Home Buying question for first timer...

[bmac]

Buy a duplex and rent out other side for a few years. When you need to move, rent out other side and have rental income.


Sent from my iPhone using Tapatalk

[Raider Power]

I bought my home back in 2017, when I was 28. Theirs now way I would’ve been able to afford the place I have now at the current prices. Like others have said I would wait it out for now.

[DFWPI]

Only you can make that choice. I wish years ago I didn't like living where all the "fun" was because I would have owned about 300 acres that is now worth a lot of money. I COULD HAVE GOTTEN IT back then for chump change.

Sent from my SM-G998U using Tapatalk

[Rustythebeagle]

I'm going to ignore the lifestyle aspect of if you should buy a house in the burbs vs. rent or buy in the loop.

In regards to timing I don't think there is ever a perfect time and you can talk yourself in or out of it every 6 months. Outside the loop you will never see crazy appreciation maybe 3% to 10% per year vs. in the loop in some areas there are pockets of 25%+ annual appreciation in a given time period. I think its unlikely you would lose a ton of money if you had the house for 5+ years however it is also unlikely you will make a ton of money. As an investment it might not be the greatest.

[HighwayHunter]

Buy a duplex and rent out other side for a few years. When you need to move, rent out other side and have rental income.


Sent from my iPhone using Tapatalk

I change my answer to this. Use your FHA to make you money


Sent from my iPhone using Tapatalk

[DFWPI]

I'm going to ignore the lifestyle aspect of if you should buy a house in the burbs vs. rent or buy in the loop.

In regards to timing I don't think there is ever a perfect time and you can talk yourself in or out of it every 6 months. Outside the loop you will never see crazy appreciation maybe 3% to 10% per year vs. in the loop in some areas there are pockets of 25%+ annual appreciation in a given time period. I think its unlikely you would lose a ton of money if you had the house for 5+ years however it is also unlikely you will make a ton of money. As an investment it might not be the greatest.

LOL...yeah, uh, okay

I have a couple that bought 18 months ago, divorcing now and going to list for 40k more than they paid. Comps support it.

Sent from my SM-G998U using Tapatalk

[TeamAmerica]

LOL...yeah, uh, okay

I have a couple that bought 18 months ago, divorcing now and going to list for 40k more than they paid. Comps support it.

Sent from my SM-G998U using Tapatalk

how much cash and % gain will they realize after all closing costs and comissions? Or is the $40k net of those already?

[Throwin Darts]

LOL...yeah, uh, okay

I have a couple that bought 18 months ago, divorcing now and going to list for 40k more than they paid. Comps support it.

Sent from my SM-G998U using Tapatalk

18 months of property taxes, mortgage interest, and then realtor fees is going to eat away that $40k pretty quick

[DFWPI]

Y'all probably right, keep renting, pay the other guy's mortgage for him.

Carry on...Pigs need killing these days

Sent from my SM-G998U using Tapatalk

[CB_TxNole]

Thank y'all for all of the advice. If rent doesn't go up a crazy amount I'll still be paying way less than a mortgage. I'll wait a little longer.

Coworkers always mess with me about it but I'm the only one who doesn't have a family also, and we work downtown, That 2 mile drive to work is NICE!

[RMW]

If I was single and no kids I would just live in a cheap RV. Lol

I would never rent, but that’s just me.

[Hogmauler]

Owning a house aint what I'd want if I was a young single dude. I'm glad I own mine, but I'm an old, fat, married, guy now. Taxes, repairs, insurance, maintenance, upkeep....it aint all it's cracked up to be.

I'd keep renting, and put away money.

This to. I bought my first home at 22 and yes it’s a lot of works and up keep.

[Hogmauler]

I was 22 and single living off of Mason road in Cimarron subdivision. I ended up finding plenty to do cause I was surrounded by divorced women. It was a crazy time indeed.

[W E H]

I’d figure out the monthly cost difference between where you live now and where you want to buy. Add in all the extras. Taxes, insurance, upkeep, yard expenses, extra drive time, gasoline. I’d rathole the difference until you were ready to buy.

Two mile commute inside the loop Houston vs driving in from Katy every day would weigh a lot on my decision.

[BLee15]

Do not buy a house right now. If your rent is under 1500 stay in a apartment. Housing market is going to have to crazy sometime while Biden is president. Houses are to dang high right now. I built my house in 2020 and it was 310k. Exact same house is $475k to build with the same builder. That’s how crazy things have got in a year. I would also recommend when you do end up buying a house build new. We looked forever and could not find anything I liked that didn’t need 100k in renovations and was already at the top of our budget.