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Started By
Message
1
Posted on 5/23/22 at 7:39 pm to RummelTiger
quote:
There's only one mortgage company out there that accepts payment in koozies
Is this what happened to the coffee mugs? The merch store has been out for a minute.
Posted on 5/23/22 at 7:39 pm to fallguy_1978
quote:
We are probably on the very low end of the spectrum but I think our mortgage payment is about 10% of our gross income.
Our mortgage is .85% of our gross income.
Posted on 5/23/22 at 7:39 pm to T4
quote:
I’m factoring rates at 6.50% when I’m making my payment projections. $200 a SF on 70x150 lots with curb and gutter, sidewalks both sides of the road, street lights, boundary fencing, 2 miles from anything in town, .5 miles from shopping, restaurants, and hospital. $40k Lot cost. Was 15% profitable in 2019 at $134.50 a sf at $32k Lot cost then.
Wouldn't build spec right now, go custom if you can survive
Posted on 5/23/22 at 7:40 pm to RummelTiger
quote:
I was assuming net, as that is what would be available to pay said mortgage. But, you do ask a valid question, BP!
Same, I figured that meant spending 25% of your take-home income on housing.
Posted on 5/23/22 at 7:40 pm to KirbySmartass
quote:
I think I figured out your problem.
Nah, I think you figured out why I'm not even paying 1% of our gross income.
Posted on 5/23/22 at 7:41 pm to Centinel
quote:
Yes. Our mortgage is $2600 per month for 30 years. Jesus christ. Where the hell do you live, and more importantly, why?
Baton Rouge, New Orleans, the North Shore.
Posted on 5/23/22 at 7:41 pm to 24nights
quote:
Is this what happened to the coffee mugs? The merch store has been out for a minute.
That's how I pay for my truck...and truck nuts.
Posted on 5/23/22 at 7:41 pm to Centinel
quote:
Our mortgage is .85% of our gross income.
Either you live in a box, or you make like $2million a year. I think you fricked up on the math, baw.
Someone check my math but if you had a $1,500/ month house note, you’d have to make more the $2 million a year.
This post was edited on 5/23/22 at 7:44 pm
Posted on 5/23/22 at 7:43 pm to T4
quote:
Can you afford to pay $2,200 per month for housing with 25% or less of your income?
I’d have to have quite a few more children to swing that tbh
Posted on 5/23/22 at 7:43 pm to Im4datigers
I didn’t mention in the OP that I own a lumber yard as well. Material cost increases have been insane. I’ve cut my margin by 5%-8% depending on the item to keep housing operations hovering at 5% profitability. Even with the reduced margin, the profit on materials at those extreme high adds up to a lot. Target margin at lumber yard across all departments is 22% with lumber only accounting for 12%-16% depending on the year and amount of special order engineered products that hold a little higher margin than dimensional lumber. I’m continuing to build at 5% on my housing side to get the 15% on the lumber sales side. I can do this and survive a bad market because when it’s bad for the builder it’s good for the retailer and vice versa. I’m just trying to avoid the scenario where it’s bad for both sides.
Posted on 5/23/22 at 7:45 pm to T4
I like to stay around 15% or less of my monthly gross for a note, $2200 is well within that.
That being said if I am building it will be my forever home, which means not some 2500sqft cookie cutter.
That being said if I am building it will be my forever home, which means not some 2500sqft cookie cutter.
This post was edited on 5/23/22 at 9:02 pm
Posted on 5/23/22 at 7:45 pm to Centinel
quote:
Our mortgage is .85% of our gross income.
Yeah I'm not making 6 figures a month which is what that would mean
Posted on 5/23/22 at 7:45 pm to T4
Making sure I understand what you are asking:
$2,200 at 25% of income would mean $8,800 a month in income or $105,600 annually, Pretax.
Are you saying the payment would be 25% of pre-tax income or post-tax income?
$2,200 at 25% of income would mean $8,800 a month in income or $105,600 annually, Pretax.
Are you saying the payment would be 25% of pre-tax income or post-tax income?
This post was edited on 5/23/22 at 7:52 pm
Posted on 5/23/22 at 7:46 pm to T4
quote:
T4
Soooo...
What exactly are you looking to get here?
I mean, it can't just be to find out if some random people in different states can afford a specific price-point on a home.
Posted on 5/23/22 at 7:47 pm to BigPerm30
quote:
Either you live in a box, or you make like $2million a year. I think you fricked up on the math, baw.
Mortgage is 1800 a month. Our income is 210k a year. Meant that to be the monthly mortgage is that percentage of gross income. Yearly it's 10%. So in line with his low end of the spectrum if talking yearly. My bad.
Posted on 5/23/22 at 7:49 pm to BigPerm30
quote:
Either you live in a box, or you make like $2million a year. I think you fricked up on the math, baw.
Or he doesn't have an actual mortgage any more and that's just taxes and insurance.
Posted on 5/23/22 at 7:50 pm to Centinel
quote:
Mortgage is 1800 a month. Our income is 210k a year. Meant that to be the monthly mortgage is that percentage of gross income. Yearly it's 10%. So in line with his low end of the spectrum if talking yearly. My bad.
Not uncommon. I think that’s in line with most people who are fiscally responsible.
Posted on 5/23/22 at 7:50 pm to T4
Yes
Posted on 5/23/22 at 7:52 pm to Centinel
quote:
Mortgage is 1800 a month. Our income is 210k a year. Meant that to be the monthly mortgage is that percentage of gross income. Yearly it's 10%. So in line with his low end of the spectrum if talking yearly. My bad.
Yeah I was thinking monthly mortgage/monthly income. I just don't feel like figuring out net. My wife has some variation in her income.
$2200 is a fair amount more than we are paying now but we also live in an older house. I expect we'll be paying around that on the next one depending on how much we put down.
This post was edited on 5/23/22 at 7:53 pm
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