How much house to buy on 600k HHI in a T1 city?
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Poast new message in this thread
Date: July 10th, 2018 12:11 AM Author: sick alcoholic hall
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
(http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395298) |
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Date: July 16th, 2018 6:08 PM Author: ungodly slap-happy public bath fortuitous meteor
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.
(http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36439692) |
Date: July 10th, 2018 12:20 AM Author: vivacious effete stock car
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?
(http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395349)
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Date: July 10th, 2018 12:23 AM Author: Heady Kitchen
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?
(http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395358) |
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Date: July 10th, 2018 10:08 AM Author: bright bearded ratface laser beams
Tax Information
Tax Year: 2017
Municipality
Tax Amount: $26,882
LOL @ coastcucks
(http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396682) |
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Date: July 10th, 2018 12:50 AM Author: Cracking Awkward Library
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
(http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395472)
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Date: July 10th, 2018 12:51 AM Author: Cracking Awkward Library
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
(http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36395478) |
Date: July 10th, 2018 10:13 AM Author: Jet church background story
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
(http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36396713) |
Date: July 10th, 2018 10:37 AM Author: mint self-absorbed persian
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 1:12 PM Author: Federal azure property
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.
(http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36397819) |
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Date: July 10th, 2018 1:16 PM Author: Federal azure property
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.
(http://www.autoadmit.com/thread.php?thread_id=4021886&forum_id=2#36397844) |
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