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>Live in central Iowa >Acquire 63K >23 years old >Make

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Thread replies: 28
Thread images: 3

>Live in central Iowa
>Acquire 63K
>23 years old
>Make 42.5k a year
>No debt besides 3k in student loans
>Pay 540/mo in child support/health insurance
>110 phone bill
>130 auto insurance
>500 rent/utilities

Should I buy a house?

Pic unrelated
>>
>>977695
Think of it this way.
>rent a place
>you give your money away and someone else gets a nice house in return

>get a mortgage
>you pay for a house and you get your money back when you sell your house
>only interest rates cost you money
>>
>>977697
>>only interest rates cost you money

+ Maintenance costs + property tax
>>
>>977697
>>rent a place
>>you give your money away and someone else gets a nice house in return
Don't listen to this bullshit. Unless you live for free with someone, you will always have to pay for a place to live. You can get a 30 year mortgage and at the end of 30 years you will have paid whomever holds the debt triple the original price of the home. Then you are the dumbass. Paid triple for a fucking house.

Rent a cheap place on half/third of what you'd mortgage. Put other half in equities (doesn't take 180 days to sell a stock like it does a house) and pay cash for your house in less than 15 years.
>>
>>977716
Interesting. But I did say in the OP that I have 63K in cash. Should I put that down and get a loan for a nice house? Or buy a shitty one to flip?
>>
>>977736
Did you even read his post?

He said it's a retarded idea to mortgage a house.
>>
>>977697
Not always the case, particularly when rent is super cheap and includes maintenance. Nytimes has a calculator.
>>
>>977736
You totally ignored what he said senpai - in this case I suggest you put all your money into one stock - NBG
>>
>>977742
There's 3br 1000sqft foreclosures going in my neighborhood for like 79.5 (average is in the 130s)

cheapest apartments around here are $550/mo

with no money down on a 15 year the house would be marginally more expensive per month and the equity you'd get would far outweigh any other costs

all in all it depends on where you live
>>
>>977695
whore
>>
Buying a house outright > mortgage and renting out spare bedrooms > renting like a kek > mortgage and living alone missing out on rental income > rent to own

I bought a 4 bedroom house in Texas for $140K. Rental prices are expensive in my area and people are always rooming up. Mortgage + insurance is a little over $600 a month. I rent out 3 rooms $500 each and they are pretty cool people. One is a girl that does hair, another is a guy that works on forklift repairs, and the other is an Asian chink in college that is only around on weekends. They are all faggots that play video games and watch anime 24/7. Don't have to deal with any plebs are party people.
>>
>>977774
>I bought a 4 bedroom house in Texas for $140K

Lmao.

3 bedrooms in Canada are like 800k+ in most places. While you can rent a nice apartment for like $1.2k/month. Anyone who gets a mortgage here is a fucking retard
>>
>>977781

Texas is cheap as fuck. You can get a 4,000 square foot mini mansion for less than $500K in some neighborhoods here in Dallas/Fort-Worth.
>>
>>977716
I always thought this was the way to go. But rent is rising yearly just about everywhere. I've been playing around with numbers and found if I got a house/townhouse, mortgage would be cheaper than rent, and usually it's at a fixed rate. It's a tradeoff, do banks allow you to pay off the loan early, or make extra payments per month?
>>
>>977716

Maybe if you live in Bumfuck, ID. Most places that just isn't practical. Not to mention you'll need to target about 1.5-2x your current price just to keep up with housing costs.

Mortgages are literally cheaper than saving for an all-cash in the long run.
>>
>>977846
yep, seconded
>>
>>977716
>what is a real interest rate?

Do your homework, son.
>>
>>977781
3br in Canada are not 800k most places. What the actual fuck are you talking about? Where do you live?
>>
No. You are a young black male and single with the world in front of you.

Keep your modest apartment, put the money that would have been a down payment on a house into an investment account and build assets.
>>
>>977880
>3br in Canada are not 800k most places

It's more in Toronto and Vancouver.

Slightly less outside those areas but still ~600-800k or so. And by most places I mean where most people live, which is around those two cities. Of course some Albertan shithole or Saskatchewan will be much cheaper tho
>>
>>977885
Lol
>iowa
>black
>>
>>977716
Why would you get a 30 year mortgage? Go 15, or ten if you can afford it.
>>
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>>977695
>child support
Silly lad
>>
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>>977695
>23
>child support
>>
>>978153
Thanks. I needed that.
>>
>>978161
Yep. Had him when I was 19
>>
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>>978164

im going to be honest with you, gain custody of the kid and also buy a house.

you'll both be better off in the long run.
>>
>>978164
When will you Americans learn that pulling out is not a valid contraceptive?
Thread posts: 28
Thread images: 3


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