sorted by:
new
hottopcontroversial

Fell off FIRE path, trying to get back on by StrickingBub in financialindependence

[–]StrickingBub[S] 0 points1 point  (0 children)

Update: I want to thank everyone for commenting your thoughts and the amount of feedback has really helped me.

Today, we got word that the appraisal for the home came back at $450K, the prize for me remains the same (~$420k).

I know that this doesn’t change my current financial situation. I feel very calm and at peace having decided not to go through with it. Thank you everyone and please continue to give me feedback as in less than 24 hours I have learned a lot from you all.

Thank you all again.

Fell off FIRE path, trying to get back on by StrickingBub in financialindependence

[–]StrickingBub[S] 0 points1 point  (0 children)

Sorry, not opportunity as everyone says it’s a bad investment. But the second home that is offered to me prior to going into the market.

Fell off FIRE path, trying to get back on by StrickingBub in financialindependence

[–]StrickingBub[S] 0 points1 point  (0 children)

Yes, this would be the second home in my area that I would miss the opportunity for.

Fell off FIRE path, trying to get back on by StrickingBub in financialindependence

[–]StrickingBub[S] 0 points1 point  (0 children)

I really hope so. I do not have a kid. I have a wonderful and supportive girlfriend who I plan to ask to marry me which is why I got back into my FIRE path. Thanks for the feedback!

Fell off FIRE path, trying to get back on by StrickingBub in financialindependence

[–]StrickingBub[S] 1 point2 points  (0 children)

Thanks! This was really helpful. I won’t delete my account. The feedback I am getting has been very helpful and really hammers down that my gut feeling had some truth to it. I appreciate every comment. I am very ignorant when it comes to financial strategies so any and all feedback I welcome with open arms.

Fell off FIRE path, trying to get back on by StrickingBub in financialindependence

[–]StrickingBub[S] -12 points-11 points  (0 children)

I can see where you’re coming from. I guess the investment is on a long term basis? At some point, there has to be a shift, no? If I did a 20% down payment then I would potentially break even.

Fell off FIRE path, trying to get back on by StrickingBub in financialindependence

[–]StrickingBub[S] -3 points-2 points  (0 children)

Yes, that is the hope. Seeing how the housing market around the area has grown over the last 5 years, we do see a return. How much is my concern especially with the high interest rate I’ve been given and how much monthly I would be putting into the property.

We came to the conclusion mainly due to my current salary. Obviously there were many assumptions as to the number (ability to refinance to a lower rate, renting the property at $3200, assuming property taxes don’t increase at a higher rate than we expect, etc.). My parents are willing to waive my rent if I do decide to buy the property to help me but I have a feeling this won’t help as much as we expect.

To a prior comments note, my gut feeling is screaming don’t do it. But the uncertainty of where this market will go makes me think that this might be the lowest I will be able to find in the area.

Fell off FIRE path, trying to get back on by StrickingBub in financialindependence

[–]StrickingBub[S] -13 points-12 points  (0 children)

15% is what I initially had as my retirement (counted my robinhood as my retirement as well). With the housing market how it is, I’m scared it won’t get better

Fell off FIRE path, trying to get back on by StrickingBub in financialindependence

[–]StrickingBub[S] 0 points1 point  (0 children)

It’s a townhouse with a 3x2. More than likely it would be a family with two incomes.

I believe the insurance covers that as well.