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Max house with 500k HHI, 500k down payment? 2.5M doable or no?

...
fragrant nubile center mexican
  03/17/19
If you lost your jobs could you get similar paying jobs? Ar...
Diverse Space
  03/17/19
a $2m mortgage is way less than $125k/year.
Wonderful pale dingle berry marketing idea
  03/17/19
https://www.nerdwallet.com/mortgages/mortgage-rates says tha...
Diverse Space
  03/18/19
I stand corrected. I was just eyeballing it relative to my m...
Wonderful pale dingle berry marketing idea
  03/18/19
probably, and definitely. agree $2 or lower is ideal
fragrant nubile center mexican
  03/18/19
lmao in texas a 800K house might have 30K/yr in property tax...
seedy vigorous electric furnace theater
  03/18/19
Houstonmo here. That's 2x my property taxes.
drunken parlour juggernaut
  03/18/19
On what value house?
galvanic ceo
  03/19/19
Roughly that. I think assessed value is currently 725k. I'v...
drunken parlour juggernaut
  03/19/19
seriously? that's more than what taxes are like in the NY s...
swollen striped hyena
  03/19/19
He's flaming.
drunken parlour juggernaut
  03/19/19
ok, phew
swollen striped hyena
  03/19/19
This would be insane. I say that as someone with a $6,500 mo...
Hilarious poppy area ladyboy
  03/18/19
yes but do you live in hte sf bay area
fragrant nubile center mexican
  03/18/19
No, but I’ve lived there in the past. Maybe look in Pa...
Hilarious poppy area ladyboy
  03/18/19
LJL, I just looked up the house my parents bought for 1 mill...
Hilarious poppy area ladyboy
  03/18/19
...
fragrant nubile center mexican
  03/18/19
When the market crashes it is going to be apocalyptic. This ...
Hilarious poppy area ladyboy
  03/18/19
Where in the Bay Area are you looking to buy and how many ki...
Black Laughsome Range
  03/18/19
someplace in peninsula or east bay with good school district...
fragrant nubile center mexican
  03/18/19
Do you work in San Fran or in Silicon Valley? To be honest,...
Hilarious poppy area ladyboy
  03/18/19
Los Gatos is 180 if you work in San Jose and know that's whe...
Black Laughsome Range
  03/18/19
You can buy homes in Belmont that are +/- $2mm that have 4Br...
Black Laughsome Range
  03/18/19
Yeah, Belmont/San Carlos are where I'd look in the Peninsula...
fragrant nubile center mexican
  03/18/19
Belmont is better than San Carlos, you have no guarantee you...
Black Laughsome Range
  03/18/19
Interesting, didnt know that about Carlmont. What is the sq ...
fragrant nubile center mexican
  03/18/19
In Belmont I think it's 3,500sq. ft and only if the lot is b...
Black Laughsome Range
  03/18/19
is that including tax and insurance or not? what the fuck yo...
seedy vigorous electric furnace theater
  03/18/19
(nokidmo)
carnelian zombie-like personal credit line mental disorder
  03/18/19
That’s with taxes. My wife spends like a drunken sail...
Hilarious poppy area ladyboy
  03/18/19
The problem is that we all make our money from law firms, w...
Hilarious poppy area ladyboy
  03/18/19
I would just wait it out and not buy right now.
zippy lascivious newt step-uncle's house
  03/18/19
tcr
galvanic ceo
  03/18/19
Uber, Lyft, Airbnb, Pinterest and more are going to IPO this...
charcoal sadistic resort dysfunction
  03/18/19
If you’re talking about the people who are going to ma...
zippy lascivious newt step-uncle's house
  03/18/19
plenty of people will make a few-several million off these I...
charcoal sadistic resort dysfunction
  03/18/19
And many of them will take that money and go elsewhere to ac...
galvanic ceo
  03/18/19
Doubt it. Maybe some will chase greener pastures in a place...
Trip hairless stag film athletic conference
  03/18/19
So someone is getting a few million and sinking it all into ...
galvanic ceo
  03/18/19
Yes you fool, people don’t want to live in the middle ...
naked multi-billionaire
  03/19/19
False dichotomy.
galvanic ceo
  03/19/19
Tell us more about your view that Uber, Lyft, etc. are tradi...
Trip hairless stag film athletic conference
  03/18/19
...
Hilarious poppy area ladyboy
  03/18/19
Nutella with the CHNT
fantasy-prone station trust fund
  03/18/19
