/biz/ - Business & Finance

>>18111299
Maybe you could move away from California.

just live on the street

>>18111324

Play the game or shut up.

>>18111332
Make me.

>>18111299
>ALL AGE PARK
Looks like half of 4chan can't live there due to their parole conditions

>>18111355

Kek

Come on, you have plenty of options. Are there no prisons? And the Union workhouses, are they still in operation?

>>18111427

Inmates unironically got a better deal than I do here, I would need to make at least $82,000 to be better off than them.

>>18111471
Then these people should just go to prison. And if they would rather die, they had better do it, and decrease the surplus population.

60k/yr

>>18111571

Not too bad relative to your location, year built?

>>18111610
https://www.zillow.com/homedetails/121-E-Pierce-Ave-Orlando-FL-32809/46190352_zpid/
1935
Old house but it looks pretty nice for the price.

>>18111610
1935, also it's close to the ghetto

>>18111299
This is why people who rent are retarded and destined to stay renting. You never, ever buy a house in full you always leverage your money. Why? Because I can earn a higher rate of return investing the money elsewhere (so long as I can outpace the rate of my note). A standard conventional mortgage will be 80% LTV meaning you only put 20% down. If you’re a first time home buyer you can apply for an FHA loan which allows you to only have to put 5% down. By your calculations and utilizing a standard conventional loan, with $130k you could afford a $650k house at 80% LTV. Your mortgage on a 30 year fixed 425 point loan would be roughly $2500/month. Renters were destined to rent.

>>18111647

Damn bro, it tripled in value in 3 years.

>>18111691
where did op say anything about paying cash for a house?

>>18111698

6, sorry*.

>>18111691

>2500/month on a $52,000 salary.
>90% of take home salary.
>Affordable.

This is why landlords are screaming recently because they have massively overextended themselves. If you go a month or a few months without rent you'll be destroyed.

>>18111772
I specifically said “using your calculation”. His 2.5 year calculation is retarded, no prudent RE investor valuate property or the value of their note utilizing that metric, hence why I said “using your calculation”. The point of my post was to highlight how retarded the original post is and why it’s indicative of renters staying as renters. I’m guessing you rent as well?

>>18111772
You could get a roommate and pay half.

>>18111299
After tax income I am assuming?

1. 55k before, 40k after
2. 120k
3. jesus christ its worse than i thought

58k/yr

>>18111875
Yeah, 4-6x local median income in your area is a good range for housing to correct to. It's not a terrible idea for a thread though, just have fun with it my dood.

>>18111914
At least two people have OD'd and one person been murdered in that house

>>18111951
Maybe that's why it's so cheap

>>18111875

The fuck are you even talking about retard? The conventional advice to see what you can afford is no more than 2.5x your yearly income on a 40 year mortgage, which is what the OP used, which is what he did.

Posted income: $52,000/yr.
Can afford a house: $130,000/yr.
2.5x $52,000/yr=$130,000.

>>18112000
>>18111875

30 year*.

https://www.investopedia.com/articles/pf/05/030905.asp

>>18111882

For 30 years sounds great.

>>18112000
2.5 years for the down payment not the full purchase price. He is posting full purchase prices that are under the 2.5 amount, the conventional rule of thumb your talking about is for the down payment

>>18111914

That's a bit over what you can afford according to conventional wisdom, you would be able to afford 150k.

>>18112054
But it’s not 2.5, I was taught 1.75 in undergrad and then grad school told me to forget about that useless shit and just do a DCF analysis

>>18111951
When link moons I'll be able to raise my kids in a decent neighborhood

>>18112054

No, it's not 2.5x for the downpayment, it's for what you can afford.

Determining an Affordable Mortgage
Generally speaking, most prospective homeowners can afford to finance a property that costs between two and two and a half times their gross income. Under this formula, a person earning $100,000 per year can afford a mortgage of $200,000 to $250,000. However, this calculation is only a general guideline. You can use Investopedia's mortgage calculator to better estimate monthly mortgage payments.

>>18111951
Based, let me be the third

>1337
absolutely based digits

Could afford more, but this would be fine.
95k/year

if I've got money already saved up for a downpayment, is this 2.5x rule of thumb only for the borrowed amount (not including the downpayment)?

>>18111299
I just bought a 300k house in September. I make 48k per year (before taxes).

>>18112266
Nice, how're you about to afford it

I don't want to play the game. I'm insecure about what I make

>>18112313
By saving my money instead of wasting it on stupid shit

>>18112359

How long did you save for? What was your strategy? How big was your downpayment?

>>18112261

Excluding the downpayment.

