This is why living in a low crime area pays off in the long run, OP.
Is buying a house in your 20s really a smart idea?
- Thread starter BrothaZay
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root_eruditorium_org
All Star
I have to spend 1.2 million dollars. Toronto <
Oztradamus
Hold G's, Guns, and Grams...
I bought my first home when I was 22, back in 2005. I've been in that bytch since.. The way I see it, I'll give it to my seeds so they won't have to worry about a mortgage once they're grown up.
root_eruditorium_org
All Star
You are from the south though breh, a lot of us living in large cities are getting screwed over with rent and space. It's not a choice for us.
Thats what alot of people dont understand unless your in the south or texas buying a house really isnt that smart in this climate even in the south especially right to work states like GA NC VA you can get fired at any moment. Banks love giving out home loans but since 08 they have changed how they give them because they were screwing people over. Besides good luck with that 250k loan i wouldnt cop a house until im up 10-20k liquid cash after the downpayment and even still i think the money could be invested better IMO
Not totally. Land is the true value. A house can be torn down but land not so much.
SheWantTheD
Veteran
Yes buying is better than renting but a lot of people get mortgages that they shouldn't be getting/can't afford.
Unload for quick bread!?!? I'm not real estate guru but selling a home isn't simple.Don't listen to this guy
I own two right now
Home in washington state, (currently renting out), I bought at $245K, I owe $228K and it is worth $305k
Second home, in Georgia, I own (which i'm living in now), I bought at $245K, I owe $220k and it is worth $275k
I can quickly off load one if I need the bread quick, or refi and get pull out cash. These things you never want to do, but if you have to, it's always there.
Delete
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the bossman
Superstar
the money you would have presumably spent on a house would be invested in other ways.. bonds, dividends, creating your own products to sell online. Real estate is not the end all be all to building wealth. It's just one tool.
cats talking about selling for 100k profit but don't mention the thousands of dollars they spent over the years in maintaining that property (lawn care, replacing appliances, water heaters, busted pipes, roof, A/C unit, etc. some shyt will always pop up). ALL that shyt adds up which is why I don't necessarily always agree that the house you live in is an 'investment'. just crunch the numbers and make sure it works for you.
To be frank, I actually had thoughts on doing Real Estate on the side.
Have you sold a home before? It really is, just sign paperwork and validate. The realtor does all the hard work.
BaldingSoHard
Banned
This.
I sold a house in another state over the phone and in half a dozen emails last year.
Mainevent_7
Pro
I bought my first home(3 bedroom 2.5 bathroom townhouse) at 22 for 188k.