#1
I had a chat to my bank a few days ago.

Turns out I've saved more than enough for a deposit on a $200,000NZ house. But as I'm a student at Uni, my income isn't high enough.

Anyone else in this position? Anyone actively thinking of buying a house?
RIP Tom Searle.
#2
I was thinking this would be like a missile silo-type thing. I am disappoint.
R.I.P. M.C.A.
Tweet at me bro
lushacrous loves you
Quote by blake1221
Don't be ludicrous, lushacrous.
Quote by Gunpowder
that joke regarding your username was NOT originally posted by blake1221. That was a Gunpowder original.

I INVOKE SOPA TO SMITE YE FOR THIS FALSEHOOD.
#3
I'm hoping to have about 100K towards a house saved up by the time I get out of grad school, though I'm not anywhere close to that goal yet. Dumped a bunch of money I had lying in a bank account into some funds and stocks, so hopefully the dividends start paying off and stuff.
#5
I'm 15
Quote by kaptkegan
Don't think I've ever been sigged.


I pretty much never leave the drug thread anymore.
#6
No, but im in talks with my bank about buying a condo and renting it out. Ideally i would have 3 condos all pulling in a 20% profit.
Quote by yellowfrizbee
What does a girl have to do to get it in the butt thats all I ever wanted from you. Why, Ace? Why? I clean my asshole every night hoping and wishing and it never happens.
Bitches be Crazy.

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ஜ۩۩ஜ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
#7
Don't pull an ''american'' and buy a house you can't afford in the first place. Just because they approve you and give a super low interest rate, doesn't mean you can afford it. If you're income isn't high, then buy something cheaper. So what if there's no crown molding in the living room and if the basement is unfinished, you're the one who's gonna be laughing when your buddy who bought himself an expensive house ends up with no money and a worthless house 20 years later.
#9
Quote by Acϵ♠
No, but im in talks with my bank about buying a condo and renting it out. Ideally i would have 3 condos all pulling in a 20% profit.

That's smart. Now that's what I call an actual idea to make money. Clearly you have at least half a brain.
#10
Quote by Acϵ♠
No, but im in talks with my bank about buying a condo and renting it out. Ideally i would have 3 condos all pulling in a 20% profit.


In reality, you'll be paying the payments on 3 empty condos.

Hopefully not, it's a good idea, just make sure the market it there before you jump into anything.
#13
Quote by metalblaster
That's smart. Now that's what I call an actual idea to make money. Clearly you have at least half a brain.


Not sure if srs, but let's say i buy a condo for $150,000 on a 30 year mortgage in a heavily developing area (as is the plan). Depending on interest rate, the mortgage will be around 750-800 a month. I can easily charge a reasonable $1100-$1200 a month to the tenants. The mortgage gets paid off within 20 years and before im 40 im sitting on a pile of equity and suddenly im very valuable to the bank. Not to mention the condos im looking at will appreciate considerably by then, so a condo i buy in 2012 for $150k will be worth $220k+ in 20 years, not taking inflation into consideration. It's lucrative, but it's a great way to make delayed money.
Quote by yellowfrizbee
What does a girl have to do to get it in the butt thats all I ever wanted from you. Why, Ace? Why? I clean my asshole every night hoping and wishing and it never happens.
Bitches be Crazy.

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ஜ۩۩ஜ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
#14
Quote by MH400
I had a chat to my bank a few days ago.

Turns out I've saved more than enough for a deposit on a $200,000NZ house. But as I'm a student at Uni, my income isn't high enough.

Anyone else in this position? Anyone actively thinking of buying a house?



I'm saving so I have enough to pay the deposit and first months rent on an apartment. Only got like $6k atm, so no where near enough for a house
No man has the right to be an amateur in the matter of physical training. It is a shame for a man to grow old without seeing the beauty and strength of which his body is capable


@gossage91
@overtimefitnessau
#15
Quote by Acϵ♠
Not sure if srs, but let's say i buy a condo for $150,000 on a 30 year mortgage in a heavily developing area (as is the plan). Depending on interest rate, the mortgage will be around 750-800 a month. I can easily charge a reasonable $1100-$1200 a month to the tenants. The mortgage gets paid off within 20 years and before im 40 im sitting on a pile of equity and suddenly im very valuable to the bank. Not to mention the condos im looking at will appreciate considerably by then, so a condo i buy in 2012 for $150k will be worth $220k+ in 20 years, not taking inflation into consideration. It's lucrative, but it's a great way to make delayed money.

