How does everyone do it....?

Mici n KC Posted: May 22, 2008 04:08 PM

Re: How does everyone do it....?

FH and I still wonder how we came up with the DP, paid off our RH and gave our other vendors lots of money already. And Tuesday will only be a year

wifetobe Posted: May 22, 2008 04:11 PM

Re: How does everyone do it....?

I hear ya!!! I can't believe we did it either..and we actually will have enough for the wedding.....as of now!!! 'knock on wood'.

hey did you get a closing date yet?

Mici n KC Posted: May 22, 2008 04:12 PM

Re: How does everyone do it....?

Posted by wifetobe

I hear ya!!! I can't believe we did it either..and we actually will have enough for the wedding.....as of now!!! 'knock on wood'.

hey did you get a closing date yet?

NO! The homeowner had work done eons ago and the permits are still open. She needs to have them closed so as soon as we get that from her then we can close. I look at it as a saving grace because it's more money we dumping into the bank now.

wifetobe Posted: May 22, 2008 04:14 PM

Re: How does everyone do it....?

Posted by Mici n KC

Posted by wifetobe

I hear ya!!! I can't believe we did it either..and we actually will have enough for the wedding.....as of now!!! 'knock on wood'.

hey did you get a closing date yet?

NO! The homeowner had work done eons ago and the permits are still open. She needs to have them closed so as soon as we get that from her then we can close. I look at it as a saving grace because it's more money we dumping into the bank now.

Exactly!!! every month you are not in the house is another month $$ saved!!! Good!!!!

Suc*s they woman didn't have the permits.. what an as*!!!

GinaZ Posted: May 22, 2008 04:15 PM

Re: How does everyone do it....?

Posted by LuvMyAlfonse

Posted by GinaZ

And I totally understand people have different situations and income of course. But I was curious how people who make under 80K a year are able to do it! Looking for some pointers I guess!!! We are trying to save but its been hard since we dont make much anyway. And we got some wedding money, but not enough for a down payment on anything over like $100,000. LOL. What i the average percentage for a down payment anyway?

Sorry if someone answered already - 10%.

My method to save - ING savings account. I have about 75% of my paycheck deposited into the account. I don't have CC debt. I've been able to save a shittload. Luckily I live at home though.

If possible - live off your FHs salary (or whoever makes more) and direct deposit the other persons check into ING.

I like ING because it takes like 3 days for the money to transfer so you're less inclined to impulse buy. Know what I mean? You can't just transfer money back and forth on a whim...

Literally transfer like 75% of someones paycheck. You'd be surprised how much you save.

I do have a high yield savings account, but unfortunitly we are living paycheck to paycheck right now and anything left over after rent goes tobills and the rest is for food and then we usually only have like $50-$80 a month to save. LOL so if I put that much away we would be in a box. But hopefully one day we will make enough to be able to do this cus its a good idea!

LOl I forgot I got a perm job and will be getting more money with it, so i will be able to put away like $150 a mont maybe more to our high yield savings- so that will def help!! Whats the interest rate at ING? The one I use is like 5% I think...

Mizzdimple Posted: May 22, 2008 04:29 PM

Re: How does everyone do it....?

I think the only reason that DH and myself can afford a home is the fact that we save money- and we always have.....we have savings from when we worked from around 15 years old...we both contribute to our 401k.....we stash money away continously....

zoe282 Posted: May 22, 2008 04:36 PM

Re: How does everyone do it....?

You have FM.....FH and i won a lottery for next generation housing so we paid $250,000 for our townhouse....This is perfect.....but it is in no way what we would pay fo rour next home! I have no idea how people do it. We both make very good money and we are saving a good amount but I thought we'd be rolling in it! My family is from PA and i'd move away in a second if FH would let us....I never dreamt when i grew up i'd pay a fortune for a home my grandma could bought that was building in the 20's...I want a big yard and a big house...unless we win the lottery we won't get htat here!

92008Bride Posted: May 22, 2008 04:47 PM

Re: How does everyone do it....?

A lot of people start out small by investing in a coop or condo. There are a number of lovely two bedrooms that you could get for under 200 in eastern queens and nassau. I would start there especially since the market has gone south. T

hen in a few years you'll be able to sell it when the market is going up again and use that as your down payment. Even when the market is bad, real estate of any kind is your best investment.

That is how we were able to come up with our down payment.

Jenn04 Posted: May 22, 2008 04:57 PM

Re: How does everyone do it....?

OK this is def a hard area to buy in...but you have 1 thing working for your right now...the market stinks. That being said you can negotiate home prices, closing costs, etc!

One thing to research is this...affordable housing for low income individuals. My friend got on the list for beautiful new town homes in patchogue(not poor people either...its a nice community). She got put in a lottery and had to wait a year but she finally got her home. 2 bedroom, 2 bathroom, 1 car garage, etc....I think for $250K. I think her mortgage is around $1700 or so but not sure. Anyway they had to put the home in her bf name bc he made less than her...like under 60K but they did it and made it work financially.

I think it is always a stretch for people to buy a home but you somehow make it work. Keep looking...that is my best advice....you just having to keep at it and you will find a great deal out there~!