>>18112120
This is literal brainlet investing, I’m sorry I wasn’t aware of this investopedia calculation. I’ll ask my grad professors for a refund

>>18112420

Can you explain to me in simpler terms how someone making $52,000 a year can take out the $630,000 you suggested they could and not get destroyed in a mortgage? What do you suggest?

>>18112459
>>18112420

Suggest as the max mortgage someone making $52k/yr can take out without having to rely on renters, to clarify.

>>18111299
Imagine living in cuckifornia lmao.

>>18112459
I wasn’t suggesting that, I was simply plugging in values to the existing formula the OP provided. I would never suggest someone making $53k leverage a $650k house...

>>18112392
I started working when I was 21 and I'm about to turn 29. I was even at Walmart for 2.5 years making a meager 20k/22k (again, before taxes). My strategy was to not spend money. The down payment was 90k. I've also put about 55k into various long-term investments and retirement accounts. I also bought a 22k car at the start of 2019. I'm obviously in debt at this point due to the mortgage, but it's for only 15 years. Once that's done, I can probably retire if I wish.

It's pretty crazy to me how people don't have money.

>>18112475
Right...but mortgages aren’t cookie cutter like the formula suggest. Even a variable rate vs conventional will dictate different equity contributions over the long run. This is why time value of money is so important and why the investopedia formula is made for retards

>>18111299
>Times that by a maximum of 2.5 to come up with what you can afford for a 30 year mortgage.
with interest rates as low as they are, I can technically afford a 600k home on an 80k salary.

>>18112420
>>18112459
He can't, most degrees aren't worth the paper they're written on (Especially U Cal/Ivy League).

No reason to go to university unless you want to become an Accountant, Medical Doctor or Engineer (As you're required).

Met a dude who did a PhD on Leaves; His thesis was a 25 page laminated (Homemade) book with leaves he collect from the side of the road.

>>18112525

What were your living expenses and location to be able to save almost half to a third of your salary(after I'm assuming putting money into a retirement fund?) for so long?

>>18112532

Obviously, this is just a general rule of thumb. What would you suggest for someone making 53k with a fixed rate 30 year mortgage could afford?

>>18112670
I was with my mom until early 2017 and then I lived with a coworker from then until buying the house. He charged 600 a month.

>>18112700
$53k after or before taxes? What’s your monthly take home?

46,000 per year
x 2. 5 = 115,000
This house built in 1935. Grim.

>>18112941

Before.

>>18112941

Take home is around 34k after retirement deductions and healthcare.

>>18112996

Jesus Christ, they couldn't even fix the screen before putting it on Zillow.

>>18111427
>>18111496
Based Scrooge

>>18112525
How much do you make a year now?

>>18112700
That would be contingent upon any other liabilities you have. Student loans? Car payment? If I’m making $53k a year I am likely waiting until I can afford mortgage under more strenuous conditions, say 70% LTV and at 500 points. Each investor has different risk profiles and investment objectives

>>18113018
160-200

200 would be stretching yourself and you’d probably have to stop 401k contributions for a few years. The first couple years of home ownership are the hardest.

Daily reminder that the average Chapo subscriber is a white male aged 18-30 who makes less than $20k per year, according to the sub’s own survey

>>18113120
If I am certain I can satisfy the conditions of a harder mortgage I should be confident I can afford the payments under a conventional loan.

>>18113139

I don't even know what Chapo is fuck off /pol/tard.

>>18113120

12k student loans, no car payment. Can you explain LTV and 500 points?

>>18113123

That's what I figured if I go for a FHA, 200k at the absolute most.

>>18112532
Yeah, it makes really good since if you're in a bull market that lasts forever..... fucking retards like you are why the market is the way it is. Gambling with borrowed money then crying for handout when you get margin called.

1.67,000 per year
2. Afford 167,000
3. Nothing exists thanks for playing, enjoy sharing a run down shack with 3 other people. Silicon Valley needs to burn.

Playing this game would effectively dox me, so no thanks.

I will say that 90% of homes on Redfin/Realtors.com/etc are complete dogshit.

>around 14k usd a year
>can afford 35k usd

>>18113218
I’ve never defaulted or foreclosed on a property ever. My commercial and industrial units maintained a 85% occupancy last crash. Whatever helps you cope with renting and letting me build equity

>>18113247

Oof, used to live in the Bay Area, I wouldn't go back unless I was making $100k minimum and even then it would have to be for a job I -love-. For just a normie job probably 200k kek.

Did any of you consider that you're supposed to combine two incomes and not be a fucking incel?

