What income would you want before buying a $500k house? - GoFuckYourself.com

detoxed · 10-31-2004, 02:35 PM

Well? How much money would you want to be making to feel safe buying a $500k house

Babagirls · 10-31-2004, 02:36 PM

$100k/year (after taxes)

HammerTime33 · 10-31-2004, 02:36 PM

150,000 to 175,000 per year

C_U_Next_Tuesday · 10-31-2004, 02:37 PM

I wouldnt ever spend that much on a house or live in an area that charged that much for a house.. I prefer my tent in the woods

WickedVenus · 10-31-2004, 02:37 PM

enough to pay outright cash so I dont get caught with all the interest

Amputate Your Head · 10-31-2004, 02:38 PM

depends on how much you put down, the location & how much it'll appreciate & how fast, as well as what your other bills are like, if there's any additional income coming from somewhere else like say, a wife, roommates, etc.... and right down to what you're comfortable shelling out every month.

polish_aristocrat · 10-31-2004, 02:38 PM

Buying whole upfront???

BTW this question cannot be answered anyway.

You can earn $50k per month but spend $45k and you can make $20k per month and spend $5k on your lifestyle.

Also depends, if you are alone or have a wife + 3 kids + payments for your recent Ferrari.

JulianSosa · 10-31-2004, 02:38 PM

Quote:

Originally posted by detoxed
Well? How much money would you want to be making to feel safe buying a $500k house

Depends 100% on how much you are willing to put down.

Amputate Your Head · 10-31-2004, 02:40 PM

Quote:

Originally posted by HammerTime33
150,000 to 175,000 per year

that's a little excessive for a $500k house...

JulianSosa · 10-31-2004, 02:40 PM

Quote:

Originally posted by Amputate Your Head
depends on how much you put down, the location & how much it'll appreciate & how fast, as well as what your other bills are like, if there's any additional income coming from somewhere else like say, a wife, roommates, etc.... and right down to what you're comfortable shelling out every month.

Exactly if an area is going up 15-20% a year and you can borrow at %5 as long as you can cover the mortgage buying a 500k house it a smart move for anyone.

Drake · 10-31-2004, 02:42 PM

Do you plan on having that home forever and possibly living there forever? Is that going to be THE home?

If so, how much are you going to put down

Mr Pheer · 10-31-2004, 02:42 PM

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.

Drake · 10-31-2004, 02:43 PM

Quote:

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.

Yup, houses in a large city in a nice area sure go up in value.

Amputate Your Head · 10-31-2004, 02:44 PM

detoxed, I have a house for sale here on Maui if you're interested

Mr Pheer · 10-31-2004, 02:45 PM

Quote:

Originally posted by Amputate Your Head
detoxed, I have a house for sale here on Maui if you're interested

You leaving the islands?

Amputate Your Head · 10-31-2004, 02:46 PM

Quote:

Originally posted by MrPheer
You leaving the islands?

no, just moving up the street a ways.

HammerTime33 · 10-31-2004, 02:46 PM

Quote:

Originally posted by Amputate Your Head
that's a little excessive for a $500k house...

According to the question, this is my SAFETY amount.

Quote:

Well? How much money would you want to be making to feel safe buying a $500k house

AdPatron · 10-31-2004, 02:47 PM

What if you already have the money and don't work? -lol

2HousePlague · 10-31-2004, 02:48 PM

Geez, I live in San Francisco -- where you can't buy a house for less than $500k.

We all delude ourselves here we make enough.

j-

EscortBiz · 10-31-2004, 02:48 PM

here is something to remember:

The reason why there are so many forclousures is because people dont think straight, for example:

Someone starts a business or gets a good job and they make 120K a year, they go out and spend money on a nice car and house without considering that maybe its not stable.

Stability is more important then anything, can you really say that the amount of money you made this year will be something you will earn for the next 15 years or so?

Do you have income from more then one place so if one goes away there is another income that will help you pay for the house?

On a smaller scale this explains the huge number of Repo's there are a day.

