Whats considered a good salary in TnT?

[Morpheus]

I could see it possible.

it is, but these threads doea expose the 2nr posers who see d need to put on some kinda charade

Have to agree here.....

Real dick measurements going on here

[Halfbreed07]

Combined home income of 14k and no more than 2 kids.... and a HDC house... u comfortable..
I could live as a bachelor comfortably on 8k to be honest... pay mortgage bills and car... still have beers money dey...

Only thing is Id be doing that same thing for a while no real advancement

Lol is this real life?
What mortgage you getting on a14k salary, let alone 8k? On top of that you said kids and car. Delusions yes.

Nah this man have to stop chasing the white dragon. Blow is bad dude u end up saying sheit like this in front people.

Please explain how one gets a mortgage on an 8k salary.

[Halfbreed07]

I could see it possible.

You know what debt service ratio is right?
Average price of real estate?
Also qualifying salary for a mortgage?
Please elaborate, so that we can all learn something.

[kjaglal76v2]

u deduce all that without knowing d person downpayment? or even the cost of the property???

HAHAHAHA boy gtfoh eh

[Halfbreed07]

See above questions
I'm not interested in his specific situation, I am however saying that on 8k getting a mortgage for a decent property seems less than likely. If some suffera chuners chests are burning that's not really my concern either.

[dougla_boy]

lololol

[Anarchist]

I could see it possible.

You know what debt service ratio is right?
Average price of real estate?
Also qualifying salary for a mortgage?
Please elaborate, so that we can all learn something.

Please

[Slartibartfast]

Let's keep it simple and use the Mortgage Financing Calculator from the TTMF website
https://www.ttmf-mortgages.com/resources/mortgage-calculators

Assuming the person is borrowing $1,000,000 and the rest is downpayment on the house
Most houses go for 1.2 mil to 1.8 mil now so you talking about a downpayment of $200k to $800k

Interest Rate "From $350,001 Plus" = 7%
If the income of the entire household is less than 8k then the rate is 2% which is actually good.

Assuming repayment in the maximum allowed 30 years for a $1,000,000 loan at 7% APR, your monthly payment is $6653.02

Total Interest Paid = ($6653.02 x 12 x 30) - 1,000,000 = $1,395,087.20 interest

Now let's make this interesting. Most people I talk to tell me to "Buy a piece of land cuz rent is ded money" and I reply that interest is dead money as well. However, I rather give my money to a small man that I know more likely to spend it and in turn stimulate the economy as opposed to the bank that not going to let most of that money trickle back down to us little folks.

$1,395,087.20 Interest paid.
Let's say I spend that same amount in rent over 40 years (Start renting at 25 and die at 65)
$1,395,087.20 / (50 x 12) = $2906.43 / month

Not to mention you won't have to pay upkeep as it is the Landlord's responsibility to make sure that your apartment is safe and habitable.

TL:DR Best to rent and save your money until you can buy a piece of land for cash and start building bit by bit.

[Dizzy28]

Let's keep it simple and use the Mortgage Financing Calculator from the TTMF website
https://www.ttmf-mortgages.com/resources/mortgage-calculators

Assuming the person is borrowing $1,000,000 and the rest is downpayment on the house
Most houses go for 1.2 mil to 1.8 mil now so you talking about a downpayment of $200k to $800k

Interest Rate "From $350,001 Plus" = 7%
If the income of the entire household is less than 8k then the rate is 2% which is actually good.

Assuming repayment in the maximum allowed 30 years for a $1,000,000 loan at 7% APR, your monthly payment is $6653.02

Total Interest Paid = ($6653.02 x 12 x 30) - 1,000,000 = $1,395,087.20 interest

.

That 2% interest rate is only for properties less than $625,000.

[STORM1234]

TL:DR Best to rent and save your money until you can buy a piece of land for cash and start building bit by bit.

which is what I am going to do!

[Dizzy28]

TL:DR Best to rent and save your money until you can buy a piece of land for cash and start building bit by bit.

which is what I am going to do!

