/biz/ - Business & Finance

this is a demoralization thread

Pic related. It's been on the market for awhile so the seller is desperate to sell. So you offer 10k under and get this for $55k. Finance with an FHA loan at 5% down and your all in for only $2750. Assuming a 7% interest rate your monthly debt service would be $350 plus say $125 for taxes + insurance. So you're looking at $475 per month. But it's actually less because we're not including the principle pay down and tax benefits that you get. There's literally zero reason to still be wasting your money on rent.