you want a REAL answer to your origianl question?
$40k per year.
that's all you need for a $500k house.
$40k per year.
that's all you need for a $500k house.
-
SIG TOO BIG -
I'll say about $100kComment
-
yea, thats what id say too.....Originally posted by Babagirls
$100k/year (after taxes)
gfynicky @ gmail.comComment
-
Buy a fixer upper in a really good area...
I got my place ( 3 bed + 2 bath ) for $97k in 2001... The houses in the development across from mine are starting at 700k.
My neighbors have listed there places that are similar to mine for 150k+ and they have SOLD in weeks, its a fucking insane market currently.
500k house better have historical value or really choice land.
500k house, you'd better be making 175k for the costs that will come with the lifestyle *OR* the costs of a rual location.Last edited by Herb Kornfield; 11-01-2004, 05:04 AM.Comment
-
I'm not reading this entire thread and I'm sure someone else has already posted the same thing but here is my opinion.
500,000 dollars.
You should never buy a house more than one years income. Granted mortgage companies will give you more but they are just giving you enough rope to hang yourself with.Regards,
Rick Latona
http://latonas.com
Latona's - We Sell Money Making Web Properties
Note to buyers of websites and traffic: please check our inventory at http://latonas.com/websites-for-sale. If you would like to make an offer on something, just let me know.Comment
-
I think it depends on where you live. If you live in California or New York you have no choiceOriginally posted by Rick Latona
I'm not reading this entire thread and I'm sure someone else has already posted the same thing but here is my opinion.
500,000 dollars.
You should never buy a house more than one years income. Granted mortgage companies will give you more but they are just giving you enough rope to hang yourself with.Comment
-
broke mentioned about 6.5 % interest using a 5% interest cd,
don't forget, you need to pay taxes on interest, so your 5% interest a month becomes 3%
and your 3% (5 year cd) becomes 1.9 %
Taxes are usually pre-deducated from CDs.
How is that going to pay for your 6.5% home interest rate.
If you have left over cash , pay off your house, 6.5%+ stable appreciations on anything aren't that easy to find.millionare by 18 , beat that hOESComment
-
For real. That's a killer investment. A good friend of mine in Vegas bought a $500K house there in early 2002, it's now worth about $1.3M.Originally posted by MrPheer
Just do what I did. Go back in time 2 years, buy a house in Las Vegas for $273k, and today it would be worth $500k+ like mine.Hit me up for ABC link trades - icq 7583011Comment
-
The interest is tax deductable, talk to your tax professional..Originally posted by WickedVenus
enough to pay outright cash so I dont get caught with all the interest
Comment
-
50k a month!WANT TO PLACE YOUR TEXT/BANNER HERE?
MSG ME:ICQ Number :43-420-088Comment
-
it doesnt matter how much you make, because you shouldnt do anything other than buy outright. especially with a non-salary job...Comment
-
You pay your home ins thru your mortagaging bank too? My house cost me a bit more than yours but my home ins is not even 800/yr with 5k deductible. How's about your property taxes? Now that's a killer about 7k/yr for me probably peanuts compared to yours?Originally posted by adrenalinedef
i use my home as an office to, so it covers all my personal and business property from theft, it covers all natural disaters, weather, fire, etc. I live in a flood area since my house is on a lake, so it includes flood protectionComment
-
try $500k house= ~ $3300/mon mortage at 6% interest rate + home ins + property taxesOriginally posted by Eve
$500k house = ~ $1600 mortgage payment. I think you are supposed to calculate your affordable residence at 1/3 of yer income, so maybe $4800 monthly income?Comment
-
depends if you are buying for yourself, or as an investment. But pure as your own home without plans on selling/renting. Ehm.. 15-20K$/month.
(that's 7-10K$ after taxes/month)Comment
-
I would never pay that much for housing. God it is stupid expensive around here.
I'd buy a house in Canada and rent it out.Comment
-
I don't think you should ever buy a house in full .... The write offs are to good. I like to have at least 6 months worth of bills in the bank.... this isn't always the case but it is good to try to reach that goal ...in this biz or any there is always a chance of being out of work ...Last edited by MikeVega; 11-01-2004, 08:54 AM.
Mike Vega-ICQ:253868499-AIM:mikeydicevega Comment
-
depends on how old you are, where you want to buy it and what amounts you have saved so farComment
-
Originally posted by Rick Latona
You should never buy a house more than one years income.
if that was the case only exceptions of people would own a home ;-)Comment
-
dont go over 1/2 of whatever a bank would be willing to lend you... saying that, you want a bigger house than your neighbour , right??Comment
-
my taxes are about 11k/yr. Another reason my insurance is so high is because my house was appraised at almost double what I bought for it. It was a fixer upper, which I have almost finished remodeling, so that brought up the value alot, which means more insurance.Originally posted by seven
You pay your home ins thru your mortagaging bank too? My house cost me a bit more than yours but my home ins is not even 800/yr with 5k deductible. How's about your property taxes? Now that's a killer about 7k/yr for me probably peanuts compared to yours?what?!Comment
-
Originally posted by Soul_Rebel
if that was the case only exceptions of people would own a home ;-)
yeah home builders would go out of business and my town would have about 100 people owning a homeComment
-
I would want to be earning over 100 K if I have a 500K house. Times change...things get tough...you need to be able to cover the payments if your income takes a nosediveComment
-
When i have 50k~100k income / month perhapsComment
-
right now i highly doubt the upper end of the real estate market is where you wanna be, especially in toronto where i live. much better value elsewhere in the market.Originally posted by steve90
you do realize you can profit from a personal home right ?
