/biz/ - Business & Finance

[Anonymous No.55761096]

I just closed a house for $710k, 6.8% interest (wife really wanted it). Household income is $120k.

I don't feel so good.

[Anonymous No.55761108]

>>55761096
lol, lmao

[Anonymous No.55761112]

>>55761096
>wife
found your mistake

[Anonymous No.55761122]

>>55761096
>$710k, 6.8%
holyfuck is this fixed?

[Anonymous No.55761138]

>>55761096
>$50k interest in the first year on $120k income

[Anonymous No.55761139]

>>55761096
Well at least you get nice, pretty house OP, congrats now you're not a rentoid anymore.

[Anonymous No.55761146]

>>55761139
Yes, now he's a debt slave for life.

[Anonymous No.55761152]

>>55761096
I hope you put at least 450k down on that amount, if the mortgage is for 710k you are screwed

[Anonymous No.55761155]

This time it's different, because the government is importing illegals and stuffing them in houses then printing money to buy the mortgages to keep the securities market afloat. I don't know how it ends, but it's gonna be way worse than just a market crash.

[Anonymous No.55761158]

>>55761096

Congrats anon I am so happy for you to own a house now.

[Anonymous No.55761165]

>>55761158
>own
HAHAHAHAHAHAHAHAHAHA

[Anonymous No.55761242]

>>55761096
Anyone who believes this gay larp is a retard

[Anonymous No.55761269]

>>55761096
>(wife really wanted it)

[Anonymous No.55761293]

>>55761096
In 10 years itll be worth 7.8M, so grats. Remember the deflation of usd will go exponential from here on.

[Anonymous No.55761310]

>>55761293

He's gonna be so rich I agree. Housing market to the moon!

[Anonymous No.55761333]

>>55761310
He wont be Rich per say because the inherent value of the USD will be 1/10th of what it is now.

[Anonymous No.55761365]

>>55761096
>(wife really wanted it)

[Anonymous No.55761377]

>>55761096
Man you should be shopping for a $350k house with that income

[Anonymous No.55761383]

>>55761293
>Remember the deflation of usd will go exponential from here on.

[Anonymous No.55761384]

>>55761096
The nature of women makes them incompatible with a happy life unless you have some options available for mitigating that nature. You clearly don't have those options since you: 1. don't feel good about a decision you made 2. this decision was mostly a result of the influence of a woman in your life and 3. this woman is your wife (implying that you escalated your commitment and willfully threw mitigating options away for this woman which means you have a history of making poor decisions). You are living a life filled with fear mostly generated by the person you've chosen to spend the rest of your life with.

Fear of what will happen if you resist her, but the less you resist her, the more suffering she will bring into your existence because that is how women work at a mechanical level. They keep pushing the limit until masculinity enforces a boundary on them. Whether this plastic surgery, sexual deviance, nagging, resource expectations (time, money, etc.) whatever. They are inherent extremists in the worst way. It's a good thing your wife likes the house you bought, because she's almost certainly going to end up with it while you're renting an apartment a few years from now unless you stand your ground.

[Anonymous No.55761391]

>>55761096
good man houses only go up! in 5 years that house will be worth 1.5 mil with 15% interest

[Anonymous No.55761397]

>>55761096
how tf did you qualify for that!?

[Anonymous No.55761447]

>>55761397
We live in California so this is an average priced house. We put down $180k

[Anonymous No.55761462]

>>55761152
I put down $180k so monthly is under$4,000
what kills me is the interest is going to be almost the same amount as the total price

[Anonymous No.55761484]

>>55761383
Debasement*

[Anonymous No.55761488]

>>55761462
Bro

[Anonymous No.55761511]

>>55761462
> what kills me is the interest is going to be almost the same amount as the total price

Now you know the juicy incentive behind why they will never let real estate crash. It’s just so lucrative.

[Anonymous No.55761560]

All of my married friends would be living in much smaller and less cluttered houses if they didn't have to appease women. Women are the reason house prices are so high, because they need to compete with their friends

[Anonymous No.55761575]

>>55761462
>>55761096
LMAO I HOPE THE PUSSY IS WORTH IT GFCEL

[Anonymous No.55761613]

>>55761462

[Anonymous No.55761620]

>>55761575
its only a $3703 payment!

[Anonymous No.55761623]

>>55761462
the saddest part is i bet this house was made out of cardboard, cheap granite, and shiny appliances

[Anonymous No.55761624]

>>55761620
Lmao i love seeing normies get fucked

[Anonymous No.55761635]

>>55761462
I really do believe that we're going to enter a massive recession and the average household income will drop significantly, leading to mass foreclosures.

[Anonymous No.55761644]

>>55761108
fippy bippy

>>55761096
Shoulda invested in shitcoins instead

[Anonymous No.55761657]

>>55761096
should of gotten into AI and domains, ngmi

[Anonymous No.55761685]

>>55761293
That's true. It only goes up.

>t. Indian

[Anonymous No.55761692]

>>55761635
I think inflation will keep going higher. Lots of families are going to be living together and cost of living in general will go up. Sort of the same thing that is happening to Argentina and their inflation. I am not even sure if Trump can save this economy.

