Skip to main content

How much house can I afford? [25/US/Self-employed]

Hello. I am trying to figure out how much I can afford to spend on a house. I am 25. Live in US. Self employed/owner/operator. I have 36k in a roth IRA. 45.5k in a solo 401k. 26k cash. I am renting atm. Pay $700 + $100 in misc. fees on a 2 bedroom apartment split down the middle (roommate pays other half, 1400/2 bdr apartment). 1 bedrooms are about $1100 month.

My business is 2 yrs old. 1 yr as a side hustle, made 36k. 1 yr on the “books”, filed as an LLC this yr. I’ll be filing taxes soon. Will have grossed 60k with a profit of 28k. Bought a vehicle so that took 15k away right off the bat (otherwise 43k profit).

I want to buy a house. Honestly don’t want to continue renting or living with someone else for much longer than 1-2 yrs max. By then I think I can have saved up another 30-40k saved up. Houses are about 130-160k for a 2 bedroom in areas I wouldn’t mind living in. I plan on living here for the foreseeable future because of my business and I just like the area.

My credit is good. No debts. My work history is spotty though. My business is new so that may be a problem. I plan on doing this for the foreseeable future. Any advice?

submitted by /u/thatcoolis2mey
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/luvhnb/how_much_house_can_i_afford_25usselfemployed/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more