I am officially a home-loaner

[CatsTasteGood]

Originally Posted by GrdLockV6 Well, I'd really like to own a home by the time I'm 30. But I don't know. When I'm 29 I'll just wait and see what my options are, and maybe I'll end up waiting longer. If you can't save up $25-30k in the next 2-3 years it might be good to look at your budget.

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[GrdLockV6]

Originally Posted by CatsTasteGood

If you can't save up $25-30k in the next 2-3 years it might be good to look at your budget.

I'm putting $500/m away right now.

Once I get a bunch of crap from my DWI paid off, I'll be able to put away more. But that won't be for another year at least. I'm paying $500/m just in probation/DWI/license surcharges.

EDIT: In all honesty, I could definitely put away more than $500/m right now. But I'm still spending more than I should on buying stuff for our new place, etc.

[95Z28DROPTOP]

Originally Posted by MustangEater82

I admit paying PMI sucks...

But I still think its better then paying rent

That's the way I looked at it too.

[The Captain]

Originally Posted by CatsTasteGood

If you can't save up $25-30k in the next 2-3 years it might be good to look at your budget.

wtf I must be poor!

[Zack]

Originally Posted by CatsTasteGood

If you can't save up $25-30k in the next 2-3 years it might be good to look at your budget.

no way I could do that living in LA

[MustangEater82]

$20-30k in 2-3 years?

I mean I saved some good cash quickly, but at the same time, I was paying rent that is equal to my house payment, also while paying down a car, and on an accelerated student loan payment.


All the numbers of going in debt free our nice, but I think the value of time is important as well.

[My Red 93Z-28]

I thought I was going to get a first time home buyer loan and only put half as much down, but the requirements changed while waiting for short sale approval. So to avoid paying $111/month for PMI, I came up with 20%...but its going to be tight for a few months.

[5SPDCHK]

Originally Posted by Blue89Bird

Man I'd really love to sell my house right now and buy a larger one. The problem is I'd have to write a check for 25k just to do it, which would take up a significant portion of any down payment I'd be making on a new house.

We would not have to write a check to get out of ours but according to our realtor, she would only list it at $15,000 - $20,000 less than what we paid 8 years ago. We will be ready to start looking next January and the plan at this point is to rent out our current house - at least until the market improves.

Originally Posted by CatsTasteGood

If you can't save up $25-30k in the next 2-3 years it might be good to look at your budget.

We've been putting away $1,000/month for the next house. This does 2 things for us: 1) We won't have to pay PMI because we'll have 20% down, and 2) Proves that we can afford to pay $1,000 more each month for a bigger mortgage and more expenses.

[Spitfire557]

Congrats on the home-'loanership' OP. Hopefully within a year or so I will also know how it feels to be $100,000+ in debt.

[CatsTasteGood]

Originally Posted by GrdLockV6

EDIT: In all honesty, I could definitely put away more than $500/m right now. But I'm still spending more than I should on buying stuff for our new place, etc.

That stuff adds up. That's why in the 2.5 years I have been living on my own, renting a house for the first 10 months then buying my house I have spent almost nothing on "house stuff". You may remember my thread from a while back about setting up a coffee table out of a block of wood and cinder blocks. Since then I still haven't gotten a coffee table and just use a rubber maid container. I'm not saying furnishing the house is the wrong choice, just that if you were to make the choice that you want to save money for emergencies or a down payment on a house you could do it a lot quicker than you might feel possible.

Originally Posted by The Captain

wtf I must be poor!

I don't know...maybe. I am guessing at your new job you make about what I make. I was only saying Grdlock should be able to save 25-30k in 2-3 years because I have a pretty good idea of what he makes and what his expenses should be. I even assumed he had bills from his DUI ****, still. Sharing expenses with his woman should also help his saving situation.

[96_Camaro_B4C]

Congrats!

[dtp]

If you have dual income and no kids, then I'd agree that Cat's target is very doable. Definitely shoot for enough to get rid of the damn PMI. As much homes are considered assets, they are a liability so stay within your cost structure. Congrats to the OP.

[The Captain]

I make $24k/year before taxes and benefits . Rent around here for anything decent is going to set you back a minimum $800/mo, and thats for some crappy old 2br apartment thats not well insulated, old appliances, run down, etc. I'd like to buy a home this year, but I dont know if I will be able to or not. I've only got $1k saved, and its taken a long time to save that. I drive a $500 Jeep that could die any day now, so I'll probably have to get another vehicle this year as well.

I honestly dont know what I am doing wrong. Everyone else around here seems to be making twice what I make, drive expensive cars, have no debt, perfect credit, etc. I often times wonder how many of you are making false claims about said items, but thats really none of my business.

It seems no matter what I do I cant ever seem to get ahead. Then again, I work a job I love and enjoy going to every day, have very little debt, and am not going hungry. I'd much rather wake up looking forward to going to work every day than hate my job like most people. It honestly doesnt really feel like work at all However it does suck not having much of anything.

I'm going to go talk to the bank after I get my tax refund and see what I can do as far as housing. I cant keep paying $800+ in rent and try to save at the same time, its just not possible.

[ibanez6rg]

With a new house, car payment, 2 bikes, insurance, cell phone, utility bills and living alone... I hardly ever have extra cash and when I do I just seem to burn it as quickly as I get it.

[GRN96WS6]

Originally Posted by The Captain

I make $24k/year before taxes and benefits . Rent around here for anything decent is going to set you back a minimum $800/mo, and thats for some crappy old 2br apartment thats not well insulated, old appliances, run down, etc. I'd like to buy a home this year, but I dont know if I will be able to or not. I've only got $1k saved, and its taken a long time to save that. I drive a $500 Jeep that could die any day now, so I'll probably have to get another vehicle this year as well.

I honestly dont know what I am doing wrong. Everyone else around here seems to be making twice what I make, drive expensive cars, have no debt, perfect credit, etc. I often times wonder how many of you are making false claims about said items, but thats really none of my business.

It seems no matter what I do I cant ever seem to get ahead. Then again, I work a job I love and enjoy going to every day, have very little debt, and am not going hungry. I'd much rather wake up looking forward to going to work every day than hate my job like most people. It honestly doesnt really feel like work at all However it does suck not having much of anything.

I'm going to go talk to the bank after I get my tax refund and see what I can do as far as housing. I cant keep paying $800+ in rent and try to save at the same time, its just not possible.

No offense intended but making 24K I don't see you owning a house within the next year. How much are homes in your area?

Most americans live above their means and paycheck to paycheck so they may not be making false claims but they have no savings for a rainy day.

Also you have people like Cats who are the extreme of being frugal or cheap whatever you want to call it. I understand saving money for emergencies and stuff but I'm sorry there is no way I'm using a rubbermaid container as a table. You can get decent furniture for not much money.