Topping my “bad ideas” list: Looking here for Mortgage advice

Discussion in 'Business, Investing & Finance' started by BNAG8R, Mar 20, 2021.

  1. Nalt

    Nalt Well-Known Member
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    I think if I were going to "invest" $1.25M in a place to live I would find a nice piece of property outside of Denver, build a nice, modest house and live there for a good long while.
     
  2. BNAG8R

    BNAG8R Pronouns: them, they, their
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    Update: putting bids on 2 houses today - The first is $115k over asking, the 2nd is $40k over asking...both were in a “taking bids until...” mode, and both were underpriced on purpose. Pretty savvy move. Within 24 hours of listing the first had 6 offers (including mine) and the 2nd has 3 offers including mine. What a crazy market.
     
    • FireFoley

      FireFoley Senior Member
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      Rent and wait. Cycles happen.
       
      • Concrete Helmet

        Concrete Helmet Hook, Line, and Sinker
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        Prices are already rolling over in a few markets and new home mortgage apps down last month....
        GBT.....BNA.....GBT....
         
        • Bernardo de la Paz

          Bernardo de la Paz If you aren't a gator you are gator bait
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          What he said
           
        • BeachGator

          BeachGator Member

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          Billy Horschel wins WGC Dell this afternoon. Way to grind it out.
          At least there is one bright spot in Gator Nation tonight.
          Thanks Billy.
           
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          • bradgator2

            bradgator2 Rioting
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            It’s relevant and insightful posts like this that make this place great.
             
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            • FireFoley

              FireFoley Senior Member
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              Perhaps this was posted in this forum to show that Whore-Shell won;t be needing a mortgage when he purchases his next home.:thug:
               
            • BMF

              BMF Bad Mother....
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              This has got to be the way to go in this market. We're hoping to put ours up for sale sometime in May. The house across the street from me listed for $715k and dropped the price after 2+ weeks to $694K and it's under contract (we don't know the closing price yet since it hasn't closed). I was really disappointed when they dropped the price under $700k. But that seems to be the price-point in my area (unless it's a tear down/rebuild, then it's over $1 million). I keep telling my wife we should rent when we move to Tampa, but she's hell bent on buying an under $400k house that we can use as a rental when we move out.
               
            • LagoonGator68

              LagoonGator68 mostly peaceful protester
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              Rent and wait....:bwahaha:
               
            • CDGator

              CDGator Well-Known Member
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              Well? Are you a homeowner or not? Did you end up with 2 houses? :waiting:
               
            • Gatordiddy

              Gatordiddy Engorged Member
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              what areas are you looking in BNA?
               
            • LagoonGator68

              LagoonGator68 mostly peaceful protester
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              3/4 “ plywood is $1215 per 1000 board ft. Up from $325 1/1/20 and y’all want to rent and wait....we are 10 million housing units down nationwide due to Rona and millennials living in parents basements and y’all want to rent and wait....foreclosure due to Rona suspension expiring will be negligible. Buy all the house you can afford at lowest 30 year rate and watch it double.....look at the numbers nationwide. Location, location, location
               
              • Concrete Helmet

                Concrete Helmet Hook, Line, and Sinker
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                GBT....
                 
              • LagoonGator68

                LagoonGator68 mostly peaceful protester
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                Transport[edit]
                Other uses[edit]
                [​IMG]
                This disambiguation pa
                 
                • sharkbite

                  sharkbite Member
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                  You can always do a ARM for short term ownership if you know you are getting out "for sure" in less than 5 years. No very common with rates "even now" at the low rate they are. As already mentioned, go down to a 15 or even 10 year loan. Payment higher, but more toward equity and less towards interest.

                  What area of the Country are you? Suggest a home grown broker, they can shop the rates between many lenders to find the best rates. If you need advice or more info on costs of the loan let me know. I am a broker in AZ.
                   
                • Concrete Helmet

                  Concrete Helmet Hook, Line, and Sinker
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                  I hope ANYONE in the central Fl. area is listening to this and please do it so I can buy your sh!t from the bank directly or off the courthouse steps for half of what you paid for it like I did 10 years ago in 18-24 month's....
                  GBT.......it's coming
                   
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                  • Detroitgator

                    Detroitgator Well-Known Member
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                    Son #2 and I have been talking about this for week... The parallels/similarities in the run up to 2007 and today. Yes, there are differences, but it seems to both of us that "smart" people (and I mean it) are trying to come up with reasons for why "it's different this time" with terms like "demand driven", "work from home/Covid", and "will likely remodel" to explain 2020 being highest year since 2007 for cash out refi. Add to that unemployment/economy in schitter, that they don't even talk about, nor today's extension on no eviction. Maybe they're right. But maybe they're wrong, again.
                     
                  • Taco Gratis

                    Taco Gratis Well-Known Member

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                    It's never different. But it could be a different kind of same.
                    If not "same as 2008 GFC," then "same as" something else.
                     
                    • Taco Gratis

                      Taco Gratis Well-Known Member

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                      We're considering something like that. Finally decided to move from FL to Kansas City in late May/early June. I'm super leery of buying right now, especially since we don't want to be in KC for more than 3-4 years max. We'll keep our eyes out for a fixer-upper, that we may want to rent out later, but we'll likely just rent for a couple years.
                       

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