Home Ownership

I'd save closer to 60k before thinking about buying a 200k home. You'll need 40k just to put the down payment on it and you will need the extra cash for unexpected repairs or any additional furniture/upgrades you'll want. There is always unexpected shit that goes wrong or breaks down in a home and the cost to replace is usually higher than you initially think. Roof repairs, stove stops working, leaks, AC breaks, etc.. just be prepared for it.

Have you thought about getting a room mate to help cover the expenses? Can always move them into the house when you're ready. Or thinking about eating shit and living with your parents for 2 years if you want to save quick. Or get a side job.

Here's a tip you might not get from most of these NEETs. Get a girlfriend that earns at least 60% of what you do. Double your disposable income. Boom. Done.

>t. 26 y/o homeowner of $300k home @ ~$60k/year.

This user is a faggot. Texas is full.

>double income
>triple expenses because she spends all the money on new shoes and purses

You gotta find the right girl, mate. My gf is totally fine just spending out anniversary/birthday/Valentine's Day together and never expects any gifts. She actually hates going shopping lol

I thought about this. Seems really risky though. Millennial women are fucking crazy. She could walk out at any moment to be a baby momma to Tyrone or Jamal. And if we married then half my income would go to her if she leaves.

Going gay doesn't sound like a bad idea. Many are degenerate, but some of the classier gays make good money and are more emotionally stable than women. They're also much more financially savvy. They don't buy dumb shit like women do.

Where the fuck are you where being 30 and renting makes you a loser? That's a shit reason to buy a house btw. If you want to buy then by all means go ahead, but don't think of it as an investment. It's a domicile

This, but dump her when you're done. Whatever you do don't marry her, or you're gonna lose your investment.

I've been thinking about building a home, because standard homes look queer to me, but idk. Maybe buying a condo/apartment or something would be better for me. Homes require a lot of maitnence and really only seem worth it if you have kids, or if you're going to use it as an investment.

>t. early 20s cryptocoin millionaire still renting

Right. You gotta pick the right girl. I've been with my girl since I was 17 so obviously I trust her. Buying a house with some trusted friends is also an option. It's what my dad did when he was my age. You can get pretty solid contracts too.

Loan Officer here. You're a good candidate and only need 1-3% for a downpayment which you have. Depending on your state/city your monthly payments will be around $1300-1400 with taxes and insurance

How's your credit

Goldberg, is that you?

Meh. Not gonna dump her, but gonna get a prenup for sure. She's smart, got good genes, and a strong family network. She was lots of kids and I want to 14 to it's a win-win.

...

>gonna get a prenup for sure.
Think she'll be okay with that after having contributed her income for years?

>been with my girl since I was 17 so obviously I trust her
Why are there so many normies on Veeky Forums these days? ;_;

>How's your credit
I don't know. Saying that is probably setting off alarm bells in your head. I don't like going into debt. I never use credit cards. I'm guessing because I've never taken on much debt beyond a student loan and I don't have CC debt that my credit score is decent.

Yeah she'll be fine because I make more and she knows it kek. Call me a normie if you want but I force beta-->alpha'ed myself long before it was cool.

Seriously, chill out.

The guys saying you only need 3% are trying to fuck you.

You've done well to prioritize being debt free. That in itself is incredibly difficult to achieve. Having done it myself from being in 6 figure debt I would high five the fuck out of you irl.

Anyways, do the math on an fha loan (low % down BS) and being PATIENT and saving your 20% down to get a 15yr fixed. Your talking potentially a 100k difference in interest paid.

Be patient bro, it'll pay off.

Also, fuck banks. Don't pay more interest than you have to. It doesn't make you a loser to rent...

>Why are there so many normies on Veeky Forums these days? ;_;
Mass immigration from plebbit because of /pol. They're spreading out.

That is a mistake. Think of CC as your safety net on the back burner. I know it sounds retarded but your credit score impacts everything these days, including potential jobs. In the next few years, while you're saving for a down payment, start building your credit. Don't procrastinate on it either, it takes time. And especially don't fall for low to no down payment Jews.

It's a myth that you need good credit to buy a house.

If you have NO credit, you can find a lender that manually underwrite and they just goo into your financials deeper.

It's possible. The dave Ramsey website suggests Churchill mortgage I think.

Check credit karma and make sure you have ZERO accounts open, save your down payment while you're waiting the 6-12 months for your credit score to disappear

This post it's what's wrong with America. An employer that checks credit will understand if you tell them you're opposed to going into debt, that's why your score is zero. If they don't, it's probably a shitty place to work.

Also, using a credit card as a safety net is retarded at. How about SAVE 3-6 months of your monthly expenses and plug it into a money market account.

Doing the things you suggest is how people get deeply in debt and kill the American dream for themselves.

Also, any kind of loan can be manually underwritten.

