Yeah but not with 2k a month mortgages
By 30 you should have a mortgage and be making 70k+
- Thread starter Drake is God
- Start date
beenz
Rap Guerilla
Taxes and maintenance aren't hidden cost. You have to factor that in every month. You're an idiot if you buy property and don't think there will be taxes.
beenz
Rap Guerilla
Cuz u have a habit of talking down to folks on here.
If they educated him and paid for his schooling, it's not that high of an expectation.
Medicine, engineering, finance, economics, computer science etc. all have mid-five figure starting salaries, especially for the government positions.
It's not a stretch to think that 70k by 30 is a reasonable goal, especially if the parents did their job.
It's better to have some income than no income
you buy what you can afford. I'd imagine if you put 20% down w/a 15 year fixed, you wouldn't get to a 2k month mortgage. But if you wanted to have that, you better make at least 8k a month take home. A 100k house, try to have 20k down to avoid things like PMI and the benefit of borrowing less. Start small, get a house you can afford, pay it off, sell it, move up when ready, rinse and repeat. Again, buy what you can really afford. If possible, buy outright.
i agree. But renting and saving extra money toward the house you want is smarter than thinking there isn't more to a house than the mortgage payment. Roofs costs thousands, homeowners insurance is more expensive than renters insurance, etc.
beenz
Rap Guerilla
you can always roll the cost of taxes and insurance into your mortgage payment in an escrow account.
as for the maintenance, you just gotta be disciplined enough to set money aside for that stuff
you can always roll the cost of taxes and insurance into your mortgage payment in an escrow account.
as for the maintenance, you just gotta be disciplined enough to set money aside for that stuff
I agree. Most do escrow. Lots of people are not disciplined enough though. 20% if you can't buy outright, 15 year fixed, monthly payments less than 25% of monthly take home, 6 month emergency fund.
beenz
Rap Guerilla
sounds good in theory, but most don't have the startup capital or the reserves to do this.
you're talking about a lot of money.
if your house cost 300K, you're talking 60K for the downpayment, plus 6 months of reserve money. that's like 100K cash in total. hardly anyone has that much liquidity.
as for 30 year vs 15 year. you can do either. you can take the 30 year and just add extra payment to your principle to turn it into a 15 year. of course the interest rate is more favorable on the 15 year.
But it's not theory. And it shouldn't be. Most don't have it then don't buy a house and be house poor. Save up. Yeah a 300k house put at least 60 down. Avoid a higher payment, avoid private mortgage insurance, etc. avoid debt. It's amazing how much you can save if you have no debt. No credit card debt, no car payments, no student loans, etc. it's really simple yet the notion of buying things you cannot afford seems to be ingrained in society.
Student loans are a crisis right now. Don't send ur kid to out of state college unless he gets a full ride or you can cash flow it. Do a 2+2 to get a undergrad degree. Work to pay for it without borrowing.
I say 15 year fixed because the interest rate is lower and you'll own the house quicker. Really you should try paying it off in less than 15. Most people aren't disciplined in a 30 year mortgage to attack it.
I think looking back its funny how complicated we make our lives. Debt makes life complicated for the sake of thinking we want things we cannot afford and/or are not willing to work hard enough to buy it outright, in turn basically dealing with loan sharks in credit and leveraging it with future earnings you haven't earned yet. I learned these lessons in my 20s and man if I started then what I'm doing now I would've had a lot less stress a lot earlier.
Don't try to keep up with the joneses cuz chances are they're broke too and really don't own anything.
Don't try to keep up with the joneses cuz chances are they're broke too and really don't own anything.
K.Dot
African American
Need to start thinking like a rich person instead of a middle-class person. One of the biggest differences between the rich and below is their way of thinking and what they teach their children. Most people learn money from their parents.
TheArchitect
All Star
Indeed...you know what they say, the best way to make the universe or God laugh is tell them you have a plan....
Me too....shyt once upon a time I thought by now I'd be married with kids and a career.....It ain't true for me.I'm failing at life if that's the milestone.
Indeed....listening to parents fukked EVERYTHING up for me. Financially, mentally, emotionally, etc....thanks a lot guys....
That's one of my problems....I subconsciously have these "benchmarks" in my head due to my former fukked-up train of thought. I can't find the meme, but it said something like when Harrison Ford was 30-something, he was fixing roofs with a textbook, etc...Proving success doesn't have an age limit...I just ain't trying to waste any more time, being that I'm 32.....
