Pay Off Your Debts, Get A Room Mate, Find A Side Hustle, Sell Some shyt
I need $10,000 for a down payment
- Thread starter MillionMills
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MillionMills
Superstar
Go wholesale some properties
or lease option some properties
ain't you a realtor ?
Great advice y'all
When it comes to side hustles, I'd recommend finding local online auctions where you pick up items around LA. Then use OfferUp or Letgo. Then craigslist as a last resort.
Very easy to identify good deals for resale on eBay or Amazon. I do it all the time.
Today I bought two high end vacuums for $50 that I'll probably get $300 for on eBay and the collective time invested is a few hours.
Very easy to identify good deals for resale on eBay or Amazon. I do it all the time.
Today I bought two high end vacuums for $50 that I'll probably get $300 for on eBay and the collective time invested is a few hours.
Fix and flip breh. I would go with either cars or cell phones.
MillionMills
Superstar
My car is 15 years old
26 Checks A Year (If You Get Paid Bi Weekly) = $192.00 A Check
Cut Cable Save $100 A Month And You'll Only Have To Save $92 A Check
I Dunno You're Stats I'm Just Floating Positive Energy Out There
Cut Cable Save $100 A Month And You'll Only Have To Save $92 A Check
I Dunno You're Stats I'm Just Floating Positive Energy Out There
beenz
Rap Guerilla
I saved mad money from having my last car for like 10 years and most of that was without having a car payment. so I saved the bread I was gonna spend on car payments which amounted to like 5K a year right there. 6 years of that is 30K. and I was saving other money on my own because my last house only had like an $800 a month mortgage, so my bills were low. I also changed jobs 2 times over the past 6 years or so and each time, I cashed in like a month's worth of PTO. the house I live in now has a $1600 a month mortgage, but my first crib is rented out where I'm making a profit, so I'm getting that as well..
Keep renting. Home ownership isn't for people that have to scrap together a down payment. Home ownership comes with thousands of dollars in potential repair cost and other expenses. If you can't save $10,000 in under a year forget about home ownership and just focus on stockpiling money.
I've been a renter for about 6 years now and I only got serious about saving in the last 1.4 years but even then I have close to $18,000 saved up for a down payment which even though I live in a pretty low cost area I don't see as nearly enough to buy a home with. I may rent another year and try to double that.
If you don't have at least 6 months living expenses saved up and a down payment and an additional $5,000- $8,000 in a housing emergency fund saved then don't buy a house. This also doesn't include furnishing cost.
HacksawJimThuggin
All Star
There are a ton of government down payment assistant programs and grants that can help with things like that. I know a few people who have purchased homes and they didn't have to come out of pocket for anything at all. Look into those. It'll take some time, but well worth it.
The problem ain't buying the home it's all the crap that happens after. All the expensive repairs when stuff breaks. All the required maintenance. When you're renting that stuff is somebody else's problem. When you're a home owner that stuff is your problem on top of your mortgage payments.
MillionMills
Superstar
Rather have that than to make my landlord rich
The problem isn't having those things happen it's being in a financial position to have them happen and be unaffected by them. You'll need a substantial amount more than your down payment to go into home ownership and have it work.
Like I said you need the down payment.
You need a normal emergency fund of 6 months living expenses minimum.
You need a fund to furnish your house and repair it a needed. I would not count your normal emergency fund for this it should be separate.
It may take several years to build this up but it's buying a home the right way. Do it the wrong way and in the end it's probably back to renting anyway after the foreclosure.
If the down payment is $10,000 I'd be looking to have at least $30,000 in the bank before even trying at it.
Extra Check In June Better Start Planning To Put That Away
Winb Is Right, Gotta Have An Emgency Fund, Down Payment, Estimate Any Closing Cost Fees, And Movers/Moving Truck If Need Be
Winb Is Right, Gotta Have An Emgency Fund, Down Payment, Estimate Any Closing Cost Fees, And Movers/Moving Truck If Need Be
theworldismine13
God Emperor of SOHH
telling people to not buy a home is horrible advice and its short term thinking
in the short term you are correct, owning a home is horrible for your pocketbook
but the benefits of owning a home (which is home equity) dont really kick in until 5-10 years of homeownership, so whatever trouble you go through in the first few years is worth it in the long run
