As title states, I would like to buy a house in near future, maybe 3 or 4 years. Currently I am 23 years old, living in the 5 boroughs of NYC. I have a stable full time job, a girlfriend, no kids, and very minimum expenses which I will get into more detail with below.
My dream would be to buy a 2 family house in Queens, NY. Rent 1 living area, and live in the other. I grew up with my grandfather who has done exactly that. So I understand the duties that come along with renting out to a tenant. In that time I have also learned about home ownership, such as taking care of the house, property in general, and how to fix or repair generally anything I'd need to. I also work in a skilled trade where I am still acquiring new knowledge and bettering my repairman skills. Anyway....
At this moment in time, I take home $675 a week based off of 40hrs/week. In the summer months I can expect 20hours of overtime some weeks which is time and a half rate. But I don't like to depend on that. Also I am still progressing in my position so I can expect my pay rate to double over the next 4 years. But again I don't wanna expect these things.
My expenses per week are around $175 (which I think is an over estimation) so every week I am able to put away at least $500.
Here is where I am at currently: *$25,000 in Savings Acct. with TD bank (.03% interest) *$5,000 in Savings Acct. with Chase bank (.02% interest) *My checking account is where I get my direct deposit from work but I don't keep much in there, just enough for my bills to pay. *$3,250 in Robinhood. Google 1 share. Microsoft 12 shares. Everything else random shit I like lol *$15,000 cash in a safe. (This is money I've been saving for years since my first job when I was 16. )
When I turned 18 I made sure to get a couple lines of credit and keep in good standing. My fico score through the discover app is 760something.
Around the area I'd dream of living, the minimum a 2 family house sells for is $1,000,000. I'm talking absolute minimum.
First question is, how likely, at the rate I am going, is it that I am able to afford a house in 3 or 4 years.
And the second question is, what can I do to maximize my possibility of achieving this dream. Besides working harder and saving more. Like is a vanguard index fund a good idea? Even though the market is so damn crazy right now should I put more money into stock? Bonds?
Any advice would be great. I've been on Reddit for 4 years, I created a new account cuz I don't want my financials shared on my main. I googled and searched all the posts here and FIRE as well, but couldn't find anything close enough to my situation.
If any other info is needed let me know too.
Submitted April 03, 2018 at 09:53AM by wwwuser00691505 https://ift.tt/2q1oIUF