>>18112107
you can get houses way cheaper with way better schools in other parts of the country. in this town the average SAT score is 1300/1600

>>18113367
Ive never kissed a girl and im a white 24 year old

The word mortgage comes from Latin.
Mort -Death Gage-grip

>>18113247
67k is poverty tier in the bay area. bay area is one of the most desirable places to live in the country due to weather and high salaries

>>18113367
Women only want Chad.

>>18111698
Hyperinflation in 2008 was confined to housing when Keynesian scum talk about the benefits of modern monetary policy remind them that assets instead of everyday goods got hyperinflated.

>>18111691
>hehe, I can outearn the interest rate on my mortgages, now I just have to leverage out as far as I can extend to make gainsmaxx
>what? I have no liquid assets to use in the event my tenants become delinquent on rent? I'm 1 missed payment away from a complete debt spiral in which I default on every single one of my loans?
>REEEEEEEEEEEEEEEEEEEEEEEEE I PUT MYSELF INTO A POSITION WHERE I HAD TO RELY ON SOMEONE ELSE FOR MY SECURITY AND THEY FAILED REEEEEE
trust no one not even yourself

>>18111299
>buy duplex
>rent out one side
>live for free

learn 2 invest faggot

>>18113533

I can't even get a loan for a duplex since they are all $500,000+.

>>18113584
LMFAO dude move to a different city then. Duplexes in my area are like 70-80k. You need like 15-20% down so you'd still need to save a little, but it's so worth.

But in all honesty don't even do that right now. Wait for the stonks and for BTC to drop, then dca your savings into BTC. in 5 years you'll 10x your investment. At that point buy 3 houses and retire. ezpz

>>18113584
How handy are you? You can always try a fixer with hard money and flip it into a regular mortgage when you’ve got the bank to sign off on it.

>>18113647

My mother would probably die or kill herself if I moved so I'm not real keen on that. Maybe I can drag her away though kek.

>>18113584
You know, a condo might be right for you.

>>18113676

Kek not handy at all, wish I was anon. The most I've ever done with my hands is do a somewhat okay job assembling WH 40k soldiers.

>>18113696

Condos are 300k+, in theory I could do it but that'd be 50% more than what I could afford on a FHA loan so it would hurt a lot.

>>18113501
My properties are predominantly industrial flex spaces with established businesses signing minimum 5 year terms, some 10. During the last downturn I maintained an 85% occupancy. Moral of the story? Know your tenants, know their financials, know your risks and you can mitigate losses. You can kick and cry and throw your temper tantrum all you want but the simple fact remains that some people were meant to acquire wealth via real property ownership and others were meant to fuel that wealth by renting said real property.

>>18113696
Condos are shit investment properties. HOA fee and special assessments will kill you. Stay clear of these, they are millennial traps

>>18111914
is this filth actually 400k?

68,000/y
max is 170,000
Pretty much all I can afford is shitty manufactured homes and condos. The sole actual house I found in my price range within my area was likely a former meth lab.

>>18113773
Can confirm my HOA fee is 25% of my mortgage ffs

>>18113773
A condo was my first purchase and it helped me leverage into an actual house after only a few years. Anecdotal, but I think they fill their niche.

I make $40k/yr and bought a house 2km from work. It takes me 4 minutes to get from my bed to my office chair. It cost $367,000.

Just mooch off your boomer parents like I did. Most are happy to pay to get you out of their basement.

>>18111427
Scrooge was my hero until he got cucked by a few ghosts. Marley can fuck off.

>>18113367
get out of our cuckshed thread you whore

>>18111324
This. Move to a flyover state faggot, the nice places are for the rich and their servants. Become one of the two or get the fuck out of the way.

>>18114451
That's my plan. I have 25k saved up (at 36k annually) just by living in their basement. What was your down payment?

210k

Looks cozy like waterfront

>>18114476
We put 80k down (dad gave me $67k that he had left over in my education fund, I put $13k down of my own money). I pay the mortgage ($1400) taxes ($250) and internet ($70), dad pays the utilities, furnace/water heater rental and utilities (plus my car insurance) and mom sends me some money to cover other expenses. I also rent out a room for $550/mo.

They are retired with fat pensions and no mortgage of their own anymore. They seem happy to help me out financially so long as I'm not NEETing in their house anymore or living in some slum shithole.

>>18114677
>80k down
My hope is waning

My parents will help me out, but not to that extent. They're happy to let me live in their home while I save

I hope I can find a better-paying job soon though

>>18114711
You don't need such a large downpayment. Interest rates are much lower now than when I bought (mine is 3.62% or something, now they are like 2.4%). I think we also signed a 25 year mortgage instead of 30. You could probably pull off a 350k home with 10% down on a 30 year mortgage in the current interest rate environment.

