Anyone here know anything about buying a second home?

[scootertrash]

I guess you'll need to decide what your long term goal is.
Are you thinking of keeping your house up here because you are thinking you can make $$ renting it out, or are you thinking of keeping it because you really like it and want to move back sometime?

If you think it is a $$ making situation, you need to determine a realistic monthly rental income and compare it to all expenses (any mortgage payment, taxes, insurance, maintenance & repair fees, plowing, utilities, etc) Is it worth the headaches to deal with tenants ?

If you have a lot of equity in it already, you may want to sell it, take the proceeds, split them with your uncle, and invest the money. If you don't have much equity and don't mind the headaches of dealing with tenants, you can rent it out and end up owning it after a bunch of years.

Don't forget the Capital Gains laws. You currently don't pay capital gains tax on your primary house when you sell it for a profit. You do pay for any other properties. (I'm no expert, so you may want to talk to a tax person on the details)

[LatinRider]

Moving to Tampa huh?
I think Mr E is in L-O-V-E

[PinHead]

You could probably sell your mustang for enough money to pay for half of a Fla. house up front.

[scootertrash]

Originally posted by Mystery Squid

...
Now, what I'm really wondering is whether or not it is more advantageous to keep joint ownership, or remove myself from joint ownership in order to get a "better" home loan....

Unless you plan to use it as collateral for your home loan in FLA, you are better off removing yourself from the note if there is any outstanding debt on the loan. Any bank will take the debt into consideration when determining how much they are willing to lend you. (whether you are a primary or co-signer)

The willingness of the bank to lend you money is based on your past monthly payment history. (paying on time) The amount they will lend you is based on your salary and current debt load.
(rule of thumb is total monthly payments = 35% of your gross monthly salary + any other legal income)

p.s. Good luck with the move. How far do you think you'll be from Daytona? We'll be looking for a place to crash during the Daytona 200 next year...

[rocker]

Originally posted by scootertrash
p.s. Good luck with the move. How far do you think you'll be from Daytona? We'll be looking for a place to crash during the Daytona 200 next year...

Tampa is a couple of hours away from Daytona about 3 or 4hrs I do believe.

[rocker]

Originally posted by Mystery Squid
BTW:

I'M GOING TO DISNEY WORLD!!!



Nothing beats a shitty, cold, snowy, commute down Rte. 3 and 128 knowing you'll be in Florida in a few months...

Bastid... Damn you people that get to be in the warm weather...

If you miss the snow too much Mr.E I am sure if you give us your address when your down there we may be able to send you some snowballs....when your missing the cold crap during the winter...

oh Ya and BTW if you want to come and watch the guys race in Daytona in October, I am sure we could find somewhere to hook you up with a place to stay for a night or two..

[LatinRider]

Originally posted by Mystery Squid
Actually, I have been debating the Florida move for a loooooooong time. I'm going for the RIGHT reasons, so even if it all goes FUBAR, I'm still where I want to be.

It's just an alignment of variables that had been coming together for sometime, and my time with her made me realize that.

What really pushed me over the edge was the thought of not doing anything, and continuing down the path I am now. All life's a risk, so I'm gonna take this one!

Plus, I can keep NESR entertained with pics. of my Florida rides!

So you really are leaving huh?
Well I’m glad you are doing it for the right reasons…good luck out there Mr. E
We’ll have to throw a goodbye party before you leave

[LatinRider]

I know...I've considered moving down there MANY times. The idea of moving back to a place where you never have to worry about putting on a jacket and riding my motorcycle year round IS nice, BUT, I’ve actually grown to enjoy the wonders of winter. I enjoy snowboarding too much and I am afraid I would miss this freaky winter if I ever left. That and the idea of always having to live in an A/C environmen, doesn’t appeal anymore to me…or at least not just yet

I’ll still go down and enjoy the family beach condo once ina while, just not relocate permanently….HOWEVER, if you ever feel the need to get down to the Latin Tropical paradise of Miami Beach, let me know…..

[LatinRider]

Originally posted by Mystery Squid
See, I've been in this crap for 30 years. I'm officially sick of it.
Plus, people, in general, in the south are much nicer....

Well...I understand how after 30 years you would be tired of it.
People are more laid back in the south, hence that makes them friendlier ..... It's the warm blood.
I mean who the hell wants to stop for a chat when it's -10 degrees and snowing 24"+ outside?!!

