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Forum » 200k saved, looking to buy a 325k house, wut do? finance brahs GTFIH (98k reps)
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Thread: 200k saved, looking to buy a 325k house, wut do? finance brahs GTFIH (98k reps)

post 1580578991 05-21-2019, 06:09 PM
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Originally Posted By UknowWho11⏩
lol at spending 320k in a house

I would buy a 100k sports car and live in a rented place happy for the rest of my life

100% srs
have fun paying insurance on a 100% car and watching your reserves disappear quickly, bigly

get a fking 12k crotch rocket, have 10x more fun for 10x less the price and be 10x less a cuck
post 1580579051 05-21-2019, 06:10 PM
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Originally Posted By 5x10⏩
im with ya all the way, I do understand the opportunity cost but there’s also something about having no mortgage
reps on r/c

here in cuckservative Texas my property tax is way higher than my mortgage anyway :/
post 1580579181 05-21-2019, 06:12 PM
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Originally Posted By Halfway⏩
reps on r/c

here in cuckservative Texas my property tax is way higher than my mortgage anyway :/
same here
Principal and interest $445
Taxes and insurance $712

Only owe 84k on a 500k house, try to have it paid off in a year
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post 1580579441 05-21-2019, 06:17 PM
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Originally Posted By iBeard⏩
Selling now would be a good idea. Buying now probably not unless you just want a house to live in long-term.

This is an asymmetric market, meaning the downside is much bigger than then upside. Real estate metrics are coming in at negative both month-over-month and year-over-year. We're talking existing home sales, building permits, mortgage applications. We can pair that with higher inventories. This is all points to a slowdown. Even as wage growth has ticked up and bond traders are hammering the long end of the yield curve down (which is another ominous indicator) to keep rates historically low. The consumer is tapped out at the tail end of the business cycle. Prices are too high so investors won't see yield opportunities. And even with supply constraints, prices are starting to plateau.

If you could buckle down for a couple years, live frugally, take classes, and invest in something safe, you might see good opportunities at the end of those years. If recession happens, you get some good deals (housing does not go up forever). If everything bucks the trend and some unseen reflation impulse happens, I don't think you will have missed much price inflation. Just buy in then.
I don't disagree with it being an asymmetric market. I don't think OP should just sit on his hands. There are few situations where renting is a better option, and it's not like he already owns a home to camp out in
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post 1580579501 05-21-2019, 06:17 PM
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Buy multiple properties
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post 1580579771 05-21-2019, 06:22 PM
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Buy a condo/townhouse for like 175k (no mortgage and could possibly rent room/s to friends for profit) and keep 25k cash for emergency. Invest some of your monthly take home in VFINX. In 10 years you will sittin' pretty my man.
post 1580580021 05-21-2019, 06:25 PM
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I think the housing market will slow down next year and drop off in 2021 but not like the 2008ish drop.

Honestly I'd love to be in OP's position if he is telling the truth but I'd use the money to either get a nice studio and a sports car/motorcycle or leave for someplace more affordable.
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post 1580580671 05-21-2019, 06:33 PM
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Even if you put most of it into a property, you want to keep at least $10,000 in savings for emergencies/when things break
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post 1580580731 05-21-2019, 06:34 PM
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Originally Posted By wasp9166⏩
invest it, live in a studio
Solid advice is solid.




Park that money in index funds, forget about it for 15 years... and live humbly. By the time your ready to retire... have fun with the 600K+ along if you contribute nothing to it. SRS
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post 1580583411 05-21-2019, 07:17 PM
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get the 15 year but pay it off early by renting out an extra room in your place
(these are my opinions i am not a licensed broker by trade)
post 1580583741 05-21-2019, 07:23 PM
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Originally Posted By GameTime84⏩
In 10 years you will sittin' pretty my man.
post 1580584371 05-21-2019, 07:34 PM
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If you put down $200k how the heck does it come out at $1272?

15 years paying off $125k is 694. Your property tax another $450? Why no put the $200k down and go 30 years? You're looking at about $900


Or

The best option imo is putting $150k + getting a room mate. Your payments will be about $1400 on 15 years. On 30 years your payments will be about $800. Charge a roommate $600 and all you're paying is $200/month or you pay the $800 === $1600/month. Worse come yo worse, you're only paying $800
post 1633900053 03-16-2021, 12:59 PM
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well I ended up putting this on hold because of covid and the resulting uncertainty of what the markets would do.Now that the end is in sight and the local real estate here has shown zero signs of slowing down (it's been booming this entire time, with ridiculously low inventory and basically everything going over asking price by a lot), I've decided to start looking again and seriously considering buying.

