No. of Recommendations: 0
Hi Gingko,

I can afford to buy a house. All of my "can I buy a home ratios" are good. I just won't be buying a home in the expensive nearby city that I'd like to. What is PEI? Was that suppose to be P&I?

The loan is fixed and I qualify for the best rate. Plus I qualify for a first time home buyer credit of 3% that will go for down payment/closing costs freeing up more of my cash to sit in my bank.

I have no interest at all in HOAs or Condos.

I would absolutely use a qualified inspector and have a GC look at it before buying.

Since this will be my personal residence for several years, I expect to be the one suffering through the leaking roofs, and wonky water heaters and whatever exciting repair/maintenance that crops up initially. I've got a union electrician background and am pretty handy with a hammer and a pipe wrench. If there are time constraints or repairs like concrete work or hanging drywall (which I don't like to do) - I can use a phone and write a check.

As for the eventual rental conversion, I've managed large apartment complexes in the past and am well familiar with how exciting tenants can be.

I didn't think there was a rule of thumb for telling if a house had issues, but I thought there was a generally acceptable formula for yearly maintenance costs based on the age of the house (regardless of whether it was a rental or not). Just a rough formula/number to get an idea of how much at a minumum should be set aside for routine maintenance.


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