Quote: (08-03-2015 08:31 AM)Peregrine Wrote:
Quote: (08-03-2015 07:57 AM)SnowHugger Wrote:
I could definetly save 600 a month even if I rent.
How do you guys feel about saving that money and using it as a down payment on a condo. (10% on a 200-250k studio/bachelor)
That seems like the thing everyone is telling me to do.
Given that most people suck at life, it's probably a bad idea if everyone is telling you to do it. It's not a market top until everyone thinks they're going to double their money.
This is how a lot of young people have a relatively high net worth compared to income. They bought a place for 300k with 5% down. 2 years later they sold it for 400k. They made over 100k in equity in a deal with little money invested for spectacular returns.
I wouldn't buy a place personally but I do admit the potential gains in doing so with high leverage. Leverage has made a lot of people rich but it can also make a rich person dead broke on a crash.