[Anonymous No.55761699]

>>55761657
Slap em together and you got the perfect farm
I will help you fund lp :)

[Anonymous No.55761776]

>>55761096
anon

https://fred.stlouisfed.org/series/MSPUS

[Anonymous No.55761862]

You are truly fucked. Why didn't you stand your ground? My wife has been trying this for the last 2 years and I haven't moved an inch.

>tell her 450k-500k is the absolute max and it better tick off every box
>I'm autistic so I have a spreadsheet of our budgets, spending, trends, saving averages, etc.
>tell her if we buy now there is a high probability the home price will go DOWN aka UNDERWATER. Just wait.
>Her dickhead friends are out in California buying 1M houses during layoffs and are now sweating bullets
>even with all that info the number keeps ticking up
>how about this house it's only 600k
>how about this house it's only 700k
>how about this house it's only 800k
>these 500k houses are ugly

Comparison is the thief of joy. I purposely don't even look at those houses because I know the psychological effect.

[Anonymous No.55761887]

>>55761560
>Women are the reason house prices are so high, because they need to compete with their friends
anon you reek of incel stench

[Anonymous No.55761939]

I make that much and they wouldnt even let me get a 400k loan lol

bro you are spending way too much money

[Anonymous No.55762040]

>>55761462
Nice down payment desu, gotta respect it. That’s 22% more than most these days. Hate to break it to you though, those taxes and insurance rates are suppressed for now. Wait until it gets reassessed.

[Anonymous No.55762172]

>>55761511
Did you see the chart? Shit will go down like a cousin on cousin in West Virginia.

[Anonymous No.55762204]

>>55761887
You reek of being a faggot

[Anonymous No.55762375]

>>55761462
sad
doublt so since you will be kicked out of it and still be paying for it over the 30 lol years duration of that loan

[Anonymous No.55762477]

>>55761462

Decent amount down, but that's still way too much payment for your income, over 1/2 of your after-tax take home pay. What do your other expenses look like? Are you able to cover everything else and still invest some in retirement, have an emergency fund set aside, etc.? What happens if your HVAC goes out, do you have the $5-10k to cover equipment and install without having to take out another loan and go into even more debt? What about $20k for a roof assuming you can't get insurance to buy you a new one if you're able to successfully get a claim for hail damage or another act of god?

Hopefully in 2-3 years rates will come down and you can refinance. But in the meantime, unless you and your wife live very, very frugally otherwise, you probably need to start working on getting your income up.

[Anonymous No.55762496]

>>55762477

Also, you could save a ton of interest by making additional payments and paying off the home early (say in 10-15 years instead of 30). But again, that's probably hard to do when the payment is already such a large portion of your income and there's likely little extra margin in your budget to throw at additional principle payments.

[Anonymous No.55762746]

>>55761096
>wife really wanted it
she should have paid for it herself with her own money

[Anonymous No.55762751]

>>55761096
Ohhhhh wagieeeee
Enjoy poverty.

[Anonymous No.55762852]

you have basically just made yourself house poor, which is the biggest mistake people make when buying a house. they dont actually think about all the running costs a house takes and all the potential maintenance problems. unless the mortage is 1/4 or less of your income, you cannot safely afford it. a house is only as good as the owner's budget and if you cant afford to immediately fix a burst pipe or whatever you shouldnt be a home owner

[Anonymous No.55762882]

>we're actually in 2007

[Anonymous No.55762894]

>>55761096
> wife really wanted it
that's your mistake

[Anonymous No.55762927]

>>55761096
Holy shit, my income as a single guy is 160k and I just recently closed for half a million and I thought that was pushing it.

[Anonymous No.55763077]

>>55761462
Congratulations, the bank owns you now

[Anonymous No.55763108]

>>55761096
You're fucked. I earn $350K and wouldn't take that deal.

[Anonymous No.55763122]

>>55761096
Happy wife, happy life :^)

[Anonymous No.55763123]

>>55761462
if you and your wife have sex once a week you're paying $925.83 per bang

[Anonymous No.55763127]

>>55761096
I can't tell if this is bait or not

But on the off-chance that it isn't bait: are you out of your fucking mind?

[Anonymous No.55763133]

>>55761384
How can I get my girlfriend to stop being annoying as fuck most of the time and to leave me alone? It’s nearly impossible for her to give me more than 30 minutes of free time to focus on things I want/need to do.

[Anonymous No.55763139]

>>55761096
larp or your lender is retarded for even letting you do that

[Anonymous No.55763142]

>>55761139
Except with an income or 120k he’s going to get fucked if ANY unexpected event happens. If he gets laid off, he’s fucked, if the house needs work, he’s fucked, car takes a shit, fucked. Has a kid, FUCKED.
>>55761096
If I were you, I would get intimately familiar with the foreclosure process now. I wish you the best, but that was an awful decision.

[Anonymous No.55763326]

>>55762927
Single income 174k 4b2b 320k 20% down at 2.75%. Monthly is 1300. You guys are both retarded.

