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Old 01-23-2007, 06:31 PM
 
Location: Living in Paradise
5,702 posts, read 22,233,485 times
Reputation: 2986

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Quote:
Originally Posted by Need_affordable_home View Post
The banks sometimes overqualify you for a mortgage that is higher than you can afford. I know a true story of a couple that qualified for like $300k but they only took out $180k and are still struggling to pay that mortgage. Had they taken out $300k they would of been forclosed in no time! A good rule is not more than 25% your gross income or 3x what you gross annually. I know that when I start making $30k a year being self employed, I would be looking at houses around $50k. I know I wouldnt be able to afford much more than that on $30k a year. Theres a reason why forclosures are skyrocketing
Great point!!!!

The internet provides many resources to define what the bills will be if you purchase a home. Remember this is business transaction, no emotions are allowed. Just like purchasing a car , some are as follows:

Tax calculator visit the Property Appraiser website
Morgage calculator available from banks, credit unions, morgage lenders
Contact your local electric and water companies
contact garbage company: (check all that service your area)
Homeowners insurance: get as many quotes as possible and compare. If possible combine other insurance policies (auto, home, life, etc)
Contact an insurance broker for assistance, free service
Telephone company or cell phone provider
Internet provider
Cable or satellite provider
Find out about association fees
Compare realtor fees, not always the more expensive is better. See if you have sufficient skills to do it yourself with the help of the lender. Can reduce cost of home or fees.
Find out about on going county issues, bill, etc that can affect your future home and wallet
Schools ratings
Crime Rate
Future development of the area
Sex predators in the area
and everyone else can add what they think that is important...

Take the time to evaluate your financial situation and be realistic, otherwise you are reaching for the sky and you only have means for the ground level.

Another important area is WHY are you buying? If you got to buy, let it be on your terms. The traditional Florida concept is not in the market anymore. Look at your transaction as a financial decision, if you place emotions you will pay way too much.

Take time to do research, check the public records (Property Appraiser), copy the data and transfer to an excel file and compare sales within that area. Many folks are asking 35 percent over the true value of the housing just because everyone is doing the same. Make your offer 35 percent less. This in a $200K is $75K additional (200 + 75= $275K), and proceed from that baseline. Is your money, don't give it away.

Become a seller, rather than the buyer. Ask this question, why should I spend $250K in this home? Use a reverse approach, many individuals make a killing by reversing the roles, lots of research but saves you money.

Good luck.....

Last edited by sunrico90; 01-23-2007 at 06:37 PM.. Reason: added info
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Old 01-23-2007, 08:30 PM
 
251 posts, read 806,805 times
Reputation: 122
Quote:
Originally Posted by rperreta View Post
Here is a big problem... Every one runs from NY or any other state to FL to live the dream of paradise. Wake up, you still have to work, your still going to have bills and you can't go there as a gas attendent looking for paradise. Get yourself a respectable career and then move. There is no glory anywhere in this great country of ours, we all have to work for the things we want. Florida wouldn't have such a bad rep if people relized that it's a state like everywhere else and you can't go there expecting anything for free! These posts kill me about jobs making 7.00 an hour... what do you expect if you have no trade or prefession. Save up some money and open a business, at least you can do that there cause here in NY you need to have major $$$ to do anything... That's the biggest difference... Of course you going to get paid less, it's called balance or better know as AMR - Adjusted Market Rate.
As a Florida "Cracker", and with a long list of credentials and a nursing license. I could not make enough money in my "professional" career that I traded in my nursing cap for a home based business that now allows me greater freedom and a MUCH larger pay scale. My point is in Florida it doesn’t matter how much education you have, it is a "low wage paying state" and a "right to work state" therefore jobs pay poorly and they can get rid of long term employees at will! Here's a good one for you. Before I left the practice I was working for, to reduce payroll they lowered everyone pay by 40% to 60%, so those who had worked for this doctor for 20 plus years that were making $20 to $30 an hour were reduced to $9 to $12 an hour. One of my best friends went from 25 years of employment at $36 an hour to $11 an hour. As you may well imagine she quit. I left before all the dramatic salary cuts as I new they were coming! WATCH OUT if you move to Florida!!
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Old 01-23-2007, 08:48 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,975,010 times
Reputation: 991
Let me add that I cant get a job paying over $10 an hour in Florida. I applied for $15 plus jobs and none of them even called me for an interview, they were busy hiring those willing to work for $10 an hour. Add to the high costs of living and I would be homeless if I stay in Florida
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Old 01-23-2007, 09:03 PM
 
Location: Living in Paradise
5,702 posts, read 22,233,485 times
Reputation: 2986
Quote:
Originally Posted by Need_affordable_home View Post
Let me add that I cant get a job paying over $10 an hour in Florida. I applied for $15 plus jobs and none of them even called me for an interview, they were busy hiring those willing to work for $10 an hour. Add to the high costs of living and I would be homeless if I stay in Florida
Refresh my memory what is your trait?
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Old 01-23-2007, 09:10 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,975,010 times
Reputation: 991
Quote:
Originally Posted by sunrico90 View Post
Refresh my memory what is your trait?

