Related Posts
Hpw do I buy alt coins? Deloitte, a u tattooing?
Conversation Starter
If I leave big law for ADA will I get canceled?
what credit cards do ya’ll use?
More Posts
Enthusiast
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
Whenever you got the money 💰
Thanks
Bought my first house at 23 and loving it. The decision has less to do with age and more with if can you commit to living in that place for a few years and of course, money.
Same boat. 23, just bought a large house. LOVE it, but god - the amount of work :o
Im 24 I just bought a single family home property to rent out.
I would say buy a house whenever you’re interested in staying in the same place for 3-5 years. I know the market has been crazy lately, but if you put an offer on a house in today’s market, I would plan on staying a few years. Also, traveling Mon-Thurs and maintaining a house is awful. So I would recommend buying one when you have someone to help.
When the price is right
Im 27 and just got a job with 120k base. Now trying to save up money for my first house but have a big learning curve. Idk really anything about this process so it’s a big hurdle to figure out. With mortgage rates rapidly increasing as well its tricky
If you see prices dropping, or if you find a desperate seller, hop on it. A lot of projections assume rates will come down so you can refinance. However, the houses will probably stay high until Dec, and I don’t expect a huge decline in pricing. Hoped you can find something that is similar to the cost of renting in your area. I have 18 properties, it is a learning curve but if your mortgage isn’t giant, you’ll always be paying down the debt balance so if you’re staying 10 years and you aren’t paying significantly more than you would to rent, it’s all irrelevant.
Bought my house at 27 and my salary was terrible, but my debt was very low. The market was great at that time and I was able to snag a newly constructed home for a very affordable price. Just take your time and plan ahead!
2016 I bought a duplex (I was 27) and rented one side. The down payment doesn’t have to be 25% (typical for investment houses). Mine was 5%. I took a loan from my 401k. The interest on my 401k loan was the same as my mortgage interest so it didn’t matter. When I rented the left side of the duplex it covered 80% of my mortgage and the guy I rented to was a friend of a friend so he was cool. I offered him lower rent than usual if he promised not to be an asshole. He’s now one of my closest friends. I moved out of the house in 2019 and rented both sides until 2021. Since I had lived in it I didn’t have to pay capital gains taxes on the sale of the house. I lived for 3 years at under $500/month and then made $180,000 tax free on the sale. Highly recommend it.
Just trying to get a general idea
Nah literally when you got the money. Age is just a number of how many days/years you’ve been alive.
I brought mines at 26 but I have friends that purchased at 21 and some in the 30s who still haven’t. If you can’t afford it wait ain’t no timeline.
You don’t need to commit, I purchased a multi unit and decided instead to rent all the units out instead of move in
What tax relief are you referring to?
There’s no right age. It’s when it’s the right time for you.