Hi Jow Forums
I'm a soon to be medical resident with student loan debt. I don't want to rent, but buy a house to reduce income lost and held. However, I will be a surgical resident for the next 5 years. If I buy a small house or apartment for about $150,000, how much can I expect to turn that around and sell it if I leave the area after training, with 15 to 20% down for the mortgage.
Should I do a 20 year, a 30 year mortgage?
Housing ROI, how much to expect?
Luis Cook
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Jonathan Russell
You will probably only lose 40% if you want to buy the top
Hunter Ross
Always do 30 year mortgage, to reduce the monthly payment, if you have cash, you can always just pay it off faster.
You can expect around a 3-4% appreciate in the house every year, assuming the town it is in isn't in the decline or niggerfying. 5%+ in a major metropolitan area.
The beauty of real estate is that you get to make money on tthe full cost of the house, while only 20-30% of that money is from your own pocket. You just need to calculate whether if the interest on the mortgage will cost more then rent save + expected appreciation over the time period. There is also the financing fees and brokerage cost if you wish to hire a real estate agent to handle the sales of the property.
Brayden Wright
About $150,000
but tax benefits
talk to your tax professional
Grayson Torres
>if you want to buy the top
I'm a medical autist, can you please tell me what this means? Can't into non medical lingo well.
I likely won't be paying it off before selling it. Residents only make 50k a year. Its a small, growing but otherwise isolated city with dindu decline. So still do 30 year to reduce monthly, doesn't that increase the amount of the loan?
>brokerage
I've heard that's 10%, so I've factored that in.
What are the best ways to appreciate it?
Thomas Ross
I would go with a 30 year mortgage vs the 20 year mortgage. That being said, I think you should look more into the area of a 5-1 ARM or a 7-1 ARM. You dont need to worry about your introductory rate increasing as you said are not planning on living in it for more than around 5 years. See if you can capitalize on a lower interest rate in the mean time.
Parker Brooks
Just read
>I'm a medical autist
Adjustable rate mortgages typically have lower intro rates than a 30yr fixed
Adam Lee
hadn't heard about it, but will look into it, thanks!
Colton Diaz
that sounds nice, as I was just reading about too. I assume that it will bite me in the ass somehow but for now seems like a good bet. Is the down payment higher in these cases?
David Reed
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