>>18114793
Thank you for this perspective. I still think I need to be more comfortable with my earnings before I start to own a home, but at least I know it's possible

95k per year
237500 calculated

How about a listing?
https //streeteasy com/building/915-east-17-street-brooklyn/114

>>18111299
Step 1: 70k a year
Step 2: can afford 175k

>>18113367
Did you consider than women aren't supposed to be in the workplace, wages are supposed to be double and the cost of homes is supposed to be half?

>literally all houses ITT from california and jew york
>like every other thread like this posted ever

really gets your noggin joggin!
since the majority of us NEETs don't (read: can't afford to live in) these locations!
almost as if (((it's))) all a bit demotivational!

hmmmmmm

>>18115027
Buy a convenience store, cram three whole generations of your family into one house, and employ the other men.
Multiple male incomes, all the women can stay home, and all your wage expenses go straight back into your household.

>>18111299

10MM

https://www.zillow.com/homedetails/230-Quarry-Rdg-Charleston-WV-25304/22594944_zpid/

I was actually looking for more bathrooms (I won't say who I am, but I'm part of the Link team), but this is the closest I could find.

Thought this thread would be the best place to ask some questions.

Is now a good time to buy houses, or maybe in a year or so? Can I co-sign with a relative to buy a house? We both make about 30k so together we'd be able to manage, maybe.

>>18111299
Dude youre looking at up to $200 per month lot rent.

>>18111332
>>18111299

>I make shit money, want a house all to myself, and live in the most expensive real estate market in America

It's almost like there are some things you could do to improve your station OP

>>18113367
>why are only niggers and muslims reproducing?

I make $70k. Hate on flyover country now fags.

:------)

>>18117342
Nobody was hating on flyovers. The system best functions if you're in the middle of nowhere and only aspire to a lower-middle class blue collar trade and a hovel with which to live out your days in indolence and nakedness. That's never been in dispute.

>>18117467
You can accomplish so much online nowadays, it matters less than ever before though.

>>18114466
yeah dude
the larger cities of California are so very
"""nice"""

>>18117571
They're great if you're rich

>>18117633
San Francisco is a fucking shithole no matter how wealthy you are. If you think SF is great you are literally brain damaged

Here you go. Right outside of downtown Houston. Within easy distance to your job at Whataburger.

>>18117467

Why even utter the word "hovel" in my presence when I can live in a big comfy house on a middle class salary while you have to be a renter or live in a fucking trailer like the OP? Clueless retard. That's the whole point. You live like literal gutter trash just so you can be within breathing distance of salty water.

>>18111324
Based. The coasts are for literal faggots and double digit IQ morons. No one with a functioning brain wants to live in California.

>>18117838
Ok I'm playing for real. And actually it is doable. The catch...

36,000
36,000 * 2.5 = 90,000
Pic related is the ONLY search result I found from a real quick search. Suspiciously cheap, yet still outside my price range.
>t. zoomer

>>18117953
With a 150K limit, there is literally zero available in the "white" parts of town.

>>18111337
Based

>>18117633
>have no rights
>have no freedom
>have to live near shit coloreds
>huge crime rates
Wow bro sounds so great. I think I'll just live in a mansion near the mountains where the nearest shitskin is over a hundred miles away. Keep your shithole.

>>18117893
What do mean I'm based? Based how?

>>18111299
why do you fags fall for this glownigger op all the time?

>>18111299
Oh say can you see

>>18118290
I just lie and give them false info

>>18111914
That fucking truck

>>18117467
>DUDE i just LOVE the hustle and bustle of the big city, it’s so DYNAMIC and makes me feel like i’m in one of my favourite TV SHOWS. you should totally come on down to my studio apartment, it’s got EXPOSED RED BRICK walls and everything, we can crack open a nice hoppy ipa or three and get crazy watching some cartoons on adult swim! and dude, dude, DUDE, we have GOTTA go down to the barcade- listen here, right, it’s a BAR where us ADULTS who do ADULTING can go DRINK. BUT!!!! it’s also an ARCADE like when we were kids, so we can play awesome VIDEO GAMES, without dumb kids bothering us. speaking of which meegan and i have finally decided to tie the knot- literally -we’re both getting snipped tomorrow at the hospital, that way we can save money to spend more on ourselves and our FURBABIES. i’m fuckin JACKED man, i’m gonna SLAM this craft beer and pop open another one!!!

>>18118397
This but unironically