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

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more