Need Help Buying my first place

[zzz]

I agree with everyone else, the math does not pencil out for you to buy a place. I don’t believe you would qualify for a 300k mortgage as your PITI as % of gross income will be too high.

Think you need to ask yourself some very tough questions. Are you financially stable and responsible to own a home? How long do you want to live there? It is going to be the biggest financial decision you make at this point in your life. You need to take the emotion out of it and look at the numbers. Why have you been unable to save? Do you have a savings plan or budget? Have you looked into how to rehab your credit? What is your plan if you lose your job, or have a special HOA assessment, or have an emergency?

Have you sought financial and credit counseling? I believe HUD offers free financial counseling.

[SD Realtor]

I would agree with the prevailing sentiment. You can go ahead and interview 3 realtors and they would all probably tell you it is a great time to buy and blah blah blah… When you tell them you would be draining your savings and what would happen if you bought and lost your job I would be curious as to how they would respond.

I would consider trying to build up a strong nest egg before I did anything. You are only throwing away money on rent because you look at it that way. You feel tied to your rental because you refuse to consider a longer commute. Yet if you buy you will have a longer commute.

Just does not seem to add up.

[SD Realtor]

I would agree with the prevailing sentiment. You can go ahead and interview 3 realtors and they would all probably tell you it is a great time to buy and blah blah blah… When you tell them you would be draining your savings and what would happen if you bought and lost your job I would be curious as to how they would respond.

I would consider trying to build up a strong nest egg before I did anything. You are only throwing away money on rent because you look at it that way. You feel tied to your rental because you refuse to consider a longer commute. Yet if you buy you will have a longer commute.

Just does not seem to add up.

[SD Realtor]

I would agree with the prevailing sentiment. You can go ahead and interview 3 realtors and they would all probably tell you it is a great time to buy and blah blah blah… When you tell them you would be draining your savings and what would happen if you bought and lost your job I would be curious as to how they would respond.

I would consider trying to build up a strong nest egg before I did anything. You are only throwing away money on rent because you look at it that way. You feel tied to your rental because you refuse to consider a longer commute. Yet if you buy you will have a longer commute.

Just does not seem to add up.

[SD Realtor]

I would agree with the prevailing sentiment. You can go ahead and interview 3 realtors and they would all probably tell you it is a great time to buy and blah blah blah… When you tell them you would be draining your savings and what would happen if you bought and lost your job I would be curious as to how they would respond.

I would consider trying to build up a strong nest egg before I did anything. You are only throwing away money on rent because you look at it that way. You feel tied to your rental because you refuse to consider a longer commute. Yet if you buy you will have a longer commute.

Just does not seem to add up.

[SD Realtor]

I would agree with the prevailing sentiment. You can go ahead and interview 3 realtors and they would all probably tell you it is a great time to buy and blah blah blah… When you tell them you would be draining your savings and what would happen if you bought and lost your job I would be curious as to how they would respond.

I would consider trying to build up a strong nest egg before I did anything. You are only throwing away money on rent because you look at it that way. You feel tied to your rental because you refuse to consider a longer commute. Yet if you buy you will have a longer commute.

Just does not seem to add up.

[earlyretirement]

Yeah, what everyone else says. Don’t even think about buying with no real savings amount. Also, I personally believe that anyone that doesn’t have at LEAST 20% to put down, shouldn’t be buying period.

Everyone is making great comments about building an emergency savings. And forget the stigma of renting (if there is even a stigma anymore)….. those that rented the past few years were really wise.

I own many properties free and clear and still rent. I loved the ability to be free to move around and not get tied down to the property. Only now that I had 2 kids in 3 years will I buy but I really loved renting the past 7 years…

But you’re definitely not ready to buy with no big savings or emergency fund aside..

[earlyretirement]

Yeah, what everyone else says. Don’t even think about buying with no real savings amount. Also, I personally believe that anyone that doesn’t have at LEAST 20% to put down, shouldn’t be buying period.

Everyone is making great comments about building an emergency savings. And forget the stigma of renting (if there is even a stigma anymore)….. those that rented the past few years were really wise.

I own many properties free and clear and still rent. I loved the ability to be free to move around and not get tied down to the property. Only now that I had 2 kids in 3 years will I buy but I really loved renting the past 7 years…

But you’re definitely not ready to buy with no big savings or emergency fund aside..

[earlyretirement]

Yeah, what everyone else says. Don’t even think about buying with no real savings amount. Also, I personally believe that anyone that doesn’t have at LEAST 20% to put down, shouldn’t be buying period.

Everyone is making great comments about building an emergency savings. And forget the stigma of renting (if there is even a stigma anymore)….. those that rented the past few years were really wise.

I own many properties free and clear and still rent. I loved the ability to be free to move around and not get tied down to the property. Only now that I had 2 kids in 3 years will I buy but I really loved renting the past 7 years…

But you’re definitely not ready to buy with no big savings or emergency fund aside..

[earlyretirement]

Yeah, what everyone else says. Don’t even think about buying with no real savings amount. Also, I personally believe that anyone that doesn’t have at LEAST 20% to put down, shouldn’t be buying period.

Everyone is making great comments about building an emergency savings. And forget the stigma of renting (if there is even a stigma anymore)….. those that rented the past few years were really wise.

I own many properties free and clear and still rent. I loved the ability to be free to move around and not get tied down to the property. Only now that I had 2 kids in 3 years will I buy but I really loved renting the past 7 years…

But you’re definitely not ready to buy with no big savings or emergency fund aside..

[earlyretirement]

Yeah, what everyone else says. Don’t even think about buying with no real savings amount. Also, I personally believe that anyone that doesn’t have at LEAST 20% to put down, shouldn’t be buying period.

Everyone is making great comments about building an emergency savings. And forget the stigma of renting (if there is even a stigma anymore)….. those that rented the past few years were really wise.

I own many properties free and clear and still rent. I loved the ability to be free to move around and not get tied down to the property. Only now that I had 2 kids in 3 years will I buy but I really loved renting the past 7 years…

But you’re definitely not ready to buy with no big savings or emergency fund aside..

[scaredyclassic]

shoot man. we had no hot water last night. luckily it just needed to be reset. but what if I needed to replace it? would be a bummer if I had no extra cash at all. and it does look kinda old. probably almost dead…

[scaredyclassic]

shoot man. we had no hot water last night. luckily it just needed to be reset. but what if I needed to replace it? would be a bummer if I had no extra cash at all. and it does look kinda old. probably almost dead…

[scaredyclassic]

shoot man. we had no hot water last night. luckily it just needed to be reset. but what if I needed to replace it? would be a bummer if I had no extra cash at all. and it does look kinda old. probably almost dead…

[scaredyclassic]

shoot man. we had no hot water last night. luckily it just needed to be reset. but what if I needed to replace it? would be a bummer if I had no extra cash at all. and it does look kinda old. probably almost dead…

[Author]

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