Is this possible? Working and buying a house?
I have a plan in the next 20 years for myself…
My Plan:
My plan is to buy a house without a mortgage.
This plan is to save as much money humanly possible such as getting a room for 450 per month here in my cheap to live town, and live really really small. I have no wife or kids or gf. I plan on working 2 jobs while investing in either a fourplex or a duplex and saving for the next 10 years and putting my money in a bank with interest compounded in a GIC. In ten years after saving up around 22,000 dollars per year, I plan to buy a piece of land as big as affordable and putting down either a mobile home or a small house. I want this place to have Geothermal Heat, a micro hydro electric system, a well, and I want to grow my own food while I get income from my fourplex or duplex.. Living very small..
Game Plan:
I live in a small town where realestate is cheap. I calculated in 6.5 years I can buy the fourplex or duplex whichever I can get, then spend another 10 years working with the fourplex or duplex and live as small as possible and get a
I calculated the interest in that time. in 6.5 years I would have the Fourplex, I would save 140 thousand, and in the next 10 years after I would save 350 thousand dollars. BTW these are just approximations.
I JUST WANT TO KNOW IF THIS IS POSSIBLE…
Thanks for taking the time to read..:)
I hate mortgages and the way I see it is that if I was to get a mortgage on even a 100,000 dollar house, it would cost twice as much and by the time I owned the house, I could almost retire.. Why do people get Mortgages I find it stupid!!
I know also that life is full of unexpected stuff .. sure I know..
The way I see is that at least I still have money in my pocket.. If I need it in the future, such as to live.. I dont need to use welfare or anything have money when I need it badly. Lots of money… Acts as a security Net also to make sure I don’t become homeless..
You have a great idea, your idea would work and you would be successful with your plan.
My I propose a variance of your plan even though you have indicated you dislike mortgages. See if this might get you to the same destination a little faster and with less of your money involved.
Most real estate investors would purchase rental properties based on leverage (Mortgage), taxes and any possible appreciation in the property (going up in value over a certain number of years.
Consider obtaining a mortgage loan from a FHA lending program with 3.5% or less down. Your mortgage note would low as the current interest rate is very low.
Now you have this 4 plex with you living in one unit (No more paying the $450 rent). Your tenants are basically paying your mortgage note each month. the property is also appreciation in value. If you would want to accelerate the mortgage note to pay it off early that is available to you without penalty.
Property values at some time in the future would start appreciating in value. You would be ahead of the curve.
You may still live the way you would want and and save as much as you would like. In ten years you would or could have your four plex paid off. You would get the tax write off on your mortgage loan. If you live the way you are planning to live you would basically be living rent free, with only having to pay your utilities and maintenance of the property.
any maintenance cost would also be tax deductable.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
ok, so my boyfriend and i have broken up. Now i have to find i new house to live. i am unable to come up with a share house as a solution, and i’ve been mainly looking on realestate.com.au which have 2 bedrooms apartments but still not affordable enough. i’,m located in south brisbane and am looking for 1 bedroom/bathroom set up that i can afford!!!! any sites that can make this happen?
look in the newspaper. renting? look for basement apts (cheap and easy). the price decreases as you move farther away from the center of the city/near the city. try the suburbs- new construction is always expensive and landlords who make renovations expect you to pay a ton of more money so be careful.
I’d like to know is why some houses are so cheap to buy, like this one http://realestate.yahoo.com/Ohio/Euclid/21800-priday-ave:e1f4b4a522c481a320b57e1838bf23b
What’s the catch? I see the property tax info at 89600?
Does that mean that the house might be "as is" but we’d still have to pay high property taxes?
I’d like to buy a house in the next few years and I’m trying to understand how it works.
Thanks a lot
Have you been to Euclid? That does some of the explaining.
Typically, properties that are very inexpensive are so for a reason. What the issues are may not be obvious, you are going to have to do some research. But there is a reason that investors are not snapping this little gem off the market.
Some reasons I have run into lately on very cheap properties: well and septic are on another property and there is no agreement in the deed, toxic mold, water damage, unpermitted additions/construction, property was "red tagged" by code enforcement as uninhabitable.
I spoke to a realator who refused to show a home until after I get a loan from a bank. But he said that a bank would never give a home loan in such a small amount as 50,000 dollars or less? Is that true? and if so what kind of loans are people getting to buy forclosures or do you have to have 100% of funds for cheap homes on your own?
