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#31
08-17-2005, 02:16 PM
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Re: Being single, young, and buying a house
[ QUOTE ]
[ QUOTE ] 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.) [/ QUOTE ] You're new on the man-whoring scene? [/ QUOTE ] Hey, fat chicks need love too, but they gotta pay! 
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#32
08-17-2005, 02:20 PM
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Re: Being single, young, and buying a house
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[ QUOTE ] Be careful of buying a condo in a less than 5 year old development however since a lot of time those developments get embroiled in litigation against the contractors and effect short-term value and buyer financing options. [/ QUOTE ] I'm not sure what you mean by this. I do know that the city is very happy they are being built however. (if that matters) [/ QUOTE ] Generally speaking, there will be some sort of building defect during construction either affecting some of the units or the common areas. There are a lot of attorneys who specialize in these lawsuits against the builders. They rile the HOA up and then the units get locked into a major, drawn out legal battle with the construction firms. Sometimes the suits are warranted and major defects are fixed a lot of other times the HOA gets locked into a 5 year battle over cracked sidewalks. Of course we all know who wins in the end. It's a pretty common occurance in CA it may be less so in your area. I would definetly look into the possibility of it happening however.
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#34
08-17-2005, 02:23 PM
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Re: Being single, young, and buying a house
I'm going to pile on with those warning against going in on a $250k+ mortgage straight out of school on a $50k salary. $50k sounds like a load of cash to someone just coming out of school, but believe me it's not and you're really going to be saddling yourself with a big responsibility that leaves you with not much cash and a lot less free time than you're used to. Don't forget you have to furnish this place, you'll be responsible for repairs and updates, lawn care, etc. It's not cheap and it's time consuming.
That said, if you can swing it and if you can get a roommate to eat a lot of the cost of your mortgage, this can work out very nicely for you. A rommate can be a ton of hassle, though, and you can't be totally sure you'll have a rent check coming in every month unless it's a good friend.
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#35
08-17-2005, 02:23 PM
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Re: Being single, young, and buying a house
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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 ] My calculator works a little differently. Using your terms, P&I would be $1388. Now add $150 for PMI and you are at $1538. Since he is so secretive about his location, I will assume 2% property taxes of $5,000 ($416 per month), $100 association fee, minimal Condo Insurance of approx $25 per month. Also consider though that he will be able to itemize deductions on his federal taxes giving him a refund of approx. 15% * ($5000 taxes + $13812 interest) = $2822 ($235 per month). Plus additional deduction for state taxes if he has state taxes. So his net pmt is approximately $1844 or less (state depending)if he considers the tax benefits. Edit: City determined during my writing. Taxes hold around 2% most likely. 3% additional state tax benefit on the $5000 ($12.50 per month!!!). Good luck neighbor.
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#36
08-17-2005, 02:24 PM
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Re: Being single, young, and buying a house
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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.) [/ QUOTE ] You cokequestion's dealer?
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#38
08-17-2005, 02:25 PM
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Re: Being single, young, and buying a house
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[ 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. [/ QUOTE ] $1500 is just your mortgage...you also have taxes, insurance, etc....that is how I came up with 2200...it's not far off trust me...i'm buying a house as we speak.
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#40
08-17-2005, 02:27 PM
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Re: Being single, young, and buying a house
[ QUOTE ]
[ QUOTE ] [ 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. [/ QUOTE ] $1500 is just your mortgage...you also have taxes, insurance, etc....that is how I came up with 2200...it's not far off trust me...i'm buying a house as we speak. [/ QUOTE ] Oh, I realize that total would be around that. He said mortgage payment would be around that. There in lies the confusion.
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