I do miss being able to head out to the beach anyday of the year....dude Mr. E...now you're making me second guess my self and stuff...........

[need4speed]

Originally posted by Mystery Squid
This is a possibility I want to explore, so am I correct in that you're saying if it's used for collateral in some fashion, that it would be easier to obtain favorable financing versus removing myself from it?

My payment history is bulletproof, credit is not an issue, the issue that's going to have bearing on this is the debt load. Even though I won't be paying the mortgage payment for my house here in Dracut, from a risk standpoint, I'm still responsible for the whole thing. Throw in another mortgage, then I'm responsible for TWO which will likely throw off the debt/income ration not in my favor...

BTW, this will be around the Tampa area, so I don't think that's close enough, but if you're willing to ride/drive a few hours, I'd welcome fellow NESR'ians!

Are you listed on the mortgage for the home in Dracut? If that's the case then definately remove yourself from the picture if possible. Regardless if your uncle is capable of making the payment, the bank will play devils advocate saying what if your uncle can't make payment. Using the home as collateral is an option depending on the value of the home and length of occupancy. Should you default on your new mortgage then a lean will be assesed against the home in Dracut.

[LatinRider]

Originally posted by Mystery Squid
Just remember Latin:

It makes more sense (and it's probably cheaper) to vacation up to New England for a week of snowboarding, than it is to LIVE through it for 6 months

You'll get your fill of snow quick. Trust me.


Just my $.02....

You do have a point there.......hmmmmmm

[scootertrash]

I used the term collateral in a rather vague manner because I didn't know much about your situation.
If you already have a decent downpayment available, your debt load is under the 35% rule of thumb (or at least in the pallpark), and you have a good credit rating, you are good to go. Sounds like you have your schizzle together, so you are probably all set.

Where the collateral would come in to play would be if you didn't have a downpayment available. If you have a bunch of equity in your house up here, you could take out a loan against the equity and use it as a down payment. It's good because equity rates are very low and a decent downpayment gets you out of paying PMI insurance, which would suck to have to pay. It's not really "collateral" in this context, but you get the idea. This prevents you from having to sell your house up here in order to raise $ for a down payment. The risk is...if you have a financial crisis, you could possible default on both loans, and have the bank take both houses. Without knowing your situation in detail (which I don't want to know) I can't offer any advice...but it sounds like you know what you are doing anyway so this is probably old news...

[twrayinma]

keep in mind that when you're applying for a loan ('specially a mortgage), one of the questions they ask is "is any part of your down payment borrowed?"

not really sure what effect that will have, but i'm sure there is one.

[Kham]

i envy you! you probably dont need it but good luck!

[Kham]

and maybe someday ill join you down there.

[beet]

2 visit
there was a time i said i would never go 2 fla again
winters sux in ne after 40 .

[Kham]

Originally posted by Mystery Squid
Um, why is it exactly that you put up with winter?

no choice but to put w/ godemn winter right now. i do have relatives in St. Petes. other than disney what else can you do in FL? not a beach person either. riding looks boring if you'r not on some sort of HD.

[Kham]

they're all females and a shame they dont ride. one of the boyfriend, a white boy , is into jetski and might even be bikes.

[zombie]

ahhh yes Florida
lots of bugs , old bastards and no freaking turns for your bike
sounds like a plan alright

[Kham]

lover boy will not anything stand inhis way. hehe..

[RandyO]

Originally posted by zombie
ahhh yes Florida
lots of bugs , old bastards and no freaking turns for your bike
sounds like a plan alright

the nearest decent riding is about a day's ride north in Northern Georgia.

freeking bugs are unbeleivable, when I was down there a couple years ago I hit a swarm of what they call "love bugs" cause they fly in swarms like locust and mate at the same time... sky was black with them, I was black with them and my bike was black with them in after about 30 seconds.

the most hillarious thing I saw was at my gas stop right after I hit the swarm, a lady with a motor home was on a stepladder cleaning her big flat windhield


back to the topic of owning a second home

I have no personal experience, but based on people I know who own second homes & rental property..

if you move to FL and rent out your northern property, if you are on a business trip for your rental property when you come back north to visit, you can make the trip tax deductable.

[SEVENSGT]

1st, will you be enting your home in dracut, or will your uncle be the only one living there?

2nd, go to Universal Studios from 3pm to 7pm it Happy Hour at every bar and retaurant in the entire park