|
If you go here, you can enter the house's zip code and see how much the people in the area make and how long they commute and stuff. That info is under the income tab.
|
#
?
Sep 27, 2014 03:07
|
|
|
|
| # ? May 31, 2024 22:20 |
|
|
Dilbert As gently caress posted:Welp hit 8K, nearly half way there to putting 20% down on a house, when I hit 26 in 21 months. So that's just your down-payment. Do you have another $20k or so for closing costs, repairs, and potential points to reduce your interest?
|
|
#
?
Sep 27, 2014 03:34
|
|
|
baquerd posted:So that's just your down-payment. Do you have another $20k or so for closing costs, repairs, and potential points to reduce your interest? My plan is 20% for the down payment and 10% on top of that for the first year. It's like starting your retirement and 401k (investment match) fund at 24, only idiots don't do it.
|
|
#
?
Sep 27, 2014 05:52
|
|
|
Dilbert As gently caress posted:My plan is 20% for the down payment and 10% on top of that for the first year. No. No it's not.
|
|
#
?
Sep 27, 2014 06:03
|
|
|
Dilbert As gently caress posted:How do you build up credit faster? Seriously, buying a BMW with my dad as a co-signer was hard enough; I'd rather avoid any co-signing or third party interaction. There are better people in this thread to answer than me, but here's how I built credit after being debit-only for 7 years: * Got a credit card. It was a terrible card with an annual fee and a $500 limit, but it was the only one I could get. * Put monthly bills on that card and paid them off every month. * Asked for limit upgrades starting at six months. * At 11 months, went in the bank to talk about other cards. Was able to get a better one. Transferred regular bills to that one and closed the original before having to pay the annual fee again. * Pestered for limit increases on the new card after 6 months. That, plus my high down payment (25%) was enough for me to get a mortgage just over 2 years after getting that first card. If you're making regular payments on your car, that's a good help as well. Oh, and don't go debit-only like I did. Keeping a card and not using it at all is infinitely better than having no card.
|
|
#
?
Sep 27, 2014 10:46
|
|
|
Dilbert As gently caress posted:Welp hit 8K, nearly half way there to putting 20% down on a house, when I hit 26 in 21 months. 1. Heating/cooling can become a pain in the rear end. If you have separate systems for upstairs and downstairs, get programmable thermostats. 2. I sorta happened into my good credit. Fiance and I went on a cruise, bought some art while on it, opted for their 0% for 1 year credit card, paid the whole thing off in a year, credit shot up. Also, having lots of student loans and being consistent with my payments and bills helped. If you need to try and get a cosigner for a house, you should probably not buy a house, though. 3. Depending on traffic, my commute is only like 5-10 minutes. But I bought specifically to have a nice central location. 4. We looked for a house that would be easy to get a lot of value out of should we decide to move on in 10 years but at the same time a house we wouldn't mind staying in forever. There's also always the personal bullet points that people have, mine being a backyard and proper location. Take your time with it, big decision, lots of money. 5. I know nothing of insurance, my pal is a broker so I just had him handle it all.
|
|
#
?
Sep 27, 2014 15:59
|
|
|
I sold my 2 story 2005 built house back in August and am moving into a 1 story 1980 built house next month. I have no problem with stairs and liked being up high and being able to see for miles out of the windows and watch sunsets and weather come in, as well as see who just pulled up into my driveway. Ultimately, climate control was a major pita and the upstairs was always too warm and the downstairs always too cool even with split thermostats, double paned windows, whole house fan, etc. Having tile floors on cement slabs downstairs was especially cold in the winter, even in mild California. Obviously, with enough money thrown at the problem it could be remediated with floor heating, better insulation upstairs but I was done putting money into the place.
|
|
#
?
Sep 27, 2014 16:59
|
|
|
Dilbert As gently caress posted:My plan is 20% for the down payment and 10% on top of that for the first year. It's not like that at all
|
|
#
?
Sep 27, 2014 19:38
|
|
|
Dilbert As gently caress posted:buying a BMW with my dad as a co-signer was hard enough Dilbert As gently caress posted:It's like starting your retirement and 401k (investment match) fund at 24, only idiots don't do it. Idiot or troll, either way you should probably stop posting.
|
|
#
?
Sep 27, 2014 19:53
|
|
|
Dilbert As gently caress posted:Welp hit 8K, nearly half way there to putting 20% down on a house, when I hit 26 in 21 months. That's a very large house for one person. Most people I tell not to treat a house like an investment and just to treat the equity gain as their return. 20% down is good but do you have the income to service a mortgage of that size? Do you have enough income to spare for interest rate increases that might start coming in the next few years? If you bought the BMW new and the house is expensive you should probably post in the people who are bad with money thread.
|
|
#
?
Sep 28, 2014 04:40
|
|
|
moana posted:Idiot or troll, either way you should probably stop posting. Nah bought my first BMW at 23; did a loan option since it builds credit better. Started my 401k at 23 as well; at 24 I had 840 USD and now am doing the 3% I can. Saving for my first house and retirement fund right now. Honestly all people talk about who have 5-10 years on me is "man wish I started X sooner". Having my dad sign for a car? Very lovely, since I have been paying cash for college and such. Made me feel like I was one of those idiots how got poo poo handed to them. Devian666 posted:That's a very large house for one person. Most people I tell not to treat a house like an investment and just to treat the equity gain as their return. 20% down is good but do you have the income to service a mortgage of that size? Do you have enough income to spare for interest rate increases that might start coming in the next few years? I have the income to suffice at the rate a have projected even with my current salary. My income is exceeding that to do payments of 20% over normal mortgage payments. I project for a base of my current salary, and no further income. If I have a companion I will stick to paying for all housing/water/401k/retirement; I never take a possibility of another person into my accounting as the variable is a "maybe". Did the BMW on a loan since buying on a loan to build credit outweighed the benefits of buying outright. Seeing as I want to buy a house, loans seem to build credit. Even if you began working at 14 banks don't care about that for some reason, and had a bank account open since then.... gently caress YOU WELLS FARGO! Dilbert As FUCK fucked around with this message at 07:11 on Sep 28, 2014 |
|
#
?
Sep 28, 2014 07:00
|
|
|
Getting an early start on your retirement savings has only one drawback, and that is the opportunity cost of the money you are saving instead of spending. Plainly if you can afford a new BMW at 23, that's not much of an opportunity cost to you (or to your parents). Buying a house too early has a lot more potential drawbacks. If you are still unsettled in terms of career, location, or family, you may find yourself wanting or needing to move in just a few years. Given the enormous transactional costs of homes, plus the very high maintenance costs, if you have to sell inside something like 5-8 years you are taking a significant risk that you'll lose money (vs. renting). Potentially a lot of money. Maybe you'll be fine, your house will gain value, and you'll either sell it for a tidy profit or wind up not needing/wanting to move because your job/career never takes you to another city or lower income, you don't start a family or if you do your partner fits into your house perfectly, your house winds up being in a great school district, and everything works out peachy. Plenty of young people who bought houses too early find that's not the case, though. The point here is that buying a new BMW young (which is just luxury spending), getting started on your retirement savings young (which is a very good idea with few likely pitfalls), and buying a house young (which is a huge financial risk) are not in the same categories and the fact that you conflate them into one suggests you're moana posted:Idiot or troll, either way you should probably stop posting. I don't think you should stop posting necessarily, but it'd be cool if you stopped copping the smug attitude about how awesome you're doing at life. If you've come to ask questions, great, ask away: if you've come to brag, nobody cares.
|
|
#
?
Sep 28, 2014 07:09
|
|
|
Look I don't want to go into my back story but I just am happy; worked since 14, I got moved out at 18 and didn't live on the floor waking up next to maggots and spiders because my mom was a horder who chased me and my dad away, and who provided basically no funding for college because I refused to go into music. I could go into how my mom told me if I ever told anyone about my living conditions bad people would take me away, or how ever letting a friend into my house was basically saying I hated my parents, or how I can't even enter my house and my dad moved out because of it. But I am who I am, I don't want to be that; and if I am an rear end in a top hat to never have my children go through the same "wake up next to maggots and sleeping on the floor" that I went through. So be it, I will be an rear end in a top hat if it means never having to go through that. Fun fact my dad built his own "shed/house" because my house is so hard to enter anymore my mom is that big of a hoarder. I can provide pictures if need be, but what am I doing this isn't E/N. I just want to buy a loving house before 26 like normal people. Dilbert As FUCK fucked around with this message at 08:05 on Sep 28, 2014 |
|
#
?
Sep 28, 2014 08:01
|
|
|
Most people I know your age don't have a house. In saying that if you get the house cheap enough and you have 20% deposit the risk to you is much lower. What you've stated is that a house is a lot more important to you for other reasons than just financial. I view houses as an equity gain only so your increased repayment rate is good and that reduces your risk further. For myself my house is an office (which is a tax write off an makes my hobbies a tax write off), a warm cheap to heat place compared with rentals, and it gives me room to do physical training. So long as it adds something to your life the equity and eventual ownership can be good. e: I live in one of the top most expensive countries to own a house. House ownership is becoming uncommon in my country, and some plan to rent for life.
|
|
#
?
