Reply to Question for renters..Aren't you tired of paying someone's mortgage?

Forum Index » Real Estate

Reply to "Question for renters..Aren't you tired of paying someone's mortgage?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Desperately wish I could buy. But I have very little for a down payment and closing costs and I didn't come from an upper middle class family.

EVERY single one of my friends that have bought in the last three years have had downpayments paid by their parents. Hundreds of thousands of dollars. I'll never get there and I earn low 6 figures.[/quote]
I'm the pp just after you. We were the same as you, and raided our retirement after working for about 5 years to make the purchase. We are still young enough that I think that's ok, but not ALL of us had parental help.[/quote]

How did you raid your retirement savings? All my retirement savings are wrapped up in my Thrift (which has a good $60-70K in it) and I'd have massive penalties if I didn't pay it back within one year.
Or did you just take the penalty hit?[/quote]
We took the penalty. That's one reason why the savings from buying are questionable. In the scenario we envision, we break even after 7 years. Hopefully following that, things continue to improve, but it's a gamble.[/quote]

Definitely a gamble. Good luck with everything!
How did the penalty work? Do they take it out when you withdrew the money?[/quote]
Yes, it was extracted before the amount was deposited to our bank account. Then we had to double up on withholdings to cover the additional taxes; then we got hammered anyway by the AMT because we didn't realize the withdrawal would put us into that bracket. FML. [/quote]

Holy hell, that sounds awful. My condolences.   :shock: 
I think I will avoid taking that route....[/quote]

Can't you just take a loan against your retirement or did the economics not work out on that (not making enough to repay the loan)?[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics