All Forum Posts by: D S

Thanks for replying everyone, the added expenses you mentioned really do make me wonder if I can keep aggressively paying off debt and be a homeowner at the same time.

all_cash, @ $965/month for rent I have been able to comfortably pay off ~$2500/month in debt and have enough for living expenses.

However with that in mind perhaps I will keep renting and putting everything I have into these cards (which I am no longer using) until they are paid in full then go from there.

4rmgt, $965 is a steal! it's a nice place :) it's a 10 minute walk to my office in the loop and I'm saving hundreds on gas alone. Also you can't beat the view!

I have another question...

My roommate holds a real estate broker's license for his business (M&A). How will this benefit me when I decide to purchase? I would be given whatever bonus or commission he receives as a result of the sale.

Thanks in advance for your input.

Here's my situation. 25/year old, single. ~$60k/yearly salary, +700 credit score, no negative entries on reports (no missed/late payments EVER) I've had an auto loan for 22k which was paid in full before end of term. I also have a good employment history if that is any consideration.

I share a 2-br condo with a friend. My friend owns the condo and charges me $965/month all included. He also carries a real estate broker's license so he will be assisting me with the home buying process.

I discovered a great condo near my current location which I believe I can get in at under $240k parking included. Assessments around $150/month. I am very familiar with the area and its real estate market and this will be a good home for years and a great rental property after I've moved on.

Now onto the bad stuff. I have roughly 14k in debt spread almost evenly across 2 credit cards and 1 loan. I have reduced this from 24k in the last 4 months thus I have little or no cash to put down.

Given my debt/credit/the market/income/first time buyer programs is this a good idea at this time?

*edit on math