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whether youre living in the home or renting it, it is still considered an ASSET.
How important is saving up for a house to you right now?
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Equity my friend
But you maybe be set in your ways of thinking so there's no point in explaining the benefits
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- Aug 14, 2012
How is renting an asset.
I get it.
Owning a home is like living in your savings account.
I just dont have the commitment to live somewhere for that long.
I enjoy a change of view.
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- Oct 31, 2009
It's pretty high on my priorities, I hope to buy one in the next 2-3 years
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- Jan 19, 2005
It's extremely impprtant. No matter when you purchase a home, the point to remember is that one day the payments stop. Owning a home outright can be used as a great tool to build wealth for yourself, and for future generations if managed correctly.
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- Mar 19, 2013
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renting a house you own isnt an asset?
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Read it wrong my G
sneakaprince
Supporter
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- Apr 29, 2007
I'm 29 I close on my 3rd and 4th crib Friday. Bought my first duplex roughly 2 years ago.
Let's just say it was hella important to me then and the same holds true now. Wisconsin is cheap for houses tho so my situation is different.
Even if I didn't live here I'd have gone FHA &' my 20s tho. My bro just bought a half a million dollar crib in Seattle on some FHA ****. He a year older. Real estate can definitely be had if you focused.
Let's just say it was hella important to me then and the same holds true now. Wisconsin is cheap for houses tho so my situation is different.
Even if I didn't live here I'd have gone FHA &' my 20s tho. My bro just bought a half a million dollar crib in Seattle on some FHA ****. He a year older. Real estate can definitely be had if you focused.
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- Jun 30, 2012
My number 1 goal at the moment. 29 living with my pops and 2 brothers to continue saving. One of my brothers girl's live with us. It's super annoying as she and my brother don't pay ish around here. Got $85k saved up but live in LA. Make decent money but the house out here are OD expensive. And prices continue to rise. I think by year-end I may be able to do it granted I get a decent bonus from my job.
Proposition Joe
formerly rollinwithangel
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I don't know how you NTers in the bay do it
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- May 17, 2011
Do you need to put down that 30%?
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- May 25, 2004
I'm stacking money but not for a crib. You can't buy a damn thing here right now for asking price. You gotta pay over that and it's still gone before the weekend is over. Horrible time to buy here but a great time to sell if you're planning on getting out of the city.
My rent isn't bad now so I'm not tripping. I don't even want to stay here and these prices definately aren't helping the cause.
My rent isn't bad now so I'm not tripping. I don't even want to stay here and these prices definately aren't helping the cause.
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- Mar 19, 2013
Word prices are crazy up here too. Got lucky tbh with the joint i swooped. You know whats crazy up here, i dunno if the same is going on where you at or other cities in the US but when a new development opens or is slated to open theres people...rich people...that pay for peoples spots in line.
Think of it as like a sneaker camp out cept its not for a $200 shoe its for a 600,700,800k+ condo. **** is insane. Im hearing stories about people getting paid like 8k for their spot in line cuz they were one of the first. Im legit looking at lining up for these rich people
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- Feb 4, 2012
Not a perfect video, but here is an Example in Toronto. Numbers might change based off the location, but at the end of the day, it all comes down to how you want to live and if you are actually able to save the difference when renting instead of spending it.
sneakaprince
Supporter
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- Apr 29, 2007
85K in savings is hella impressive man. Salutes to you. I'm doing "well" and I've never had that much liquid at one time. Really props man.
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- Dec 3, 2009
Wife just started working after being a student and unemployed for 3 years, now we have two incomes and being in close to 10k a month not counting side gig money...now we are finally in a position to save and buy a home..:so hopefully by the end of the year we can....setting our budget at 500k with 10% down....shouldn't be too hard since I own my apt and should profit about 30k should I sell.
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- Aug 19, 2015
General rule of thumb is 20% down. Put that extra 10% in a different investment that makes a higher % than what your mortgage % would be.
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- Sep 1, 2008
I'm looking to buy a condo/ townhouse
Is there a difference?
Benefits of doing this and then if I want o buy a house later can I rent it?
Thanks.
Is there a difference?
Benefits of doing this and then if I want o buy a house later can I rent it?
Thanks.
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- Feb 8, 2014
A condo has association fees that u have to pay every month..this covers all maintenance costs
U can rent it out later but u actually have to refinance ..because the occupancy is changing from primary to investment..there are also other factors which have to be looked at to see if u still qualify
This is always such an interesting topic to me. Partially because I look back at some of my early adulthood financial choices made and certainly wouldn't have made some of the same ones twice.
My parents were always of the school of mind that you should own rather than rent. So out of college I did what a lot of folks do, lived with my parents for a year to save. A year was about all I could tolerate for a variety of reasons and ultimately decided to by a 1 bedroom, 1 bath condo near BART. A unit that was being foreclosed on, but unfortunately for me, this was 2007.
