So im 25 and I’ve been thinking about purchasing a house for a few years now. My lease ends on my apartment in November and I’m thinking it might be time to buy. I’ve always wanted to start putting my money in real-estate as I am truly passionate about it as an investment source, and I really want to have something vig to call my own. I want to make sure I’m making the right choice at the right time.
My current finances Income $2880 a month gross (about $2000 after deductions.
My current housing expenses are about $1300 a month total witch I split with a roommate. So approximately $650
I have about $10000 in savings and $12000 in my 401k. I also have a car loan for $12000 the payments are $220 a month with $200 for insurance.
I’m currently making quite a bit of extra money from working lots of maditory over time and a $3 per hour pay incentive for covid. I know those won’t last forever do I didn’t include them, but I do think I will be getting a promotion and pay raise soon.
My current roommate has agreed that he would like to come stay with me and pay rent if I did buy the house and I might get an additional roommate as well.
My credit score is 717 and I live in North Texas if those things make a difference.
Do yall think that I may be in a good place to really consider buying in November. Would i be leaving myself enuff time to make a deal come together. Or should I resign my lease and try again next year?