Buying my first house - need some advice

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Jdoamha now I see your point and youre certainly CORRECT. Now that I look over this house with a new perspective I can see how living in it would be a complete STRATEGIC DISADVANTAGE when the uprising of the undead rears its ugly head on humanity.

I was looking at Castle Magic some months ago because I have wet dreams about owning a castle but now I could easily see how this would be a fantastic fortress of zombie defense. When in doubt, go middle ages on the walking dead. You can't go wrong.

Right now I'm living in Mexico and you might say "Oh shit that's not safe" but upon further inspection you'll notice the homes here are STEEL BARS over all of the windows and they're also constructed of solid concrete. It shouldn't be too difficult to get one of these concrete buildings made for you in Kansas.

Good luck.
 


Buying my first house - need some advice
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Rent. Now is not the time to buy a house unless you plan on settling down because it is a crapshoot whether you will be able to sell it later.
 
You dont want to end up under water. I hope you're buying this as a short sale at 75% to current market value. In the long run you should be fine. If you got a specific question pm me. Got some experience with both loans and getting deals.

PS I love those dayranch style homes great choice.
 
Doesn't it all depend on the law of the country you live in?
In some countries it pays to buy outright, others it's more beneficial to have small mortgage.

However, if you declare yourself bankrupt, the bank takes all.

Congrats on the new house
 
Firstly, the contract is signed and the money is in escrow so there's no point in telling you if it's a good time or not to buy because you essentially already have.

If you think there's going to be inflation, well you don't want cash, you want stuff like a house. If you have cash and are earning 5% in the bank and inflation is 100%? Your cash is now worthless.

Also, there's no point in taking out a loan just because of tax deductions. That's like saying I'll get a loan because I get back $1500/mo on my tax! Forgetting you have to actually pay $3000 to get the $1500 back.

All that really matters I guess is your opportunity cost of holding cash. That is, how much do you need cash on hand? Can you run your affiliate business from credit cards? or do you need $50k/mo to pay for stuff? If you need cash on hand, take the loan. If not, buy the house outright.

Also keep in mind you can get a loan on the house (which is all a mortgage is) at any time, it does'nt have to be when you're buying. The only risk is that when you do go to get the loan, the bank values the property at less than what you paid which will limit the amount you can borrow.
 
guerilla said:
Rent. Now is not the time to buy a house unless you plan on settling down because it is a crapshoot whether you will be able to sell it later.
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Yep, Rent. There are two ways it can go from here. Further down or stay about the same. We aren't in a place the market is about to skyrocket so you gain nothing by buying now.

However, if you really like the house, who but you can say what its value is.

It would just bum me out to pay for a house only for it to lose 30% of its value in a years time.
 
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