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22 y/o Seeking MT Advice
Posted on 12/15/22 at 12:11 pm
Posted on 12/15/22 at 12:11 pm
Decided to pay my truck loan off (6.7%) to be debt free and position myself to build a house within the next year or so. Certainly not trying to jump the gun and want to let rates settle down but also not trying to live with my parents forever. Any advice that can prevent me from making a novice mistake?
Posted on 12/15/22 at 12:16 pm to tigerbrauf
Spend less than you make
Rest kind of works itself out
Rest kind of works itself out
Posted on 12/15/22 at 12:18 pm to tigerbrauf
See what you can afford. Buy something half of that.
Posted on 12/15/22 at 12:19 pm to tigerbrauf
Start putting what you plan on paying for a mortgage away in savings every month and see how that feels with what you have left.
Posted on 12/15/22 at 12:19 pm to tigerbrauf
quote:
build a house
Here's your novice mistake.
This post was edited on 12/15/22 at 1:15 pm
Posted on 12/15/22 at 12:40 pm to tigerbrauf
Building a house as your first house would not have worked for me. It took me a good bit of time with the first home and second home to learn what I liked and disliked. Building a custom home is expensive. If you are “building” a generic cookie cutter home than that’s another reason to avoid. In general, buying an older less update home in an established neighborhoods will hold its value better. Save the custom home for later.
Posted on 12/15/22 at 12:47 pm to tigerbrauf
At this time patience...oh, find a girl that is a RN..
Posted on 12/15/22 at 12:55 pm to tigerbrauf
We may start to see more foreclosure activity. If we do, buy a HUD house or some other kind of foreclosure on the cheap. Get used to home ownership on someting cheap.
Do that for a few years, then if you can, buy something nicer / larger if you want, and keep that first house as a rental.
Do that for a few years, then if you can, buy something nicer / larger if you want, and keep that first house as a rental.
Posted on 12/15/22 at 1:02 pm to schexyoung
Upvote 100 times right here. Bought my first a few years ago and the decision to stay away from cookie cut builders was great. Find a house that needs a few updates and do them yourself. Put some granite in the kitchen and boom, feels like a new house with a much better neighborhood.
Posted on 12/15/22 at 1:25 pm to tigerbrauf
Tip #1: Don't build a house. I cannot fathom a scenario where a 22yo can reasonably know what his home needs will be in 5, 10 or 20 years. You gonna get married? Have a few kids? Very different house than what you'll be able to afford at your age.
If you want to buy, get a starter and put some sweat equity into it. When it comes time to sell, you'll be better equipped to step up in house if you need to. Don't sink a ton of money into a (probably crap) new build. The only way i can see that making sense is if you are doing some kind of tiny home
If you want to buy, get a starter and put some sweat equity into it. When it comes time to sell, you'll be better equipped to step up in house if you need to. Don't sink a ton of money into a (probably crap) new build. The only way i can see that making sense is if you are doing some kind of tiny home
Posted on 12/15/22 at 1:26 pm to tigerbrauf
What's the expected time line in the new house?
3-5 yrs?
5-10?
10-20?
Most of my mortgage/purchase advise relates to the duration in the loan.
3-5 yrs?
5-10?
10-20?
Most of my mortgage/purchase advise relates to the duration in the loan.
Posted on 12/15/22 at 2:36 pm to tigerbrauf
All above (especially live below your means) plus….
If you can afford truck note, you can afford to invest truck note (now that you no longer have one. Do it. Vanguard VASGX or similar).
If you can afford truck note, you can afford to invest truck note (now that you no longer have one. Do it. Vanguard VASGX or similar).
Posted on 12/15/22 at 3:12 pm to tigerbrauf
Get married now even if you gotta knock some chick up. Make sure she’s got good genes and her parents aren’t divorced
Like if you’re single no kids in your 30s you gonna develop hella nihilism and wonder why you even go to work every day. It sucks bruh ngl
Like if you’re single no kids in your 30s you gonna develop hella nihilism and wonder why you even go to work every day. It sucks bruh ngl
Posted on 12/15/22 at 3:15 pm to SalE
quote:
At this time patience...oh, find a girl that is a RN
Don’t listen to this they’re all crazy and they all get divorced like 3 times
Find a chick that works at like a bank or something
Or better yet find some chick that does some office job at her dads big company because all the people that work there will be scared to hit on her and you’ll inherit the company someday
Posted on 12/15/22 at 3:19 pm to tigerbrauf
Just rent an apt. You’re too young to be plowing $ into a house.
Posted on 12/15/22 at 3:20 pm to SalE
quote:
At this time patience...oh, find a girl that is a RN..
This is what I did. Only the wife became an NP. . . She outearns me. Her bonus is 30% of my salary. FML.
Posted on 12/15/22 at 3:21 pm to cwill
I’d say buy a fixer upper then rent rooms to your friends and trick them into helping you renovate it
Posted on 12/15/22 at 3:51 pm to SalE
Funny that you say that because I am with a RN and I think patience is my main problem. Feel like time is against me
Posted on 12/15/22 at 4:24 pm to tigerbrauf
22 year old with a good head on his shoulders, seeking advice from people with more experience?
At worst, you will not be a failure, and at best you will be very successful. High floor and high ceiling. Good luck ????
At worst, you will not be a failure, and at best you will be very successful. High floor and high ceiling. Good luck ????
Posted on 12/15/22 at 4:53 pm to el Gaucho
This is what I did and it was the best decision of my life. I understand the appeal of building a brand new beautiful house OP but the life lessons and the memories you will get going with the fixer upper and living with your best friends will be priceless.
This post was edited on 12/15/22 at 4:54 pm
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