- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Your first house
Posted on 9/27/11 at 11:44 am to Tigerstudent08
Posted on 9/27/11 at 11:44 am to Tigerstudent08
quote:
Does anyone have an idea on what the max someone could afford if they were making ~90K/year
quick rule of thumb I have always heard is 3x your yearly salary.
0
Posted on 9/27/11 at 1:49 pm to Costanza
quote:
What year did you purchase
2005
quote:
how much was it
$240,000
quote:
how much did you put down
$30,000
quote:
how old were you
25
Only thing i would change if doing it today would be to put more down as i have been established longer. I am still very pleased with the purchase and the fact that I don't need to upgrade as the house is plenty big enough to stay in indefinitely.
This post was edited on 9/27/11 at 1:50 pm
Posted on 9/27/11 at 3:19 pm to Tigerstudent08
quote:
Does anyone have an idea on what the max someone could afford if they were making ~90K/year and had no debt and around $90k to put down
$90,000 / 12 = $7500 month before taxes. $7500 * 36% (.36) = $2700. $2700 - all other monthly expenses is what you should look to spend on a monthly mortgage.
This post was edited on 9/27/11 at 3:20 pm
Posted on 9/27/11 at 4:15 pm to wickowick
quote:
We still have the home and rent it out…
quote:
wickowick
Have you been happy with your decision to do this?
Posted on 9/27/11 at 6:52 pm to GulfCoastPoke
quote:
Have you been happy with your decision to do this?
We break even on rent, could probably get more, but the renters are good and pay on time. The home is on prime waterfront property, so I am fine renting or I am fine selling when the economy gets better, either way is fine...
Posted on 9/27/11 at 7:11 pm to Costanza
Bought my first place, a GA home in 2004 at age 26. Paid $145K with $10K down. Sold it in 2007 for $170K.
Relocated to FL and bought a new place in Sept 2007. Paid $225K for the new place and it appraised $315K at the time. Since then the housing market has taken a dump and even with our improvements we'd be thrilled to get $180K for our place. So I lost all the gains from my first place and then some.
I keep up with my old neighbors and learned that the GA home sold in 2010 after being foreclosed on for $75,900. A loss of over 60%.
Lessons learned? All those idiots who tell you that a home is the most stable investment of your life are wrong. Home ownership is not for everyone, renting may be a better option when one considers maintenance costs, insurance, etc.. In addition, a real estate agent is just as trustworthy as a used car salesman or Congressman. At least the Congressman may have a college education.
Relocated to FL and bought a new place in Sept 2007. Paid $225K for the new place and it appraised $315K at the time. Since then the housing market has taken a dump and even with our improvements we'd be thrilled to get $180K for our place. So I lost all the gains from my first place and then some.
I keep up with my old neighbors and learned that the GA home sold in 2010 after being foreclosed on for $75,900. A loss of over 60%.
Lessons learned? All those idiots who tell you that a home is the most stable investment of your life are wrong. Home ownership is not for everyone, renting may be a better option when one considers maintenance costs, insurance, etc.. In addition, a real estate agent is just as trustworthy as a used car salesman or Congressman. At least the Congressman may have a college education.
This post was edited on 9/27/11 at 7:22 pm
Posted on 9/28/11 at 1:45 pm to wiltznucs
Bought first home at 21/ $90k at 6.125%/ put down $8k. Put about $10k of upgrades in it and sold it for $115k 4 years later. Bought new house at $161k & 4.25%/$0 down with Rural Development loan and no PMI.
Posted on 9/28/11 at 3:52 pm to hoppinnissan
Bought my first house in 07 when I was 21 for 123k. Just sold it and bought a new one for 210k. I think 210k is pushing it for us but it is a house we plan to stay in forever. Also it will allow us to send our kids to public school for a few years since its in pville.
My only regret is not asking for more after the inspection of the first house we bought. I didn't have a realtor so I just accepted the inspection. I am glad I decided to do a 15 yr note on it bc it allowed us to build equity. My house note now is 150 less than I was paying before bc I did 30 yr this time.
Another bit of advice is to watch how much money you spend in upgrades. You don't want to price above the subdivision or you will never get it back
My only regret is not asking for more after the inspection of the first house we bought. I didn't have a realtor so I just accepted the inspection. I am glad I decided to do a 15 yr note on it bc it allowed us to build equity. My house note now is 150 less than I was paying before bc I did 30 yr this time.
