Thread: gonna buy an ~$80k house
07-24-2020, 03:14 PM
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#1
gonna buy an ~$80k house
as a 22yo I figure owning a house is better than being a rentcel for an apartment, plus once I tell girls I OWN this house their poosays will get wet right? I live in a low cost of living state and 80k isn't in the ghetto. Gonna live there a few years then move out, rent it out, and get another house maybe a duplex.
I don't make much money I'm still in college but I have $30k saved and my mom might give me 10k towards it
what do u think brahs
I don't make much money I'm still in college but I have $30k saved and my mom might give me 10k towards it
what do u think brahs
07-24-2020, 03:17 PM
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#2
- iwant2beswole
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- iwant2beswole
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80k anywhere
Not ghetto
Pick one
Not ghetto
Pick one
watchout your comments boyo ↓
07-24-2020, 03:18 PM
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#3
07-24-2020, 03:22 PM
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#4
07-24-2020, 03:27 PM
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#5
- GerbilFarmer
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Pics of the house OP srs
Go for it if you can afford it. 40k loan you’ll be paying like a $300 mortgage haha
Go for it if you can afford it. 40k loan you’ll be paying like a $300 mortgage haha
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07-24-2020, 03:30 PM
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#6
07-24-2020, 03:30 PM
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#7
Originally Posted By Kiop⏩
true, I just wanna GTFO my moms basement, I'm willing to just do the repairs myself and my stepdad can pretty much do anything so he will help me repair it myself. I figure if I go in with $40k of my own cash and my mom gives/loans me 10k I'll be alrightwait till you
have atleast 55k
srs, mainetence itself
will take 10-15k min
have atleast 55k
srs, mainetence itself
will take 10-15k min
Originally Posted By GerbilFarmer⏩
would post a few pics of some of the houses I'm looking at but I'm not 50 posts yet, maybe once I get to 50Pics of the house OP srs
Go for it if you can afford it. 40k loan you’ll be paying like a $300 mortgage haha
Go for it if you can afford it. 40k loan you’ll be paying like a $300 mortgage haha
and the low mortgage of like $400-$500 would be so easy to pay every month I'm not worried about my living expenses, I already save the vast majority of what I make so it isn't a big deal to penny pinch considering I'm already doing it
07-24-2020, 03:32 PM
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#8
Originally Posted By steve447⏩
hell yeah, I just need a place to live as a single guy. Not like I have a family and children and not like I'm trying to impress anyone with a big house right now.I've been looking into buying my first house and it was 75k. People can find a lot of good homes for cheap
07-24-2020, 03:33 PM
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#9
07-24-2020, 03:34 PM
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#10
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What does a sub $100k house look like in 2020?
srs
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07-24-2020, 03:35 PM
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#11
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5 years ago I put 15k down on a 79k house townhouse. They are selling around 140-150k right now.
15 year loan, will have it payed off in about 4 more years. I just kept paying a bit more than mortgage at what was my previous rent rate
One of best decisions I ever made. Will basically end up with an extra 150k when I sell it that I wouldn't have if I rented.
20k down and a shorter term loan is the way to go imo. (10 or 15 years)
15 year loan, will have it payed off in about 4 more years. I just kept paying a bit more than mortgage at what was my previous rent rate
One of best decisions I ever made. Will basically end up with an extra 150k when I sell it that I wouldn't have if I rented.
20k down and a shorter term loan is the way to go imo. (10 or 15 years)
07-24-2020, 03:36 PM
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#12
Originally Posted By grey27⏩
How much did it cost and hm square footage?I bought a cheap house. Best decision I ever made.
Originally Posted By keyboardworkout⏩
smolWhat does a sub $100k house look like in 2020?
srs
srs
Originally Posted By Skezo⏩
Nice dude, did you get an FHA loan on it?5 years ago I put 15k down on a 79k house townhouse. They are selling around 140k right now.
15 year loan, will have it payed off in about 4 more years. I just kept paying a bit more than mortgage at what was my previous rent rate
One of best decisions I ever made. Will basically end up with an extra 150k when I sell it that I wouldn't have if I rented.
15 year loan, will have it payed off in about 4 more years. I just kept paying a bit more than mortgage at what was my previous rent rate
One of best decisions I ever made. Will basically end up with an extra 150k when I sell it that I wouldn't have if I rented.
07-24-2020, 03:38 PM
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#13
- WoofieNugget
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Jesus decent houses where I am cost ten times that.
