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Message
re: Wise friends of the MB: Am I anywhere close to buying a home? UPDATED pg. 3
Posted on 4/8/15 at 8:39 am to Delacroix
Posted on 4/8/15 at 8:39 am to Delacroix
How has nobody asked this.
How the hell do you pay $100/month in rent?
Seriously....
I also think you should be quoting your net instead of gross.
I'm 26 myself and "gross" 6k/month. I don't net anywhere near that giving my STL handouts and paying the f-ing man.
I was in a similar boat to you, I've been looking at duplexes or something I can rent out later on. Something in the 150k-200k range. But Im going to wait until I don't have a car note, I've bought a ring for my chick in cash and have a bigger emergenncy fund. I just finished paying off about $2500 of credit cards so that has been a huge lift to my income and credit.
Pay of your debts first, your credit will be better and its that much more money in your pocket and as Mr. Gump said "One less thing".
How the hell do you pay $100/month in rent?
Seriously....
I also think you should be quoting your net instead of gross.
I'm 26 myself and "gross" 6k/month. I don't net anywhere near that giving my STL handouts and paying the f-ing man.
I was in a similar boat to you, I've been looking at duplexes or something I can rent out later on. Something in the 150k-200k range. But Im going to wait until I don't have a car note, I've bought a ring for my chick in cash and have a bigger emergenncy fund. I just finished paying off about $2500 of credit cards so that has been a huge lift to my income and credit.
Pay of your debts first, your credit will be better and its that much more money in your pocket and as Mr. Gump said "One less thing".
This post was edited on 4/8/15 at 8:46 am
1
Posted on 4/8/15 at 9:00 am to bayoubengals88
Cash on hand seems low. Last i looked, FHA required 3.5% down, plus you will need closing costs as well.
If you go traditional loan you will need a min of 5% down.
Only loan i can think of that is still 100% financing is a Rural Development loan, and since you want center of city, you will not find that available in the city.
On a $200k house, 3.5% down + closing will be in the $10k out of pocket range, unless u can get the seller to pay some or all of the closing costs.
If you go traditional loan you will need a min of 5% down.
Only loan i can think of that is still 100% financing is a Rural Development loan, and since you want center of city, you will not find that available in the city.
On a $200k house, 3.5% down + closing will be in the $10k out of pocket range, unless u can get the seller to pay some or all of the closing costs.
Posted on 4/8/15 at 9:25 am to Delacroix
Trust me on this one. Ride out the cheap rent as long as possible. Save and payoff stuff. When ever you have everything paid off and saved a lot, and your really ready to settle into a home, then you will have plenty of money to do so. If you buy a house now, in 2 years you will wish you have done something different. People who buy cheap house wish they had nicer houses. people who buy nice houses wish they had cheaper houses. People who buy middle of the road houses with they had a nicer one or a cheaper one.... With 100 a month you cant go wrong untill you put a ring on it...
Posted on 4/8/15 at 9:27 am to PeteRose
quote:
I would buy a duplex in a good neighborhood(garden district, mid city). You can get a good one for 190K.
Is this even close to accurate? I haven't lived in BR in nearly a decade, but that seems lower then I expected.
Posted on 4/8/15 at 9:29 am to STLhog
quote:
How has nobody asked this.
How the hell do you pay $100/month in rent?
This. I don't understand how this is possible.
FORGET buying a house right now. Pay $100/month rent for as long as possible. Pay off all your debt and save money. Stop buying Ford (or any individual stock for that matter).
Posted on 4/8/15 at 10:06 am to Oenophile Brah
yeah, just be vigilant and patience. There was one on Kenmore that was around 180 a few years back. I bought my 3rd one in 2011 for 190k. I haven't been looking at the market but there's are some that are around 1700 sqft that are this price range. Even if the unit is 200K that is ok as 10K extra in mortgage would not yield that much more in monthly payment.
Posted on 4/8/15 at 10:10 am to bayoubengals88
Given the numbers, you can be debt free within two years easy. 1 year if you buckle down and eat beans.
Posted on 4/8/15 at 10:15 am to kennypowers816
How do I pay only $100 rent? I know a guy who is charitable. He's well off and doesn't need money.
Thank you all for your perspectives. I really like the duplex idea for late 2016/early '17...
Again, I'll be debt free in 12-15 months at which point I'll be able to save 1k to $1500/month.
I realize there is NO need to rush. A cooler head prevails.
Thank you all for your perspectives. I really like the duplex idea for late 2016/early '17...
Again, I'll be debt free in 12-15 months at which point I'll be able to save 1k to $1500/month.
I realize there is NO need to rush. A cooler head prevails.
This post was edited on 4/8/15 at 10:18 am
Posted on 4/8/15 at 10:20 am to bayoubengals88
What field are you in work wise?
Keep in mind moving around is how you really raise your salary depending what you do.
I'm in CPGG and I figure I'll move at least 2-3 more times before I'm 40. I've already moved once...
Keep in mind moving around is how you really raise your salary depending what you do.
I'm in CPGG and I figure I'll move at least 2-3 more times before I'm 40. I've already moved once...
