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

Supergrass
Supergrass

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

SomethingNew
SomethingNew

@Supergrass
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.

takes2long
takes2long

@Supergrass
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.

eGremlin
eGremlin

@SomethingNew
It's not stupid because I do it too
wew

CodeBuns
CodeBuns

@eGremlin
That's not what I said, dumdum.

BunnyJinx
BunnyJinx

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

StrangeWizard
StrangeWizard

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.

Crazy_Nice
Crazy_Nice

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

Lord_Tryzalot
Lord_Tryzalot

@Supergrass
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.

Sir_Gallonhead
Sir_Gallonhead

@Supergrass
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 user. 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.

MPmaster
MPmaster

@Crazy_Nice
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.

cum2soon
cum2soon

@Sir_Gallonhead
@MPmaster
Where the fuck are you guys living where houses are so cheap? I would never get a property that cheap in Germany

kizzmybutt
kizzmybutt

@cum2soon

Check the refugee neighborhoods :)

w8t4u
w8t4u

@Crazy_Nice

The UK

Snarelure
Snarelure

how much can you put down?

Emberburn
Emberburn

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

Firespawn
Firespawn

@Supergrass
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.

Flameblow
Flameblow

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

Do the math and figure it out.

farquit
farquit

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

lostmypassword
lostmypassword

@Firespawn

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

Deadlyinx
Deadlyinx

@BunnyJinx
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.

LuckyDusty
LuckyDusty

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.

DeathDog
DeathDog

@farquit
how can you afford that? srsly.

cum2soon
cum2soon

@DeathDog

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.

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