Same with the hotel room, etc)

3. My tux for my Junior prom.

4. Rent for the hall where we had our wedding reception was cheaper than buying it.

5. My company’s lease (so far after 5 years) is much less expensive than purchasing a similar building.

6. I rented an RV several times. Cheaper than buying.

7. We take a boat to Catalina at least a couple times a year. Renting one is cheaper than buying.

8. U-haul truck.

9. Internet access.

10. Movies on DVD.

[/quote]

#11. Wives

[temeculaguy]

[quote=mike92104]Tons of good info. I’m not trying to compare to rents. I’m wondering about how much I will save in taxes on a 270k’ish house with a household income of 75k and no kids.[/quote]

If I may offer a suggestion, try to adjust your sights down just a bit. That’s nearing 4x income and you didn’t indicate if you had 20% down, if you are using the 270 figure for tax purposes then it’s likely near the loan size (you can’t use the purchase price for tax purposes, just the loan amount when looking at calculators), that may be too much debt load for you, especially if it’s your first house. There are lot’s of factors like where you are in your life and career, if you will be making more in the near term. I say start the search in the 200-225 range.

3x income is a nice rule of thumb, cushion is good. without knowing a thing about you, no kids now doesn’t always mean no kids ever, ask around, it happens.

And you should compare to rents, it’s a basic fundamental, but tax savings isn’t, that is just a factor. Don’t buy on a factor and ignore a fundamental.

Giving $4 to the bank in order to avoid giving $1 to the government, still leaves you out $3, what these wise people are telling you is that if you are already giving that $3 to your landlord, then it’s time break out the calculator, but if you’re only giving $1.50 to the landlord, then it isn’t.

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