About to purchase my 1st property in D.C.
 

...in 11 months


God willing...


Man...my bros at work have been pushin me to step my game up...livin in apartments ain't cuttin it, esp. if ur payin like 800-900 a month to rent when you can own.


Well...I decided I want to purchase a Condo in down town D.C. The loan offers are steep...My credit isn't sterling...So, I have to put down a good chunk for a down payment...

I have it calculated to have enough to secure this loan in 10 months. And, in that 10 months, I plan to work to improve my credit so when I re-apply next July, I can get an even better deal.

I don't know how safe this is, but I plan to invest aggressively in my company's 401 K for the next 10 months to maybe speed the process along. They match my contributions by 6%.

Well, I'mma be on a budget for the next year. But, in the end, I'll own my own shit!

its not a good idea

Yea...Jus thought about that


I can invest conservatively and still reach my goal

Only thing is possible tax penalties when I yank this money out in July of 07


Imma talk to some people and see wuts the best course of action.

Who da fuck cares? We don't need no damn play by play...


*PEOPLE*

Stop treating RV like your life..we don't need to know every fuckin' thing!

m eazy why do you remain here if you dont like/how people use RV?
you complain about people using RV to speak about there life, while all you do is complain about it!

Do you relise spenind more time complaining is worse than actually being complained about.

If its seriously effecting you that much that you feel the need to post about it, then logg off.

:)

if its the same in the states as it is in canada - I would invest in a way that doesn't involve tax implications AT ALL. This can be done numerous ways, as conservatively or as aggressively as you want. (GICs, Bonds, Mutual Funds, Stocks) You do NOT want to be dealing with tax penalties, which in some cases cost more than the profit you will make from some very aggressive investing. (meaning, you might as well put the money in your piggy bank) word.

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Oh no...I was just bored and decided to write something. I am sorry if it offended you. Wouldn't want to get on anyones bad side!


lol

Depends if you plan on selling it Q.

Interest rates are climbing higher and higher and most people just rent because it is cheaper in the long run. Look at how long it will take to pay back the loan you are taking, the interest rates, is it permanent or can it be changed (Most change), etc...

You pay $800-$900 a month rent?

wtf! That must be some apartment man, that's pretty steep.

^^Yea...thanks...Imma sit down and talk with the financial guy today and devise a plan...

I heard some of those tax penalties can run over 10%...NO WAY!




And REV...yea...u know I plan on sellin home boy...esp. since the area it'll be in won't be far from the new National's stadium, which they won't be done with until after next year some time...or around that time...As far as the offers go, a few were 15 year while some were 30 year mortgages...6% Interest rate. DUnno how good/bad that is yet until I compare and talk to other people who've bought property.

Good luck with this shit man.....I know it's tough trying to buy a house or condo or whatever. Just make sure you are in a place that will appreciate in value instead of depreciate for when you want to move or whatever :thumbup:

^^Thanx...anything in DC appreciates




basically...they're developing everything




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renting is one of the most retarded things ever to do....IF u plan on staying there for a sufficient amount of time....

people dont realize you can own for the same price as rent....maybe a small amount more...maybe a small amount less if your lucky.....

and it may be diff in DC...im not sure...but i bought my condo for $50,000 and spent about 10 thousand in fixing it up.......*im sure 50,000 wouldnt get u shit in DC...its a lot diff in the south..u can get more for less*

but yea..in the end...im paying 500 a month to own...i have 2 friends renting out from me...and im paying extra on it every month......they cant tax any extra money you put down on it.....so if u can...just pay like 100 bucks extra...*more if u can*....and itll be paid off pretty quick....i plan on having my condo paid off in 5 yrs...at the most....

so yea man...definitely try to get u something to own...it pays off in the end....

^^HOw can u own a condo if ur under 18?



and, the condo Im goin for is around 190-200,000




And, the financial consultant told me I cud get 100% financing if I up my credit score by jus a few points. So, I'm opening a line of credit and in 6 months, God willing, I'll have that loan.


