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Talk me out of it! *edited*

Posted by on Jun. 29, 2014 at 10:35 PM
  • 37 Replies

I am so over being at the mercy of crappy landlords and awful privatized base housing (that has pretty much pushed me to the edge). Hubby and I are both very ready to own our own home but we know it's not the smartest idea... Help, talk me off the ledge! lol 

ETA: I figured I would share the house we actually looked at... Its sooo prettty..lol.. DH and I talked about it this morning and I just dont feel comfortable doing it. DH is still all for it though, but thats how he is.

Thanks ladies for the information, there were a lot of valid points for NOT buying. Im sad about not buying but I know its for the best.

http://www.zillow.com/homedetails/535-Westchester-Hills-Ln-Valrico-FL-33594/2106522301_zpid/


535 Westchester Hills Ln, Valrico, FL 33594

535 Westchester Hills Ln, Valrico, FL 33594

by on Jun. 29, 2014 at 10:35 PM
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Replies (1-10):
lizzielouaf
by Silver Member on Jun. 29, 2014 at 10:46 PM

Hmmm, here goes:

the market, atm, is rising and outpacing the actual values. Meaning, we could be looking at another housing bubble. But this also depends where you are.

if your husband gets orders to leave where you are now, you're gonna have to hopefully sell your place quick or, god forbid, have to be landlords.

when shit breaks on, in or around the house, you have to pay for it. Trust me, all the shit will break at once. For example, when our basement flooded and home owners insurance refused to pay because they said it was a faulty sumb pump (no other plumber said this but their in house "expert"). Thereby knocking out the water heater and drenching of an entire fully furnished basement. Our a/c also decided to blow, unrelated to the flooding. Any shit that happens, you better have back up funds!

ive got more but this may do the trick.


lupita007
by on Jun. 30, 2014 at 1:02 AM
Here's a bump. I don't have the balls to buy yet. I'm renting a shitty ass apartment off post.
USAFamily
by Melissa on Jun. 30, 2014 at 2:16 AM
So, we bought a house 9 years ago. We did so many things wrong, but I'll tell you the stuff that's totally out of our control.

We got orders. Couldn't sell (even though the area we own in has a great market). We hadn't owned the house long enough to gave any real equity in it. Basically, we would have had to pay someone to buy our house after factoring in all the cost to sell it. When you buy a house, you pay closing costs usually but when you sell you pay much more.

So, we became landlords. We found a tenant who was an officer in my DHs squadron. He signed a 2 year lease. It was perfect. Until he moved out last month, the guy trashed our house. So far we've put in $2,500 in repairs and cleaning/maintenance. We aren't done yet.

Now our house is back on the market. Not only are we paying the mortgage and utilities on it, but also in the house we live in. We are under contract and a God willing will have the house sold. However, we 'should' profit $11,000 on the sale of the house. But after the cost of selling, and we are paying the buyers closing costs, we are going to be lucky to make any money at all.

When we bought our house, we thought it would be a great investment. It has not been an investment at all. Homeownership is SO expensive. I think the best time to buy is when you know you will live in the home forever.

Anyway, good luck!
cocoroo
by on Jun. 30, 2014 at 4:30 AM
2 moms liked this

We bought a house almost 3 years ago, because we planned on staying in Wa for a long time.  We bought it brand new.  We loved the house.  We were lucky enough to buy low.  We never had any problems.  We sold it after being on the market for 3 weeks in March.  Our experience was great, but that said ...I will not buy another house until my dh retires.  Selling the house and the thought of possibly being a landlord was too much for me.  Renting is fine for the next 10 years.

USAFamily
by Melissa on Jun. 30, 2014 at 4:36 AM
Ours was on the market this time 2 weeks when we got an offer. Everything is so stressful though, dealing with the sale from over here. I never ever want to do this again.

