SKATE NEEDS A HOME "FIRE SALE" PRICE CHECK.

[GohanX]

I'm learning a lot about how to buy a home uitb



I mean but isn't that the case for every loan though? Don't most people who buy homes do it on a 30-year loan or something? It's embarrassing how little I know on this subject but since we're all here I'm ready to be humiliated as long as someone tells me the secret to how to buy a home.

Well when you pull money out of a 401k (even if it's a loan you are paying back with a small interest rate) you need to consider that the money you pulled isn't earning interest, and when you compound that for several years until retirement the loan was way more expensive than most people think.

 

[mjmjr25]

I assume it is a loan against the 401k, so he has to pay it back with interest. Otherwise, cashing out early would not be wise.

There are different rules for 401K loans - through mine there are lower loans for first time loan, homebuyer loans, etc.

On home loans you actually keep your money in there, so if you have 150K and borrow 100K at 5%, you can actually come out AHEAD assuming your return is over 5% during the term of the loan.

 

[sr20det510]

There are different rules for 401K loans - through mine there are lower loans for first time loan, homebuyer loans, etc.

On home loans you actually keep your money in there, so if you have 150K and borrow 100K at 5%, you can actually come out AHEAD assuming your return is over 5% during the term of the loan.

I personally didnt take out money from my 401k, because I was told that I would be paying myself back with taxed income. The money that has been going into the 401k was pretax, so true cost of loan would be higher than I thought.

But after reading MJ's post, I guess it really depends on the terms available to the borrower.

As long as Skate is happy with his terms then everything is gravy.
Hopefully his new home is everything he wants and more.

 

[skate323k137]

Ok, sounds like a loan was what he did, and the way to go in this scenerio.

When I tried to get money out of my 401k for a home, I was told I could borrow up to half of my 401k, and pay myself back at 2% interest. In addition, the max loan length would be five years.

I was also told I'd get penalized for a taking out money directly, and later I'd have to claim the money as income, and pay taxes on that.

I read somewhere that Trump wants to change when 401k money is obtainable without a penalty. Meaning he wants us to be even older when we can take out our money.

This is legit the truth.

Our new investors fired our T of a boss when they realized he was an idiot.

They lifted our FHA restriction and I'm all good.


NOW, BRO UPDATE!!!!!!!!!!!!!


I AM FUCKING BUSY.

But. I know my deals, please allow me till tuesday to close them (sorry if I'm late, sincerely... I just had to beat 1000 other offers and I JUST got news I got accepted with reasonable but responsible budgets for everything we need and like 80% of the wants, without even going over my current rent.)

SO. Again, I will get back to you all. Sorry for my absences, but... I just won the best scoop of my life.

1920 lake home. I am legitimately the 2nd family line in history to own it and 3rd recorded sale. Everything was built by someone with a MANSION somewhere else. Already. And I get to improve it.

So. If you have a 401k you think you cannot touch, and you are renting. The words FHA are your ticket home. FUCK YOUR CREDIT SCORE KINDA.... you need to have history, accounts, etc. But if you have the 401k as a cash down payment the rest is details till you refinance if you are responsible.

Love you guys and CANNOT WAIT to show you this house in 6-12 weeks.

Cheers.

 

[ChopstickSamurai]

That sounds amazing. Can't wait to see some pics! Congrats again!

 

[sr20det510]

Congrats, I'm glad your offer was accepted, and you get the house you really wanted.

Enjoy your new home!

 

[skate323k137]

Scoops talking:

Now that I googled the old owner..... My first $112,000 house is a well off mans mothers or grandma's house and it's mine to inherit. Kinda symbolic that my dad stole every dime along the way and I still ain't even mad.

I'm financing it. My wife made sure the realtor could handle me during the greatest scoop ever.

It's my families new lake home. We just live there, soon.

 

[sr20det510]

Scoops talking:

Now that I googled the old owner..... My first $112,000 house is a billionaires grandma's house and it's mine.

I'm financing it. My wife made sure the realtor could handle me during the greatest scoop ever.

It's my families new lake home. We just live there, soon.

If it was owned by a by wealthy people the house will lots of custom features, and most likely lots of character with all those touches.

Does it have lots of woodwork?

 

[fenikso]

'Grats on your new home!

 

[max 330 mega]

Congrats on the home dude!
This kind of has me wondering if I can take money from my IRA under the same circumstances...

