09-13-2023, 07:17 PM
(09-13-2023, 06:46 PM)Belsnickel Wrote: My wife and I would have been stuck in the rent cycle had my FIL not decided he wanted to move up here and we shared a mortgage. He made the down payment and we pay the monthly bill. Our mortgage is about the same our rent was and is, but we just moved out in 2019, so it hasn't been that long.
It is pretty frustrating, I keep hearing "well you guys make more money so that's why houses are more expensive." I was fortunate enough to have a high paying job and bought in 2016* in California. 873 sq ft house. I sold it 50k above asking price (550) in 2020 within 3 days. 873 sq ft.
The bummer is (for others), the setup I have in Nashville is a house 3 times the size for about 70% of the price. I have a girlfriend that I stay over with and I just air bnb it, easily paying the mortgage and half of her rent every month with money to spare. If you just have enough for that down payment, and if you play it right, it can be easy pickens from there. If I rent it out 90% of a month I can make $3500-$4000 a month. Nashville is also a hot spot. But almost no one under 30 has that money for a down payment. First time home buyers and single mothers have some help from the gubment but I don't know enough and I also don't trust those at all.