07-24-2020, 03:39 PM
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#14
- Skezo
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Originally Posted By SlootMan⏩
No, regular loan. 3.3% interest rate.How much did it cost and hm square footage?
smol
Nice dude, did you get an FHA loan on it?
smol
Nice dude, did you get an FHA loan on it?
Before buying I had never even had a credit card so I had to just get a **** credit card to get a credit score and it was whatever you start out at (like 650?). Now I have a 800+ credit score, woulda had around 3% rate if I had it then.
It's only like 950 sqft, but I got a small dining room, living room, bedroom, and spare bedroom is a gym. Don't need much more although a work office would be nice. Saving now to buy a ~450k house and want to put 120k down without having to sell my existing till after I make the purchase.
Honestly if you have the 20k now don't wait to save more before buying - you are just throwing money away at rent instead of most of it going to principal on your own place.
07-24-2020, 03:45 PM
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#15
Originally Posted By Skezo⏩
hell yeah! that makes me feel good because I have a credit score right now of like ~755. The only thing really holding me back is a low income, will prob be like 25k this year and was lower last year. I just know with FHA they can make exceptions for low income if you can prove you are financially responsible which I can with bank statements. Plus I will graduate soon and hopefully be getting a real job with better pay. I don't have any debt other than student loans which at the time of me actually applying for loans I will prob owe ~7-10k which might be an issueNo, regular loan. 3.3% interest rate.
Before buying I had never even had a credit card so I had to just get a **** credit card to get a credit score and it was whatever you start out at (like 650?). Now I have a 800+ credit score, woulda had around 3% rate if I had it then.
It's only like 950 sqft, but I got a small dining room, living room, bedroom, and spare bedroom is a gym. Don't need much more although a work office would be nice. Saving now to buy a ~450k house and want to put 120k down without having to sell my existing till after I make the purchase.
Before buying I had never even had a credit card so I had to just get a **** credit card to get a credit score and it was whatever you start out at (like 650?). Now I have a 800+ credit score, woulda had around 3% rate if I had it then.
It's only like 950 sqft, but I got a small dining room, living room, bedroom, and spare bedroom is a gym. Don't need much more although a work office would be nice. Saving now to buy a ~450k house and want to put 120k down without having to sell my existing till after I make the purchase.
07-24-2020, 03:52 PM
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#16
- Kawhilights
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I'm thinking OP is from a small town, or a rural area. Definitely can get a fixer upper for under 100k. Not everyone wants to live in a huge city where 3 million still has you living near the bad areas, homeless, literal human feces, etc.
OP just buy it, fix it and rent it. You're young enough.
OP just buy it, fix it and rent it. You're young enough.
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07-24-2020, 03:55 PM
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#17
07-24-2020, 03:57 PM
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#18
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Sounds like a potentially solid financial move. At least from the financial angle, a few things to think about:
*How much do you want to put down? You said you have 30k, but you want to keep some of that for emergencies.
*What kind of a loan can you get? Mainly thinking interest rate here.
*What would your house note be vs rent? Remember that rent is an expense, whereas the principal portion of a house note is an investment.
*How long would repairs take?
*How much would repairs cost?
*Once you get it fixed up, what does your exit look like? Meaning, how much do you think could you sell/rent it for?
Once you answer those questions, you can build a spreadsheet and evaluate this from the pure investment angle.
Btw, in what area code can you buy an 80k house not in a slum lol
*How much do you want to put down? You said you have 30k, but you want to keep some of that for emergencies.
*What kind of a loan can you get? Mainly thinking interest rate here.
*What would your house note be vs rent? Remember that rent is an expense, whereas the principal portion of a house note is an investment.
*How long would repairs take?
*How much would repairs cost?
*Once you get it fixed up, what does your exit look like? Meaning, how much do you think could you sell/rent it for?
Once you answer those questions, you can build a spreadsheet and evaluate this from the pure investment angle.
Btw, in what area code can you buy an 80k house not in a slum lol
07-24-2020, 04:04 PM
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#19
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Originally Posted By mathaddict⏩
I live in a lower cost area of the country but a fast growing small city (metro area is maybe like 600-900k). A decent 3 bed 2 bad home nearby (say 1600 sqft) starts around 400k. My townhouse is in like a perfect area sandwiched between a lot of expensive houses, I barely had the funds to buy it when I did but snatched it up right away...still can't figure out why they were selling for so cheap. Point being there can be some good deals out there.Sounds like a potentially solid financial move. At least from the financial angle, a few things to think about:
*How much do you want to put down? You said you have 30k, but you want to keep some of that for emergencies.
