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» Stats when you purchased first house/property?
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post 1613120471 08-10-2020, 09:44 AM
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Stats when you purchased first house/property?

Hi brahs,

Been saving money for a few years to pull trig on a house. What financial stats did you have when you brahs bought your first house/condo/apartment/property?

Current stats:

Personal income: $63k
Savings: ~$10k cash
Investments: ~$40k
Debt: $0


Would be buying with longterm gf and household income would be about $120k

Am i ready boyos?


Inb4 poverty everything
post 1613120731 08-10-2020, 09:47 AM
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Where I live that income and savings couldn’t buy anything sadly
post 1613120901 08-10-2020, 09:48 AM
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Originally Posted By BourgeoisBrah
Where I live that income and savings couldn’t buy anything sadly
Barely buys chit where i live tbh.

Gf has about the same level of savings so downpayment would help.

Looking in the $500-600k range.
post 1613122161 08-10-2020, 10:04 AM
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Currently making around $6-8k a month post taxes... every month it varies between there (self employed)... goal is by 28 to have my own place in New Jersey.. goal is around 500k house.. just turned 25 today.. 82k in savings.. 50k assets... goal is when I get 250k savings to pull trigger..

Not including GF in house because we all know women are bad with money.

Originally Posted By TheUniBrah
Hi brahs,

Been saving money for a few years to pull trig on a house. What financial stats did you have when you brahs bought your first house/condo/apartment/property?

Current stats:

Personal income: $63k
Savings: ~$10k cash
Investments: ~$40k
Debt: $0


Would be buying with longterm gf and household income would be about $120k

Am i ready boyos?


Inb4 poverty everything
post 1613122231 08-10-2020, 10:05 AM
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No homeowners on misc?
post 1613122311 08-10-2020, 10:06 AM
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Originally Posted By BourgeoisBrah
Where I live that income and savings couldn’t buy anything sadly
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post 1613122631 08-10-2020, 10:10 AM
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So with about $20k in savings between the 2 of you - where is the down payment coming from? That's the obvious question.

$500k house = $100k down payment (unless you're doing FHA or something like that). Even 10% would be $50k, more than double what you have now.

But if you can handle the down payment, you guys should be fine making the monthly mortgage with your combined salary.

Be careful buying with gf though. If you guys break up 2 years later it's going to get real messy.
post 1613122701 08-10-2020, 10:10 AM
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When I bought my first house

Income - Varies from $60k - $180k
Savings - $20k
Investments - $320k
Debt - $5k
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post 1613122751 08-10-2020, 10:11 AM
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Originally Posted By bov188
This.



Also this.



Stats are pretty weak imo. Idk about the market in your area but $10k for a down payment is nothing. What savings are you going to have left over after your down payment?
Fair.

My investments are mostly in ETF’s and stocks so they’re relatively liquid. Would ideally be putting down around $100k with 3-6 months of savings on hand.


Edit:

Savings are just my own. GF has savings of about the same.
post 1613122771 08-10-2020, 10:11 AM
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Don’t put anything under 20% down payment... PMI will **** you.. srs

Originally Posted By TheUniBrah
Barely buys chit where i live tbh.

Gf has about the same level of savings so downpayment would help.

Looking in the $500-600k range.
post 1613122821 08-10-2020, 10:12 AM
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I would not buy a house with a gf. Wife yes, but gf no.

Buy the house in your name and charge gf rent. Tell her if you get married, you will add her to the Deed. Depending on laws in your area, adding her to the Deed means all equity (current and future) is split in half.
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post 1613123011 08-10-2020, 10:14 AM
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Not sure where you are in Ontario but that all seems reasonable. A mortgage will cost significantly less than rent and if anything you'll just be getting ahead

Unless we're talking Toronto.
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post 1613123391 08-10-2020, 10:17 AM
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Stats when I bought my first house were... bad. Was about 4 months into my first job out of law school.

