You’re renting in Buffalo for $1k per month, before utilities, when mortgage interest rates are almost under 5%???
That’s not even thinking about what inflation is going to do in a year and a half when the economy starts turning around…
I’ll tell ya, as soon as my lease is up, I’m buying… sick of throwing cash out the window.
hell, even if you move out of state, have a relative collect rent/keep an eye on things for ya until you can sell it. It’ll be paying for itself.
don’t buy unless you’re going to live in the area for like 5 years… if you do plan on sticking around then go slum somewhere for a year so you can save some money for a down payment.
Ya I couldn’t imagine paying 1k a month for just rent without putting it into something of value.
My friend was doing that in Rochester and finally said screw it and bought a house and made a 1k mortgage payment each month and rented out the other room to his friend.
How about just wait on getting the dog if that’s the whole problem? Why bother for now, if you don’t plan on being here long enough to buy a house just wait til you do to buy a dog.
I brought the girlfriend to a pet store to look at dog ideas, and she found the puppy she “HAS to have”
It is an adorable 8 week old red and white siberian husky who is friendly and playful, but… timing is everything to me. I am trying to find a win:win situation. My lease is almost up, we can get the dog and it can stay with her until I move to a dog friendly place…
I wish I didn’t go to the stupid pet store. Fuck me dead.
Buy a two family, and make sure that the thing can cashflow well after you move out of it.
Its a good move for me, I don’t want to live in WNY for much longer. I currently live in the lower, and rent the upper. When I move out of state, I’ll have my father property manage it and collect the checks.
A 40 year old house is fine, most of them are older, and in your price range you could get something very well kept.
I bought my house last year, put 1100 down, got a 5000 grant towards closing costs, and other fees, and walked from close with a check for 500.
So pretty much I put 600 dollars down to get into the house.
You need 700+ credit score and proof of income to get into a first time buyer SONYMA loan.
Mine is fixed at 5.5 for 30 years. 608 a month includes the escrow of insurance and taxes. Actually when I get a better insurance company that will drop to under 600 bucks a month. Right now I have travelers, and they are overcharging me a little bit.
Be a man and say no. Pet store + husky means it probably has a price tag of 1k+ on it alone… Tell her to wait and find one at the husky rescue up north rather than get a puppy mill pup.
I took Steph to a pet store, she wanted a Chihuahua and I said no, a few days later she came home with a Pomeranian, and I made her get rid of it.
Trust me, unless YOU have to have a dog now, then I would say wait as she is just your gf and not your wife.
As far as apartments go heres what I always did:
Drive to the location you want to live, look around for For Rent signs, or apartment complexes, etc. and call and get an average price. Craigslist has everything on there that I could find.
The animals at Petsmart are from the SPCA.
We just adopted a one year old cat.
Why not just buy a washer and dryer for one of the places you like that doesnt have it?
For real, I edited a tad. Renting over 1000/month in Buffalo is insane. Completely insane.
go talk to a realtor. my aunt was trying to sell her house, but wasnt having any luck. the realtor found somebody who was looking to rent and now these people rent my aunts house. maybe they could help you in a similar way.
X2, That’s my mortgage right there.
O.K. so, if I was thinking of buying a house now…
Anyone have any websites that show me what PMI and taxes are all about, when calculating a mortgage? I’m not sure what price range I can afford…
Looking at r-house.com I see 99,900 for a house and taxes listed at $3,200. On the left, the mortgage says $600 but I’m assuming that is on the cost of the house alone and doesn’t put taxes into the escrow and monthly payment (which I want)
So… you’ve all got me on the “buy a cheap house” track, for a starter house. Help me with some info please 
Atta boy. Having your own place is way nicer anyway.
Use any loan payment calculator to calculate the monthly mortgage payment, add in the annual taxes/12, then another probably $60ish for PMI.
You’re $99k house with $3200 taxes is going to be about $1k on the nose for a monthly payment.
The only downside to buying is that your utilities may go up. It costs more to heat a whole house, and whatnot.
PM JustinH… his brother does real estate I believe, they’re very good people too :tup: He could probably get with you and discuss what’s out there vs. what you can afford
I’ve heard this stuff too… thoughts/info? That’d make it even nicer for me to buy.
1ST TIME BUYERS MAY BE ELIGIBLE FOR A $5,000 GRANT FROM SONYMA & A $7500 TAX INCENTIVE * ALL THIS AND AN OWNER WHO IS OPEN TO OFFERS!
just to reiterate, make sure you are staying there for 5+ years or it could not look so good financially after all. (in regards to equity)
Because you are essentially paying a butt load of interest off, right? What about if I do an agressive 15 year instead of 30? (Just weighing options really)
that makes no difference… the basic rule of thumb says 5 years should get you to break even on selling. This all assumes that you’re otherwise paying less for rent and investing the difference. So if you can afford the 15 year loan payments then that would just mean you can afford to invest more if you rented.
Right now is a great time to buy, but it’s also a great time to invest.