Welcome to the North American Subaru Impreza Owners Club Tuesday February 9, 2016
Home Forums WikiNASIOC Products Store Modifications Upgrade Garage
NASIOC
Go Back   NASIOC > NASIOC Miscellaneous > Off-Topic

Welcome to NASIOC - The world's largest online community for Subaru enthusiasts!
Welcome to the NASIOC.com Subaru forum.

You are currently viewing our forum as a guest, which gives you limited access to view most discussions and access our other features. By joining our community, free of charge, you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is free, fast and simple, so please join our community today!

If you have any problems with the registration process or your account login, please contact us.
* Registered users of the site do not see these ads. 
Reply
 
Thread Tools Display Modes
Old 09-22-2006, 03:25 PM   #1
Reciprocity
Scooby Specialist
 
Member#: 1165
Join Date: Mar 2000
Chapter/Region: BAIC
Location: Hail Darkness
Vehicle:
2012 dcrawford died
for your sins

Thumbs up So I'm going to be a homeowner...

...of sorts.

Within the next 2 weeks I'll be on the title of the house here in Lafayette. And within the next 2 months or so (god willing!) I'll have the roof fixed, the kitchen done, the place repainted (I hope a deck too!) and be looking for roommates.

This is all very strange to me. I've been living here on my own for a while now and the family figured it was time to pull the trigger all the way.

Pop is still here for a bit...but he's going to be moved to the farm within a month or two.

I must admit this is awesome...but at the same time a touch scary.

Life is so ****ing nutty sometimes. I just don't get it.
* Registered users of the site do not see these ads.
Reciprocity is online now   Reply With Quote
Sponsored Links
* Registered users of the site do not see these ads.
Old 09-22-2006, 03:31 PM   #2
imprezton
Scooby Specialist
 
Member#: 22958
Join Date: Aug 2002
Chapter/Region: SWIC
Location: Las Vegas
Vehicle:
2011 Land Rover LR2
Gray

Default

ZOMG Teh Real Estate sky is teh falling! Get out! Get out now!
imprezton is offline   Reply With Quote
Old 09-22-2006, 03:32 PM   #3
CandyO
Scooby Newbie
 
Member#: 36091
Join Date: Apr 2003
Location: SC
Vehicle:
2006 Golf TDI
FTW!!!

Default

That's funny, somehow I always thought you might be a homeowner.
CandyO is offline   Reply With Quote
Old 09-22-2006, 03:33 PM   #4
Janq
Scooby Specialist
 
Member#: 33246
Join Date: Feb 2003
Chapter/Region: MAIC
Location: Where ever I lay my hat is my
Vehicle:
1993 Legacy L+ AWD
Phoenician blue met./blue

Default

Dude are you nuts?!

That place will be worth 50% less by Christmas.
Oh wait, you're getting in for free.
Phew...you could've lost yer shirt!

- Janq
Janq is offline   Reply With Quote
Old 09-22-2006, 03:33 PM   #5
-=C=-
Scooby Specialist
 
Member#: 7719
Join Date: Jun 2001
Vehicle:
99 F-150 crew cab
with illegals in bed

Default

Be sure to post lots of pix for Rogue...
-=C=- is offline   Reply With Quote
Old 09-22-2006, 03:34 PM   #6
Starscream
Scooby Specialist
 
Member#: 44292
Join Date: Sep 2003
Chapter/Region: NESIC
Location: Universe/Cybertron
Vehicle:
..:
F-15 Eagle ..:

Default

Good luck man your gonna need it...as for roomates i've been looking for one for 5 months now not easy!
Starscream is offline   Reply With Quote
Old 09-22-2006, 03:34 PM   #7
Reciprocity
Scooby Specialist
 
Member#: 1165
Join Date: Mar 2000
Chapter/Region: BAIC
Location: Hail Darkness
Vehicle:
2012 dcrawford died
for your sins

Default

I sorta was before...paid the bills but no rent. Now I'll be paying it all...mmm...delicious 30 yr mortage is my FRIEND! I wonder if they will take filet mignon in exchange for monthly payments.
Reciprocity is online now   Reply With Quote
Old 09-22-2006, 03:35 PM   #8
Reciprocity
Scooby Specialist
 
Member#: 1165
Join Date: Mar 2000
Chapter/Region: BAIC
Location: Hail Darkness
Vehicle:
2012 dcrawford died
for your sins

Default

Quote:
Originally Posted by Janq View Post
Dude are you nuts?!

