I believe the first duplex I purchase in the 1980’s was 13.85 percent interest with a consigner. I think on my own I did not qualify even with 20 precent down.I just saw that 30yr. mortgages are now 6%!
Agreed, but in your case, it was probably the smartest move to make.I believe the first duplex I purchase in the 1980’s was 13.85 percent interest with a consigner. I think on my own I did not qualify even with 20 precent down.
We figured it was better to rent out one side for just about the monthly payment with property taxes and some of the interest coming from us. Payed almost double payments until we sold it to our renters when we moved to Austin Texas to work.
unless you are young and kinda dumb never buy a duplex. At least once you are grown up. All the a hassles of home ownership times 2 without the privacy a home provides especially if you live in one side. Then at that time it was better than paying rent to line someone else’s pockets.
My Dad doesn't complain much at all, but growing up on a farm I heard some things about Jimmy Carter. Trying to just pay the interest on loans to not lose the farm or home. Negative situation was a positive for me long term concerning finances.My second homes mortgage was just above 17% the summer of 81.
My older brother has surfed through our familys farm books in the past 10 years.My Dad doesn't complain much at all, but growing up on a farm I heard some things about Jimmy Carter. Trying to just pay the interest on loans to not lose the farm or home. Negative situation was a positive for me long term concerning finances.
I'd looked at rates recently out of curiosity since the last two years I've been saying it's a huge real estate bubble. Probably make the 08/09 crash look small.
Had ran some quick numbers and with 30yr rates going from 3 to a 6.3 average since early this year, it increases a mortgage $200 per 100k. With houses being several 100k you can see how $600 to $800 a month increase in payment (300 to 400k mortgage) is knocking many out of the market.
I believe the fed reserve just raised the rate another 0.75% so not sure if current mortgage rates reflect that yet.
When I sold my Dad's place, it had a bunch of issues. We set the price really low with an as-is statement in the description.There are a lot of "investors" out there right now, careful as they will offer above the regular buyers to push them out then try to low ball you for everything after inspections.
Ran in to a lot of that when selling dads place after he died last year.
Oh I see it. Visiting family right now in your area, north Indy (Westfield) with home construction around me.While you're correct in the rate changes, I scored 5% just 6 weeks ago. A far cry from the 3% we had on the previous home. The last fed increase of 0.75% was when I was locking in rates and it pushed rates down...we went from a 5.5% to 5%...
If you do some digging into this market vs '08, they are saying the crash won't nearly be as bad. Many more millennials in the marketplace needing to buy a home and as always, location - location - location....
Oh I see it. Visiting family right now in your area, north Indy (Westfield) with home construction around me.
To me It looks like Jimmy Carter is making another planning run at the economy. Something is going to be chaotic or burst financially. I'm just watching it play out. Two years ago I asked myself what would make life better to own over the next 10 to 15 years and made it happen. Just finished up the goals/plan.