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im not under 18....in 19.

and yea i know property in DC is TOOONNNS more than it is here..ive been quite a few times.....people get fuckin ripped up north...its rediculous.........i should take pics and show people what u can get for 60,000 in the south.......

its pretty crazy...i think youd be surprised....but good luck on it man...itd def. be a smart thing to do

^^No doubt

preciate it







Congrats on havin ur own place too...I'm pissed tho...So many people own their own shit and act like they don't...Imma be happy as hell.

lol



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hell yea man...its something to be PROUD of...

you best believe when someone walks in and thinks its an apartment or a condo im renting out....ill be like pfffff your crazy as a crack baby...i own this joint lol....

its def not a secret...im proud of the fact im 19 and own a condo...so im def. not gonna be hiding it....its an accomplishment............especially if u own one with the prices in DC....thats really something to be proud of

yep...and that price is for 1 bedroom...

imagine if I went for somethin more lavish

It's only me tho

gonna be my bachelor pad


haaaa

shit.....out West....Up North....you guys cost of living is rediculous.....come to good ol Tenneseee.......we'll fix ya right on up..i reckon

HOLY SHIT!...lmfao 200 thousand for 1 bedroom?...fuck that...

my 50,000 dollar pad is 2 bedrooms...2 stories...1 and a half bathrooms...fireplace...deck on the back...and a balcony in the back that overlooks the river........

damn @ 200 for 1 bedroom...

thats the Tennessee way right there.....ya reckon... :thumbup:

^^It's down town DC baby!


lol


view is great

Plus, it will be worth SOOOOOOOOOOo much more in the near future. They are developing everywhere, not to mention the new Nationals Standium they're building.

yea i do reckon shawty

^^One of the first things Imma do is turn the den into my movie room. I've wanted to do this for a LOoooooooooooooooong time.

Imma get a projector and a huge white screen...

Paint the walls BLACKS

Black carpet

Black or deep velvet curtains

Overstuffed Love seat or Lazy boy type chair

Sub woofer built in under the seat


Man...I can see it now


and u KNOW the surround sound will be bangin

i dont know about america but here if u wanna buy a place u need to come up wit bout 20grand(euros) downpayment (by current house prices)before u can buy any house so renting is the only available option for practically every1 till they bout 25

u get a loan..............and what not

nah i seriously doubt u can investment where u can actually make sum money is a long term thing like 40-50 year investment unless u get hold of the nxt company thats about to do amazing(like microsoft before it hit it big) which is hugelly unlikely u will

invest as little as possible(not cash but the amount of times u do it) cause everytime u do u are charged, i guarentee if u plannin to invest for a year the amount of money u make wont even cover your purchasing stock costs, save your money man dont bother wit it unless theres sumtihn bout this company or their busienss plan i dont know

yea...change of plan...I'm not doing the investing thing for this.












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You can get a 100% mortgage but because you only have on income you
can only borrow 4 times your income or something like that. In the UK any-
way.

Your best bet is to save, I rented for a year with a few people, but wanted
my own place,. Me and my wife put money away that year and got 10k
together and managed to get our apartment.

The only other thing about buying u need to know is legal fees, survey fees
stamp duty comes to a hell of a lot of money, About 7k. So in total we spent
17k to get our apartment. It's not easy but worth it in the long run whats the
point paying somebody elses mortgage.

Good luck and get saving fams

1~

yep...saving is def. part of the plan.










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man listen... i got my crib in Ga for 167,000... 100% financing... and less than stellar credit.... with only my wife's income used (i wasn't working at the time) ... 4 bedrooms (my kids bedroom looks like a master minus a bathroom and mine has a walk in closet big enough to put a twin bed in and still hang ya clothes comfortably).. 2 1/2 baths ... huge back yard... living room... family room... and a 2 car garage.... up north and cali definitely rip kats off when it comes to owning ya shyt...lol

i'll post pics next time

well...the new plan is to save only 3-5% and fix my credit with, you guessed it, a credit card!


Yaaaaaaah...I get to spend!

haa...and pay off on time is the key though...

8-10 months will be a done deal



and yea, the south is cheaper...but, I heard there's nothing to do down there.

:(

ahh theres plenty to do down here...same as everywhere else...nashville...what can u not do in nashville?...or basically any other big city down south...

its all the same really... and ive traveled most all places in the states...shits all the same man...some places are just bigger than others

LOL

change of plan


I'm looking at all this property in MD for way cheaper than in the city and you get MORE space for LESS money...

wow


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