Guys

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?

Attached: Untitled.png (595x402, 10K)

Probably about 2000 a month in mortgage.
500 a month in taxes.
Maybe a thousand a month in other bills to be safe.

Make sure to factor in 2% of house value per year in maintenance and repairs

7k per year in this case

>65k a year in rent on a 350k property
Sounds like bullshit.

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?

He’s saying that’s his salary, not what he’d rent it out for.

No dude, my salary is currently at 65.

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.

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.

"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."

Rent is a tax on the poor same as payday loans. You are paying other peoples mortgages. Just get your own mortgage and that way you own something at the end. It will cost same as your rent. That's why you never rent anything. Buy a house, apartment, and car. No exceptions.

Yeah man thats what i was thinking.
I figurrd why rent for 1200 a month when i can try to buy for 2k a month and have other people rent rooms in my house.

But like i said im trying to get the exact math here.

Very interesting.
There looks like there are some.other programs for first time buyers - like a no interest loan for your first down payment..

stress of roomies

>He's too stupid to understand that bank interest, property taxes, homeowner fees, maintenance and repairs, etc. is essentially just a tax/rent on homeowners, and in many cases can come out to being more expensive than renting. Also, property price depreciation is a thing. Ask anyone who bought a house in 2007 or 2008 if they'd rather have rented...

Haha right, just working on the math and bills for now..

Also if its a 350 house, and i put 50k down, my mortgage would be on the remaining 300 right?
So 300 * hypothetical 3% over 15 years is 2072 a month

Can I get some financial advice from the biz?

I bought a house for 107k back in 2013 and have it payed down to 65k this year. The house is currently worth 145k (got it appraised).

I live in the house with a roommate who pays me $400 a month (mortage is 600).

About me:
>no debt (other than mortgage)
>45k per year salary
>20k in crypto

I am not sure what to do with the house as I am worried the housing market is going to crash in the next year or so. Should I sell it? Continue to live/rent it out?

If I were to sell it how should I invest the 70k?

congrats man, you did well.

id say it all depends on if you like the house and living situation.
80k in profit now, you can try to buy somehting bigger and better, or ball out for afew years in a nicer appartment

So some more math

300k
3.92% loan over 15 years= 2,207 month mortgage (Total paid is 397K by end of loan)
3.92% over 25y =1,570 (Total paid is 471k)
3.00% loan over 15 years = 2,072 (373k total)
3.00% loan over 25 years = 1,423 (426k total)

Yeah I was thinking of "upgrading"

Also I was considering using that 80k to buy 2-3 rental houses while living in one of them.

shit man, you can certainly consider doing the grind and expanding and growing that income big time.
how old are ya brotha

32 boomer

whats taking a 2nd mortgage out like?
easier after you have 1 house? better rates?

What bumblefuck states do you guys live in with these cheap ass prices?? I live in NY I make 120k/yr and I still can't afford a fucking house here yet I been saving for an entire year??

not sure ill look into this in a bit
Missouri here, comfy and white community

Seriously these lucky fucks who can buy a "big ass house" for 350k meanwhile over here that gets you a shitty 1500 sqft 2 bedroom duplex at best

More power to you user I saved 50k but that's only 5% for a down payment in NY and these fucking chinks and Jews don't take anything less than 10%

Dude i live in Connecticut.
The worst of the worst.
finding a ig house for 350 is a great deal, which is exactly what rought me here to ask questions

Bump, good thread