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apartment lease is up should i just buy a house
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Date: July 7th, 2020 10:46 PM Author: vigorous meetinghouse apartment lease is up.
i could buy a house and pay less than what i was paying for the apartment per month (2200).
sick of moving all the time when dbg raises rent.
don't know if i will stick around my current city or not. momentum has me here.
advantage would be i would have a house and a yard which i would like.
only disadvantage would be house values plummet and i need to leave the city and can't rent it out for anything close to what i paid. |
Date: July 7th, 2020 10:49 PM Author: marvelous primrose generalized bond Went through this recently
After closing costs and down payment, and factoring eventual selling costs, the likelihood is you have to stay 5-10 years to break even in a market that doesn’t get above 1-3% annual property value growth. it makes sense to rent until you have a family |
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Date: July 7th, 2020 10:53 PM Author: vigorous meetinghouse ty (http://www.autoadmit.com/thread.php?thread_id=4578904&forum_id=2#40565147) |
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Date: July 7th, 2020 10:57 PM Author: titillating brunch what closing costs are u paying?
bought many properties and u usually keep some $ cause u split the buyer commission of 3%, u can get 1% minimum which can be $5k if ur getting a $500k house |
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Date: July 7th, 2020 11:03 PM Author: marvelous primrose generalized bond You’re telling someone that’s never bought a house to buy a house without an agent?
Also closing costs on the purchase are less of a factor than selling costs |
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Date: July 7th, 2020 11:04 PM Author: titillating brunch i had an agent everytime
u get 1% and they get 2%
usually 2% goes to seller agent and 3% to buyer
i've been doing this for 10 years brother |
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Date: July 7th, 2020 11:08 PM Author: marvelous primrose generalized bond Lol what? Buyer gets 1% of agent commission? Makes no sense as buyer is not an agent. That’s the equivalent of buyer just asking for a 1% discount. (http://www.autoadmit.com/thread.php?thread_id=4578904&forum_id=2#40565245) |
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Date: July 8th, 2020 7:53 AM Author: titillating brunch i get that ur being thick on purpose but as a veteran house flipper here's how it works. the seller of the home hires an agent, known as the seller's agent. The total commission is 5-6% that is paid entirely by the seller of the home and that comes out of their P&S (purchase & sale) agreement at closing.
they give 2% to their own agent and 3% to the buyer's agent as an incentive.
unless you're totally new to the game, u can easily get 1-2% of the buyer's commission. on a $500k house that's $5k cash. it's $10k if you are lucky enough to get 2% which I've gotten a few times by using the same agent.
make sense now? |
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Date: July 7th, 2020 10:56 PM Author: Cruel-hearted lascivious lay I think if you live in a state that may likely go to shit soon (like Illinois), probably not. Likewise if you're not in a marriage-track relationship unless you really like DIY home projects. (http://www.autoadmit.com/thread.php?thread_id=4578904&forum_id=2#40565167) |
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Date: July 7th, 2020 10:57 PM Author: vigorous meetinghouse (person who knows what state i live in) (http://www.autoadmit.com/thread.php?thread_id=4578904&forum_id=2#40565174) |
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Date: July 7th, 2020 10:58 PM Author: Cruel-hearted lascivious lay You said city, so chances are high it's NYC, Chicago, LA, or SF. Not sure any of those are good places to be in the near future. (http://www.autoadmit.com/thread.php?thread_id=4578904&forum_id=2#40565183) |
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Date: July 7th, 2020 10:59 PM Author: vigorous meetinghouse the house i'd buy is in the suburbs of chicago. none of them are good to be in, but it is where my job is. not a big fan of living in the city anymore. (http://www.autoadmit.com/thread.php?thread_id=4578904&forum_id=2#40565194) |
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Date: July 7th, 2020 11:09 PM Author: marvelous primrose generalized bond (http://www.autoadmit.com/thread.php?thread_id=4578904&forum_id=2#40565251) |
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Date: July 7th, 2020 11:14 PM Author: Cruel-hearted lascivious lay Yeah, I wouldn't commit to anything right now lol. (http://www.autoadmit.com/thread.php?thread_id=4578904&forum_id=2#40565280) |
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Date: July 7th, 2020 11:03 PM Author: Poppy bull headed temple Would you buy if single in Austin Texas? (http://www.autoadmit.com/thread.php?thread_id=4578904&forum_id=2#40565215) |
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Date: July 7th, 2020 11:07 PM Author: vigorous meetinghouse if i was gonna stay there for 5+ years yea i would (http://www.autoadmit.com/thread.php?thread_id=4578904&forum_id=2#40565239) |