dancing and home ownership
Who's done it? One of my largest goals in my dancing career is buying a house. If you've bought, how did you do it? Did you file a 1099 and apply for a home loan? Did you pay for it out of pocket? Did you do a rent to own deal? I'd really like some advice. My goal is to have a house paid off before my retirement...in other words, 10 years. Last year I made 65k; this year, I'll break 100. So, if my income stays high, it's a real possibility.
Re: dancing and home ownership
I paid cash ! Thus no income verification hassles, no 'future ability to repay' analysis hassles ( yes banks realize that a 25 year old dancer requesting a 30 year mortgage is probably not going to still be dancing until she turns 55 and the mortgage is paid off ), etc.
Re: dancing and home ownership
I borrowed about 75% of the cost plus the bank gave me a "construction loan" to cover the improvements I intended to make. Of course, I had previously filed tax returns and had a day job when I started the process.
I bought a real fixer upper in a nice neighborhood in Raleigh. I did most of the work myself after my day job. I lived in the place while I was fixing it up. Admittedly, this is not an easy task and having no kid at the time made it easier. If the city had known I was living there on certain nights they would have cited me for violating the building code. There were nights when the water was off and others when the electricity was off. I learned a lot about construction planning. Make sure things get done in the right order! I survived and sold the place at a profit. Warning, in this economy, fix and flip does not work well!!!!
HTH
Z
Re: dancing and home ownership
What about us girls who want to build a new home from scratch? I plan to rent until I'm ready to build, so I can say it's 100% mine and no one else's until I die. It will also qualify me for early withdrawal on the IRA I plan to open, just in case something scary happens and I need that money to pay the mortgage.
In the end, it would be cheaper to build myself rather than buy a similar house and do such an extensive remodel to green materials.
Re: dancing and home ownership
^ I built two of my houses from the ground up even found and bought the lot in a neighborhood I liked. It's really hard to qualify for a construction loan even in 03 when I built mine I Had to put 25% down and had to show a certain income to debt ratio, 3 years tax returns and bank statements. When you get a construction loan you pay while they're building( interest) on the amount the builder with draws every month until it's complete. So it took 4 months to build mine and each month I owed a different amount comparative to what they took that month from the lender. It has to go through inspection every time the builder does a withdraw and each process is complete. It was fun but stressful as I had another property were my tenants were supposed to move in and they couldn't because they ordered the wrong cabinets and I had to wait 6 weeks to get the correct ones but would I do it again yes as I'm not really thrilled with layout of this house even though it was a plan of another house I saw while house hunting.
Re: dancing and home ownership
Quote:
Originally Posted by
Farrah_Golden
Who's done it? One of my largest goals in my dancing career is buying a house. If you've bought, how did you do it? Did you file a 1099 and apply for a home loan? Did you pay for it out of pocket? Did you do a rent to own deal? I'd really like some advice. My goal is to have a house paid off before my retirement...in other words, 10 years. Last year I made 65k; this year, I'll break 100. So, if my income stays high, it's a real possibility.
I would suggest investing your money now and buying it all in cash later. No loss of $$...
Re: dancing and home ownership
I just bought my first apartment, yey! It's a small & needs some cosmetic work but was well priced & has great rental potential. I saved a 20% deposit & my bank financed the rest. I've always declared my income so getting the loan as a young, single, self employed woman wasn't the hassle I'd anticipated.
I aim to live in the apartment for a minimum of 12 months while slowly renovating it & saving for my next investment.
Re: dancing and home ownership
I'm planning on paying in cash.. I want to buy land and build my home. I'm mostly planning on alot of cds and a cd account to let it gather abit.. I might need to look into it abit more before I start again.
Re: dancing and home ownership
Thanks everyone.....since I leave on the coast, I'm planning on building a stilt house...they're cheap to build, very strong and beautiful. It's just that when you buy them, they're expensive as hell for those reasons. I'm going to pay cash and I'm not sure what I want to invest in yet...I may also buy the basic frame and put the house together over the years.
Re: dancing and home ownership
my husband bought our first one with his cash 4 years ago, i bought my own one with cash 1 year ago(which i rent out through an agency), i then got one with a mortgage and my day job boss rents it off me(she has a poor credit history and doesn't want to buy a house), i declare all my money with the her majesty's revenue and customs so i've not had problems.