Sep 28, 2014 08:36
|
|
|
Devian666 posted:Most people I know your age don't have a house. In saying that if you get the house cheap enough and you have 20% deposit the risk to you is much lower. What you've stated is that a house is a lot more important to you for other reasons than just financial. WAIT WHAT? Do people at 26 not have their down payment thought up yet for their first house yet? Like really? Is this some kind of pulling my leg poo poo? I try to hang out with people my age and they all say "yeah totally getting my first house soon", then I ask them about 401, ROTH funds, IRA's, etc. and they go clueless. Should have figured no one my age is doing CD's and savings accounts for a house by their 26th birthday.... My first house price range is 100-120k + 5K for fix it poo poo. I still want to buy a house then but like really? Most people my age talk about how they have a house and how their parents got them some sweet deal for college. I am very confused at this moment. I think I have been HAD.
|
|
#
?
Sep 28, 2014 08:49
|
|
|
I'm 30, living in the SF bay area, and the vast majority of my friends are still renting. "Cheap" houses here are a half million dollars here right now. My wife and I picked one up in 2010 near the bottom of the crash, and got a "steal" at ~340k.
|
|
#
?
Sep 28, 2014 09:30
|
|
|
Hahaha DAF is making the same anxiety ridden help me help me fix my mistakes mega posts here that he did in the SHSC jobs threads. Get ready for him to ignore all common sense and frustrate you all beyond belief.
|
|
#
?
Sep 28, 2014 11:37
|
|
|
Kind of echoing what others have said about putting off the home purchase as long as possible. I bought a house at a younger age as well (25) and realized it was a mistake pretty quickly. Just because you have the cash doesn't make it a good reason to purchase one now. 1. People change. Jobs, personality... Things shake up in your 20s that skew your current situation even from a few years from now. I bought a house in an unoptimal area, and lost all the money I put into it plus some. I'm just glad I got out at all since the area sucked and didn't move a lot of homes. 2. If you haven't met or found a partner yet, houses can throw a wrench in the works quickly. When I met my now wife, my old house was 10-15 minutes from my work, and a nice 45-60 minutes from hers. She had a closer apartment, but since it's not easy to change a house her commute was terrible. 3. When you are single it's easy to overlook one of the most costly items in relation to your home; schools. Again this was a thing I never cared about when buying initially, but make sure you buy in an area with a great school rating. Around here, no joke it affects home sale prices by 50-100k between two districts. Also the difference between selling for >120 days or <30. What most people are trying to say is buying a home isn't always about the affordability factor. It's hedging a bet over 10-20 years to make it worthwhile in the end. You are at a stage where things can change pretty quickly from job to relationship that could make that house a headache. That mistake is easy to get out of, but can wipe out all money that went into it.
|
|
#
?
Sep 28, 2014 14:13
|
|
|
MrKatharsis posted:Hahaha DAF is making the same anxiety ridden help me help me fix my mistakes mega posts here that he did in the SHSC jobs threads. Get ready for him to ignore all common sense and frustrate you all beyond belief. LOL! And take a look at this guys rap sheet. What a freak. On topic, cleared to close, Tuesday at 11:30am. 
|
|
#
?
Sep 28, 2014 14:55
|
|
|
Dilbert As gently caress posted:WAIT WHAT? Do people at 26 not have their down payment thought up yet for their first house yet? Like really? Is this some kind of pulling my leg poo poo? I try to hang out with people my age and they all say "yeah totally getting my first house soon", then I ask them about 401, ROTH funds, IRA's, etc. and they go clueless. Should have figured no one my age is doing CD's and savings accounts for a house by their 26th birthday.... Where do you live, the rural south? Your frame of reference is very odd.
|
|
#
?
Sep 28, 2014 16:14
|
|
|
Dilbert As gently caress posted:WAIT WHAT? Do people at 26 not have their down payment thought up yet for their first house yet? Like really? Is this some kind of pulling my leg poo poo? I am 33 and most of my friends are my age or so. I know one guy that owns a house. Maybe some of the friends of friends whom I see fairly regularly own and I just don't know and one of my other friends might own a condo or rent it, I never asked. I live in Southern California, were $120k will get you nothing, and could in fact be short the 20% down needed to buy a house!
|
|
#
?
