Actual Financial Advice

the first step towards acquiring wealth is buying a home

I dont care if youre 19 years old. if you're not in school you should be looking to buy a home, preferably a condo.

Right now, like literally RIGHT NOW, go check your credit. you get ONE FREE full credit report from all 3 bureaus every year. As an adult you should ALWAYS know what your FICO score is and what is effecting it.

if your credit score is above 580, you will qualify for a FHA loan that only requires 3.5% down (dont know what that means? look it up) if you dont live literally downtown and have a credit score of 680 and up, get a USDA loan. you can put 0 down

a $130,000 condo will cost you $700 a month with an FHA loan, less than a cheap apartment and you will likely see 90% of that money back when you sell.

you are throwing money into the trash by every month you pay rent. quit being a pussy and go get a loan. Every time you pay your mortgage you are moving up on the financial ladder

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Who is this Misty wannabe?

What if you live in an expensive housing market (e.g. the Bay Area)

or nyc

Yea you guys are just SOL

What about living with parents until 2023 , and cash out after next crypto bullrun ..

>preferably a condo

stopped reading there

This is the way.

Lol what kind of backwoods hick town you live in where condos only cost $130,000

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Lol, a boomer shill selling his bags, and by bags it means his real state

repairing your credit and raising your credit score quickly

in December 2018. my credit score was 450. I had alot of late payments and items in collections. there was absolutely no way for me to get a loan in any way shape or form. it's not even April 2019 and I'm sitting at a 580, in "fair" territory, and I didnt spend a dime.

im not going to "advertise" any company but you need to make an account with one of the 3 credit bureaus. dont use credit karma or any company like that, you need to go to the source, Equifax, Trans Union, Experian. youll have access to everything currently in collections. DISPUTE EVERYTHING, except student loans and utilities. seriously, even if you know exactly what it is, dispute it. this is what you're paying for when you hire a credit repair lawyer. all they do it dispute literally everything negative on your report and have their fingers crossed the collection agency ignores the request and therefore it gets dropped off your credit report. this is not illegal in any way shape or form. all you are doing is reaching out to the collection agency because you don't recognize owing that company (collections) any money.

my FICO score jumped 50 points overnight after I got 2 items off my report.

this may take a month, it may take a week, but your score WILL go up. having an account with one of these companies is crucial because as your score goes up you will begin to receive unsecured credit card offers. accept atleast 3. the down payment will be high, your credit limit will be low, but its the next step to getting your score back to where it needs to be. ONLY USE 30% or less of your available credit.

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kek too relatable

>buying a house while youre single
>buying a $130,000 house
>buying a cheap house in general
>selling a cheap house in a shitty neighborhood
>gambling with the housing market by even buying a house
>being retarded
then youre fucked because condos are in the million dollar range

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>However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults.

lol everything is a scam. even FHA. the federal government can already seize the homes as collateral if you don't pay but they wan't to force you to prop up their insurance monopolies too lol. i hate this country. if i'm going to be poor i had at least be poor and have health insurance.

That's the only Jow Forums approved plan.

literally the outskirts of any city

zillow is your friend. go ahead buddy, take a gander

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>condocucks believe this

yeah its bullshit. the FHA allows poor people to buy homes and in general poor people are also fucking retards and dont pay their mortgages, ruin the home, etc.

tack on another 100 bucks a month to your mortgage if youre getting a $100,000 loan

It would take almost 20 years to pay that off at only 559 per month. You would have to rent it out for 1k per month and even then it would be 20 years before you would actually own it and that's assuming you could find someone rich enough that can afford 1k a month.

Grant Cardone said it best. Homes are not actually Homes. they are investment instruments for the banks. "The banks can't just lend money directly. Not in mass quanity. They need collateral."

That's why the home exists today. Banks need to make profit and they can't do that by just giving small loans and charging petty fees.

Fuck, OP, all that fancy talk about credit scores and loans and down payments. But at the end of the day, you're still borrowing money to gamble on the housing market.

