/biz/ - Business & Finance

>>15877636
And? What do you need help with? Sounds like you have a solid but boring plan so far

Build or buy single level 2-3 bedroom home. Modern/luxury style.
Then resell to retiring boomers who want to downsize from their 4-5 bedroom family homes but not lose the aesthetic that they come to enjoy and show off.

>>15877709

Boring to idiots like this = no risk.

No risk is what makes you money. Keep on keeping on OP.

The goal should eventually be to grow your income, or make cuts that don't significantly impact your lifestyle so that your savings rate is at 40%. That will guarantee you your house and becoming a millionaire in time.

>>15877636
>How should I be saving?
Aggressively. Track all of your expenses. Cut out all of the unnecessary shit. Get roommates to cut down your living expenses. Put most of your savings in index funds besides what you need for an emergency fund. When you're ready to buy the house, be patient and get a good deal. Don't fall in love with a house and get into a stupid bidding war and overpay.

Realtor here. Wait for the crash. It's starting now. In 3 years all us homes will be half price

>>15877716
that is the advice a lot of people are giving.

They say buy a starter home, then sell after a few years.

>>15877733
One of the biggest costs that I have is my cable bill, and additional services like ESPN+ and DAZN. But I love sports too much to get rid of it.

>>15877757
Can't do roommates anymore. I know it comes with benefits of a social circle. But not everyone was raised the same way as I was, and my experience in college has told me that most people are nasty as fuck.

>>15877776
what are you seeing at the moment to suggest that? have underwriting standards like required downpayment % been dropping? Are concessions becoming more common? I'd also be curious to hear about new construction in your area and in general what you think of the supply/demand picture recently. I have been looking to see if defaults have been going up but havent noticed anything yet but I do see more for sale signs around where I am

>>15877776
Why will there be a crash? Boomers selling McMansions?

>>15877836

Do you know what % of that makes up your budget?

I accept the idea that we all need to have an outlet to live life a bit. Some people contain that to 1 thing like cable entertainment, others figure out how much they $ can afford to expense every year for fun and discipline themselves to it. You'll figure out what's best as long as the numbers make sense.

In terms of growing your savings rate, I think increasing your income the best move now if you can get a 50% salary jump in 4 years.

>>15877836
I know it sounds obvious, but remember to enjoy life while you’re young. Saving is good and most young people should save/ invest more, but don’t overdo it.

>>15877636
If you plan on having kids go right for a 4 bedroom, anon. I bought a 3 and already feel like I'm outgrowing it with just 1 kid. My ideal is actually a 5 bedroom - 2 for kids, 1 for man cave/office, 1 for guest room, 1 for master. I feel a little trapped in my 3. Need at least 5 years I think to break even or turn a little profit, I should have just sprung for a 5 and I wouldn't have to think about moving costs.

>>15877776
Share your wisdom, almost-quints bro.

>>15877848
get a gf with a job and move in together then.

>>15877836
what are you doing on /biz/?

>>15877869
I feel you, my dad tells me the same thing all the time. I often times need a reality check.

>>15877888
Probably won't happen do to being vertically challenged. Plus, from my experience watching HGTV, I don't feel like arguing with a spouse about styling. Majority of women love ugly fads like Contemporary styling

>>15877636
those mcmansions really make no architectural sense

>>15877889
Is there another board to find more indepth info on homebuying

>>15877920
I like having family over. I want to have my family and extended family over for holidays and cookouts and for everyone to have a great time and be comfortable. I want the kids to have a yard to play in, and a garden in the backyard.

>>15877913
well, do what you can to save as much as you can. buying a house in my mid 20s is the main reason why i'm a millionaire on paper in my mid 30s.

>>15877920
this is not a proper mcmansion. this one looks tasteful.

>>15877985
I'm honestly jealous as fuck, probably gonna take a udemy restate course so I can get the full grasp on the basics

>>15877998
buy something in a good location and try to get a good deal. i bought a foreclosure that needed a tiny bit of work and required jumping through some hoops to buy it, but it probably saved me $100k. i sold it eight years later for more than double what i paid for it and then bought another house that was sitting on the market because it had some unappealing and dated cosmetic features that weren't too hard to deal with.

