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Started By
Message
re: Millenial homeowners "get real" about their success
Posted on 6/5/19 at 1:48 pm to Antonio Moss
Posted on 6/5/19 at 1:48 pm to Antonio Moss
quote:
That has nothing to do with understanding the difference between paying rent and building equity.
I really hope you aren't in any sort of financial advisory field telling new grads to buy $150k condos on bluebonnet
"It's a great area"
This post was edited on 6/5/19 at 1:49 pm
1
Posted on 6/5/19 at 1:48 pm to AU_251
quote:
AU_251
You post like an uneducated idiot. What post am I to look at?
Posted on 6/5/19 at 1:49 pm to lsunurse
quote:
You post like an uneducated idiot
quote:
lsunurse
This post was edited on 6/5/19 at 1:50 pm
Posted on 6/5/19 at 1:49 pm to 50_Tiger
quote:
Post Grad school your income went to 150k?
Nope.
Started in high five figures, moved to low sixes by the time loans were paid off.
Married, wife made very little at the time.
Posted on 6/5/19 at 1:50 pm to MrJimBeam
quote:
So your retort is to buy a condo lol. Got it.
As opposed to rent? Yes.
Buy a condo or a townhouse. Keep it for a few years. Build equity. Sell it. Use profit on down payment for next house.
Posted on 6/5/19 at 1:51 pm to Antonio Moss
quote:
Nope.
Started in high five figures, moved to low sixes by the time loans were paid off.
Married, wife made very little at the time.
So you didnt do it alone technically.
How much did the wife make?
Can I guess? Right around 18-20k after taxes?
Posted on 6/5/19 at 1:51 pm to pizzatiger
Imagine getting a great job offer in another state but you can’t take it cause you are stuck with your condo on bluebonnet.
“Sure, make one of the biggest financial decisions one can make right after college! What could go wrong??”
“Sure, make one of the biggest financial decisions one can make right after college! What could go wrong??”
Posted on 6/5/19 at 1:52 pm to 50_Tiger
quote:
How much did the wife make?
Can I guess? Right around 18-20k after taxes?
More but she had some debt that we had to pay off as well - not nearly as much as mine.
Posted on 6/5/19 at 1:52 pm to Antonio Moss
quote:
One complex has no fees. One had a $45/month grounds fee. Not sure about the third.
But please, keep making things up.
How can you live in a condo with no fees? You don't think that's alarming?
Posted on 6/5/19 at 1:52 pm to Antonio Moss
quote:FIFY
Buy a condo or a townhouse. Keep it for a few years. Build no equity. Sell it. lose money on down payment for next house.
Posted on 6/5/19 at 1:53 pm to pizzatiger
quote:
How can you live in a condo with no fees? You don't think that's alarming?
They're more like town homes. Own the ground, share the wall.
Posted on 6/5/19 at 1:53 pm to Antonio Moss
quote:
Buy a condo or a townhouse. Keep it for a few years. Build equity. Sell it. Use profit on down payment for next house.
Bro this is getting comical.
Posted on 6/5/19 at 1:54 pm to Antonio Moss
quote:
More but she had some debt that we had to pay off as well - not nearly as much as mine.
I believe you, but not to the degree you say.
I can get behind the idea of a two-income household being able to pay down debt quickly. Statistics do back that up.
Posted on 6/5/19 at 1:54 pm to lsupride87
quote:
Buy a condo or a townhouse. Keep it for a few years. Build no equity. Sell it. lose money on down payment for next house.
FIFY
Well, if you made a good investment... then...
I bought my little townhouse for $500,000 two years ago. Last month, a neighbor, with the same layout, sold his for $560,000. So I think I can sell mine soon and make a decent profit.
Of course, the median house cost in my town is $800,000. So I'm one of the poors.
Posted on 6/5/19 at 1:56 pm to Uhtred
quote:
Well, if you made a good investment... then...
I bought my little townhouse for $500,000 two years ago. Last month, a neighbor, with the same layout, sold his for $560,000. So I think I can sell mine soon and make a decent profit.
To start, assuming you are a new grad with 90k in debt like our situation, you wont have a downpayment. So you will be buying and paying PMI to start
You are also buying a condo in BR. Chance of it going up in value in a few years is not good at all
When you go to sell in a few years you arent going to have fun
Posted on 6/5/19 at 1:56 pm to JohnnyKilroy
quote:
Bro this is getting comical.
I mean, I did it a decade and half ago . . . and even with the housing crash, still sold at a higher price than purchase.
I just can't fathom renting. You are just burning that money.
Posted on 6/5/19 at 1:58 pm to lsupride87
quote:
You are also buying a condo in BR. Chance of it going up in value in a few years is not good at all
BR housing market has been pretty strong - especially in that area - the last decade.
Posted on 6/5/19 at 1:58 pm to lsupride87
quote:
To start, assuming you are a new grad with 90k in debt like our situation, you wont have a downpayment. So you will be buying and paying PMI to start
You are also buying a condo in BR. Chance of it going up in value in a few years is not good at all
When you go to sell in a few years you arent going to have fun
This was my train of thought when offering the BR condo route.
Posted on 6/5/19 at 1:58 pm to Antonio Moss
quote:Yes, the housing market. Condo market, hold onto your anus
BR housing market has been pretty strong - especially in that area - the last decade.
Posted on 6/5/19 at 1:59 pm to Antonio Moss
quote:
I'm looking at ten condos for sale between $112K-$157K
Just so everyones clear there are sometimes very expensive common charges associated with condos that houses don't have.
Thats not an apples to apples comparison.
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