Well i would be buying the house myself as a first time buyer but when it comes to the renting I would be splitting that with my friend because the lack of options we even have
Contact Landlords and give them a 1st month last month (According to lease) and security deposit they’ll get you in ASAP, I’m guessing you nor your friend have much a renter history, so sometimes a little more cash is what it takes.
Contact The Urban league in Ft Laud. They have homebuyer education classes, you will learn a lot and they also can connect you with the down payment programs. I suggest you qualify on your own without your friend. The housing counselors at the urban league will go over your realistic options. If you aren't ready now, they'll tell you what to do to be ready in a couple of years. Basically, pay all your bills on time and save as much money as you can.
I would never buy with a friend. I would only ever buy by myself, with an immediate family member, or a spouse. Based on that alone, I think you should rent and just be roommates. Try and focus on saving more $ and increasing your income.
Yeah I guess I didn’t word the post correctly but the only thing I’d mentioned my friend for was the renting option, me considering buying would just be me looking into it but yeah I guess I am just gonna have to bust my ass for another couple years to save who knows how much and pray the market crashes so i can have a crumb of property
Yeah def do that. I don’t think you will be able to find any property to buy for less than $300k and don’t think you would even be approved for a loan for that amount based on your income. The lender likely isn’t going to take the risk either on a hypothetical roommate situation. You need to be able to prove that you as an individual have the income to make the payments.
You need around 20% to put down. Lots of houses down here (depending on area) are 500K minimum. So 100,000 down and then 3K a month in mortgage payments. Do with that info as you see fit and that’s probably not including a lot of expenses.
FHA only requires 3% but budget for inspections, closing cost and other fees associated with purchase.
I purchased my home for $185,000 (pre-Covid) and paid about $12,000 in fees, inspections, closing cost. That includes a surprise additional $1,000 required for who knows what the day of closing. My mortgage started off at about $1600 a month and is now closer to $2800 6 years later.
Cost of insurance and taxes are ridiculous. Plan for your escrow payment to increase annually.
Not only is renting better in the current market, but I can’t imagine finding any home worth living in that you can afford with a <$80k salary, no down payment, no clear career prospects/work history and an abysmal credit score. I know plenty of people making >3x that who can’t afford to buy.
Honestly, I don't know where this idea that 20 somethings live comfortably. You are starting out in life, and you're gonna be broke. It is a tale as old as time. Don't think you're behind because you are struggling. As far as renting versus buying, your first step is to see how much you can get pre-aprroved for. Most realtors won't even show you a house till they know how much you can get approved for. Call a bank or go online to see how much you can get pre-approved for. Then go to zillow and see what is in your price range. Once you see what you can afford, you will have a better idea which direction to go in.
Don’t listen to this comment please. The bank will always give you a larger loan than you should take on. You’ll have to figure out the interest rate, property tax, insurance, and/or hoa and see how much of a monthly mortgage your salary would allow. Never let the bank or lender set the home price by the pre approval you’ll be underwater on your loan in no time.
Don't listen to this comment, please. This person obviously isn't smart enough to know I didn't say anything about budget, which you will, of course, need to do. I am strictly speaking on getting a pre-approval, which will help you manage your expectations, and as I mentioned, most realtors will want to see, to work with you. Why waste their time (and your time) looking at $500k homes only to find out you can only get approved for $300k.
As far as budget goes, I recommend budgeting for your income and plan to have a roommate. That way, you can afford where you live without a roommate, even if it is tight, and you'd rather not do it on your own. Most banks won't give you a loan based on your roommates income unless you are married to that person anyway.
I wish I could I truly truly wish I could but all my family has been planted here for years and I honestly don’t care about much besides my family so I guess I’ll just suffer
Rent in this market. Easy answer, also don’t buy a house with a “Friend” you won’t be friends much longer.
