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How much house to buy on 600k HHI in a T1 city?
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Date: July 10th, 2018 12:11 AM Author: citrine hell NYC/SF/LA
how much house should we buy? in these mkts, a decent 4 bedroom easily runs 2.5M+, probably 3-3.5M for a solid long-term place.
2 toddlers |
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Date: July 16th, 2018 6:08 PM Author: Tantric big mediation generalized bond Calculate the ratio of expected rental income / expected mortgage payment for various property types and in various sub-areas in the areas you are looking to buy.
Buy whatever has the highest expected rental income / expected mortgage payment ratio in that area. (Eg. Expected rental income from a ~1,500 SF 3 bedroom condo in a certain Neighborhood is $7,500 / month and the expected mortgage payment is $6,600).
Buy that. Live in it until you can comfortablly afford the downpayment for a new place. Buy a new place and rent old place out. Rinse and repeat over and over every 1-4 years. After not too long you will have enough passive income to retire on. |
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Date: July 16th, 2018 6:22 PM Author: Boyish police squad "every 1-4 years. After not too long you will have enough passive income to retire on."
You must save down payments pretty fast. |
Date: July 10th, 2018 12:13 AM Author: Free-loading mint corn cake toaster live mexican style + stockpile money + flee and retire five years later (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395308) |
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Date: July 10th, 2018 10:42 AM Author: chrome crotch cr, by the time you're 35 you could pay all cash for a 4BR house on the beach in FL panhandle, sideline tickets to Noles games. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396897) |
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Date: July 10th, 2018 12:14 AM Author: Vivacious mad cow disease address pay all cash (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395312) |
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Date: July 10th, 2018 12:20 AM Author: Idiotic Ape Stain Serious question. In 5 years you can retire, enjoy your life, and spend plenty of time with your children living a middle-upper class lifestyle in a second tier city. Why are you willing to spend 30 extra years like a rat on a wheel so you can live in a mcmansion in a dirty crowded city?
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Date: July 10th, 2018 12:23 AM Author: Free-loading mint corn cake toaster lol bro he won't even come close to a mcmansion. maybe he'll cop dat luxe in-unit washer dryer though! (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395357) |
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Date: July 10th, 2018 12:41 AM Author: erotic giraffe (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395425) |
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Date: July 10th, 2018 12:51 AM Author: Boyish police squad And maybe a garbage disposal. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395479) |
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Date: July 10th, 2018 5:55 AM Author: sick office tank (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396076) |
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Date: July 10th, 2018 6:06 AM Author: aphrodisiac shrine let’s not get carried away (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396079) |
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Date: July 10th, 2018 5:33 AM Author: Glittery magenta location (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396068) |
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Date: July 11th, 2018 12:55 PM Author: Violet indian lodge kitty I'd like to see a response here. Thank. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36405294) |
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Date: July 10th, 2018 12:23 AM Author: sick office tank honestly no reason to spend 2.5 unless you really want a nice house.
how much of that HHI is you vs your wife? does she want to stop / slow down working at all? |
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Date: July 10th, 2018 12:44 AM Author: sick office tank i can only speak to new york suburbs (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395444) |
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Date: July 10th, 2018 12:48 AM Author: chartreuse liquid oxygen $2M will get you a pretty nice place in a lot of affluent NY suburbs (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395463) |
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Date: July 10th, 2018 12:50 AM Author: sick office tank definitely. no really need to spend 2.5 when you can spend 1.5. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395473) |
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Date: July 10th, 2018 7:11 AM Author: Shivering hideous pisswyrm You can get a decent place for under $1m in some nice NY suburbs:
https://www.redfin.com/NY/Scarsdale/1-Sherwood-Pl-10583/home/20122355 |
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Date: July 10th, 2018 10:08 AM Author: soul-stirring cuckoldry hunting ground Tax Information Tax Year: 2017 Municipality Tax Amount: $26,882
LOL @ coastcucks |
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Date: July 10th, 2018 10:19 AM Author: Shivering hideous pisswyrm It is insanely high but you get the benefit of one of the top school districts in the country. No need for private $school. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396753) |
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Date: July 10th, 2018 10:21 AM Author: soul-stirring cuckoldry hunting ground I pay less than 1/10th in a house that's only valued slightly less (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396764) |
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Date: July 10th, 2018 10:31 AM Author: chartreuse liquid oxygen Edgemont is particularly high, even by Westchester standards.
