i'M 24, SINGLE, SHOULD I WORRY ABOUT BUYING A HOUSE OR CONDO OR FIXING MY CAR?
595684
Dude !!!\n\nfix your car, you will get a lot of BOOTY
396013
There are a number of questions that would have to be answered before anyone could really give you advice on this.\n\nAre you definitely moving in 2 years?  When you move, will you sell the condo or rent it out.  Do you have a systematic savings plan right now?  Is your interest rate you're paying now fixed or variable?\n\nIf you are currently saving toward a down payment and are sure you'll have enough when the time comes to move, then it's fine to pay extra toward your 2nd mortgage.  Also, if your moving in 2 years is uncertain, then I would think about paying extra against the mortgage. \n\nHowever, if you are not currently saving toward a down payment, or if you are but you're not sure if you'll have enough, then I would contribute toward that savings instead of extra against the mortgage.  You want to make sure you have saved enough because you have no idea what the real estate market or interest rates will be like in 2 years.  The condo market may crash again like it did in the 80's.  It's always better to have the cash set aside.  It gives you more options down the road.
855522
If you can afford to take the time to do it, build the house. That way it's what you want. You'll build up equity sooner that way and receive much more personal satisfaction.
1071072
What are you trying to get away from? Are you living with your or his parents or are you in a bad rental situation? Find a nice apartment to rent (condos are good). As others have said, you will not be able to buy a house until you are 18 unless you have an adult to co-sign. Do you have someone who is willing to trust you and back you up? \nGood luck, I hope it all works out for you.
1058348
Financially speaking, a house will usually appreciate in value.  Of course, beachfront property is always hard on the wallet for upkeep, but then a car requires insurance gas and repairs too. A car, especially in the luxury range, will usually depreciate greatly over the first several years.  \nFor example a 2003 Mercedes 500 SL was almost 90 k when new.  Now it is worth around 60 K.  I suppose that if you have the money that's OK, but to me, it's like burning a few 100 dollar bills every week.\nOn the other hand, hurricane season is coming and it is supposed to be hard on the east coast.  Insurance will probably cost you a bundle, but at least you won't be getting any speeding tickets.
583064
im 25 as well and am DROWNING in debt.\ni feel for you, i havent filed bankrupsy yet but b/c i own a condo im just gonna sell it for the equity and clear up ny bills that way.\ngood luck to you
707315
We think much alike. What you have to do is Educate yourself. You can work 5-10 years to Build your own home and OWN it and buy your car, boat, etc. for entertainment. Then stop working and do a few odd jobs for paying your bills. Many Americans follow this concept and I even gave a presentation about owning a home in 5 years at a college. Just this one concept will take 10 years out of your work life. Good Luck.
128787
WELL SINCE I AM A LADY AND MY HUSBAND HAS 13 CARS RANGING FROM 1954 CHEVY TRUCK TO 1990 BROUGHAM CUT WITH SWITCHES. AND THERE ALRIGHT BUT IF A WOMAN WANTS YOU FOR YOUR CAR SHE IS A CAR HOPPIN HOODRAT. BUT THATS WHAT MOST GUYS WANT ANYWAY I SAY GO FOR THE LUXURY CAR OR SOMETHING SIMPLE WITH SOME RIMS AND OK BEAT . IT'S GOING TO BE EASIER ON YOUR POCKETS LOWRIDERS HAVE A LOT OF PROBLEMS AND COST ALOT TO UP KEEP SAME THING WITH RACE CARS AND SPEED BIKES THERE ALSO DANGEROUS SO GO WITH THE LUXURY THE ONLY UP KEEP IS TO KEEP IT WAXED
769918
Apparently some mortgages are now based on affordability, ie you show them what all your outogings are and they assess what you could comfortably pay. So if you're single and don't have children, you might be given more. Also if you have no other debts this will help too.