Fuck credit scores, there's literally nothing you couldn't get manually underwritten. If you can't get approved on a manual underwrite you can't afford it

This is my current plan. Save up 20% minimum (higher if I can) and only get a 15 year fixed loan. However, it feels like I'll be in my 40s before I can get a house. Unless crypto skyrockets, but I don't really believe the "million dollar Bitcoin" bullshit. At best, maybe $10,000 over the next 10 years and that's being optimistic. So I'm just worried I'll be an old man by the time I can afford any of this.

Good for you! Do you do a written budget every month? My wife and I started actually putting pen to paper and found thousands of dollars a month that we were fucking off at fast food and Target and random bullshit a month.

Set the budget and stick to it. Find yourself an accountability partner. Wife was mine obviously, but whoever you trust to talk about that stuff with

It IS fucking retarded, like I pointed out. And it IS a part of what's wrong with America, but that's reality. Have you been living under a rock for the last decade? Things have changed grandpa, try to keep up.

>Veeky Forums is supposed to be "Business & Finance" rather than "Cryptocurrency"
that's where ur wrong kiddo

Veeky Forums was created to be the crypto containment board because it was flooding /g/

but I'll bite. there's no way you're saving 3k per month after taxes while pulling 60k. not while paying $750/mo in rent. either you fucked up your math, you're flat out lying, you live in the middle of rural texas, or you're not paying taxes at all.

but here's some free advice, don't buy a house right now, we're in a bubble.

You're gonna be in for a rude awakening, my normie friend
>Call me a normie if you want
I've been here since around 08/09 (I still consider myself a newfag), and at 17 most of us were kissless virgins; a lot of us still are. In high school I was absorbed in my computers and the internet, and was a literal mfw no gf. The good thing is if it wasn't for me being such an autismo all those years then I likely wouldn't have the financial success that I have today (millionaire mostly from cryptocurrency), and I'm sure the same goes for a lot of us here. REEEEEEEEEEEEEEEEEEEEE

>Mass immigration from plebbit because of /pol. They're spreading out.
feels bad

I'm 30 you stupid fuck, on track to be a millionaire by 43. How's your life wallowing in debt and the semen of George Soros?

You don't have to get into debt to get loans or be successful. Thats what they want you to think. Period.

That's almost my situation exactly.

>26 years old
>No student loans (paid off)
>No car loan (paid off)
>Income before taxes: $68,000 per year
>Income (after taxes; retirement contribution, etc): $3200 USD per month.
>Current rent: $800/m
>Savings: $28,000 in fiat. $4000 in crypto

Except where I live $200,000 won't even get you a 1 bedroom condo in a crime-ridden neighborhood filled with cholos.

It feels like we've been set up to fail doesn't it?

>on track to be a millionaire by 43
Good lord. What's the point of being a millionaire at 43? How many golf clubs could you possibly need, grandpa? I'm one in my early 20s and it's really nothing special. Travelling is nice though, but you don't need millions to do it. Just live now. Don't waste your life wagecucking, so you can get the 18 hole golf club membership with 24/7 range access

Working on my 3rd property and have 2 years on you; the 2 previous completely paid off so go fuck yourself kike. Don't ever tell an user to that building credit means being in constant debt because that's a complete lie. Of course, being the kike you are, I expect you to keep shilling your no down payment bullshit to rally some newfags into your schemes. Oy vey! Want to see my dick next time, faggot?

>Don't ever tell an user to that building credit means being in constant debt because that's a complete lie.
This. I've been using a credit card in place of a debit card for years. I pay it off instantly. It helps build my credit and gets me cash back

>there's no way you're saving 3k per month after taxes while pulling 60k
Well, $3000 per month is $36,000 per year. That's after both taxes and retirement contribution. That seems very appropriate. I'm not sure what math you're doing that would make that number seem off to you. Maybe you live in California or New York where the state takes your money to give it to single mothers and other people who made poor decisions in life.

>REEEEEEEEE

GF fag here. Been here since late 2016. Migrated from reddit via /pol/. Not a millionaire (good on you for that) but I do own my own business based on a patent pending technology I created. Enough dick-measuring BUT DAMN IT YOU TRIGGERED ME.

>late 2016
>Migrated from reddit via /pol/

Fellow /bizzer/, I'm the same age as you, although in a slightly better financial situation:

>28 years old
> No student loans
> No car loan (drive the same old shitter for the past 9 years
> income before taxes: 100k
> income after stuff: 4500/mo
> bought a house a couple months ago, 950/mo mortgage+insurance+taxes
> savings: 60k

I'm going to give you some advice that other people here haven't given you yet and that you're unlikely to hear elsewhere:

1.) Debt isn't bad. If you can get debt at 3-4% interest, don't be afraid to take it. Your investments will generally make more than 3-4%, and mortgage interest is tax deductible, Don't let "oh but you'll pay 100k in interest!!!" scare you. You'll earn more money in investments by taking a larger loan now. My house cost 110k (pennsylvania is cheap), I put down 5% even though I had 50k in the bank because my mortgage rate is 3.3%.