*What kind of a loan can you get? Mainly thinking interest rate here.
*What would your house note be vs rent? Remember that rent is an expense, whereas the principal portion of a house note is an investment.
*How long would repairs take?
*How much would repairs cost?
*Once you get it fixed up, what does your exit look like? Meaning, how much do you think could you sell/rent it for?
Once you answer those questions, you can build a spreadsheet and evaluate this from the pure investment angle.
Btw, in what area code can you buy an 80k house not in a slum lol
*How much do you want to put down? You said you have 30k, but you want to keep some of that for emergencies.
*What kind of a loan can you get? Mainly thinking interest rate here.
*What would your house note be vs rent? Remember that rent is an expense, whereas the principal portion of a house note is an investment.
*How long would repairs take?
*How much would repairs cost?
*Once you get it fixed up, what does your exit look like? Meaning, how much do you think could you sell/rent it for?
Once you answer those questions, you can build a spreadsheet and evaluate this from the pure investment angle.
Btw, in what area code can you buy an 80k house not in a slum lol
I'm sure it would go for like 400k+ in sanfrancisco.
With a total of 30k in assets I would just put down right at 20%. You will appreciate having the extra cushion. With escrow included you will be looking at maybe 550 a month total tops on a 15 year with property tax and insurance included with closing cost rolled into the loan. To make it really worth it you do need to stay in the place a minimum of about 3 years I would say. With his credit score should be able to get around a 3% rate flat on a 15.
07-24-2020, 04:22 PM
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#20
- FemaleWarriorxo
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Look into your state. A lot of em offer help with the down payment. Only downside is the fact you’ll have to take a week worth of classes and stay in that house for like 4 years? Can’t remember
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07-24-2020, 04:25 PM
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#21
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Originally Posted By UpsidedownWorld⏩
If it is only like 1000 sq ft water and power should only be like 100 a month unless you keep it extremly warm or cold.but brb maintenance thru the roof
utility bills thru the roof
but dam 80k... where you live boyo?
around here even the chitty houses in the ghetto that were made in the 1920/30's are still round 150k and they need A LOT of work.
utility bills thru the roof
but dam 80k... where you live boyo?
around here even the chitty houses in the ghetto that were made in the 1920/30's are still round 150k and they need A LOT of work.
07-24-2020, 04:25 PM
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#22
Originally Posted By FemaleWarriorxo⏩
yeah my state offers some downpayment assistance ect but I don't plan to take advantage of my state programs, just FHA so I only gotta live there a yearLook into your state. A lot of em offer help with the down payment. Only downside is the fact you’ll have to take a week worth of classes and stay in that house for like 4 years? Can’t remember
07-24-2020, 04:26 PM
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#23
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Whatever you do dont buy. A co op unless you really know thats what you want and your resale possiblities. Seen many people get stuck
07-24-2020, 04:26 PM
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#24
07-24-2020, 04:28 PM
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#25
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Originally Posted By SlootMan⏩
Why the FHA loan? I have never gotten one so I don't know the benefits. All I know is most people get one because they can't afford any down payment at all and the only ones I know of personally got **** interest rates with it.... unless there is something I am not aware of it seems a bad route to go instead of conventional.yeah my state offers some downpayment assistance ect but I don't plan to take advantage of my state programs, just FHA so I only gotta live there a year
07-24-2020, 04:29 PM
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#26
Originally Posted By mathaddict⏩
yeah thought all that through, figured I could rent it out for about 250-350 more than the mortgage costs.Sounds like a potentially solid financial move. At least from the financial angle, a few things to think about:
*How much do you want to put down? You said you have 30k, but you want to keep some of that for emergencies.
*What kind of a loan can you get? Mainly thinking interest rate here.
*What would your house note be vs rent? Remember that rent is an expense, whereas the principal portion of a house note is an investment.
*How long would repairs take?
*How much would repairs cost?
*Once you get it fixed up, what does your exit look like? Meaning, how much do you think could you sell/rent it for?
Once you answer those questions, you can build a spreadsheet and evaluate this from the pure investment angle.
Btw, in what area code can you buy an 80k house not in a slum lol
*How much do you want to put down? You said you have 30k, but you want to keep some of that for emergencies.
*What kind of a loan can you get? Mainly thinking interest rate here.
*What would your house note be vs rent? Remember that rent is an expense, whereas the principal portion of a house note is an investment.
*How long would repairs take?
*How much would repairs cost?
*Once you get it fixed up, what does your exit look like? Meaning, how much do you think could you sell/rent it for?
