House buying

Start saving now as if you are going to buy. but don't rush into any financial deal because you think it might slip away there are always good deals and if its not right for you to buy right now don't but 4 years from now you will be glad you saved up money.

Also I went 30 year fixed VA for my home just under 2 years ago and my best advice is buy something you can afford on your own. If you get a roommate or a live in chick use the money they contribute for new guns(oh wait you're in CA), vacations or retirement.

 

Remember too that if your mortgage is $700/mo and you can swing bi-weekly payments of $350 (most people can) then you'll pay off a 30 year mortgage in 21 years and save thousands in interest

I am in the same boat as you. Looking at like $70-120k starter homes with the option of a baloon after 5 years. You'll typically get a better rate and after 5 years, its yours free and clear!

 

I don't suggest this. What if your brother loses his job and can't pay his half? What if you feel your brother isn't pulling his weight around the house? What if 5 years from now you decide to move and he takes over the house and your name is still on the note and he defaults? Your credit is screwed. Buy it on your own. My opinion also is even if you're married the house should only be in one person's name. Shit happens. Don't mix family and finances. Also don't mix friends and finances, it usually ends in disaster and riffs in the family. I'm not saying that it doesn't work sometimes but usually it doesn't.

 

^What he said.

Buying a house is awesome. Second only to buying my truck. While there have been times I've doubted the purchase of my truck based on finances, a house you really can't go wrong with.

Beats the sweet fuck out of renting.

 

If you are handy, this will be a huge help. We bought ours when the market was low, and it was one of the least expensive, below market. I've been working on it for 8 years. The value has increased in spite of the recession. If you buy one (absolutely a good idea), don't start borrowing against it to buy a bunch of crap you don't need. A lot of people get into trouble this way

 

Ok, another thought. Don't ever buy with someone who is not entirely reliable if you cannot afford the entire mortgage yourself. If that someone is a significant other, better to be married or otherwise stable in your relationship. You really don't want to own a house with an angry female with whom you have split

 

I do plan to buy, it's been my goal since I was about 21 Just figure there is no better time than now to buy. The housing market in the bay area is still going down, from what I've seen. Regardless, saving will happen, whether it goes towards a house, who knows.

I can still buy guns in CA, just have more hoops to jump through

 

You're right, the market is still going down here. Only 9 months after buying our place in August, a friend is buying an identical comp for $24k less. Shit blows

 

I know. I was hesitant about the idea, still kind of am. Just kinda freaked last night when my friend/roomate/landlord told me he was quitting his job I guess I just jumped to the conclusion that I should get out ASAP but maybe jumped a little too far when I said I'd buy a place with my bro hahah

 

I'm very handy. If I don't know how to do something, I'll typically jump in head first and force myself to learn what's going on. Gotten really good at that actually Shit, with how much I modify my vehicles, I can only imagine how much I'll modify a house LOL

 

X2

I won't get into my personal issues, but I have done what you are considering and it went poorly for me. Think it through and be sure that your brother can be a good business partner in this venture. I thought I had thought it through, I didn't think hard enough.

 

In the same respect, what if I lose my job? Anything could happen. He works for the Red Cross and has been there for a year or 2. My family in general don't like to change jobs and have no problem keeping good jobs. We'll see what the future holds

 

I spend so much time modding my house that I don't spend enough time working on my taco. This is the fun part of home ownership. Heed the advice on this thread regarding the process of purchasing. This is a very big step and responsibility. Accordingly, your experience will either be or

 

Bought about 1 1/2 yrs ago when the market took a dive and got a great deal. the house is valued $60K more than what we paid already. It just sucks to make them big california payments. Don't buy with friends unless you plan to buy and flip immediately. even so you may still get stuck with the bill if it doesnt sell.

 

geez. i bought my 750 sq ft condo for $265k. wish i lived in the mainland

 

I just bought my first house a few months ago at 25 . 3 bedroom ranch for 120,000. My mortgage is a very comfortable $900.00 and that's including taxes and insurance!! Word of advice, don't get a house above your means just to impress. Buy something that's comfortable financially with plenty of leftover!

 

If you venture 25-45 miles east or north-east from SF or Berkeley, 3 bed 2 bath house prices are in the 150k-200k range which I think is do-able for my one income and plenty big enough. I'm talking Brentwood, Discovery Bay, Vallejo, Martinez. Quite frankly, I'd rather live further away from work than closer if it meant I could live in nicer house for the same price.

 

Go for the POTENTIALLY nice house and save some money-cosmetic stuff is easy to fix. Buy in the best neighborhood you can comfortably afford. That said, don't freak if the market dumps and your house value goes down. Unless you're looking to sell, it doesn't really matter what your house is worth-the value will go back up, especially if you've done improvements. Read up as much as you can on the subject beforehand-I can't stress this enough. As I said before, a lot of us who have provided advice have been there.....

 

Yea I'm still trying to stay out of it for as long as i can...

 

$900 is EASILY done for me. Shit, I'm paying about $725 now for rent, including utilities. That puts a lot into perspective How much did you have down?