/biz/ - Business & Finance

>>25050228
>This shit is stressful.
What do you mean ?
Just go to best buy and ask for a cardboard box

>Rented a social housing apartment as a student, paying fuck all
>Graduate, get well paying job
>No sanctions at the time for staying in the apartment, rake in money for 6 years
>After 6 years of saving buy a modest house and instantly pay off 50%, penalty free
>Monthly cost are now even lower than what I paid for the apartment
>Continue to rake in money to retire early
>House doubled in value

I'm thinking I've made it

>>25050228
It can be more stressful when you have construction related degree and realize that everything is built by idiots and only way to do things right is built new house by yourself.

>>25050228
>go to house store
>buy house
What’s so hard about this?

Anybody here ever use a VA loan? Thinking of using one in a couple years and would like to hear how it went?

>>25050507
Then you realise you can't build it alone.
Then you call your contractor buddies to build it while you inspect it 24/7

>>25050575
Virgin Assistance??? I can own a home?

>>25050228
I've bought 4 houses. It's easy. Mostly annoying because every bank, govt, everything has all of the work done by roasties who are slow as fuck. It just takes forever because the are so fucking stupid. Also they will fuck up all of the financials and you will double pay on many things unless you go through everything and prove they are fucking morons.

>>25050440
you're actually a dumb idiot if you think you made good choices

>>25050622
I used all my virgin assistance for my car anon.

>>25050228
no because that money could be in btc
if you have to buy a house, borrow money to do it. Absolutely stupid to do it with cash

>>25050656
nigga y u hatin

>>25050440
It’s crazy to think people jerk themselves off this much, like bro go do some push ups or something productive

Paid cahs for my house. (40k farmhouse) It wasnt too complicated.

>>25050684
why the fuck would you borrow money for a house if you could just buy it outright. average interest on a $300k house is $12k. retard.

>>25050440
Sounds comfy. Some hating ass negros here.

>>25050848
Ngmi

>>25050228
Wait til you try and sell!

Just know what you're buying. Every house has issues, keep in mind what you can and cannot change about the place.

>>25050575
People love the VA. It's easy and no down payment or PMI.

>>25050848
less money to put into btc

>>25050857
Thanks anon. I do feel pretty comfy since my mortgage payments are 10% of my monthly salary.

>>25050440
>NOOOO YOU'RE SUPPOSED TO STAY A RENTOID AND WORK FOR $8/h THEN GET EVICTED AND COMPLAIN ON PLEBBIT WHY THE US NEEDS SOCIALISM

>>25050440
This is part of what has moved me. The same houses I looked at on Zillow, etc. at the beginning of college vs now (post-grad school), the prices have just increased a retarded amount and I've looked on the inside and of them and it looks like a feral pack of animals live in these places and have done 0 maintenance yet are still listing their home at large amounts vs. what they are worth.

>>25050575
If you in a competitive market, expect to struggle getting you offer accepted because sellers prefer waived inspections, more cash, etc. If you aren't in a competitive market it's usually as good or a bit better than standard nonjumbo loans

>>25050848
>doesn't know how 30 yr mortgages work
>doesn't know about monetary policy and inflation
>doesn't know what opportunity cost is

NGMI

>>25051152
Almost forgot:
>doesn't know mortgage interest is a tax write off

>>25050228
What's stressful is knowing the house costs twice as much now versus 10 years ago for no good reason, and knowing it was already overpriced back then too. And then knowing (in my current market) that you have to offer 5% over listing for literally anything to have a chance at nabbing it.

Paying a 5-10% premium on a house that someone is already asking 300% more than what it is worth for. And sacrificing a down payment that could be making gains in stonks or crypto. The manic FOMO energy from all the other buyers, the smugness from all the realtors. Probably 2/3 of realtors' cars I saw at properties (guys viewing before us, or coming after us) were brand new teslas. They're fucking rolling in commissions right now. It's hard to house shop without feeling like the greatest fool right now. This is all even though I'm 90% sure housing will continue to just go up forever 10-15% annually because our government would sooner destroy its own currency and send 50% of its population out on the streets homeless than do anything that would ever make property affordable again.

