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re: How long did you work before Having down payment for house?
Posted on 4/10/18 at 10:58 am to fareplay
Posted on 4/10/18 at 10:58 am to fareplay
quote:
We eat out 90% of the time but it’s hard to cook as two professionals.
lol. I'm not going to say it's easy to cook, but we cook or eat leftovers at least 6/7 days a week with my wife working 50-60 hours a week, owning my own business, 2 kids, etc.
0
Posted on 4/10/18 at 10:58 am to fareplay
quote:
it’s hard to cook as two professionals.
Get a crock pot dude. I bought a really nice, scratch and dent one for like $5. Spaghetti, pork loins, tacos, etc all takes 5 mins to toss in then 5 mins to prep when you get home. Or pickup a bunch of frozen chicken breasts from Walmart. Grill, bake, whatever you want. We’ve lived off that shite for months before. No sympathy if this is your issue.
My fiancée had a house when we started dating. She did RD so no down payment. It was a fixer upper so we put the money she saved into new floors and countertops and misc other things.
This post was edited on 4/10/18 at 10:59 am
Posted on 4/10/18 at 10:58 am to fareplay
We were lucky enough to purchase during the bubble, where it felt like anyone could get financed for anything.
So we did an 80/20 with no money down. In hindsight, it probably wasn't the greatest financial decision, but the Texas Housing market never really weakened. So we profited when we moved. The 2nd house is much more traditional. 18% down.
So we did an 80/20 with no money down. In hindsight, it probably wasn't the greatest financial decision, but the Texas Housing market never really weakened. So we profited when we moved. The 2nd house is much more traditional. 18% down.
Posted on 4/10/18 at 10:58 am to fareplay
Why not buy a fix it up house and fix it yourself? Your wife would appreciate a manly al borland type around.
You sound like a millenial
You sound like a millenial
Posted on 4/10/18 at 10:58 am to fareplay
quote:
So my wife and I are both working and having a hard time saving enough for down payment. This is our second year and we have barely any savings. How long did it take you baws to save enough for a down payment on your casa?
The length of time taken by the typical Louisiana or Southern "baw" to save enough for a house down payment is irrelevant to the amount of time it would take in one of the most expensive housing markets in the nation.
Posted on 4/10/18 at 10:59 am to fareplay
quote:
We live in the bay area so our income is a bit inflated.
Well, shite! No wonder the down payment is daunting. Good luck!
This post was edited on 4/10/18 at 11:00 am
Posted on 4/10/18 at 10:59 am to fareplay
My post is still valid. 
Posted on 4/10/18 at 10:59 am to fareplay
If you:
then, you have no business even considering buying a house.
quote:
have barely any savings
then, you have no business even considering buying a house.
Posted on 4/10/18 at 11:00 am to fareplay
quote:
We eat out 90% of the time
This adds up way faster than you ever think it will. I work too, but can make a cheap home cooked dinner in under 15 minutes most nights
Posted on 4/10/18 at 11:01 am to moneyg
Thought of it as more of an investment.
Posted on 4/10/18 at 11:01 am to fareplay
(no message)
This post was edited on 4/10/18 at 11:03 am
Posted on 4/10/18 at 11:02 am to fareplay
quote:
So my wife and I are both working and having a hard time saving enough for down payment. This is our second year and we have barely any savings. How long did it take you baws to save enough for a down payment on your casa?
Maybe don't be so house focused? It does suck throwing money away on rent, but there are plenty of articles that make the case for the current generations, early home ownership isn't necessarily the best way to gain wealth.
Flexibility in living environment can lead to better job opportunities and different abilities to save, alter budgets, etc. If you are settled on a city, forever, on a place, forever, then maybe. But if any part of your near future could involve a promotion via relocation. Focus on that.
From 27 to 33 I lived in 7 different cities worked for 4 different companies/orgs, and had multiple promotions via those companies. I decided with no specific "house" savings to purchase a house. And I saved a downpayment for a pricey house in the perfect area in about 6 months. (And I paid down my student loan to 0 in the same year). That was at 35. Sure it was late, comparatively, but trust me without the details, it was way worth it for me savings, budgets, investment, etc.
Posted on 4/10/18 at 11:02 am to fareplay
Bought my 1st house when I was 23 with no money down. This house, I had the cash.
Posted on 4/10/18 at 11:03 am to PoppaD
quote:
. Do they still do second mortgages after the mortgage collapse?
I don't think the lenders will do that anymore. For anybody.
Posted on 4/10/18 at 11:05 am to fareplay
quote:
We live in the bay area so our income is a bit inflated.
Move if you want a house. There are lots of nice areas in the country with more affordable housing.
Also like a poster said above. You live in the most expensive housing market in the country. What kinda advice do you think Louisiana and Texas baws have to help your situation. They are completely different situations. I say finish your education and get out of the bay area if you really want a house.
2700 a month in Dallas or Houston and you will have a very nice house.
This post was edited on 4/10/18 at 11:19 am
Posted on 4/10/18 at 11:06 am to fareplay
quote:
Thought of it as more of an investment.
You can think of it however you want. But, the reality is that with no savings, and apparently no ability to save, you have no business thinking about purchasing a home.
Posted on 4/10/18 at 11:11 am to MSMHater
quote:
Well, shite! No wonder the down payment is daunting. Good luck!
I was wondering when someone was going to bring up the fact that he lives in SF.
Median home value in San Francisco is $1.2 million. Money folks may be able to clarify, but I'm not sure you can even get a conventional loan for that much.
For me, we worked one year and it was stupid. Wife and I lived in a $599/month two bedroom apartment. Put away $750/month for the 3.5% on a $179k house right as the 2007 housing crisis really started to take its toll.
Now, we have $11k in savings for a down payment and won't buy again until we can put down at least 10% on a home in area that has a track record for appreciating in value. I'd say we'll buy again in five years.
Posted on 4/10/18 at 11:12 am to bayoudude
I pay $2300 a month, but I imagine my place is twice as big as OPs.
Posted on 4/10/18 at 11:14 am to GreatLakesTiger24
quote:
Stop being poor.
this,
i saw some post on insta where a couple had a sign saying debt free after 3 years and their debt was 40k????
i mean that's not that much money, i could hustle that up on a weekend. people need to get their heads out of the clouds and get some money.
Posted on 4/10/18 at 11:15 am to fareplay
You’re gouging yourselves by eating out every meal. Eat cereal for breakfast, make sandwiches or salads for lunch, and make oven ready meals for dinner. Repeat until you’ve saved enough for a down payment
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