Im doing pretty well for myself, just open to any suggestions from the wise people on here. Always up to hear different ideas. Main life goals are to have a paid off house as soon as possible, and slam money into retirement investments after i have to mortgage to pay and retire early.
So i am 21(M) graduated high school 3 years ago. I am halfway done with a 4 year trade school which is paid by my employer. Just broke up with GF so i am single at the moment. Nobody depends on my income. No debt. I make roughly $50k base but with overtime about $60k gross. I recently bought a 1800sq ft house with an acre of land for $230,000 and paid 5% down ($218,000 at 3.975% loan) paying $100 a month pmi untill i get to 20% principle paid off. Mortgage payment now is 1400mo and i expect 1300mo when i get to 20%
My assets at the moment: $20k cash savings $19k roth IRA(max every year) $3k 401k(from old job) $2k value of my truck $3k value of my jeep $6k value of a car i am selling soon
I undertand its unusual for someone in my situation to buy a home this young, but the home i bought is in a 8/10 school district in the town i grew up in. A state park has picked up 400 acres of land that border my property since i purchased the home, so i assume that will increase the value over time. The town is developing quickly. It is within commuting distance to washington DC, arlington Va, several military bases. So if i were to rent it out, there would be no shortage of renters as there are jobs and families everywhere around me. I would estimate its a 1600-1800 a month home with 3 beds and 2 baths.
At the moment i am living at the house with a good friend who pays $200 a month rent and buys our groceries and helps with maintinence. Have another friend that is interested in moving in which his rent would be $450 a month, but it is not confirmed yet. We are fixing the little problems the house has as we get the time on weekends. I have only made 2 mortgage payments so far but intend to keep my cash savings at 20k and anything on top of that at the end of each month will go toward principle.
My longterm plan is to eventually find a new girl and hopefully eventually get married while i have roomates live here to help with rent. I also have lots of family nearby i can live with incase i ever want to straight up rent the place out and have someone pay the mortgage for me while i slam it with principle payments living cheap at my parents house.
I know its not the most common situation but it seems pretty fail safe no matter what life throws at me. If anyone has any suggestions or ideas im open to hear them Thanks!
Submitted May 24, 2018 at 09:53AM by buckdad https://ift.tt/2GP3ZZS