2.) Buying is a million times better than renting if and only if you're planning on keeping the house for at least 5 years.

nice rundown

>Crypto portfolio

When will this meme die?

There's only one crypto that's not a scam and it's called Bitcoin

Enjoy getting blown out of the water with your shitty centralized altcoins

All you had to do was not disregard Bitcoin when you first heard about it

Now you fucking cry baby losers think you've missed the boat and riches await you in some scamcoin.

I honestly don't know whether to pity you or hate you

Kinda in the same boat op. I guess what we both need is
>research market duh
>spend as much time as it takes to structure a real estate deal that requires a low initial investment with a high upside.

lets say you get a 3% down conventional.
thats 6k in down payment on 200k and about 3-5k in closing costs.

so about 9k up front.

then the backend ratio to be safe is around .43 on conventional loans. so about 2150 a month can be used toward mortgage with no debt.

PITI will be about 950 + 50 + 208

your mortgage will be about $1208

you can afford a 200k house. boom your prequalified. go start looking my dude.

and yea im in the mortgage industry.

if he just pays more monthly, it will amortize faster. 3% down now, pay few hundred extra a month on top toward principal, refi later to 10/15 sub 3.

Similar situation, but higher cash on hand and lower salary

>29 this year
>50k in cash, 25k in crypto
>Want to buy a dirt cheap house in a new place and start a new life
>No mortgage or minimal mortgage (if I have to)
>Only 30k a year wagecucking
>Save almost all of my money though because I live extremely frugal
>No debt of any kind

>tfw poorfag wagecuck just starting crypto
>living in Charleston SC where property can appreciate 500% in less than a decade because 5000+ people are moving here per annum
>can't afford land, a home, an apartment complex, or a tourist shop

I can maybe afford a vending or gumball machine if I play crypto right in a year or two. I can't get into the best money making game in my area because I'm too poor.

Don't fall for the housing bubble meme

There are much smarter ways to invest your money

youtube.com/watch?v=YE9qb1Nhw4A

shrek talks sense

Wow, comparing Brooklyn and Detroit. Fucking kek.

Also, what happened to just living within your means? Ever since neoliberal cucks commodified land, it has become an investment vehicle. I'm 24 and just bought a $80k house. Two bed, one and half bath, basement. Single, living alone. Sold some crypto before crash for a down payment.

$500k home he's using in his model for speculation purposes? Come on.

>how do you know Brooklyn won't become Detroit?
Okay, how do you know you won't die tomorrow in a car crash?
>Le unseeable/unknowable future and forecast argument.

I knew Martin could be fucking retarded, but not this retarded.

>rent forever bro
Yeah, make someone else rich. You can literally examine county property prices and previous buy/sell prices for property and examine growth.

Nigger it's a simple calculation.

Can the money that would go towards buying a house be better invested in other areas? It's all a calculation of opportunity cost.

If the answer is yes, then you'd be a fool to buy a house when you could use that money to get higher returns in some other market.

If you rent or buy you're making someone else richer either way, the question is what makes more sense as an investment. Personally I'd rather have stakes in good companies than in real estate, but that's just me.

Only just began watching but 6% mortgage loan? Are you fucking kidding me?

It's like 2% here and with tax deductions 1.4%. It's an apartment so fees + electricity is only 3k/year.

So I pay 10k a year on house expenses, get 15k increase in value (judging from the other apartments being sold in my block). I used to rent single rooms for 500$ a month, so instead of paying 6k/year for rent I RECEIVE 5k/year.

So basically I improved my economy by 11k/year and had a significant increase in my living standard by buying a 350k apartment, don't believe this fucking cuck.

Renting is retarded.

Also the main crux of the matter is that most people simply cannot afford to speculate on real estate.

It's simply beyond the means of most people's income. If your net worth is 200k and you invest 150k of it into a house that's a disaster. Even the best bets lose some of the time. Diversification is key.

The nature of real estate is that you cannot be diversified unless you're already very rich. Leave real estate for the rich people and focus on markets that allow you to diversify with low capital.

I'd rather be able to fuck my girlfriend without having my neighbor come over and knock on my door telling me to keep it down or seeing the niggers on the stoop of the apartment complex I used to live at.

Buying a small home outside of a city is worth it. The trap is the same one people use for student loans. They get "approved" for X amount of dollars when they really only need Y. They take the loan and make the Jews rich while footing the bill getting stucked with something that fucks them.

Again nigger it all depends on how much of your net worth that is. If you think it's OK to speculate more than 20% of your net worth on anything you are a fucking retard that will go broke sooner or later. Nothing is a 100% sure bet.

