New job

no problem. Good luck. It's not easy, but once you've done it you can move anywhere in the country and live very comfortably. If you so desire. We call you guys equity queens. You pay off a million dollar house in SoCal and then sell it and retire pretty much wherever.

>house at 22
Damn son what did u do?
Yeah, my credit is pretty decent, gotta finish paying off student loan/car but i could get that done in the next 5-6 months.

Hey OP, MA fag here who bought a condo last year and I have a few specifics for you:

Condos are better cost-benefits than you'd think. They're the "first to fall and last to rise" in a market crash, but that doesn't affect you since you don't plan to sell. The HOA fees often cover water, roofing, yard care (hours per week), central plumbing, garbage disposal, sewage disposal, and some even cover heat. I thought of it as thrown away money until I found out how much house owners pay for:

>Water bill
>Sewage & trash removal (annual tax)
>INSURANCE: Big one here, condo insurance is far cheaper than house insurance

Also real estate appreciation is a real thing, My condo's gone up by 5k since I bought it and I didn't expect that for years. Here are some issues when buying however:

>Fees and closing costs will be 3k-5k, it's thrown away money so be prepared
>10-20% down is ideal
>Get an mortgage interest quote (free) from one bank first, THEN ask your checking/saving bank for a quote to beat it. Many give their customers a discount on rates/PMI fees and they'll want to compete for the business.

Most importantly, 15 year mortgages are vastly superior. The difference in interest rates is nice, but that interest is split across more years as well. The total interest for my condo (140k) at 2.85% on a 15 year mortgage is $28,445. If I got the same place, same down payment, on a 30 year mortgage (available at 3.2%) it would be $68,768 total interest.

I pay more per month, possible at my salary ($81,000 at 27), and in 15 years I have it paid off early with $40,323 more in my pocket over the next 15 years, which I'll have invested (perhaps in another condo, which will have 15 more years of appreciation and rent payments).

This is sum good shit, thanks user. I'm mostly betting on the insanity that is the housing market here to keep going up. My fucking parents bought a new home in 97' for around 500k, present day its just short of 1mill since the area has developed a lot i guess.

damn good, you know whats up user.

Glad to help, user. I came here years ago as a low wage "entrepreneur" trying to start a resume business (failed with flying colors) and amateur robinhood trader (around 3k). Glad I can finally help some people out after a few years of fucking up.

are there any negatives to getting a FHA loan?

My wife and I live in the LA area and have enough cash for a 20% down, but should we use that much of our liquid assets?

where did I imply that

>Higher interest rate
>Paying interest on the 15% you didn't put down

That's about it

Doubling in 20 years? Bro, that's like 3.5 appr. Is it that bad in the us?

How much were you charging people for resumes? I actually work for a resume business and we charge anywhere from $150 to $600 and up

pretty good according to this
neighborhoodscout.com/ca/irvine/emerald-bay/#real-estate

It's what he said
>2% down
>have to have great credit
$2,000 on a 100K home. Still not yours etc, and would probably pay too much on interest if you paid the minimum payment, but you get the idea

Not only that but less than 20% down will require PMI.

>PMI.
ah yeah. This stuff sucks ass.

I can't wait to get my balance low enough to drop it, it's going to take $300/month off my payment.

>homeowner
>minimum wage dead end job
>no mortgage 100% mine
>inheritance

Its in a nice area too, I dont know that feel OP.

I'm not gonna hammer the whole thing out but assuming your takehome pay is like 65k and you have good credits whats just stopping you from taking out a mortgage?

I live on long island and our property cost are off the charts but still you can get a home in a decent community like Floral Park for around 400k which with a 20 year mortgage is a 2,300 dollar monthly payment.

2300 x 12 = about 28k leaving you with 37k in take home money to save and spend. Plus I'm sure within that 20 years you're going to get raise.

Assuming you live in another state your property values have to be cheaper.

Housing differences in prices never cease to amaze me. Used to live out in bumfuck nowhere, just looked up floral park on zillow and your average 600K home would be a mansion anywhere else. Into CS and it's hard to get remote positions but if you could... go find some nowhere town with decent internet and you'd pay the house off in 3 months

18k down? they allow this in america? no wonder 2008 happened

only 1mil? that's unlucky bro. My parents' house is worth about 10x more now 20 years later

Don't worry. The housing market will crash again in under 20 years, less than 5 years in San Fran and Vancouver. Buy then.

>85k/yr

>Still complains that he can't get a house
Why don't you just get the damn apartment already?

I'm a homeowner. Daddy bought it for me. Can you not tell your daddy to buy yo ua house?

You are forgetting about inflation and the time value of money.

When looking at 30 year vs 15 year you need to assume that the difference in monthly payment would be invested (stocks/bonds are super safe for that time horizon), not just pissed away. Then you need to adjust for inflation.

The 30 year mortgage would result in an overall higher return and is much safer because you benefit from diversification and liquidity.