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Hi,
Is anyone facing same situation?
Bowl Leader
4/1 check-in and announcement!
I’m excited to announce that in conjunction to the “Gym Buddies Daily Check-In”, we will be making a new bowl call “Rest Day Buddies Daily Check-In” for you all to compare notes and strategies for how to take a breather from the gym. Follow link below to learn more: https://tinyurl.com/3yv8rvx8
Ok, now that it’s done, what’s your workout for today? 😅
Hello Fishes I am working on SCCM/MECM (Infra) domain. I have cleared my technical round for IBM, so now I am waiting for the salary discussion call. I do have total 5 yoe. Current CTC : 6LPA Current Company : HCL So I would request you to please lemme know what amount or range of salary I should ask ?HCL Technologies IBM EXL Service
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There is nothing cheaper within like a 20-30 mile radius from where you are now? I had to move farther east from NYC in order to afford my first house, sometime tough choices had to be made.
I was living in a small apartment about 20 miles outside NYC, we couldn’t afford the houses in that area at the time. So we moved about 10 miles East where house prices were more within my comfort zone, but it made my commute about 20-25 mins longer.
Are you a single person? Most people who buy detached homes are married with 2 incomes.
So imagine you make $230k as a couple, the $2,200 is now $4,400 bi-weekly and it lets you afford the home comfortably.
If you are single, you should look into a condo!
That’s the country we live in unfortunately. No social protection network unless you’re already rich🤧
My first house was trash. Not a good neighborhood, small town, everything needed updating, you could kick pieces of the flooring across the kitchen. It had decent bones and drywall. I made 100% profit on it over 5 years. Which gave me equity to buy a house I wanted.
You da man, or woman, whichever 🙌. I have friends who earned a lot of sweat equity in their homes. How much time n resources did this consume during your 5 years?
Get married
No
If you made $115k/yr and your net take-home pay is $2200 that means you are only getting 45% of your gross income. Where is the rest of it going? How much are you putting in HSA/401k?? These numbers aren’t really making sense.
Also when you buy a house there are repairs and new furniture etc etc that end up making everything more expensive than you thought. Agree with SM1, though there is nothing wrong with renting. Your first few years into buying a house you don’t really build that much equity and the value can a lot of the time come from the growth in value in the property
Well I started in a condo because it was more affordable, then moved to a townhouse. Not in a house yet.
If it’s a townhouse with two rooms, why not rent out out one room for at least a year? They would cover half of your mortgage, you would possibly get a higher comp and then it wouldn’t sound so bad
I get here's house hacking or living with partner that changes this equation a bit, but even if the cost was split in 2, and you had bought the worst house around, you're going to need that money for repairs.
Mentor
You can’t afford a $450k mortgage on a $115k salary. You need to look in less expensive areas.
Mentor
Maybe $150k.
I got a roommate and lived very frugally the first few years of buying a property. It’s paid off in the long run
D.R.Horton are you managing all four properties on your own? What was your strategy when buying them? I’m trying to do the same, looking into purchasing a second home that I would live in and one of the rooms I would rent out (the monthly payment comes out to $4300 but I can only charge $1700 for the room so the majority of the payment would be on me). It’s a brand new construction though and in a great neighborhood where the price will go up in the next 2-3 years for sure. Does this sound like a bad idea?
Would you be open to expanding your search area? Might have to just accept a longer commute
Yeah it's not so much of a commute issue as it is this is where I've already built my life. I could move closer to work and it would be cheaper. Right now I would just continue renting over moving far away for the sake of buying a home. I'm curious about the struggles/sacrifices others have made to realize this goal. What is normal?
You need to focus on cash flow and minimizing your monthly expenses. This is why you need to focus on multi-family housing in your area. At least a duplex, if not tri- or four-plex. You can significantly reduce the amount of the mortgage you are paying each month by having income from other units coming in. Just make sure you have invested in the right market and the appreciation will come on its own. Then after 6-12 months you refinance and do it again!
I make $170k and my mortgage was $305k on a $655k house. I had family money for a massive downpayment though. My PITI is $2860/m and I take home around $9k/m after all taxes and deductions.
Pretty much. Or look for something cheaper.
This is why I live an hour away from downtown.
What will be the the loan repayment duration? I can get you funded to buy your first home at a max duration of 30years. If you’re interested in a loan to help in purchase of your property reach out to me.
Thanks but no thanks