midjd
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Joined: Dec 18, 2010 14:09:23 GMT -5
Posts: 17,719
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Post by midjd on Mar 20, 2013 15:28:47 GMT -5
Yet we're supposed to be better able to plan for every eventuality?
And this seems like a weird discussion to be having on a thread in which the OP is considering a mortgage of <10% of her gross income.
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Deleted
Joined: May 2, 2024 22:59:32 GMT -5
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Post by Deleted on Mar 21, 2013 7:30:12 GMT -5
And this seems like a weird discussion to be having on a thread in which the OP is considering a mortgage of <10% of her gross income. I was thinking the same thing. Their current home is paid off and the new mortgage will be 5-10% of their current gross. To me that means even if 1 of them became unemployed they would be able to afford it. We make 100k combined and we are looking at homes in the 200-300k range. Compared to the OP we are beyond living on the edge. Yet after everything, mortgage will still be under 30% of our gross. And again it is all relative, if you make 50-60k a 450k mortgage sounds crazy, but if you make 230k with no other debt, a mortgage that size is way below your means.
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Deleted
Joined: May 2, 2024 22:59:32 GMT -5
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Post by Deleted on Mar 21, 2013 9:01:40 GMT -5
Keep in mind, Pat's husband is extremely skilled in construction and home maintenance. That is HUGE when it comes to being able to be mortgage free, and building up a slew of rentals and I don't think she always factors that in when comparing her situation to others. My ex was like that. After we were divorced he bought a fixer-upper 800 square foot one bedroom house for 45K and now it's a 3 bedroom 2 bath with a huge master bedroom, vaulted ceilings, big deck and appraises at about 160K. He's been just cash flowing the materials and doing all the work himself over the past 5 years.
Not everyone has that ability. If you gave my current husband a stack of lumber and some tools he'd just make a mess and end up hurting himself or others. Same thing with car maintenance.
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Deleted
Joined: May 2, 2024 22:59:32 GMT -5
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Post by Deleted on Mar 21, 2013 12:13:30 GMT -5
if it wasn't for DD we would indulge ourselves more
Take care, patstab.
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