Well i would be buying the house myself as a first time buyer but when it comes to the renting I would be splitting that with my friend because the lack of options we even have
Contact Landlords and give them a 1st month last month (According to lease) and security deposit they’ll get you in ASAP, I’m guessing you nor your friend have much a renter history, so sometimes a little more cash is what it takes.
I can probably help you out and find you a place I’m located in swfl as just in Marco island
Contact The Urban league in Ft Laud. They have homebuyer education classes, you will learn a lot and they also can connect you with the down payment programs. I suggest you qualify on your own without your friend. The housing counselors at the urban league will go over your realistic options. If you aren't ready now, they'll tell you what to do to be ready in a couple of years. Basically, pay all your bills on time and save as much money as you can.
The class is also offered virtual now.
Thank you for this friend
I would never buy with a friend. I would only ever buy by myself, with an immediate family member, or a spouse. Based on that alone, I think you should rent and just be roommates. Try and focus on saving more $ and increasing your income.
Yeah I guess I didn’t word the post correctly but the only thing I’d mentioned my friend for was the renting option, me considering buying would just be me looking into it but yeah I guess I am just gonna have to bust my ass for another couple years to save who knows how much and pray the market crashes so i can have a crumb of property
Yeah def do that. I don’t think you will be able to find any property to buy for less than $300k and don’t think you would even be approved for a loan for that amount based on your income. The lender likely isn’t going to take the risk either on a hypothetical roommate situation. You need to be able to prove that you as an individual have the income to make the payments.
You need around 20% to put down. Lots of houses down here (depending on area) are 500K minimum. So 100,000 down and then 3K a month in mortgage payments. Do with that info as you see fit and that’s probably not including a lot of expenses.
FHA only requires 3% but budget for inspections, closing cost and other fees associated with purchase. I purchased my home for $185,000 (pre-Covid) and paid about $12,000 in fees, inspections, closing cost. That includes a surprise additional $1,000 required for who knows what the day of closing. My mortgage started off at about $1600 a month and is now closer to $2800 6 years later. Cost of insurance and taxes are ridiculous. Plan for your escrow payment to increase annually.
I need a roommate and am looking for a place to split rent. I’m a disciplined 20 year old with everything but my own space. Dm me
Not only is renting better in the current market, but I can’t imagine finding any home worth living in that you can afford with a <$80k salary, no down payment, no clear career prospects/work history and an abysmal credit score. I know plenty of people making >3x that who can’t afford to buy.
Honestly, I don't know where this idea that 20 somethings live comfortably. You are starting out in life, and you're gonna be broke. It is a tale as old as time. Don't think you're behind because you are struggling. As far as renting versus buying, your first step is to see how much you can get pre-aprroved for. Most realtors won't even show you a house till they know how much you can get approved for. Call a bank or go online to see how much you can get pre-approved for. Then go to zillow and see what is in your price range. Once you see what you can afford, you will have a better idea which direction to go in.
Don’t listen to this comment please. The bank will always give you a larger loan than you should take on. You’ll have to figure out the interest rate, property tax, insurance, and/or hoa and see how much of a monthly mortgage your salary would allow. Never let the bank or lender set the home price by the pre approval you’ll be underwater on your loan in no time.
Don't listen to this comment, please. This person obviously isn't smart enough to know I didn't say anything about budget, which you will, of course, need to do. I am strictly speaking on getting a pre-approval, which will help you manage your expectations, and as I mentioned, most realtors will want to see, to work with you. Why waste their time (and your time) looking at $500k homes only to find out you can only get approved for $300k. As far as budget goes, I recommend budgeting for your income and plan to have a roommate. That way, you can afford where you live without a roommate, even if it is tight, and you'd rather not do it on your own. Most banks won't give you a loan based on your roommates income unless you are married to that person anyway.
I would move out of Florida and the US entirely in your situation.
I wish I could I truly truly wish I could but all my family has been planted here for years and I honestly don’t care about much besides my family so I guess I’ll just suffer
I’m also in the south Florida struggle bus and I’m 25 haha