This post was edited on 4/8/15 at 10:25 am
Posted on 4/8/15 at 10:21 am to bayoubengals88
Back in the day -I was married with a combined income of 75k or so and still managed apartment complexes so I could get the free rent. That built a pretty sizeable nest-egg. The thing is-you should always sacrifice where you can when younger, as it gets exponentially more difficult as you get older. I'd stay put as long as I could if I were you, pay down your debt and build a nest egg.
Posted on 4/8/15 at 10:25 am to Lsupimp
quote:
Back in the day -I was married with a combined income of 75k or so and still managed apartment complexes so I could get the free rent. That built a pretty sizeable nest-egg. The thing is-you should always sacrifice where you can when younger, as it gets exponentially more difficult as you get older. I'd stay put as long as I could if I were you, pay down your debt and build a nest egg.
For sure.
Just having a gf drains my wallet.
Not looking forward to her turning into wife. Lighting my money on fire would at least be fun.
Posted on 4/8/15 at 10:26 am to Oenophile Brah
I've been looking at real estate to potentially buy & live in, use entirely as rental property, or split between the 2 (double) depending on where I buy, but trying to find anything that's a worthwhile investment in NOLA metro is currently lol-worthy.
This post was edited on 4/8/15 at 10:30 am
Posted on 4/8/15 at 10:34 am to STLhog
STLhog:
There's no hope for me. I teach high school. We're talking 1.5% raises each year.
My willingness to sacrifice and knowledge of personal finance (thanks to this board and Dave Ramsey) are my strengths.
I'd have to get ANOTHER Masters to move into administration (my history MA isn't good enough).
I like the challenge though. I'm a teacher and I WILL have 2 million dollars one day while I watch all the "rich" retire with nothing. End of rant.
There's no hope for me. I teach high school. We're talking 1.5% raises each year.
My willingness to sacrifice and knowledge of personal finance (thanks to this board and Dave Ramsey) are my strengths.
I'd have to get ANOTHER Masters to move into administration (my history MA isn't good enough).
I like the challenge though. I'm a teacher and I WILL have 2 million dollars one day while I watch all the "rich" retire with nothing. End of rant.
Posted on 4/8/15 at 10:39 am to bayoubengals88
quote:
I'd have to get ANOTHER Masters to move into administration (my history MA isn't good enough).
Get a job with the right school system, and they'll pay for your next MA. Seriously. But kudos to you for teaching--thanks for taking on high school kids.
RE: nest egg, start socking some of that cash reserve into a Roth account. It will grow tax free, you'll be able to withdraw your contributions (but not earnings) without penalty when it comes time to build a house or you have an emergency. LA is one of those states that don't allow you to double dip with social security and a TRSL pension, so you want to fatten your private retirement stash in light of that fact.
Posted on 4/8/15 at 10:42 am to bayoubengals88
Props man.
Also, I'd get out of ford stock btw. Or any individual for that matter. I'm holding onto Apple until the watch releases and they have sales for a quarter, then I'm going to sell and put all the profit into more mutuals.
Just index your money to the S&P or one of the others and let it grow. You get plenty of dividends from owning that mutual fund.
Also, I'd get out of ford stock btw. Or any individual for that matter. I'm holding onto Apple until the watch releases and they have sales for a quarter, then I'm going to sell and put all the profit into more mutuals.
Just index your money to the S&P or one of the others and let it grow. You get plenty of dividends from owning that mutual fund.
Posted on 4/8/15 at 10:45 am to STLhog
quote:
Not looking forward to her turning into wife. Lighting my money on fire would at least be fun.
you can always say "no" as marriage has become an outdated institution. I read somewhere the other day that 70% of males age 20-34 are unmarried.
Posted on 4/8/15 at 10:49 am to PeteRose
quote:
you can always say "no" as marriage has become an outdated institution. I read somewhere the other day that 70% of males age 20-34 are unmarried.
Easier said than done. You should know this...
Posted on 4/8/15 at 10:54 am to hungryone
Hungryone: I opened a Roth last March. I contribute monthly now that I work.
I'll ditch Ford and up my contribution to $300/month.
STLHog:
Indexing is the goal as soon as I get 3k in my Roth to buy an SP 500 or world market fund. I'll be there in a few months.
I'll ditch Ford and up my contribution to $300/month.
STLHog:
Indexing is the goal as soon as I get 3k in my Roth to buy an SP 500 or world market fund. I'll be there in a few months.
Posted on 4/8/15 at 10:54 am to STLhog
quote:
Easier said than done. You should know this...
Why is she expensive? Does she expect you to pay for everything? Bad sign. If you're having money troubles already (ie, not able to share expenses, have different expectations about who pays, disagree what are appropriate expenditures, unable to talk about money matters in a reasonable, non emotional fashion), then you might want to delay that marriage a bit. Too many marriages break up over money. Y'all need to be on the same page, or at least in the same chapter of the same book.
Posted on 4/8/15 at 11:01 am to bayoubengals88
quote:Unless it's a crack house stay here as long as possible. Be patient.
I'm currently paying ONE HUNDRED dollars per month in rent. I do not live with my parents, and I am fairly happy, but I'm getting the fever.
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