Wanted house advice

[sealy]

My friend says I'm in the perfect position so I should buy a low priced house and rent it out. She said I should get a few but I want to wait till my house is finished. I don't think I'd be able to do both. I don't want to get myself in any financial trouble.

I'm wondering if I'm missing the boat. Is it better for me to buy houses to rent out or should I wait for my dream house to be built. So far I've been waiting for almost 2 years cuz they haven't reached the area where I want my house built.

My sister is constantly telling me that I should just stay the course: save and wait for my house to be built.

Thanks in advance for your thoughts and advice.

[rileyoday]

Your not ready at all. You may be missing a sinking boat !

Don't be persuaded by another.

[Jake 48]

follow your plan

[qofcc]

if things don't go as planned with the rentals you may end up having to postpone your dream house or not be able to spend as much on it as you'd like and have to compromise. Not the end of the world, but you need to decide which is more important to you - setting yourself up with rental properties while they are cheap or getting into your dream home ASAP.

[Opti]

Aug 14, 2011 3:50:04 GMT -5 rileyoday said:

Your not ready at all. You may be missing a sinking boat !

Don't be persuaded by another.

Never trust anyone who tells you to do something they aren't already doing. Renting isn't for everyone and the market is still
unstable plus bank stocks are tanking for a reason. I'd stay the course if I were you.

[sealy]

Thank you all so much! You just helped steer me clear of a potentially messed
financial decision. I rather have my dream house living debt free than have
a few rentals that may cause me more than a few headaches.

[Peace77]

What do you mean they haven't reached the area where you want your house built?

Have you contacted the builder or developer and told them that you want to buy and build on a certain lot? Did you put down a deposit? They should be willing to build where you want.

[sealy]

Thanks peace77. They release lots by some predecided order. I just went there today and saw some houses a couple of blocks away being built. I'm so excited for them and me too. Its ok if they haven't released my lot yet because if they were to start tomorrow I wouldn't be completely ready. I still want to pay down debt and save more $ for my upgrades. I will not be financing any of those. I haven't put a deposit down. I won't do that until they get to my lot. If I had more $ I'd probably be more assertive but I'm just working on the things I need to do to get myself in the right position.

s

[salserabarby]

Aug 15, 2011 5:08:59 GMT -5 sealy said:

Thank you all so much! You just helped steer me clear of a potentially messed
financial decision. I rather have my dream house living debt free than have
a few rentals that may cause me more than a few headaches.

Couldn't have said it better myself!!!!

[ambellamy]

Renters can be a huge headache and a major drain on your pocket book if you don't know what your doing.

Once you get your "Home" it won't be an investment, but the place you live and sleep and dream... but you shouldn't get an investment house before you realize all the hidden costs your home has in store for you (because no one is really prepared for those until they own... ) Then decided if your willing to do all of that again for a place you won't live in that will be TRASH every year when your tenate leaves...

[sealy]

thanks ambellamy you are so right.

[showtime]

Murphy's Law

If you don't jump in, you're missing out...
If you do jump in, you've screwed yourself...

I think you're making the right decision.

-showtime

[phil5185]

Its ok if they haven't released my lot yet because if they were to start tomorrow I wouldn't be completely ready. I still want to pay down debt and save more $ for my upgrades. I will not be financing any of those.

I must not be understanding your plan - if you are having a new house built what are you upgrading? And why wouldn't
the 'upgrades' be financed within the mortgage? (30 yr, fixed rate mortgages are as low as 4%, a 60 yr low - I borrow as much low cost capital as I can when I buy houses.)