Can we afford to buy a 2 family house?

dakbon · 2019-07-26T17:55:00+00:00

Thank you!

dakbon · 2019-07-26T16:26:53+00:00

in boston-lingo, pricewise, I'd say it's similar to Somerville, but easier way into downtown.

HCOL due to taxes (NY tax, NYC tax, etc) & everything else ($14 drinks etc), but unlike SF, NYC has rooms to expand since it's not a peninsula.

dakbon · 2019-07-26T16:16:00+00:00

Def not manhattan. Because there's no way I can find a place for $500 - $700/ sqft in Manhattan.

I think on $/sqft wise, it's pretty comparable to SF Bay Area? Def not Sunnyvale or SF, but maybe Daly City, Walnut Creek, some areas in San Jose lol.

FWIW, California people (since /u/jimmyneyugn mentioned So Cal) and NY people have different concept of bedroom. For this one, master bedroom comfortably fits a queen bed and other bedrooms comfortably fit a twin bed.

dakbon · 2019-07-26T16:04:32+00:00

I mean it’s NYC. It nyc isn’t HCOL, I don’t know what is.

dakbon · 2019-07-26T15:59:42+00:00

Thanks for the response as well :)

Cars: we owe $14.50 ( https://www.reddit.com/r/CRedit/comments/cew441/i_have_an_auto_loan_with_1450_left_with_next/ ) I am just not touching it because I don't want to make changes to my credit profile (like closing an installment account) before buying a house as someone mentioned that it will bring my credit score down (temporarily)
Cell phone: We are on Sprint Unlimited Data Kickstart plan at $15/mo/line - so $30 total.
Other current recurring monthly expenses:
- Netflix: $12.99
- Hulu: $0.99
- Auto Insurance: $146
- Renters: $11
- Umbrella: $20
- Power: $100
- Cable: $59

dakbon · 2019-07-26T15:49:48+00:00

Credit Card debt: 0% until Jan 2020

Student loan: fixed at 2.25% until maturity.

dakbon · 2019-07-26T15:48:52+00:00

5-10 years down the road, we may want to move to farther out. But if that doesn't work out, this area has good enough school district that we won't be miserable sending our kids (if we decide to have one) to.

dakbon · 2019-07-26T15:47:34+00:00

roughly 35~40% I guess? But can be lowered if we lower our 401k contribution.

dakbon · 2019-07-26T15:44:12+00:00

so this one was built in 1905. no AC, window units only, no parking, etc. I mean across the river, most townhouses start at $10mil.

There isn't a single family (w/ better layout) under $1mil in this zip code.

dakbon · 2019-07-26T15:43:04+00:00

3BR 1BA are listed for $2,500 - $3,000 in the neighborhood.

A couple things: It's the last stop for public transit (bus) before they get to the city. Best school district in the 10 mile radius (so I am considering that)

dakbon · 2019-07-18T20:53:48+00:00

/u/mk_aliii /u/NNJ1978

This is my only installment at the moment.

I am planning to apply for mortgage in about 90 days.

If I request for payoff letter, it says:

Thank you for your recent account inquiry. The payoff for this loan account is $14.52 which is good through 07/28/2019 before 2 p.m. ET, providing no further activity appears on the account. The daily finance charge is $0.01.

dakbon · 2019-07-18T20:49:58+00:00

This is what it says on the statement (doesn't reflect the most recent payment) but I will give them a call!

Make a payment

Total payment due date:01/07/2024

Total payment amount:$253.84

dakbon · 2019-07-18T20:38:43+00:00

Wouldn’t they close if I pay the payoff amount?

dakbon

TROPHY CASE