Graphics designer and computer technician. I can make much more being self employed, I dont need those $10/hour jobs, no one should be willing to work for so little money, especially in a state with such high costs of living
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Old 01-23-2007, 09:39 PM
 
Location: Florida
540 posts, read 1,122,635 times
Reputation: 165
Quote:
Originally Posted by macguy View Post
Your friend makes closer to $16.00 if you figure the number of hours a day that are dedicated to the job. As far as I am concerned, until my time is again my own I am still on the clock and that includes travel time. It should be taken into account when figuring what you are actually making. One may discover they are trading their life away for what turns out to be a small paycheck.

Your time can really be squandered if you don't watch out and you can't get it back. You are only allotted so much before they put you in the ground. I had this argument a few years ago with my wife. She would go to the post office every day as part of her business day. From the time she left the house, stood in line, took care of business and returned it was at least an hour. You know what that comes out to? 5 hours a week or 20 hours a month. 1/2 of an entire work week spent going to and standing in line at the post office. Not only that, but she went the worst hours you could go when they were the most busy.

It is always worth doing a time inventory every once and a while when you are in business. You will often be shocked where it all goes and discover why you are always strapped for time, so much is just plain wasted.
And do not forget about the cost of gas in the 90 min trip. So what do they really make per hour?
Florida does have pros and cons, just like anywhere. The minimum wage is just $6 something, who can live on that? That is why most young people start out waiting tables here, the tips can be pretty good, depends on where you are.
If you weigh everything, the cons now out number the pros. Unless you have a decent job, making more than $40,000, you may not be able to make it here. If two wage earners, you might.
Teachers are in demand here, but only start at 35,000. or so. I guess if you are a good budgeter, you could do it. Fixed income seniors are moving out now. Unless you are wealthy, it is getting harder to retire here.
Have been here for over 40 years, and I am ready to get out too. Maybe I will rent out my house for $1500-2000 a month, pay the mortgage, and still be able to buy another home somewhere else? The rents are getting very high here.Sounds good to me.
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Old 01-23-2007, 09:41 PM
 
Location: Heartland Florida
9,324 posts, read 23,756,356 times
Reputation: 4900
Self employed isn't a guarantee of good income. I have had ups and downs, and lately a lot of downs. Here's the qustion, if all the jobs on average are low paying why are housing costs so artificially high? Could it be from the arrogant attitude of entitled northerners and wealthy corrupt south Americans? Maybe it's just the stupidity of the lenders/borrowers.

As for me if I leave this state I am looking for an "up and comming" area. Someplace with lots of energy to be harnessed, or new industries. You Florida fantasy people can continue to praise the rising costs while I figure out how to make a real difference rebuilding the American income stream. Real estate is a liability that just will burn your "gains" in sky high taxes, insurance, maintenance, just to be flattened by a wonderful hurricane.

Energy is the money maker of the future, forget about real estate!
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Old 01-23-2007, 10:00 PM
 
271 posts, read 849,412 times
Reputation: 151
Quote:
Originally Posted by SunshineState View Post
it is a "low wage paying state" and a "right to work state" therefore jobs pay poorly and they can get rid of long term employees at will!!
"employment at will" is a very common law in most states, not just Florida. Now do realize that employement at will goes both ways, you can walk out at any instant without warning in many states...


As far as not getting paid enough, it is all about "living below your means". Little old ladies living on $800/month SS checks have single wide, $15,000 home in a tightly packed FL community. THe don't have $60-$100 cable TV expenses each month, $30 Internet, the latest Ipod, leased gas guzzling autos, $300/month in entertainment and eating out splurges, etc. Perhaps more people should study little old ladies.......if they really wanted to stop spending money where not absolutely necessary.


Good luck...

Siberia
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Old 01-24-2007, 12:17 AM
 
Location: So. Dak.
13,495 posts, read 34,013,292 times
Reputation: 15058
Siberia, that makes a lot of sense.
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Old 01-24-2007, 05:42 AM
 
Location: Central Florida
800 posts, read 2,807,149 times
Reputation: 305
Quote:
Originally Posted by Need_affordable_home View Post
The banks sometimes overqualify you for a mortgage that is higher than you can afford. I know a true story of a couple that qualified for like $300k but they only took out $180k and are still struggling to pay that mortgage. Had they taken out $300k they would of been forclosed in no time! A good rule is not more than 25% your gross income or 3x what you gross annually. I know that when I start making $30k a year being self employed, I would be looking at houses around $50k. I know I wouldnt be able to afford much more than that on $30k a year. Theres a reason why forclosures are skyrocketing

Foreclosures are rising because many bought new construction, saw prices rising and decided to buy a few more places thinking they'd sell before or shortly after closing and have not sold.

This is why builders now in my market are limiting investors in their developments.

Then add on top all the 125% loans approved and it's pretty easy to see why foreclosures are rising.

Smart people look at what they are comfortable paying and make any decision based on that and not on preapproval numbers. Preapproval numbers represent the max a lender will approve. Buyers must make the final decision.

Realtors and mortgage brokers often do not look at what the current housing expenses are against the "new" housing expenses and warn clients of payment shock.

Another thing they often fail to do is to base those new housing costs on the current data. In Florida, if someone were to buy my house today, their taxes would be about $4800 more than I pay. That's $400 a month in unexpected escrow payments if you don't do your homework! I advise my clients to call the county for an accurate estimate of taxes based on sales price BEFORE they sign a contract to purchase the property. I also tell them to get their insurance quotes. If it's my listing, I get quotes at listing. Then they have all the facts to determine if they can afford the property. This is not only good advice for buyers and agents but for those trying to sell by owner.
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