If I want to do something to that effect, why not stick to leveraged Forex and CFD-Trading, it's basically the same thing?

that mortgage estimate is based on a 30 year mortgage bruv.

youre not buying one home to get rich. youre buying a home so youre not literally throwing money away on rent. if you live in that place for 5 years and decide to sell youre going to have ~20 grand in equity. thats 10% down on a nice house or a nicer condo. or you continue to live in it for another 5 years, refinance, rent it out for 800 bucks a month and enjoy that sweet 600/ month out of a one bedroom condo that is ridiculously easy to maintain

real estate is a long term investment. the earlier you get started the better. it is one of the few ways for literally anybody to get rich

You forgot to post the address and crime stats of your literal podunk city.

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condos in my city are 300k starting, fuck you OP

yikes

heard of fixed rate loans? the only time youre going to be "gambling with the housing market" is if you own several houses. even then, risk versus reward is worth it. my aunt owns 13 rental properties and is seeing an 18% return on her money right now. 18%. try getting that trading crypto lulz

Fuck off credit jew

how will he ever recover

oh would you look at that? is that a 2 bedroom Condo in Wilmington NC for even less? well fuck me sideways.

the rent cucks sure are upset about this thread huh boys

zillow.com/homedetails/1825-Savannah-Ct-D3-Wilmington-NC-28403/2085426026_zpid/

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the only one here getting jewed is you as you pay 800 bucks for a shitty one bedroom and see NONE of that money ever again when you could be living in a nice condo for hundreds less and save that money via equity

Imagine thinking that anyone would read a post with an image like that

I'm not one for eating ass, but perhaps this one is an exception.

Do you think she knows how many guys want nothing more in life than to sniff her brapper?

>being at the pool while your neighbours can watch you

peasant tier

its over if you dont have a million dollar condo

Don't you have to have at least 2 years of tax returns to get a mortgage? Some 18-19 year olds might not have

Id need at least 70k for a downpayment since homes start at 350k here and that's 2 years away, by then homes will be dropping in price and I could just keep it in 6%-8% dividend preferred shares. Only people saying it's a good idea to buy right now are boomers with real estate bags.

>putting 20% down on your first home

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Not sure how it works where u live but here if u put less than 20% down you have to buy mortgage insurance on top.

Not getting jewed like that. Rather just live with parents an extra year.

Based as fuck op. I purchased a house in a up and coming neighborhood. Yes there were lots of Puerto Rican’s living there. I got guns and a dog. I had not one issue living there. You guys are some scared ass cucks scared to live in iffy neighborhoods

Purchased this house for 70k 30 minutes from downtown Orlando. Sold the house for 140k 3 years later. Walk away with about 70k cash money. Put that down on my current house which is in a beautiful all white neighborhood. I’m way ahead of all my looser friends who kept crying how expensive houses are. First house was a fha loan.

Listen to the op you idiots.

Also to add, the only thing that sucks about fha loans is that currently you have to carry mortgage insurance for the whole term of the loan. I only had to carry it on my loan until I had 33% equity and than I could cancel it. That changed though

My current loan is a conventional fixed at 4.2%. I already have about 120-140k equity in my current house.

we shud netwerk L >:)

then you're fucked, and so will everyone else who does what faggot OP says. Turn all of your cities into vancouver and new york! buy things you can't afford on credit! fuck your children! who cares about them!

what, are you going to buy a house outright? or just keep throwing away money on rent, assuming you dont lice with your parents which is probably the case seeing as how cynical and retarded you are

It's 2 months of paystubs. I know cuz my mom got denied a loan a month after getting laid off and she has plenty saved for it otherwise

you sound like a fucking scumbag NINJA broker from 2005. kill urself.

>if u put less than 20% down you have to buy mortgage insurance on top.

holy shit the cap rate in wilmington nc is crazy. maybe it's time for me to become one of those weirdo remote real estate investors.

Went to a family gathering last weekend. Boomers are bragging about gaining 50k in equity in just one year. Not buying your bags faggot.

Coulda been you gaining that 50k in equity. Instead you lost 90% in crypto. Good job user!!!

