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2016-01-21 00:42:43 Post No. 1051837
Post No. 1051837
I lived with my parents for a year and half and saved 45k. I want to buy a house for around 100k, probably a bit less. I plan on putting 20k down payment, 5k for inspection and miscellaneous closing costs (probably a bit high I hope). I have 10k in retirement accounts, mostly Roth IRA so I can get that out if need be, and 10k in taxable accounts in a balanced index fund portfolio I'll have to mostly liquidate so I have cash, hopefully the stock market starts rebounding. I'm saving about 2k a month and bring in around 2.2k a month so I don't make much. I also would hope to get a paying roommate or put my place on AirBnB and stay with my parents that night.
Is this a good plan? I want to move out and get some skin the game while interest rates are low. My job is probably fairly safe, and I'm making so little that I'm confident I could another job paying at least as much as I'm making now. Also I have a 742 credit score and its only going up. If worse comes to worse I could probably get by on minimum wage working as much as I possibly could because the payments on the house with tax and insurance should be around 500 dollars.
Also if I move my Dad says he would be happy to be a landlord. This new house would be less than 2 miles from work so I would be able to take the bus very easily or ride a bike and I'd save a lot of money on gas and car repairs compared to the 26 mile round trip commute I have to make every day now.