>>25050848
I really don't know if people are as dumb as you are. I paid cash for my house because I had money but not a credit rating. But if you pay a small amount of interest, a loan is a good idea. Let's say your mortgage is 3% a year. But you can make a 6% return on your money if you invest it. 6 is bigger than 3. See where I'm going with this?

>>25050228
you gotta build your own house man, do the proper checks on land and cost it out with a 50% run over cost safety net for the build

>>25050945
lmao at this landlord cope. eviction moratorium extended until end of jan 2021. Biden going to extend it or be seen as the one who put 25% of the country and mostly his voters out into the winter street. Imagine actually paying for the place you live. Everyone smart is stealing the place they live for the past year, with the government backing them up. no need to go on reddit and shill socialism, we’re already living in it.

>>25051192
>This is all even though I'm 90% sure housing will continue to just go up forever 10-15% annually because our government would sooner destroy its own currency and send 50% of its population out on the streets homeless than do anything that would ever make property affordable again.
This is what I fear too.
By the time I have become a millionaire, the Dollar will be so worthless that it won't even be enough to buy a shitty apartment in the most rundown part of the city.

>>25050228
I'm just looking for a condo somewhere other than the U.S. for tax and lifestyle purposes. I have enough and I'm making enough that I could buy one with straight cash. Just ball-parking it in my head the money I save on taxes if I moved to the right place would also pay for the damn thing. I just don't have the slightest clue about this process. I wish it was as simple as buy the place, move my essential shit in, resume work.

>>25051002
Most of the houses right now are way too overpriced, we will see a correction. Nobody is going to be buying houses this spring.

>>25050575
Great. The $50k I would have needed for the down payment, I put into crypto instead. I bought a new home from DR Horton so they didn't mind VA loan at all because they're just trying to move product. Not sure how a traditional seller would feel about it though.

>>25050440
You dutch? Sounds like a typical dutch person

>>25050228
Yes, what’s stressful about it. Get pre approved, go look at homes, decide one, pay your downpayment, move in, it’s easy. Your realtor and loan company handle all paperwork, you just show up to sign at closing.

>>25051362
This isn't a bad idea, but its still cheaper to buy one that's already been built. Also depending on where you build it. If you build it outside of a city or developed area, you're going to have to pay extra for utilities, a water well and septic system. That can easily cost 100k or more. Tack the land cost and house on top of that

So my dream for the last 10-15 yrs has been to leave the rent treadmill and buy a home. Ive done phenomenally fucking well this year and the dream is within reach. Only now i'm thinking if I do the same thing next year that I did this year I can buy an amazing home instead of an ok one, and pay it off cash.

What do you think I should do lads? 75k home this year or 150-200k Bitches pad next year?

Lol, seems like I found a Gem on uniswap, BASE and Rebase show fantastic results, but you will stay poor tard

It's more annoying and tedious than stressful. Just tell yourself that you'll have a good that is/will be yours and yours alone

>>25051814
why not take a mortgage rather than pay it off?
if the interest is say 4%, just take the remaining that you would have used to pay in cash and invest in something that yields more than 4%
debt is your friend if used wisely

>>25050228
It's only stressful when you raise your expectations to unrealistic heights because you're looking at what others are doing and following suit.
I'm seeing people left and right bidding 30-40k over the asking price in a fit of FOMO just to get their "dream house" which isn't even that great. Now they're shackled to insane mortgage fees for the rest of their livesa and have little financial room for changes.

We just bought a modest but adequate house at 50% of our max mortgage. Planning on paying it off in 10 years, we'll both be working 2-3 days a week and enjoying financial freedom. While others keep working fulltime to pay off their dream house with 12 bedrooms that they'll never have time to enjoy.

