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lol @ housing in silicon valley and raising a family while only UMC
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Date: May 23rd, 2016 8:02 PM Author: adulterous hell My good friend from college is my age - 36 and has 2 kids. He went to a top b school and works for big pharma. He makes around $210K per year (including a $40K bonus). His wife is a college teacher (not tenured prof) and makes $90K.
He bought a $600K condo 4 years ago with $100K down and just sold it for $1 million. Got $500K from that sale.
His wife wants a house with a yard and a dog. He just closed on a 1500 sq ft house on 5,000 sq ft lot. 3 bedroom, 2 bath. Menlo Park.
Purchase price, $2 million. $500K down payment from the sale price.
How the fuck did my friend get approved for a $1.5 million mortgage? His monthly take home with his wife is between $15,000 and $16,000 including bonus.
His mortgage + insurance + property tax is going to be over $9,000.
Doesn't this seem insanely irresponsible for home buying? Is this was all the young idiot techies buying property in SF/SV are doing? |
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Date: May 23rd, 2016 8:05 PM Author: mauve brethren if he runs into financial trouble, the assumption is that the rising value of the property could simply be leveraged for a new sale before anything drastic happens. as long as appreciation is rapid and ongoing, you really only need an occupant in the property and little else. if the occupant can make his payments, great. if not, whatever. (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30542751) |
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Date: May 23rd, 2016 8:26 PM Author: adulterous hell you think appreciation will continue to be rapid and ongoing? (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30542894) |
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Date: May 23rd, 2016 8:28 PM Author: mauve brethren apparently the bank does... (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30542909) |
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Date: May 23rd, 2016 8:27 PM Author: ivory home community account (Posting from 2006) (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30542907) |
Date: May 23rd, 2016 8:28 PM Author: Electric lettuce blood rage lol at women pushing families to the edge of fiscal insanity just so they can feel good about their station in life (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30542914) |
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Date: May 23rd, 2016 9:18 PM Author: adulterous hell the fleischman's work at facebook and THEY HAVE A YARD. (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30543326) |
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Date: May 23rd, 2016 9:42 PM Author: Electric lettuce blood rage The whole thing is an unbelievable boomer scam. Coast on a mediocre, (upper) middle class existence and thanks to forces you had nothing to do with, you become a multimillionaire. The price: your kids can't live anywhere near you. (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30543573) |
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Date: May 24th, 2016 6:43 AM Author: Thirsty bespoke pit (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30545795) |
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Date: May 23rd, 2016 9:39 PM Author: Appetizing Ebony Regret Isn't menlo park an expensive part of the Bay Area? Can't he move to a slightly cheaper part? (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30543528) |
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Date: May 23rd, 2016 9:46 PM Author: Electric lettuce blood rage People actually slave away for portions of their adult life because their wives friends might giggle at them "settling" for a slightly worse neighborhood.
Just think about that |
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Date: May 26th, 2016 7:55 PM Author: Sooty titillating sneaky criminal not so subtle sexpat trolling (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30566260) |
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Date: May 23rd, 2016 9:40 PM Author: Rose galvanic library ceo bay area should fall into the sea (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30543545) |
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Date: May 23rd, 2016 9:40 PM Author: Histrionic set he should move to fresno and commute. his kids can join a gang (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30543554) |
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Date: May 23rd, 2016 9:47 PM Author: navy crackhouse gangs can teach you a lot about life from an early age. credited life advice. (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30543626) |
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Date: May 24th, 2016 6:44 AM Author: Thirsty bespoke pit (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30545798) |
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Date: May 23rd, 2016 9:45 PM Author: navy crackhouse are you suggesting there is another housing bubble crash coming soon? (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30543603) |
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Date: May 26th, 2016 7:39 PM Author: adulterous hell (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30566135) |
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Date: May 26th, 2016 7:42 PM Author: Diverse silver international law enforcement agency His house will be worth 3.5m during the next boom. He will retire off it. We: poast (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30566156) |
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Date: May 26th, 2016 7:50 PM Author: Violent temple just do oakland send kids to private school (cheap in bayare/oakland) marry gorgeous blonde and have wonderful kids
aka
https://www.facebook.com/charlotte.vanremortel
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Date: May 26th, 2016 7:55 PM Author: Flirting fishy business firm place of business His income for purposes of mortgage approval is 25k a month (300k/12). He is below 45 percent of that. (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30566254) |
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Date: May 26th, 2016 7:57 PM Author: adulterous hell 45% of before tax income in a state where you pay 40% taxes... (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30566278) |