SmarterShelter
SmarterShelter OP t1_iybnwmq wrote
Reply to comment by Nickyweg in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
Yeah... I mean, it's a hazard of what I do. I've had very brief non-number-based chats with two loan officers, and they said they see it all the time cause everybody in LA works in arts and entertainment.
SmarterShelter OP t1_iybnf8a wrote
Reply to comment by Nickyweg in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
Hmm... That's helpful. I need to run some numbers with a professional.
The 5k is an ugly mix of pre and post tax income. I'm a professional artist.
SmarterShelter OP t1_iybn8a3 wrote
Reply to comment by mcmpearl in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
Those are excellent tips... Thank you!
SmarterShelter OP t1_iybn5mj wrote
Reply to comment by pizzarunner in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
That's fair. I really need to start a Roth IRA before I do this year's taxes. Meant to do it last year..... Didn't finish the research into which type on time.
SmarterShelter OP t1_iybm7yh wrote
Reply to comment by Nickyweg in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
Would lenders qualify me for a $3500 mortgage payment if I'm making like 5K a month? I know for rent, they wanted to see 2.5x the rent in income.
SmarterShelter OP t1_iybm22b wrote
Reply to comment by mcmpearl in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
Good point... I definitely wouldn't want a condo long term. And I'll have to do a deep dive into homeownership and taxes cause I think that's going to be important.
SmarterShelter OP t1_iyblvxs wrote
Reply to comment by Fusional_Delusional in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
That's a good point... I'd liked the idea of renting out some of the house to offset the costs. I need to find out what I can actually qualify for, to see if I can get an extra bedroom or two.
SmarterShelter OP t1_iyblphm wrote
Reply to comment by Nickyweg in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
Los Angeles. I don't care for the city but don't have any plans to leave in the next 15 years.
SmarterShelter OP t1_iybl42b wrote
Reply to comment by cookiemountain18 in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
That's a good point. I think I'm going to make a spreadsheet and I'll add repairs in against my current rent.
SmarterShelter OP t1_iybkztf wrote
Reply to comment by umassmza in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
That's true... My friend bought a house 20 years ago and is paying almost nothing in mortgage now.
SmarterShelter OP t1_iybkx43 wrote
Reply to comment by Nickyweg in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
I've got about 100K including my retirement savings. I'd like to put down no more than 64K to keep a year of living expenses, but I'm not sure if that's realistic.
SmarterShelter OP t1_iybkl90 wrote
Reply to comment by Werewolfdad in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
That's super helpful - thank you! I'll make a spreadsheet...
SmarterShelter OP t1_iybkkjv wrote
Reply to comment by fawningandconning in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
That's super helpful - thank you! I'll make a spreadsheet...
SmarterShelter OP t1_iybk66v wrote
Reply to comment by Its-a-write-off in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
I've got about 100K, but wouldn't want to put all of that into the house in case of major repairs or job loss (and that includes my retirement savings).
SmarterShelter OP t1_iybjzr5 wrote
Reply to comment by Nickyweg in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
New total rent is about $2250. Income varies but averages to about 5K/mo and I typically live off 3k of that and save the other 2K. Home cost would need to beat that $2250 in rent to be worth it - which is probably a 400-500K condo or fixer-upper in my HCL area.
SmarterShelter OP t1_iybjre1 wrote
Reply to comment by PurpleVermont in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
How much extra would you budget for general expenses per month? I should figure that out.
SmarterShelter OP t1_iybo1ex wrote
Reply to comment by guachi01 in If Buying a House Is Cheaper Than Paying Rent...? by SmarterShelter
3-4%... That's a useful number! Thank you.
And your place sounds nice...