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Should He Buy? |
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I know this is really a broad topic, but I was just wondering if you had any advice for me. I'm 23 i have about 20k saved and i make about 1,500-1,800 a month.i have no debt, and decent credit. is it a bad move to try and purchase now? I'm willing to contriibute almost all my paycheck to the house payment, and if that gets too hard.I'm willing to still live with my parents and rent out the new home for additional income. any advice,numbers, or websites you might have would be GREATLY appreciated!!
thanks a lot
mark |
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I'm impressed that you're managing your finances so well on such a low income. But I'm afraid you wouldn't be able to qualify for a high enough mortgage loan to buy anything, particularly in your state where prices are high. Lenders won't let you use almost all your paycheck toward a mortgage payment, and even if they did, it wouldn't enable you to borrow all that much.
As for buying a house and renting it out -- that's not as easy as it sounds, at least not if you want to stay out of trouble. Real estate investment is a skilled job, and being a landlord takes work. It's easy to end up with real problems, which would spoil the good job you've done with money so far. I'm afraid real estate investment is not for you, not in your area, and not at this time. |
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Edith
Originally published on October 28, 2007 |
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