How do you handle the times when the people who are renting move out?
How much down time is there on a thing like that?
I mean, it sounds like a mindless way to make money. Its just too easy =P

To answer the OP, nope. I'm a sophomore in college and got in a bit of legal trouble last year. My parents helped pay for everything so I look good in the books.. But after all was said and done, I now owe my parents about $6k. I don't work while I'm at school, but work 40-50 hours a week for $8.50/hr when I'm home.
I get to keep $50 of my paycheck every week, the rest goes to my parents.
So nope, saving for independent living is not on my mind right now.

Though I have thought about it and I've decided, unless I have a family (wife AND kids), I don't think I ever want to live in a house. Apts are fine for me. I don't need that much space to be happy. As long as I can have a dog, I'd be happy. Even if I could afford a house for myself, I'd opt for an apartment because I'd get to keep more of my income and spend it on things I really want rather than just paying for living space.
Quote by Banjocal
sht up u flthy librl foogit stfu u soo mad n butthurdt ur ass is an analpocolypse cuz ur so gay "my ass hrts so mcuh" - u. your rectally vexed n anlly angushed lolo go bck 2 asslnd lolol
Last edited by King Of Suede at Feb 11, 2012,
#16
Quote by Acϵ♠
Not sure if srs, but let's say i buy a condo for $150,000 on a 30 year mortgage in a heavily developing area (as is the plan). Depending on interest rate, the mortgage will be around 750-800 a month. I can easily charge a reasonable $1100-$1200 a month to the tenants. The mortgage gets paid off within 20 years and before im 40 im sitting on a pile of equity and suddenly im very valuable to the bank. Not to mention the condos im looking at will appreciate considerably by then, so a condo i buy in 2012 for $150k will be worth $220k+ in 20 years, not taking inflation into consideration. It's lucrative, but it's a great way to make delayed money.



Nothing in the property market is that certain.
No man has the right to be an amateur in the matter of physical training. It is a shame for a man to grow old without seeing the beauty and strength of which his body is capable


@gossage91
@overtimefitnessau
#17
I already own a home (I owe no money on it whatsoever) and I'm 19. Yeah, it's a trailer but it's a hell of a lot more than a lot of people my age can say they've accomplished. I only really plan on living there for a few years until I get my career started (and somewhere decent) and married. Until then it's a place for my friend and I to live for cheap and to have some freedom.
Quote by Tyler Durden
It's only after we've lost everything that we're free to do anything.

Erowid
#18
Quote by King Of Suede
How do you handle the times when the people who are renting move out?
How much down time is there on a thing like that?
I mean, it sounds like a mindless way to make money. Its just too easy =P


My aim is to have 3 condos. One of them i take all the profit and it goes into a separate account for just such occasions. One of them i take the profit and pay off interest faster. The third one i take the profit and put it into my pocket.

As for down time, the area im looking at is extraordinarily high demand so down time would be a couple weeks, a month tops. Not much worried about that, i know my city well and i know these places will get snapped up really fast. I also thought about doing the same thing with a house or two around a university and having 4 or 5 people a year at $500-$600 a month each, but it's riskier.

Quote by jambi_mantra
Nothing in the property market is that certain.


Yes and no. Sought-after condos will always be sought-after condos. There is a degree of risk on my part, but if done properly and carefully, it's a good way to make money long term and short term.
Quote by yellowfrizbee
What does a girl have to do to get it in the butt thats all I ever wanted from you. Why, Ace? Why? I clean my asshole every night hoping and wishing and it never happens.
Bitches be Crazy.

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ஜ۩۩ஜ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
#19
It's ironic that you post this, because me and my wife are currently in the process of house-hunting/putting an offer on a house that we like.

