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re: Wise friends of the MB: Am I anywhere close to buying a home? UPDATED pg. 3
Posted on 4/8/15 at 7:25 am to PeteRose
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.
2
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
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...
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