So I'm about to be a first-time homeowner

Discussion in 'General Discussion' started by Paulie, Aug 10, 2009.

  1. Paulie
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    Paulie Platinum Member

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    We weren't actually going to be ready for at least a year, but this insanely great deal just fell into our laps last week and we got preapproved.

    If it wasn't for the fact that this is going to be a situation where we have almost instant equity, and that we fell in love with the place :D, I wouldn't be doing it.

    With this deal, we could literally sit on this until the economy recovers and housing prices start coming back up, and we could flip and make 30-50% easy. It's THAT good of a deal. And the area is up and coming.

    It's not NECESSARILY our "dream home", but it's pretty friggin cool.
     
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  2. Valerie
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    Valerie Gold Member

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    That's great, Paulie! Congrats!

    :beer:
     
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  3. Paulie
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    Paulie Platinum Member

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    Just gotta make sure we get the deal closed by 12/1 so we can get our "tax credit".
     
  4. Immanuel
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    Immanuel Gold Member

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    That's great Paulie! Congrats.

    But don't forget that last year the government put in a nice tax relief that gives you something like a $7,500 tax break for buying this year. Look it up. My brother bought last year. He has to pay it back at something like $500 a year interest free, but people who buy in 2009 do not have to pay it back.

    Check in to it, if you don't already know about it. If you need more info, I can help you get it, just pm me.

    Immie
     
  5. Toro
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    Toro Diamond Member

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    Good for you.

    It's a great time to buy if you are buying in a place that has been hit hard.
     
  6. Paulie
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    Paulie Platinum Member

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    Yep, we know all about it. The broker knows the deal needs to close before 12/1 of this year. We're waiting on some funds that are due to come in, in a couple weeks, so we can make a decent down payment.
     
  7. Ravi
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    Ravi Diamond Member

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    Aren't house flippers the ones that brought down the economy?:eusa_whistle:
     
  8. Big Black Dog
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    Big Black Dog Gold Member Supporting Member

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    Congratulations, Paulie. Owning your own home is a wonderful feeling. Hope it all works out well for you. Just two bits of advice for you:

    (1) Get a dog.
    (2) Get a cat.

    Then you will be the all-American home owner!!!!

    Again, good for you.
     
  9. Paulie
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    Paulie Platinum Member

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    This area hasn't necessarily been hit hard, but this price we're getting is well under the average for the area, and 20k less than what my girlfriend's dad's house, which is right down the street, just got appraised at, and our house is WAY nicer in almost every way. Her dad has a connection with a group of guys that have been buying up houses to fix and flip, and they mentioned this particular deal to him.

    We'll be better suited to handle the financial stress next spring, but it's worth it just for the instant equity we'll probably have, ALONE.
     
  10. Paulie
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    Paulie Platinum Member

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    Not the ones that did it intelligently and profitted :lol:
     

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