I love that there are so many idiots on a business board willing to give their stockpiled capital that could be used to you know, start an actual business, to banks in exchange for a 50 year old shit box and some dirt, and happily pay a ridiculous amount of interest over the life of the loan for the inflation adjusted 2% per year gains on average. Miss payments lose your investment, lose your job possibly lose the investment, major medical bills? possibly lose your investment. Being a man with a mortgage on a single family residence of any kind that you use as your residence is on the same level of dumb as get married.

fuck her feet are nice

answer this question:

do you live with your parents

No. No larp actual real life rich fag small business owner. 200k personal liquid, 130k business liquid, 4.32 bitcoin, 1500 a month apartment i've been in 5 years.

Implying I ever had enough money to afford a 20%+ down payment. Even if I did pay 20% up front I would still owe the bank over 2k per month which is over half my income. Most condos by me have unreasonable hoa fees to boot

haha oh man. $90,000 down the drain

NINETY
THOUSAND
DOLLARS

poof


and you're out here giving advice. yikes.

Rent cuck defected. I have built actual wealth playing this real estate game

It’s funny how everybody thinks... hurr durr other investments are better

ok so let’s say you have 20k cash saved up. You can put that 20k in s&p 500.
>good year with 10% returns.... you just made 2k user... good job!
Or
>use that 20k as a downpayment for a house and as leverage. Purchase a 200k house.
>5-10% real estate return in one year which has been the norm the past 10 years, my local area has been 10% the past 2 years.
>just made 20k in cash

2k vs 20k.... and you have a place to live. How does this not make sense. You guys are absolute idiots who don’t understand that the best way for the “average joe” gain wealth is play real estate

All you people saying... well I can use that down payment money for something else NEVER EVEN DO WHAT THEY SAY THEY WILL.

2 options. Leverage your money in real estate which ALWAYS PAY OFF over the long term, or pay rent and keep dreaming about opening up a business.... that will most likely fail anyways.

Baste as fuck. Over the past few years he could have fucking banked. But
>renting is better.

Kek

way ahead of you buddy. if you dont want to get absolutely ass raped with interest you'd have to put down at least 10-15% to get any serious interest from a seller. so we're talking ~$160,000 down payment for some shitty cockroach ridden apartment in bed stuy. so all you need to do is -checks notes- work for about 5-10 years to save up for a down payment, and then work for the rest of your life to finish paying off the rest of the apartment :) hope i helped. now im gonna say the n-word. also check em

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guy is a legit retard

in what world is taking out a mortgage riskier than starting a small business?

"20% of small businesses fail in their first year, 30% of small business fail in their second year, and 50% of small businesses fail after five years in business. Finally, 70% of small business owners fail in their 10th year in business"

-Bureau of Labor Statistics

you lose your job, get another one, pay your mortgage. lose your car, max.

your small business was a bad idea...? yeah, you're fucked. bankruptcy level of fucked. goodbye car, goodbye home, goodbye "liquid assets".

Yeah congrats, you bought real state on the bubble, now it's gonna fucking explode in the next 3 years so you would be pretty much fucking BRAIN DEAD to buy a house right now in a mayor suburb

buying houses in other places is fine though, they are cheap af in comparison

The only reason your plan would work it's if you are a literal pajeet and bought in a new city or something, it wouldn't work by buying used homes in nyc or california

you don't have a clue what you're talking about just stop

based.

I disagree,
1st off you need to evaluate your state and local property taxes, look into your look into your local housing markets some states its better to rent to buy.
2.) learn the skills that will teach you how to take care of a home. I.E. Plumbing, roofing, dry wall, basic carpentry, basic home electrical.
Maintenance on a home can really put you in a hole if you have no marketable skills.
3.) Establish capital not only for a down payment but have a way to generate income especially if your not going to school. McDonald's and Walmart wont cut it, get a job that will teach you those skills (see #2)
4.) Establish good credit, if you are a dude, don't get married until you are at least 30.
You can do this by have low interest credit cards or getting a car loan.

what if the market crashes.

>until 2023
If we go by the 4 year cycle, won't the peak of the next bullrun be EOY 2021?