Ever meet a friend that tells ya "OMG I just got a great job at AT&T" and then 2 weeks later hes like "Hey where can I buy a nice lexus"

Drake · 10-31-2004, 02:48 PM

Quote:

Originally posted by HammerTime33
According to the question, this is my SAFETY amount.

I like a lot of safety room as well. To be able to pay the morgage without struggling and without sacrificing other things is the way I like to live.

detoxed · 10-31-2004, 02:49 PM

$0 apprecation, the area you live, and no other excessive bills. Say $5k living expenses besides the house/insurance payment.

bigdog · 10-31-2004, 02:49 PM

depends on where you live, in some areas you got to pay 500k for a house becasue there is nothing cheaper

detoxed · 10-31-2004, 02:50 PM

Quote:

Originally posted by EscortBiz
here is something to remember:

The reason why there are so many forclousures is because people dont think straight, for example:

Someone starts a business or gets a good job and they make 120K a year, they go out and spend money on a nice car and house without considering that maybe its not stable.

Stability is more important then anything, can you really say that the amount of money you made this year will be something you will earn for the next 15 years or so?

Do you have income from more then one place so if one goes away there is another income that will help you pay for the house?

On a smaller scale this explains the huge number of Repo's there are a day.

Ever meet a friend that tells ya "OMG I just got a great job at AT&T" and then 2 weeks later hes like "Hey where can I buy a nice lexus"

Yes my income is already $20k a month and I bought a house with a $1000 monthly payment. Just thinking ahead.

quiet · 10-31-2004, 02:50 PM

Quote:

Originally posted by bigdog
depends on where you live, in some areas you got to pay 500k for a house becasue there is nothing cheaper

absolutely. there are such huge differences in price depending on the market you're in these days.

detoxed · 10-31-2004, 02:51 PM

Quote:

Originally posted by bigdog
depends on where you live, in some areas you got to pay 500k for a house becasue there is nothing cheaper

No it would be a badass house, 3000-4500 square feet, on a private lake, all the extras.

Drake · 10-31-2004, 02:51 PM

Quote:

Originally posted by EscortBiz
here is something to remember:

The reason why there are so many forclousures is because people dont think straight, for example:

Someone starts a business or gets a good job and they make 120K a year, they go out and spend money on a nice car and house without considering that maybe its not stable.

Stability is more important then anything, can you really say that the amount of money you made this year will be something you will earn for the next 15 years or so?

Do you have income from more then one place so if one goes away there is another income that will help you pay for the house?

On a smaller scale this explains the huge number of Repo's there are a day.

Ever meet a friend that tells ya "OMG I just got a great job at AT&T" and then 2 weeks later hes like "Hey where can I buy a nice lexus"

Exactly, that's why I like a huge safety net. Enough money to cover mortgage without hassles and wondering where I'm going to get the money to pay it.

If this is going to be THE home, your pride and joy, I'd put as much down as possible, so that the amount left is quite small. That way you won't be paying thru the nose each month.

And it really depends on if you think you'll be making the kind of money you do now, 1,5, 10 years from now. If you won't, then their will come a time when you're worrying about making payments and the house might go byebye

EscortBiz · 10-31-2004, 02:52 PM

Quote:

Originally posted by detoxed
Yes my income is already $20k a month and I bought a house with a $1000 monthly payment. Just thinking ahead.

I dont think youll ever have a prob with money, some people always got somethin going

detoxed · 10-31-2004, 02:54 PM

Quote:

Originally posted by EscortBiz
I dont think youll ever have a prob with money, some people always got somethin going

Hehe speaking of, you getting my ICQs?

PurrrsianPussyKat · 10-31-2004, 02:54 PM

My parents house is worth a little more than that.

They make about $125 k a yr and seem to have plenty left for the $9k a yr in property taxes and all the new cars they buy (at least 2 a yr this yr I think it was 4).

So that would be a good target income.

Drake · 10-31-2004, 02:54 PM

Quote:

Originally posted by detoxed
Yes my income is already $20k a month and I bought a house with a $1000 monthly payment. Just thinking ahead.

