Need Help Buying my first place

[Anonymous]

Another option I haven’t seen mentioned is to buy in an area with a strong rental market (around UCSD, for example) and rent out a room to a student.

I’m assuming you are single and not planning on a marriage and family for 3 years or more.

[saiine]

This is really high.. You can get a 1bed in Carmel Valley for 1450 at the club.

[quote=ljinvestor]$1,455 for 1br rent in kearny mesa sounds really high. That would make me want to purchase too.[/quote]

[saiine]

This is really high.. You can get a 1bed in Carmel Valley for 1450 at the club.

[quote=ljinvestor]$1,455 for 1br rent in kearny mesa sounds really high. That would make me want to purchase too.[/quote]

[saiine]

This is really high.. You can get a 1bed in Carmel Valley for 1450 at the club.

[quote=ljinvestor]$1,455 for 1br rent in kearny mesa sounds really high. That would make me want to purchase too.[/quote]

[saiine]

This is really high.. You can get a 1bed in Carmel Valley for 1450 at the club.

[quote=ljinvestor]$1,455 for 1br rent in kearny mesa sounds really high. That would make me want to purchase too.[/quote]

[saiine]

This is really high.. You can get a 1bed in Carmel Valley for 1450 at the club.

[quote=ljinvestor]$1,455 for 1br rent in kearny mesa sounds really high. That would make me want to purchase too.[/quote]

[saiine]

What type of lifestyle do you live where you have 3000 in a month to live on free and clear and cannot save any of that? What are you spending 100 a day on?

You’re payment is going to increase by 600/mo roughly as others have pointed out. This is not including unexpected events/costs.

Budget my friend. Trust me,I know it’s tough! You should be able to comfortably put that 600 away each month prior to buying to see how it affects your lifestyle.

Utilize tools like Mint.com and http://www.reddit.com/r/personalfinance

Best of luck

[saiine]

What type of lifestyle do you live where you have 3000 in a month to live on free and clear and cannot save any of that? What are you spending 100 a day on?

You’re payment is going to increase by 600/mo roughly as others have pointed out. This is not including unexpected events/costs.

Budget my friend. Trust me,I know it’s tough! You should be able to comfortably put that 600 away each month prior to buying to see how it affects your lifestyle.

Utilize tools like Mint.com and http://www.reddit.com/r/personalfinance

Best of luck

[saiine]

What type of lifestyle do you live where you have 3000 in a month to live on free and clear and cannot save any of that? What are you spending 100 a day on?

You’re payment is going to increase by 600/mo roughly as others have pointed out. This is not including unexpected events/costs.

Budget my friend. Trust me,I know it’s tough! You should be able to comfortably put that 600 away each month prior to buying to see how it affects your lifestyle.

Utilize tools like Mint.com and http://www.reddit.com/r/personalfinance

Best of luck

[saiine]

What type of lifestyle do you live where you have 3000 in a month to live on free and clear and cannot save any of that? What are you spending 100 a day on?

You’re payment is going to increase by 600/mo roughly as others have pointed out. This is not including unexpected events/costs.

Budget my friend. Trust me,I know it’s tough! You should be able to comfortably put that 600 away each month prior to buying to see how it affects your lifestyle.

Utilize tools like Mint.com and http://www.reddit.com/r/personalfinance

Best of luck

[saiine]

What type of lifestyle do you live where you have 3000 in a month to live on free and clear and cannot save any of that? What are you spending 100 a day on?

You’re payment is going to increase by 600/mo roughly as others have pointed out. This is not including unexpected events/costs.

Budget my friend. Trust me,I know it’s tough! You should be able to comfortably put that 600 away each month prior to buying to see how it affects your lifestyle.

Utilize tools like Mint.com and http://www.reddit.com/r/personalfinance

Best of luck

[Ren]

[quote=Looking2buysoon]Across the street they have some nice townhomes that are selling between 300 and 400k. I wish I could afford one. I have been watching them for over a year and the prices do not go down.

