Poll: Help with looking at options to move out

[plumber]

OP, a different idea.

US Military. It will change your life. Provides you a safe place, your going to eat and have a roof. Also likely will have other men around you that will help you if you do your best. Also likely to travel to places with women of different kinds.

If not knowing what to do, its a real choice.

Likely after you can get a MUCH better job, or just like what your doing and advance...

 

[RickTheToad]

@RickTheToad
Why you say that? He is paying right now $0 and is making $3100 a month, if he buys he will be -$payment and making $1500 to $1800 a month.

^^That is before expenses.
There are bills, moving costs like buying stuff, insurance, maintenance, property tax.
Don't forget about utility bills.

If rent is $1000-1200, and you can own for around $1200; one would think it would be a better idea to buy than to rent. The price I gave includes everything you mentioned sans utility bills (he'd have them anyway). Maintenance in a condo isn't much. The HOA takes care of most of the heavy lifting (well, they are supposed to).

 

[sevbucmash]

own for around $1200

Does this price includes the insurance?

Maintenance in a condo isn't much

My mother pays close to $1000 per month.

 

[BPH]

OP, a different idea.

US Military. It will change your life. Provides you a safe place, your going to eat and have a roof. Also likely will have other men around you that will help you if you do your best. Also likely to travel to places with women of different kinds.

If not knowing what to do, its a real choice.

Likely after you can get a MUCH better job, or just like what your doing and advance...

Absolutely not. My old job before I moved back in with my parents was working at a mortgage lender that primarily dealt with VA loans.

The veterans I spoke to were some of the most insufferable, unhappy, and angriest people I ever talked to - and I don't blame them. The way veterans are "thanked" by their country upon return for their sacrifice is pretty laughable, especially when that sacrifice includes missing limbs and mental disorders. I think it's a good resource for people who literally have nothing, but my situation is nowhere near that bad; just uncomfortable and stagnant.

If rent is $1000-1200, and you can own for around $1200; one would think it would be a better idea to buy than to rent. The price I gave includes everything you mentioned sans utility bills (he'd have them anyway). Maintenance in a condo isn't much. The HOA takes care of most of the heavy lifting (well, they are supposed to).

I asked this somewhere else and I did some responses similar to yours...can you walk me through how this is a good idea? It sounds like there are a lot of things that need to happen for this to make sense; pay $1,000+ each and every month for 15-30 years, and hope somebody is willing to pay somewhere in your projected range of $2,300 each and every month after that first year in rent and assume that I'm even able to find a home that would accept my offer with a down payment I can afford...all while locking myself into Delaware, the place I'm trying to move out from, for those 15-30 years, while taking on hundreds of thousands of dollars in debt.

I'm sure you can make this work with your experience, but me?

 

[Chow Mein]

You're just always angry huh?

Him being in real estate for 15 years has nothing to do with MY (lack of) knowledge of how to make that work. I'd be going from living at home barely able to afford rent in most places, to taking on a $123,000 gambling debt for 30 years along with all the expenses that come with it.

Does that seem like a logical progression to you?

Think of it from another perspective as an investment of less than $350 a month where you have a more stable living situation.

 

[BPH]

Think of it from another perspective as an investment of less than $350 a month where you have a more stable living situation.

Where is $350 coming from?

 

[FlexpertHamilton]

I would be best to purchase something.

626 W 4th St, Wilmington, DE 19801 | MLS #DENC2065938 | Zillow

This 1800 square feet Townhouse home has 4 bedrooms and 2 bathrooms. It is located at 626 W 4th St, Wilmington, DE.

www.zillow.com

As an example. Offer $130k.

FHA 5% down - $6500.00
Closing costs - $2000.00

monthly mortgage with PMI - $1,215.32

Mortgage Calculator

Check out the web's best mortgage calculator. Estimate your monthly payments with PMI, taxes, homeowner's insurance, HOA fees, current loan rates & more. Also offers loan performance graphs, biweekly savings comparisons and easy to print amortization schedules.

www.mortgagecalculator.org

Stay there a year, turn into a rental, and earn around $2300.00 a month. Congrats, you are now making a profit of around $1085.00 as a landlord. Move into another unit, stay there for another year, rinse and repeat. In two or three years, you have $2500.00 - $3500.00 monthly in passive NET income. All expenses are now investment expenses (mortgage, insurance, taxes, etc), and you write them off, thus lowering your taxable income. Add in depreciation as a bonus.

What about maintenance costs?

 

[BPH]

What about maintenance costs?

I too would like to know the expected costs that would go into this outside of just the mortgage.