For people that moved out the parents house...

[ninjahood]

Originally Posted by mondaynightraw

Originally Posted by Jay Wizzle

Originally Posted by Biggie62

Originally Posted by Jay Wizzle

im also interested in this topic and have the same issues, but have a hard time saving due to bad spending habits

$0 savings 15k in retirement funds
$800 monthly car expenses, $60 phone bill

%%+ did you buy or lease?  A 50k car yet not saving anything.  Talk about going about things wrong.

my car note is 408 and my insurance is 390

yea they rapin ol' boy...son should've had da insurance in his mama's name.

 

[ninjahood]

Originally Posted by sloanboy

Originally Posted by thagreatj

Originally Posted by sloanboy

what is the average down payment on houses for around 250-300k?

down payment? not even. regular folks dont have money like that.
edit: i believe its typically 10-20% of the cost of the home.   

yea i was just found what i think im gonna do is get a condo first and then when thats payed  off sell it

why would you sell something that can generate you income? you can rent out da condo and stack that, and go back to da parent's house...then when you have enuff saved from

that, cop another one and repeat da process....#bawse

 

[ninjahood]

Originally Posted by sloanboy

Originally Posted by thagreatj

Originally Posted by sloanboy

what is the average down payment on houses for around 250-300k?

down payment? not even. regular folks dont have money like that.
edit: i believe its typically 10-20% of the cost of the home.   

yea i was just found what i think im gonna do is get a condo first and then when thats payed  off sell it

why would you sell something that can generate you income? you can rent out da condo and stack that, and go back to da parent's house...then when you have enuff saved from

that, cop another one and repeat da process....#bawse

 

[jayrockslo]

Originally Posted by sloanboy

Originally Posted by thagreatj

Originally Posted by sloanboy

what is the average down payment on houses for around 250-300k?

down payment? not even. regular folks dont have money like that.
edit: i believe its typically 10-20% of the cost of the home.   

yea i was just found what i think im gonna do is get a condo first and then when thats payed  off sell it and get a house that seems like the best plan for me im to impatient to save 25-30k

it depends on what kind of loan you're approved for. 

the banks are way more stricter nowadays on who they lend money to for mortgage's.  they will ask to review all of your financial history which would be like 2 yrs of W-2's, 3 months of pay stubs, all of your bank statements including your retirement funds and of course, run that good old credit report on you.  along with the credit report, they will also check how much debt you are in against your income.  (debt to income ratio).  if your monthly expenses (credit cards, car note, student loans, etc.) are high already, then the chances of you being approved for a mortgage is low.  before the housing market bust, there was a time anyone could've gotten approved for a mortgage, just show that you had a job, a savings account, some type of credit and banks said ok, you're approved lol.

also, you have to check what kind of loans are accepted for the home purchase.  some newly built homes/condos might be FHA approved where they allow a downpayment as low as 3.5%.

in nyc, co-ops have a mandatory 20% downpayment.  i think before the market bust, you could've put down maybe at least 15% for a co-op.  for condos you are able to put anywhere between 10-20% down, but again it also depends because some newly built condo developments might be FHA approved and you could be able to put 3.5% if you qualify.  (google FHA loans)

now if you are able to qualify and are approved for a mortgage, if your downpayment is less than 20%, you are also going to have to pay mortgage insurance. (google PMI mortgage insurance).  now once your payments reach 20% of the the loan, then you should no longer have to pay for the mortgage insurance along with your monthly mortgage payment. 

besides the downpayment don't forget to budget for closing costs which is typically around 5% of the purchase price.  so for 250-300k homes, you are looking between 12.5-15k in addition to your downpayment. 

so let's just say you want to put 10% down on a 300k home then you're looking at 30k + 15k closing costs = 45k total.

 

[jayrockslo]

Originally Posted by sloanboy

Originally Posted by thagreatj

Originally Posted by sloanboy

what is the average down payment on houses for around 250-300k?

down payment? not even. regular folks dont have money like that.
edit: i believe its typically 10-20% of the cost of the home.   

yea i was just found what i think im gonna do is get a condo first and then when thats payed  off sell it and get a house that seems like the best plan for me im to impatient to save 25-30k

it depends on what kind of loan you're approved for. 