Quoting cocoroo:

We bought a house almost 3 years ago, because we planned on staying in Wa for a long time.  We bought it brand new.  We loved the house.  We were lucky enough to buy low.  We never had any problems.  We sold it after being on the market for 3 weeks in March.  Our experience was great, but that said ...I will not buy another house until my dh retires.  Selling the house and the thought of possibly being a landlord was too much for me.  Renting is fine for the next 10 years.

cocoroo
by on Jun. 30, 2014 at 4:37 AM
1 mom liked this

We sold our house for $25,000 more than we owed, we paid the realtor fees and all the other fees, plus $7000 in closing costs.  We walked away with $3500.  It is so expensive to sell, but better than being a landlord.

Quoting USAFamily: So, we bought a house 9 years ago. We did so many things wrong, but I'll tell you the stuff that's totally out of our control. We got orders. Couldn't sell (even though the area we own in has a great market). We hadn't owned the house long enough to gave any real equity in it. Basically, we would have had to pay someone to buy our house after factoring in all the cost to sell it. When you buy a house, you pay closing costs usually but when you sell you pay much more. So, we became landlords. We found a tenant who was an officer in my DHs squadron. He signed a 2 year lease. It was perfect. Until he moved out last month, the guy trashed our house. So far we've put in $2,500 in repairs and cleaning/maintenance. We aren't done yet. Now our house is back on the market. Not only are we paying the mortgage and utilities on it, but also in the house we live in. We are under contract and a God willing will have the house sold. However, we 'should' profit $11,000 on the sale of the house. But after the cost of selling, and we are paying the buyers closing costs, we are going to be lucky to make any money at all. When we bought our house, we thought it would be a great investment. It has not been an investment at all. Homeownership is SO expensive. I think the best time to buy is when you know you will live in the home forever. Anyway, good luck!


USAFamily
by Melissa on Jun. 30, 2014 at 5:15 AM
I totally agree. We are selling ours for 11,000$ more. We'll be lucky to walk away with anything, but we don't care haha

Quoting cocoroo:

We sold our house for $25,000 more than we owed, we paid the realtor fees and all the other fees, plus $7000 in closing costs.  We walked away with $3500.  It is so expensive to sell, but better than being a landlord.

Quoting USAFamily: So, we bought a house 9 years ago. We did so many things wrong, but I'll tell you the stuff that's totally out of our control.

We got orders. Couldn't sell (even though the area we own in has a great market). We hadn't owned the house long enough to gave any real equity in it. Basically, we would have had to pay someone to buy our house after factoring in all the cost to sell it. When you buy a house, you pay closing costs usually but when you sell you pay much more.

So, we became landlords. We found a tenant who was an officer in my DHs squadron. He signed a 2 year lease. It was perfect. Until he moved out last month, the guy trashed our house. So far we've put in $2,500 in repairs and cleaning/maintenance. We aren't done yet.

Now our house is back on the market. Not only are we paying the mortgage and utilities on it, but also in the house we live in. We are under contract and a God willing will have the house sold. However, we 'should' profit $11,000 on the sale of the house. But after the cost of selling, and we are paying the buyers closing costs, we are going to be lucky to make any money at all.

When we bought our house, we thought it would be a great investment. It has not been an investment at all. Homeownership is SO expensive. I think the best time to buy is when you know you will live in the home forever.

Anyway, good luck!

darbyakeep45
by Darby on Jun. 30, 2014 at 6:22 AM

So, the officer from your husband's old command rented your house for 2 years and he trashed it?  Why can't you go after him to pay for the $2500 in damages he caused to your house?  That's ridiculous!!!  I'm sorry you have to deal with that!

Quoting USAFamily: So, we bought a house 9 years ago. We did so many things wrong, but I'll tell you the stuff that's totally out of our control. We got orders. Couldn't sell (even though the area we own in has a great market). We hadn't owned the house long enough to gave any real equity in it. Basically, we would have had to pay someone to buy our house after factoring in all the cost to sell it. When you buy a house, you pay closing costs usually but when you sell you pay much more. So, we became landlords. We found a tenant who was an officer in my DHs squadron. He signed a 2 year lease. It was perfect. Until he moved out last month, the guy trashed our house. So far we've put in $2,500 in repairs and cleaning/maintenance. We aren't done yet. Now our house is back on the market. Not only are we paying the mortgage and utilities on it, but also in the house we live in. We are under contract and a God willing will have the house sold. However, we 'should' profit $11,000 on the sale of the house. But after the cost of selling, and we are paying the buyers closing costs, we are going to be lucky to make any money at all. When we bought our house, we thought it would be a great investment. It has not been an investment at all. Homeownership is SO expensive. I think the best time to buy is when you know you will live in the home forever. Anyway, good luck!


