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05-14-2008, 05:02 PM
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Machiavelli Incarnate
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Join Date: Jul 2006
Posts: 16,020
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Quote:
Originally Posted by Suburbanite
its that easy, get a 30yr mortgage out for 100k, which is about $580 a month, find water/sewer ready property, buy it, and build your home. If you don't know how to build a home, get a dummy's book, its way easier than it sounds and a hell of a lot easier than treehouses.
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How many points and at what interest rate? |
05-14-2008, 05:05 PM
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Political Mastermind
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Join Date: Mar 2008
Posts: 1,398
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like 5.75 fixed no money down, its all about having a job/equity though. you need employment, but not much
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05-14-2008, 05:08 PM
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Machiavelli Incarnate
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Join Date: Jul 2006
Posts: 16,020
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Quote:
Originally Posted by Suburbanite
like 5.75 fixed no money down, its all about having a job/equity though. you need employment, but not much
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We have an excellent credit history and had to put 10% down and only got 6% and 0 points. Alot of mortgage companies are charging you $350 up front to make sure buyers are serious as well. |
05-14-2008, 05:12 PM
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Political Mastermind
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yeah banks are a bit scared, but first of all i am assuming your loan was a lot larger than 100k? and also that you have no prior equity. Also, buying/building to sell is different to a bank than building to own, they'll see a quicker return. and what state do you live in?
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05-14-2008, 05:17 PM
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Machiavelli Incarnate
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Join Date: Jul 2006
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Quote:
Originally Posted by Suburbanite
yeah banks are a bit scared, but first of all i am assuming your loan was a lot larger than 100k? and also that you have no prior equity. Also, buying/building to sell is different to a bank than building to own, they'll see a quicker return. and what state do you live in?
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We've bought and sold homes in VA and GA, and sold one in SC.
We close on our next house in June in NC.
We looked at some builders homes that have been setting empty for 3 years.
The house we're going to close on we got $50k below asking price.
So, yes the home is worth much more than $100k. |
05-14-2008, 06:21 PM
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Political Mastermind
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its cost not value we're talking about. house flipping is common, you make 30%-60% or so usually. But building a home for resale has a 300% mark-up or higher. Its just a better business move and the bank rewards it.
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05-14-2008, 06:24 PM
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Machiavelli Incarnate
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Join Date: Jul 2006
Posts: 16,020
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Quote:
Originally Posted by Suburbanite
its cost not value we're talking about. house flipping is common, you make 30%-60% or so usually. But building a home for resale has a 300% mark-up or higher. Its just a better business move and the bank rewards it.
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We had our pick of builder's home, in fact, we had a pick of everything. Everyone is desperately trying to sell their homes.
Where ya been? Quit watching those infomericals about forclosed houses. |
05-14-2008, 06:37 PM
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Political Mastermind
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I was looking into foreclosure because there was so much misleading bullshit on the internet about prices too incredible to let go, yet once I've pursued any of these addresses its been all bullshit. now, buying a small plot of property and building a two story home is so economical and valuable I can't keep wasting money on rent and bullshit like that.
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05-14-2008, 09:28 PM
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Machiavelli Incarnate
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Join Date: Jul 2006
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Quote:
Originally Posted by Suburbanite
I was looking into foreclosure because there was so much misleading bullshit on the internet about prices too incredible to let go, yet once I've pursued any of these addresses its been all bullshit. now, buying a small plot of property and building a two story home is so economical and valuable I can't keep wasting money on rent and bullshit like that.
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Now that I can agree with. It's much more economical to buy/build than to rent.  |
05-14-2008, 09:30 PM
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AWE Subscriber
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Join Date: Jun 2006
Location: Within reach of a Cold beer.
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Quote:
Originally Posted by oceanbreeze
Now that I can agree with. It's much more economical to buy/build than to rent. |
You havent lived in New Jersey yet 
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