So I have been trying to buy a house and let me just say it has been rather difficult. Finding it has been retarded, putting a bid in has been absolutely ridiculous, then dealing with all the paper work is uncomfortable. Almost a nightmare.
The amount of money involved in buying a house is ridiculous. It costs too much to buy one and the games you have to play are ridiculous. There is a lot proof that has to be provided, there is a lot of running around and pre-investments that are done. I had to pay $370 dollars for a full house inspection, I had to pay $450 dollars to my mortgage company for fees and other craziness and my all time favorite is $1500 dollar earnest payment. This doesn't include the $10K-15K dollar closing costs and not to mention I found out that I have to buy homeowners insurance on my own which I am going to have to pay the first year of all in one shot. That could be $2-4K easily.
This is going to be tough. The good news is I have been smart about the money I have been saving. The next deal after that is getting my roof fixed, I can't afford that because it is just to goddamn expensive right now to deal with. I have gotten estimates of $11-14K which is pretty goddamn expensive if you ask me.
My point is for all this, is that I want a house. Not because it is an investment, but because I am going to live in it. A house should not be considered an investment, it is considered a place where you live. The property value should be of no concern to you. The goal is to buy the house and pay down the mortgage to zero so that you can live mostly rent free at one point.
If you want an income property, do not try to juggle two mortgages, pay one off first, then rent it out when you purchase a new property.
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