It's pretty exciting

EDIT: To add on to that, our collective income is pretty low, just about double the federal poverty level, so we really need to purchase within our capabilities. However, we are pretty savvy, my wife is fantastically financially-minded, and our real-estate agent and lender are fantastic.
My God, it's full of stars!
Last edited by Dreadnought at Feb 12, 2012,
#20
Quote by Metallicuh
I'm 15 and wat is this

fixed
Quote by Night
wtf is a selfie? is that like, touching yourself or something?
#21
Quote by lushacrous
I was thinking this would be like a missile silo-type thing. I am disappoint.



Yes!!!


this.

lets go buy it.
Quote by element4433
One time I watched a dog lick his own dick for twenty minutes.

Quote by Roc8995
No.


Well, technically it could be done, but only in the same way that you could change a cat into a hamburger. It's an unpleasant process, and nobody is happy with the result.
#22
I've rented a few places, not looking to own within the next fifteen years or so (I'm 20). I really couldn't make such a big commitment to live in one place for more than a year or two. I'd only start thinking about buying if I had a kid on the way.
Dickless.
#23
Quote by Acϵ♠
Not sure if srs, but let's say i buy a condo for $150,000 on a 30 year mortgage in a heavily developing area (as is the plan). Depending on interest rate, the mortgage will be around 750-800 a month. I can easily charge a reasonable $1100-$1200 a month to the tenants. The mortgage gets paid off within 20 years and before im 40 im sitting on a pile of equity and suddenly im very valuable to the bank. Not to mention the condos im looking at will appreciate considerably by then, so a condo i buy in 2012 for $150k will be worth $220k+ in 20 years, not taking inflation into consideration. It's lucrative, but it's a great way to make delayed money.


And yet you still don't capitalize your letter 'I's.
return 0;

Quote by jsync
And I've eaten at some of Australia's best pizzerias.



SOUNDCLOUD
. com / fancy-elle
#24
I was really close, but then I landed on Mayfair.
Quote by StonedColdCrazy
Fact is nobody has ever proven smoking to cause cancer.
#25
My wife and I are making an offer on a house we really like today. The problem is that it's a short sale so it will probably be a couple of months before we hear if the bank accepts or rejects the offer. Love the house though, has great character
My God, it's full of stars!
#27
Quote by jambi_mantra
Nothing in the property market is that certain.

agreed. My grandmother and uncle are both in the real-estate business, and although it's a great way to make lots of money, if you make bad choices at the wrong time you can lose a LOT of money.

Me, I'm not even thinking about buying a house, not until I have a family and kids. I myself don't really care where I live, but I'd want my kids to have a nice home with a big backyard growing up.
Last edited by CoreysMonster at Feb 12, 2012,
#28
I'm 22, she's 20, I'm in the military and she's a full-time student. Mine is the only income
My God, it's full of stars!
#29
Ah, nice. Hope it all goes well for you. Been with her long?

I turned 20 last week, and my gf is 18. Haven't even considered buying a house together, or even talked about it whatsoever haha.
RIP Tom Searle.
#30
I'm saving up for a deposit and furnishings on an apartment. The area I'm living in is very high cost and I don't plan on staying here for the long haul, so purchasing a house where I currently reside would not be a financially sound decision.
#31
We've been together for about 4 and a half years, married for almost 2.
My God, it's full of stars!
#33
Thanks dude, we have our fingers crossed but we're going to continue to look for other homes while we're waiting to hear back.
My God, it's full of stars!
#35
Quote by Acϵ♠
My aim is to have 3 condos. One of them i take all the profit and it goes into a separate account for just such occasions. One of them i take the profit and pay off interest faster. The third one i take the profit and put it into my pocket.

As for down time, the area im looking at is extraordinarily high demand so down time would be a couple weeks, a month tops. Not much worried about that, i know my city well and i know these places will get snapped up really fast. I also thought about doing the same thing with a house or two around a university and having 4 or 5 people a year at $500-$600 a month each, but it's riskier.


Yes and no. Sought-after condos will always be sought-after condos. There is a degree of risk on my part, but if done properly and carefully, it's a good way to make money long term and short term.

Where abouts are you talking?

I have a decent amount of money saved, but I'm honestly not too worried. My family has wealth that will reach me. I'm probably more fiscally responsible than I need to be considering my eventual situation.