the banks are way more stricter nowadays on who they lend money to for mortgage's.  they will ask to review all of your financial history which would be like 2 yrs of W-2's, 3 months of pay stubs, all of your bank statements including your retirement funds and of course, run that good old credit report on you.  along with the credit report, they will also check how much debt you are in against your income.  (debt to income ratio).  if your monthly expenses (credit cards, car note, student loans, etc.) are high already, then the chances of you being approved for a mortgage is low.  before the housing market bust, there was a time anyone could've gotten approved for a mortgage, just show that you had a job, a savings account, some type of credit and banks said ok, you're approved lol.

also, you have to check what kind of loans are accepted for the home purchase.  some newly built homes/condos might be FHA approved where they allow a downpayment as low as 3.5%.

in nyc, co-ops have a mandatory 20% downpayment.  i think before the market bust, you could've put down maybe at least 15% for a co-op.  for condos you are able to put anywhere between 10-20% down, but again it also depends because some newly built condo developments might be FHA approved and you could be able to put 3.5% if you qualify.  (google FHA loans)

now if you are able to qualify and are approved for a mortgage, if your downpayment is less than 20%, you are also going to have to pay mortgage insurance. (google PMI mortgage insurance).  now once your payments reach 20% of the the loan, then you should no longer have to pay for the mortgage insurance along with your monthly mortgage payment. 

besides the downpayment don't forget to budget for closing costs which is typically around 5% of the purchase price.  so for 250-300k homes, you are looking between 12.5-15k in addition to your downpayment. 

so let's just say you want to put 10% down on a 300k home then you're looking at 30k + 15k closing costs = 45k total.

 

[me4u2night]

If you have a good relationship with your parents, stay home and keep saving up.

8K is a nice amount to have when you're moving out, if that 8K was solely put to the side for your intended move.
Meaning, I hope you have additional funds saved elsewhere.
You have to consider, you're going to spend alot of money when you move out. Moving out the first time will be pricey.

You're spending money on Rent (first/last/security), utilities, furniture, food, supplies, dishes, cable/internet/fees, bills, etc.
That 8k can go within the first week of your move.
Also, what's your income like?
When I left, I moved in with a girl I was seeing at the time. I got lucky with my apt, cheap studio in Brooklyn.

She had 20k saved, I had 3k saved 

. 

Even though she had money saved, I ended up paying for all the furniture as I had a fulltime job (yet she had more money then me

)

I remember it being tough (as i was only making 35k in NYC), but if you want that independence, it's going to be a struggle when you move out.

After you live on your own, and pay for your bills, you definitely learn to mature and spend wisely.

Now I'm straight. But it was hard the first time out.

My advice. Stay home and save save save!!!

 

[me4u2night]

If you have a good relationship with your parents, stay home and keep saving up.

8K is a nice amount to have when you're moving out, if that 8K was solely put to the side for your intended move.
Meaning, I hope you have additional funds saved elsewhere.
You have to consider, you're going to spend alot of money when you move out. Moving out the first time will be pricey.

You're spending money on Rent (first/last/security), utilities, furniture, food, supplies, dishes, cable/internet/fees, bills, etc.
That 8k can go within the first week of your move.
Also, what's your income like?
When I left, I moved in with a girl I was seeing at the time. I got lucky with my apt, cheap studio in Brooklyn.

She had 20k saved, I had 3k saved 

. 

Even though she had money saved, I ended up paying for all the furniture as I had a fulltime job (yet she had more money then me

)

I remember it being tough (as i was only making 35k in NYC), but if you want that independence, it's going to be a struggle when you move out.

After you live on your own, and pay for your bills, you definitely learn to mature and spend wisely.

Now I'm straight. But it was hard the first time out.

My advice. Stay home and save save save!!!

 

[mht214]

What state are you in?

 

[mht214]

What state are you in?

 

[stockholm patriot]

$8000? Gone in six months tops... first apartment @ 17 years old

Lived in 3 different states furnished all of them with brand new stuff, stupid choices you make as a kid.

$8000, I'd consider saving for another year and just get a condo, loft or house with a newer company so that if you decide sell in 2 or 3 years
it will still be worth more.

Why rent if you have that much saved up, when you can make that money work for you instead of giving it away.

 

[stockholm patriot]

$8000? Gone in six months tops... first apartment @ 17 years old

Lived in 3 different states furnished all of them with brand new stuff, stupid choices you make as a kid.

$8000, I'd consider saving for another year and just get a condo, loft or house with a newer company so that if you decide sell in 2 or 3 years
it will still be worth more.

Why rent if you have that much saved up, when you can make that money work for you instead of giving it away.