[Anonymous No.55763329]

>>55761096
YOU YOU YOU YOU YOU YOU

[Anonymous No.55763342]

>>55761462
>what kills me is the interest is going to be almost the same amount as the total price
AHAHAHAHA OH NONONO
you forgot PROPERTY TAXES
make it 3X minimum

[Anonymous No.55763378]

>>55761462
You bought way more house than you can afford, OP. $3700 a month plus utilities and expenses for 30 years is gonna be over 60% of your take home pay going into your home. Hope you don’t get laid off or have kids during that time. The housing crash is gonna happen once you inevitably foreclose along with everyone else in your position.

[Anonymous No.55763384]

OP didn't do well. But at least he has a nice home for now. Do you really believe they will let real estate collapse? Even if it does everyone needs a home and it will go up again eventually in the absence of some kind of apocalyptic event, in which case nothing matters

[Anonymous No.55763390]

>>55761293
>Remember the deflation of usd will go exponential

[Anonymous No.55764245]

>>55763384
idk what might happen but I do know that mortgaging is always better than renting especially when the housing crash is this slow

[Anonymous No.55764290]

>>55761096
I really hope this is true. We are so close

[Anonymous No.55764579]

>>55761887
he is literally correct

[Anonymous No.55764590]

>>55761096
It's a new paradigm, and everybody who doesn't buy, now, will be priced out forever. Anybody who does buy will be rewarded with a lifetime of riches, as their home will continue its 30% annual price increase.

Renters, and anybody born in a future generation, will not be able to afford a $10,000,000 starter home in 15 years. They will live in tent cities, and Hondas.

This asset bubble is different than all of the others - it will never slow down, or pop. The gains are permanent.

[Anonymous No.55765455]

>>55761096
>Wife really wanted it
And yet you acquiesced. Let this be a lesson to other anons in this thread: before you marry, make sure you have a stiff wrist.

[Anonymous No.55765680]

>>55761384
Just dumped a chick over this very thing. Her expectations:
>you will not tell me no when it comes to going out.
>I don't care if you spend $1000/month on food alone.
She legit thought I was being cheap when I told her I wasn't going to pay for dinner every single night.
Friday/Saturday? Sure. But 10-15k just in dinner and then throw on top vacations and all the other bull shit?

[Anonymous No.55765683]

>>55761096
>$710k
>income $120K
you know what. this is fine
in 10 years that home will be worth $2M
does anyone reasonably think this will not be the case?

[Anonymous No.55765698]

>>55763123
I never thought about it this way lmao. Maybe when Trump takes office and starts bitching at the feds to lower rates you can refinance OP

[Anonymous No.55765733]

>>55764590
This but unironically. Millenials are all about to inherit extra homes from their parents over the next 10-20 from their boomer parents and will never have a need to work again after that just renting the houses out to poor zoomers and their predecessors.

[Anonymous No.55765958]

>>55765733
Boomers will sell the house and spend the money on assisted living in their final years.

[Anonymous No.55765960]

Is it possible to get a mortgage without income or should I just wait for crypto to moon again and buy with cash?

[Anonymous No.55766033]

>>55765960
Of course you need income you should google those kinds of questions yourself cuz that was pretty embarrassing to read

[Anonymous No.55766084]

>>55766033
Whatever

[Anonymous No.55766116]

>>55761377

Nigger in that case what should the average person be doing? Like me with $50k/yr. Guess foreveralones are doomed in more ways than one.

[Anonymous No.55766164]

>>55761462

[Anonymous No.55766181]

>>55765733
My parents own property in which I rent from and they are starting to have panic attacks over health concerns

[Anonymous No.55766314]

>>55761096
My household income is almost $200k and I would think twice about buying even a $500k house with $150k down. You're fucked

[Anonymous No.55766454]

>>55761096
>I just closed a house for $710k, 6.8% interest
lmao he bought high
>wife really wanted it
lmao he bought high

You could have bought newer, cheaper, higher quality versions of both of these assets if you had just waited

[Anonymous No.55766510]

>>55761462
>$1000 a year home insurance on a $700k home
>In anno Domino 2023
I think not

[Anonymous No.55766683]

>>55761462
>bought 1 house for the price of 2
rough

[Anonymous No.55766708]

How much was your down payment. How did they approve you for a mortgage that large on that salary?

[Anonymous No.55766721]

>>55761096
Yep you did an oopsie for sure

[Anonymous No.55766984]

>>55765958
this is truly what is going to happen. (((house))) always wins

[Anonymous No.55768057]

>>55766721
>this is like 2008-12
>ignore 1991-95, that doesn't fit my narrative, even though interest rates were the same as they are now

[Anonymous No.55768100]

>>55761096

[Anonymous No.55768290]

>>55762172
>retard nick
its john stupid fucking moron

[Anonymous No.55768308]

>>55761146
Worse, when the marriage starts to get hard after she gets a kid out of him shes going to take the house

[Anonymous No.55768313]

>>55761112
This. My wife is the worst person I know. I hate her.