Sent from my SM-G950U using Tapatalk

 

[skate323k137]

Guys if you are wondering if you can house just look. I started poor with a master thief dad. And a master loving grand father. My dads impatience allowed me to complete the offer quickly. My wife kept me in line to beat the next offer by less than an hour.

I looked up the man but he would not want credit. Great man. Allowed me his home for a smooth sale as the only condition aside from "you earned this" metaphorically.

 

[LoneSage]

How many years will it take to pay the mortgage off the rest of the home? And what's a good down payment?

 

[The_Chosen_One]

How many years will it take to pay the mortgage off the rest of the home? And what's a good down payment?

If you are talking in general not specific to skate, 30 yr and 15yr are the most common. 15 is the much smarter one for most people but obviously higher payment.

Down payment, 20% is ideal. It lets you avoid PMI (mortgage insurance you have to pay for). 20% is a lofty goal though and takes some early planning/saving.

 

[skate323k137]

FHA got me in. I'll refi it when I can.

I have a 30 yr loan I can hustle off in 20 or less. Or that's the plan.

I was in the position to do this but it's a unicorn of a home. I would have sold my whole arcade and started over just for the land alone. Not kidding.

 

[skate323k137]

Also a lot of you helped but I'm in triage mode before I cut off online sales or see if I can responsibly continue them right now. Again all existing deals ok by Tues. But to uphold by reputation I may need to turn off the ebay store and add an expected delay to brodeals that I really don't like doing but can.

 

[bubba966]

But to uphold by reputation I may need to turn off the ebay store and add an expected delay to brodeals that I really don't like doing but can.

Pretty sure anyone you've got brodeals going on with is gonna be more than fine with a delay considering the circumstances.

And if they ain't fine w/it then I'd say they shouldn't be gettin brodeals...

 

[LoneSage]

If you are talking in general not specific to skate, 30 yr and 15yr are the most common. 15 is the much smarter one for most people but obviously higher payment.

Down payment, 20% is ideal. It lets you avoid PMI (mortgage insurance you have to pay for). 20% is a lofty goal though and takes some early planning/saving.

This is interesting information. Anyone have any other insight about buying a home they'd like to share?

 

[skate323k137]

MODS:

I request this thread removed from public view at least. I'm under going identity theft attempts. I am fine. If you're worried at all, hit my paypal email.

 

[LoneSage]

this thread is a rollercoaster

 

[skate323k137]

It really is.

This is the real doll of a life time.

Pics are legit a while out.

The real problem is some idiot tried to phish me during closing and I won.

Twitter won't even answer my email, while he is still after other rich looking and/or local ppl. Here's the guy... https://twitter.com/keeganmichealk1

His game was "free tix, this is my private DM acct, but what street did you grow up on."

Probably a bot level attack using the closest celeb it could find, but despite over reaction I would kinda like this off google till this cools down.

 

[skate323k137]

Pretty sure anyone you've got brodeals going on with is gonna be more than fine with a delay considering the circumstances.

And if they ain't fine w/it then I'd say they shouldn't be gettin brodeals...

You right, i just feel bad if I get behind. I think I only have a couple left to catch up on now.

I am a little off, because I am behind on sleep sealing this scoop.

 

[skate323k137]

Guys, this really is not a troll.

If ANYONE thinks it is, this is where I need my real friends who think it's not me to start proving that it is.

My mental health is fine, I'm just getting phished a lot right now. If this thread disappeared for a while, whether or not I'm over-reacting, it will help me recover.

I genuinely appreciate everyones concerns; I'm exhausted. Chat bros snapped me out of it.

Still gonna PM rot though to at LEAST move this to the sales area for my safety.

 

[skate323k137]

Thanks Rot. Ask freely again boys. Defcon response to ant sized problem (i hope... still changing PWs).

Glad we got it here for history, to free me of creeping eyes. I do promise it's important in the grand scheme of my home sale.

Also, reporting this bot is now kinda necessary to get it offline: https://twitter.com/keeganmichealk1

 

[skate323k137]

Day 2 back on earth.

What is documented here is when a handy man finds a dream home, that was meant to be a treasure hunt.

Due to a basic phish attempt I was forced to take all legal protections, to protect the current owner. Sorry for all the panic.

Closing set in Nov some time.

 

[mjmjr25]

I have no idea how to interpret the above. I enjoy my 1980's basic PC / internet / identity fraud knowledge.

It sounds like whatever the issue was is resolved and business as usual?