You can go to towns with much lower RE taxes per $1M of property value. The price for the house will usually be higher, but I'd always rather pay more for the house and less for the taxes |
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Date: July 10th, 2018 12:31 AM Author: Rose buck-toothed wrinkle Why blow so much on a house? I just bought a 4 bedroom house in Orange County for $760k with a HHI of $500k. Should be able to save a ton. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395386) |
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Date: July 10th, 2018 8:18 AM Author: crystalline trailer park gunner Cr. Parts of long island and upstate in the train, too. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396270) |
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Date: July 10th, 2018 12:42 AM Author: erotic giraffe LOL @ buying a house with 600K HHI in those cities (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395430) |
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Date: July 10th, 2018 12:44 AM Author: citrine hell wtf. minimum HHI needed? (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395440) |
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Date: July 10th, 2018 12:45 AM Author: erotic giraffe If you're looking to buy a HOUSE, not just a shit condo, then you're looking at HHI of 1MM+, maybe 1.25MM+ (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395446) |
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Date: July 10th, 2018 12:46 AM Author: erotic giraffe also sorry bro, but 600K in NY/SF is not a lot of money....you're barely making ends meet if you buy a house. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395453) |
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Date: July 10th, 2018 12:49 AM Author: sick office tank stable 600k is definitely fine for NY suburbs. it probably won't get you a brownstone though. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395468) |
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Date: July 10th, 2018 12:50 AM Author: erotic giraffe if he's willing to commute from Westchester (LOL) then fine
but wtf would any retard want to commute one hour to work a shit, high stress job in a high COL area beats me
there are much easier ways to live life
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Date: July 10th, 2018 12:50 AM Author: sick office tank because actually living in this shit city sucks balls and the nice inner suburbs are pretty 180. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395477) |
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Date: July 10th, 2018 12:51 AM Author: erotic giraffe LOL the NYC suburbs are shit compared to many if not most suburbs in the country
i've lived in every region of the country and East Coast is the worst by far (low QOL, high COL and shit weather)
can't wait to get out of this dump
if you think NYC suburbs are "nice" you need to get out more often |
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Date: July 10th, 2018 12:55 AM Author: sick office tank not as nice as chicago, sure. but better than anything on the west coast.
and if you're going to buy a house and raise a family, the suburbs are the way to go. |
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Date: July 10th, 2018 12:56 AM Author: erotic giraffe (guy who has never lived on the west coast)
West Coast, Mountain region, Southwest, Midwest and South are all better either due to higher QOL, lower COL, better weather, or some combination of the above |
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Date: July 10th, 2018 10:13 AM Author: soul-stirring cuckoldry hunting ground Cr (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396710) |
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Date: July 10th, 2018 12:57 AM Author: sick office tank but i'm really saying that he should save a couple million dollars so that he (and his wife) can chill the fuck out.
you can get into nice towns/neighborhoods for 1.5-2MM |
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Date: July 10th, 2018 12:58 AM Author: erotic giraffe couple million is not enough to retire, but should be enough to take a lower paying, lower stress job that you enjoy
he should do that and move to flyover or whatever |
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Date: July 10th, 2018 1:05 AM Author: sick office tank i mean he should spend 1.5-2MM on a house vs 2.5-3.5MM on a house with a HHI of 600k. that will get you pretty much any nice town you want.
there's no reason to go all out when you're a fucking wage slave. |
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Date: July 10th, 2018 1:08 AM Author: erotic giraffe that's probably fine but 2 hour commute a day is not easy if you're working a long hours job (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395575) |
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Date: July 10th, 2018 1:13 AM Author: sick office tank yeah, commuting does suck, but he'll be able to afford one of the closer towns. it's not like he'd be looking to buy a house in fucking suffolk or rockland with 2MM.