Why are you this salty? Everybody speculates on PnDs and afterwards exchanges it to BTC. No problem here

>Nothing is a 100% sure bet.

You can say that about LITERALLY anything as an excuse not to do something.

Gold isn't 100% safe, cash isn't 100% safe. Fucking government bonds isn't 100% safe.

Not an argument.

>If you think it's OK to speculate more than 20% of your net worth on anything you are a fucking retard that will go broke sooner or later.

I find it kind of humorous that on a board 90% filled with people shilling crypto you're complaining about people putting money into a house, which long-term is about the safest investment you can made.

There might be a financial crash which dips the price but as long as you're ready to keep it over 5+ years you'll make your money back.

You misunderstand me. I'm not saying don't do it. I'm not saying don't take risks. I'm saying take smart risks and don't put all your eggs in one basket.

If you can afford to buy a house and still be diversified in other markets, go right ahead. If you have to put almost all your net worth into the house, you're just asking for it.

I'm paying down the mortgage to 70% of property value in order to get loan-benefits, will be finished with it in roughly 3-4 moths.

I've got 14k in a state-sanctioned house-fund. Basically I get 4% interest on it without taxes, so roughly like a fund with 5.5% guaranteed earnings with basically no risk. You'll also get 20% on any investment back in tax-benefits, with a maximum of a 3k investment a year. The only drawbacks in that you can only invest in it until you're 34 and you'll have to pay a fee to use it on anything other than a house loan. It's not a problem though since I'm only 24 and in the future when I'll sell the house I'll just put all the money in the fund on the house-loan before selling it in order to receive it.

Other than that I've got 6k in a couple of stock funds.

Starting next year I'll be able to put 40k a year into stocks, got a connection to a university teacher in stock courses who'll help me out with which ones to pick to get started.

We'll see in 3-4 years if I want to but another apartment as an investment or if I want to keep focusing on stocks. Aiming to be at a million at 35.

I bought my first house at 30. Don't sweat it. It is much harder for our generation than it was for our parents.

Step 1 - Determine your credit score. Sign up for credit karma it credit sesame or both. They're free. You have no debt, which is good, but not always ideal. Your score needs to be 650+.

Step 2 - consider getting a credit card as others have mentioned. Ideally one with points or cash back and no annual fee. Having a payment history will improve your score, as will having more available credit.

Step 3 - Analyze your retirement plan. Tell me you're not solely invested in crypto and that you have a 401k that's on pace to be where you need it to be when you turn 65...

Step 4 - Create a hypothetical monthly budget to determine how much you can afford.

Step 5 - Identify your goal house and price range. Use a payment calculator to determine your monthly payment and compare it to your rent. Don't forget to factor in taxes, insurance, and probably PMI. Bankrate has a nice "how much house can I afford" tool.

Step 6 - Save for that down payment. Probably between 5% and 10% of the purchase price. Remember there are an assload of fees associated with buying a house that no one tells you about.

Step 7 - Look at houses and prepare for an emotional roller coaster when you make an offer. Expect to get fucked by lawyers, realtors, contractors, and the entire industry that relies on buyers and sellers of homes.

Step 8 - Enjoy putting money into equity every month instead of some shitbag landlord's pocket.

>Want to buy $200,000 home
Buy a 100k land and a 100k home. Use the land for something profitable.

ok now explain to me why, as a single person, you need an entire detached house with multiple bedrooms, bathrooms, garage openings, and yards to care for

>hurr durr it's better than renting
yeah, that's why I never recommended renting, and that's why I'll live with my parents until they kick me out or die

>hurr durr rent it out
perfect
now you have to be a live in landlord to people who will undoubtedly be idiots

>hurr durr muh pussy you autist
A+

If you're a millionaire at 43 you can ramp down working just as your kids are old enough to actually have fun with. Don't get me wrong, I'll cherish every minute with my son, but the most fun will come when he's old enough to have actual conversations with.

I bought my place for 250k (with taxes and closing costs), and mainly put 20% down to lower my mortgage rate (got a 3.875% instead of 4.125%), and so I could shop for my own insurance rather than having to go with whatever the bank wanted to roll into my mortgage for me.

You should go for a cheaper home, like 150k. 200k is too high for only 60k. Probably even lower than 150k. Owning a home is great but you don't need a large house especially since you probably won't get married for at least another 2 years, probably 5 because you are on Veeky Forums.

This

>
>I bought my place for 250k (with taxes and closing costs)
Oh shit thats a lot of money i am lucky that my father left me a house and dont have to pay rent.

If you don't have a family, don't sweat a house. Stay in your apartment and save it all back up.

youtu.be/YE9qb1Nhw4A

No one has mentioned PMI. If you put less than 20% down some of your monthly payment goes to default insurance.