By 30 you should have a mortgage and be making 70k+

[MikelArteta]

We're screwed breh

Imagine pYing 200k down but still being stuck with a 800k mortgage?

Even the avg condo is 400k

houses are expensive. 1.5M for a nice house in a decent toronto suburb.

99% of people don't have 1.5M in the bank.

bank gives you a loan for 80% of the price of the house they think you can afford with the income you have. in exchange you pay interest over the life of the mortgage. the better credit you have the better interest rates you get on your mortgage.

for a mortgage of $500000 with a 2.9% interest rate, 25 year amortization with monthly payments (life of the mortgage), you're actually paying a total of roughly $710000.

 

[RTF]

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.

Agreed.

Unless you plan on living in a property "forever" - take the longest mortgage you can get. You'll have more cash to invest/use.

If you can - pay 10% deposit. Again, the time you spend (years - if buying by yourself) saving the extra 10%, the house you wanted to buy costs 16% more, you've lost money.


If you can, partner up with a friend, sibling, partner to get on the ladder. I'm 25, just bought a property with my cousin, like we just exchanged yesterday - completing next Friday.

 

[LoMax30]

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.

This.

I got a homie who has bad credit and wild debt. He says as soon as he gets his credit straight and pays off his debt he's gonna buy a house. Hop from one debt to another brehs

 

[JoogJoint]

This.
Some parent have nerve to not have equipped thier kids with certain advantages, yet expect their kids to turn piss into wine.

When will people learn that rich/well off people do things completely different in life.

THIS. It sounds like my parents. They never did sh_t for me, but expected me to know everything by the time I was 18 and expect me now to just get a good paying job on a college degree solely. They don't understand it doesn't work like that.

Most young Black People aren't going to be left with sh_t thanks to our parents, but they expect us to do everything from scratch.

Most of my White counterparts have parents who are leaving them something they can work with.

 

[RTF]

This.

I got a homie who has bad credit and wild debt. He says as soon as he gets his credit straight and pays off his debt he's gonna buy a house. Hop from one debt to another brehs

If done enough right a house is good debt. I'm copping one now - no plans to have it for the 40 years on the mortgage. I can get cash - investment - against this debt. You can't do that with most other debt.

 

[posterchild336]

This.

I got a homie who has bad credit and wild debt. He says as soon as he gets his credit straight and pays off his debt he's gonna buy a house. Hop from one debt to another brehs

Buying is a good thing dude, a house is something that will always be positive in your favor, this is not 2006 when they were giving mortgages to anyone and moms is they had a pulse with out any proof or money down... Now buying a Benz and renting an apartment or living with moms is a bad look. Ownership leads to so many things, why u do you think the rich buy up as much both residential and commercial real estate... It's a win win to rent or sell it, you won't go broke and rentals give you much more monthly income than the tiny .001 percent the banks give you. You can also borrow against equity and invest in other things.

 

[PrnzHakeem]

Home ownership can be one of the pillars of building wealth and y'all on here shytting on it.

fukking twilight zone

 

[Anerdyblackguy]

To be honest, I can actually pull this off. We shall see.

 

[Truefan31]

This.

I got a homie who has bad credit and wild debt. He says as soon as he gets his credit straight and pays off his debt he's gonna buy a house. Hop from one debt to another brehs

yup. Getting credit straight is fine, paying off debt is a must. Home ownership is what's considered a "good debt" but imo you gotta be able to actually afford it. Believe it or not, lots of people can and actually buy homes outright, if not putting a large dp on it. Happens all the time. 30 year shouldn't even be in the mix. Break the mold of what society thinks you should do.