[Anonymous No.55768377]

>>55761096
just pay it down early
>>55766721
>bro just spend 25k every year renting for the next 6 years waiting for house prices to bottom

[Anonymous No.55768379]

>>55761138

[Anonymous No.55768401]

>>55761096
>>55761462
RIP your financial life

[Anonymous No.55768792]

>>55762882
tl;dr - not quite, will be there in a year or two.
https://fred.stlouisfed.org/series/CSUSHPISA

depends on effects of rate hikes.
inflation's up 1.77x since 2000, home prices are up 3x (from an index point of 100 on 1/1/2000 to 200 on 4/1/18 to 300 on 4/1/23), so we're due for a reversion to the mean, but 2008 was an even sharper run-up to an index of 184 in 3/1/2006, an 84% increase in only 6 years. we've had about 50% in the last 5, so there's probably another year or two before we hit an index point of ~370-400 at which point we'll quickly revert to the mean.
i intend to remain invested fully in the market until then to reap the gains and am still investing now, but if that growth rate continues unabated you bet your ass i'm selling the moment we pass the 75% / 6 year backtested growth rate.

[Anonymous No.55769141]

I hope this is fake.

[Anonymous No.55769169]

To be honest Lui's ATM comment just made me like her even more, it really triggered my findom fetish.

[Anonymous No.55769230]

>>55765680
Smart guy. No pussy is ever worth the money no matter what

[Anonymous No.55769257]

>>55761333
>per say
These are the people giving you financial advice

[Anonymous No.55769282]

chill just wait for the next bubble if u want to sell it. it will still go up in value compared to fiat and lastly a house is a place to live first of all and investment last.

if u have a wife and 120k u clearly made it so stfu bitch

[Anonymous No.55769283]

>>55761384
i actually had a girl that was really good about nearly all of this. she was mid af tho. ah sometimes i miss her. amazing ass, truly.

anyway, i think you guys inadvertently seek these kinds of women out over and over and then bet butthurt when the same bullshit keeps happening

[Anonymous No.55769464]

OP if you bought this house in san diego or OC, you should be fine. if in LA or SF then you are probably fucked depending on what part and demographics. are you in an area with lots of whites and asians? if so you'll be fine.

[Anonymous No.55769528]

>>55761155
hold precious metals in any case

[Anonymous No.55769566]

>>55761887
im a rentoid in germany,gf and me rent for 580€ per month
she wants a nicer and bigger apartment and i said no, ( shes in uni and i work, i earn more currently)
she whipped out the "argument" her friends all rent for 1000€ per month

[Anonymous No.55769693]

>>55761462
>I got
>I put down
what did your wife put down, and what is she contributing?

[Anonymous No.55769809]

>>55769566
haha that's insane. She wants to rent so she can get financially wrecked

[Anonymous No.55769812]

zoom out.

[Anonymous No.55769828]

>>55769693
>what is she contributing?
cold beef roasties

[Anonymous No.55771112]

>>55763326
Where?

[Anonymous No.55771119]

>>55768313
Why? Your fault for not noticing the red flags.

[Anonymous No.55771161]

>>55761155
this

[Anonymous No.55771187]

>>55761462

[Anonymous No.55771216]

uh oh stinky

[Anonymous No.55771231]

>>55761293
just aped into 2 more houses sir

[Anonymous No.55771247]

>>55761462
oh my god

anon, just... why
tell me this is inspect element. You are on biz so you should know what a colossal mistake this is

[Anonymous No.55771322]

>>55761462
Goddamn shit is fucked. You way overbought buddy.

[Anonymous No.55772020]

>>55761096
I bought a house for 550k and refi'd to 2.5% interest. It's now worth 750k. That's my rental. I live in a 500k home I bought for 400k at 2.7%. If you get a good entry point real estate is comfy as fuck. Basically like any investment.

[Anonymous No.55772041]

>>55761096
Also the problem with your chart is it's an absolute bold face lie that CPI is not mooning like crazy like now.

[Anonymous No.55772164]

>>55765683
Depends on how diverse the area becomes

[Anonymous No.55772176]

>>55761096
how hot is your wife and how fast will she depreciate? you might end up okay

[Anonymous No.55772199]

>>55761384
High IQ

[Anonymous No.55772224]

>>55761096
Something I’m hearing homeowners complain about is how high property taxes are now thanks to our inflated prices. In my area I know people paying over $12,000 a year in property tax alone now, let alone record insurance prices. What a fucking scam.

[Anonymous No.55772227]

>>55761462
>$3700 mortgage
>30 year term
>100% total interest
Anon….I……..

[Anonymous No.55772235]

>>55769283
>make general observation about female nature
>NAWALT!!!

Every time.

[Anonymous No.55772581]

>>55764245
kek. 180k downpayment would be worth 1m in a crypto market in 2 yrs max

[Anonymous No.55772608]

>>55761096
>wife really wanted it

Shit test status: FAILED

Children want things, anon. That doesnt mean you buy them every toy or every piece of bubble gum either.

[Anonymous No.55772622]

>>55772235
yeah because i value my life experience more than your bereft diatribes. if you want a hive mind take it to reddit faggot

[Anonymous No.55772665]

>>55761139
Dont forget he has to pay rent on that house or his landlords will kick him out...
Shit, I mean, he has to pay property tax or the government will kick him out.

