House Prices

[xlxBigSexyxlx]

Say, if your making on average 100g's a year.

And you want a nice, big house. How much would you be looking at? As in a good price to pay. 500 g's? 300g's? I know not a million.

[PROTEINSHAKE]

TOTALLY depends on where you are located man...500g house is entry level here on LI & you need to be pullin that kinda money+ to afford it

[damiongage]

depends on the rest of your out going debt....

Cars
credit Cards
loans
and house payment (including taxes and Ins.)

should not exceed 50% of gross per mo. 45% would be better

[FranKieC]

500k around here is a decent condo lol

[damiongage]

so if you make 100k/yr apx 8500/mo

8500 X 50% =4250

car = 1000/mo
cc= 500/mo
loans= 750/mo

leaves you with 2000 mo for your home

[Phreak101]

No lender wil give a loan if your Debt to Income ratio is more than 55%. So don't think you can spend you're last 2000 on a home while splurging every other dollar on cars, bills, etc.

[gixxerboy1]

300k is a small condo by me. I'll make around 90 next year and i'm looking at soemthing in the high 3's. It will be nice but i wouldnt call it a nice big home. Also it matters how much you can put down on it.

[THE_DOME]

what in the hell do you guys do for a carreer im 23 and making 28k a year wtf?

[l2elapse]

what in the hell do you guys do for a carreer im 23 and making 28k a year wtf?

[THE_DOME]

seriously thats 40hrs a week but i also go to school

[AnabolicAndre]

Houses by me go over 1mil.

Jersey shore:


(Edit: Mom and Dad's house!)

[THE_DOME]

Houses by me go over 1mil.

Jersey shore:

geese thats redicoulous

[crash187ct]

i don't even have a house

[THE_DOME]

yea i have a two bedroom 1 bath that i bought for 95k last year, cost of living in my nec of the woods is way different.

[V_Vandetta]

income to debit ..... rate....

loans
living exspese
car payments
school loans

and much more

so say your income is 100K 20% is a loted from your gross lets say for a morgage .. now depending on you interst rate ... Whcih is the biggest factor .. will set yoru morgage amount lets say you have an credit score of 750-850 which is good a good rate is lets say 8.5% over 40 years I suck at math and this is just estimating so you could look at buying a home vaule of 175K

Now the smart thing is to build remeber propertiy value Is worth much more than the home it sits On .... So pick a prime spot buy the land and build becasue once you own the land Now you have capital to build with and once you build the home now you have combined captiol with the value of the home plus ... buldg costs per Sq ft have dropped a lot ( depending on home specs) ie marble floors .. oak crown molding ..ect


or another smart move is duplex homes ... 2 for the price Of one... Live In one unit rent the other and make that the morgage payment... you live rent free and morgage free also there is no commercial loan because you occupie the one unit and its a convetional loan so it not investment properity...... Ie better morgage rate .... its endless .. there lots you can do to get ahead you just have to plan for it

[AnabolicAndre]

income to debit ..... rate....

loans
living exspese
car payments
school loans

and much more

so say your income is 100K 20% is a loted from your gross lets say for a morgage .. now depending on you interst rate ... Whcih is the biggest factor .. will set yoru morgage amount lets say you have an credit score of 750-850 which is good a good rate is lets say 8.5% over 40 years I suck at math and this is just estimating so you could look at buying a home vaule of 175K

Now the smart thing is to build remeber propertiy value Is worth much more than the home it sits On .... So pick a prime spot buy the land and build becasue once you own the land Now you have capital to build with and once you build the home now you have combined captiol with the value of the home plus ... buldg costs per Sq ft have dropped a lot ( depending on home specs) ie marble floors .. oak crown molding ..ect


or another smart move is duplex homes ... 2 for the price Of one... Live In one unit rent the other and make that the morgage payment... you live rent free and morgage free also there is no commercial loan because you occupie the one unit and its a convetional loan so it not investment properity...... Ie better morgage rate .... its endless .. there lots you can do to get ahead you just have to plan for it

Take you are in the real estate field?

[V_Vandetta]

Take you are in the real estate field?

kinda I buy real estate commerical some residential and getting ready to start a big development prodject which Is still sitting waiting for permits ... but i buy and sell ....also have my own companies ....

[thegodfather]

income to debit ..... rate....

loans
living exspese
car payments
school loans

and much more

so say your income is 100K 20% is a loted from your gross lets say for a morgage .. now depending on you interst rate ... Whcih is the biggest factor .. will set yoru morgage amount lets say you have an credit score of 750-850 which is good a good rate is lets say 8.5% over 40 years I suck at math and this is just estimating so you could look at buying a home vaule of 175K

Now the smart thing is to build remeber propertiy value Is worth much more than the home it sits On .... So pick a prime spot buy the land and build becasue once you own the land Now you have capital to build with and once you build the home now you have combined captiol with the value of the home plus ... buldg costs per Sq ft have dropped a lot ( depending on home specs) ie marble floors .. oak crown molding ..ect


or another smart move is duplex homes ... 2 for the price Of one... Live In one unit rent the other and make that the morgage payment... you live rent free and morgage free also there is no commercial loan because you occupie the one unit and its a convetional loan so it not investment properity...... Ie better morgage rate .... its endless .. there lots you can do to get ahead you just have to plan for it

Except the fact that most lenders are very reluctant to give a loan for land thats intended to be used of residential use. Think about it, theres no real value in it to them, they want to have at least a building permit or something...I went through this when we were looking to purchase land and sub contract out all the work...Ended up buying in a development and spending 515k for 4000+ sq/ft...

[V_Vandetta]

Except the fact that most lenders are very reluctant to give a loan for land thats intended to be used of residential use. Think about it, theres no real value in it to them, they want to have at least a building permit or something...I went through this when we were looking to purchase land and sub contract out all the work...Ended up buying in a development and spending 515k for 4000+ sq/ft...

true some lenders are very picky.. but most given the value VS loan price So yes ... true .... its funny I use the same two banks ... and the one everytime makes me jump through hoops ... and I have millions In loans and they make me jump BASTARDS that's what i am doing now is building a 55 home develpoment with 30home exspanshion ... and we have damn near 40% sold plots ranging from 4000-6000sq/ft and still FCKING permit problems Still this is why i cant sleep anymore ...

but single lot land purches... can be tricky but ways around the banks... make them see it your way ...

[Dangerdan]

I think the average range around here is about three times your annual salary. So if you make 100,000, you would be looking at around a 300,000 home.

[KeyMastur]

make real good friends with a contracter. get a house custom built where most people pay 87 a square foot you while the contracter is able to put it together for 72, but he builds it for you for 80 a square foot. you save money, he makes money (cause he's your friend).

(btw, anyone need a house in houston area lemme know...haha)

[G-1000]

Noth New jersey sucks

[notorious_mem]

im not sure the average price for housing in ur area but right now is a great time for foreclosures with everyone doing the interest free loans the last couple years foreclosures r on the rise.

[spywizard]

make real good friends with a contracter. get a house custom built where most people pay 87 a square foot you while the contracter is able to put it together for 72, but he builds it for you for 80 a square foot. you save money, he makes money (cause he's your friend).

(btw, anyone need a house in houston area lemme know...haha)

damn, here it's $125-$165 per sq ft for new construction, when i was in the business, exluding the land, we had it down to $38 sq ft for materials for the whole house..

[gixxerboy1]

income to debit ..... rate....

loans
living exspese
car payments
school loans

and much more

so say your income is 100K 20% is a loted from your gross lets say for a morgage .. now depending on you interst rate ... Whcih is the biggest factor .. will set yoru morgage amount lets say you have an credit score of 750-850 which is good a good rate is lets say 8.5% over 40 years I suck at math and this is just estimating so you could look at buying a home vaule of 175K

Just to say. I was looking at buying a home in a different area a year ago. I do have good credit but i was aproved for a $230k house with no money down and i was making 65K

[gixxerboy1]

what in the hell do you guys do for a carreer im 23 and making 28k a year wtf?

I sell the equipment you use in the gym

[xlxBigSexyxlx]

It all depends on where my job and I will be located. I wanna live in colorado springs, but who knows where Ill end up.

I just want a nice 2 story home, semi big, and in a good neighborhood. Not gated in or anything, but not 3rd ward.

I was looking at houses at homes.com or home.com and the ones I seem to like that would best fit are about 400-600g's. I could just shack up in an apratment and just save up for a few years maybe...idk, I dont know alot about buying houses and payments and all thats tuff.