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re: How long did you work before Having down payment for house?

Posted on 4/10/18 at 11:16 am to
Posted by NewIberiaHaircut
Lafayette
Member since May 2013
12545 posts
Posted on 4/10/18 at 11:16 am to
I worked for two years, my wife one year, before we put down 20%.
Posted by NIH
Member since Aug 2008
125021 posts
Posted on 4/10/18 at 11:16 am to
quote:

i could hustle that up on a weekend.


don't you spend your weekends mailing out flyers stating that you are in the neighborhood?
Posted by tigerfoot
Alexandria
Member since Sep 2006
61725 posts
Posted on 4/10/18 at 11:17 am to
Yeah I don’t think anyone here can counsel you on how to save money in a town that is ridiculously expensive to live in and a starter house will be what, 750k or more?
Posted by Mingo Was His NameO
Brooklyn
Member since Mar 2016
37542 posts
Posted on 4/10/18 at 11:17 am to
quote:

StringedInstruments


How's the job hunt coming?
Posted by StringedInstruments
Member since Oct 2013
21082 posts
Posted on 4/10/18 at 11:17 am to
quote:

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



They live in San Francisco. Unless they're expert computer programmers or successful start up executives, they will probably never afford to own a house.

They need to move to a new city.
Posted by Goldrush25
San Diego, CA
Member since Oct 2012
33964 posts
Posted on 4/10/18 at 11:17 am to
quote:

We may 2700$ a month.


Is this net, per month?

May need to rent until you get your paper up, son.
Posted by GeauxGoose
Nonya
Member since Dec 2006
2696 posts
Posted on 4/10/18 at 11:17 am to
quote:

SF bay area. San Mateo to be precise.
I found the damn problem
Posted by StringedInstruments
Member since Oct 2013
21082 posts
Posted on 4/10/18 at 11:17 am to
quote:

How's the job hunt coming?


Have a final interview in Fort Worth, TX in two weeks. Fingers crossed.

Other than that? Terrible.
Posted by Evil Little Thing
Member since Jul 2013
11638 posts
Posted on 4/10/18 at 11:18 am to
That’s his rent payment, not income.
Posted by tigerfoot
Alexandria
Member since Sep 2006
61725 posts
Posted on 4/10/18 at 11:18 am to
My first house was 60k with only 5% down.

Like a months rent for the OP
Posted by HogX
Madison, WI
Member since Dec 2012
5667 posts
Posted on 4/10/18 at 11:19 am to
quote:

Is this net, per month?



I think he's saying they pay $2700 a month for rent.

I think.
Posted by fareplay
Member since Nov 2012
6626 posts
Posted on 4/10/18 at 11:19 am to
This like 30 years ago?
Posted by fareplay
Member since Nov 2012
6626 posts
Posted on 4/10/18 at 11:20 am to
We make around 140k net a year(?) that may change cuz wife got a raise.
Posted by Mudminnow
Houston, TX
Member since Aug 2004
34216 posts
Posted on 4/10/18 at 11:21 am to
I'm not sure what the requirements are now but you may only need 5% down or less. In the past it was 100% and they offered first time home buyers money towards closing costs and down payment. Not sure if that program still exists though.
Posted by PoppaD
Texas
Member since Feb 2008
5376 posts
Posted on 4/10/18 at 11:21 am to
You would be living large in other parts of the country... San Francisco not so much.
Posted by VABuckeye
NOVA
Member since Dec 2007
38283 posts
Posted on 4/10/18 at 11:22 am to
First you need to track exactly where all the money is going. Get the Mint app and use it religiously. It should be easy to see where you can cut spending.
Posted by KG6
Member since Aug 2009
10920 posts
Posted on 4/10/18 at 11:22 am to
1 year, but to be fair I had some savings already and lived for free that first year (mostly traveled for work, so just kept my stuff at parents house). bought a cheap starter home so not to difficult to get my 20%
Posted by McLemore
Member since Dec 2003
35541 posts
Posted on 4/10/18 at 11:24 am to
I graduated law school right before the big silicon valley salary bumps and when you could get a loan on a song. Zero down, interest-only jumbo loan after a year out. Insane. We all saw how those practices played out!
Posted by Evil Little Thing
Member since Jul 2013
11638 posts
Posted on 4/10/18 at 11:25 am to
quote:

We make around 140k net a year(?) that may change cuz wife got a raise.


You have $9k per month after rent. If another $3k goes to utilities & car payments (generous), $1k for student loans, and $1k for eating out, you still have $4k. It’s time to start closely tracking to figure out where that money is going.
Posted by Goldrush25
San Diego, CA
Member since Oct 2012
33964 posts
Posted on 4/10/18 at 11:26 am to
quote:

That’s his rent payment, not income.


Yikes.
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