[Anonymous No.55772737]

sometimes i think if maybe being a cuck is the ultimate solution after all
think about it, you get a bunch of pluses (an emotional support, a way to pretend you've got a partnet in front of parents, maybe some blowjobs here and there) but at the end you are sharing the risk with the bull, actually the bull is more at risk because he needs to keep up his performance in various ways to secure the easy pussy. Since the bull is just a sexual partner he's at disadvantage for everything else, he'll need to buy presents, take the wife out, seduce her, keep her interested in him. He takes all the active effort to fuck the pussy, while I may not fuck the pussy, but I'm only putting a small fraction of the effort.
Wife wants a house? Let the bull buy it for her because I won't. If she wants to leave and marry him instead then godspeed - i will have cut my losses after a very minimal investment, cuckholding is the low-risk low-reward to life.
If you think about it this way it's like the passive index investing of romance. Everyone and their mothers do it in the stock market because it makes sense, why not apply it in real life too?

[Anonymous No.55772747]

>>55761096
This is a joke, right?
>t. $125k/year salary, single, and I wouldn't consider anything over $300k if I was stretching, but in reality I probably wouldn't go over $200-250k (but I already own a house outright so I don't need to make poor financial decisions like taking out a mortgage at historically high interest rates & historically high prices when the economy is contracting)

[Anonymous No.55772761]

>tfw bought a house at end of 2020 and got a 30-year fixed mortgage at 2.375%

Feels good man. Also, my house has gone up in value quite a lot.

[Anonymous No.55772776]

>>55772761
>feels good to be a normie midwit entrapped by bankers for 30 years while my home depreciates in value due to boomer die off
you would have to be mentally ill to fall into that b8 knowing what is coming, demographically. the jews played you like a fiddle lol

[Anonymous No.55772805]

>>55761096
Just make sure you got that home warranty coverage. Will save you thousands in unexpected costs

[Anonymous No.55772846]

>>55761462
Makes sense picrel

[Anonymous No.55772867]

>>55762477
>>55762496
Shut the fuck up disgusting boomer

[Anonymous No.55773006]

>>55761384
What does it mean if I read this post and realized it describes my relationship with my mother?

[Anonymous No.55773176]

>>55772776
I live near where the Micron chip plant is being built in upstate NY. Blocks away from it. My house 1400 sq. ft. house went from $160k to $260k. Houses in my neighborhood are getting the same increase in value. Wouldn't be surprised if it hits $350k in a year. Not my problem that you didn't buy a house near where the US govt is dumping billions of dollars.

[Anonymous No.55773203]

>>55773176
>upstate NY
LOL
>t. owns multiple single family homes in the most expensive suburbs in the nation

[Anonymous No.55773248]

>>55773176
listen i hope you do succeed in your RE investment but why act like a faggot/kike sniving on the internet to put others down? I have literally 10x the value of ur portfolio in housing, but I don't want to mock u for it. I don't think it is a good time to buy right now with literally historic low inventory, when the only way for inventory to go is UP. buying a house right now is like buying the top of an illiquid shitcoin rugpull. prices are only propped up by the low inventory/transaction volume

[Anonymous No.55773282]

>>55761462
None of this matters unless it's your forever home or you're dumb enough not to refi when rates drop again.

[Anonymous No.55773298]

I hope your wife's son likes the house too.

[Anonymous No.55773333]

>>55761384
>it's the woman's fault
Men are so weak it's unreal.

[Anonymous No.55773350]

>>55761096
At least your wife has a nice environment to spend time with her bull while you're at work

[Anonymous No.55773945]

Well at least I don’t feel so bad about the ursury I had to become involved in now. I needed a car really bad because my old one was shit so I got a loan for 12,500 and I’ll end up paying 28,000 all said and done. I might go back up to the oilfield this winter and stay up there until I pay the loan off, probably take me 3 months. I’ll never come out ahead on the interest, but the car I bought should only appreciate (JDM classic Subaru.) I wish I could’ve been approved for a loan for the 2 door version of my car but it’s fine.

[Anonymous No.55774015]

>>55766181
How many doses did they take

[Anonymous No.55774032]

>>55765733
In some of the priciest real-estate markets, home ownership has almost become a type of "bizarre feudalism" in which the only way most people can afford to buy a home is if they receive an inheritance or other forms of financial support from family members.

If your parents were well off and had a paid-for home that escalated greatly in value, then you too can have a home. But, by the way, all of you people whose parents didn't own a home, I guess your destiny is a lifetime of serfdom. You will never own a home.

[Anonymous No.55774466]

>>55774032
>You will never own a home.
If your parents didn't make it in the USA in the 50s-80s then you are a weak genetic line and of course you will never have a home.

The logical conclusion of "how good boomers had it" is that if your parents are boomers and don't have a house, they were total losers and NOTHING was going to help them.

[Anonymous No.55774494]

>>55761462
>I did all this for one piece of ass
it's over, she's going to fuck chad, divorce you, and keep the house while you pay it off

[Anonymous No.55774638]

>>55772776
that's some top notch seethe. A+. Rents due, faggot

[Anonymous No.55775890]

>>55761096
If you think you will be employed in 3-4 years with a job to make that payment, you are literally retarded.

[Anonymous No.55775958]

>inb4 OP's wife divorces him in 2 years when she sees how broke they are and forces him to pay her alimony on top of everything else

[Anonymous No.55776382]

>>55761862
like John Stuart Milne said, the very act of asking yourself "am I happy?" makes you unhappy. So with coveting bigger and better things. The very act of looking at what you have and asking "is this good enough?" will render it not good enough. Resolve to be content in whatever lot you have and by gum you will be. Works for me anyhow. As for what you trade away by upgrading to the Jones' level, see picrel.