Since the OP went from about 200k saved to 250k saved.

Got prequalified with one lender for $280k with a max sales price of $450k with 170 down @ 2.99% (30 year), and am now shopping that offer to my relationship bank to see if they can do better

Because my income is pretty low 280 is the max amount I'm qualified for, so will have to put a huge down payment down to get anything decent here. Anything that's not a complete chit hole neighborhood or fixer upper here is minimum 400k.

Goal is to have 100k leftover for investing/trading/emergency fund, which gives me about 150 to put down. If an absolute gem pops up might be willing to go up to 170, but want to keep a decent amount of liquidity for financial leverage in the equities markets.

I'm very aware of the trade off between a likely overall better return in the long run of just renting something and putting everything into index funds (8% average returns on SPY over the long-term vs roughly 6% in real estate here). Physiologically I don't wanna pay rent and feel like I'm "wasting" that money though, plus I've wanted to build a nice home gym for a long time and buying a house with a garage or basement seems optimal for this as I plan on living there for at least 5-10 years.

Also, with the 10 year yield steadily rising recently, mortgage rates have started to climb once again after seemingly bottoming out over the summer time. I'd like to get something around 3 or sub 3 locked in now in case they continue to rise.

Yes, fully aware Portland is a chithole, but I have steady employment here that I enjoy, plus friends and family all live here. Might get something in a close in suburb for less crime, but I've set my search parameters to within 20 minutes commute because I absolutely hate commuting.

Will update thread if anything develops, and any comments/critiques are welcome.
Awesome pics. Great size. Look thick. Solid. Tight. Keep us all posted on your continued progress with any new progress pics or vid clips. Show us what you got man. Wanna see how freakin' huge, solid, thick and tight you can get. Thanks for the motivation.
post 1633903123 03-16-2021, 01:43 PM
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Originally Posted By Godfrd824⏩
Put down the bare minimum, invest the rest.
This, but on the first payment, throw down like 10k. Take a 30 yr loan n invest the extra cash. I wouldn't look for a 350k home with that income, however
post 1633903483 03-16-2021, 01:49 PM
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I think things are better in the suburbs than downtown so you should be fine. Am renting in downtown/pearl right now and hoping things get better.
post 1633903533 03-16-2021, 01:50 PM
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I didn't read all 3 pages so this may have been answered, but don't you have to pay capital gains tax on anything you don't reinvest into a property?
post 1633903823 03-16-2021, 01:53 PM
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Just LOL buying property in Portland/Multnomah County!!!
post 1633903893 03-16-2021, 01:54 PM
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Originally Posted By 300Lane1⏩
I didn't read all 3 pages so this may have been answered, but don't you have to pay capital gains tax on anything you don't reinvest into a property?
only if/when you sell
Originally Posted By nin-com-poop⏩
Just LOL buying property in Portland/Multnomah County!!!
I know right? but the prices are actually going UP. tons of people still buying. shocks me too
post 1633903983 03-16-2021, 01:56 PM
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Originally Posted By ThaifooN90⏩
only if/when you sell
He is selling tho..
post 1633904053 03-16-2021, 01:57 PM
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if you sell your house for the price point you want, you could instead put 150k down and leave yourself 50k

this would solve your problems......

yes monthly would go up but you would be sitting on cash as a buffer
post 1633904163 03-16-2021, 01:58 PM
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Start an Onlyfans and double your savings in a month
post 1633904753 03-16-2021, 02:06 PM
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Originally Posted By ThaifooN90⏩
I think things are better in the suburbs than downtown so you should be fine. Am renting in downtown/pearl right now and hoping things get better.
big oof. I can't imagine living downtown or the pearl right now lmao. How's those antifa direct actions feelin in your neck of the woods? hate those fukin retards. Fuk our DA for not charging them too.
Originally Posted By 300Lane1⏩
I didn't read all 3 pages so this may have been answered, but don't you have to pay capital gains tax on anything you don't reinvest into a property?
if you live there as your primary residence for 3 years you don't have to pay any tax on anything up to 250k profit I believe. I sold the house in 2019 for 260k, for a 148k profit, and thus didn't have to pay anything
Originally Posted By nin-com-poop⏩
Just LOL buying property in Portland/Multnomah County!!!
can confirm, feelsbadman. Brb chithole city, brb for the price you pay the house isn't even remotely impressive compared to other real estate markets.
Originally Posted By 300Lane1⏩
He is selling tho..
alrdy sold back in 2019 boyo
Awesome pics. Great size. Look thick. Solid. Tight. Keep us all posted on your continued progress with any new progress pics or vid clips. Show us what you got man. Wanna see how freakin' huge, solid, thick and tight you can get. Thanks for the motivation.
post 1633906223 03-16-2021, 02:24 PM
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Originally Posted By MyBaddBrah⏩
#4

