this thread makes me cry

 

with a budget of 500 to 600k you could probably have a home built. a friend of mine lives in el dorado hills and had a house built a few years ago. he invested like 400k for house and land, it's worth close to a million now. there's a lot for sale in his area for 280k which is a steal.

we plan on building in the loomis / penryn area for our next house, if land is still attainable then.

really though, i wouldn't ever invest that kind of $$$ into a cookie-cutter suburban house.

 

just get into the biggest house you qualify for with a 1% negative amortization ARM... and be like the rest of roseville.

 

And natomas..

 

:rotfl:

and folsom.


i see a lot of cheap houses for sale in say 3 to 5 years in those areas.

 

Seeing Loomis and Penryn getting developed makes me cry.

My parents are building out there right now, but on land that the family has owned since around 1900.

 

that area has sooo many fun roads... folsom-auburn, newcastle, etc...

 

So preatty much anywhere in Placer county

I've been looking at stuff up in Auburn, its only a 20-30 min drive to Roseville or Folsom

 

I want to live in Auburn.

 

auburn kicks ***.

newcastle is a pretty good place to buy, prices are still reasonable.

 

werd

 

I just want to live there so I can ride to the trailheads

 

Around the same time I'll be done with school.



So your saying I got a chance?

 

Fixed. I know that's what you were saying.

Unfortunately a lot of homeowners abuse their neg am options, especially with pick-a-payment loans. Over a quarter of Ca homes are currently in foreclosure. Sickening.

Neg am loans can be a double edged sword if your financial situation hasn't changed.

If your property value increases and you want to get out of the neg am loan with a similar income than before, you'll still have to qualify under a regular or interest only rate. You're stuck.

Likewise if your property value decreases you most likely owe over 100% of what the property originally appraised for. You're stuck again.

Seems like the only way out at this point is if you're getting paid enough to take the hit and start over.

Seems the best option these days aside from just being able to qualify off income is to claim self-employment and go for stated income. This will only work if you have good credit. Your rate will be slightly higher but it could be stable. The only thing you have to worry about then is being sure you can make ends meet somehow.

 

Yeah there are a few in that price range right now. The homes here in east Sac. are great, but lately the basic vandalism has increased. You know, car windows, slashed tires, broken antennas. I think if your more into new homes that are really spacious it's not the place to go. But some of the lots you can get are great.

Of course, we must ask some important question when we move. What type of living would you like? Where do you want to be compared to your place of employment. Are the kids more likely to be in public schools or private? Do you like to live around people in your own age group, income level, education level? How long do you expect to live in you new home? I would suggest when you look at a home you have a look around at a few different times of day.