Is 15k enough of a downpayment for a first time buyer? - Page 2 - GoFuckYourself.com

venus · 09-01-2007, 12:31 AM

To many variables to give you a good answer, but I can tell from the other posts not to many people in here have bought property recently.

I just got me a new piece of property in the Phoenix area for a rental, home prices are going down, you can get some good deals if you look around. The place I got is new, not competed yet, walk through is Oct 4, I put $17k down plus about $3000 in closing costs including 6 months of taxes and insurance.

House was listed at 210k and its a spec home, meaning it was mostly built, the previous buyers fell through, so they told me if I could do a quick close they would knock off 40k, around here, for the price I am getting it for I could not pass it up.
Good investments are out there if you look for them.

Rochard · 09-01-2007, 12:37 AM

Quote:

Originally Posted by StuartD

Funny, I had put $45k down on my house... you are thinking $15k.
Yup, you're definitely the one to judge me

I was thinking the same exact thing.

I guess he is working out of his parent's garage.

JFK · 09-01-2007, 01:10 AM

Quote:

Originally Posted by sonofsam

are you sure? even a first time buyer?

as a first time buyer you should be able to get a high ratio CMHC insured mgt with 5% down

starpimps · 09-01-2007, 01:28 AM

@ 5% down for first time buyer wiith 15k

in greater vancouver that would get you at best a 1 bedroom apartment..

Doctor Dre · 09-01-2007, 01:52 AM

If you want to buy a home for yourself (wich you can't consider an investement, but a liability), yes it should be enough for a small one.

If you want to make an investement, no

V_RocKs · 09-01-2007, 01:53 AM

too late for a sig spot?

d00t · 09-01-2007, 01:54 AM

aim for 20%

venus · 09-01-2007, 02:02 AM

Why can't you consider it an investment?

Quote:

Originally Posted by Doctor Dre

If you want to buy a home for yourself (wich you can't consider an investement, but a liability),

Bike · 09-01-2007, 03:28 AM

I put down 110k$ (85k euro) on my first house, they required around 60k euro down payment.

Snake Doctor · 09-01-2007, 03:41 AM

Quote:

Originally Posted by venus

Why can't you consider it an investment?

Because he read "rich dad poor dad"

xmas13 · 09-01-2007, 04:52 AM

Quote:

Originally Posted by tony404

I was reading in the wsj, a doc with a 800 credit score put 20 percent down on a 700k house and the bank pulled put at the last minute.

Yeah, lenders are getting ready for a tough landing in the next few years, an economic collapse (real estate prices will follow) actually, they know their shit, so its better to stay away from real estate as an investment.

Can't believe so many members here encourage people to invest in real estate, after reading daily reports of a coming economic depression. Every expert from Greenspan to the little economist down the street published this inevitable scenario.

Rochard · 09-04-2007, 03:16 PM

Bump for Son of Sam who doesn't have enough to put down on his first house.

Happy Renting!

sonofsam · 09-04-2007, 03:26 PM

Quote:

Originally Posted by Rochard

Bump for Son of Sam who doesn't have enough to put down on his first house.

Happy Renting!

It's funny how you are so political when it comes to your presentation in this industry.. but as soon as someone calls you on something, like you being a racist... you show your true colours.

You hurt yourself more then you hurt me with that comment, idiot

Sosa · 09-04-2007, 03:42 PM

Quote:

Originally Posted by crockett

Depends on the price of the house. Used to be 20% down, was pretty standard, now days, you can get away with 5%.

A lot of lenders won't go down to that anymore. I've been told the past few times on investment properies even 10% is harder to get. Most are getting stuck on that 20% figure and with that you get away from the PMI tax as well.

venus · 09-04-2007, 03:52 PM

countrywide has a standard of 10% down on investment properties. thats all I had to put down on my new property.

People who are not comfortable investing in real estate should not do it just because others do, I just happned to find a really good buy on a new build so I grabbed it.

Big Red Machine · 09-04-2007, 04:28 PM

Quote:

Originally Posted by Lenny2

Sure, get a subprime mortgage that you can't afford, then the president will use my money to bail you out so his hedge fund buddies don't go bankrupt.

The Truth...sometimes you don't know if you should laugh or cry

Big Red Machine · 09-04-2007, 04:45 PM

Quote:

Originally Posted by venus

Why can't you consider it an investment?

Probably because you have to live somewhere. Unless its a multi-family ,its your home,and even if the market went up, you would be selling in the same market your buying in.

ryph · 09-04-2007, 04:46 PM

housing will crash at least 30-40%. dont buy.

Rochard · 09-04-2007, 04:50 PM

Quote:

Originally Posted by sonofsam

It's funny how you are so political when it comes to your presentation in this industry.. but as soon as someone calls you on something, like you being a racist... you show your true colours.