Do you mean 30 year fixed mortgage rate? (not 30%)

You'll make the most money overall by paying the least up front, and drawing the mortgage out as long as possible. This lets you keep your capital that will yield you juicy gains.

I'd make you a spreadsheet to prove these misc retards wrong, but I got chit to do.
This is true, especially when young ASSUMING you actually invest the difference


I’d say majority (90%) of people who do the above 30 yr strategy just let lifestyle creep wreck them and end up near retirement with not enough saved and still own a house. Someone who pays it off early will always be in a good standing


That said mathematically speaking the opportunity cost of not investing is 6 figures +
post 1633906323 03-16-2021, 02:25 PM
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you seem like you're putting more than 20% down?
post 1633908173 03-16-2021, 02:55 PM
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Is it just me, or do those monthly payments seem really high for a $100,000 loan?
I wouldn't think you'd be having to pay so much if your putting 200k down on a 300k house.
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post 1633908233 03-16-2021, 02:56 PM
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Originally Posted By aceroa⏩
Is it just me, or do those monthly payments seem really high for a $100,000 loan?
I wouldn't think you'd be having to pay so much if your putting 200k down on a 300k house.
putting 200k down on a 300k house is retarded to begin with (srs)
post 1633909923 03-16-2021, 03:19 PM
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Originally Posted By SouthDakotaBrah⏩
you seem like you're putting more than 20% down?
more like 35ish%

280 loan, 150 down for a 430ish sales price is what I'm looking at
Originally Posted By SouthDakotaBrah⏩
putting 200k down on a 300k house is retarded to begin with (srs)
that's from the old OP, see updated post on this page for more info and rationale
Originally Posted By Anachron⏩
This thread has certainly aged well.
what makes u say that?

since the OP I sold that house, made a tidy profit, made great gains in equities last year, and saved 50k.
Awesome pics. Great size. Look thick. Solid. Tight. Keep us all posted on your continued progress with any new progress pics or vid clips. Show us what you got man. Wanna see how freakin' huge, solid, thick and tight you can get. Thanks for the motivation.
post 1633910353 03-16-2021, 03:24 PM
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If you don't like living in your house because of the location whay cant you just rent it out and use the rental income to rent a nice studio downtown?

oh i see this is 2 year old thread what happened in the end?
post 1633911323 03-16-2021, 03:37 PM
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How’d you save up all that money making 45k a year? If the 200k is equity in your house, how’d you even get enough money for down payment and your mortgage at 45k?

I’m looking at condos in Portland area now since the house prices are clown world

BRB 2 bed 1 bath, no backyard, built in 1930 going for 550k
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post 1633935413 03-16-2021, 09:09 PM
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Originally Posted By suave2000⏩
If you don't like living in your house because of the location whay cant you just rent it out and use the rental income to rent a nice studio downtown?

oh i see this is 2 year old thread what happened in the end?
see post #74 for updates. Sold the house for 260k.
Originally Posted By Droopdx⏩
How’d you save up all that money making 45k a year? If the 200k is equity in your house, how’d you even get enough money for down payment and your mortgage at 45k?

I’m looking at condos in Portland area now since the house prices are clown world

BRB 2 bed 1 bath, no backyard, built in 1930 going for 550k
Basically just working since college, living at my parents, investing/trading (and get lucky in that department overall) and being extremely frugal.

The first house I bought for 112k cash, no mortgage, borrowed around 30k from my parents to do it (paid them back years ago). Sold it for 260k after 5.5 years, and walked away with like 245 after fees.

I actually saw a pretty good looking condo on around like 25th and division that just sold for 299. I wouldn't wanna live directly on division though personally.
Awesome pics. Great size. Look thick. Solid. Tight. Keep us all posted on your continued progress with any new progress pics or vid clips. Show us what you got man. Wanna see how freakin' huge, solid, thick and tight you can get. Thanks for the motivation.
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