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12-04-2023, 04:48 PM
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#29051 | | Rs has made me the man i am today!
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Goddamn lolol
@ 20% down = 337K... mortgage is 9K a month?!
Holy fack......
How much income do you need to qualify for 9K a month? (asking for a friend)
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12-04-2023, 05:00 PM
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#29052 | | OMGWTFBBQ is a common word I say everyday
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| Quote:
Originally Posted by dark0821  Goddamn lolol
@ 20% down = 337K... mortgage is 9K a month?!
Holy fack......
How much income do you need to qualify for 9K a month? (asking for a friend) | Would ya feel comfortable with a $9K mortgage if you Net $15K and partner nets $5K.
Aka $300K Gross + $80K Gross = $480K salary.
That's one layoff away from losing a home lol. Also hard to rehire at $300K+ quickly.
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12-04-2023, 05:09 PM
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#29053 | | RS.net, helping ugly ppl have sex since 2001
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Rule of thumb to live comfortably mortgage should be 30% of take home pay.
At 9k you'd need 30k take home pay for that.
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12-04-2023, 05:25 PM
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#29054 | | Rs has made me the man i am today!
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To be comfortable....
So a family need to be making 58K to 60K per month pre-tax, so you take home 30K...to live in that.
That makes sense, though, because if you are making 720K a year... saving for the 340K downpayment actually seems realistic
================================================== ===
To be 1 layoff away
family need to be making 40K per month pre-tax, so you take home 20K
saving for the 340K downpayment with 480K annual income.... slower but doable
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12-04-2023, 06:02 PM
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#29055 | | Willing to sell a family member for a few minutes on RS
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| Quote:
Originally Posted by sonick Rule of thumb to live comfortably mortgage should be 30% of take home pay.
At 9k you'd need 30k take home pay for that. | The "rule" is 30% gross on housing, but what you said is more reasonable to me, but I think at these costs, it doesn't mean much any more. If you are at 40% of your income on your mortgage on a 20k net monthly income, you're doing way better than someone that's 25% on an 8k net. The numbers above the housing costs are so crazy. We are around 20% of net on mortgage and it still feels tight because food is like 20% too.
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Originally Posted by boostfever Westopher is correct. | Quote:
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Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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12-04-2023, 06:43 PM
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#29056 | | Willing to sell body for a few minutes on RS
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What the batshit fuck…. 700k to live in that shithole ?!???
Fuck you Vancouver
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12-04-2023, 06:49 PM
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#29057 | | Rs has made me the man i am today!
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| Quote:
Originally Posted by dark0821 Goddamn lolol
@ 20% down = 337K... mortgage is 9K a month?!
Holy fack......
How much income do you need to qualify for 9K a month? (asking for a friend) | Right now most people won't qualify for a 9k mortgage, but those who are paying that much right now are paying that because they started at record low interest rates and got variable.
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12-04-2023, 07:37 PM
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#29058 | | RS.net, helping ugly ppl have sex since 2001
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Originally Posted by westopher The "rule" is 30% gross on housing, but what you said is more reasonable to me, but I think at these costs, it doesn't mean much any more. If you are at 40% of your income on your mortgage on a 20k net monthly income, you're doing way better than someone that's 25% on an 8k net. The numbers above the housing costs are so crazy. We are around 20% of net on mortgage and it still feels tight because food is like 20% too. | Ah my mistake. Makes me feel a bit better tbh coz we're running at about 25% gross but 36% net so I was thinking we overextended. But sounds like it's within the "rule of thumb"
That said you're right everything else is expensive now so the remaining % still doesn't feel like it goes very far at all. I'm still basing my weekly meals around what's on sale in the flyers.
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Originally Posted by skyxx Sonick is a genius. I won't go into detail what's so great about his post. But it's damn good! | 2010 Toyota Rav4 Limited V6 - Wifey's Daily Driver
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1990 Mazda Miata - Sold 100% Buy and Sell Feedback | |
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12-04-2023, 07:56 PM
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#29059 | | I answer every Emotion with an emoticon
Join Date: Apr 2004 Location: BC, HK, USA
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| Quote:
Originally Posted by dark0821 Goddamn lolol
@ 20% down = 337K... mortgage is 9K a month?!
Holy fack......
How much income do you need to qualify for 9K a month? (asking for a friend) | if you're a surgeon, doctor, lawyer, police and other special careers, you're able to borrow 90% of your income.
you'll need 350 - 400k income in order to maybe own a mortgage at 1.5 M ... depending what interest rate you're getting.
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12-04-2023, 07:59 PM
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#29060 | | I *heart* Revscene.net very Muchie
Join Date: Oct 2013 Location: The Fruit Loops
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Originally Posted by Badhobz What the batshit fuck…. 700k to live in that shithole ?!???
Fuck you Vancouver | When you look at how the land was setup before, it looks even more retarded. Who wants to live in a slenderhouse where everyone gets to smell your farts no matter where you toot them?
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12-05-2023, 05:45 AM
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#29061 | | Willing to sell body for a few minutes on RS
Join Date: Oct 2016 Location: Ricemond
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That’s why I bought my McMansion. I need more ventilation for my deadly post dim sum farts
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12-05-2023, 08:47 AM
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#29062 | | RS.net, where our google ads make absolutely no sense!
Join Date: Jan 2007 Location: GVA
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Originally Posted by 6793026 if you're a surgeon, doctor, lawyer, police and other special careers, you're able to borrow 90% of your income.
you'll need 350 - 400k income in order to maybe own a mortgage at 1.5 M ... depending what interest rate you're getting. | If you're not-yet-but-almost a doctor they'll let you borrow >100% of your current income (mortgage qualification based on "future income") and use your Line of Credit to pay the downpayment....