>>15878070
Ok, so it seems like you jumped on that big foreclosed house push that was going on at the beginning of the decade during the recession

>>15878161
yes, though i live in a city that wasn't hit that hard, so there weren't a ton of foreclosures. it was definitely an opportune time to buy though. if we see another pullback in prices, i will be looking for real estate investment opportunities. right now everything seems pretty damn expensive though.

>>15877776

Fucking kek.

The feds is already starting QE again, under the guise of temporary relief for the repo market, yet their balance sheet keep getting bigger, in the order of hundred of billions.

What does that mean? There will be yet another round of asset price inflation as the USD get devalued even more. If you think housing is expensive now, you ain't seen nothing yet.

>>15877636
I'm 26 and own my house.

>>15877636
>buying a 500k house on a 50k salary

>>15877716
This. Older people are moving out of 2 story Cape Cods and are looking for single floor homes and ranch style homes.

My parents are shopping for a ranch style home right now because the stairs are starting to be a nuisance to them.

>>15878425
this is true. in the area i was looking last year, there are not a lot of single story homes and the ones that i did see ended up selling at very high $/sf compared to two story homes.

>>15877920
Nah this one isn't a pure McMansion. Just victorian style mixed with modern senses.

>>15878403
read the post again frog poster

>>15877836
Bruh r/nflstreams r/nbastreams .... etc etc. don’t pay for cable.

>>15878266
Explain like I’m 5 please mate. Sounds important

>>15877913
>Probably won't happen do to being vertically challenged


Lmao. I'm 5'5 and have had girls as tall as 5'11 interested in me. Your height isn't the reason girls don't like you. Instead of being insecure about your height own up to it and learn to crack/take a joke about being short.

>>15878727
I'm also ugly

>>15878975
Most guys are ugly. I'm 6/10 at best myself. Just start talking to women you find attractive regardless of height (no woman is too tall or too short for the D), and stop being afraid of rejection. Fear of rejection is ultimately what stops you more than anything. It sucks but just that you ultimately don't lose anything.

>>15878403
this

>>15877636
You sound too smart to be on biz.

Couple of things... You'll want to put at least 20% down when you make the purchase. Also assume house prices will increase 3 to 4% per year. Also factor in an extra 40/50k incase there is a bidding war on the house of your dreams.

Youll also want 10k or so to furnish/upgrade rooms when you move in to start.
Don't forget about property taxes which is about 1.25% of purchase price.
Youll also need about 6 months of mortgage payments in savings to buy.

Good luck, young man, you are on the right track

>>15877985
how did you buy a house in your mid 20s? good career? what was the downpayment?

>>15879235
a combination of luck and thriftiness. got a decent job making $60k out of college. lived like i was still a college student and plowed everything i could into stocks that took a beating during the crash (mainly automakers and REITs). a lot of the stocks went up by 3-4x over the next few years and i ended up having around $80k at age 26. the stock market luck helped, but its not like all of my investments did that well. saving as much as possible was the key.

>>15879341
3-4x is 400-500% f off you liar

>>15878716
they are doing quantitative easing hensh GE. I've said this multiple times to a billion people. The collopse will not happen again. Governments have realized this for a very long time that they can print and do whatever the fuck they want. Devalue the dollar? LOL doesnt matter they will figure out a way to lie/steal/cheat to make the dollar remain the same. It will be a slow decline unless some shit happens that isn't with there control (white people finally throw the kikes out).

We will forever be in the land of QEs and secret bailouts of whatever it might be. I seriously get a kick out of gold fags and preper retards that think the kikes are going to let any of this happen again.

>>15879352
look at the charts for F and SLG from 2009-2011. those were a couple of my top performers.

>>15878716
they are doing quantitative easing hence GE. I've said this multiple times to a billion people. The collapse will not happen again. Governments have realized this for a very long time that they can print and do whatever the fuck they want. Devalue the dollar? doesnt matter they will figure out a way to lie/steal/cheat to make the dollar remain the same. It will be a slow decline unless some shit happens that isn't with there control (white people finally throw the kikes out).

