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re: Wise friends of the MB: Am I anywhere close to buying a home? UPDATED pg. 3
Posted on 4/7/15 at 10:12 pm to bayoubengals88
Posted on 4/7/15 at 10:12 pm to bayoubengals88
Seems like you really love Baton Rouge and willing to set roots here. Nothing wrong with that.
I was similar to your situation near your age. What I would do is:
1 pay off all your debt.
2 save a good amount for a down payment
3 since you are single and don't need too much space, instead of buying a house, I would buy a duplex in a good neighborhood(garden district, mid city). You can get a good one for 190K. Finance it for 15 years. With the rental income, you're mortgage payment won't be that bad. And you'll increase your equity faster over time.
4. You can always buy a house later
I was similar to your situation near your age. What I would do is:
1 pay off all your debt.
2 save a good amount for a down payment
3 since you are single and don't need too much space, instead of buying a house, I would buy a duplex in a good neighborhood(garden district, mid city). You can get a good one for 190K. Finance it for 15 years. With the rental income, you're mortgage payment won't be that bad. And you'll increase your equity faster over time.
4. You can always buy a house later
4
Posted on 4/7/15 at 11:04 pm to PeteRose
quote:
3 since you are single and don't need too much space, instead of buying a house, I would buy a duplex in a good neighborhood(garden district, mid city). You can get a good one for 190K. Finance it for 15 years. With the rental income, you're mortgage payment won't be that bad. And you'll increase your equity faster over time.
This is also good advice for the OP in a situation like Baton Rouge that has a robust, vibrant rental market.
Posted on 4/8/15 at 7:25 am to PeteRose
quote:
Seems like you really love Baton Rouge and willing to set roots here. Nothing wrong with that.
I was similar to your situation near your age. What I would do is:
1 pay off all your debt.
2 save a good amount for a down payment
3 since you are single and don't need too much space, instead of buying a house, I would buy a duplex in a good neighborhood(garden district, mid city). You can get a good one for 190K. Finance it for 15 years. With the rental income, you're mortgage payment won't be that bad. And you'll increase your equity faster over time.
4. You can always buy a house later
This. Looking back I wish I would have bought a place I could rent out after I move.
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 4/9/15 at 2:10 am to PeteRose
As others have said, slow down and save more. $100 a month is great if it's a cool situation for a little longer. $1,000 savings isn't enough, wait till you get to about $10k minimum or at least 20% of the purchase price. Save more into your Roth as you can pull out any contributions if you need them. I see nothing wrong with you wanting to buy a house but do it as an investment as well.
This is what I'd do. Buy a duplex and the other half will make your mortgage very small. If you do suddenly need to leave as many others here are so worried for you
then you can rent your half and be cash positive.
quote:
3 since you are single and don't need too much space, instead of buying a house, I would buy a duplex in a good neighborhood(garden district, mid city). You can get a good one for 190K. Finance it for 15 years. With the rental income, you're mortgage payment won't be that bad. And you'll increase your equity faster over time.
This is what I'd do. Buy a duplex and the other half will make your mortgage very small. If you do suddenly need to leave as many others here are so worried for you
then you can rent your half and be cash positive. 
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