That's good money. You'll have no problems. Especially seeing that you're a guy that thinks ahead and already knows how to handle his own finances (like spending money on a home rather than just nice rims), you'll be able to parlay into other things online or offline should your current source of income be effected in the future.

inthestars · 10-31-2004, 02:55 PM

Quote:

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.

The Vegas market isn't going to stay like that. Just wait till all the people moving from California stops. The wages in Vegas just do not allow many to buy $500,000 homes.

EscortBiz · 10-31-2004, 02:56 PM

Quote:

Originally posted by detoxed
Hehe speaking of, you getting my ICQs?

tring to get my new site out of the way been hell

Babagirls · 10-31-2004, 02:58 PM

Quote:

Originally posted by 2HousePlague
Geez, I live in San Francisco -- where you can't buy a house for less than $500k.

out in the suburbs of Milwaukee, decent houses dont start for less than $300k. 2 yrs ago, it was around $200k....amazing how the price keeps climbing.

Amputate Your Head · 10-31-2004, 02:58 PM

Quote:

Originally posted by Babagirls
out in the suburbs of Milwaukee, decent houses dont start for less than $300k. 2 yrs ago, it was around $200k....amazing how the price keeps climbing.

$300k here will get you a 750 sq ft 1 bedroom condo with no view. (in a bad neighborhood)

detoxed · 10-31-2004, 03:01 PM

Quote:

Originally posted by Amputate Your Head
$300k here will get you a 750 sq ft 1 bedroom condo with no view. (in a bad neighborhood)

$300k here will get you 20 acres, 3000 sq ft house with nice kitchen.

KRL · 10-31-2004, 03:02 PM

Traditionally your mortgage payment should be approx 1/3rd of your income.

If you put down $100,000 your mortgage would be $400K. Ona 5.25% 30 yr fixed your payment would be around $2,200. Depending where you live figure in your property tax, and the other costs and I'd say you should be making around $150K to afford it comfortably.

steve90 · 10-31-2004, 03:02 PM

i like the ppl that wont spend 500k on a house but have no problem dropping 100k on a stupid ass car

EscortBiz · 10-31-2004, 03:04 PM

Quote:

Originally posted by steve90
i like the ppl that wont spend 500k on a house but have no problem dropping 100k on a stupid ass car

amen

Amputate Your Head · 10-31-2004, 03:05 PM

Quote:

Originally posted by detoxed
$300k here will get you 20 acres, 3000 sq ft house with nice kitchen.

nice...

on the upside though, my house here has doubled my money in less than 2 years. On the market now for $1.1 mil. Can't beat that.

detoxed · 10-31-2004, 03:08 PM

Quote:

Originally posted by KRL
Traditionally your mortgage payment should be approx 1/3rd of your income.

If you put down $100,000 your mortgage would be $400K. Ona 5.25% 30 yr fixed your payment would be around $2,200. Depending where you live figure in your property tax, and the other costs and I'd say you should be making around $150K to afford it comfortably.

I'd have to do a stated mortgage, so it would be like 6.5% minimum probably

qwe · 10-31-2004, 03:09 PM

i would say when you can pay for mortgage for 2-3 years without making any money is when you in a safe zone...

quiet · 10-31-2004, 03:12 PM

Quote:

Originally posted by Amputate Your Head
on the upside though, my house here has doubled my money in less than 2 years. On the market now for $1.1 mil. Can't beat that.

that's awesome, no doubt. is there a 'no captial gains tax' rule in the US (like there is in Canada) if the property is your primary residence?

detoxed · 10-31-2004, 03:14 PM

Quote:

Originally posted by quiet
that's awesome, no doubt. is there a 'no captial gains tax' rule in the US (like there is in Canada) if the property is your primary residence?

i think up to $250k profit isnt taxable, but I'm pretty sure there are ways around it.. maybe if you spend the profits on your next home.

Peaches · 10-31-2004, 03:16 PM

Enough so I could put down 1/2 and not get into paying jumbo loan interest rates.

And talk to a CPA before you guess on the tax situation because your thoughts are wrong on it.

detoxed · 10-31-2004, 03:23 PM

Quote:

Originally posted by Peaches
Enough so I could put down 1/2 and not get into paying jumbo loan interest rates.