USAFamily
by Melissa on Jun. 30, 2014 at 6:28 AM
Yes, it blows my mind because he had a wife and 2 kids. They left the house DISGUSTING, got a dog, broke appliances. It was awful. We are keeping his deposit obviously, but other than that I'm not sure about going after him. I know we could, but we kind of just want to wash our hands of it. It's definitely the lazy way out, but we have enough on our plate right now.

Quoting darbyakeep45:

So, the officer from your husband's old command rented your house for 2 years and he trashed it?  Why can't you go after him to pay for the $2500 in damages he caused to your house?  That's ridiculous!!!  I'm sorry you have to deal with that!

Quoting USAFamily: So, we bought a house 9 years ago. We did so many things wrong, but I'll tell you the stuff that's totally out of our control.

We got orders. Couldn't sell (even though the area we own in has a great market). We hadn't owned the house long enough to gave any real equity in it. Basically, we would have had to pay someone to buy our house after factoring in all the cost to sell it. When you buy a house, you pay closing costs usually but when you sell you pay much more.

So, we became landlords. We found a tenant who was an officer in my DHs squadron. He signed a 2 year lease. It was perfect. Until he moved out last month, the guy trashed our house. So far we've put in $2,500 in repairs and cleaning/maintenance. We aren't done yet.

Now our house is back on the market. Not only are we paying the mortgage and utilities on it, but also in the house we live in. We are under contract and a God willing will have the house sold. However, we 'should' profit $11,000 on the sale of the house. But after the cost of selling, and we are paying the buyers closing costs, we are going to be lucky to make any money at all.

When we bought our house, we thought it would be a great investment. It has not been an investment at all. Homeownership is SO expensive. I think the best time to buy is when you know you will live in the home forever.

Anyway, good luck!

darbyakeep45
by Darby on Jun. 30, 2014 at 6:32 AM

We have been blessed in this area, and I will share our experiences just to give you something positive to think about:)

We lived in Hawaii back in 2004-2007, when the housing market was booming.  We bought a high rise condo on the 30th floor of a building with amazing views.  We owned it for just shy of 2 years prior to selling it before leaving the island.  We sold it for $50,000 more than we paid for it.  After realtor fees and closing cost contribution (we didn't pay all of them), we walked away with $27,000.  

We bought a single family home in 2007 when we moved to Virginia.  We lived in that house for almost 5 years before renting it out and buying another home.  So, yes, we are landlords.  It's definitely more "work" than I thought it would be.  We rent it for $350/month more than my mortgage, BUT with all the repairs, maintenance, etc. we aren't making any money at all.  Last year we ended up with a $7,000 loss on the house.  How are we doing this year?  We are just below breaking even so far after spending $1200 on a new window and other small things.  We live about 15 minutes from our rental house so we mange it ourselves.  Our tenants are amazing people that keep the house super clean, keep up the yard, planted stuff, have a garden, etc.  We couldn't ask for better tenants.  That being said, their 2 year lease is up in March 2015, and we are in hot debate on whether we want to sell it or not.  We have about $50,000 in equity in the house (we made a 20% down payment when we bought it), so after selling it, paying realtor fees, closing costs, we might walk away with about $25,000 or so...just estimating.  We would roll that money into another investment we have.  Decisions, decisions, decisions!!!  

So, with that being said, we have been in Virginia for almost 7 years, and we are staying here...100% guaranteed as my son is Category 5 EFMP, and we can't move again.  My husband could potentially have to move by himself but not likely.  Our main home that we bought is a long term home for us...mega long term.  My husband will retire within the next 10 years (he's at 16 years now), and we will stay here once he retires, so selling and/or renting again isn't in the cards for us.

Sorry for the novel, but I wanted to just share our experiences with you.  Good luck!!!

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