Sep 28, 2014 17:11
|
|
|
Dilbert As gently caress posted:I am very confused at this moment. I think I have been HAD.
|
|
#
?
Sep 28, 2014 17:39
|
|
|
Here's a tip for DAF, life is not a game where the one with the biggest number at the end wins. Literally everybody is living a better life than he is, and it's not because of the money they have.
|
|
#
?
Sep 28, 2014 17:40
|
|
|
MickeyFinn posted:I am 33 and most of my friends are my age or so. I know one guy that owns a house. Maybe some of the friends of friends whom I see fairly regularly own and I just don't know and one of my other friends might own a condo or rent it, I never asked. I live in Southern California, were $120k will get you nothing, and could in fact be short the 20% down needed to buy a house! Same here at 30. We live in the Coachella valley and our house cost $215k, $15k more than the downpayment (%20) our friends just paid for their new home in Irvine.
|
|
#
?
Sep 28, 2014 17:44
|
|
|
Dilbert As gently caress posted:I like your concern but I will be 26, if I am not buying a house on my sole self.... I am doing something horribly wrong with my life; gently caress it took me 3 years to buy a BMW 3 series after 21... That's pretty embarrassing.
|
|
#
?
Sep 28, 2014 18:15
|
|
|
DAF if I was your friend I would laugh in your face if you bought that tiny poo poo shack you're planning on buying. I bought a 4200sq. ft. house with 50% down and if you're going to live in that tiny box I dunno what to tell you son. I think you need to drop the 401k (only for a couple years) and look for a 3000sq. ft. house on at least an acre because you ain't getting no pussy with that hovel you're looking at bub. Better get in now too because prices are pop in a real way soon. They ain't building more land you know.
|
|
#
?
Sep 28, 2014 18:27
|
|
|
No, no it's OK. Wait until the babes hear him say:Dilbert As gently caress posted:own my own time share
|
|
#
?
Sep 28, 2014 18:36
|
|
|
FCKGW posted:DAF if I was your friend I would laugh in your face if you bought that tiny poo poo shack you're planning on buying. I bought a 4200sq. ft. house with 50% down and if you're going to live in that tiny box I dunno what to tell you son. I think you need to drop the 401k (only for a couple years) and look for a 3000sq. ft. house on at least an acre because you ain't getting no pussy with that hovel you're looking at bub. This seems a bit extreme though. I think DAF should just buy some land in the country for cheap and build his own house. There are plans online available for less than you'd pay a real estate agent in commissions for a finished house., like check out this bad boy: http://www.floorplans.com/plan-detail/AFLFPW03431/captivating-columns He can then hire cheap day-laborers for most of it and do the electrical and plumbing himself. Then someday he'll be that badass grandpa that built the house with his own two hands.
|
|
#
?
Sep 28, 2014 18:40
|
|
|
The renters in the house I'm trying to buy were supposed to move out 2 weeks ago. I'm supposed to close in 8 days. My walkthrough is supposed to be in 4 days. I have no idea when the gently caress they're getting out. How long are these jerks going to delay my closing??
|
|
#
?
Sep 28, 2014 21:19
|
|
|
Depending on the state and the renters... years.
|
|
#
?
Sep 28, 2014 21:27
|
|
|
baquerd posted:This seems a bit extreme though. I think DAF should just buy some land in the country for cheap and build his own house. There are plans online available for less than you'd pay a real estate agent in commissions for a finished house., like check out this bad boy: http://www.floorplans.com/plan-detail/AFLFPW03431/captivating-columns
|
|
#
?
Sep 28, 2014 21:39
|
|
|
Panthrax posted:The renters in the house I'm trying to buy were supposed to move out 2 weeks ago. I'm supposed to close in 8 days. My walkthrough is supposed to be in 4 days. I have no idea when the gently caress they're getting out. How long are these jerks going to delay my closing?? Is the renters being out a contingency in your closing agreement? If not you might be hosed and need to lawyer up. You may have just become a new landlord.
|
|
#
?