And talk to a CPA before you guess on the tax situation because your thoughts are wrong on it.

I dont have a tax situation... I just like giving out fake advice

warlock5 · 10-31-2004, 03:25 PM

There is some good advice in this thread guys

bluff · 10-31-2004, 03:27 PM

100k gross

Head · 10-31-2004, 03:40 PM

Rental income from 6 other houses.

Jamie · 10-31-2004, 03:41 PM

Quote:

Originally posted by WickedVenus
enough to pay outright cash so I dont get caught with all the interest

Interest is a Tax Writeoff

10-31-2004, 02:35 PM	#1
detoxed vip member Join Date: Jan 2003 Posts: 17,798	What income would you want before buying a $500k house? Well? How much money would you want to be making to feel safe buying a $500k house

10-31-2004, 02:36 PM	#2
Babagirls Text Writer Join Date: Feb 2001 Location: Wisconsin Posts: 18,812	$100k/year (after taxes) __________________ Need a Text Writer? Blogs\|Reviews\|Descriptions\|Paysites\|TGP's\|Stories ICQ: 397892500

10-31-2004, 02:37 PM	#5
WickedVenus Confirmed User Join Date: Aug 2004 Location: ICQ: 309691342 ---- Yahoo Messenger: wickedvenus_acv Posts: 3,877	enough to pay outright cash so I dont get caught with all the interest __________________ 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, you may use a 624x80 instead of a 120x60. Let me repeat... A 120 x 60 button and no more that 3 lines of DEFAULT SIZE AND COLOR text.

10-31-2004, 02:38 PM	#6
Amputate Your Head There can be only one Industry Role: Join Date: Aug 2001 Location: Somewhere else Posts: 39,075	depends on how much you put down, the location & how much it'll appreciate & how fast, as well as what your other bills are like, if there's any additional income coming from somewhere else like say, a wife, roommates, etc.... and right down to what you're comfortable shelling out every month. __________________ SIG TOO BIG

10-31-2004, 02:38 PM	#7
polish_aristocrat Too lazy to set a custom title Join Date: Jul 2002 Posts: 40,377	Buying whole upfront??? BTW this question cannot be answered anyway. You can earn $50k per month but spend $45k and you can make $20k per month and spend $5k on your lifestyle. Also depends, if you are alone or have a wife + 3 kids + payments for your recent Ferrari. __________________ I don't use ICQ anymore.

10-31-2004, 02:36 PM	#3
HammerTime33 Confirmed User Join Date: Sep 2004 Location: Coastal NC Posts: 498	150,000 to 175,000 per year

10-31-2004, 02:37 PM	#4
C_U_Next_Tuesday WW4L Join Date: Oct 2002 Location: over the river and through the woods Posts: 10,581	I wouldnt ever spend that much on a house or live in an area that charged that much for a house.. I prefer my tent in the woods

10-31-2004, 02:42 PM	#11
Drake Hello world! Industry Role: Join Date: Mar 2003 Posts: 12,508	Do you plan on having that home forever and possibly living there forever? Is that going to be THE home? If so, how much are you going to put down

10-31-2004, 02:42 PM	#12
Mr Pheer Too lazy to set a custom title Industry Role: Join Date: Dec 2002 Posts: 21,483	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.

10-31-2004, 02:44 PM	#14
Amputate Your Head There can be only one Industry Role: Join Date: Aug 2001 Location: Somewhere else Posts: 39,075	detoxed, I have a house for sale here on Maui if you're interested __________________ SIG TOO BIG

10-31-2004, 02:47 PM	#18
AdPatron No commissions, no fees. Industry Role: Join Date: Apr 2003 Location: USA Posts: 17,706	What if you already have the money and don't work? -lol

10-31-2004, 02:48 PM	#19
2HousePlague CURATOR Join Date: Jul 2004 Location: the attic Posts: 14,572	Geez, I live in San Francisco -- where you can't buy a house for less than $500k. We all delude ourselves here we make enough. j- __________________ tada!