That place will be worth 50% less by Christmas.
Oh wait, you're getting in for free.
Phew...you could've lost yer shirt!

- Janq
Seriously that is a big question. This place has gone up in value (duh) for quite some time now. I've had two appraisers here this week and will be getting the results today/Monday. I'm VERY curious what it'll be.
Reciprocity is online now   Reply With Quote
Old 09-22-2006, 03:42 PM   #9
E-TOX
Scooby Newbie
 
Member#: 31208
Join Date: Dec 2002
Chapter/Region: BAIC
Location: Cali
Vehicle:
02 WRX Wagon
Smart ones get the wagon

Default

Did you just get your name put on the title or did you're family refinance the loan also?

I've spoke to a couple of accountants and they both say you can't deduct the financing from your income tax unless you're on the loan.

SO, if you're the one paying the mortgage, this should be an issue for you (since roughly 30% of your mortgage can be used to reduce your tax burden).

Ofcourse, if the current apr is very favorable and refinancing now will only increase the monthly payment, then you'll have to weigh that against the positives of having the mortgage in your name.

If you are paying for all of the mortgage, sounds like your family members are getting a free tax write-off.
E-TOX is offline   Reply With Quote
Old 09-22-2006, 03:42 PM   #10
Janq
Scooby Specialist
 
Member#: 33246
Join Date: Feb 2003
Chapter/Region: MAIC
Location: Where ever I lay my hat is my
Vehicle:
1993 Legacy L+ AWD
Phoenician blue met./blue

Default

Seeing as you won't have a mortgage and have no cash in, what ever it's near term market value night come back as is of no consequence for you as it's all profit on paper.

- Janq wouldn't sweat it
Janq is offline   Reply With Quote
Old 09-22-2006, 03:43 PM   #11
Starscream
Scooby Specialist
 
Member#: 44292
Join Date: Sep 2003
Chapter/Region: NESIC
Location: Universe/Cybertron
Vehicle:
..:
F-15 Eagle ..:

Default

Quote:
Originally Posted by dcrawford View Post
I sorta was before...paid the bills but no rent. Now I'll be paying it all...mmm...delicious 30 yr mortage is my FRIEND! I wonder if they will take filet mignon in exchange for monthly payments.
Im going with a 40 y/r mtg come Jan... cause i wanna do some home updates with the extra money.
Starscream is offline   Reply With Quote
Old 09-22-2006, 03:57 PM   #12
Reciprocity
Scooby Specialist
 
Member#: 1165
Join Date: Mar 2000
Chapter/Region: BAIC
Location: Hail Darkness
Vehicle:
2012 dcrawford died
for your sins

Default

Quote:
Originally Posted by E-TOX View Post
Did you just get your name put on the title or did you're family refinance the loan also?

I've spoke to a couple of accountants and they both say you can't deduct the financing from your income tax unless you're on the loan.

SO, if you're the one paying the mortgage, this should be an issue for you (since roughly 30% of your mortgage can be used to reduce your tax burden).

Ofcourse, if the current apr is very favorable and refinancing now will only increase the monthly payment, then you'll have to weigh that against the positives of having the mortgage in your name.

If you are paying for all of the mortgage, sounds like your family members are getting a free tax write-off.
Loan is being re-fianced, my name is being put on the loan. The re-fi money is being put into a joint account which will be used to make payments. I'll take over "running" the house but the "burden" will be shared by the family. The monthly payment will increase dramatically but under the current loan structure (variable) it's going to get worse and worse as time goes on. This one will be fixed at 6.5% for 30 yrs.

So yeah...this will have an effect on my taxes but I'm not overly concerned. I currently have only one debt (due to surgery when I didn't have insurance...awful) and decent income with decent savings.