>you are throwing money into the trash by every month you pay rent
RENT FREE

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PRICES WON'T INCREASE LIKE THEY INCREASED FROM 2008 TO 2019 BECAUSE IN 2020 TO 2025 THERE WILL BE A ECONOMICAL RECESSION AND PRICES WILL GO DOWN AND YOU WILL BE IN DEBT FOR SOMETHING OVERPRICED

Again, actual real life business fag. Cash has been saved for a large equipment purchase that is happening this year. Machine will run 20 hours a day 6 days a week (3 shifts of wagies) at a rate of $150/ hour income that I can fill with my current customer base and work load. Profit margin of 30%. Machine costs 500k. 300k down, finance 200k for 5 years at 8%. Is it more profitable for me to buy the equipment now or a house 5 years ago? Yes, the house, but check the math again for 25 years from now when I would have finally paid off that mortgage. In one year I will have all of my 300k back, in the next four i will be profiting 300k per year on this one machine, and in the 5th year I will own the machine outright. Over the life span of the machine I will make $6-$9 million. Was it smart for me to rent and stockpile cash or should I have used it as a downpayment for buying that $700k boomer shack and dirt?

Businesses don't fail. The owner does.

They probably won’t increase of 10% but we will not see another CRASH within our lifetime. Mark my words. Cities like Vancouver or la that got bought out by chinks will level out.... yes but an actual crash like 2008... hell no

Even in expensive housing states like Florida, houses are just now reaching 2008 numbers. Loans are much more stringent, and you now have successful millenial faggots who wanted to live in cities now wanting to own a proper house. Crash like 2008 will not happen. We might see a correction, but over 10 years you will guarantee up on your investment.... And, you have a place to live.

Tell me more about this machine user

>you are throwing money into the trash by every month you pay rent.

stfu boomer.

>dude trust me

you gave away your retardation with the whole "don't get married until youre atleast 30"

it doesn't matter how early or late you get married. im fact that has nothing to do with anything. it has everything to do with how finacially responsible both of you are.

you can not fuck with your home's plumbing, roofing, or electric without being a certified plumber, roofer, or electrician. are you legit a fucking retard?

if your landlord's property taxes are high, your rent is going to be higher. that has fuckall to do with your decision to rent or buy

this is by far the dumbest fucking post ITT and my guess is youre some dumb fucking teenager floating ideas around to see if they're good or not

so here's the verdict: shut the fuck up you fucking retard. everything you just typed out is completely wrong and just out right retarded. i can't think of a better word to describe it. retarded. it is the epitome of your existence.

Show me anytime in history to prove me otherwise
>pro tip you can’t

Believe it or not, in the average modern city, jobs are abundant and pay is good. No way 2008 will happen again in our life time.

>dude trust me x2

what do you think will happen? do you think you'll just lose your house? is that what you think happens when the housing market crashes? no, fuckstick, nothing happens. you keep paying your mortgage, you just don't sell your house.

This is what I thought too unti l knew what property taxes and association fees and garbage collection and water and so on were.

The best move is to buy a singlewide trailer and live out of that. The trailer itself won't appreciate in value and you're guaranteed to hate your poorfag retard neighbors but they're typically well under $20,000 for a NICE one and association fees are often barely any higher than what a condo's is if at all.

I am in the surface preparation and coatings industry. google 1000 watt laser ablation

>all caps
there are so many god damn retards ITT

>what do you think happens to your stocks in a market crash? do you think you lose them? no, nothing happens, you keep paying the loan you took for buying them, just don't sell your stocks, hodl :)

he said basics and that is solid advice. how to change a toilet, change a faucet, replace or mend drywall. how to lay down floors. how to borrow and snake your own drain. tons of stuff like that, tradespeople charge an arm and a leg here.

And your mortgage will still be lower than the comparable house for rent. Even if you loose your job and go poor, you can move out of your house and rent it out for decent returns every month minus maitnance/repairs

But all you fucking neets are such idiots, you can’t even do basic repairs/maintenance on your house. It’s too hard!!!

You guys are the same idiots who think trades are stupid and college is better.

