Guys,
I have about 60k saved up..
Found a big ass house for 350k and 6k a year property taxes.
Id rent out a few rooms..
I make about 65k a year..
Would this be smart?
Guys
Luis Jackson
Daniel James
Probably about 2000 a month in mortgage.
500 a month in taxes.
Maybe a thousand a month in other bills to be safe.
Jack Anderson
Make sure to factor in 2% of house value per year in maintenance and repairs
7k per year in this case
Kevin Collins
>65k a year in rent on a 350k property
Sounds like bullshit.
Bentley Collins
Hmm so hypothetically, 2000 plus 1500.. 3500 a month all together?
i rent out 2 rooms for 650 a piece..
Down to 2200 from myself?
If i do 800 a piece it would be 1900 left for me.
What am i not factoring in?
Charles Murphy
He’s saying that’s his salary, not what he’d rent it out for.
Levi Edwards
No dude, my salary is currently at 65.
Hudson Watson
No, housing prices are about to collapse and even if they weren't, you'd be spending a huge portion of your income on the interest, maintenance and making changes to the house.
It's better to keep your costs lower so you have more room to breathe and customize. How much space do you need anyway, giant houses are a boomer meme. A landscaper alone will bankrupt you.
Jordan Davis
Hmm well, whether its smart or not aside..
Am i doing the math right here?
Any more advice, or shit im over looking?
I feel like having almost 75k saved up and looking at a 350k house shouldnt be the end of the world..
First time home buyer tax breaks? Interests breaks? I have excellent credit.
Benjamin Cox
"Some first time home buyers can get as low as a 3% loan"
"Borrowers who put at least 20% down do nothave to pay formortgage insurance, which is typically required with FHA loans."