>>25050228
Yes it is and if it seems that everyone has their hand out wanting money from you, you are correct. Don’t let the slow waiting and sudden fast pace get to you. Make sure you understand everything that is going on. Remember most your profit is made at the purchase not when you sell.

>>25050575
VA loan is crap if you have good credit. Shop around for something better if you can.

>>25051750
I am. Not hard to guess since we're the only one that call it social rent.

>>25052047
You have to compare the risk adjusted return. The mortage is a risk-free rate and it's due monthly, whether or not you're in a dip.

>>25052047
I dont do interest, lad. I pay shit off asap, im old school like that. Either I own it or I dont. Heard too many horror stories.

>>25050729
All in btc 6 years ago. Compare the results of that to one shitty house and a wage slave job

>>25052392
I get it. I used to think that I wanted to just pay off the mortgage but then seeing what I could get in rent from a guest house = cash flow over the mortgage payment. So I put in as little as possible up front.
Allowed me to buy a shit ton of linkies that have appreciated way way more than real estate.

You think it's bad OP? Try buying a house when you're constantly going out to sea and documents need to be signed and email barely works so you give power of attorney to your boomer parents to sign documents in your name after they completely fucked themselves buying their own houses and are now permanently in debt.

It worked out in the end, and it wound up being a fantastic investment, but that shit was fucking stressful.

>>25051661
Eh, maybe. If we see a wave of evictions and foreclosures once the moratorium is over, I'm not 100% convinced that we'll see prices universally fall. The types of people who lost their jobs and are in danger of financial distress are typically not the same people who buy nice houses. Low income housing might dip, and maybe some investors will swoop in and pick up the pieces, convert to luxury condos, and jack up the prices, but middle-class people just looking to buy a home probably won't be too affected.

>>25050440
Nice man

>>25053271
What if you quit your job and have mid-high 6 figures in liquid assets with no income? Could you still get a good mortgage or should you buy outright if you can afford it?

>>25051814
>150-200k
This only buys a shit shack where I am from..

>>25053699
Personally, I am of the mind that outright buying is stupid as the opportunity to put that money to work elsewhere is too great. But without a job, it would be tough to get a mortgage (burger speaking here). If that is you situation, I would actually get a job and hold it for a few months to get qualified for a mortgage. Also, get into a property that you can rent part of it to help pay off that bill. Crypto is going up over the next decade, buy good projects with the money saved.

>>25050440
Imagine putting 50% down and not taking record low interest rates, putting the minimum to avoid any fees and investing the rest. You literally threw away your money so that you could have slightly lower payments and missed out on the potential of the greatest bull run in history. Good job.

>>25050848
>avg interest on a 300k house is 12k
these bots are broken

>>25050440
Your house did not double in value , fiat lost half it's value which eventually will cause a communist revolution in which they will seize your house.

>>25053925
Thanks for the reply.
It's my hypothetical situation end of next year.
Have 200k in crypto right now and trying to quit my job asap. Planned on selling most of it next year to buy a house/condo and other investments.
Would a co-borrower help my chances of getting a mortgage with high savings, solid credit and no income?

low interest rate mortgages sound good in theory but for most people it means you have to be a wagie for 30 years and i'm not ok with that. i will pay cash for my first property and then if i need food i will drive for uber for 4 hours

>>25054131
this. mortgage isn't worth sacrificing freedom if you already somewhat made it.

>>25054131

It just means you need income for 30 years, not to be a wagie. Even after it's paid off taxes and insurance will still need to be paid. In 20 years the payment will be miniscule thanks to inflation anyway. Think a little bigger.

>>25054131
Right now you can make more lending or liquidity pooling than the interest on the loan costs so it's free money. If you have the money anyway you can just pay it if the situation changes somehow.
The only reason I bought my latest house cash is because I'm lazy and hate dealing with subhuman bureaucrats.

