I make ~$80/hr and its not enough.

[Destor]

I feel you bro.

Part of the problem is you're trying to buy responsibly. These retards around us have totally f*cked the housing market by paying 55% of their gross toward their mortgage. I sh*t you not, that's what's happening. People are simply buying above their means irrationally and it's making it impossible for those of us trying to spend responsibly to get the value we otherwise should be able to get.

All of these people shoving so much of their income into their 30 year mortgage are going to end up with $0 savings and have to work until they die. Right now it's all fun and games cause they got themselves a nice house but these f*cking retards will absolutely get what's coming to them one way or another dead ass srs.

It's stuff like this why I 100% hate people. The stupidity is simply off the charts and now I'm being impacted by their stupidity. F*ck them.

How are they getting approved for loans at such high debt servicing ratios?

[bicmane777]

$200k consistently is a fukton of money in my world. I live in a city of 1million+, and the only people I know who make $100k+ consistently are immediate coworkers.

that makes sense why you negged me before for stating how much i make lol

[nutsy54]

Buy a 4plex with an FHA loan, live in 1 unit and rent out the other 3. Your tenants will pay all or most of your mortgage, so with the money you save from that, put that all towards maxing out a Roth IRA that's invested in index funds / stocks. After about a year you could probably buy another property and rent out the unit you were living in. Rinse and repeat.

Plans like this don't factor in risk (assuming you could even get such a large loan). What happens when a unit is unoccupied for a while, or the tenant doesn't pay, or you need it vacant for a few weeks to clean up after damage? Plus, mortgage isn't the only cost of home/building ownership.

[Paul Kreul]

Because the "average" American buys far more than they can afford, which distorts everything.

This.
OP how much did you spend on the PC you are typing on, or the phone in your pocket, or last night out with the woman, or the TV you have on on the background, how bout that heater running right now..?

Most people have a spending problem, not an earning problem.

[Destor]

Plans like this don't factor in risk (assuming you could even get such a large loan). What happens when a unit is unoccupied for a while, or the tenant doesn't pay, or you need it vacant for a few weeks to clean up after damage? Plus, mortgage isn't the only cost of home/building ownership.

You'd likely need to come up with a business plan of sorts w/ financials to get approved for a large loan on something like a 4plex, or have big income and the bank will mitigate risk by approving only what you can handle with less than 100% occupancy

If you use an existing property to get a mortgage on a second house here in Canada, rental income is included at 50% occupancy

[bicmane777]

You'd likely need to come up with a business plan of sorts w/ financials to get approved for a large loan on something like a 4plex, or have big income and the bank will mitigate risk by approving only what you can handle with less than 100% occupancy

If you use an existing property to get a mortgage on a second house here in Canada, rental income is included at 50% occupancy

nobody cares about Canada, and wrong opinions of a salty broke middle age man.

post something interesting srs

[Briangumble]

Plans like this don't factor in risk (assuming you could even get such a large loan). What happens when a unit is unoccupied for a while, or the tenant doesn't pay, or you need it vacant for a few weeks to clean up after damage? Plus, mortgage isn't the only cost of home/building ownership.

There's no such thing as a risk free way of making money or investing, that's just a given. But as long as you're smart about it and take calculated risks then you shouldn't have any problems. My uncle has several single family houses that he rents out and he's doing well and doesn't have any problems with any of his tenants. But he does background checks on them and checks their credit report so his tenants are low risk.

[MikeLowrrrey]

According to my income calculator,

$80/hr breaks down to $8900/month after taxes.

How are you struggling on that?

[Destor]

According to my income calculator,

$80/hr breaks down to $8900/month after taxes.

How are you struggling on that?

OP must live in a financial centre or area with generally high cost of living

Someone making $166k a year with a bit of discipline can buy a borderline mansion in my neck of the woods

[bicmane777]

OP must live in a financial centre or area with generally high cost of living

Someone making $166k a year with a bit of discipline can buy a borderline mansion in my neck of the woods

most of us arent living in tiny little sheds in the middle of no where.

[Destor]

most of us arent living in tiny little sheds in the middle of no where.

