How do you afford a $350K plus home? (San Antonio, Highland Park: houses, buyer)

[loves2read]

maybe if you weren't paying for the private school tuitions and had moved into a neighborhood where you could go to public schools you might see more bankable money--and there are areas with 300K homes and good public schools...

[TimtheGuy]

Originally Posted by banker

It isn't so much how much your house costs or is worth. The more important thing is how much you owe relative to your total income. If you have cash to put toward a home (which is a long term investment) and can borrow at reasonable levels to finance the diference then you are making a sound decision. The responsible thing is to make sure that no matter what you are spending less than you make. Some people might spend less on a mortgage but go out to eat more or have nicer newer cars. I chose to save and spend my money on a mortgage. I am living below my means and looking at having a mortgage that is roughly two times my annual income. Being a credit officer in the banking community for the past 11 years I know for a fact that I am the exception. Most people live much larger than I ever have or will.

I agree with you Banker. You are in good shape and obviously know what you are doing. You are not living beyond your means and your advice is not "rough around the edges" IMO.

The posters saying otherwise are whacked.

[villasenoraf]

If you go to REALTOR.com - Real Estate Listings & Homes For Sale you can find alot of home for the price and the loacation. Here's some house.

250,000
4 Bed, 2.5 Bath
2,915 Sq. Ft.

Estimated Payment:
$1,206 Per Month*
Change Assumptions
Check Local Mortgage Rates


3020 GREAT SOUTHWEST DR
PLANO, TX 75025
MLS ID# 10821949
CINDY BAGLIETTO
Million Dollar Service in all Price Ranges!

Office: (972) 747-7653
Voice Mail: (972) 949-2210
Fax: (972) 359-6161


$254,900
5 Bed, 4 Bath
3,530 Sq. Ft.
Estimated Payment:
$1,229 Per Month*
Change Assumptions
Check Local Mortgage Rates


6012 BERTRAND DR
PLANO, TX 75094
MLS ID# 10780037



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6012 BERTRAND DR
PLANO, TX 75094
MLS ID# 10780037
$254,900
5 Bed, 4 Bath, 3,530 Sq. Ft.

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Beautiful house with 5 bedrooms and a study room. Has an open floor plan with wood floor on entry and family room, tiles on kitchen and bathrooms. All the bedrooms are big. Must see!!! Seller will give big screen TV and the media center piece(s). Just recently reduced $8000.00; so bring all offers!

This listing is brokered by:Citiwide Properties Corp.
Office (972)808-9988

[banker]

Originally Posted by TimtheGuy

I agree with you Banker. You are in good shape and obviously know what you are doing. You are not living beyond your means and your advice is not "rough around the edges" IMO.

The posters saying otherwise are whacked.

Thanks for the vote of confidence.

[momof2dfw]

Originally Posted by CallMeLaura

galore - Thanks! The dispenser (like the ones at gas stations) is less than two grand. I might be able to swing that by Christmas.

(Now taking donations for a popcorn maker )

Try Travis Mitchell Auctions in Garland on Dividend. They sell used restaurant supplies. We have bought several things from them including VERY nice refurbished drink cooler w/ the glass doors. It is GREAT for drinks and much better than the regular fridge as it holds more and with the slots for drinks to slide in they don't fall down. Here is their website:
Travis Mitchell Auctions - Home

As for them being illegal the ONLY thing that could possibly be illegal could be if the Co2 tank is not the persons actual property as in they RENTED it from a gas vendor. THEN you could have problems. If it is not an actual "owned" cylinder the name of the company on the ring is the ONLY company that can fill it. Any other person/compay filling it or swapping it out for you is doing so illegally.

