How hard is it to purchase a nice house in your mid 20's?

[BigBoss]

You really gonna take what I put forth as my minimum income and try to highlight it like that?

I've already said that I don't have a problem going in the 100-200k range either fyi, I'm basically just focused on getting enough of a credit history to be ready to buy a house once the perfect one becomes available.

You can't get a house on that salary.

Do you have any debt? Student loans?

[JerrySeinfeld]

You can't get a house on that salary.

Do you have any debt? Student loans?

not yet and I don't plan on it, although it's possible I end up with some student debt that wouldn't exceed any more than 15k.

[BigBoss]

not yet and I don't plan on it, although it's possible I end up with some student debt that wouldn't exceed any more than 15k.

Yeah no chance. You say you want to get credit cards but honestly life happens and you'll pile on debt + 15 k student loans now all of the sudden out of college you got BILLS and that 2000-3000 k salary doesn't seem that much anymore. Mortgage+loans/credit card+phone+food+gas+etc etc. How much is left over? What if an emergency happens? How much do you plan to save? Do you plan to save? Do you think you can work in your field for the rest of your life? Without a savings you don't have an exit strategy. What if you want to get married? You need to think.

Life is short. Enjoy your 20's and keep your debt low and keep a good credit score. Get a condo and focus on advancing in your career. Once your making 75+ k a year starting thinking house in your 30s when you want to settle down. Don't cheat the cards because thats how A LOT of people get into financial trouble and turn into bad parents/have underprivileged kids. Big picture dawg, but if you REALLY want a house be careful what you wish for and you have to be super disciplined with your finances aka sacrifices/you can't enjoy life in your 20s.

[JerrySeinfeld]

Yeah no chance. You say you want to get credit cards but honestly life happens and you'll pile on debt + 15 k student loans now all of the sudden out of college you got BILLS and that 2000-3000 k salary doesn't seem that much anymore.

Life is short. Enjoy your 20's and keep your debt low and keep a good credit score. Get a condo and focus on advancing in your career. Once your making 75+ k a year starting thinking house. Don't cheat the cards because thats how A LOT of people get into financial trouble.

let me lay it out for you like this boss, I don't even plan on needing to work once I hit 30.

I have a plan in place that will assure that I'll be financially independent by then, and that includes investing my money wisely in ways that are already making me, on a good month, an extra 1000 a month.

Pair that with a lets say to be safe, a 40k dollar salary out of college and is it really unreasonable that I can plan on having a house a year or so after college?

I don't plan on avoiding credit cards either, my credit score is already solid, I just need my credit HISTORY to be better since I haven't gotten a car with a loan and won't need to, and thats the point of getting a loan.

[BigBoss]

let me lay it out for you like this boss, I don't even plan on needing to work once I hit 30.

ISH logic!

Selling drugs from your trap house is not smart but do what you gotta do Jerry

[dazzer87]

Op how much are you planning to down? 25% 30%? IF, you think you could get a loan at 100% you are nut......This is not 2007-08.....

[BigBoss]

OP is high on his own supply

[BigBoss]

OP abort mission button with this thread " **** those guys!!!"

[The Iron Sheik]

Where did I say that I could just barely afford the mortgage?

Sub 1000 a month for just a mortgage is chump change and if I'm going to be making 2000-3000 a month MINIMUM with no other monthly expenses it doesn't matter if something goes wrong because I'll have the funds to take care of it.

no other monthly expenses? do you not eat, drive, buy clothes, etc?

[JerrySeinfeld]

no other monthly expenses? do you not eat, drive, buy clothes, etc?

no other monthly bills I should say, besides very minimal ones.

a phone is something I can live without (it's actually kind of nice to not have one), a car payment is something I don't have that many adults do, I may be able to avoid getting in debt if I play my cards right, so I'll basically only have to worry about covering the mortgage, bills, and the basic costs of groceries (which I currently spend very little on and do fine) and gas.

[dubeta]

OP goin' be spending half his cheque on mortgage payments till he's 65

[The Iron Sheik]

no other monthly bills I should say, besides very minimal ones.

a phone is something I can live without (it's actually kind of nice to not have one), a car payment is something I don't have that many adults do, I may be able to avoid getting in debt if I play my cards right, so I'll basically only have to worry about covering the mortgage, bills, and the basic costs of groceries (which I currently spend very little on and do fine) and gas.

so how do you make this "side money" if you don't have a phone? how do you call off of work or schedule appointments with no phone?

you plan on posting on ish right? there's more money

if you have a car, you have to have insurance (you can get away with not re-upping, but you're going to have to have it when you first purchase from a dealership) then there's all of the expenses that come with a car. gas, maintenance, even simple shit like putting air in your tires is extra money. and you say you don't have a car payment. so i assume someone gave it to you? if so then it's probably not a newer car, so you're going to have to maintenance it more

groceries aren't a minute expense. i live by myself and eat once daily before i got to work and i still spend ~$200 monthly on groceries, and that's just food. that's not including household groceries like laundry detergent, soap, and other toiletries.

if you go to college you're going to have to pay back loans.

buying a new place is a big expense. not only in terms of just buying the place itself, but everything that comes with moving. you need to buy furniture and a whole ton of other shit that we usually take for granted when just sitting at home.

[JerrySeinfeld]

internet is something I don't need but will easily be able to afford.

my car has liability insurance which is cheap as hell and I have, with 4 years of driving, never been pulled over, given a ticket, or even in a wreck, so even if I want good insurance it won't cost that much.

I'm halfway through college with 0 debt and have 3 semesters left until things start getting a little tricky, but like I said, at worst I'm looking at like 15k in debt.

I don't understand why everyone is trying to scare me off from getting a house and shit just because they struggle to make ends meet. the problems of one man don't necessarily apply to another man. I spend 40 a week at the grocery store totaling 120 a month and do perfectly fine off of that. if you can't do that, or don't want to, it doesn't mean that someone else can't

[NBAplayoffs2001]

Not really, I have heard through other people of a few people like that. But they aren't really buying a house, they just live in very posh Manhattan neighborhood. Then again even Harlem's rent as a whole (West, Central, and East) is pretty ridiculous for a place that isn't THAT safe yet to make the prices that high. They make $100k+ in their mid 20s.

Most people I know who work in NYC out of college start around $40-$50K depending on your career. If you really want to make bucket loads of money in your 20s around here, you become an i-banker. Crazy hours though.

[The Iron Sheik]

internet is something I don't need but will easily be able to afford.

my car has liability insurance which is cheap as hell and I have, with 4 years of driving, never been pulled over, given a ticket, or even in a wreck, so even if I want good insurance it won't cost that much.

I'm halfway through college with 0 debt and have 3 semesters left until things start getting a little tricky, but like I said, at worst I'm looking at like 15k in debt.

I don't understand why everyone is trying to scare me off from getting a house and shit just because they struggle to make ends meet. the problems of one man don't necessarily apply to another man. I spend 40 a week at the grocery store totaling 120 a month and do perfectly fine off of that. if you can't do that, or don't want to, it doesn't mean that someone else can't

i can afford everything i want and need just fine, my point is that you can never fully predict your expenses. anything could happen and if you don't have shit already saved up it's going to suck really bad