Buying a home is the easiest way for an average Joe to become wealthy
I'll make this quick:
$150,000 house FHA loan 3.5% down = $5,250
After taxes, title, closing costs (rolled into loan), MIP, home insurance, EVERYTHING...not a dime over $900/month
in 5 years, you'll have over $20,000 in equity IF the market stays the same (more than likely you'll have closer to $30,000)
you use that equity as leverage to put down on another $150,000 home and rent out your old one for $1,300/month easily
congrats, you're essentially now paying $300/month for your new house while your own personal rentcuck pays your mortgage, all in 5 years. Imagine what you could do with that extra $600/month
Can you imagine being a rentcuck at 30 years old when you could have just done this at 25 and be sitting in a nice, comfy home paying a third of what the rentcuck is paying AND collecting that sweet, sweet equity?
based. you know who also has an extremely high rate of renting? joggers....
let that sink in
Isaiah Green
sabrina sazuki
Hunter Moore
Thanks user. I will do this forever and I will not stop until I own all the houses in the world.
Jacob Robinson
Best version of this OP by far, keep it up Homeowner user.
Logan Watson
>$150,000 house The median home value in the United States is $248,857. A discount of 40% from that means that it is an extremely undesirable place to live.
Gavin Rivera
Welcome to being a boomer 20 years ago user. No really, this is a good strategy but it's hardly a fucking secret lmao.
Leo Harris
thats a man
Brayden Nguyen
Harold
Brandon Peterson
This. $150k is either out in the boonies tract suburban housing in a cheap metro or some inner city ghetto. At best a condo in an okay neighborhood in some small US city. $300k seems to be about the entry point to a desirable neighborhood in the top 10-15 US metros. $650-$700k if it's an attractive coastal metro neighborhood.
Julian Perry
perfect for an overpriced rentable >: )
Tyler Adams
>Homeowner user This is clearly some minimalist renter who is too lame to buy a house so he's trying to get people to make rash decisions and end up in a lot of debt. Buying a house isn't always the right choice.
Josiah Brown
>5 years , $20,000
Shit.. fck that, if you get in the right crypto you make that in a week.
Henry Sanders
Find the name yourself, lazy fucking faggot. It’s a 10 year old pic with a million reposts.
Bentley Collins
This.
Benjamin Moore
that is including homes that are in the 10s of millions of dollars
small brain >"A substantially smaller share of Millennials—born between 1981 and 1997—own homes (32%) than do older generations (the rate is 60% for Gen X and 75% for Baby Boomers). Even the stronger-than-you-probably-expected 37% of older Millennials who own lags the 45% of Gen-Xers and Boomers who did so at the same age." what city do you live in? I'll find a decent home for $150,000.
if you can't find a decent home for that much, your rent is also closer to $1,300/month and LOL @ that. you could get a $230,000 house for that much
also LMFAO @ people who live in Cali/Jew York
Adam Myers
sounds like a great way to be barely upper middle class by the time you're 55 and all your joints hurt
do you guys prefer single family or multi familty? I heard multi family makes more money, but single family is easier to manage (tenants cut their own grass, etc) I have no intention to become rich, I just want to retire early John Schaub prefers single family, iirc he has 25 houses and manages them himself with a part-time employee
Brayden Wright
>loan Yeah right my credit score is like 450
Ryder Sanchez
great price for a starter home
what city do u live in?
Landon Adams
No my brother thats a penis
Ayden Cox
>referring to your golden good as “the rentcuck”
Ngmi
Gabriel Stewart
I live in a small city in South Carolina. However, I bought land and building my own house.
Blake Long
Too stupid to understand what median means. This is a flyover state education in action, and why the most successful people in the world make sure their kids grow up in New York/ California.
Nolan Sanders
Laugh all you want but homeowners in coastal California (especially) or the NYC area see nice appreciation on homes. ESPECIALLY the wealthy conservative neighborhoods in these areas. You are not going to make money in flyover country via owning a home unless it's in some gentrifying neighborhood in a city like Chicago, Houston, Dallas, or Austin. Owning acres of land is one thing but owning a home to make money is different.
Jack Clark
Yeah where I live $150k gets you a house the size of a postage stamp that looks like a crack house
Noah Fisher
>house prices always go up, forever >you can always rent out your other properties, forever
Benjamin Kelly
Is it possible for an average guy with 50k down to get a mortgage for a quad-plex that costs $850k ?
James Ortiz
>more than likely you'll have closer to $30,000 big kek you have swallowed boomer advice extrapolate out just 30 years and explain how it could possibly continue at your expected rate
Is this true? Can you guys get a 96.5% mortgage? And then when you've barely 20k paid off, use that as collateral/ equity for ANOTHER mortgage? That is absolutely insane. The amount of retards who would "own" multiple properties on paper. Insane.
Jesus christ. Here in Ireland its a deposit of 20% minimum, and your mortgage is at x3.5 your salary.
Evan Williams
Loser lmao
Ryan Myers
That huge increase from $50,000 to $300,000 represents a growth rate of only 6.2%/year when spread over 30 years. (Remember, this is price increase only.)
You might be more interested to know that the average annual home price increase for the U.S. during the whole 1900 - 2012 period was only 3.1%/year -- just a shade better than the inflation rate of 3.0%/year