Been calling around for land. Not even that I can afford. Called 1 guy yesterday for 1 lot in Aranjuez - $700k.

[Slartibartfast]

That 2% interest rate is only for properties less than $625,000.

Been calling around for land. Not even that I can afford. Called 1 guy yesterday for 1 lot in Aranjuez - $700k.

Makes sense. They will only give you the opportunity to save money under circumstances that make it impossible for you to get the opportunity to save money.

[STORM1234]

I am willing to rough it, build up ah lil one room ting, go and collect some water from the nearest pipe stand and/or collect rain water in barrel, might have to spend some money on a toilet and septic tank, might go with a prefab septic tank. will be living in the bush, no doubt.

[Dizzy28]

I am willing to rough it, build up ah lil one room ting, go and collect some water from the nearest pipe stand and/or collect rain water in barrel, might have to spend some money on a toilet and septic tank, might go with a prefab septic tank. will be living in the bush, no doubt.

Prices in the bush real good. The commute will be pressure

[STORM1234]

I am willing to rough it, build up ah lil one room ting, go and collect some water from the nearest pipe stand and/or collect rain water in barrel, might have to spend some money on a toilet and septic tank, might go with a prefab septic tank. will be living in the bush, no doubt.

Prices in the bush real good. The commute will be pressure

not necessarily, it have some good deals out there, might even get a lot for less than 100k, you have to start looking around and making some calls. Stay positive dizz!

[lalloboy101]

Cunupia hav land reasonable , saw a few lots recently for on av. between 300k to 475k.

[Ted_v2]

A lot of land in the bush going for almost 40k now. Need minor fulling up.

[STORM1234]

A lot of land in the bush going for almost 40k now. Need minor fulling up.

pm contact info on sellers.

[Ted_v2]

Na. That's what it sold for. The buyer bought two lots .

[lalloboy101]

A lot of land in the bush going for almost 40k now. Need minor fulling up.

pm contact info on sellers.

Hoss everyting ok orr?

[S_2NR]

I am willing to rough it, build up ah lil one room ting, go and collect some water from the nearest pipe stand and/or collect rain water in barrel, might have to spend some money on a toilet and septic tank, might go with a prefab septic tank. will be living in the bush, no doubt.

[rabiesebola]

just found out that a deep sea drilling inspector rakes in $35000 a fortnight. i think this isnt considered fair due to the high risk of being eaten.

[16 cycles]

^ if that's in trinidad....where do we have deep sea drilling?

[STORM1234]

I am willing to rough it, build up ah lil one room ting, go and collect some water from the nearest pipe stand and/or collect rain water in barrel, might have to spend some money on a toilet and septic tank, might go with a prefab septic tank. will be living in the bush, no doubt.

[rabiesebola]

^ if that's in trinidad....where do we have deep sea drilling?

block 27 well 8 driller's depth average 17000 ft, block 26 well 7 prognosed depth average 11000 ft, block 25b well 4 driller's depth 9000 ft. just to name a few deep sea drilling spots in trinidad.

[Halfbreed07]

^ if that's in trinidad....where do we have deep sea drilling?

BHP has blocks with deep wells

[teems1]

TL:DR Best to rent and save your money until you can buy a piece of land for cash and start building bit by bit.

which is what I am going to do!

Land inflation rate is phenomenal.

during the period 2011 --> 2014 the price of approved lots (5000 square feet) of land in my area has risen from 400k to 525k to 600-625k

[Slartibartfast]

Yup real estate is a huge scam. No increase in value to justify that. Been renting since 2012 and rent didn't change yet.

[brams112]

Yup real estate is a huge scam. No increase in value to justify that. Been renting since 2012 and rent didn't change yet.

Spoke to a guy recently,he just got into real estate,he said if he can't make 50g's on a property he not interested to sell and that is him now starting up in the game.

[STORM1234]

doh worry fellas I will get my piece of land and start building as I save the money. I will not be discouraged by greedy landowners.