Quote:
Originally Posted by Herb Kornfield
36k annual income ... thats not going to get you far at all here in the states.
Your best plan is to rent. You do not have the money to have a home at this time. Even without a mortgage payment if you blew $500k on the house the upkeep, taxes, utilities would far outweigh the $3k. If your $3k is your top end revenue, plan on loosing 50% over time with a downturn ... then you are truly hosed.
Rent a place and work towards a MINIMUM of $6k a month post taxes ... bank the interest on the 500k for a few years.
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upkeep on a 500K house that is in decent shape? i lived in a house for over 10 years - the landlord put ZERO into upkeep until he was ready to sell, did roof repair and a new fence and patio for the yard. if something major needed done he's got 500K equity to borrow against.
taxes at most 500 a month, utilities 500 a month - the house is paid for, there are tons of older people living in homes bought in the 60's paid off long ago with fixed retirement income of 3K per month.
bank the interest for a few years? at 3%? that ain't gonna do much for him.