[Anonymous No.55776407]

>>55776382
and now the the ants are attended to, here's one for the big folk

[Anonymous No.55776505]

>>55766164
Kek

[Anonymous No.55776519]

>>55761462
You do realize that you have just signed your personal bankruptcy... Right? No way you will pay that back. Shits gonna hit the fan sooner or later

[Anonymous No.55776584]

>>55762040
This. Respect and also prepare your ass. On my 365k place, taxes jumped from 985$ to $4350 when it was reassessed. And since they didn’t turn it over right away I owed like 6 months of overdue property taxes on day 1 of the reassessment. Hope that place is new, if not you have a year to prepare or maybe flip it quickly.

[Anonymous No.55776661]

>>55766116
1: Find a house for less than $150k.
2: Keep your TOTAL monthly expenses under $1200.
3: Invest everything you can into VTSAX.
4: Use tax advantaged accounts (401k,Trad IRA, HSA) to keep your AGI at exactly $19749 so that the savers credit covers all your income tax liability.
5: Put $5349 of tax free money into a Roth IRA

Congratulations! Your savings rate is 63%. You attain financial independence in 10 years. Alternatively, You can replace your current gross income completely in 15 years with investment income.

[Anonymous No.55776678]

>>55761096
>inflation
A better comparison would be money supply. Houses don't become overpriced because big screen TVs are bigger or your computer has more GHz, inflation, or at least CPI is irrelevant here.

[Anonymous No.55776761]

>>55761776

[Anonymous No.55776794]

>>55761862
Women are the best spenders. This is one reason why they will never get women out of the corporate workforce. Women spend ALL of the money they make. If women spent money like men then Lululemon, Starbucks, and houses would not be worth nearly as much as they are currently. If you take a minute to think about it. The men in the past who were successful enough to breed were the savers. Any man who used up all of his resources on himself and never saved for a rainy day would not breed. Men who were successful got women because other men would marry his daughter to a successful man. Now successful man to a man does not mean the same thing as a successful man does to a woman. A father will see a man who is diligent, saving, and consistently able to provide as someone good for his daughter. Women see successful as when other women are with another man or he is extra wealthy.

[Anonymous No.55776806]

>LARP
>you put down 300k

t.underwriting analyst max approval with 800+ credit for a 120k income is 425k at 8%

[Anonymous No.55776813]

>>55776761
you aren't wrong today because of the bubble. typically paying someone elses mortgage, aka rent is a smooth brain move.

[Anonymous No.55776898]

>>55776661

My rent is $1600 and my car is $300.

[Anonymous No.55777292]

>>55766721
you can tell this board is crypto poisoned when niggas keep trying to do baby TA on national indexes for a very regional asset

[Anonymous No.55777569]

God I fucking hate florida so much. The only decent and affordable houses are all in 55+ areas. The game is literally rigged.

[Anonymous No.55777996]

i live to read threads like this.

[Anonymous No.55778056]

>>55772846
yo dude, can you please contact me?

bills (at) midtown.consulting?

Im appreciate you for posting this chart - I live in DeKalb and Zone 5 (Midtown) and would love to have a chat

[Anonymous No.55778081]

>>55761096
how much did you tip?

[Anonymous No.55778284]

>>55761096
>wife really wanted it
>wife

[Anonymous No.55778563]

>>55765958
Seen this happen every single time when somebody passes away from old age. None of the boomers wanted to take care of their parents. House got sold and nursing care was 7k per month. You can choose to take care of your parents for years changing diapers, bathing and dealing with their dementia and keep the house. Most people aren’t cut out for it. Can’t blame them.

[Anonymous No.55778577]

>>55761096

[Anonymous No.55778582]

>>55761096
>wife really wanted it
Say "woof". Good lapdog.

[Anonymous No.55778631]

>>55761096
>$710k house
>6.8% interest
>$120k income
doubt

[Anonymous No.55779250]

dude just quit paying someone elses mortgage through rent and you'r all weeping about it.

congratz mate, you have a roof over your head.. If it doesn't work out you can always sell it for twice the price in the coming years.

[Anonymous No.55779414]

>>55779250
Nope, now you’re just paying mortgage to jewish bankers. Don’t forget the tip(interest)! The only way you’re not still a rentoid is if you own your home outright, and even then, you’re still a rentoid to Uncle Sam.

[Anonymous No.55779455]

>>55776898
That seems like a choices problem.

[Anonymous No.55779489]

>>55779455
My mortgage is 600. Utilities adds 200 to that. I paid cash for my last two used cars. Make better choices.

[Anonymous No.55780215]

Do you have children? Why do you need a home presumably that large, if not? And if you DON'T have children, why are you instead wasting your money on an expensive house so that you now can't afford them?
Blame yourself for agreeing to go along with it, it's at least 50% your decision.
Does she work, if not looking after kids? She's happy to pay her half? Me and my husband make SENSIBLE financial decisions together, there's no weird spoilt brattiness. I seriously don't understand how you men end up in, and tolerate, relationships like this. Grow a fucking brain and stop being led around by your monke dick.