Sep 28, 2014 21:59
|
|
|
Dilbert As gently caress posted:WAIT WHAT? Do people at 26 not have their down payment thought up yet for their first house yet? Like really? Is this some kind of pulling my leg poo poo? I try to hang out with people my age and they all say "yeah totally getting my first house soon", then I ask them about 401, ROTH funds, IRA's, etc. and they go clueless. Should have figured no one my age is doing CD's and savings accounts for a house by their 26th birthday.... You have been had. As pointed out in a previous post there is no need to compete with friends and neighbours. The main reason being is that you either end up competing on how things appear rather than having a good financial position, and you can end up competing with neighbours who really do have a large income. No point spending beyond your means. Actual investments are good. A lot of advice in relation to saving for a house deposit involves savings accounts or short term CDs. Some might be just putting money in a savings account which is fine but what is their real progress. Probably nothing in most cases. If some of your friends do get a house there will likely be some assistance from parents. I think your savings/investment focus is correct. Stick with it but consider house purchasing carefully as there are hidden issues. I had less issues buying my first house as I work in the building industry, but what I discovered is a lot of houses have a large amount of deferred maintenance. Budget for more than $5k for work to the house or land. You may want to consider a separate budget for buying furniture and fridge/washing machine. moana posted:That sounds pretty nice, but what about a dome house, those are much more sustainably baller. If he started a BASIL farm around the dome, it would pay for itself within a couple of years easily. You would need a good fence around the basil farm, but he could just lease a few more BMWs and put them on their sides to make the fence. In a few years, his credit would be through the roof! I will never understand people growing herbs for "profit". Why not make something that people want? Like beer and wine.
|
|
#
?
Sep 28, 2014 22:53
|
|
|
Devian666 posted:
Is there a joke or reference here I'm not getting, or are for-proft herb gardens a new "thing"?
|
|
#
?
Sep 28, 2014 22:58
|
|
|
Stultus Maximus posted:Is there a joke or reference here I'm not getting, or are for-proft herb gardens a new "thing"? I'm sure it's come up more than once but Tuyop had a get rich quick plan involving growing herbs. These schemes involve spending money and then not being able to sell any of the product. Similar to the GBS bitcoin thread where bitcoin miners were used to make dried, dusty strawberries.
|
|
#
?
Sep 28, 2014 23:05
|
|
|
Dilbert As gently caress posted:I just want to buy a loving house before 26 like normal people. Dilbert As gently caress posted:WAIT WHAT? Do people at 26 not have their down payment thought up yet for their first house yet? Like really? Is this some kind of pulling my leg poo poo? I try to hang out with people my age and they all say "yeah totally getting my first house soon", then I ask them about 401, ROTH funds, IRA's, etc. and they go clueless. Should have figured no one my age is doing CD's and savings accounts for a house by their 26th birthday.... Most people at age 26 do not own a home. Most people at age 26 aren't even close to buying a home. According to the Census, the percentage of people aged 25-29 owning a home has never exceeded 41% (in 2006), and has been steadily declining since then. Get your 401k and IRA poo poo figured out first. And then find a really nice apartment, or better yet a sweet rental house. If you're already certain that you know where you're going to live for the next 10 years and if you don't mind losing a bunch of money, then it's okay for you to consider buying a house. quote:My first house price range is 100-120k + 5K for fix it poo poo. I still want to buy a house then but like really? Most people my age talk about how they have a house and how their parents got them some sweet deal for college. It sounds like you know some very lucky individuals. This is far from normal. Your friends either have trust funds or incredibly well-paying jobs, or they're as stupid as you are and are buying something without fully realizing the consequences of their purchase.
|
|
#
?
Sep 29, 2014 01:44
|
|
|
Stultus Maximus posted:Is there a joke or reference here I'm not getting, or are for-proft herb gardens a new "thing"?
|
|
#
?
Sep 29, 2014 01:46
|
|
|
moana posted:It's not herbs, it's BASIL... when Tuyop got that bright idea, everyone assumed it was weed because there is no way farming basil would ever be profitable. But BASIL it was. Herbs/tomatoes you can sell by the ounce provided you have money for the growing lights.
|
|
#
?
Sep 29, 2014 01:55
|
|
|
Lol @ everyone in your peer group talking about buying a house at 26. Do you hang out with the most privileged ivy league legacy crackers in the country or something?
|
|
#
?
Sep 29, 2014 02:34
|
|
|
|
| # ? May 31, 2024 22:20 |
|
|
uwaeve posted:I posted some words a while back here, maybe they'd be helpful. Incredibly helpful, ive been researching for about 2 years online, seen a bunch of houses and there are still lots of useful things in this massive post. In direct defiance of no never buy I have a handful of loan letters (I forget the correct word) for this given property at a few different price points and I think I will be going for it tomorrow. Offer contingent upon inspection, appraisal and a clause to get earnest money back. Coming in 200k under their asking price which hopefully works or god who knows oh god oh god anyhow wish me luck
|
|
#
?
Sep 29, 2014 08:26
|
|