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Has anyone bypassed renting their first apartment and just went straight for a house?
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So much misinformation in this thread 
US Bank, Wells Fargo, and a couple credit unions in my case. Was 23 at the time, graduated in Spring 2013, with total debts >$30,000. Credit score around 740 at the time.
You're going to need to live somewhere. Do you want to A.) Rent multiple aparrments in the same general area until your eventual death (assuming you don't move states,) or B.) Purchase a home in the area, and build wealth while gaining an asset you can sell after you're done with it?
Most people think of homes in terms of their mortgages, but the mortgage is just a loan. You aren't required to pay it off before you rent or sell it, assuming you can fulfill the terms of the loan. You can even retain ownership while living in a completely different country. You don't need to wait to invest until your debt is completely eliminated, and buying a house can be one of the best ways to invest.
US Bank, Wells Fargo, and a couple credit unions in my case. Was 23 at the time, graduated in Spring 2013, with total debts >$30,000. Credit score around 740 at the time.
You're going to need to live somewhere. Do you want to A.) Rent multiple aparrments in the same general area until your eventual death (assuming you don't move states,) or B.) Purchase a home in the area, and build wealth while gaining an asset you can sell after you're done with it?
Most people think of homes in terms of their mortgages, but the mortgage is just a loan. You aren't required to pay it off before you rent or sell it, assuming you can fulfill the terms of the loan. You can even retain ownership while living in a completely different country. You don't need to wait to invest until your debt is completely eliminated, and buying a house can be one of the best ways to invest.
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Misinformation through the roof lol. He came back and said his DTI was 17% too...crickets after that.
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Economy crashes I will buy a few rental propertiesI'm ready for it.
Smart man
hot route
Banned
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People dont understand the era of financial leverage that created the boom n bust. The RE uptick you see now is a shift of liquidity from overseas into US assets.
The fundamental thinking that this boom after the "great" recession happened is a bit skewed.
For all those thinking a next crash will happen, well what do you think will bring it down? The same as in 2008? lol
For all we know, prices can stay elevated for the lingest time, and the break even calculation may extends further.
Real Estate is wealth because it accumulates with each passing generation.
Many are late to the party and continue to hold onto the idea that rental income will net them some positives. But do the math, the break even point will be a long long time. But your kids will thank you for it!!!
The fundamental thinking that this boom after the "great" recession happened is a bit skewed.
For all those thinking a next crash will happen, well what do you think will bring it down? The same as in 2008? lol
For all we know, prices can stay elevated for the lingest time, and the break even calculation may extends further.
Real Estate is wealth because it accumulates with each passing generation.
Many are late to the party and continue to hold onto the idea that rental income will net them some positives. But do the math, the break even point will be a long long time. But your kids will thank you for it!!!
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Breezy and Pdino y'all keep spitting knowlwdge in here so I can get me a crib , im 21 so I gotta minute
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Bought my house at 23. You don't have to wait to make moves because society says you're young.
I don't plan on marrying or having kids. Still bought a house because I want to build wealth.
Not wanting kids is an odd justification for not wanting to buy a house. The two are completely independent.
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Exactly purchased mine at 22, made sense for me so I went for it.
Homeownership isn't for everybody some people like to rent, thats cool too.
Hot Route, there are many successful real estate investors that recently started investing. Some that went from 0 to 20 units in a few years , some that went from 0 to 80 units in a few years. It doesn't take generations to see a profit if you are running your numbers correctly before purchasing. if I rented my townhouse to a family right now I would see a profit.
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+1
It's funny to me how the people in this thread that actually own property are telling him to do it.
It would seem we would be able to speak to it more than a theory or a guess because it's our real lives.
My house has appreciated 25K in 6 months.
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I'm going to leave this here. Also, don't say I didn't tell you but if you are going to buy units, get a triplex not a duplex.
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Type of units available depends on your location. Really is no such thing as a Triplex in the DC area, we have Duplexes and row houses. Nothing is wrong with buying a Duplex.
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