plus i'd much rather invest in other areas than real estate or get a house for me in the 200k range and grab a couple houses in say halifax, ns and rent them out. much better than buying one house for 500k.Comment
-
Guys, this ISNOT AN INVESTMENT. Its a place to live and have parties, etc.Comment
-
just because you have a big dick doesn't mean you have to walk around with your zipper down and your member flapping around.Originally posted by Amputate Your Head
please.....
you clearly are not in touch with reality.
Comment
-
bump for a good topicComment
-
Did you buy the 500k house?Comment
-
No dont have the $100k downpayment saved yet.Originally posted by JulianSosaComment
-
Why do you need to put down 20% if you are a current home owner?Comment
-
Originally posted by JulianSosa
you don't.Comment
-
Originally posted by JulianSosa
Because i bought 4 months ago and have about $5k in equity?Comment
-
Interesting thread, i plan on becoming a home owner in about a year or 2.Comment
-
Originally posted by Rick Latona
Only somebody with a lot of money would post this
Most people would never own a house if they did it this way.Comment
-
I still dont see you having to put down 20% unless you have poor credit.Originally posted by detoxed
Your stats show that you make good moneyComment
-
Here you can put as little as 5% down on a house.
Right now i have different possibilities. Seven's vision is flawed as you can either buy 1 property cash for 500k cash or put 100k down payment on that property, and have the rest of the money invested in other income property that can easily bring you a net return of 10% on investment. And i'm speaking conservatively. That doesn't include the increase in value of your property over the years.
I'm in the same kind of situation as you detoxed, perhaps haven't managed to keep that kind of income for as long as you did, and managed to amass about 150k both in my biz and personally.
What i'm doing right now is basically putting 25% (minimum on investment property here) down on an 8 unit apt building which will pay for itself easily and bring about 15% return after paying mortgage.
I'm gonna buy a house which will be in the 250k range with 5% down payment. I should have enough cash left to be able to absorb and correct any problems arising in the first few years. Keep in mind that i don't have any debts of any kind right now and my living expenses are quite low.Spam link hereComment
-
On the nail...Originally posted by HammerTime33Comment
-
$500k if you're married and filing jointly.Originally posted by detoxedComment
-
i don't want 500k houseComment
-
my monthly income is below 500$ how can i buy 500$k houseComment
-
Enough so you can afford about a $3500 a month house note on top of all your other bills..
so a hell of a lot more then 40K LOL. you are paying 42K a year in house notes alone.ICQ: 86364801 Email: will [at] innovativeassets [dot] com
Comment
-
No you don't HAVE to put 20% down but if you don't your paying PMI. If you put down less then 20% you pay PMI.. if you are paying PMI you are pissing away money.Originally posted by JulianSosa
Here's the solution, put down the 20% so you avoid PMI, wait a month and then go open up a home equaity line of credit for 100% of value. Take your 20% back out at the same or lower interest rate then what you are paying on your reg. mortgage. If you need the money, if not leave it there and it cost you no interest and you can use it when you need it. And by doing this you avoided PMI which saves you at least $100 a month..ICQ: 86364801 Email: will [at] innovativeassets [dot] com
Comment
-
Originally posted by detoxed
LOL fucking half million dollar party house... don't buy shit if you can't afford it, unless it is making you a lot more then you are borrowing.. thats my motto!ICQ: 86364801 Email: will [at] innovativeassets [dot] com
Comment
-
Great thread, lots of interesting advices also!
Comment
-
very trueOriginally posted by polish_aristocrat
- VOYEUR /HOMEMADE, HENTAI / CARTOON, Reality, Amateur, Shemale, Hardcore, Cuckold, Celebrity, Retro/Vintage, ect...ALL OUR SITES >>
- Unbelievable Ratio | High % of Rebills | Bi-Monthly Payments (also to E-Passporte)
- Ton's of EXCLUSIVE Free content & FHG's |=> GREAT REVENUE $$$ GUARANTEED!
Comment
-
but the interest is the good part!Originally posted by WickedVenus
if you could swing it you could make your monthly payments until less than half of your payment was going toward interest, then make a balloon payment.
Comment
-
its never about income.....its all about credit.......
Comment
-
First of all, I'd buy the home at a foreclosure auction.
I paid $155,000 for my home, and other homes on my street had recently sold for $225k to $275k.Comment
-
At least $10-12k cleared (meaning after taxes) a month. That would cover house, car, and savings for more investments.SIG TOO BIG! Maximum 120x60 button and no more than 3 text lines of DEFAULT SIZE and COLOR. Unless your sig is for a GFY top banner sponsor, then you may use a 624x80 instead of a 120x60.Comment
-
Well I'm a single guy, with a $500k house I'd have 3-4 extra bedrooms to rent out to friends.Originally posted by will76
The problem is, I really doubt anyone would give a 21 year old a $500k loan for a house without a downpayment. So I'm saving.Comment
Comment