Wish me luck...

[ActiveAero]

...on my mortgage application :D . I went to the bank today to get the ball rolling on purchasing my (hopefully) new place. The mortgage agent said everything looked pretty good and she doesn't think there will be any problem, but I have to get together a few more pieces of information to finalize it all.

The prospected new place: A brand new (still under contruction actually) Sunset Bay Villa Condo on Yacht Club Rd over looking the Bay/Gulf in Daphne. 2 bedroom 2 bath, approx 1100sq/ft living area with a pretty massive garage (easily two cars and then some). It's a gated community with a private lake and some salt water pools (I think salt at least, but maybe fresh). Not to mention being 300yrds from the bay which is pretty sweet.

I'm purchasing the place to live in (obviously) but also as an investment. I'm shelling out $105,000 for essentially a 1,080sq/ft apartment which is pretty expensive but even at the current rates of rent I could turn around and make a profit. My mortgage payments with tax/insurance should end up less than $650 a month :bubbrubb: I called a guy that is renting out one of the 3 bedrooms places and it's going for almost $1,200 a month :O . I know my 2 bedroom would be less but I'm sure it would rent for $800+ a month at least.

I don't really care about all of that right now. The main thing is just getting the deal finalized and having a place all to my own thats actually mine. I just couldn't bring myself to throw away money renting an apartment.

If it all works out you guys will be invited to the grand opening and can crash anytime. Spring break isn't far away so some mild partying might be in order.

< pretty sure he just jinxed himself and will witness a comet destroy the condo complex.

[s4orce]

good luck !

[Jon|Hazan]

wow that sounds great! Good luck man

[Adam]

Is that $650 including your mortage insurance or your home owners?

I'd imagine the rates down there have risen just a little bit since the summer of God's rath

[Jess]

Congrats and good luck and fuck you for possibly getting a garage!

[1.8t]

Awesome bo, now you can finally bring them hoes home.

[A418t81]

Brock, my place was a touch over 100k also and my total payment every month when I factor in taxes and ins is right around 750. Its 550 for the house, ins is 900 a year, and taxes are 450-500. I would assume it is going to be similar for you if not higher for ins since you are 300 yards from the bay.

[Zx RaTeD]

may your luck be good! ; )

[phillyd]

Smart move buying instead of renting!!!As long as you have a decent credit score and good debt to income ratio you should be fine....banks love to sell debt.

I bought a house here in Auburn back in Oct ...1630 Sg. ft. 3 bed 2.5 bath on 1/3 acre, for 129,000...right by Auburn High School. I am investing about 10K in remodeling it and it should be worth close to 160,000 when I am done remodeling it. Only think it lacks is a garage, but there is plent of room in the back yard to build a nice size 2 car garage/shop. :cool:

[ActiveAero]

Brock, my place was a touch over 100k also and my total payment every month when I factor in taxes and ins is right around 750. Its 550 for the house, ins is 900 a year, and taxes are 450-500. I would assume it is going to be similar for you if not higher for ins since you are 300 yards from the bay.

You would normally think so but the key factor is I'm a condo and share a the same roof with 4 other units. Land taxes and insurance are accordingly much cheaper due to this. Each owner pays a community fee which includes cable, water, dock use, etc that also covers land tax and outer insurance. I'll only need to purchase basic fire insurance for the inside to have everything taken care of.

Total costs will off course top over $650 but the actual ownership will ring out to around that area.

Your math doesn't seem right anyway. 550 mortgage with 900 annual insurance and 500 in taxes comes out to $670 a month.

[Anderson]

Be sure that your associations insurance covers your belongings, the paint on the walls, light fixtures, cabinets, carpet and basically anything that isn't part of the structure. If it doesn't, when hurricane season comes through next year, you will be SOL as I have seen many a families homeless because all they thought they needed was basic fire. So be sure to cover all your angles including catastrope's (hurricane, flood, tsunami) Congrats on the purchase by the way. I can't wait til I can get a place of my own with a garage, my only requirement.

[A418t81]

You would normally think so but the key factor is I'm a condo and share a the same roof with 4 other units. Land taxes and insurance are accordingly much cheaper due to this. Each owner pays a community fee which includes cable, water, dock use, etc that also covers land tax and outer insurance. I'll only need to purchase basic fire insurance for the inside to have everything taken care of.

Total costs will off course top over $650 but the actual ownership will ring out to around that area.

Your math doesn't seem right anyway. 550 mortgage with 900 annual insurance and 500 in taxes comes out to $670 a month.

Doh, actually, you are right. I don't use every bit of the 750 that comes out of my account every month but I did forget the 50 dollar association fee every month which bumps it up to 720. Either way, schweet deal man and I hope everything works out for ya :)