i actually studied to be an actuary

Debt is not inherently bad but it there is a predatory industry surrounding it

so i know how to do all the mortgage/financial calcualtions by hand

So if you're stupid dont take any credit

Dunno exactly I never asked the particulars of his mortgage payments lol

its just a simple geometric series formula

I'm neurotic as hell when it comes to money

Like terrified that I'm being financially exploited at every turn lol

smoke, i can help you compute any of those amounts, you just need to input downpay % and house price

y all old af lmao im so young i don't give a fuck about dis all

So I don't think I'd end up in that situation

And yet you spend it on purposefully giving yourself preventable diseases

Eh smokes are cheap

I get like 5 cartons, 5 month supply for like $40

Degenerate

Because the Redskins sell them to white men for cheap

you can do all these computations in excel too

I'm being Jewed by Jews and Frenchmen and Injuns <:wojack:396042478530330624>

@fuguer idk, typically down payment is like 10%?

housing is going up like crazy in my area, makes me not want to buy, but probably will keep rising

Wouldn't it be cheaper and safer to just buy land and build a house

20% is the best downpayment if you can swing it because you dont pay PMI (mortgage insurance)

Yes, not sure if I want to buy in a quickly growing city, or buy land/house rurally

and work remote

are you gonna build the hosue with your own hands or hire people?

20%... bruh

its a lot easier to finance construction of a house

Gonna pay people

20% is a lot. I need like 40k for a 200k house

Probably just get help from family and do as much as I can by myself

https://www.youtube.com/watch?v=8WSL1r0GhWQ

i had 40k saved up when i was still in grad school

you can save it if you prioritize

I have lots of men employed in trades and construction in my family

you can get these picks from harbor freight for 99c

So I could get help easily

anyways you can do 10% purchase, just 20% is optimal

it all comes down to your local market

Yeah, I mean, 10-15% is doable

and dont let perfect become the enemy of good

Lol I'm pretty sure I was breast fed

heres the thing smoke... if housing prices go up that means you should buy

because as prices go up, if you're a renter you're fucked, if you own you're golden

everyone is born "short" a roof over their heads, its a risky position to be in

the safest position is to own your own home

for me i was terrified of being priced out of where i grew up and forced to move

Yes... my area will be expensive eventually. I think if I were to buy here I'd buy a duplex or something, and then eventually move out of the city

yeah duplex can be great, sometimes i wish i did that

i still only have my primary house, my goal is to have an investment property

with a duplex you get both at once

yes, I wish some boomer plague would come so I could get some cheap real estate <:towelsweat:552805059042344960>

i kept waiting all through the last housing crash prices didnt drop that much

if you're in a bubbley area, far from jobs prices can crash

if you're in a rock solid area, they wont drop much

another protip, usually you can refinance 6 months after you buy your house and get a better interest rate

If you inherit a house and land would you also inherit all related debts?

they give a better rate to you on refi because you've already shown you can be trusted to pay for a few months

no

totally depends on the will

What happens to the debts?

good question, depends on the laws

I've often worried about this

I might inherit my great grandfather's house

sometimes houses are immune from debts, but only in certain places like florida

Talking about this just reminded me that I'm the heir to my brother's assets and my father's assets

yeah i think usually they settle the estate, and creditors may get their cut of bills due

Ok

it really depends on your local laws

I need to research the law

I don't want to be fucked with debt

tell your grandpappy to not be such an irresponsible lowlife with his debts

well you can never inherit debts

Don't talk about my grandpa like that

worst case you just get zero inheritance

https://gfycat.com/lawfullightheartedflyingsquirrel

Also he's not irresponsible technically he just has some mortgage debt

if thats all he has, hes fine

I just don't know if I could afford that in the near future

https://twitter.com/Nick_Fullerrrr/status/1188015935015096321

you can do the math, a 30 year amortized mortgage payment is a lot smaller than you think

i thought i heard canada even does like 40 or 50 year mortgages

Yeah I just don't know what the payments are like, if there is interest and what the rates are like, if I can even inherit debt in the first place, etc;

1. pull up property on zillow

2. estimate the debt amount he owes

3. do mortgage calculator

Ok

Ty

It's actually kinda lit tbh

If I killed a few relatives I would have millions of dollars and two properties

Two dozen acres of land, a small farm and two four story houses

😈 🔪

based duck redpilling zoomers about economics

heres an example, if he owes 200k at 30 years, around 3.6% thats less than $1k/month

That seems like a lot for me

when i hated my last job i would spend HOURS just making financial spreadsheets

If he died now I couldn't afford that