This is my jam, but I make significantly more than $166k

Spoiler!

[bicmane777]

This is my jam, but I make significantly more than $166k

canadian $$$ though. so not worth that much

[Destor]

canadian $$$ though. so not worth that much

Bringing this back to the original topic, $80/hr USD in a financial centre might not be huge but $80/hr CAD in my area is a fukton.

[Yotone]

Bro, thats so sad. Bet it must of been so embarrassing you couldnt get the 911 turbo and had to settle for the Carrera.

[AccountingMajor]

I don't get it, misc always has a hard on for landlords.

I remember back in the day. "A landlord charging $3K per month rent is living in poverty. You should be able to afford it since they only make $36K per year"

Now where are these boomers at?

[Cartiac]

I think the thing you are missing is the power of smart investing. You are not going to establish wealth on an hourly wage, but if you can at least maintain that income level over time, not waste it all on stupid things, and invest smartly, you can use it to establish financial freedom and multiple million net worth. That won't happen overnight but unless you have some great business idea and the ability to execute it, that is going to be your only path to get where you want to be.

[AccountingMajor]

I think the thing you are missing is the power of smart investing. You are not going to establish wealth on an hourly wage, but if you can at least maintain that income level over time, not waste it all on stupid things, and invest smartly, you can use it to establish financial freedom and multiple million net worth. That won't happen overnight but unless you have some great business idea and the ability to execute it, that is going to be your only path to get where you want to be.

Most people can't even afford a house, financial freedom isn't going to be feasible if you are renting.

1 step at a time.

[Destor]

I don't get it, misc always has a hard on for landlords.

I remember back in the day. "A landlord charging $3K per month rent is living in poverty. You should be able to afford it since they only make $36K per year"

Now where are these boomers at?

You would need many cashflow-positive rentals to live off just real estate. I'm renting a house out for $2500/month and am technically losing money on it, however it's just on the side of regular income and is more about someone else building the equity in it rather than providing living expenses etc -- I'm putting in like $400 and getting renters that are putting in $2500.

[Cartiac]

Most people can't even afford a house, financial freedom isn't going to be feasible if you are renting.

1 step at a time.

He is never going to afford to purchase a house somewhere like Los Angeles on that income alone. Saving is futile, Investing IS the next step to make that level change. Way too many people make the mistake of thinking their job is the primary factor to their earnings potential and lifestyle, when the money you make from working yourself should be seen as the starting point to make money. The crazy thing about money is it has earning potential of its own, gives you all the proceeds of its work at a much lower tax rate than the income the person works for. All you have to do is give your money a job. That is how the large majority of people reach financial freedom, not by working hard and saving their paychecks.

[Zere0wn]

You would need many cashflow-positive rentals to live off just real estate. I'm renting a house out for $2500/month and am technically losing money on it, however it's just on the side of regular income and is more about someone else building the equity in it rather than providing living expenses etc -- I'm putting in like $400 and getting renters that are putting in $2500.

how much you paying a month in interest ?

[Fred87nc]

This.
OP how much did you spend on the PC you are typing on, or the phone in your pocket, or last night out with the woman, or the TV you have on on the background, how bout that heater running right now..?

Most people have a spending problem, not an earning problem.

lmao pls go, PC, tv and phone is not making a ding on a 100k after taxes salary , thats your peasant showing. OP clearly talking about the big ticket items.

[Destor]

how much you paying a month in interest ?

On the rental? It's at 1.69% interest

[cavillac]

I can agree with OP. I grossed 140K last year. After I paid my taxes and saved for retirement like I am told to do by society I netted 70K. Probably spent 35K between the mortgage/upkeep for housing so that only left me with 35k to live on for the year. I don't have any debt besides out side of my mortgage but things still felt tight. I think alot of it was the price of everything basically went up like 20-40% in a year and my wages stayed the same.

[Destor]

Please tell me that you know enough to be writing off the interest on the mortgage as a loss?

Oohhh yes

Also paying utilities on it, and property tax and a couple hundred bucks on a lawn service — I think all of that is deductible