Once you answer those questions, you can build a spreadsheet and evaluate this from the pure investment angle.
Btw, in what area code can you buy an 80k house not in a slum lol
Originally Posted By Skezo⏩
yep I would put down 20 but I think the max downpayment for FHA is 15, which is fine, I need some reserve cash. I only plan to do this once I have around 40k saved which should be by next april. And then hopefully my mom helps with 10kI live in a lower cost area of the country but a fast growing small city (metro area is maybe like 600-900k). A decent 3 bed 2 bad home nearby (say 1600 sqft) starts around 400k. My townhouse is in like a perfect area sandwiched between a lot of expensive houses, I barely had the funds to buy it when I did but snatched it up right away...still can't figure out why they were selling for so cheap. Point being there can be some good deals out there.
I'm sure it would go for like 400k+ in sanfrancisco.
With a total of 30k in assets I would just put down right at 20%. You will appreciate having the extra cushion. With escrow included you will be looking at maybe 550 a month total tops on a 15 year with property tax and insurance included with closing cost rolled into the loan. To make it really worth it you do need to stay in the place a minimum of about 3 years I would say. With his credit score should be able to get around a 3% rate flat on a 15.
I'm sure it would go for like 400k+ in sanfrancisco.
With a total of 30k in assets I would just put down right at 20%. You will appreciate having the extra cushion. With escrow included you will be looking at maybe 550 a month total tops on a 15 year with property tax and insurance included with closing cost rolled into the loan. To make it really worth it you do need to stay in the place a minimum of about 3 years I would say. With his credit score should be able to get around a 3% rate flat on a 15.
Originally Posted By UpsidedownWorld⏩
around here brah 80k gets u an ok decent small house and I won't be spending a whole lot on foot/utilities/tax/maintenance althought I know it will prob be more than I expectbut brb maintenance thru the roof
utility bills thru the roof
but dam 80k... where you live boyo?
around here even the chitty houses in the ghetto that were made in the 1920/30's are still round 150k and they need A LOT of work.
utility bills thru the roof
but dam 80k... where you live boyo?
around here even the chitty houses in the ghetto that were made in the 1920/30's are still round 150k and they need A LOT of work.
07-24-2020, 04:31 PM
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#27
07-24-2020, 04:34 PM
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#28
07-24-2020, 04:34 PM
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#29
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Originally Posted By SlootMan⏩
The biggest factor is how much the place NEEDs in terms of maintenance improvments . Key word being needs and not just things you want to improve - you can take care of the wants while you are living there and as you have the money.yeah thought all that through, figured I could rent it out for about 250-350 more than the mortgage costs.
yep I would put down 20 but I think the max downpayment for FHA is 15, which is fine, I need some reserve cash. I only plan to do this once I have around 40k saved which should be by next april. And then hopefully my mom helps with 10k
around here brah 80k gets u an ok decent small house and I won't be spending a whole lot on foot/utilities/tax/maintenance althought I know it will prob be more than I expect
yep I would put down 20 but I think the max downpayment for FHA is 15, which is fine, I need some reserve cash. I only plan to do this once I have around 40k saved which should be by next april. And then hopefully my mom helps with 10k
around here brah 80k gets u an ok decent small house and I won't be spending a whole lot on foot/utilities/tax/maintenance althought I know it will prob be more than I expect
07-24-2020, 04:43 PM
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#30
Originally Posted By Skezo⏩
FHA mainly because I have went to their loan calculator and figured out with my income I can qualify for the amount of loan I need. They seem to be more lenient when giving out loans and I'm not sure if a bank will approve me for a loan without it being government backed through FHA given my low income.Why the FHA loan? I have never gotten one so I don't know the benefits. All I know is most people get one because they can't afford any down payment at all and the only ones I know of personally got **** interest rates with it.... unless there is something I am not aware of it seems a bad route to go instead of conventional.
Originally Posted By tk217⏩
nice! I hope to be able to have the cash to buy fixer uppers like that one day outright and just put the cash into renovating it.First house I bought was a meth addict house for 35K - put 50K in renovations into it. Took 2 years. I was young and full of energy so it was cool - you can do it, OP.
Originally Posted By Skezo⏩
absolutely, I am not worried at all about how fancy anything is for my own living purposes, I would just be fixing it up until it would be viable to rent out and then I can start worrying about everything else that could be doneThe biggest factor is how much the place NEEDs in terms of maintenance improvments . Key word being needs and not just things you want to improve - you can take care of the wants while you are living there and as you have the money.
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