I had just started dating my future wife, worked in SF, etc. 2008 then happened and I watched the value drop signifnicantly below my mortgage. So here's a list of things I wouldn't do again:
1) I'd likely never buy a 1bd / 1 ba ever again
1a) Unless it was with significant cash in a building that didn't have a lot of rentals.
2) I'd never do an interest only loan or any other variable type instrument
3) I'd rather rent for a year and incur the cost to figure out where I'd like to live if living with family becomes unbearable versus rushing into a place.
All was not lost though - I knew the law in CA - and opted to make a financial decision to walk away from the condo after exploring very viable option (i.e. mortgage relief assistance, programs, out right trying to sell). The buyer who eventually scooped up my unit got a great deal. Basically 50% of what I had as outstanding principal. Market jumped back and if they're ready to move, no doubt they made all their money back and then some.
Flip side is, this did allow me to get into the house I'm currently in with my now wife. Family helped us acquire it given my bad credit as a result of the above. We wound up buying a 3/2, 1500 sq foot house near family for under $300k in 2009. I turned 27 that year and certainly tastes and perspectives change with that one (we'll only live here for 5 years, etc.) but we're quite happy and have really put time and work into it. We have a young child, so now we're totally invested into staying without thinking of moving up to something else or whatever. I'm now 34 with a kid, so factors of importance have certainly changed - some for the better (i.e. no desire to move to keep up with others in the peer group). We're all in for under $400k in the Bay Area with something that would easily appraise for more. Did a 15 year that we pay every two weeks, so by the time our youngest would enter high school, we'd likely be mortgage free. Then depending on the schools, we'd have some flexibility on private because I'd just take out a HELOC.
My parents were always of the school of mind that you should own rather than rent. So out of college I did what a lot of folks do, lived with my parents for a year to save. A year was about all I could tolerate for a variety of reasons and ultimately decided to by a 1 bedroom, 1 bath condo near BART. A unit that was being foreclosed on, but unfortunately for me, this was 2007.
I had just started dating my future wife, worked in SF, etc. 2008 then happened and I watched the value drop signifnicantly below my mortgage. So here's a list of things I wouldn't do again:
1) I'd likely never buy a 1bd / 1 ba ever again
1a) Unless it was with significant cash in a building that didn't have a lot of rentals.
2) I'd never do an interest only loan or any other variable type instrument
3) I'd rather rent for a year and incur the cost to figure out where I'd like to live if living with family becomes unbearable versus rushing into a place.
All was not lost though - I knew the law in CA - and opted to make a financial decision to walk away from the condo after exploring very viable option (i.e. mortgage relief assistance, programs, out right trying to sell). The buyer who eventually scooped up my unit got a great deal. Basically 50% of what I had as outstanding principal. Market jumped back and if they're ready to move, no doubt they made all their money back and then some.
Flip side is, this did allow me to get into the house I'm currently in with my now wife. Family helped us acquire it given my bad credit as a result of the above. We wound up buying a 3/2, 1500 sq foot house near family for under $300k in 2009. I turned 27 that year and certainly tastes and perspectives change with that one (we'll only live here for 5 years, etc.) but we're quite happy and have really put time and work into it. We have a young child, so now we're totally invested into staying without thinking of moving up to something else or whatever. I'm now 34 with a kid, so factors of importance have certainly changed - some for the better (i.e. no desire to move to keep up with others in the peer group). We're all in for under $400k in the Bay Area with something that would easily appraise for more. Did a 15 year that we pay every two weeks, so by the time our youngest would enter high school, we'd likely be mortgage free. Then depending on the schools, we'd have some flexibility on private because I'd just take out a HELOC.
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- Mar 1, 2011
lmk bro I just closed on my house in april. I have the best resources in real estate. My agent was my old boss whos basically my boy and the VP of the mortgage bank got my mortgage (also a good friend of mine). Points and fees are greatly reduced since he makes money from volume not points like regular loan officers. anyone in NY matter of fact hit me up if u have any questions or whatever about the mortgage world.
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- May 10, 2009
Been wanting to move out of San Diego bc it is so damn expensive to buy or rent here 
Having a kid in November and with both our incomes we can afford a really nice house in most areas in the US except SD and of course other places like San Fran, DC etc.
Having a kid in November and with both our incomes we can afford a really nice house in most areas in the US except SD and of course other places like San Fran, DC etc.
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I have nothing to my name at the moment, but I finally started making good money. I think my girl and I are going to plot on a home in Charlotte or Raleigh in 5 years
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- Apr 18, 2005
Im renting in NYC right now but looking to buy a 2bd / 2bth in Jersey City next fall once our lease is up (if not sooner).
JC is turning into the new Brooklyn and being developed at an incredible rate. Definitely trying to get in on that market early while prices are relatively cheap ($600-$750k) before they balloon to $1MM+.
JC is turning into the new Brooklyn and being developed at an incredible rate. Definitely trying to get in on that market early while prices are relatively cheap ($600-$750k) before they balloon to $1MM+.