does not seem doable unless you expect your HHI to jump sign...
swollen striped hyena
  03/18/19
Up to 1.2 or 1.3 is reasonable. You have to figure you&rsquo...
Hilarious poppy area ladyboy
  03/18/19
i know, but i don't really think i need the extra house. i'...
swollen striped hyena
  03/18/19
I agree. But it really depends where you are and what you ge...
Hilarious poppy area ladyboy
  03/18/19
would rather spend the extra $400k if that means half as man...
floppy alcoholic half-breed
  03/18/19
if you spend the extra 400k you'll just get more asians and ...
swollen striped hyena
  03/19/19
"You have to figure you’ll be in the house for 30...
galvanic ceo
  03/18/19
exactly my thoughts. if we make more money down the line?...
swollen striped hyena
  03/18/19
Exactly. Hope for the best, plan for the worst. The worl...
galvanic ceo
  03/18/19
You weren’t joking. Doing my taxes now and I am cuttin...
Hilarious poppy area ladyboy
  03/18/19
Well things are different now versus 5 years ago. Then, rate...
Hilarious poppy area ladyboy
  03/18/19
Link to mortgage rates being higher today than 5 years ago?
Wonderful pale dingle berry marketing idea
  03/19/19
You make like $50k/year more than us and I would never, ever...
galvanic ceo
  03/18/19
I agree. You can rent a decent house there for 5-6k. Do that...
Hilarious poppy area ladyboy
  03/18/19
That's what I saw as well.
galvanic ceo
  03/18/19
lolno
Painfully honest jap
  03/18/19
?
galvanic ceo
  03/18/19
guess you and i are different people
fragrant nubile center mexican
  03/18/19
Your housing debt shouldn't exceed 1/3 of your income. ($...
Chartreuse exhilarant foreskin principal's office
  03/18/19
I realize this is a joke, but The old rule of thumb was 3x (...
Wonderful pale dingle berry marketing idea
  03/19/19
tough to do 3x with the extreme income volatility of people ...
swollen striped hyena
  03/19/19
Lol at “forever” mattering. Worst case scenario,...
Wonderful pale dingle berry marketing idea
  03/19/19
walking away from that, after paying a shitload in mortgage ...
swollen striped hyena
  03/19/19
As opposed to rent that you have a 100% chance of losing? ...
Wonderful pale dingle berry marketing idea
  03/19/19
Rent is going to be a) much smaller, and b) easier to get ou...
galvanic ceo
  03/19/19
1) this is probably false today (it’s probably not tha...
Wonderful pale dingle berry marketing idea
  03/19/19
In the SF Bay area you can rent something more modest than w...
galvanic ceo
  03/19/19
Examples: https://www.zillow.com/homedetails/902-Septembe...
galvanic ceo
  03/19/19
Lots of lenders accept 3% down payment. So you could easily ...
Flushed plaza gaming laptop
  03/18/19
...
swollen striped hyena
  03/18/19
...
Chartreuse exhilarant foreskin principal's office
  03/18/19
Hmmm crrr
fantasy-prone station trust fund
  03/18/19
...
Hilarious poppy area ladyboy
  03/18/19
...
charcoal sadistic resort dysfunction
  03/18/19
...
galvanic ceo
  03/18/19
...
cordovan tattoo institution
  03/18/19
...
fragrant nubile center mexican
  03/18/19
...
Stirring Den Keepsake Machete
  03/24/19
Update - going to stick with $2Mish. 500k HHI is conserv...
fragrant nubile center mexican
  03/18/19
Go look at the ones I sent you. They're not building any mor...
Black Laughsome Range
  03/19/19
$2.5 million house on $500k income? LOL My parents made ...
mind-boggling orchid genital piercing
  03/19/19
They were doing it right. This stupidity is also why a bunc...
galvanic ceo
  03/19/19
Boomers pulled up the ladder by making it hard to build new ...
Big pistol library
  03/19/19
ljl @ living past your early 20s in condos.
galvanic ceo
  03/19/19
...
floppy alcoholic half-breed
  03/19/19
You can only afford around a $1M mortgage comfortably The...
flatulent base
  03/19/19
...
galvanic ceo
  03/19/19
Aim for 1.5mm, 2.5mm is insane
naked multi-billionaire
  03/19/19
What's the monthly payments on a $1.2 million mortgage?
Painfully honest jap
  03/19/19
https://www.mortgagecalculator.org/ Assuming $1k/month ta...
galvanic ceo
  03/19/19
Lmao at nigger rich birdshits blowing 15k per month on a 200...
gold hospital
  03/24/19
Hate to agree with TT, but...
galvanic ceo
  03/24/19


