Bought myself a condo and put myself In a questionable financial situation

[blueberryboy]

- bought a condo in September
- put down my entire life savings

- half my current take home pay goes to the mortgage, and condo fee and property tax.

- have next to nothing in the bank

- need to get stacking and saving all I can for security

- looking for a new job

- car is paid off (2014 Buick) and will last a few more years if I need it to

Fuaaaarkkklk

[DanteEdmond]

- half my current take home pay goes to the mortgage, and condo fee and property tax.

how you even get a loan with a 50% Debt-to-income ratio? Most lenders won't go above 43% (ideally, your DTI should be 28-33%)

where did you get your loan?

[MiscGranny]

All to impress a 3/10 chinese bitch with no personality who is talking to other guys while you make threads about her. It’s over.

[nickh04]

[MiscGranny]

Nah, the mistake was buying in Halifax.

What’s wrong with that city srs?

[blueberryboy]

how you even get a loan with a 50% Debt-to-income ratio? Most lenders won't go above 43% (ideally, your DTI should be 28-33%)

where did you get your loan?

TD bank .

After me and my parents put our money together...we had 165k for a down payment.

I was pushing the amount I was allowed to borrow ...but they let it slide because of high credit score , high down-payment, etc

[desslok]

All to impress a 3/10 chinese bitch with no personality who is talking to other guys while you make threads about her. It’s over.

Rekt

[blueberryboy]

What’s wrong with that city srs?

Stupidly high cost of living and a stupidly short supply of housing for what the potential is of the place

A chitty 1 bedroom will run you 1500

I wouldn't live here if I wasn't from here although I don't worry about all those cucks complaining about rent and housing now that I own a place so it's whatever

[SouthDakotaBrah]

- bought a condo in September
- put down my entire life savings

- half my current take home pay goes to the mortgage, and condo fee and property tax.

- have next to nothing in the bank

- need to get stacking and saving all I can for security

- looking for a new job

- car is paid off (2014 Buick) and will last a few more years if I need it to

Fuaaaarkkklk

this is why, and generally kills the economics of such real estate investments, and is part of the reason why condos don't appreciate as well as SFHs

still better off than putting all that money into a fancy car or something, all you can do now is focus on your career and try to increase your pay so you can free up some cashflow again

[blueberryboy]

All to impress a 3/10 chinese bitch with no personality who is talking to other guys while you make threads about her. It’s over.

Fuaking brutal although its no better living at parents house , period .

[blueberryboy]

this is why, and generally kills the economics of such real estate investments, and is part of the reason why condos don't appreciate as well as SFHs

still better off than putting all that money into a fancy car or something, all you can do now is focus on your career and try to increase your pay so you can free up some cashflow again

The property tax is higher than the condo fee

Good Ole Canada

[desslok]

how you even get a loan with a 50% Debt-to-income ratio? Most lenders won't go above 43% (ideally, your DTI should be 28-33%)

where did you get your loan?

He is talking net vs gross, plus he is counting hoa etc.

[blueberryboy]

He is talking net vs gross, plus he is counting hoa etc.

Yeah take home pay

And included tax and hoa

[DanteEdmond]

He is talking net vs gross, plus he is counting hoa etc.

It's not 50% DTI. He's adding up condo fee and property tax as well.

maintenance / HOA / Property taxes are included in debt-to-income ratio calculations

https://www.capitalone.com/learn-gro...-income-ratio/

[paramparam]

You can sell it right? you dont have to pay the mortage fully?

[katya422]

The property tax is higher than the condo fee

Good Ole Canada

High property tax is what is pushing me out of TX.

I don't really want to move again, but taxes only go one way and they are already too high.

[DanteEdmond]

Yeah, no.

Breaking Down the DTI Ratio

Lenders often evaluate two different DTI ratios: the front-end ratio and the back-end ratio.

The front-end ratio, sometimes called the housing ratio, shows what percentage of a borrower’s monthly income is used for housing expenses. This ratio could include monthly mortgage payments, homeowners insurance, property taxes and homeowners association dues.

https://www.capitalone.com/learn-gro...-income-ratio/

[naich]

-Borrows parents cash to get qualified
-Just gets qualified down to the %
-Buys a condo
-Didnt have plans set up to increase income KNOWING its 50%+ of take home


Congrats you are what we call house poor, except you have no house and you are in Canada, double loss bucko.