[Anonymous No.55780228]

I enjoy we've been clowning on this guy for like 3 days.

[Anonymous No.55780249]

>>55765958
Yeah, I fully expect all of my parent's net worth to be put into supporting them when they are completely incapable of looking after themselves for 10 years. I doubt any of their life's hard work will be passed on.

[Anonymous No.55780320]

>>55773333
Pls be in Virginia

[Anonymous No.55780354]

>>55761096
what the fuck is wrong with you?
you cant possibly afford that
I make 3 times what you do and cant possibly afford a 700k house

[Anonymous No.55780439]

>>55780228
it's still better than renting.
He would spend at least 840k not accounting for inflation on rent for those 30 years.
Now he's paying 700k in interest over those 30 years.
Subtracting the possible rent from the possible interest, it means he saves at least 140k.
And that's not even counting the possibility to refinance to 0% interest or the rising house prices in the future

[Anonymous No.55780501]

>people only now realize most new home owners are going to be paying close to double their loan
this is the sole reason I think this shits not sustainable
it's just too ridiculous and the only thing keeping the balloon hot is the hopium they will return rates back to near zero in a year or two when inflation cools down

[Anonymous No.55780512]

>>55780501
Even if this is not sustainable, ITS STILL BETTER THAN RENTING. Because you still profit a slight bit and at the end you might benefit from house prices rising further than this.
Just read this >>55780439

[Anonymous No.55780514]

When and how can we expect rates to go down, what is FED waiting for

[Anonymous No.55780526]

>>55780512
>what is opportunity cost
I have rented all my life and am far richer than any "home owner" I know, including my parents

[Anonymous No.55780528]

>>55780512
I rent for 12% of my net which is much preferable than taking out a mortgage now with these insane prices

[Anonymous No.55780537]

>>55780514
they're waiting until their friends have closed their short contracts and bought all the assets they want for the next round of inflation

[Anonymous No.55780583]

>>55780528
>>55780526
A mortgage is still more profitable because they don't let you take out these kinds of insane loans for other stuff.
they don't give you 700k based on a 100k income unless you're already rich or son of a venture capitalist or some other guy with connections.
A mortgage is a leveraged long position that you wouldn't have otherwise. People who don't have debt will always be poorer on average than those who do.

[Anonymous No.55780635]

>>55780583
>700k based on a 100k income
you are vastly overexaggerating how much mortgage you can get for that income

[Anonymous No.55780647]

>>55763326

timed the market and worked well for you, people still need housing and not pay the Jew landlords though

[Anonymous No.55780752]

>>55763326
2.75 is high for someone gloating. should be 0 if you got in 2015

[Anonymous No.55780862]

>>55761462
I hope she does anal

[Anonymous No.55780889]

>>55776806
what a brazen lie

[Anonymous No.55780922]

>>55780635
why do you think this is a bubble?
of course you can get 700k with that income

[Anonymous No.55781002]

>>55780922
you are either a child or never have actually even tried to get a mortgage.

[Anonymous No.55781004]

>>55761462
bait

[Anonymous No.55781017]

>>55780922
>why do you think this is a bubble?
low inventory -> low market liquidity -> prices propped up by artificially low supply. same concept of a shitcoin rugpull.

[Anonymous No.55781162]

>>55761692
Inflation isn't the problem, it's the economy. If the economy retracts hard then there will be foreclosures, but hedge funds will come in and buy this properties. The monetary debasement is why wealthy are buying real estate because it's seen as a safe haven. Hard to say what's going to happen but the Fed has done enough damage, it just hasn't played out yet.

[Anonymous No.55781473]

>>55781017
>>55781002
>you're wrong! people are buying houses with CASH!!
>repeats msm propaganda and likens it to his crypto scams
you are beyond retarded

[Anonymous No.55781949]

>>55780439
retard

[Anonymous No.55781962]

>>55761096
>that income to debt ratio
How did you even get approved nigga? I bought a 300k house at 4% with 200k income and I STILL felt like I was barely buying within my means.

[Anonymous No.55781997]

>>55768057
>>55768377
>>55777292
retards

[Anonymous No.55782339]

>>55761462
>2053
Fucking kek, at that point the US will not even exist as it currently is anymore.

[Anonymous No.55783272]

>>55761462
Can someone explain for a sub 60 iq retard. If he bought a 710k home, mortgaging 530k at 6.8. wouldn't the interest be just 36k, and total cost is 746k? How does a 6.8% rate take the total cost over 1.3m on a 530k mortgage? Makes no sense, math isn't mathing bros

[Anonymous No.55783301]

>>55783272
Night school my dude

[Anonymous No.55783368]

>>55783272
>what is compound interest

[Anonymous No.55783393]

>>55771119
This. People bitch about their wives and girlfriends as if they had no choice but to stay with them.

[Anonymous No.55783708]

>>55780752
only institutional investors were receiving loans at 0%
joe and jill got 2.5%

[Anonymous No.55783837]

>>55761096
the US is 4 million homes shortage. Home values won't drop until we build our way out of it.

