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Joined: Mar 2007
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Mine have always been about 2x my income and every one netted me 100k when I sold it 5-7 years later. My last one is 1x my income. I paid it off in 4 years and now is worth 5x my annual.

The feeling of financial freedom is something you cannot explain to someone.


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I would not buy something that runs on any kind of primer given the possibility of primer shortages and even regulations. In fact, why not buy a flintlock? Really. Rocks aren't going away anytime soon.
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Originally Posted by Full3r
Just curious how you guys are invested in your houses. After the post last week about if your house was paid for it made me think.

Our home was purchased for less than 1 year annual salary. We should be paid off completely this year after living here for 3 years. Wife wants to move to the country. Houses are more expensive but I would like to have a little more room to roam for the kids. Looking at 5-10 acres mostly.

My question is guys that are mortgaged on houses how much over or under your yearly income is it. And if you are 2x-3x yearly income do you feel like it keeps you from enjoying other activities?

Not trying to pry, just don’t want to be balls deep in a house and give up some of the other outdoor activities we enjoy.

David

So what do you want a cookie

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Timely thread as we just got pre-approved Monday cause why not buy a house when inventory is historically low in our locale. Current full time house was about double our yearly income when we bought it. Up north house (retirement home/vacation place) was about 2.5X.

New place we're looking to keep around 2.5 - 3X annual salary after down payment.

Current prices are, in a word, gross. $369+/- for a new build 3 bed/2 bath unfinished basement on 1/2 to 1 acre. Many of those w/ a two garage (not sure why they aren't extinct). Basically anything under $450K-ish pending within a week. Asking price is essentially the opening bid, aint no one taking the first offer at asking currently, forget about under asking Get into the $600K range they sit for a bit but still sell. Fu.ckin' crazy - would have laughed in your face if you told me todays prices 18 months ago.

The one thing on our side other than in no way needing to move or being under any time constraint is that we're willing to go further rural than those that want to see deer in the backyard but still get to target in 15 minutes (85% around here).

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Mine was about 3 times my income 3 years ago. It's now appraising for twice that. I'm worried home prices will start to drop as interest rates rise. I think people by based on the monthly payment more than the total price. Low interest rates seem to drive house prices up.

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First house was about 1.6x our annual wages, last house was less than 1.5x annual wages. House is paid for and is worth approx 1.75x original price. 3 houses in between were in similar purchase price/wages range. Dates from 1976 to 2002. We are both retired and not planning to move again . . . They'll have to haul me our of here on a gurney.

And NO, don't regret any of them.


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X annual? Hmm about 3.2x...

Do wives' money count?

Last edited by MtnBoomer; 02/26/21.

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My last house was less than 1 years salary. The peace of mind having a really low payment on a 15 year note that I could pay off quick with some belt tightening if I had to was really nice. I have a good job, but it was nice to know if I lost it I could pay my note working a couple less well paying jobs if I needed to. My current house was 3x my salary. Definitely adds pressure knowing if I lose the job the house is going on the market, but then again it’s a place my wife and I have been working towards for almost 20 years when I got it. And like some others have said, right now in my locale, it’s worth more than double what I paid.


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Originally Posted by Burleyboy
Mine was about 3 times my income 3 years ago. It's now appraising for twice that. I'm worried home prices will start to drop as interest rates rise. I think people by based on the monthly payment more than the total price. Low interest rates seem to drive house prices up.

Bb




Ironic as hell, but low interest hurts buyers.
Like you said, people buy all the payment they can afford.
And today's folk have no $ restraint.

That drives prices up until you are buying the house you would have bought
based on price, but now at your max payments.


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My house (paid for) is worth about 3x my current annual income. We always lived "small" as mine was the only income in the house as my wife stayed home to home school the kids. We moved into a larger (not huge) home 10 years and paid it off with the proceeds from my father's estate.

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if I'm say between 27 - 37 and buying a house, knowing what I know now, I'd probably buy a little more expensive house than what I'd be comfortable with , mainly because I know 10 years from now my salary would most likely be 20% more than what I am currently making. I also could handle most home repair issues so I wouldn't be calling up a handyman to deal with stuff. I'd happily accept driving a 15 year old car to be in a nice home.

probably opposite if I'm in my mid 40's or older. I"m looking to get into something I can pay off quickly, I don't really care about school district because my kids are out of school, so I'd be looking affordable, low maintenance because a big part of my life isn't related to living in the house anymore.

I'll be making a change soon, moving from a house that has supported me working and raising a family to me focusing on a house that has more to offer than access to an interstate and schools

Last edited by KFWA; 02/26/21.

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Originally Posted by blanket
Originally Posted by Full3r
Just curious how you guys are invested in your houses. After the post last week about if your house was paid for it made me think.

Our home was purchased for less than 1 year annual salary. We should be paid off completely this year after living here for 3 years. Wife wants to move to the country. Houses are more expensive but I would like to have a little more room to roam for the kids. Looking at 5-10 acres mostly.

My question is guys that are mortgaged on houses how much over or under your yearly income is it. And if you are 2x-3x yearly income do you feel like it keeps you from enjoying other activities?

Not trying to pry, just don’t want to be balls deep in a house and give up some of the other outdoor activities we enjoy.

