I’m paying a little more than half in rent of what a comparable home would cost.
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Then you need a larger down payment.
I’m paying a little more than half in rent of what a comparable home would cost.
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Down payment is an obstacle for many. 20% of $400k is $80k. Not many folks have that plus a little cushion laying around. So if you buy with less than 20% down you pay PMI, which is $200 or more on houses over $400k so you’re still throwing tons of money away. Except for the SVTP ballers, many people aren’t swimming in cash.
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Down payment is an obstacle for many. 20% of $400k is $80k. Not many folks have that plus a little cushion laying around. So if you buy with less than 20% down you pay PMI, which is $200 or more on houses over $400k so you’re still throwing tons of money away. Except for the SVTP ballers, many people aren’t swimming in cash.
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We're all paying cash here.
Then don't drive a new mustang and save 20%. Most people that say they can't afford to buy a home have misdirected finances. Investors love those types of people and are glad to take their rent money.
I forgot. I must have lost my mind for a moment. LOL
I was speaking hypothetically. We do quite well in all facets: savings, retirement, etc. I was speaking more to people in general than my specific situation. But you're right, Iphone 10's with unlimited data and seven people in the house on the plan all with new phones, 4K TVs, $600 lease payments on a Lexus or Bimmer, etc. A lot of fools out there to be sure. I saw an article that said that 60% of people under the age of 30 are sunk with debt because of FOMO. I had to look up what FOMO meant..."fear of missing out." Crazy!!!!!
Yeah I wasn't directly talking about you. Just replying in general like you were. America has their priorities all screwed up and it starts with family and how they are raising their children.
I refused to send my kids to day care. We did without and lived on my 1 salary until they went off to school.
The biggest takeaway in this thread is this: Dont have kids.
Down payment is an obstacle for many. 20% of $400k is $80k. Not many folks have that plus a little cushion laying around. So if you buy with less than 20% down you pay PMI, which is $200 or more on houses over $400k so you’re still throwing tons of money away. Except for the SVTP ballers, many people aren’t swimming in cash.
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Reading this thread and it is hard to believe what houses cost in other parts of the country. 500K would get you a mansion where I live.The average house around me is way under 200K. 400K would get you a really nice house on a lake here
The biggest takeaway in this thread is this: Dont have kids.
These little assholes will ruin your life and suck your accounts dry. **** ‘em.
Lol.
Reading this thread and it is hard to believe what houses cost in other parts of the country. 500K would get you a mansion where I live.The average house around me is way under 200K. 400K would get you a really nice house on a lake here
The average 2 bedroom would be 2-2400 here.
So the 2 family we are in is owned by the daughter of my wife’s old boss. Her and her husband had a terrible experience with their first tenant. She trashed it and couldn’t stay current with rent. They fixed it back up and We moved in, originally planned for a few months. I paid for 3 months in full with a discount for paying in full. Then we decided to “re-up” for a full year paid in full with a discount again. They wanted 2k per month and I got away with a payment in full of 16,000 for the year with the agreement that if we leave early we are reimbursed for the months left minus one. Basically if we moved in June we get 5 months back.
A comparable home would be 400ish. We have a great deal that’s why I’m reluctant. Basically I’m paying now and comfortable but expecting to see a down turn in the next few years. We can for sure afford to buy but I feel like the markets high and the return over all isn’t fantastic.
We were pre-approved for something like an 800k mortgage. We gross together monthly on average 15k. She makes 83k per year and I’m around a 100. we have a few CCs with a combined few grand balance that we use to pay for everything during the month and 1 car payment of 385$
We live frugally.
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For what I'm seeing right now, it is not a good time to buy. The last time the housing market crashed car repos where at a high point right before and sounds like they are way up again.
You could buy a house a lot cheaper in 2011 then 2007 so your house could go down in value if your timing isn't right
Guy at work has been looking to buy a house and they are selling within a day in the area where he wants to buy. People are offering 10-30K over asking price. Keep in mind we are not talking a 400K house a 150K house. He said someone offered 35K over the asking price on one he was trying to get. He just landed one they were asking 154K and he offered 17K over. Someone else offered 24K over but they went with his based on how they were closing
Thats why you negotiate with the cash buyer out of the group.People are offering crazy amounts over asking just so the sellers choose their offer and they are hoping the appraisal comes in lower and they can renegotiate price at that point. When we sold our starter home in 2017 that's what was happening all over.