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Redpill me on buying property.
Currently renting. Got a new job which pays much higher than the average median income for my city, probably looking at staying 3-5 years.
My rent is currently around $600 a month, however I would be buying on my own.
Can find a decent 3br 2bath house around here ez for $120kish or below. However, my friend's in-laws have a townhouse they'd be willing to sell for about $150k person to person in an amazing spot in town which usually goes for $175k+
The only debt I really have is student loans, which I'd love to shove money in and be done in 5-6 years and be debt free.
Thoughts?
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There's nothing to red pill you on. If you can afford it - go for it.
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>>1271040
This is the stupidest thing I've ever seen. By step 3 I should have went the renting route yet I made $40.000 in equity in less than 6 months because it was a rehab. I put 3.5% down.
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>>1270391
Download this spreadsheet from Khan academy.
fastly.kastatic.org/downloads/buyrent.xls
Plug in your numbers and — do the math.
All other advice here will be ideological.
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>>1270391
You are currently paying the cost of a mortgage plus a margin.
If you bought a house, you would be paying the cost of a mortgage, without someone else's margin.
People would not rent out properties if it didn't make a profit. Ergo, you're paying their profit margin.
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>>1272080
>You are currently paying the cost of TOILET PAPER plus a margin.
>If you bought a TOILET PAPER MILL, you would be paying the cost of TOILET PAPER, without someone else's margin.
>People would not SELL TOILET PAPER if it didn't make a profit. Ergo, you're paying their profit margin.
Just do this
>>1271420
and close the thread
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>>1270391
Townhouse also results in high hoa fee. Buying one for $150k is equivalent, when adding in hoa, to buying a $180k+ house
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If you dont have enough cash to put 20% down right now it ain't worth it because you cant afford it.
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Only worth it if you have $30,000 in cash saved up. You'd want at least another 5k to cover repairs and shit breaking on you.
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>>1271040
This image is perfect except that it doesn't include anything about the state of the market.
OP my only concern is that RE is high as fuck right now. I think homes are a little overpriced. Just consider what you could buy the home for if the market were bad.
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>>1270391
Buy townhouse from friend's in-laws and sell for 25k profit.
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>>1270391
if you like property tax, by all means, buy.
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>>1270391
Google "bigger pockets"
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yuropoor here, what are good property websites in the US
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Read this and realize that there's no answer that will be right for everyone.
http://jlcollinsnh.com/2012/02/23/rent-v-owning-your-home-opportunity-cost-and-running-some-numbers/
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