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12-05-2023, 10:07 AM
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#29063 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2014 Location: Van
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I think you guys are thinking too far, who buys a detached house as first home. It's bachelor's suites. $500k at 20% $100k down.
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12-05-2023, 10:10 AM
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#29064 | | Willing to sell body for a few minutes on RS
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I did. In 2008 when the damn thing was 500k trololololol
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12-05-2023, 10:40 AM
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#29065 | | I subscribe to the Fight Club ONLY
Join Date: Aug 2007 Location: Paradise, BC
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Originally Posted by JDMDreams I think you guys are thinking too far, who buys a detached house as first home. It's bachelor's suites. $500k at 20% $100k down. | Personally, other than the slightly lower price tag, I never understood the allure of purchasing a bachelor suite. If you are shelling out that much money on the DP + mortgage, wouldn't you want to get something bigger (even if it is just by a little, with a dedicated room or something), and as well having a unit that would be able to meet your life's needs for a longer period of time as well? (Say, by being able to accommodate an additional person -- ie. your significant other -- when life progresses?)
Or am I just being an entitled prick who is oblivious to the insane price pressures of someone looking for a starter homer?
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12-05-2023, 11:26 AM
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#29066 | | Need my Daily Fix of RS
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Originally Posted by carsncars If you're not-yet-but-almost a doctor they'll let you borrow >100% of your current income (mortgage qualification based on "future income") and use your Line of Credit to pay the downpayment.... | As someone in the finance field, doctors are one of the most difficult people to deal with for financial matters. They are super smart and well educated in their medical field, so they think it translates to everything else.
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12-05-2023, 11:32 AM
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#29067 | | Willing to sell body for a few minutes on RS
Join Date: Oct 2016 Location: Ricemond
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Dr are just introverted nerds who care about humanity. That’s what happens when you give nerds money
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12-05-2023, 11:52 AM
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#29068 | | RS has made me the bitter person i am today!
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Originally Posted by Traum Personally, other than the slightly lower price tag, I never understood the allure of purchasing a bachelor suite. If you are shelling out that much money on the DP + mortgage, wouldn't you want to get something bigger (even if it is just by a little, with a dedicated room or something), and as well having a unit that would be able to meet your life's needs for a longer period of time as well? (Say, by being able to accommodate an additional person -- ie. your significant other -- when life progresses?)
Or am I just being an entitled prick who is oblivious to the insane price pressures of someone looking for a starter homer? | I always push for the same thing, if you are looking at a 1bed, should try and stretch for a 1b + den or even a 2b. But, I must say for some people that extra 60k going from a 1b to 1b + den may be the the tipping point.
And for those that stretched on a variable mortgage, it would really be hurting right now.
I had a friend that went through that exact situation where he ended up just going with the 1b and didn't try for the den. His income is about $65k but had about 200k of dp. His payments were 12xx but is now 22xx. The reason why he can still keep up? He met a girl and they consolidated together because she was renting and it made more sense to move in. It also now means they can't break up cause neither of them can afford to.
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12-05-2023, 11:52 AM
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#29069 | | I subscribe to the Fight Club ONLY
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Originally Posted by G0rilla As someone in the finance field, doctors are one of the most difficult people to deal with for financial matters. They are super smart and well educated in their medical field, so they think it translates to everything else. | I know exactly what you are talking about, because I've dealt with a few people like that, and it is very annoying / aggrevating. But in most cases, I would say it is more of an issue with smart and conceited people than it is with doctors.
In any case, the very smartest people tend to be the ones with a dose of humility to go with their smarts, instead of these smart and conceited types.
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12-05-2023, 11:53 AM
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#29070 | | Willing to sell body for a few minutes on RS
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Ohhh skanky. Economic domination…. Daddy like.
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12-05-2023, 01:27 PM
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#29071 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2014 Location: Van
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$400000 mtg given current stress test will need about $99000 gross annual. At 30y repayment. So young professionals are pretty much stuck with bachelor's. You need $108000 to stretch that extra $50k for slightly larger. But then all costs will also go up, strata, insurance, heat, tax etc.  Surrey lyfestyle yo
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12-05-2023, 01:40 PM
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#29072 | | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
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Originally Posted by G0rilla As someone in the finance field, doctors are one of the most difficult people to deal with for financial matters. They are super smart and well educated in their medical field, so they think it translates to everything else. | Sounds like Lawyers and construction, if you're a contractor you never want to do work for a lawyer they are much more likely to try and screw you or fuck up your money.
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“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa | |
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12-05-2023, 02:21 PM
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#29073 | | Rs has made me the man i am today!
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| https://twitter.com/424ds/status/173...d_R7IaTjIX5-7w
It's happening!
That townhouse development on 33rd/Gladstone that has been sitting unfinished for the better part of the last 3 years is finally getting going again. I can't believe it's actually possible - figured it'd have to be torn down. 
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12-05-2023, 02:47 PM
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#29074 | | OMGWTFBBQ is a common word I say everyday
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I saw that too driving past like last week. Wouldn't the wood be all rotten and damaged by now?
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12-05-2023, 03:04 PM
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#29075 | | I told him no, what y'all do?
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Originally Posted by Badhobz That’s why I bought my McMansion. I need more ventilation for my deadly post dim sum farts | you could have saved so much by just buying a thicker blanket and go dutch oven style  Quote:
Originally Posted by JDMDreams I saw that too driving past like last week. Wouldn't the wood be all rotten and damaged by now? | dry it out, cover it up, disappear after occupancy amirite 
serious note, the roof being done i think would be key here?
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