We will forever be in the land of QEs and secret bailouts of whatever it might be. I seriously get a kick out of gold fags and prepper retards that think the kikes are going to let any of this happen again.

I want to purchase a house around $250k but I don't have 20% in the bank. I do have the VA loan though. Would throwing $20k at it help, or would I be better off just financing the whole $250k

>>15879565
Thank you for your service. It would help because you'd be paying less interest on a smaller loan. But again, you want to have some money left over after your purchase.

>>15879406
>there won’t ever be another crash
Nigga are you dumb? The elite love a crash. It lets them buy cheap bags and furthers wealth inequality plunging the goyim into even deeper serfdom. Seriously who do you think is going to buy Boomer McMansions when they all retire in the next 5-10 years? Zoomers or Milleniels? Kek.

>>15879626
They cannot let it crash anymore because that will awaken the goyim. You just don't get it you have to keep the people fat and dumb.

>>15879755
LMAO fuck off with your fantasy bullshit, nobody will literally ever 'awaken', that's why wealth will always concentrate in literally every civilization ever to come and always has in the past

>>15879626
the amazon and google millennials and zoomers who are currently renting $2k/month cuckboxes will eventually want to start families and will buy them. don't worry.

>>15879923
You are such a fucking faggot like I've said you take away the comfy living people have they will start lashing out at democrats and republicans for selling out the countries to kikes. You have no fucking clue what is going on in the world. That is also why the collapse will never come because again kikes dont want people waking up from there comfy living standards you stupid nigger fuckhead.

>>15879341
Thanks for your reply anon, although the only "stock" known is sp500 index. Not sure I'm smart enough to git gud with stocks tho.

>>15879955
billionaires have crashed economies and speculated on currencies that have ruined countries. only the low tier richfags will get the rope from the populace and the big guys will sit comfy in their high castles (bunkers/mansions). It doesn't matter hear happens to the masses because they don't need them that badly. Just look at how they overplay their hand with all the sjw shit and entertainment. They're hamfisting stuff into movies and tv with no subtlety that even the normies of normans is starting to scratch their heads instead of their asses. Those people are tuning out and started to become less distracted. YOU need to wake up anon, a major culling is coming and the asshole that did all thsi will be just fine.

>>15879227
I'm in the military as well and have access to a VA loan, will this change things in regards to a down payment?

>>15880510
VA loans give you the advantage of having no downpayment or PMI required. PMI is insurance you pay for your bank that you wont default. This would be $108 a month on a 250K loan until your loan to value is 80%.

>>15880595
I'm planning on coming to the table with a minimum of 100K in savings. That would wipe out a lot of the extra costs and more than 1/10th of the mortgage right?

>>15878716
Banks are printing money for themselves
Imagine if BTC supply would turn into 42M overnight
Then 84M the next 3 years.

>>15880466
Again there will be no low tier rich guys spared this time around. All the billionaires are fucking kikes and they will get the rope. You think this shit has something to do with a political movement and not a racial one. Well you are wrong. There might be some rich whites who are spared but this time its going to be directed at the kikes. So no the country isn't going to be crashed any time soon. Maybe you think the US will be like all the other third world shitholes that had there economies crashed just for a profit. Its not going to happen in the US because of what I've said.

>>15879565
If you can't afford to save 50k then you will never afford property taxes, maintenance, bills, etc.

>>15877636
To give an actual answer in this god forsaken thread, you should be putting money in an IRA. You are allowed a no penalty withdrawal to buy a home once every couple years, provided it's a primary residence. That will cover a large part of your down payment.
And you avoid taxes on the way.

>>15878266
I want a housing crash but them going into QE means prices will likely inflate

>>15877636
Guys, how do taxes work if I treat this as a small business?
How do you write off expenses if you make no profits?

and if I buy a 200k house and put 50k into fixing it, is that a tax right off I can make?