 

[wawaweewa]

Originally Posted by sloanboy

Originally Posted by wawaweewa

Originally Posted by Jay Wizzle

i live in NYC... which would explain why my insurance is so high, plus speeding tickets and a accident which was my fault in 07

Non NYC folks don't realize how crazy it is here with car insurance.

Brooklyn has the highest car insurance rates in the nation.

burglaries is that why its so high?

The amount of cars on the road and stupid drivers make for a high accident rate.

 

[wawaweewa]

Originally Posted by sloanboy

Originally Posted by wawaweewa

Originally Posted by Jay Wizzle

i live in NYC... which would explain why my insurance is so high, plus speeding tickets and a accident which was my fault in 07

Non NYC folks don't realize how crazy it is here with car insurance.

Brooklyn has the highest car insurance rates in the nation.

burglaries is that why its so high?

The amount of cars on the road and stupid drivers make for a high accident rate.

 

[space doodoo pistols]

One thing that helped with moving into my new apt. was the employer discounts (at&t)

I got in with no deposit, no first & last months rent, no application fees, and 50 off my rent. Plus deposits for power/etc. were waived.

 

[space doodoo pistols]

One thing that helped with moving into my new apt. was the employer discounts (at&t)

I got in with no deposit, no first & last months rent, no application fees, and 50 off my rent. Plus deposits for power/etc. were waived.

 

[cocolicious]

Originally Posted by BoredONE1

Hmmm....so at what age did ya'll start saving?

You should start saving whenever you have any kind of money coming in, allowances or job etc.

 

[cocolicious]

Originally Posted by BoredONE1

Hmmm....so at what age did ya'll start saving?

You should start saving whenever you have any kind of money coming in, allowances or job etc.

 

[dmxgod]

Originally Posted by Jay Wizzle

Originally Posted by Biggie62

Originally Posted by Jay Wizzle

im also interested in this topic and have the same issues, but have a hard time saving due to bad spending habits

$0 savings 15k in retirement funds
$800 monthly car expenses, $60 phone bill

%%+ did you buy or lease?  A 50k car yet not saving anything.  Talk about going about things wrong.

my car note is 408 and my insurance is 390

God damn..my car is 319 a month..but my insurance is only 320 every 6 months..you my friend are getting ripped off..

 

[dmxgod]

Originally Posted by Jay Wizzle

Originally Posted by Biggie62

Originally Posted by Jay Wizzle

im also interested in this topic and have the same issues, but have a hard time saving due to bad spending habits

$0 savings 15k in retirement funds
$800 monthly car expenses, $60 phone bill

%%+ did you buy or lease?  A 50k car yet not saving anything.  Talk about going about things wrong.

my car note is 408 and my insurance is 390

God damn..my car is 319 a month..but my insurance is only 320 every 6 months..you my friend are getting ripped off..

 

[sloanboy]

Originally Posted by JayRocksLo

Originally Posted by sloanboy

Originally Posted by thagreatj

Originally Posted by sloanboy

what is the average down payment on houses for around 250-300k?

down payment? not even. regular folks dont have money like that.
edit: i believe its typically 10-20% of the cost of the home.   

yea i was just found what i think im gonna do is get a condo first and then when thats payed  off sell it and get a house that seems like the best plan for me im to impatient to save 25-30k

it depends on what kind of loan you're approved for. 

the banks are way more stricter nowadays on who they lend money to for mortgage's.  they will ask to review all of your financial history which would be like 2 yrs of W-2's, 3 months of pay stubs, all of your bank statements including your retirement funds and of course, run that good old credit report on you.  along with the credit report, they will also check how much debt you are in against your income.  (debt to income ratio).  if your monthly expenses (credit cards, car note, student loans, etc.) are high already, then the chances of you being approved for a mortgage is low.  before the housing market bust, there was a time anyone could've gotten approved for a mortgage, just show that you had a job, a savings account, some type of credit and banks said ok, you're approved lol.

also, you have to check what kind of loans are accepted for the home purchase.  some newly built homes/condos might be FHA approved where they allow a downpayment as low as 3.5%.

in nyc, co-ops have a mandatory 20% downpayment.  i think before the market bust, you could've put down maybe at least 15% for a co-op.  for condos you are able to put anywhere between 10-20% down, but again it also depends because some newly built condo developments might be FHA approved and you could be able to put 3.5% if you qualify.  (google FHA loans)

now if you are able to qualify and are approved for a mortgage, if your downpayment is less than 20%, you are also going to have to pay mortgage insurance. (google PMI mortgage insurance).  now once your payments reach 20% of the the loan, then you should no longer have to pay for the mortgage insurance along with your monthly mortgage payment. 

