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Posted on 7/29/12 at 5:38 pm to Who Me
Don't forget tax, insurance, repairs, and transactional cost when buying and selling
Posted on 7/29/12 at 5:51 pm to yellowfin
quote:
Don't forget tax, insurance, repairs, and transactional cost when buying and selling
I'm not. Just don't overestimate those things.
Soooo . . what yall are saying is that with 30k start up money to invest. 60k profit over the course of 8 years is pretty much normal or easy if you know how to invest it?
Posted on 7/29/12 at 6:07 pm to Who Me
quote:
60k profit over the course of 8 years is pretty much normal or easy if you know how to invest it?
Um no.
If you just double your money over 8 years you've beaten the market.
Beating the market consistently isn't exactly easy.
Posted on 7/29/12 at 6:24 pm to ZereauxSum
quote:
Um no.
If you just double your money over 8 years you've beaten the market.
Beating the market consistently isn't exactly easy.
That's what I thought. Thought I was doing damn good with the investment and profit made on the sale of my house and that's without really any start up money other than the given expenses.
Posted on 7/29/12 at 6:37 pm to Who Me
quote:
Thought I was doing damn good with the investment and profit made on the sale of my house and that's without really any start up money other than the given expenses.
Ah gotcha. Didn't see the post before that.
Yeah, that's an extremely good return.
Posted on 7/30/12 at 12:36 am to deathvalley504
At 25, I had 6k in the bank each month. Lived at home with my Dad. I worked days. He worked nights.
I destroyed a shite-ton of arse, did a large amount of controlled substances, scratched bucket list items off before I knew what a bucket list was, and generally completely pissed it away living the ever-living frick out one very interesting life.
I also learned a lot and worked my arse off and realized when you're motivated-by money or whatever-working your arse off doesn't feel like working at all.
Got out of that line of work, and then I undertook a sort've penance for going that balls out that fast. Taught myself other lessons-the kind only struggling can truly make you learn.
Grew the frick up in the process.
Tell him to live his life and enjoy himself. Experience will be the best teacher. Good or bad. Not any financial advisor or post here on the MT.
A 200K house at 23 sounds stupid though.
I destroyed a shite-ton of arse, did a large amount of controlled substances, scratched bucket list items off before I knew what a bucket list was, and generally completely pissed it away living the ever-living frick out one very interesting life.
I also learned a lot and worked my arse off and realized when you're motivated-by money or whatever-working your arse off doesn't feel like working at all.
Got out of that line of work, and then I undertook a sort've penance for going that balls out that fast. Taught myself other lessons-the kind only struggling can truly make you learn.
Grew the frick up in the process.
Tell him to live his life and enjoy himself. Experience will be the best teacher. Good or bad. Not any financial advisor or post here on the MT.
A 200K house at 23 sounds stupid though.
Posted on 7/30/12 at 7:11 am to FriscoKid
quote:
buy nice duplex and let the other half pay the majority of your note.
This is actually what I want to do with the first property I purchase. I brought this idea up to him and said he doesn't feel like dealing with tenants.
Posted on 7/30/12 at 9:05 am to deathvalley504
FHA is 3.25% on a 30. Tell him get a roommate and buy a little more house than he is comfortable with.
Posted on 7/30/12 at 12:29 pm to deathvalley504
Only buy a house if it is undervalued and you are confident that you can sell it for at least 10% above your buying price whenever you think you will want to dish it. As someone said earlier, you will prob losts 10% of the sale price on the back end due to realtor/closing costs.
On the front end in purchasing there are alot of hidden costs most people don't think of (prepaid insurance for the year/inspections etc) so make sure you give youself alot of room and also look up the typical tax bills for the property. Make sure to factor in insurance and taxes (flood and homeowners). A $800 mortgage can turn into $1,200 a month in costs pretty quickly (insurance + taxes + homeowner assoc fees if it is a condo).
Do the math and make sure your return will beat whatever else you think you can do with the money (invest it in stocks, with a friend who has a business, in buying a car cash so you don't have 5% interest rate etc). If the gain on buying the house wins, go for it. Don't just buy one to buy one. It could be disastrous if it isn't the type of property you could dish if you need to or property in the area declines etc.
On the front end in purchasing there are alot of hidden costs most people don't think of (prepaid insurance for the year/inspections etc) so make sure you give youself alot of room and also look up the typical tax bills for the property. Make sure to factor in insurance and taxes (flood and homeowners). A $800 mortgage can turn into $1,200 a month in costs pretty quickly (insurance + taxes + homeowner assoc fees if it is a condo).
Do the math and make sure your return will beat whatever else you think you can do with the money (invest it in stocks, with a friend who has a business, in buying a car cash so you don't have 5% interest rate etc). If the gain on buying the house wins, go for it. Don't just buy one to buy one. It could be disastrous if it isn't the type of property you could dish if you need to or property in the area declines etc.
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