Another bit of advice is to watch how much money you spend in upgrades. You don't want to price above the subdivision or you will never get it back
Posted on 9/28/11 at 4:18 pm to LSU1018
Is there any 100% financing available in this current market? sorry been out of the housing loop for a while.
Posted on 9/28/11 at 6:45 pm to BomBayTiger
quote:
any 100% financing available in this current market?
yes
Posted on 9/28/11 at 10:37 pm to Costanza
Probably not relevant but:
25 years old
1975; 33500, 5% down with a 5% tax credit that made that 0 net.
Don't remember the interest rate, but around 5, I think.
Sold two years later for 37500. 10+% profit in two years.
Same house now worth about 200K.
25 years old
1975; 33500, 5% down with a 5% tax credit that made that 0 net.
Don't remember the interest rate, but around 5, I think.
Sold two years later for 37500. 10+% profit in two years.
Same house now worth about 200K.
Posted on 9/30/11 at 6:56 am to BomBayTiger
quote:
Is there any 100% financing available in this current market? sorry been out of the housing loop for a while.
Yes, but very unwise.
Posted on 9/30/11 at 9:56 am to Costanza
quote:
24
30k
quote:
23
$43k
quote:
27
50,000
quote:
24
60k
quote:
20 years old
13k
quote:
11k / 23
quote:
27
880K. Put 20% down
quote:
25 years old, 135,000
Put 20% down
quote:
150K
20% down
24yrs old
quote:
23
26,000
quote:
25
$30,000
Seriously felt like I was reading the OT. Where the F were you kids getting your money before the age of 30?
Y'all must not have done college like I did it, because I came out of college with a couple of couches a beat up bed and the clothes in my closet
Oh and student loans and a car note.Posted on 9/30/11 at 11:25 am to LSUAfro
quote:
Seriously felt like I was reading the OT. Where the F were you kids getting your money before the age of 30?
Y'all must not have done college like I did it, because I came out of college with a couple of couches a beat up bed and the clothes in my closet Oh and student loans and a car note.
I feel the same way lol. I'll be able to get a va loan. I also won't have a car note or student loans which is real nice. Even with that, when I get married down the road we'll only be grossing about 75k a year without any debt. I have some money saved up (from a deployment with tax free money and only 75 bucks a month from internet) 15 to 20k when I get out of school. How could I put 20 to 30k down on a house is beyond me.
Posted on 9/30/11 at 11:42 am to wegotdatwood
quote:
eriously felt like I was reading the OT. Where the F were you kids getting your money before the age of 30?
Y'all must not have done college like I did it, because I came out of college with a couple of couches a beat up bed and the clothes in my closet Oh and student loans and a car note.
I feel the same way lol. I'll be able to get a va loan. I also won't have a car note or student loans which is real nice. Even with that, when I get married down the road we'll only be grossing about 75k a year without any debt. I have some money saved up (from a deployment with tax free money and only 75 bucks a month from internet) 15 to 20k when I get out of school. How could I put 20 to 30k down on a house is beyond me.
I'm with you guys. Seems like some embellishing going on here. We went the FHA route and had to scrap for cash. I technically bought the house before I had a job.
Posted on 9/30/11 at 11:47 am to LSUAfro
quote:selection bias
Seriously felt like I was reading the OT. Where the F were you kids getting your money before the age of 30?
Posted on 9/30/11 at 11:57 am to Cold Cous Cous
quote:
selection bias
How so?
Just because it's the MB doesn't mean everybody started out well off.
To have greater than 20k to put down on a house at 23-28 requires serious discipline, inheritance, or sheer luck for most of us. And apparently I missed the boat on all 3
ETA: I'll add military due to signing bonuses, deployment, training, early start etc, and their inability to spend their money.
This post was edited on 9/30/11 at 11:59 am
Posted on 9/30/11 at 12:02 pm to LSUAfro
The point is it's a biased sample because people that bought houses at an earlier age and are doing well for themselves are more likely to post about it. People aren't lying on here, you just have to ask who is more likely to respond to something like this question.
Posted on 9/30/11 at 12:08 pm to LSUtoOmaha
quote:
The point is it's a biased sample because people that bought houses at an earlier age and are doing well for themselves are more likely to post about it. People aren't lying on here, you just have to ask who is more likely to respond to something like this question
Exactly. That was just the point I was trying to make.
I'll go next.
28
182k
19k(had to borrow 7k from pops)
OT rich
Page 3 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News