Your Realtor is wrong. There is no problem from most banks to get a $50,000 mortgage loan. However, it is a good idea to get pre-qualified by a bank or mortgage lender, because then you have a leg up in making an offer to a seller. Foreclosures are usually bought at auction and you need a cashier’s check for the full amount to participate in it. In such a case you may subsequently be getting a loan on it from a bank.
On realestate.co.nz prices seem to be in the region of 250 dollars per week but they’re much cheaper (150 dollars) on nzflatmates.co.nz and I can’t understand why! Thanks for any help!
I could be completely wrong, but the one’s advertised on nzflatmates are probably shared flats, whereas the ones on realestate.co.nz would mean that you are taking the lease. Or maybe they are just very small student apartments in a big block.
Either way, you should ensure that you actually view the inside of the flat and get the keys before handing over any money, signing anything or giving any bank details, etc as current scams in central Auckland are to let out flats that don’t belong to the fake agent/owner. They usually pressure you into paying a deposit quickly because of the rental shortage.
hey, for those of you living in the US, why are houses so cheap??? I have found houses for sale for $1000 or $800. Is this normal? OR just some kind of scam? BTW i found them on realestate.com
I am from Australia and am looking at moving to the US. Thats why I’m wondering why are these houses so cheap? Thanks for ann answers.
just land in Australia starts at $200,000, unless you want to be at least an hour away from any shops, etc.
You can not buy a house for $1000. Either you are seeing a scam or the prices are monthly rent or estimated mortgage payments
I was looking at some houses in California and they were going for like 30-40K. They were beautiful homes and I just wonder how they can sell so cheap? Copy/paste to see the house I am speaking of. Be sure to copy and paste it in your yahoo address bar at the top of the computer screen.
http://realestate.yahoo.com/California/Beverly_Hills/14135-beresford-rd:af49968222f395148ab9a18d91efc2;_ylt=Auh2_ib0t_Z8MFG5yJW4Kqln47Qs
No, no, that’s not a selling price! The $29,000 for that home is the monthly RENT.
See the description. I know it starts out saying "For sale or lease" and I know the page shows the price as a mortgage price, but it’s a short-term rental price. At the end of the description, it says "Also for sale." because they’re talking about the rental in this listing.
Im looking to Move- City Ideas?!
Wishlist:
Medium Sized- 210k-310k Population.
Modern City (Not Historical or Anything, Lots of New)
Lots of Stuff to Do for Adults and Teenagers.
Nice People (Not Full of Gangs and Crime)
Close to Big Cities (550k or More in Population)
Near Nice Beach (At Least Within 1-3 Hour Driving Distance)
Somewhat Cheap Realestate
Just Looking for Nice Place to Live, That Would Be my Dream City…
Shoot Me Up Some Cities
no city of that size is "new" and WILL have crime problems and will NOT have cheap real estate
you’re dreaming all right
why would you expect 2 cities of that size to be close to each other? – how close is close? 50 miles? 200 miles?
I was searching through the realestate forclousures on yahoo and i found a bunch of really cheap ($1600.00, i know thats insane isnt it) but i was wondering if any one could tell me what the horrable catch is. i mean there is no way that the listed price of the house ($1600.00) is correct. what are the other hidden charges or catches, do i have to give them the house i live in now as well or is there like $50000.00 still owed on the house, please help me i dont understand at all. thank you
Buying foreclosed homes is for the experts, and there are plenty of them out there right now looking for the deals. This is dangerous territory if you don’t know what you are doing. On this one you need to make some calls or visit it to find out all the details because nobody is going to be able to give you a good answer based upon what info you have provided.
Also, taking cost into account. There’s this website: http://nymag.com/realestate/articles/neighborhoods/brooklynheights.htm
that tells how much a 2 bedroom apartment is in each different location…but I have no clue which of these locations are good or bad. If you go to the site, look to the left under Brooklyn to see all of the locations.
What would be the best deal…the cheapest possible apartment, yet in a good environment?
Any help would be greatly appreciated 
Hy you’ll open this link.then you’ll find 2,3 or 4 links at the top of that page.1 of those links have the answer.Definitely you’ll get a solution after go through them.me too get many details after following those links.
http://www.google.com/cse?cx=partner-pub-6828716762099822%3Adrgcd3yew58&ie=ISO-8859-1&q=best/worst+places+Brooklyn&sa=Search