Message from @Leaf
Discord ID: 637799052800688131
for me i was terrified of being priced out of where i grew up and forced to move
Yes... my area will be expensive eventually. I think if I were to buy here I'd buy a duplex or something, and then eventually move out of the city
yeah duplex can be great, sometimes i wish i did that
i still only have my primary house, my goal is to have an investment property
with a duplex you get both at once
yes, I wish some boomer plague would come so I could get some cheap real estate <:towelsweat:552805059042344960>
i kept waiting all through the last housing crash prices didnt drop that much
if you're in a bubbley area, far from jobs prices can crash
if you're in a rock solid area, they wont drop much
another protip, usually you can refinance 6 months after you buy your house and get a better interest rate
If you inherit a house and land would you also inherit all related debts?
they give a better rate to you on refi because you've already shown you can be trusted to pay for a few months
no
totally depends on the will
What happens to the debts?
good question, depends on the laws
I've often worried about this
I might inherit my great grandfather's house
sometimes houses are immune from debts, but only in certain places like florida
yeah i think usually they settle the estate, and creditors may get their cut of bills due
Ok
it really depends on your local laws
I need to research the law
I don't want to be fucked with debt
tell your grandpappy to not be such an irresponsible lowlife with his debts
well you can never inherit debts
Don't talk about my grandpa like that
worst case you just get zero inheritance
Also he's not irresponsible technically he just has some mortgage debt
if thats all he has, hes fine
I just don't know if I could afford that in the near future
you can do the math, a 30 year amortized mortgage payment is a lot smaller than you think
i thought i heard canada even does like 40 or 50 year mortgages
Yeah I just don't know what the payments are like, if there is interest and what the rates are like, if I can even inherit debt in the first place, etc;
1. pull up property on zillow
2. estimate the debt amount he owes