Personal income: $50k
Savings: ~$5k cash
Investments: ~$2k
Debt: ~$110k
Down payment: $5k
House cost: $149k
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post 1613123441 08-10-2020, 10:18 AM
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  1. TheUniBrah
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Understand the reasoning behind not buying with a GF, but weve been dating for 5+ years and would prefer to put money into a house than a rock that sits on her finger.
Originally Posted By Ripper908
Not sure where you are in Ontario but that all seems reasonable. A mortgage will cost significantly less than rent and if anything you'll just be getting ahead

Unless we're talking Toronto.
House would be in Kitchener/Waterloo/Guelph area.

If calculations online are any indication our mortgage would be lower than our current Toronto condo rent payments (strong rent, i know) with the difference getting chewed up by taxes, maintenance, etc.
post 1613123551 08-10-2020, 10:19 AM
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Originally Posted By BuckNakedinBama
Stats when I bought my first house were... bad. Was about 4 months into my first job out of law school.

Personal income: $50k
Savings: ~$5k cash
Investments: ~$2k
Debt: ~$110k
Down payment: $5k
House cost: $149k
Absolutely mirin that $150k housing.
post 1613123991 08-10-2020, 10:23 AM
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Originally Posted By BuckNakedinBama
Stats when I bought my first house were... bad. Was about 4 months into my first job out of law school.

Personal income: $50k
Savings: ~$5k cash
Investments: ~$2k
Debt: ~$110k
Down payment: $5k
House cost: $149k
They approved you with $110k debt and $50k yearly income? Was this before 2008?
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post 1613124231 08-10-2020, 10:25 AM
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Originally Posted By sunsean
So with about $20k in savings between the 2 of you - where is the down payment coming from? That's the obvious question.

$500k house = $100k down payment (unless you're doing FHA or something like that). Even 10% would be $50k, more than double what you have now.

But if you can handle the down payment, you guys should be fine making the monthly mortgage with your combined salary.

Be careful buying with gf though. If you guys break up 2 years later it's going to get real messy.
Most legitimate advice in this thread and you've skimmed over it OP. Where is the down payment coming from? You're not ready to buy with 10k in savings, and as everyone has said, don't buy a house in both your names if you're not married.
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post 1613124411 08-10-2020, 10:26 AM
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Stats for when I bought my first home (2009)

Personal income: $60k
Savings: ~$0 cash
Investments: ~$0k
Debt: $0

Home I bought:
Price: $210k
Monthly PITI: $1500
Down + Closing Costs: $20k that my dad gave me (I paid it back)
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post 1613124771 08-10-2020, 10:30 AM
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Originally Posted By iamdetermined
They approved you with $110k debt and $50k yearly income? Was this before 2008?
Was after 2008. The mortgage was an FHA loan and I've always had excellent credit. The debt was all student loan debt so maybe it calculates differently. I think they were more worried about my ability to make the monthly payments, and the monthly payment was only like $1100 for the mortgage + like $500 for the student loan, so that was still within the acceptable limits.

I wasn't worried about it as I knew my income would rapidly balloon (and it did) plus I had a buddy who was gonna rent a room for $700/mo which helped a ton.
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post 1613124861 08-10-2020, 10:30 AM
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Where in Ontario are you?

I'm 27, Fiance is 26, we are building our first house- should be done in October. We both work in public sector.
Personal income: $62k
Combined Income: $133k
Debt: ~$35k(2 cars)
House cost: $485k + 25k in upgrades = $510k ish
Furniture cost - 40k(Bought 95% of our furniture the last few months)
Down payment: $102k or 20%
Combined Savings after furniture and down payment: ~$45k cash
Investments after furniture and down payment: ~$15k

Total Cash & investments on hand before downpayment and furniture: $200k
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post 1613125151 08-10-2020, 10:33 AM
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Originally Posted By Comboking
Where in Ontario are you?

