I earn 15k, is it stupid to buy a 40k property?

>>1438287
Why would it be stupid?

I earn 25K and I'm about to buy a 70k property.
It's going to be living hell for at least 2 to 5 years, but afterwards it'll pay off big time.

>>1438287
Depends on the property. Have it inspected. You could probably earn more. Look for jobs on tons of different websites and apply for all of them.

>>1438312
>It's not stupid because I do it too
wew

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>>1438453
That's not what I said, dumdum.

>>1438287
You earn 15k....a year? There are properties for 40k? Do live in 1980?

That would be a pretty low monthly rate. It would be cheaper than renting.

Do you actually want to live there? Will your life improve if you do this? If yes, then go for it.

>>1438287
In which third world country are you living in where you can get a property for 40k m8?

>>1438287
a common bit of wisdom in the real estate industry is to never get a mortgage more than double your income. take that for what you will.

>>1438287
I make 60k. My house is 20k no interest. Living in a crackhouse to invest all monies in business / real estate ventures. Not fun/10.

Its up to u anon. I suggest making a bidget on paper and looking at it in black and white.

With interest you will be making 15k and spending 80k on that 40k house.

>>1438480
Shiiiiit noggah. I just bought 1 for 10k 0 interest. On payments! Should be bulldozed/10. Meh, ill biy a good house when im rich.

>>1438484
>>1438486
Where the fuck are you guys living where houses are so cheap? I would never get a property that cheap in Germany

>>1438498

Check the refugee neighborhoods :)

>>1438480

The UK

how much can you put down?

>>1438480
They exist in the US but you have to pay by being called a flyover in /ck/

>>1438287
Don't mean to disrespect, but dude, in what shithole do you live? 15k a year? 40k property? I'm a college student and still find this ridiculously low.

>>1438287
Depends on how much the property will generate in income/save on expenses for you.

Do the math and figure it out.

>barely middle class
>mfw i buy an 800k property on a 120k income

>>1438620

I live in the UK, a small town where a one bedroom apartment can be had for 35k.

>>1438460
There's condos where I live going for like 14k. You would also want to buy a gun for doing things like taking your trash out or going for a walk in those neighborhoods though as well.

Op do you have 20% to put down on it upfront?

If so you can afford it as long as the monthly mortgage is less Tha 30% of your monthly income.

>>1438676
how can you afford that? srsly.

>>1438910

I'm guess an FHA loan or something with a 30 year fixed mortgage. Most people recommend buying a house that is at most 4x your annual income.

He's probably just making minimum payments and barely paying down principal. Not a smart situation to be in financially, but banks will gladly loan that much to you.