Poast new message in this thread



Reply Favorite

Date: March 17th, 2019 11:06 PM
Author: fragrant nubile center mexican



(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37948271)



Reply Favorite

Date: March 17th, 2019 11:12 PM
Author: Diverse Space

If you lost your jobs could you get similar paying jobs?

Are you kids going to top quality suburban public schools instead of rip-off private schools?

If the answer to both of these is yes, then you should be able to pull it off but it would be tight and probably stressful. You're looking at roughly $125,000 per year in mortgage payments alone. Your property tax is likely another $20,000 per year or potentially much more if you're in a very expensive part of the country.

I'd probably aim for a mortgage of no more than $1.5m on $500k HHI.



(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37948302)



Reply Favorite

Date: March 17th, 2019 11:27 PM
Author: Wonderful pale dingle berry marketing idea

a $2m mortgage is way less than $125k/year.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37948376)



Reply Favorite

Date: March 18th, 2019 10:52 AM
Author: Diverse Space

https://www.nerdwallet.com/mortgages/mortgage-rates says that today's 30 year fixed mortgage average rate is 4.38%

That comes out to $119,904 per year. I was a little bit high, by that's still a fuckton of money.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37949493)



Reply Favorite

Date: March 18th, 2019 1:28 PM
Author: Wonderful pale dingle berry marketing idea

I stand corrected. I was just eyeballing it relative to my mortgage. I guess today’s higher rates make a big difference.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950174)



Reply Favorite

Date: March 18th, 2019 11:41 AM
Author: fragrant nubile center mexican

probably, and definitely. agree $2 or lower is ideal

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37949700)



Reply Favorite

Date: March 18th, 2019 3:09 PM
Author: seedy vigorous electric furnace theater

lmao in texas a 800K house might have 30K/yr in property taxes

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950689)



Reply Favorite

Date: March 18th, 2019 10:48 PM
Author: drunken parlour juggernaut

Houstonmo here. That's 2x my property taxes.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37952961)



Reply Favorite

Date: March 19th, 2019 10:36 AM
Author: galvanic ceo

On what value house?

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954275)



Reply Favorite

Date: March 19th, 2019 11:28 AM
Author: drunken parlour juggernaut

Roughly that. I think assessed value is currently 725k. I've never seen 4% property taxes in Texas. Average is a bit less than 2% and that's still high as hell.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954517)



Reply Favorite

Date: March 19th, 2019 11:16 AM
Author: swollen striped hyena

seriously? that's more than what taxes are like in the NY suburbs (except westchester, which is sometimes higher than that)

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954449)



Reply Favorite

Date: March 19th, 2019 11:34 AM
Author: drunken parlour juggernaut

He's flaming.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954545)



Reply Favorite

Date: March 19th, 2019 11:39 AM
Author: swollen striped hyena

ok, phew

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954573)



Reply Favorite

Date: March 18th, 2019 11:28 AM
Author: Hilarious poppy area ladyboy

This would be insane. I say that as someone with a $6,500 monthly mortgage and similar HHI.