besides the downpayment don't forget to budget for closing costs which is typically around 5% of the purchase price.  so for 250-300k homes, you are looking between 12.5-15k in addition to your downpayment. 

so let's just say you want to put 10% down on a 300k home then you're looking at 30k + 15k closing costs = 45k total.

very good info thanks alot

 

[sloanboy]

Originally Posted by JayRocksLo

Originally Posted by sloanboy

Originally Posted by thagreatj

Originally Posted by sloanboy

what is the average down payment on houses for around 250-300k?

down payment? not even. regular folks dont have money like that.
edit: i believe its typically 10-20% of the cost of the home.   

yea i was just found what i think im gonna do is get a condo first and then when thats payed  off sell it and get a house that seems like the best plan for me im to impatient to save 25-30k

it depends on what kind of loan you're approved for. 

the banks are way more stricter nowadays on who they lend money to for mortgage's.  they will ask to review all of your financial history which would be like 2 yrs of W-2's, 3 months of pay stubs, all of your bank statements including your retirement funds and of course, run that good old credit report on you.  along with the credit report, they will also check how much debt you are in against your income.  (debt to income ratio).  if your monthly expenses (credit cards, car note, student loans, etc.) are high already, then the chances of you being approved for a mortgage is low.  before the housing market bust, there was a time anyone could've gotten approved for a mortgage, just show that you had a job, a savings account, some type of credit and banks said ok, you're approved lol.

also, you have to check what kind of loans are accepted for the home purchase.  some newly built homes/condos might be FHA approved where they allow a downpayment as low as 3.5%.

in nyc, co-ops have a mandatory 20% downpayment.  i think before the market bust, you could've put down maybe at least 15% for a co-op.  for condos you are able to put anywhere between 10-20% down, but again it also depends because some newly built condo developments might be FHA approved and you could be able to put 3.5% if you qualify.  (google FHA loans)

now if you are able to qualify and are approved for a mortgage, if your downpayment is less than 20%, you are also going to have to pay mortgage insurance. (google PMI mortgage insurance).  now once your payments reach 20% of the the loan, then you should no longer have to pay for the mortgage insurance along with your monthly mortgage payment. 

besides the downpayment don't forget to budget for closing costs which is typically around 5% of the purchase price.  so for 250-300k homes, you are looking between 12.5-15k in addition to your downpayment. 

so let's just say you want to put 10% down on a 300k home then you're looking at 30k + 15k closing costs = 45k total.

very good info thanks alot

 

[D Fly]

I love it. Have a roomate so I only have to go half on all the expenses, no car note or any of that.

 

[D Fly]

I love it. Have a roomate so I only have to go half on all the expenses, no car note or any of that.

 

[sloanboy]

Originally Posted by ninjahood

Originally Posted by sloanboy

Originally Posted by thagreatj

Originally Posted by sloanboy

what is the average down payment on houses for around 250-300k?

down payment? not even. regular folks dont have money like that.
edit: i believe its typically 10-20% of the cost of the home.   

yea i was just found what i think im gonna do is get a condo first and then when thats payed  off sell it

why would you sell something that can generate you income? you can rent out da condo and stack that, and go back to da parent's house...then when you have enuff saved from

that, cop another one and repeat da process....#bawse

so once im done paying off my condo il be in my 30s im going to move back into my moms crib? NAH but i thought about just renting it out but the whole reason im getting one is to help towards getting me a house one day and i dont wanna have to deal with renters im not a peoples person

 

[sloanboy]

Originally Posted by ninjahood

Originally Posted by sloanboy

Originally Posted by thagreatj

Originally Posted by sloanboy

what is the average down payment on houses for around 250-300k?

down payment? not even. regular folks dont have money like that.
edit: i believe its typically 10-20% of the cost of the home.   

yea i was just found what i think im gonna do is get a condo first and then when thats payed  off sell it

why would you sell something that can generate you income? you can rent out da condo and stack that, and go back to da parent's house...then when you have enuff saved from

that, cop another one and repeat da process....#bawse

so once im done paying off my condo il be in my 30s im going to move back into my moms crib? NAH but i thought about just renting it out but the whole reason im getting one is to help towards getting me a house one day and i dont wanna have to deal with renters im not a peoples person