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#11
08-17-2005, 01:49 PM
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Re: Being single, young, and buying a house
[ QUOTE ]
It's actually a townhouse not a condo, I'm just retarted. Also the area it's in is downtown of a city that is sort of being revived. It's going to be a nicer area in the comming years. Thanks for the advice guys, keep it comming. ~jack [/ QUOTE ] Townhouses and condos are different because you own land with the townhouse. What city? 
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#12
08-17-2005, 01:52 PM
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Re: Being single, young, and buying a house
[ QUOTE ]
2200 mortgage payment including insurance and taxes, plus condo fees [/ QUOTE ] $2200 seems a tad high, u nless you're taking into consideration that the OP is a recent grad with little work exp. and sub 700 credit. Then I would guess the juice makes his payments higher.
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#13
08-17-2005, 01:53 PM
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Re: Being single, young, and buying a house
Biggest mistake I made was not investing in property when I was young. It would have made things difficult economically at that time, given what the costs would have been compared to my income, but it's rare for anyone to do badly if they invest even somewhat wisely. With today's still low interest rates, and adjustable mortgages, you can probably qualify, although I don't think you'll be able to convince them that your poker income will count.
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#14
08-17-2005, 01:56 PM
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Re: Being single, young, and buying a house
I was 23 when I bought my first house, 210K while I was making 48K/yr. Needed a little bit of help from my parents for a down payment, and was living on Ramen for a while afterwards (house still doesn't have much furniture), but once I got roommates to help pay the mortgage, it became easier to manage financially.
Do it.
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#15
08-17-2005, 01:57 PM
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Re: Being single, young, and buying a house
You can't afford that. Here is a little quick math:
250,000 price 25,000 cash less 6,500 for closing costs and prepaid items 231,500 loan at 6% over 30 years, that's $1,538/month for principal and interest tack on taxes, insurance, and PMI, and you are looking at $1,800-$2,000 monthly, or 43-48% of your gross income. You'd much rather be in the 28-36% range. You'll probably have a monthly condo association fee on top of that.
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#17
08-17-2005, 02:04 PM
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Re: Being single, young, and buying a house
[ QUOTE ]
you are looking at a 2200 mortgage payment including insurance and taxes, plus condo fees. Your salary of 50k is only 4k per month before taxes. You are going to be dead ass broke dude. Your poker income will make this moderately affordable but I'm not sure i'd want to saddle myself with this. If that poker money dries up or you hit a bad streak, you are in a mess I think. My wife and I collectively make around quadruple what you do and I wouldn't want that payment. [/ QUOTE ] I don't know where the hell you got this number from. I figured it around 1500.
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#18
08-17-2005, 02:05 PM
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Re: Being single, young, and buying a house
[ QUOTE ]
You can't afford that. Here is a little quick math: 250,000 price 25,000 cash less 6,500 for closing costs and prepaid items 231,500 loan at 6% over 30 years, that's $1,538/month for principal and interest tack on taxes, insurance, and PMI, and you are looking at $1,800-$2,000 monthly, or 43-48% of your gross income. You'd much rather be in the 28-36% range. You'll probably have a monthly condo association fee on top of that. [/ QUOTE ] What I was going to write verbatim. Someone mentioned that they prefer a 5 yr ARM right now. I disagree. If you think there's ANY chance that you'll be in the property for more than five years, the spread between a 30 yr. fixed and the 5 yr. ARM (5 7/8 vs. 5 3/4)isn't worth taking the risk that rates will increase substantially within the next five years. Because they likely will.
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#19
08-17-2005, 02:06 PM
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Re: Being single, young, and buying a house
[ QUOTE ]
You can't afford that. Here is a little quick math: 250,000 price 25,000 cash less 6,500 for closing costs and prepaid items 231,500 loan at 6% over 30 years, that's $1,538/month for principal and interest tack on taxes, insurance, and PMI, and you are looking at $1,800-$2,000 monthly, or 43-48% of your gross income. You'd much rather be in the 28-36% range. You'll probably have a monthly condo association fee on top of that. [/ QUOTE ] Yea, this is around what I figured. I should also mention that I have another small income (about 500/mo and growing) from that which shall not be mentioned. (not poker, the other thing.)
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