>>25054096
Not sure but doubtful as many banks want to see income. I have over double you in crypto plus more in a 401 k and I do not think I am near quitting the wage cage. Another x3 and I'll start to think about it. Also, defi protocols should be more robust and you can just stake your crypto, get back returns (hopefully) higher than the mortgage interest rate and then use the crypto interest gains to pay the mortgage. Lots of ways to think about this but the interest rates being so low, it just doesnt make sense to pay a lump sum. Think about this anon. I never liked debt and didnt have a credit card for a long time. Then I got smarter about money and realize that debt can be a powerful tool, jut not for a depreciating asset like a car.
Read about these things and we will all make it.

>>25054735
I've read about it a lot (Kiyosaki, etc.). I get the argument completely. I just don't need that much money to 'make it'. A fully paid off house, minimal liabilities/expenses, and a surplus for paying off taxes/insurance/etc plus investments is enough imo.

>>25054048
Nah, only part of it is inflation. Immigration, off-shore money parking, and many others things play a part in rising values.

99.9% of homes will be valued at near 0 in about 10 years or so, for obvious reasons.

>>25050228
I just sleep in my Lexus.

>>25050228
It’s stressful because the mortgage industry, like the medical industry, is ancient garbage. We have the technology to improve it and yet we don’t.

>>25055573
Which coin is the new mortgage industry going to be built upon?

>>25055374
based af, toyota nr1 cheap running cost

Is the housing market in Europe gonna crash in the next couple of years? I bought an apartment 1,5 year ago in a city with consistent price rises for the last 20 years. I want to sell it in 3 or 4 years and make mad euro profit on it.

>>25053371
This is what I worry about. “Middle class” people will continue to borrow on their futures as much as they can to escape the renter’s hell and will be willing to do so at higher and higher prices as they see things get more desperate around them. Most of the unemployed people were probably not on a trajectory for home ownership anyway. Of course, there are people who can afford homes now that could conceivably lose their jobs, but that number is way smaller than the number of cashiers and waiters that will lose their jobs first

>>25054131
Not sure about that, if you accept the premise of permanent inflation.
>get $300k loan @ 3.4% for 30 years
>monthly payments (including other home liabilities) @ ~$2k
>in ten years the buying power of the dollar halves (at least)
>your monthly is still ~2k, maybe a little more factoring in taxes and insurance
>renters are paying twice what they were 10 years ago
>renters cover your mortgage and then some
Or
>your wages have risen over the last 10 years (if you are smart and hard-working)

>>25051448
based

>>25050440
>apartment
ngmi
hope you enjoy getting ass fucked by hoa

>>25050587
Then you turn out to be just as bad as every other project manager and you end up with a bunch of expensive problems that rear their ugly head mid-build.

Solution: be a carpenter and be a GOD among men.

>>25057720
>wage

Fuck off boomer

>>25059303
>buy house at 28 years old
>work until 38 establishing good investments

Yeah you’re right. Stupid idea. Better to just work at Mcdonalds and bet $40/week in shitcoins

>>25050848
average interest for $300k in bitcoin is $3,106,104 based on annualized returns for past 5 years.

>>25059678
if you started doing this in 2017, and DCA'd in, you'd unironically be better off betting $40/wk on BTC than you would be having bought a house, all else being equal.

>>25051625
Just own a little gold to hedge like 5% of your account

>>25060089
Would that really be enough though?

I've been debating buying a house for the last 4 years. Money is not a big issue. I live near Atlanta and make close to $200k a year. I'm just unsure because I'm single and would be living alone. I spend 99% of my home time in one little section of my one bedroom apartment. WTF would I do with a 2000 sq ft house?

>>25051793
Worth it to not buy boomer bags. Make them suffer for destroying the housing market.

>>25050440
if you put that money in bitcoin you would have made it

>>25060209
You don't buy a house to live in it, you buy one to rent it out