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Message
re: How much house could I afford
Posted on 11/7/17 at 4:55 pm to Retrograde
Posted on 11/7/17 at 4:55 pm to Retrograde
quote:
I’d like to be around 250k
So, roughly 1500 a month or so is what you'd want.
quote:
800/mo vehicle note, 4 yrs left
This is way worse than a $2000 mortgage note.
Put more into your home, and less into your vehicle.
1
Posted on 11/7/17 at 5:49 pm to Epic Cajun
Gotcha. Sure did trigger a bunch of people.
Posted on 11/7/17 at 5:55 pm to Epic Cajun
I get that the truck note is stupid, I promise. To go cross country sometimes towing 15k lbs, it’s neccessary to at least have a reliable truck that would have cost about 42k bare bones with what we needed. Also, my car/insurance/gas is all free.
I’m not buying a 150k house in DFW, that’s stupid. We live for free in a house that is kind of shitty, the point of us moving is we want to go somewhere nicer now that we are in a decent position.
I think at this point the best option would to be to pay off the truck, and find a 10/90 no PMI but the lenders I had been talking to don’t offer it. Any suggestions?
I’m not buying a 150k house in DFW, that’s stupid. We live for free in a house that is kind of shitty, the point of us moving is we want to go somewhere nicer now that we are in a decent position.
I think at this point the best option would to be to pay off the truck, and find a 10/90 no PMI but the lenders I had been talking to don’t offer it. Any suggestions?
Posted on 11/7/17 at 6:28 pm to Retrograde
quote:
Any suggestions?
Pay off the truck, save the $800/month plus whatever else you can and move in a year. That's honestly probably your best option. You can get something smaller for 250k and live for the next 5-7 years until you need to upgrade. The only thing I'd be weary of is the prices can't rise forever like they are right now in DFW
Posted on 11/7/17 at 7:28 pm to Mingo Was His NameO
DFW prices are stupid and getting worse.
At the same time, everyone I know just got promoted or got a raise. I don’t see the market falling apart in the next few years.
At the same time, everyone I know just got promoted or got a raise. I don’t see the market falling apart in the next few years.
Posted on 11/7/17 at 7:56 pm to Retrograde
Fiancée?
Dude you’ll be having kids soon. How much of that $130k is your income vs hers?
In Birmingham, AL, we pay $600/month for one kid to go to a good preschool and that’s with a big discount. Your wife might want to stay home with the kids when they’re little. You might have multiple in daycare/preschool.
Sorry but I wouldn’t go higher than $250k on $130k. I’ve seen too much bad financial shite happen. Granted, it sounds like you’ll avoid PMI, so that probably changes your budget a good bit compared to mine.
Dude you’ll be having kids soon. How much of that $130k is your income vs hers?
In Birmingham, AL, we pay $600/month for one kid to go to a good preschool and that’s with a big discount. Your wife might want to stay home with the kids when they’re little. You might have multiple in daycare/preschool.
Sorry but I wouldn’t go higher than $250k on $130k. I’ve seen too much bad financial shite happen. Granted, it sounds like you’ll avoid PMI, so that probably changes your budget a good bit compared to mine.
Posted on 11/7/17 at 8:00 pm to Retrograde
quote:
DFW prices are stupid and getting worse.
At the same time, everyone I know just got promoted or got a raise. I don’t see the market falling apart in the next few years.
I live here as well. I don't see the market falling apart either, but I don't think we can sustain a 10-12% growth in value either. My point is right now you can stay in a house a very short amount of time and still make money because of how fast values are increasing, but if I was buying I wouldn't count on that to continue.
Posted on 11/7/17 at 8:28 pm to StringedInstruments
Well we already have a kid, and he goes to work with mom. She’s not far behind me, and makes 60k to my 70k.
Not having more kids, I’m snipped and she is on depo.
Not having more kids, I’m snipped and she is on depo.
Posted on 11/8/17 at 8:50 am to Retrograde
Big difference in what you can afford and what you should afford. Like you can afford $800/month for vehicles but you shouldn't.
The rule of thumb is your monthly mortgage should not exceed 25% of your take home pay, including taxes and insurance.
Get rid of those car notes. Cars are the worst "investment" you can ever make.
Read (listen on audiobook): "Total Money Make Over" by Dave Ramsey.
The rule of thumb is your monthly mortgage should not exceed 25% of your take home pay, including taxes and insurance.
Get rid of those car notes. Cars are the worst "investment" you can ever make.
Read (listen on audiobook): "Total Money Make Over" by Dave Ramsey.
Posted on 11/8/17 at 9:39 am to Sleven
quote:
Cars are the worst "investment" you can ever make.
I wish I could punch everyone that says this.
Posted on 11/8/17 at 10:45 am to LNCHBOX
quote:
I wish I could punch everyone that says this.
Why? You made a Milly flipping cars?
OK then, better put - High end vehicles are a luxury item and if you can't buy a car in cash you shouldn't own it.
This post was edited on 11/8/17 at 10:46 am
Posted on 11/8/17 at 11:21 am to Sleven
quote:
and if you can't buy a car in cash you shouldn't own it.
Dumb.
Posted on 11/8/17 at 3:29 pm to Retrograde
Are you open to something like Anna or Mellissa? More bang for your buck if you work anywhere near Plano/Allen/Mckinney/Frisco.
That's what I decided to do. Price has exploded in Allen McKinney and Frisco.
That's what I decided to do. Price has exploded in Allen McKinney and Frisco.
Posted on 11/8/17 at 3:35 pm to Retrograde
What kind of car is $800 month?
Posted on 11/8/17 at 8:01 pm to LNCHBOX
CNTBOX, Thought about it after your 1 one response of wisdom and you’re absolutely right. People amass wealth by financing items the depreciate in value. My bad
Posted on 11/8/17 at 8:30 pm to Sleven
quote:
CNTBOX, Thought about it after your 1 one response of wisdom and you’re absolutely right. People amass wealth by financing items the depreciate in value. My bad
Well yeah that's actually true. You borrow money at 3.5% to buy a 20,000 car. You use the $20,000 to invest and make a 7% return. You have increase your wealth.
Posted on 11/9/17 at 5:02 am to Sleven
I love a good money board melt.
Posted on 11/9/17 at 6:52 am to Retrograde
quote:
I think at this point the best option would to be to pay off the truck, and find a 10/90 no PMI but the lenders I had been talking to don’t offer it. Any suggestions?
Look at Everbank.
Posted on 11/9/17 at 7:20 am to Mingo Was His NameO
quote:
Well yeah that's actually true. You borrow money at 3.5% to buy a 20,000 car. You use the $20,000 to invest and make a 7% return. You have increase your wealth.
Some people do amass wealth by smartly leveraging money. And dedicated folks who have this foresight are perfect for this method.
Dave Ramsey is for people who read that and see Portuguese.
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