I’m an early 30 fag who has accumulated over 250k in equity between 3 homes, which I can cash out at any times. I make 600 a month on passive income, and dropped out of college to learn a trade and make 95-110k a year depending on overtime

My lifestyle is the answer to beating the system, while you idiot cucks are thinking renting and going to college is the answer

>the absolute state of anti social autistic fucks who invest solely in crypto.

so much anger, I can see you're a loan shark looking for gibz
fuck off with your bs and KYS

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thanks user, very cool. good luck on your venture
Leaf here, condo fees are $300-$900 a month, and minimum ~$200k each within 1hr of my work. I'd be paying at least $300-$500 more than I pay in rent. Houses are rising faster than I can save somehow still (pic related, cheapest home in my area on zillow)
wat do?

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>But all you fucking neets are such idiots, you can’t even do basic repairs/maintenance on your house. It’s too hard!!!
>You guys are the same idiots who think trades are stupid and college is better.

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Dude, wtf. Don’t aim so high, that house is way too nice for a first home. This is your guys problem. You don’t understand that your first home purchase isn’t your dream home. It’s just a sacrifice you make to accumulate wealth.

I went from luxury apartments to a 1000sq foot first home. Those 3 years got me set for life.

it doesn't change the fact you literally threw NINETY THOUSAND DOLLARS down the drain when you could have taken out a mortgage and saved 90 grand in equity

you could have put 5 fucking grand down on a cheap condo. its not some ridiculous figure

and it doesn't matter what you were saving for. the interest you would have paid on a home loan would be NOWHERE near the 90 grand you threw away on rent. the fact youre sitting here arguing with me trying to justify why it was a better idea to fart away 90 grand as opposed to spending 5 grand on a down payment is ridiculous. i have no idea how you are financially stable. my guess is youre running a family business and your family is helping you out ALOT with guidance.

thanks gramps, tell us about 'nam

Based and housepilled

it's the cheapest house on zillow within 1hr drive to work, I'd be happy with 800sqft baby crib but condos+fees are stupidly expensive.
Unless I wanted to move to a shitty 120k trailer, and still I'd be paying $300 month for the piece of land. Who in their right mind would do that shit?

>hes a single guy and looking for a 3 bedroom
yikes. get a condo

Idk bout Canada, but in America if those are new contruction houses he’s looking at, he should be able to find something 10 years old in good shape close to those

That’s how urban sprawl works in America.

he literally says plumbing roofing and electrical. what fucking basic electrical, roofing, and plumbing repairs can you do? fix the garbage disposal? install a chandelier?

am i in the Twilight zone? this is by far the dumbest fucking board on Jow Forums jesus christ

>condo

lmFao(laughing my FUCKING ass off)

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OP is a pussy.
If you are not a pussy like OP then buy a duplex.

Iv went from not knowing how to change my oil to installing pistons and rods in race motors
Iv went from not knowing anything about home repair to doing basic hvac maintaince, as well as kitchen/bathroom remodels, to plumbing and electrical

You neets can’t do anything with your hands and that’s why you will stay poor.

My rent is only $750 a month
Let's look at some condos sorting from cheapest:
150k condo, $676 monthly condo fee, 3.29% mortgage = $1400/month with 5% down
190k condo, $935 monthly condo fee, 3.29% mortgage = $1851/month with 5% down
195k condo, $671 monthly condo fee, 3.29% mortgage = $1611/month with 5% down
220k condo, $327 monthly condo fee, 3.29% mortgage = $1388/month with 5% down

Do you really think this is a good investment?

These are built in the late 80s, anything newer is way more than 220k and probably has similar $300 monthly condo fees

it has nothing to do with the ability to complete repairs it has everything to do with the LEGALITY of completing repairs.

you can not fuck with your home's electrical, plumbing, or roofing without being certified to do so

shit dude yeah that "condo fee" is bullshit. what a load of crap

>wasting money on rent

hey big guy, everything alright?

Legality of what? I want to install a new toilet, I install it

I want to re-do my kitchen. I take measurements, order cabinets, uninstall, reinstall and have a counter top guy come and put the counter top on.

Wtf are you talking about. Nobody is adding extentions or knocking down load bearing walls.