I dont know how the heck people can buy these places. Thanks to all who shared some advice on here.[/quote]

Look at it this way. There are three types of people who bought/buy those townhomes – 1) those who overextended themselves and are likely to end up in foreclosure; 2) those who can afford it but for whom a relatively common occurance (job loss, major plumbing issue, accident, whatever) would be financially devastating, and may very well end up in foreclosure; and 3) those who can easily afford it and could handle a catastrophe or two. Maybe they qualified to buy a $500k home but wisely chose a $350k one instead.

Which are you?

Personally, I wouldn’t even remotely consider buying any property unless it had decent positive cash flow as a rental (a few hundred at least). If that means putting a lot more down, and I don’t have that much to put down, then in my mind I can’t afford that property. I should be able to live under a bridge and eat at a shelter and still have someone else help finance my retirement.

[Ren]

[quote=Looking2buysoon]Across the street they have some nice townhomes that are selling between 300 and 400k. I wish I could afford one. I have been watching them for over a year and the prices do not go down.

I dont know how the heck people can buy these places. Thanks to all who shared some advice on here.[/quote]

Look at it this way. There are three types of people who bought/buy those townhomes – 1) those who overextended themselves and are likely to end up in foreclosure; 2) those who can afford it but for whom a relatively common occurance (job loss, major plumbing issue, accident, whatever) would be financially devastating, and may very well end up in foreclosure; and 3) those who can easily afford it and could handle a catastrophe or two. Maybe they qualified to buy a $500k home but wisely chose a $350k one instead.

Which are you?

Personally, I wouldn’t even remotely consider buying any property unless it had decent positive cash flow as a rental (a few hundred at least). If that means putting a lot more down, and I don’t have that much to put down, then in my mind I can’t afford that property. I should be able to live under a bridge and eat at a shelter and still have someone else help finance my retirement.

[Ren]

[quote=Looking2buysoon]Across the street they have some nice townhomes that are selling between 300 and 400k. I wish I could afford one. I have been watching them for over a year and the prices do not go down.

I dont know how the heck people can buy these places. Thanks to all who shared some advice on here.[/quote]

Look at it this way. There are three types of people who bought/buy those townhomes – 1) those who overextended themselves and are likely to end up in foreclosure; 2) those who can afford it but for whom a relatively common occurance (job loss, major plumbing issue, accident, whatever) would be financially devastating, and may very well end up in foreclosure; and 3) those who can easily afford it and could handle a catastrophe or two. Maybe they qualified to buy a $500k home but wisely chose a $350k one instead.

Which are you?

Personally, I wouldn’t even remotely consider buying any property unless it had decent positive cash flow as a rental (a few hundred at least). If that means putting a lot more down, and I don’t have that much to put down, then in my mind I can’t afford that property. I should be able to live under a bridge and eat at a shelter and still have someone else help finance my retirement.

[Ren]

[quote=Looking2buysoon]Across the street they have some nice townhomes that are selling between 300 and 400k. I wish I could afford one. I have been watching them for over a year and the prices do not go down.

I dont know how the heck people can buy these places. Thanks to all who shared some advice on here.[/quote]

Look at it this way. There are three types of people who bought/buy those townhomes – 1) those who overextended themselves and are likely to end up in foreclosure; 2) those who can afford it but for whom a relatively common occurance (job loss, major plumbing issue, accident, whatever) would be financially devastating, and may very well end up in foreclosure; and 3) those who can easily afford it and could handle a catastrophe or two. Maybe they qualified to buy a $500k home but wisely chose a $350k one instead.

Which are you?

Personally, I wouldn’t even remotely consider buying any property unless it had decent positive cash flow as a rental (a few hundred at least). If that means putting a lot more down, and I don’t have that much to put down, then in my mind I can’t afford that property. I should be able to live under a bridge and eat at a shelter and still have someone else help finance my retirement.

[Author]

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