an hour each way isn't that much more than 40-45 minutes each way (which is what the subway will take you if you buy a place in brooklyn) |
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Date: July 10th, 2018 12:59 AM Author: Boyish police squad https://www.zillow.com/homedetails/15096620_zpid/
Welcome to the upper-middle class, motherfucker. |
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Date: July 10th, 2018 1:00 AM Author: erotic giraffe lol no interior pictures...must be a drug den (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395525) |
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Date: July 10th, 2018 1:18 AM Author: Boyish police squad Ready for your personal touches! (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395626) |
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Date: July 10th, 2018 7:42 AM Author: Shivering hideous pisswyrm LJL at living in SF over NY. Half the price of that shitbox in a prestigious NY suburb a short train ride from NYC: https://www.redfin.com/NY/Scarsdale/1-Sherwood-Pl-10583/home/20122355
Why would anyone choose SF biglaw or really anything in SF short of senior management at a top tech company? |
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Date: July 10th, 2018 9:52 AM Author: Shivering hideous pisswyrm (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396585) |
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Date: July 10th, 2018 10:14 AM Author: soul-stirring cuckoldry hunting ground Lol (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396715) |
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Date: July 10th, 2018 7:36 AM Author: Rough-skinned Curious Weed Whacker lol gas yourself JJC (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396196) |
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Date: July 10th, 2018 8:20 AM Author: awkward circlehead library $600k HHI is below (a very thin) middle class in those cities, so you should probably rent with the rest of the poors (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396276) |
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Date: July 10th, 2018 9:56 AM Author: Thriller lime candlestick maker ljl at locking yourself into a 30 year debt obligation at 5x your annual take home. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396612) |
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Date: July 10th, 2018 10:33 AM Author: chartreuse liquid oxygen ? He'd have to pay 20% down so the debt obligation would only be $2M (less if he buys below $2.5M purchase price). That's trending towards 3x HHI (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396831) |
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Date: July 10th, 2018 10:13 AM Author: impertinent dashing institution famous landscape painting If you are in LA you should buy in the San Fernando Valley. It has all the perks of living in a large city but no parking issues, lower housing prices, etc. You just have to pick an area like Woodland Hills, Calabasas, Encino, Tarzana, Sherman Oaks, or Studio City. Avoid anything in the middle of the valley.
This is my neighboorhood. It almost feels like living in a small town, except you are still in LA: https://www.neighborhoods.com/valley-circle-estates-woodland-hills-ca |
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Date: July 10th, 2018 10:17 AM Author: soul-stirring cuckoldry hunting ground Looks like a post war suburb (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396744) |
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Date: July 10th, 2018 10:37 AM Author: Lemon pontificating field It's a trade off. I regret periods of my life in which I struggled with large mortgage debt. OTOH, long commutes will drain the life force from you. Sometimes you have to balance the two things. My rule of thumb for financial peace eventually became mortgage<1.5x annual income. I know this is hard for you guys to imagine, but there can be real estate crashes. I lost money on a house in the most expensive part of the Bay area (said to be impossible, but it happened in the early 90's). LA has crashed a few times, too. Don't forget property taxes and maintenance costs. Big houses=big repairs. New tax law has changed the calculus, too. At the end of the day it's a personal decision, but I really hated feeling trapped by an expensive house. If you are 100% certain you are going to love where you work and live, that's great. Remember, however, that slave masters count on your being locked in. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396863) |
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Date: July 10th, 2018 10:48 AM Author: erotic giraffe 180
Also the glitz of a big house soon wears off and pple become used to their surroundings |
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Date: July 10th, 2018 12:37 PM Author: Multi-colored Beta Orchestra Pit $2m would be my max at $600k HHI if stable income.
Check out this steal:
https://www.redfin.com/CA/Los-Angeles/10337-Mississippi-Ave-90025/home/6798732 |
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Date: July 10th, 2018 1:03 PM Author: erotic giraffe burn it all down (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36397766) |
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Date: July 10th, 2018 1:09 PM Author: Mind-boggling twinkling old irish cottage abode you could do 2.5 at a stable 600k no problem, could do 3 if you really needed to
after housing all your oither costs are pretty much the same so you would be fine |
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Date: July 10th, 2018 1:12 PM Author: chartreuse liquid oxygen yeah i poast about this a lot, but really it just depends on what your other costs are.
if you're leasing 2 luxury cars and going on lavish vacations and buying expensive clothes and handbags, you clearly should spend less on RE.
