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/biz/ - Business & Finance

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24800489 No.24800489 [Reply] [Original]

>Took out $393,000 loan 2 years ago with $100,000 down between down payment and closing costs
>Paid $2,000/month for a total of $48,000
>Still owe $374,000
>$48,000 turned to $19,000
>Home has appreciated $100,000
>Gross profit $70,000
>After broker fees and readying the house, will have about $30,000 in gross profit if I sell today
>30% over 2 years

It really is kind of a meme. It's not bad per say but if I had the $100k in crypto or stocks I'd be fucking rich right now.

>> No.24800563

>>24800489
the bank wins

>> No.24800698

>>24800563
For sure, and that's really true with any investment vehicle, but the opportunity cost on a house is pretty high compared to alternative investments.

I sold 20,000 shares of AMD stock I had bought at $2.20 to pay my down payment. Who knows if I would have held but that's $1.8MM today. Fucking bonkers.

>> No.24801080

>>24800489
you gotta up your payments. Paying at the beginning of the loan cuts your total interest by much more than paying more towards the end.
>but yes its a meme

>> No.24802021

But as you faggots keep forgetting, if you put it in another investment instead you still need somewhere to live idiot. Good luck putting your life savings into crypto

>> No.24802121

And if you put that money in crypto or top 10 stocks, you would have had 8 houses by now. What's your point?

>> No.24802424

i did similar, if i would have put it in stocks/crypto I would have been rich. i fell into the housing meme and stocks are gonna crash any day now meme.

>> No.24802697

>>24800489
Kid here, what do closing costs and brokers fee actually do for you? Is there just some parasitic middleman taking tens of thousands of dollars from a home transaction in exchange for ???

>> No.24802700
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24802700

Don't give these bastards your precious money. Crypto all the way. 100k in DMG will make you ~300k eoy, anon. No banks involved.

>> No.24802970

>>24800698
>I sold 20,000 shares of AMD stock I had bought at $2.20 to pay my down payment. Who knows if I would have held but that's $1.8MM today. Fucking bonkers.

what a fucking idiot

>> No.24803025

>>24800489
buying a house is the stupidest thing you could do with your money unless of course you like tying up hundreds of thousands of dollars in a boomer shack for tiny percentage gains

>> No.24803032

>>24800489
35 year old boomer here. One life lesson I have learned is to ALWAYS get the 15 year loan if you dont want to pay hundreds of thousands towards interest. If you can't afford the 15 year loan and at least 30% down payment, you should not buy the house. Also, mortgage payment should NEVER exceed more than 1/3 of your take home pay after taxes. Stop buying shit to impress people who dont give a fuck about you anyway. Living debt free is the best life

>> No.24803088
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24803088

>>24800698
Piss off. I owned 374,000 LINk at one point in 2017. Nobody knows my struggle.

>> No.24803124

>>24803025
yeah you should only buy a house if:
A: its in a good location and the value will be propped up by surrounding area
B: You can comfortably afford it(No more than 1/3 take home pay on 15 year loan)
C: You plan on living there for more than 10 years
D: Its an investment property that you plan on renting out when you move.
E: you have excellent job security, you are married, and you have a dual household income.

>> No.24803161

>>24803025
No, you buy a cheapo house that's sub 200k and live in that until you make it.

>> No.24803189
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24803189

Should have just bought CLF

>> No.24803405

>>24803189
CLF is down 5% today lmao.

>> No.24803633

>>24803025
my friend wants to get a 30 year mortgage on expensive california residential real estate propped up by 2.8% loans

>> No.24804880

>>24800489
Now add in your 2 year rent cost for a similar house and recalculate your return brainlet.

>> No.24804930

>>24803088
liar

>> No.24804956

>>24803124
a home puts such a huge dent in your liquidity. i would only buy once i am rich

>> No.24805009

>>24803189
nobody cares about your shitcoin stock

>> No.24806223

>>24803025
Yeah, you should rent a house for your family, goy.

>> No.24806382

The WFH revolution is here OP. Buying overpriced real estate is stupid when you could buy rural land, lay your own fiber, and own your housing outright. I'll even grant that cities have more cool stuff to do but most people don't take advantage of that shit anyway, there's a symphony in my town and I've never been even though I like classical music.

>> No.24806448

>>24803088
Post etherscan

>> No.24806461

and how much did you pay in property tax/insurance/maintenance?

>> No.24806504

>>24803032
why not get a 30 year and just make 15 year payments on it?

>> No.24806757

>>24800489
Jesus Christ what kind of interest rates are you paying? We have a $310k loan for a house and we are paying $860 a fortnight. Our house will be paid off in about 16 years. Only cost us around $20k upfront as well including down payment and fees. Why do people let themselves be jew'd this fucking hard?