You hurt yourself more then you hurt me with that comment, idiot

Even though I hate everyone in the Middle East I had seem to have forgotten that fact when I was boning my Lebanese wife this afternoon.

So do you rent an apartment or work out of your parent's basement?

ryph · 09-04-2007, 04:51 PM

by the way, even with 17k, unless youre buying a 170k house with 700+ credit score.. you wont qualify anyway. im sure youve heard of the credit crunch? lending standards are tightening up in a VERY major way.

Quotealex · 09-04-2007, 04:54 PM

Quote:

Originally Posted by JFK

as a first time buyer you should be able to get a high ratio CMHC insured mgt with 5% down

I believe it has since drop to 0%, and CMHC is no longer the only place to get and insured mortgage.

sonofsam · 09-04-2007, 05:03 PM

Quote:

Originally Posted by Rochard

Even though I hate everyone in the Middle East I had seem to have forgotten that fact when I was boning my Lebanese wife this afternoon.

So do you rent an apartment or work out of your parent's basement?

You said yourself that there should be a big wall built around the entire middle east, and that to let them kill eachother....

and that the US should attack every country in the middle east...

would you like to deny that, or want me to grab the links to your exact posts where you said that?

You are a racist, lebanese wife or not..

and if anything, shes an idiot herself for dating a stupid racist fuck like yourself.

Rochard · 09-04-2007, 05:19 PM

Quote:

Originally Posted by sonofsam

You said yourself that there should be a big wall built around the entire middle east, and that to let them kill eachother....

and that the US should attack every country in the middle east...

would you like to deny that, or want me to grab the links to your exact posts where you said that?

You are a racist, lebanese wife or not..

and if anything, shes an idiot herself for dating a stupid racist fuck like yourself.

Your point? I also believe that we should build a wall around the US too!

09-01-2007, 12:31 AM	#51
venus Confirmed User Industry Role: Join Date: Jan 2003 Location: Phoenix, Az Posts: 3,112	To many variables to give you a good answer, but I can tell from the other posts not to many people in here have bought property recently. I just got me a new piece of property in the Phoenix area for a rental, home prices are going down, you can get some good deals if you look around. The place I got is new, not competed yet, walk through is Oct 4, I put $17k down plus about $3000 in closing costs including 6 months of taxes and insurance. House was listed at 210k and its a spec home, meaning it was mostly built, the previous buyers fell through, so they told me if I could do a quick close they would knock off 40k, around here, for the price I am getting it for I could not pass it up. Good investments are out there if you look for them. __________________ Muscle/Fitness Adult Affiliate Program Since 1997 www.venuscash.com

09-01-2007, 01:28 AM	#54
starpimps Confirmed User Join Date: Sep 2006 Location: internets Posts: 6,954	@ 5% down for first time buyer wiith 15k in greater vancouver that would get you at best a 1 bedroom apartment.. __________________ Teen Porn Models / Solo Girls

09-04-2007, 03:16 PM	#62
Rochard Jägermeister Test Pilot Industry Role: Join Date: Dec 2001 Location: NORCAL Posts: 74,001	Bump for Son of Sam who doesn't have enough to put down on his first house. Happy Renting! __________________ “The choice is no longer between right or left. The choice is between normal and crazy.” - Sarah Huckabee Sanders YNOT MAIL \| THE BEST ADULT MAILING SOLUTION

09-04-2007, 03:52 PM	#65
venus Confirmed User Industry Role: Join Date: Jan 2003 Location: Phoenix, Az Posts: 3,112	countrywide has a standard of 10% down on investment properties. thats all I had to put down on my new property. People who are not comfortable investing in real estate should not do it just because others do, I just happned to find a really good buy on a new build so I grabbed it. __________________ Muscle/Fitness Adult Affiliate Program Since 1997 www.venuscash.com

09-04-2007, 04:46 PM	#68
ryph Confirmed User Join Date: Oct 2002 Location: NJ Posts: 1,215	housing will crash at least 30-40%. dont buy. __________________ tom at ryphs dot com

09-01-2007, 01:53 AM	#56
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,409	too late for a sig spot?

09-01-2007, 01:54 AM	#57
d00t Confirmed User Industry Role: Join Date: Sep 2002 Location: In your mind Posts: 3,766	aim for 20%

09-01-2007, 03:28 AM	#59
Bike Confirmed User Join Date: Jul 2004 Posts: 1,363	I put down 110k$ (85k euro) on my first house, they required around 60k euro down payment.

09-04-2007, 04:51 PM	#70
ryph Confirmed User Join Date: Oct 2002 Location: NJ Posts: 1,215	by the way, even with 17k, unless youre buying a 170k house with 700+ credit score.. you wont qualify anyway. im sure youve heard of the credit crunch? lending standards are tightening up in a VERY major way. __________________ tom at ryphs dot com