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Has anyone gone to an estate sale in the city?
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soo my sleep schedule is effed up, i keep trying to wake up early-ish (7am) but i’m lacking motivation and i wake up tired 😴
i stumbled upon this article that talked about this book. we always hear about the “secret” of strong leaders is that they wake up early. has anyone read this/tried it out?
5 AM Club, The: Own Your Morning. Elevate Your Life. https://www.amazon.com/dp/1443460710/ref=cm_sw_r_cp_api_i_n2GdFbJJEFKSN
Looking for some book recommendations :)
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Chief
So you’re 22 and 21? You can save up for it. In 1-2 years you might want to live somewhere different. Don’t tie yourself down because you have 10+ years to live out your youth, some of the best times in your lives! Be free!
Don’t tie yourself down with a…SO
Buying a house is not a financial decision, it’s a lifestyle decision. Do you want to be locked into one city, responsible for Reno/repair BUT get to choose how your house looks & what you do with it? Alright go for it! Else, why not rent?
Rising Star
Nice, you’re doing well for your age. Just view it as an investment, which means evaluating it against your other investment opportunities.
And just because real estate has been going up in value the past ~10 years doesn’t mean it will continue to. Many people got buried ~15 years ago thinking home prices only go up. They are an investment like anything else.
Rising Star
You're so young. You started dating as kids, things might change by the time you're 25/26
Honestly, I didn’t expect this relationship at all. I had no interest in love or relationships but it just so happened to work out! Long distance (other side of the country) for 4 years but now living with each other!
We’ve been together for 5 years and have been in a very happy and healthy relationship! Planning on getting married in the next few years.
Lol D2. I married my college sweetheart after 4 years LD and 1 yr together. Don’t let these people get you down. Their partner or themselves weren’t willing to compromise or adjust plans for each other.
Rising Star
Probably not, and if you’re not married and under 25, definitely not. Don’t obtain joint property with - or marry - when one person has that much debt. SO should focus on living as frugally as possible and paying off debt before you buy a house together or marry (if that’s part of the plan). You could consider buying a house on your own, letting SO pay part of the mortgage, and then adding him to the house deed later, once debt is gone and employment situation is stable.
Lol yeah this just reminded me I still have about 25k in student loans I’ll have to start paying again in 2022. I honestly forgot because it is not a very consequential amount (even if it were on less household income than this couple has).
Similarly, employment situation isn’t “unstable” just because they are looking for a new job. People do that all the time, especially at 22 years old.
Now if that was credit card debt, it would be a very different story because of what it most likely represents (a lack of financial responsibility). Or if they had been unemployed for a few years because they weren’t realistic about the type of work they were qualified to do, that would also be a problem. But that doesn’t sound like this.
Oh also, having said all that, I wouldn’t buy a house so young or with someone I’m not married to.
Rising Star
I wouldn’t buy a house honestly. Agree 100% with EY 1 above. You need to evaluate if you’re ready for the commitment of settling down in one area at that age. I’m 28 and just decided to relocate from NYC to SF, and may be back to NY when I’m 30-31.
I bought my first house at 24, moved with the military and kept it. I rented it out two years later when I was 26. Today expenses are ~$1300/mo, rent is $1850, and principal on the loan each month is $400. So I am netting almost $1k in value off it with more than $500 cash in my pocket.
With depreciation, I can generally make no money on it according to the IRS so it’s always tax free (since 2011).
Everyone always says a house ties you down…it doesn’t. Rent it out when you leave. I’ve done it multiple times and each time it’s been a good move compared to renting. Just sold my San Diego property for $350k more than I paid for it in 2015. Renting couldn’t have done that.
The question is, do you want to do it with your partner or not? As people mentioned before, if you don’t get married it can get messy on the exit.
This is closer to my experience. Bought a 2BR condo in a desirable / up and coming neighborhood before we got married. Lived there for 2 years before deciding we wanted to move to another city. Rented it for 3 years at positive cash flow and then sold it for 40% more than I bought it. With the equity we had built it was a nice chunk of change. Best part was instilling financial discipline (monthly budget, regular savings, paying off debt) - of course you can do that without a house.
If you are paying for everything, put it only in your name. I WOULD treat it as a financial investment - if you move can you rent or sell it, etc. thought that way about every house I owned until I built my “permanent” house.
Don’t buy a house. At the most a condo..I would make sure it’s in your name though and that you put the down payment. He can help with rent while living there. If you end up getting married it was an investment you both contributed to. If you do not..he was a tenant that lived there with you. Problem solved..you win on both ends.
100% make sure it’s in your name. If your SO loves you it won’t matter they will understand that you have to protect yourself until you get married. I agree though..with that much saved up and no debt do not just sit around. Build ya assets!! Congrats!!
It depends on where you are financially in 1-2 years, your combined income may not be enough (house maintenance and repairs can be a lot). Would buying a house this early impose any obstacles in your career growth? Meaning, are you sure you want to stick to one location for your career?
Also I would not buy a house with anyone unless I was engaged or married, and spent enough time dating as professional adults (life is different than college)
I have a wife and a son. Bought a townhome in 2010, lived there for 3 years, then schools went to crap in a well off neighborhood. Forced to sell due to HOA bylaws that only 10% could be rented. When I sold, lost a little bit due to appraisal. Ended up being an expensive rental for 3 years. Ever since, My wife and I have rented, and continually downsize our space. Our son is in college now. We put back money and plan to buy a house in a country where we can get citizenship, such as Portugal. Wanna have a back up plan for the way things are going in the US.
Yes!! When I hit a certain net worth going the Portugal golden visa route (but the pe investment option given the places I would buy a house will no longer be eligible and I’d rather buy somewhere in else in the EU for long run.
For me to the option was more about a fall back plan in case the US does go to hell.
In the same boat along the lines of income with my SO. But the only 'debt' we have is our house in Philly. Was around $300k. And we're both owners and split the down payment and the mortgage. We both live in NY and thought it was a great investment property. And were starting to furnish it for Airbnb. It's A LOT of money but hoping it works out. Trust your gut and don't force yourself to buy a house if you aren't ready. It's a big headache so you need to make sure it was worth it.
Buy the house in YOUR name. Have her pay below market rent. It’s the best way and a win-win. Don’t let her have any equity in your home.
Buying a house doesn’t tie you to anything. Frankly it can be easier than getting out of a lease. You can sell if you want to move, or rent it out (which I’ve found to be lucrative but a pain the butt).
And if you love and trust your sig-o then go for it. Don’t let the haters get you down