David

So what do you want a cookie


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Originally Posted by TheLastLemming76
Originally Posted by MPat70
I paid 15% of my annual salary but then again I'm cool with a cabin. Leaves more money for toys👍

If not for location proximity to my daughter I’d be in the same situation.
Something clean and with running water/flush toilet is good enough for me.

That's it exactly. But to each their own I am happy so I guess that accounts for something.


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Originally Posted by KFWA
if I'm say between 27 - 37 and buying a house, knowing what I know now, I'd probably buy a little more expensive house than what I'd be comfortable with , mainly because I know 10 years from now my salary would most likely be 20% more than what I am currently making. I also could handle most home repair issues so I wouldn't be calling up a handyman to deal with stuff. I'd happily accept driving a 15 year old car to be in a nice home.

probably opposite if I'm in my mid 40's or older. I"m looking to get into something I can pay off quickly, I don't really care about school district because my kids are out of school, so I'd be looking affordable, low maintenance because a big part of my life isn't related to living in the house anymore.

I'll be making a change soon, moving from a house that has supported me working and raising a family to me focusing on a house that has more to offer than access to an interstate and schools

That's a good plan but, inc it up a bit. You'll benefit from appreciation on your home (investment).

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Originally Posted by taylorce1
Buy as much or as little as you want. Just have enough down to where your monthly payement isnt more than 25% of your monthly income on a 15 year fixed. I'm down to where I pay more into escrow for taxes and insurance every month than I do P&I. Hope to have it paid off in 2-3 years, I bought it 7 years ago this April.




this is good advice. sounds like what dave ramsey would say. the only thing i changed was i always took a 30 with the idea that i would pay it off in 10 but if SHTF, my payment would be lower than a 15. being the only one working, i was always very cautious.


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I wish I still had my first house, it was super cool.
I'd started saving for it when I was 12, I just didn't realize it at the time but it wasn't long until I figured it out.

I was buying bicycles, fixing them up and selling them, I went through dozens. I quickly graduated to motorcycles.
My parents encouraged me to buy US savings bonds with my earnings.

By the time I was 15 it was cars.

It was 1973 when I bought my first one, I'd cashed in a savings bond to buy it, I though my dad was gonna kill me.
It was a 1965 Mustang fastback, it looked like hell but it was just dirty from sitting under some trees, I paid 25 dollars for it.

I cleaned it up and sold it, you had to be 16 to get a license so I never got to drive it..illegally.

It wasn't long until my parents front yard looked like a used car lot.
They had to be muscle cars, the 60s was the era, there were a lot around in the mid 70s that sold for cheap.

By the time I was 18 it was inevitable, it'd be houses.

My bank sold me my first foreclosure, I'd never had a job but I had plenty in savings by then for a down payment.
My go to teller at the bank when I'd opened my first account there at 12 was now the banks vice president, we had a working relationship.

He set my loan up so my first payment wasn't due for 12 months.
It was a older home that sat under some big oak trees on a double lot that had a killer view looking over Tampa bay in what was then the sleepy little town of Safety Harbor.

I fixed it up and sold it in six months so I never even made the first payment.

I went through two to three houses a year after that, all of them being beat up POS.

I lived in a lot of places where only one room would be livable, if you consider room for a bed, a couple boxes of clothing and tools and room for a Coleman stove livable, a working bathroom was often a luxury.

It was 1980 before I had a home that sold in the 6 digit bracket.
After that there was no looking back, it was game on.
I'd still never had a job in the traditional sense.

Now, in 2021 the only things that have changed is the numbers.
I've paused for a few years at a time here and there, even worked a couple part time, seasonal jobs but seem to always get back into it.
I just can't pass up a deal where there is easy money to be made.

I guess the moral of my story is if you are willing to work hard and forgo some comfort and luxury, there isn't any reason you can't flip a few houses until you own one outright inside of 3 to 5 years.

I know the supposedly American Dream is the job, wife, house, family scenario.
It can also be viewed as a rut the bulk of people willingly trap themselves in so they can spend endless years working their way out of it.

A couple months a year off to hunt a few different states and a few weeks here and there in the summer for fishing, camping and traveling has been rather sweet, I suppose it's not everyone's cup of tea.


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Bought it after 9/11 for about 2X annual. Refinanced to a 15 year and will pay it off a few years early. Currently the mortgage is only about 12% of our monthly net income. It's never stopped us from doing what we want.

At the time, the banks were willing to give us a lot more, but I didn't want to be handcuffed to a huge mortgage.

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My house was 45K 30 years ago. My salary then was 35K. I wish my lot was bigger but now that I am older not so much. I could have afforded nicer but am glad that I have never felt the need to show off. I am happy with my paid off belongings. I can do,eat,and drink what I want within reason.

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Properties are investments. It’s no different than sinking a lot or a little into a business or stocks. Properties are not toys.

If you’re predictions and efforts are sound, you’ll get a nice return. If they’re off, you won’t.

The whole comparison to your current annual salary is pretty short sighted. Some Dave Ramsey schit.


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My young wife decided to play the field and had moved several dudes into my house
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Built mine 25 years ago, 2400 living area, all brick. I formed, installed plumbing, got slab ready to pore, framed, wired, installed AC, everything except finish concrete, insulation, lay brick, and hang Sheetrock. I have 64,000 in it. I wish I had made it a little bigger, but only two of us now.

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