I'm 27, Fiance is 26, we are building our first house- should be done in October. We both work in public sector.
Personal income: $62k
Combined Income: $133k
Debt: ~$35k(2 cars)
House cost: $485k + 25k in upgrades = $510k ish
Furniture cost - 40k(Bought 95% of our furniture the last few months)
Down payment: $102k - 20%
Combined Savings after furniture and down payment: ~$45k cash after down payment and furniture
Investments after furniture and down payment: ~$15k

Total Cash & investments on hand before downpayment and furniture: $200k
OP, this is what your finances need to look like before you buy a house at 500k.
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post 1613125181 08-10-2020, 10:33 AM
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Originally Posted By TheUniBrah
Hi brahs,

Been saving money for a few years to pull trig on a house. What financial stats did you have when you brahs bought your first house/condo/apartment/property?

Current stats:

Personal income: $63k
Savings: ~$10k cash
Investments: ~$40k
Debt: $0


Would be buying with longterm gf and household income would be about $120k

Am i ready boyos?


Inb4 poverty everything
Right now, I would say no. Depends if you have more savings or if you girlfriend does and plans to put down. You want to at least put down 10% minimum on a house, but you'd really want 20%. Then you need some money after that for repairs and what not. I'd say live in a cheap ass apartment for another year, and save up as much as you can.
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post 1613125641 08-10-2020, 10:38 AM
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Originally Posted By TheUniBrah
Hi brahs,

Been saving money for a few years to pull trig on a house. What financial stats did you have when you brahs bought your first house/condo/apartment/property?

Current stats:

Personal income: $63k
Savings: ~$10k cash
Investments: ~$40k
Debt: $0


Would be buying with longterm gf and household income would be about $120k

Am i ready boyos?


Inb4 poverty everything
Bud I’m gonna type this as sober as possible

Honestly

You’re looking at the figures now. You don’t know the future. Even I don’t know the future.

But you seem to have some awareness of the concept of a mortgage and your girlfriend claims to save as well.

Even though you are talking moose dollars, that puts you ahead of 90% of people.

You could buy, the market could implode, you could break up, lose your job, aliens invade etc etc

Or you could pass and the market shoot up, Amazon move headquarters to your town, your girlfriend could invent the COVID vaccine....


What I’m saying is, whether interest rates are 4 or 7%, whether the property goes up or down 20% (short term).... it don’t matter.

You can’t control it.

I’m saying go for it, hopefully you understand why.
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post 1613125661 08-10-2020, 10:38 AM
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Originally Posted By Comboking
Where in Ontario are you?

I'm 27, Fiance is 26, we are building our first house- should be done in October. We both work in public sector.
Personal income: $62k
Combined Income: $133k
Debt: ~$35k(2 cars)
House cost: $485k + 25k in upgrades = $510k ish
Furniture cost - 40k(Bought 95% of our furniture the last few months)
Down payment: $102k or 20%
Combined Savings after furniture and down payment: ~$45k cash after down payment and furniture
Investments after furniture and down payment: ~$15k

Total Cash & investments on hand before downpayment and furniture: $200k
Nice brah, congrats.

Which city are you building in?

We are looking in the Kitchener /Waterloo area. $500k for a new-build here seems out of the question unfortunately.
post 1613126841 08-10-2020, 10:52 AM
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Bought a condo at 26.


Only made $39k a year back then(much more now) Put only $10k down. Purchase price was $260k.


Much cheaper than renting and is nicer and bigger than any apartment around here. I probably should have put more money down, but uh well. Living with my long term gf but it’s all in my name. We split the mortgage and HOA which comes out to about $1400 a month.


Edit: I read the laws on common law marriage for my state and she would have no right to the condo or anything.
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post 1613126991 08-10-2020, 10:55 AM
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Originally Posted By TheUniBrah
Nice brah, congrats.

Which city are you building in?

We are looking in the Kitchener /Waterloo area. $500k for a new-build here seems out of the question unfortunately.
We are located in Lasalle, Ontario right outside of Windsor. Its one of the more upscale/new development areas in all of Windsor.
Real estate prices are still relatively low here, but in the last 3 years i think average prices jumped more then 40-50%. We were lucky we locked in our house price last year because if we choose to sell once we get ownership, the same type of house is selling for 560-570k.

