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Using Equity to Purchase New Home

Discussion in 'General' started by redtailracing, Sep 1, 2024.

  1. Mongo

    Mongo Administrator

    Same. Or live in the rv :D
     
  2. auminer

    auminer Renaissance Redneck

    :D
    I already paid cash for my next house.

    Still owe over 350k on the one I'm living in, though.
     
  3. TWF2

    TWF2 2 heads are better than 1

    That is not your next if you already paid for :Poke::)
     
    auminer likes this.
  4. njracer

    njracer Well-Known Member

    I'm in central NJ and the prices on homes are freaking crazy. This one is around the corner from me was listed for $675k (taxes are $8400) and went under contract in less than 2 weeks (good location and good public schools). I'll bet it sold for something like $725k-$750k. 4 Elmwood Pl, Old Bridge, NJ 08857 | MLS #2501421R | Zillow
     
  5. Hawk518

    Hawk518 Resident Alien

    I am in the closing stages of a borderline property, it at $400K.
    I am just not a loan-type.

    The real decision was associated with the exisinting Condo.
    To sell or not, or to rent or not.

    For now, I will keep the Condo for the occasional escape.
    Bought the house in the event I have to return to Miami (and an alternative to get rid of my storage units).
    It also provides a place for my dog which is currently not allowed in the Condo.

    The Condo market in FL is going to be interesting going forward.
    New laws came into effect as a result of legislative response to the event in Sunny Isles.
    The new requirements are going to be tough on individuals that are on fixed income.
    Minimum Reserves and new inspection mandates.
    The folks in Tallahassee may be forced to revisit their policies.
     
    Last edited: Sep 3, 2024
  6. R1Racer99

    R1Racer99 Well-Known Member

    That house is so Jersey.
     
  7. ahrma_581

    ahrma_581 Well-Known Member

    Paying for that high maintenance, supermodel wife/girlfriend.
     
    motion, auminer and Hawk518 like this.
  8. Venom51

    Venom51 John Deere Equipment Expert - Not really

    Does it count if you bridge loaned it and never made an interest payment?
     
  9. auminer

    auminer Renaissance Redneck

    Yup. You were the baller I was thinking about when I posted that. You landed a badass house and you did it right. :beer::bow::beer:

    I need to go find that post and look at that zillow listing again. #drool

    My next house ain't got shit on yours!

    But, it's mine free and clear other than the taxation entities. :mad:

    https://www.zillow.com/homedetails/6903-9th-St-Lubbock-TX-79416/65383704_zpid/
     
  10. cpettit

    cpettit Well-Known Member

    My wife is a realtor and she told me about 10 months ago the time was right to sell. She said we should list it in may when kids were getting out of school and parents were keen to move blah blah. So we put the power play on some renovations we’d been thinking about (started between Christmas and new years) and did the basement, kitchen, laundry room and a few other small projects. Finished up about 3 days later than our target and she got some high level professional pics and drone shots and got it listed. Sold it in 24 hrs for 50k over asking price and more than twice what we paid for it. Cash buyer, no inspections and we got a month occupancy. Had to heat a little humble pie and admit she was right and I should listen to her more often.

    Now my problem is…. I have money to buy another house but I don’t wanna spend it because well, I like having money. Also I’m tired of my job. I’m in a middle aged pickle.
     
  11. auminer

    auminer Renaissance Redneck

    First World problems... :D
     
    cpettit likes this.
  12. R1Racer99

    R1Racer99 Well-Known Member

    Not a bad house and it’s cheap but I can’t think of many places I’d rather not live than Lubbock.
     
  13. motion

    motion Nihilistic Member

    Sure am glad I bought my Montana shack 17 years ago. Taxes are still low. Insurance is edging up tho.
     
    Razr likes this.
  14. auminer

    auminer Renaissance Redneck

    Good. We don't want your kind there.
     
  15. nigel smith

    nigel smith Well-Known Member

    Electrical work could bankrupt you, though.
     
    TurboBlew and motion like this.
  16. R1Racer99

    R1Racer99 Well-Known Member

    :crackup:Understood. But I still don’t understand a redeemable quality of that city.
     
    Last edited: Sep 3, 2024
  17. YamahaRick

    YamahaRick Yamaha Two Stroke Czar

    I feel the same about Harleys.
     
    Once a Wanker.. likes this.
  18. auminer

    auminer Renaissance Redneck

    Low cost of living and world class health care are really all we needed. Close enough, but still far away enough from family.

    Tell me; have you ever actually been there? o_O

    The world is small enough that where you home base is irrelevant for where you can get to within 24 hours.

    It's cool, though... Your attitude towards the place is not unique. It helps to keep it affordable. For now.
     
    Phl218 and tony 340 like this.
  19. StaccatoFan

    StaccatoFan Our National Nightmare is over

    It’s not in Minnesota. That is enough. There are no tampons in any men’s rooms in Lubbock.
     
    MELK-MAN, mike w and brex like this.
  20. R1Racer99

    R1Racer99 Well-Known Member

    I was there when I was a kid, maybe it’s different now but I just remember boring and hot.

    I want to move somewhere warm but the woman won’t let me, I use the same argument that it’s a cheap flight when you want to see your family but she refuses. I also want to move to the Dominican or Costa Rica if November turns out how y’all it to but she says no to that too, if there were no kids I’d be outta here.
     

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