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It's not a popular sentiment. People gasp and get horrified when you tell them buying a house is not always worth it. It's been ingrained in our culture as part if the American Dream. It's not 1970 anymore....
So if you accept their numbers, you managed to live in a $600,000 house for 7 years for 222,295 - 62,274 + taxes. This being NJ I'll assume 3% taxes (we'll leave West Orange out of it), so add $126,000. Total of $286,021, or $3405.01/month.
So if you accept their numbers, you managed to live in a $600,000 house for 7 years for 222,295 - 62,274 + taxes. This being NJ I'll assume 3% taxes (we'll leave West Orange out of it), so add $126,000. Total of $286,021, or $3405.01/month.
The article fails to mention that things get progressively better. Once you are 10 years or so into the mortgage, you are gaining much more equity each month. Interest costs are large in the early months
My strategy: Land a good paying job in the city, pay dirt-cheap rent for a 1 bdr apartment in a [softcore] ghetto like Passaic and then buy a house all-cash in Texas or Georgia with all the money saved up. Oh and make sure the girlfriend is working a nice job too; don't forget to keep Suzie on birth control so she doesn't get babies
Last edited by MemoryMaker; 03-26-2019 at 05:58 PM..
buy and hold in newark. make sure you have a gun too
That's 'buy and hold UP'.
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