The house is my parents "gift" to me as they've inherited my moms farm. Granted it isn't completely mine but there is absolutely no way I could possibly afford to own a home in this area on my current income. I'm pleased with the whole transaction, a bit worried...simply because it's pretty huge and extremely unexpected.
Reciprocity is online now   Reply With Quote
Old 09-22-2006, 04:02 PM   #13
Janq
Scooby Specialist
 
Member#: 33246
Join Date: Feb 2003
Chapter/Region: MAIC
Location: Where ever I lay my hat is my
Vehicle:
1993 Legacy L+ AWD
Phoenician blue met./blue

Default

Ruh roh...

Gifts that come with a cost are not gifts at all.

Do your due dilligence _and_ you might want to talk with an attorney about going in on this real estate partnership before signing anything.
Do know you are going to be tied to soem other person and if they run into a rough spot in life guesswho has to take up the slack or get owned.

Caveat Emptor, and there is no free lunch.

- Janq
Janq is offline   Reply With Quote
Old 09-22-2006, 04:04 PM   #14
Reciprocity
Scooby Specialist
 
Member#: 1165
Join Date: Mar 2000
Chapter/Region: BAIC
Location: Hail Darkness
Vehicle:
2012 dcrawford died
for your sins

Default

I'd say the chances of my mom and dad running are about 6.0x10^23:1 That isn't going to happen.
Reciprocity is online now   Reply With Quote
Old 09-22-2006, 04:31 PM   #15
Janq
Scooby Specialist
 
Member#: 33246
Join Date: Feb 2003
Chapter/Region: MAIC
Location: Where ever I lay my hat is my
Vehicle:
1993 Legacy L+ AWD
Phoenician blue met./blue

Default

Quote:
Originally Posted by dcrawford View Post
I'd say the chances of my mom and dad running are about 6.0x10^23:1 That isn't going to happen.
So your folks will be the cosigners?
Hmm okay, then thats better.

- Janq
Janq is offline   Reply With Quote
Old 09-22-2006, 04:41 PM   #16
E-TOX
Scooby Newbie
 
Member#: 31208
Join Date: Dec 2002
Chapter/Region: BAIC
Location: Cali
Vehicle:
02 WRX Wagon
Smart ones get the wagon

Default

So far, one of my biggest regrets is buying my dad's house at a huge discount.

There's definitely something to be said for going it alone.

Plans change and now Wifey and I have a permanent roomate. Not a day goes by where I don't feel some negative effect from that first decision.
E-TOX is offline   Reply With Quote
Old 09-22-2006, 07:28 PM   #17
Reciprocity
Scooby Specialist
 
Member#: 1165
Join Date: Mar 2000
Chapter/Region: BAIC
Location: Hail Darkness
Vehicle:
2012 dcrawford died
for your sins

Default

Quote:
Originally Posted by Janq View Post
So your folks will be the cosigners?
Hmm okay, then thats better.

- Janq
Yeah...the place will be in the Crawfords names...mom, dad, me. We will all be co-owners...so we will have equal chance to screw each other :P

I'm just taking "stewardship" responsibilities. I'll be the only one living here with rentors. We'll have a joint account which I will deposit rent payments into...it'll always have at least 3 mo. rent + property taxes in it.

Now I just need to figure out the rental details...how much to charge, what utilities to include, rental contracts, yada...that and work on getting some bids on the repairs/refinishing (roof, kitchen, paint...possible deck and landscaping).

On top of that there is moving all the crap OUT and changing rooms around...

Lots of work to do! But very worth it I feel.
Reciprocity is online now   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
So, I'm going to be buying tires this weekend.... ScoobyDooKC Tire & Wheel 12 07-23-2009 12:12 AM
So I'm going to be weekending in HR. Crashsector Mid Atlantic Impreza Club -- MAIC 11 03-04-2008 06:51 PM
So I'm going to be carsitting a GT-B for three days i_c_the_light General Community 17 07-03-2007 01:12 AM
I'm going to be so RICH! FederalAuditor Engine Management & Tuning 18 09-29-2004 05:50 PM
So I'm going to be in Orlando 3/29-3/31... Fernely South East Region Forum 19 03-30-2004 12:54 PM

All times are GMT -4. The time now is 07:50 PM.


Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2016, Jelsoft Enterprises Ltd.
Powered by Searchlight © 2016 Axivo Inc.
Copyright ©1999 - 2016, North American Subaru Impreza Owners Club, Inc.