if you're discretionary spend is much more modest and you don't have heavy expenses, then i don't think it's a huge issue. |
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Date: July 10th, 2018 1:13 PM Author: Mind-boggling twinkling old irish cottage abode (rowan (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36397822) |
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Date: July 10th, 2018 1:14 PM Author: erotic giraffe (guy justifying living paycheck to paycheck) (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36397827) |
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Date: July 10th, 2018 1:16 PM Author: chartreuse liquid oxygen you could service a $2M mortgage on $600k with zero problems if you're not a spendthrift. you could easily sock away 6-figs a year in savings too.
how much you spend on a home is just one line item on your monthly expenditures. if your other expenditures are low it's not a big deal.
if your other expenditures are high i 100% agree with you. |
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Date: July 10th, 2018 2:40 PM Author: Multi-colored Beta Orchestra Pit You’re missing the biggest money suck of all: kids. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36398624) |
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Date: July 10th, 2018 2:40 PM Author: chartreuse liquid oxygen my list wasn't meant to be exhaustive. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36398633) |
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Date: July 10th, 2018 8:49 PM Author: Lascivious primrose tanning salon (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36401427) |
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Date: July 10th, 2018 1:11 PM Author: Shivering hideous pisswyrm Holy shit. LJL.
Meanwhile, in some nice NY suburbs: https://www.redfin.com/NY/Scarsdale/1144-Post-Rd-10583/home/20002263
https://www.redfin.com/NY/Huntington/11-Goldfinch-Ln-11743/home/21081883
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Date: July 10th, 2018 1:12 PM Author: erotic giraffe too old looking, needs to be torn down and renovated (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36397817) |
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Date: July 11th, 2018 2:43 PM Author: Lascivious primrose tanning salon Not sure if serious. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36405994) |
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Date: July 10th, 2018 1:13 PM Author: Mind-boggling twinkling old irish cottage abode first one is so shit they wont even show pics of inside
how far of a commute is #2 |
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Date: July 11th, 2018 3:09 PM Author: Multi-colored Beta Orchestra Pit There are tradeoffs to everything.
I pay a premium to live 1.5 miles from work. You can get 3000-4000 square feet in the LA burbs too for cheaper with good schools if you want live an hour away and commute. But that’s just wasted time away from family. Property taxes are also way lower in LA (1.25%) than NY (2x-3x that). |
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Date: July 11th, 2018 2:49 PM Author: Nudist garrison azn https://www.redfin.com/NE/Omaha/1022-S-80th-St-68114/home/103529871 (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36406029) |
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Date: July 11th, 2018 2:55 PM Author: heady twinkling uncleanness Damn. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36406074) |
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Date: July 11th, 2018 2:57 PM Author: Nudist garrison azn I picked this one because I found the architecture interesting, but there are some legit, nice mansions available too. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36406086) |
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Date: July 11th, 2018 2:58 PM Author: heady twinkling uncleanness Agreed -- I really like it. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36406090) |
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Date: July 11th, 2018 3:00 PM Author: Nudist garrison azn especially the sun room. With some updates and the right decorating, that house could be amazing (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36406108) |
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Date: July 11th, 2018 12:54 PM Author: soul-stirring cuckoldry hunting ground You should just move to Columbus
https://www.zillow.com/homes/884-Neil-Ave,-Columbus,-OH-43215_rb/ |
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Date: July 11th, 2018 11:15 PM Author: Lascivious primrose tanning salon But then he would have to live in Columbus. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36409648) |
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Date: July 16th, 2018 6:02 PM Author: citrine hell Is $3M a stretch? (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36439643) |
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Date: July 16th, 2018 6:04 PM Author: chartreuse liquid oxygen imo yes that's a stretch. i'd try to stay between 2 and 2.5. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36439661) |
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Date: July 16th, 2018 6:07 PM Author: citrine hell What if the majority of the 600k HHI isn’t stable - ie, solo practice (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36439674) |
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Date: July 16th, 2018 6:11 PM Author: smoky elite spot Go to something between 1.5-2, lower your blood pressure substantially. There's nothing wrong with--actually much recommended to--living a bit below your means. (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36439705) |
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Date: July 16th, 2018 6:18 PM Author: chartreuse liquid oxygen that's even worse (http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36439751) |