Guys I found him An honest mortgage broker
@VladTheInflator See? If you didn’t have that Netflix account, you could afford that. Darn entitled kids.
@VladTheInflator Just asked my wife: “Reading this post on X, if Someone makes $40 an hour, Can they afford an $800,000 house? She stares at me for a few seconds. “Fuck No, That’s stupid”& leaves the room. There you have it folks.
@VladTheInflator The $6933 is gross income. Do you factor in “net” income at some point? I’m guessing her net income is sub $5000 per month.
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@VladTheInflator Here's all the math you need. Dont buy a house at %6.5 interest cause you'll pay triple
@VladTheInflator Recommending that 50% of gross monthly income go toward a house payment is not sound financial advice. While not necessarily dishonest, anyone following this advice risks becoming an indentured servant to the mortgage company.
@VladTheInflator “Up to 50% debt to income ratio”
@VladTheInflator I don’t trust any adult who wears those types of glasss
83,200.00 a year Gross 12% tax bracket = 10,000.00 rounded up 73,000.00 After fed take out another 10,000 for state and other taxes 63,000.00 Net after taxes. 63,000.00 divided by 12 months = 5,250 a month Net monthly. If you do not have any other deductions such as Insurance, Union, 401K, Cancer Policies etc. Lets say you do have "investments taken out" of another 1,200.00 a month. You are left with 4,000.00 a month 800k house in my area is an estimated monthly of $4561.00 So the answer is NO. Now lets be more reasonable and you find a house say 3 bed 2 bath and its at 250 to 300thousand. Then yes you can. Finances might be tighter and of course depending on location and other variables. But as a Builder for over 35 years. Most people the last 20 do not know how to budget properly or live within their means / budget. So they struggle if not outright loose the house.
@VladTheInflator I'm still stuck on $6.32 divided by $2066 being $326k...????
@VladTheInflator Or you could find a cheaper house... No "average American" can afford an $800k house. It's about as unrealistic as the entire "housing market" has become. We just need an asteroid to hit the Earth at this point. There's no fixing this insanity anymore....
@VladTheInflator A simple “no” would have sufficed. 😂
@VladTheInflator Be careful, the student loan companies are gonna off him if he starts sharing this kind of privileged knowledge with teenagers.
@VladTheInflator You wouldn’t want to go to a 50% ratio unless you were not counting some of the household income. Should stay at 36% or less
@VladTheInflator Homes right now are a scam. Wait for the crash.
@VladTheInflator If you need a mortgage broker to tell you whether you can or can't afford to buy, you're cooked.
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@VladTheInflator This is basically the housing market in LA. Average little fixer upper is about 800K and most people I know who make 100K an year can’t afford that.
@VladTheInflator $475k down payment and still a 50% DTI ratio...
@VladTheInflator So…No you can’t afford a 800,000 home..🥴
An hour of a life is worth 40 bucks or people make less than that 20 bucks … 15 bucks whatever there’s no mobility as a wage slave look how much debt you have to take on to be able to live in a home dude. Real rich people don’t think dollars per hour like this but it’s hard to get out of this rat race shit. Fkn hamster’s on a wheel
@VladTheInflator One major calculation miss, he took 40 dollar an hour as the after tax amount. You should get your net/take home amount when doing this calculation. So he should have reduced this by at least 20%, or assumed 32per hour.
@VladTheInflator assuming you have no other debt?...what world do you live in?
@VladTheInflator Bros math ain’t mathing
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@VladTheInflator 50% of gross income for mortgage? Fuck that
@VladTheInflator Nice math, but even with that amount down, the answer should still be no. 50% dsr off gross is very - too aggressive. Also assumes zero other debts. This is a set-up for failure.
@VladTheInflator Oops, forgot income taxes. Make that down payment $500k.
@VladTheInflator Lawyers & Accountants are the only hourly workers that can afford to buy a home.
@VladTheInflator NEVER go above 25%...forget all this 50% talk, you'll be house poor. My current Mortgage payments: 4000, 1600, 1200 Monthly income: 50k 40 dollars an hour, borrow no more than 170k, Down Payment the rest. - Rich guy, not house broke.
@VladTheInflator He’s not telling you what she’ll end up paying in the end. She will end up paying twice what she borrowed. The interest rate is not 6%. It’s 100%.
@VladTheInflator Call me stupid but 6.32/2066 is .00305. He’s terrible at math
@VladTheInflator Who the hell pays 50% of their gross income towards their mortgage? That’s the definition of house poor.
@VladTheInflator That's not a 50% debt to income ratio. That's a 50% mortgage payment to income ratio. And you didn't take out income taxes, only property taxes? Or is that where that $1400 figure came from?
@VladTheInflator No one mentioning you can’t see him write the numbers initially. Arrgh!
@VladTheInflator the short answer is NO, the long answer is FUCK NO. You will not be able to afford anything on 40 dollars an hour due to the housing market being out of touch with reality. Thanks for watching.