[Anonymous No.55783838]

>>55783272
Hebrew Tricks, my unwise fren

[Anonymous No.55783859]

>>55761155
It ends in race war

[Anonymous No.55783878]

>>55781473
dude did you reply to the wrong person? wtf r u talking about?

[Anonymous No.55783886]

For honest reference, I make about 200k per year and with a 20% down payment and 7% mortgage I can afford a house with a sticker price of about 550-600k without maxing out my budget.
If OP is true, he is fucked.

[Anonymous No.55783970]

>>55780439
>>55780512
Anon, buying the top means dead money in an illiquid asset for over a decade. If you bought the 06 top, you didn't break even nominally until 2017. If you factor in inflation, you'd break even at the 2020 top, and that's if you believe the CPI numbers. If this is real, it is the worst mistake of his life and may God have mercy on his soul.

[Anonymous No.55784012]

>>55783970

lol lmfao. But here the good thing at least he owns a house now.

[Anonymous No.55784029]

>>55783272
Can't tell if bait but interest is yearly not 1 time. If it was 1 time everyone would buy a house regardless of rate. The idea is if you pay more principal+yearly interest(the 746k part) on a yearly basis than you obtain in interest(36k a year) then the cost goes down. For instance if you paid 46k in that first year, you would then being doing interest on 700k, which would be less. Most of the time you have a mortgage is spent paying interest until it finally inverses and you pay more principal.

[Anonymous No.55784096]

>>55784012
This thought experiment gets even worse. Imagine if you threw $180k in the S&P at the same time as buying the 06 top, $120/share. Not only would you recover about 5 years sooner, but you would have gotten dividends while bagholding, to the tune of $27k! By the time the house price recovered, the $180k would have about doubled and you would have received about $60k in dividends total. My math is obviously loose and fast here, but that just illustrates what a nightmare decision this is.

[Anonymous No.55784192]

>>55776898
Bro is that in USD? Your car and rent cost as much as my monthly expenses for everything.

t.comfy townhouse owner

[Anonymous No.55784512]

>>55763077
mortgage translates to "death hold" did you know?

[Anonymous No.55784623]

>>55768792

I’m 33 and make six figures, have retirement accounts, and desu I don’t know what the fuck to do in regards to buying a house. Maybe I’ll just rent in a few states I’ve wanted to live in for a few years, then when the country collapses I’ll go live in Malta or something.

Anyone else just confused as fuck where to buy right now? I’d like to stop being a rentoid but not if I end up like OP

[Anonymous No.55784638]

ok homo

[Anonymous No.55784778]

>>55780228
hes about to clown himself for 30 years he can handle 3 days

[Anonymous No.55784905]

>>55773282
>refi

He better hope the value doesnt drop or refi is out of the question as he would need more cash at the closing table which he wont have making $120k.

But lets be real thats only a short term problem. They are never going to let housing crash. That piece of shit house you just bought OP will be worth a mil by 2030. Of course you’ll be divorced and wont live there anymore

[Anonymous No.55785032]

>>55784029
I see, I had a hunch it was like this but wasn't sure. Thanks bro. So if the rate or loan is too high, you can just end up paying only the interest amount, not even covering the principal? So even with payments your overall amount goes up indefinitely? That's fucked, basically a slave contract. No wonder charging interest is banned in Islam.

[Anonymous No.55785076]

>>55763133
You get a new one without dependency issues. Had the exact same problem with my last ex, would try to call me 24/7 when I wasnt working, I eventually just stopped answering her calls. One time I was in a class and couldn't answer my phone and she called me 5 times and blew up my phone asking what was wrong and if I was ok.

[Anonymous No.55785142]

>>55761096
>wife
gas yourself you insufferable faggot. shes sucking 10 bbc as we speak.

[Anonymous No.55785221]

>>55761096
I hope for you this is a troll post.
Your wife is retarded. I hope she's hot.
How much did you pay down? How much cash do you have left in savings? I can tell you if you should give that additionally to pay back your loan.

[Anonymous No.55785353]

>>55784623
Same predicament

[Anonymous No.55785375]

crackwhore wife really wants it. should i pull the trigger?

[Anonymous No.55785595]

>>55785032
Worse, in case of a house, there's a deadline on it, so failure to pay principal means you aren't paying off the house and it could get taken away by the lender

[Anonymous No.55785628]

>>55764590
Based Housing Bubble Blog reader
I haven't seen this copypasta in ages. Thank you for posting it, anon.

[Anonymous No.55785804]

>>55763127
it's bait, if it wasn't he wouldn't have put the stuff about his wife

[Anonymous No.55785813]

>>55785375
>tfw no tweaker wife to do DIY home remodeling and overnight appliance repair projects with
why even live

[Anonymous No.55785846]

>>55785375
>Hygeine Rd
Lol not so much

[Anonymous No.55786869]

>>55761146
This. Ppl think owning a house is happiness until they realize the banks own them for 30 years. Like Carlin said, “They call it the American dream because you have to be asleep to believe it”.

[Anonymous No.55786915]

>>55785375
that's 500k and it's in fucking longmont? lmao shit is worse than I thought

[Anonymous No.55787058]

>>55783859
Yes. And while you plebs brawl with niggers I go hunt red birds