buying real estate

[SomethingClever]

[ QUOTE ]
I have about $140,000 in liquid assets. I am hoping to start my PhD in America in 9 months. How expensive a property would I be able to afford given that my only sources of income will be phd funding (scant), potential tutoring $, and potential poker $ (uncertain)?

[/ QUOTE ]

What city are you moving to?

And how much of that 140k do you want to use as a down payment?

I think you'd have no problem getting something in the 200-300k range. Depending on the city, that's either totally sweet or really lame.

[partygirluk]

OK,

say I put down $100K as a down payment. $40K seems fine for everyday living + an emergency fund for car crashes etc.

[SomethingClever]

[ QUOTE ]
OK,

say I put down $100K as a down payment. $40K seems fine for everyday living + an emergency fund for car crashes etc.

[/ QUOTE ]

I don't think you need to use NEARLY that much almost no matter where you go.

Example: I bought a house last year for approximately $200,000. I put $10,000 down. I pay roughly $1,400 a month on my mortgage.

You can deduct the interest that you pay on your loan from your taxes.

Edit: The $1,400 includes property taxes, insurance and all that other misc. stuff.

[GrooveNougat]

Dude, 20% down, no job, no problem.

My cousin is a full-time poker player and 2+2'er and had no problem. No co-signer. Usually the co-signer has to live in the property anyway for them to co-sign.

Good luck.

[Benal]

I'm not taking any bets, lol. I just think he'll have a harder time getting financing without employment.

[partygirluk]

I'd prefer to put $100K down as I have little need for more than $40K and it means I pay less mortgage+ psyhcologically I would prefer to owe less to the bank.

Say I put down $100K, bought a place for $300K, how much would my mortgage be? I dont have a steady job to prove my income .

[mslif]

[ QUOTE ]
I'd prefer to put $100K down as I have little need for more than $40K and it means I pay less mortgage+ psyhcologically I would prefer to owe less to the bank.

Say I put down $100K, bought a place for $300K, how much would my mortgage be? I dont have a steady job to prove my income .

[/ QUOTE ]

You cannot determine how much your mortgage payments will be. It depends on the type of loan, duration of loan and your interest rate.

[partygirluk]

Well loan would be a house loan, 25 yrs is a pretty standard duration right? And interest rate would be the best I can get my hands on.

[slickpoppa]

http://pokerdb.thehendonmob.com/play...=r&n=29364

[swede123]

Somehow I doubt that would actually strengthen his case.

Swede