Stop Paying Rent
I was a renter for many many years. It can be tough to get out of. Sometimes financially it is not possible. Other times, mentally due to increased responsibility, or possibly being away from the property for extended periods of time(such as with vacation homes).
Renting can be a convenience and it also can be a headache with a lousy landlord or property manager. Living where things are run down, broken, or just not being repaired is a struggle and stressful.
As a renter there is no equity building(100% waste of money). Unlike owning a home where you can sell the property to get back some of the money. And further down the road during retirement possibly do a reverse mortgage in later years to live on.
Most people pay the same or more $$$ in monthly rent vs getting a mortgage. $3000 per month = $36000 Yearly.
Before you consider owning as not being possible. Take a step back, STOP listening to other people. STOP imagining and creating your own scenarios. Go out and get the FACTS! It’s possible that with some management on your part, possibly right now, or in the next year or two you could be out of the renters rut.
Find a lender. Tell the lender you want to be Pre Approved (not pre qualified). The lender will go through all your income and debts. Looking at tax returns and statements. When the process is over, possibly in 3 days or less. You will know exactly what you need to do if you did not qualify. Ask the lender why you do not qualify, or if you did but its to low ask what you need to do to improve it. It may be as simple as paying off debts or possibly 2 years of stable or higher income.
Please Contact Rich Noto with any questions.