So I have the idea running through my head:
Get out of college, and start building assets as early as I can. Forget the fancy cars and bars every weekend, let me put money into something that will pay me back 20 years down the line.
I am looking around at prices and homes, and thinking maybe buying in the Alexandria, Arlington, or Falls Church area would be the right move. I want a property Ashburn-esque, meaning the neighborhoods, schools, etc will keep expanding even if that's not for another 5 to 10 years out. I have no real price in mind yet, but I wanted to get your advice.
1) Going in on this with someone else. Finding someone who can also put down money on a downpayment means we can pay less interest, potentially get a more expensive property, split costs of any repairs, and split monthly mortgage. But it also means splitting the profits, and the decision making for repairs, tenants, etc.. We already briefly talked about buying with a high downpayment (30% of value), but I'm sure there might be a lot of headaches when doing this with another person.
2) Buying a fixer-upper or getting something that's already in good condition. I've had my fair share of binging HGTV, and seeing what's possible with renovations. But I don't have the knowledge to look at a house and estimate the cost to renovate a certain part of it. Do any of you have experience with this, and can speak to whether it makes more sense to buy a house that is already good to go for the most part, or getting one that needs a little TLC.
3) Getting my VA real estate license. This seems fairly quick, easy, and cheap. For a summer's worth of spare time, and around $300 I could have my license to buy/sell, seemingly eliminating the fees on my end at least. This 2% could be $8k saved, so I don't see why not. The only thing brought up by Jay was that the real estate agents can help you from buying a mistake house, something I couldn't necessarily do but would hope to do with ample research and inspections.
4) What to expect in monthly costs. Are there any good programs/websites you use to estimate the monthly costs of buying a house. I'm quickly realizing there is a lot more to consider other than the purchase price and percentage rate. Things like HOA, property taxes, etc that will be billed monthly. What is your rule of thumb? Not to have all of these costs combined go over 30% of your gross monthly income?
5) How did you decide on where you wanted to buy a house? Did you look at city plans for the next 10-15 years of highways, shopping centers, zoning plans, etc? What are some key considerations for your neighborhood and proximity to certain landmarks like metros, beltways, etc.
6) Tax heavens to look into for home ownership as well as mortgage payments. I'm sure there are things for first time home buyers, and many little ways to save money here and there.
Here's something I found in my 5 minutes on Zillow: https://www.zillow.com/homedetails/3215-...2087_zpid/
Seems like one where the neighborhood might be something that holds the price back in the long-run. Maybe I'm looking at it wrong though?
Get out of college, and start building assets as early as I can. Forget the fancy cars and bars every weekend, let me put money into something that will pay me back 20 years down the line.
I am looking around at prices and homes, and thinking maybe buying in the Alexandria, Arlington, or Falls Church area would be the right move. I want a property Ashburn-esque, meaning the neighborhoods, schools, etc will keep expanding even if that's not for another 5 to 10 years out. I have no real price in mind yet, but I wanted to get your advice.
1) Going in on this with someone else. Finding someone who can also put down money on a downpayment means we can pay less interest, potentially get a more expensive property, split costs of any repairs, and split monthly mortgage. But it also means splitting the profits, and the decision making for repairs, tenants, etc.. We already briefly talked about buying with a high downpayment (30% of value), but I'm sure there might be a lot of headaches when doing this with another person.
2) Buying a fixer-upper or getting something that's already in good condition. I've had my fair share of binging HGTV, and seeing what's possible with renovations. But I don't have the knowledge to look at a house and estimate the cost to renovate a certain part of it. Do any of you have experience with this, and can speak to whether it makes more sense to buy a house that is already good to go for the most part, or getting one that needs a little TLC.
3) Getting my VA real estate license. This seems fairly quick, easy, and cheap. For a summer's worth of spare time, and around $300 I could have my license to buy/sell, seemingly eliminating the fees on my end at least. This 2% could be $8k saved, so I don't see why not. The only thing brought up by Jay was that the real estate agents can help you from buying a mistake house, something I couldn't necessarily do but would hope to do with ample research and inspections.
4) What to expect in monthly costs. Are there any good programs/websites you use to estimate the monthly costs of buying a house. I'm quickly realizing there is a lot more to consider other than the purchase price and percentage rate. Things like HOA, property taxes, etc that will be billed monthly. What is your rule of thumb? Not to have all of these costs combined go over 30% of your gross monthly income?
5) How did you decide on where you wanted to buy a house? Did you look at city plans for the next 10-15 years of highways, shopping centers, zoning plans, etc? What are some key considerations for your neighborhood and proximity to certain landmarks like metros, beltways, etc.
6) Tax heavens to look into for home ownership as well as mortgage payments. I'm sure there are things for first time home buyers, and many little ways to save money here and there.
Here's something I found in my 5 minutes on Zillow: https://www.zillow.com/homedetails/3215-...2087_zpid/
Seems like one where the neighborhood might be something that holds the price back in the long-run. Maybe I'm looking at it wrong though?
Current:
13' E92 M3 Comp | 05' Yahama R6 | 95' E36 M3
Past:
14' BMW 335xi GT | 06' Porsche Boxster S | 15' Jeep Grand Cherokee | 84' BMW 733i | 85' Honda Shadow VT700 | 06' Acura TL