I found a house that I really like. It has a new roof on it. 1500 sq ft, 3 bed/2bath. On 1.5 acres. Backs up to a little lake. Awesome house. Houses that are way outdated (like 60s - 80's interior) are selling for 200-250k on small 1/4 to 1/3 acre yards. I would be doing a 20% down payment and paying all closing costs. So roughly 65k. That will leave me left with approximately 5k cash, 90k in my individual/solo 401k, and 37.5k in a roth ira. Plus about 15k in crypto. I make about 85k a year (before taxes or expenses) and net about 50-60k a year. I'm 26 yrs old.
Monthly mortgage payment is at $1500. It will go up to $1640 next year when the property value is reassessed (property taxes will go up from $90 to 225).
I believe if I bought a place it would make me want to make more money, right now I'm semi lazy. If I knew I had to come up with money to afford a roof over my head I feel like it'd kind of light a flame underneath my butt so I'd probably be inclined to try to gain more clientele. I'm self employed, 4 years owner/operator of a service business. Location central FL. Studio apartments are going for $1200-1400 where I live.
April 22, 2022 at 07:08PM