841715
Right now, you're probably "upside down" on your cars.  That means you owe more on them than what you could sell them for.  You are proposing getting upside down on a much bigger scale... that's moving backwards financially, not forwards.  Do not do it.  \n\nSell the cars even at a loss and don't get a loan for more than 100% (even that's stretching it).  You can then buy lesser cars (preferably cash) and then your payments and insurance won't be eating you out of house and home...literally.\n\nEven if this takes time, it is worth it.  Keep your credit clean - make payments on time and stop overstretching yourself.  At the minimum, save up your own closing costs and prepaids.  If you do get an 80/20 loan (two loans, equaling 100% of the sales price), make extra payments to the 20% part and pay it off early.  DO NOT BUY EXPENSIVE CARS AFTER MOVING IN AND KILL THIS OPTION.  Also, don't go out and buy all the appliances on credit and sink yourself into more debt.  Go look in the newspaper and buy used fridge, washer, dryer with cash as you can.  Don't fall for the "24 months same as cash" scams.  They know that you're over extending yourself, and the interest will get on there when you don't pay it off by 24 months.\n\nGood luck with your first home.
1139982
What the heck...you again?\n\nI bought my first house at 25. It was 80k...I had no down payment and at the time I think I was making around 28k. The first year was a struggle. But 2 years later...I am making 37k and it is much easier. I don't have to worry about if I can eat well this week. If you have the 50-100k saved for down payment, I would think you are safe as long as you are making 50k+. It all depends on what you are making at the time of purchase and if you are comfortable with it. Don't buy an extravagant house (even with down payment) if you think you will struggle. It's not worth it. Life is too short to be stressed over a high mortgage and bills. When you have a steady and decent income, buy a smaller, cheaper house to start. You can always sell it. Most houses go up in value (unless it's a real dump in the ghetto) and you will likely make money. I thought about selling mine and going bigger, but I'm not ready for the struggle and I really don't need it. I just want it. But that's just more to clean and a bigger lawn to mow. I would start small. If you can afford it now...buy a small house. At least you will be investing your payments toward something that is yours and that you can always sell for profit. Rent is investing your money for someone elses benefit. I'm glad I bought mine. I was scared at first, but it was well worth the investment. the house across from me (same size and design) just sold for 11k more than I paid for mine. And mine was brand new when I bought it. So it's nice to know I can always sell for more than I paid for.\n\nEDIT: Sorry! Just another thought. If you are married or have kids at that time your income will obviously need to be much more. Probably in the 80k range for that kind of house. I also don't spend money on worthless things and I have no kids or husband, so most of my money goes into savings and towards the mortgage. I see my friends who are married and have kids struggle because they tried to buy too big. And another friend who bought kinda small, but still struggling. Her husband owns his own business...so their income is not always the same or steady. They make good money, but they got themselves into something they can't really afford. Just keep in mind that if you are married (and especially with kids) that they will have needs and wants that cost money. Your priority will not be a monsterous house. Dang...was my friggin' answer long enough? I'm gonna quit typing now. I ramble too much sometimes. Sorry!
127669
I have a question?  Are you talking about mortgages or cars or what?
981051
First, how is your credit?  It's more a credit issue than an age issue.  Second, how is your employment history? With today's economy, that's a really important issue.  \n\nFrom my experience, as a second time house buyer, I was certain I would not qualify for a mortgage at great rates.  Since I hadn't bought a house in 10 years, I was recently divorced, making very little money, I knew nobody in their right mind would want to finance me.  I figured, as much as I hated the thought of renting, it may be the better option of the two (I was currently living with my parents with my two children).I had called about a rental, knowing it was out of my range, but I was desperate.  It so happened that I was talking to a real estate agent.  She ran my credit report, showing a 797, 802 and 809.  She said with that, I had no worries.  So, together we found a home and I have been here since June of 2005.  \n\nWords of advice, be sure your taxes and insurance are included in your monthly payment.  \n\nGo for it - you sound like a 20 yr. old with a head on your shoulders and are ready for the homeowner responsibility.  Do your research and be sure you are prepared financially.  Good luck!!