[truesteez]

All to impress a 3/10 chinese bitch with no personality who is talking to other guys while you make threads about her. It’s over.

lmfao this.

OP I hope you're trolling because every post you make is more beta than the last. How far are you going to go for this FOB?

Only a matter of time before OP undergoes plastic surgery to transition into an Asian woman because his ugly rice headed crush told him she's a lesbian.

Just lol

[outfoxxed]

this is why, and generally kills the economics of such real estate investments, and is part of the reason why condos don't appreciate as well as SFHs

still better off than putting all that money into a fancy car or something, all you can do now is focus on your career and try to increase your pay so you can free up some cashflow again

The condo fee is similar to a home maintenance fee. Just instead of you doing all the maintenance work, the condo corporation hires a few beast92s to mow the lawn and shyt but at the end of the day you're still investing resources into the maintenance of the property. Time or money it's all the same in the end

[TheGoldenBull]

shouldn't have bought. I told you

[blueberryboy]

-Borrows parents cash to get qualified
-Just gets qualified down to the %
-Buys a condo
-Didnt have plans set up to increase income KNOWING its 50%+ of take home


Congrats you are what we call house poor, except you have no house and you are in Canada, double loss bucko.

The parents $ is one of the reason I bought it
They weren't going to offer $ to help rent

Even though I'm having cash flow problems...due to this condo it's the richest I've been

[desslok]

Breaking Down the DTI Ratio

Lenders often evaluate two different DTI ratios: the front-end ratio and the back-end ratio.

The front-end ratio, sometimes called the housing ratio, shows what percentage of a borrower’s monthly income is used for housing expenses. This ratio could include monthly mortgage payments, homeowners insurance, property taxes and homeowners association dues.

https://www.capitalone.com/learn-gro...-income-ratio/

could
/ko͝od,kəd/
Learn to pronounce
verb
past of can
1. used to indicate possibility.
"they could be right"
2. used in making polite requests.
"could I use the phone?"

[blueberryboy]

that's pretty normal in canada. What interest rate did you get?

No idea bro my dad sat in the meeting with me

All I know is he complaining that it's gonna be forever paying down the loan due to the high interest

[WoofieNugget]

No idea bro my dad sat in the meeting with me

All I know is he complaining that it's gonna be forever paying down the loan due to the high interest

So your name is on the deed but your parents bought it for you. How do you not know something basic like your interest rate?

And lol at buying a condo. On top of paying property taxes when you don't even have property you pay condo fees which are like literally burning money and they can increase them whenever they want.

Unfortunate thing is a lot of people fell into this trap in 2020/2021 and are now screwed because they were already house poor before interest rates went up. When that mortgage is up for renewal and interest rates are likely still at 5-6% have fun with double the mortgage payment.

[yabbayabba]

LOL at buying a condo. All the downsides of apartment and HOA with none of the upsides of it being an actual house. Can you even do interior changes?

[blueberryboy]

So your name is on the deed but your parents bought it for you. How do you not know something basic like your interest rate?

And lol at buying a condo. On top of paying property taxes when you don't even have property you pay condo fees which are like literally burning money and they can increase them whenever they want.

Unfortunate thing is a lot of people fell into this trap in 2020/2021 and are now screwed because they were already house poor before interest rates went up. When that mortgage is up for renewal and interest rates are likely still at 5-6% have fun with double the mortgage payment.

No I bought it they just helped with down payment
I still had to put in my life savings
It's in my name
About 145k is still owed on property and I'm responsible for it

Hoa is only 170 per month ...taxes about 200 CAD

[blueberryboy]

rent it out and move home for a year or two while paying down the loan amount? by the time you want to move back in, rates will probably be a bit lower and you can re-finance and lower your payments

If I did that I'd probably make 300 per month in positive cash flow with how fked the rental market is

But just spent 16 months at parents don't wanna go back lol

[Omnivium]

Sounds like you bought something you can't afford

[blueberryboy]

Off the top of my head, not even going to calculate, assuming 25 years amortization ( beaverland thing, don't ask ), he's paying maybe $1300/month?

And that's 50% of his take home?

What can he afford then, a tent under a bridge?

It's not quite half but rn I'm taking home about 3k per month
Not happy with my job , looking for new one

And it wouldn't have been such a bad situation if I didn't have to start at 0

Actually I started here at about -2k after I paid my lawyer