That's funny, my sister just bought a house out there for about 630k, mind you it was 10min downtown Waterloo but it's pretty small and pretty old. Honestly, if you don't mind a commute i'd definitely look in the county first because anything within city limits for 500k wont get you much.
New build would be out of reach unfortunately, but i would feel confident you could find a decent starter place for 500k. Keep your expectations low unless you are willing to try a townhome or semi?

500k is a bit of a stretch with your financials, but it also comes down to just jumping into the market and start building some equity.
I always advise at least 20% down, but i also understand its not possible for most people, my fiance and i were fortunate because we've been living at home till now, so everything we make is pretty much banked besides normal expenses like car/gas/insurance/food.

Honestly, the best advice i can give you is budget absolutely everything, from your mortgage, estimated utility costs, food, gas, property tax, even the damn hot water tank rental. It will give you a much better idea of how you'd fare monthly, at the end of the day as long as both of you are bringing in more money then you are spending monthly you will be fine. Also account for furniture, we needed everything since it was our first house so that's why our furniture expenses are pretty high.

The hardest financial part of your life is right now. We didn't wanna rent and hated the idea of condos so this is why we decided to jump in, i think you should to. This will be one of the biggest financial decisions so just make sure to spend the time looking at every scenario and if possible, try not to rush too much but make a timeline of event and when you'd like them to happen.

Goodluck bruh, feel free to pm me if you want any other info.
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post 1613127281 08-10-2020, 10:58 AM
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Do not buy a house with your GF. Even if shes not on the loan or title you will end up in some kind of legal situation when you ultimately break up. If she was the one you wanted to stay with forever you would already have put a ring on her finger. dont get caught in some common law BS.
post 1613128031 08-10-2020, 11:07 AM
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If you liquefied your investments, and then used that for buying power, you could realistically put down for a $300k CAD house, although it wouldn't be idea. If your GF chips in, you would be in a better spot, but then she's partially on the house and could set up for legal issues if you guys ever split. Again, I recommend saving for a year and then looking at this. You're on the bare cusp of buying a house in a really chit scenario, but with another year or two you can be in a better scenario.
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post 1613128141 08-10-2020, 11:08 AM
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Originally Posted By MFarrar74
Do not buy a house with your GF. Even if shes not on the loan or title you will end up in some kind of legal situation when you ultimately break up. If she was the one you wanted to stay with forever you would already have put a ring on her finger. dont get caught in some common law BS.
I first signed the deal to build our property when we were still boyfriend and girlfriend, but i knew i'd be proposing before the house was built.
But i do agree, that is the last thing you want to mess your life up with especially with such a big financial decision.

I took the risk, but now i am confident it will work out just the way we both want. It's not an easy decision, so make 100% sure that you want this woman in your life and she wants the exact same.
Originally Posted By JStrez
If you liquefied your investments, and then used that for buying power, you could realistically put down for a $300k CAD house, although it wouldn't be idea. If your GF chips in, you would be in a better spot, but then she's partially on the house and could set up for legal issues if you guys ever split. Again, I recommend saving for a year and then looking at this. You're on the bare cusp of buying a house in a really chit scenario, but with another year or two you can be in a better scenario.
This, if you are not in a rush, i would save for another year minimum. But also make sure the girlfriend is also willing to match or contribute something.
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post 1613128301 08-10-2020, 11:10 AM
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#30
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I was 27ish too.
Personal income: $140k
Debt: $0
House cost: $382k 1/5/04
Furniture cost - People asked me if I just moved in for years. I had nothing. My father thought I wasn't doing okay because I never bought a tv or had a computer.
Down payment: $82k
Savings after furniture and down payment: ~$8k cash after down payment and furniture
Investments after furniture and down payment: $30k

Total Cash, assets & investments on hand before downpayment $240k

The mortgage was about $2400 a month and I felt it. I never spent money or went on vacation.

I wouldn't do it with a GF. Tell her you will take the mortgage and she can rent from you for $400 a month. Draw terms up and sign it.



Edit- that house is worth $600k now. Housing sucks. I miss that place.
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