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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/
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