You can get the bag in a box syrup from Sams or Costco and even Coke and Pepsi sell them to their vendors. Now just make sure you get the right mix of syrup to gas or else you can have some REALLY nasty tasting fountain drinks. Ohh, and if you ever hear a "swooshing" kind of air sound that means the bag in the box is empty and still hooked up. If it is not changed out or unhooked then it will use up all of your Co2. I love being in places and you hear that and you just know what it is and soon they are going to be made at their vendors for letting them run out of Co2, lol. Umm, try checking your bag in a box . Also have to make sure the gas is just right for beer on tap. Beers like Shiner and some of the imports need a different beer gas mix than what some will run for the standards like Bud and Coors.

I SOOOO WANT a frozen drink machine. I don't want the chintzy home froze smoothie things but a REAL frozen drink machine w/ more than one flavor. Something like this will do :
http://www.tmadallas.com/images/auctions/Joes%20Crab%20Shack/hlg2/Joes%20014_480x360.jpg (broken link)

Hubby bought a kegorator a couple of years ago and it is GREAT!!!!! We have ice cold beer any time. Everyone just has to like the same flavor .

Just give Travis Mitchell a call and tell them what you want and they could have it. And for a LOT less than new.

[Lakewooder]

What is the deal with those two story arch entrances? I thought those were passe' even in the suburbs. I'd be incensed if they built one of those next to me..

[lh_newbie]

Originally Posted by banker

It isn't so much how much your house costs or is worth. The more important thing is how much you owe relative to your total income. If you have cash to put toward a home (which is a long term investment) and can borrow at reasonable levels to finance the diference then you are making a sound decision. The responsible thing is to make sure that no matter what you are spending less than you make. Some people might spend less on a mortgage but go out to eat more or have nicer newer cars. I chose to save and spend my money on a mortgage. I am living below my means and looking at having a mortgage that is roughly two times my annual income. Being a credit officer in the banking community for the past 11 years I know for a fact that I am the exception. Most people live much larger than I ever have or will.

Just remember you can't make everyone happy all the time. You could owe nothing on your home and someone would say that is a stupid strategy and you should leverage your home. You can't win.

FYI: Our mortgage is just under 1x our combined salaries. I hear you here. It's amazing in CA how some folks have 500-600K mortgages when they make $100K. I just can't fathom that type of strain on our budget.

[lh_newbie]

Originally Posted by Lakewooder

What is the deal with those two story arch entrances? I thought those were passe' even in the suburbs. I'd be incensed if they built one of those next to me..

And you'd make an enemy of that neighbor with no legal ground to stand on unless you have a neighborhood stabilization overlay, are in a conservation district or are in a historic district.

Brian

[banker]

Originally Posted by lh_newbie

Just remember you can't make everyone happy all the time. You could owe nothing on your home and someone would say that is a stupid strategy and you should leverage your home. You can't win.

FYI: Our mortgage is just under 1x our combined salaries. I hear you here. It's amazing in CA how some folks have 500-600K mortgages when they make $100K. I just can't fathom that type of strain on our budget.

True. I have heard that. We too are under 1X our single income - wife is a stay at home mom. We currently owe about $65K on are first starter home my wife and I bought back in 2001 for $113K - which is now worth between $160-170K. Many people have been telling us for years that we need to move to get the equity out. We bought it on a 15 year mortgage with the sole purpose of building up equity for us to one day move into a larger nicer home. Now we are considering building a house first of the year to move in next summer. That new house would give us a mortgage of about 2X our income - right at what we did when we bought our current house. Real estate prices rise every year. At some point you have to move upstream and take the hit. We need more room as we have a small 1,700 square foot 3br/2bath house. More kids on the way - so a four bedroom home is needed.

I know you can't please everyone all the time - so I try to do what is best for my family in the short and long term. Which right now means buying a newer more expensive home.

[banker]

Originally Posted by Lakewooder

What is the deal with those two story arch entrances? I thought those were passe' even in the suburbs. I'd be incensed if they built one of those next to me..

True - when my wife and I were looking for trac builders and floor plans we avoided builders that did that - as they look so - 90's. We want a large front porch - with a one story roof. It gives a more inviting and welcoming facade on a two story house to have a one story porch/entry. I don't need to have a big facade to impress someone.