>>15879227
>you'll want to put at least 20% down
this is not good advice.
If you have a low mortgage interest rate, you should put down as little as possible

>>15881378
you didn't even read my post.
tl;Dr
billionaires will survive and low tier politicians and richfags of that I'll will be hanged while the real criminals bide their time. u r dumb and can't read

>>15877636
Your savings isn't what you need to be focused on, since you're doing well at that. You'll need to make more than $75k to keep up with a 500k mortgage, matienance, and pmi. You should be putting 20% down to avoid PMI, and to do that on a 500k house, you'll need $100k plus at least 3 months savings. You'll want more than that because closing and house bullshit in the first year is also going to cost a couple thousand,

You should plan to move into a cheaper starter house, where the mortgage is close to the same price as renting.

>>15877716
Bingo. New Neighbors nextdoor are downsizing boomers.

>>15882313
Except the first few years are interest-loaded in the front. I agree that people don't need to dry hump the 20% down rule as much, but the population tend to use that as an excuse to make stupid purchases. It is dumb to be paying an extra $200 or more in interest a month.

>>15882618
I'm telling you billionaires will not survive unless they are white or at least help white resistance. I want you to look 9%-10% of the US believes in what the altright/wn/natsocs believe. People will not let kike billionaires survive.

>>15883170

what makes you think that? will there be a civil war or what?

>>15882772
I put 10% down and and was able to get a conventional loan (no pmi), just last week when I closed on a property. I didn't bother to ask why I was able to do this but I did.

>>15882022
You can only take out 10k from an IRA for a primary residence and you'd still pay full income tax. 10% penalty for amounts above that.

>>15882313
Enjoy paying more interest and PMI unless you have a VA loan. You need to pay down your principal as soon as possible.

>>15883207
>what makes you think that?
Right now we aren't that bad off yet we see racial lines being drawn by kikes and whites awaking up to what is being done to them. The only thing that is stopping full on white revolution is wealth/comfy existence. Most white people currently see the problems they are just to afraid to lose there jobs. Once they've lost them there is nothing to lose anymore. Jews will only lose when this happens so they will NOT let the country die in a sudden shock. It will be extremely slow where the normal person will just accept what is done to them. The US will last a very long time because of this.
>will there be a civil war
there will be multiple factions but at first whites will attack those who have been attacking them first.

>>15877858

Home sales are down 20% in September compared to last year. Inventory is sitting on the market for months. Everything currently listed is taking 10% even 20% price drops to sell. All the builders are slowing down. Nothing over $700k is being built at all. Home building slows down at the top and works its way down.

Home buying works like a hermit crab moving up to bigger shells. You have the age groups, 20 to 30, 30 to 40, 40 to 60, and 60+. All the groups 40+ made their shift to where they want to be. The next upcoming group is 25 to 35 looking to buy or upgrade and none of them can afford shit. A decrease in demand is gonna be massive soon.

But hey it's all speculation and theory, do what you want.

>>15883473
I dont know where the fuck you are but where I'm at housing is still popping. 5+ offers on most houses within a week of listing and and most selling above ask. Seriously do you live in Detroit?

>>15883503

Sounds like you're in a lower class market that is getting gentrified?

I'm in a major east coast city

>>15877636
My household income is 350k and we are liking at a 500k home. You sound crazy to try and stretch You money that far.

You would be spending half your income on a house note. I don’t know where You live, but the salary and house don’t add up

>>15877636
>buying a house to live in
If you wanna be smart, buy something you can airbnb and build a shed in the backyard and/or sleep in the detached garage.

Your rents will be 3X+ your mortgage if you can find the right deal.

>>15883533
This is not possible in west/east coast markets. Median home price in LA is 600k. Lenders in high priced markets are agreeable to 3.5 to 4 times your annual income for a home purchase provided you have low debt.

>>15883571
3X your morgage + property taxes**

Just make sure you buy >20% below comps so you still make money if short term rentals get banned in your area. Then, you can put in tenants or resell. Most good deals will be value-add/renovations.

>>15883586
That’s wild. I’d move. That’s worse than becoming a nurse and having 350k in debt making 40k a year

>>15882263
Bump for this question