HTH.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37949647)



Reply Favorite

Date: March 18th, 2019 11:41 AM
Author: fragrant nubile center mexican

yes but do you live in hte sf bay area

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37949702)



Reply Favorite

Date: March 18th, 2019 1:30 PM
Author: Hilarious poppy area ladyboy

No, but I’ve lived there in the past. Maybe look in Pacifica or in the foothills.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950187)



Reply Favorite

Date: March 18th, 2019 1:32 PM
Author: Hilarious poppy area ladyboy

LJL, I just looked up the house my parents bought for 1 million back when I lived there. It’s now valued at 3.5 million.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950200)



Reply Favorite

Date: March 18th, 2019 1:34 PM
Author: fragrant nubile center mexican



(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950204)



Reply Favorite

Date: March 18th, 2019 1:35 PM
Author: Hilarious poppy area ladyboy

When the market crashes it is going to be apocalyptic. This is literally the worst time to buy. Pull your money out of the market now and wait for the next recession.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950213)



Reply Favorite

Date: March 18th, 2019 1:34 PM
Author: Black Laughsome Range

Where in the Bay Area are you looking to buy and how many kids, if any do you have (that you know of).

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950208)



Reply Favorite

Date: March 18th, 2019 1:38 PM
Author: fragrant nubile center mexican

someplace in peninsula or east bay with good school districts

1 kid, hopefully another in year or two

looking at Lamorinda since seems like a relatively good deal, but that really locks you out of SV jobs

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950227)



Reply Favorite

Date: March 18th, 2019 1:40 PM
Author: Hilarious poppy area ladyboy

Do you work in San Fran or in Silicon Valley? To be honest, places like Los Gatos, Saratoga, Cupertino are incredible places to raise a family. If you can find something tolerable there id consider it.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950239)



Reply Favorite

Date: March 18th, 2019 1:42 PM
Author: Black Laughsome Range

Los Gatos is 180 if you work in San Jose and know that's where you'll always be. Terrible commute to SF, but Palo Alto is reasonable.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950255)



Reply Favorite

Date: March 18th, 2019 1:41 PM
Author: Black Laughsome Range

You can buy homes in Belmont that are +/- $2mm that have 4Br and it's a good school district, much whiter than supposedly better ones like Cupertino that are only "good" because 90% azn.

Belmont puts you right between SF and Palo Alto, so tons of flexibility for employment.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950247)



Reply Favorite

Date: March 18th, 2019 1:45 PM
Author: fragrant nubile center mexican

Yeah, Belmont/San Carlos are where I'd look in the Peninsula. Not seeing anything great though.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950261)



Reply Favorite

Date: March 18th, 2019 1:48 PM
Author: Black Laughsome Range

Belmont is better than San Carlos, you have no guarantee you'd get Carlmont as a HS in San Carlos. San Carlos has pricier homes at times because they have no square footage cap.

https://www.redfin.com/CA/Belmont/2613-Monte-Cresta-Dr-94002/home/1987809

https://www.redfin.com/CA/Belmont/2516-Buena-Vista-Ave-94002/home/1801503

https://www.redfin.com/CA/Belmont/1040-Continentals-Way-94002/unit-9/home/983663

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950273)



Reply Favorite

Date: March 18th, 2019 1:56 PM
Author: fragrant nubile center mexican

Interesting, didnt know that about Carlmont. What is the sq ft cap?

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950308)



Reply Favorite

Date: March 18th, 2019 2:04 PM
Author: Black Laughsome Range

In Belmont I think it's 3,500sq. ft and only if the lot is big enough with appropriate setbacks to permit it. Belmont is super NIMBY, which is good as a homeowner.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950344)



Reply Favorite

Date: March 18th, 2019 3:10 PM
Author: seedy vigorous electric furnace theater

is that including tax and insurance or not? what the fuck you spending your $ on with 500K HHI and you find a 6500/mo pmt uncomfortable

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950693)



Reply Favorite

Date: March 18th, 2019 5:46 PM
Author: carnelian zombie-like personal credit line mental disorder

(nokidmo)

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37951373)



Reply Favorite

Date: March 18th, 2019 6:09 PM
Author: Hilarious poppy area ladyboy

That’s with taxes. My wife spends like a drunken sailor.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37951520)



Reply Favorite

Date: March 18th, 2019 7:28 PM
Author: Hilarious poppy area ladyboy

The problem is that we all make our money from law firms, which are very very unstable jobs and that you need some ability to have your HHI drop

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37952000)



Reply Favorite

Date: March 18th, 2019 11:57 AM
Author: zippy lascivious newt step-uncle's house

I would just wait it out and not buy right now.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37949790)



Reply Favorite

Date: March 18th, 2019 1:28 PM
Author: galvanic ceo

tcr

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950176)