10-31-2004, 02:48 PM	#20
EscortBiz Fuck Checks, CASH only! Join Date: May 2002 Location: New York City Posts: 19,422	here is something to remember: The reason why there are so many forclousures is because people dont think straight, for example: Someone starts a business or gets a good job and they make 120K a year, they go out and spend money on a nice car and house without considering that maybe its not stable. Stability is more important then anything, can you really say that the amount of money you made this year will be something you will earn for the next 15 years or so? Do you have income from more then one place so if one goes away there is another income that will help you pay for the house? On a smaller scale this explains the huge number of Repo's there are a day. Ever meet a friend that tells ya "OMG I just got a great job at AT&T" and then 2 weeks later hes like "Hey where can I buy a nice lexus" __________________ Spanking, Medical Fetish, Sleeping, Strap-on Anal Lesbians, Girls Fucking Guys, Handjob site REAL HOT, Shemales, Anal and Ass Licking sites 100% Real EXCLUSIVE with amazing retention, ccbill payouts, lots of content FREE FTP HOSTING Promote the largest and oldest member paid escort site, Converts 10 times better then any dating site, CCBill payouts ICQ# 158802076

10-31-2004, 02:49 PM	#22
detoxed vip member Join Date: Jan 2003 Posts: 17,798	$0 apprecation, the area you live, and no other excessive bills. Say $5k living expenses besides the house/insurance payment.

10-31-2004, 02:49 PM	#23
bigdog Confirmed User Join Date: Jul 2001 Posts: 6,964	depends on where you live, in some areas you got to pay 500k for a house becasue there is nothing cheaper

10-31-2004, 02:54 PM	#30
PurrrsianPussyKat Confirmed User Join Date: Jan 2004 Location: Lost in the mountains Posts: 2,088	My parents house is worth a little more than that. They make about $125 k a yr and seem to have plenty left for the $9k a yr in property taxes and all the new cars they buy (at least 2 a yr this yr I think it was 4). So that would be a good target income. __________________ Need a reliable, reasonably priced php programmer? Hit me up! 2934409

10-31-2004, 03:02 PM	#37
KRL Entrepreneur Join Date: Oct 2002 Location: USA Posts: 31,429	Traditionally your mortgage payment should be approx 1/3rd of your income. If you put down $100,000 your mortgage would be $400K. Ona 5.25% 30 yr fixed your payment would be around $2,200. Depending where you live figure in your property tax, and the other costs and I'd say you should be making around $150K to afford it comfortably. __________________ If you would like to develop your domains, you can lease inexpensive foreign labor from the leaders in the field at iWebmasters.com TO LOWER YOUR COSTS AND INCREASE YOUR PRODUCTION! * * * * * * * * * * * * Domains Adult News KRL's Newsletter Biz Tips Just Listed Domains

10-31-2004, 03:02 PM	#38
steve90 Confirmed User Join Date: Oct 2003 Location: California Posts: 2,397	i like the ppl that wont spend 500k on a house but have no problem dropping 100k on a stupid ass car

10-31-2004, 03:09 PM	#42
qwe Confirmed User Join Date: Jul 2003 Posts: 2,109	i would say when you can pay for mortgage for 2-3 years without making any money is when you in a safe zone...

10-31-2004, 03:16 PM	#45
Peaches Old broad Join Date: Oct 2002 Location: Away Posts: 13,933	Enough so I could put down 1/2 and not get into paying jumbo loan interest rates. And talk to a CPA before you guess on the tax situation because your thoughts are wrong on it.

10-31-2004, 03:25 PM	#47
warlock5 Confirmed User Join Date: Jan 2004 Location: Uranus Posts: 2,808	There is some good advice in this thread guys

10-31-2004, 03:27 PM	#48
bluff Too lazy to set a custom title Join Date: Jan 2004 Location: Bluffville Posts: 6,253	100k gross

10-31-2004, 03:40 PM	#49
Head Confirmed User Join Date: Nov 2003 Location: Starship Enterprise Posts: 8,278	Rental income from 6 other houses. __________________