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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: Anal Corner 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: Boyish Tank Bawdyhouse 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: Anal Corner 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: Boyish Tank Bawdyhouse 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: Exhilarant maize menage (Posting from 2006) (http://www.autoadmit.com/thread.php?thread_id=3232278&forum_id=2#30542907) |
Date: May 23rd, 2016 8:28 PM Author: Onyx Arousing Psychic 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: Anal Corner 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: Onyx Arousing Psychic 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: Brindle Indian Lodge Mental Disorder (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: Umber box office 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: Onyx Arousing Psychic 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: Poppy Lay Chad 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: crimson slippery weed whacker 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: Odious hilarious karate heaven 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: Mentally Impaired Provocative Abode Legal Warrant 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: Brindle Indian Lodge Mental Disorder (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: Mentally Impaired Provocative Abode Legal Warrant 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: Anal Corner (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: Curious circlehead school 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: Hairraiser cobalt station pistol 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: milky comical garrison 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: Anal Corner 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) |