Thursday, November 26, 2015

60k salary 400k house? Can I afford this? And opinions on diffrent ideas please?


So I will make 60k a year, and have 50k savings. I live at my parents house. I was thinking to buy this house that costs 400k, and rent it out to pay the mortgage while I stay at my parents house. I have absolutley no finacial needs besides maybe 200 a month expenses. Should I move into this house when I buy it? Or rent it for a while to save up all of my income and rent money? I want to buy a house over 350k. I could also possible save for a few more years and give a bigger down payment? I was also thinking about buying a duplex and renting both sides out. Or living in 1 side. How do I buy a house? My income will most probably also increase to 80k a year after a couple years. Please help me figure out the best plan to make a good investment. My goal is to eventually own as many things as possible. I am 22 years old. I also have no credit.

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