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If you have to ask, you can't afford it. Buy a house that you KNOW you can easily afford- so instead of living paycheck to paycheck, you can save-up some money; and when your job goes away or an emergency comes up, you won't have to panic? You can always get a bigger/better house later.
I see so many people making good money, and yet not really getting any benefit from that money, because they are mired in debt living to support an expensive house.
Don't forget: All of the expenses (taxes; heating; repairs; insurance; etc.) will all go up. You salary may well go down.
Buy something that you can afford without even having to think about it. Then you can afford it.
Or live extremely modestly and save every cent for a few years, as i did, and then move to a cheaper area and pay cash. Believe me, it's wonderful not having a mortgage. I can live on a few hundred dollars a month if necessary. I sleep very well at night. I have more cash on hand than people who make 6x what I earn.
Help me understand this. We want to live in Suffolk and a 250k will be our goal. How does one pay all cash? We can put down 70k
Tell me about your payment and when you paid and where and how you did it? We are on point to have 100,000 saved by time we move out.
Help me understand this. We want to live in Suffolk and a 250k will be our goal. How does one pay all cash? We can put down 70k
Tell me about your payment and when you paid and where and how you did it? We are on point to have 100,000 saved by time we move out.
All cash is when you dont take a loan. So in order to get a $250k house all in cash you must pay $250k upfront at the closing, plus closing costs, attorney fees etc etc. In that case, no bank would be involved on your side.
$100k house in Coram. You don't need a loan for this. You will have enough cash to buy it out. We will chip in money for you to buy a tent to camp outside since this house is "Property Is A Full Gut Rehab"
Help me understand this. We want to live in Suffolk and a 250k will be our goal. How does one pay all cash?
Quote:
Originally Posted by Jdawg8181
All cash is when you dont take a loan. So in order to get a $250k house all in cash you must pay $250k upfront at the closing, plus closing costs, attorney fees etc etc. In that case, no bank would be involved on your side.
wait...did this exchange really just happen?
I think I'm starting to get nostalgic for Crooks and Walter.
Help me understand this. We want to live in Suffolk and a 250k will be our goal. How does one pay all cash? We can put down 70k
Tell me about your payment and when you paid and where and how you did it? We are on point to have 100,000 saved by time we move out.
Typically, folks who pay all cash do so by saving up ALL THE CASH needed to purchase the home, by living very frugally and/or waiting a long time to buy a home and/or getting better jobs so they have more money.
Help me understand this. We want to live in Suffolk and a 250k will be our goal. How does one pay all cash? We can put down 70k
Tell me about your payment and when you paid and where and how you did it? We are on point to have 100,000 saved by time we move out.
Oh, you've got it easy! I only had half of what you have- and that had to cover moving 1000 miles, and everything!
Here's the deal: You just buy a house whose price is equal to or lower thatn what you have saved. Tough on LI, with the outrageous prices- but even there you could do it. Buy a fixer-upper and work on it as you live in it. (A crappy house in a nice neighborhood, to rehab, is better than a nice house in a crappy neighborhood- because since it probably won't be your dream home, you'll want to be able to sell it easily.
The beauty of such a plan, too, is that even if real estate prices go down (which they almost surely will over the next few years) the equity you'll build in a fixer-upper will still ensure that you make a nice profit.
I did it a little differently: I lived in a studio apartment and slept on the floor for a few years- then took my wad of cash and bought 28 acres in a nice rural area 1000 miles away, and made me a nice place out of an over-grown cow pasture and some woods.
We're in for some very dire economic, political and societal situations in the coming years- don't risk all your dough and time on something that's predicated upon you keeping your job and/or real estate values going up. There are plenty of people in recent years who lost it all doing that- just look at all the foreclosure signs around there.
He got a cleaning job for 50k. I don't think he can find a 50K cleaning job anywhere else in this country except big city
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