435656
I see the appeal of every situation, here.  Living with your parents translates to very low living expenses.  Keeping your job means good income.  Buying  house builds equity for you in the future, and "locks in" your monthly housing payment...the bank won't ever raise your rent.  Finishing your degree can lead to more financially rewarding employment.  What if you could do it all?\n\nIf you kept your job and bought a house that you could just barely afford on your current income (and right now is an awesome time to buy, since there is very reasonable loan money available, still, and the housing market is down in value a bit), you could continue to live with the 'rents for the first 3-6 months while you spend your spare time painting, etc. to get your new place just right before you had to live there.  Ask anybody who has spent the first year living in HGTV wannabe chaos how much they wish they could have done that.  Make sure you get a place with 3-4 bedrooms and 2+ baths.  When your friends see your great new pad, you're going to find two of them who would love to live in a place that nice, and this is where the magic begins.  Assuming you've bought a $175,000 house (the market is wildly different in different parts of the country, so the math will be different, but you'll get the idea), you're looking at a total if maybe $1,400 for the payment with taxes and insurance.  Now, out of your pool of friends, there are going to be at least two of them who would love to (and are cool enough people) pay a mere $500 to live in this nice a house (as opposed to living in some tiny apartment).  You're now living in a $175,000 house for $400/month...kinda.\n\nRather than entering that money into the general income stream, put that $1,000/month away into a new savings account.  Even if you have to "raid" the cookie jar for those occasional end-of-the-month emergencies, you'll be socking away $10,000 a year.\n\nMeanwhile, take just one class per quarter while you keep your current job.  If you can commit to 2 years of this, here's what life looks like at the end of that time:\n\n*You own a nice house (well, actually the bank does, but you know what I mean)\n*You have $20,000 in your education fund\n*You have all the College credits you already earned, PLUS you've gotten 8 quarters' worth of those pesky History, or Math, or English requirements out of the way.\n*You're ready to take on a part-time job, and now only have to deal with your core classes for your major full-time because your housing cost is $400/month and you have reserve money to dip into.\n\nYou'll graduate ready to take that first job, and be able to live, alone, debt-free, in a nice house.
629442
THERE'S ABSOLUTELY NOTHING WRONG WITH THAT! IM 29 AND RECENTLY MOVED BACK IN WITH MY PARENTS CAUSE I HAD A STRING OF BAD LUCK AND FINANCIALLY COULDNT DO IT ANYMORE,I ALSO HAVE A GOOD PAYING JOB BUT THATS NOT THE POINT YOU NEED A LITTLE BREATHING ROOM TO FIGURE YOURSELF OUT THATS WHAT IM DOING I WONT BE HOME FOREVER BUT UNTIL THEN IM MAKING A NEW BEGINNING FOR MYSELF WITH A CLEAN SLATE
282556
This is a tricky situation, but it sounds like you will need to get automobile financing.\n\nTraditional mortgage financing requires:\n1. property be permanently affixed to property through permant foundation\n2. Doublewide preferred (FHA will do singlewides though and it's a pain)\n3. Manufactured home built after JUNE 15, 1976  --- very, very important date. I can not emphasize this more, it is the difference in classification between a mobile and manufactured home\n4. All wheels and axels must be removed\n5. Private/connected utilities and septic/sewer\n\nAnother aspect for mobiles is to consider with age is if the singlewide is over 29 years old.  This will affect the amount of insurance you will be able to obtain which might not jive with lender requirements.  Insurance Co's depreciate mobiles after 29 years.\n\nPersonally, I don't touch singlewides... they are too much work/difficult to get financing for.  But if you are purchasing one that isn't on the property already... yeah, it sounds like you will have to get auto financing.  Go to a auto dealership finance department, they might be able to help...
233045
If you don't have a house then you should buy one. If you already have a house but you don't have a business you should open a busines and finally if you already have a business you should invest in the stock market.