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Should I Buy A House?

Old 01-11-2020, 04:35 PM
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Default Should I Buy A House?

Looking in Pinellas County. I have a feeling the houses are going to crash again just don't know how much or when? I am about to rent a house and they are fetching crazy money for rentals....
Old 01-11-2020, 04:40 PM
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https://www.nytimes.com/interactive/...alculator.html
Old 01-11-2020, 04:40 PM
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Yes, buy. The market is not inflated like 2006-2008, so I wouldn’t worry. Renting is flushing money away every month.
Old 01-11-2020, 04:52 PM
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Inventory is low. It’s gonna stay low. Rates are low. Rates are gonna stat low.

Buy. And vote accordingly

Old 01-11-2020, 04:56 PM
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Originally Posted by STEELA View Post
Inventory is low. It’s gonna stay low. Rates are low. Rates are gonna stat low.

Buy. And vote accordingly
^^^ This! ^^^

Home prices aren’t going down anytime soon. If they do, it’ll be a small drop.
Old 01-11-2020, 05:00 PM
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They said on the news the other day that more uhauls came to Florida then left ,so might be a reason to buy.
Old 01-11-2020, 05:10 PM
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^^There ya go! That’s a shining compliment if there ever was one.

Skip NC unless you’re interested in the mountains. If you are, please specifically invest in Biltmore Park. My future retirement account thanks you.
Old 01-11-2020, 05:11 PM
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Originally Posted by JJ LYNN View Post
Looking in Pinellas County. I have a feeling the houses are going to crash again just don't know how much or when? I am about to rent a house and they are fetching crazy money for rentals....
Do you have a family?
Are you looking to stay in that area for a long period of time?
Can you afford to put 25% down?
If you lost your job can you find work in that area?

If you answered yes to every question then buy.
Old 01-11-2020, 08:24 PM
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According to THT rules you must first be debt-free and able to put 25% down, 50% is better. Also your 401k should be maxed out and you need 27 months salary available in cash. Good luck.
Old 01-11-2020, 08:35 PM
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25% down? WTF are you smoking? VA Loans can be 0% down and no mortgage insurance. Conventional loans can be 3% down and you'll have mortgage insurance, but renting is just flushing money down the drain. I love the bad advice THT can give, but then again, 90% of the people here pay cash for everything.
Old 01-11-2020, 08:54 PM
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Originally Posted by rusbob View Post
According to THT rules you must first be debt-free and able to put 25% down, 50% is better. Also your 401k should be maxed out and you need 27 months salary available in cash. Good luck.
And at least a $350K center console.
Old 01-11-2020, 08:57 PM
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Florida is full.
Old 01-11-2020, 09:00 PM
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Originally Posted by JJ LYNN View Post
Looking in Pinellas County. I have a feeling the houses are going to crash again just don't know how much or when? I am about to rent a house and they are fetching crazy money for rentals....
If you plan to live there for 10+ years why not. Cheaper than rent.
Old 01-11-2020, 09:25 PM
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Pinellas county is by far the most densely populated county in Florida. If you live here, you have to get used to the fact that you cannot get from point A to point B anymore. You have to settle for point A.1

I am looking to get out when the opportunity presents itself.
Old 01-11-2020, 09:36 PM
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Originally Posted by rusbob View Post
According to THT rules you must first be debt-free and able to put 25% down, 50% is better. Also your 401k should be maxed out and you need 27 months salary available in cash. Good luck.
25% down? It should be 100% down. Cash only for everything.
Old 01-11-2020, 09:40 PM
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Some of you guys should work on Wall Street with all of these “prices are not going down anytime soon” and “this isn’t 2008” statements.
Old 01-11-2020, 09:57 PM
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I’m curious, what do the numbers look like in Pinellas for rent vs buy on a nothing special single family home?

Here in my neck of the woods in broward, the single family 3/2 you can rent for $2000-2500 a month will set you back $350-450k to buy. And don’t forget $3k a year in insurance and $7k a year in property tax.

I’m all for home ownership, but there is a lot to be said for renting when the market is high. On the flip side, if you find a property that works for you and especially if you can swing a 15 year mortgage, rates are low and it will be the best forced savings plan you can imagine. Just buy something you can afford and make sure you can weather a correction. Historically we've seen up and down cycles, there's no reason to think a down ISN'T coming, but also no reason to think there won't be an up after that.

Last edited by Flot; 01-12-2020 at 07:03 AM.
Old 01-11-2020, 10:25 PM
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Originally Posted by SaltyDawg86 View Post
25% down? WTF are you smoking? VA Loans can be 0% down and no mortgage insurance. Conventional loans can be 3% down and you'll have mortgage insurance, but renting is just flushing money down the drain. I love the bad advice THT can give, but then again, 90% of the people here pay cash for everything.
Good luck trying to buy a house with a VA loan. I'm in Pinellas County and in the business of buying/selling houses and most of the realtors I know won't represent a buyer with a VA loan. Bring me an offer with a VA loan and it goes to the bottom of the pile. VA loans puts too many stipulations on the sellers and the buyers have no skin in the game, the deals hardly ever close and when they do, they drag out. FHA are running a close second.....conventional is fine.

In Pinellas, for a non water front house or one that isn't on a barrier island, rent generally starts about $1.25/sq ft and goes up to $2/sq ft, depending upon location and layout of the house.
Old 01-12-2020, 01:13 AM
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Sounds like the agents there suck then.
Old 01-12-2020, 04:58 AM
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Originally Posted by GaryDoug View Post
Pinellas county is by far the most densely populated county in Florida. If you live here, you have to get used to the fact that you cannot get from point A to point B anymore. You have to settle for point A.1

I am looking to get out when the opportunity presents itself.
Same here. Our condo hits the MLS in 5 days.

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