Reply Favorite

Date: March 18th, 2019 1:35 PM
Author: charcoal sadistic resort dysfunction

Uber, Lyft, Airbnb, Pinterest and more are going to IPO this year. Will mint 1000s of new millionaires -- SF housing is goign to become even more unaffordable.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950212)



Reply Favorite

Date: March 18th, 2019 4:25 PM
Author: zippy lascivious newt step-uncle's house

If you’re talking about the people who are going to make hundreds of milllions, they’re not buying a dinky $2.5m house. If you’re talking about some engineer who hopes to net $2m, they shouldn’t count their eggs before they hatch. They are “millionaires” at fraud valuations and then the lock up period expires and their stock is worth only like $500k.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37951041)



Reply Favorite

Date: March 18th, 2019 5:06 PM
Author: charcoal sadistic resort dysfunction

plenty of people will make a few-several million off these IPOs, dont need to make hundreds of millions

there arent that many SFH for sale in the bay area, and no new ones are being built. part of the entire problem with bay area

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37951211)



Reply Favorite

Date: March 18th, 2019 9:47 PM
Author: galvanic ceo

And many of them will take that money and go elsewhere to actually enjoy life.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37952676)



Reply Favorite

Date: March 18th, 2019 9:49 PM
Author: Trip hairless stag film athletic conference

Doubt it. Maybe some will chase greener pastures in a place like Austin, but I suspect most will stay.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37952688)



Reply Favorite

Date: March 18th, 2019 9:51 PM
Author: galvanic ceo

So someone is getting a few million and sinking it all into some shitty house that would cost $200k elsewhere (and cost that there a few decades ago)? Seriously?

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37952696)



Reply Favorite

Date: March 19th, 2019 1:22 PM
Author: naked multi-billionaire

Yes you fool, people don’t want to live in the middle of the country

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37955185)



Reply Favorite

Date: March 19th, 2019 1:34 PM
Author: galvanic ceo

False dichotomy.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37955276)



Reply Favorite

Date: March 18th, 2019 6:13 PM
Author: Trip hairless stag film athletic conference

Tell us more about your view that Uber, Lyft, etc. are trading at "fraud" valuations. I need a laugh about how the current valuations will be one quarter of what they are now.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37951547)



Reply Favorite

Date: March 18th, 2019 1:37 PM
Author: Hilarious poppy area ladyboy



(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950222)



Reply Favorite

Date: March 18th, 2019 1:42 PM
Author: fantasy-prone station trust fund

Nutella with the CHNT

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950254)



Reply Favorite

Date: March 18th, 2019 1:36 PM
Author: swollen striped hyena

does not seem doable unless you expect your HHI to jump significantly over the next few years.

my HHI is the same and i'm only looking at places sub-1MM

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950216)



Reply Favorite

Date: March 18th, 2019 1:38 PM
Author: Hilarious poppy area ladyboy

Up to 1.2 or 1.3 is reasonable. You have to figure you’ll be in the house for 30 years and your income will rise with time, if only to match inflation.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950229)



Reply Favorite

Date: March 18th, 2019 1:43 PM
Author: swollen striped hyena

i know, but i don't really think i need the extra house. i'm just looking at "nice" towns, not super-nice ones. $900k (vs $1.3MM) will get me that.

saving that amount of money on the house means more vacations, no worries about tuition, ability for my wife to step back from work a bit when we have kids, etc. i have finance friends making more than a million a year who worry about their mortgages -- who the fuck wants to live that sort of life?

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950256)



Reply Favorite

Date: March 18th, 2019 3:03 PM
Author: Hilarious poppy area ladyboy

I agree. But it really depends where you are and what you get for your money. No way in hell am I going to bust my ass in a high stress job and buy a 900k house if the house is a 1970s split-level or something in a hum-drum neighborhood. I’d rather move to fly-over at that point. I’m just not going to accept a standard of living that is less than what mail men and plumbers have elsewhere in the country when I have an HHI of 500k.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950665)



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Date: March 18th, 2019 3:07 PM
Author: floppy alcoholic half-breed

would rather spend the extra $400k if that means half as many niggers and minorities

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950674)



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Date: March 19th, 2019 11:16 AM
Author: swollen striped hyena

if you spend the extra 400k you'll just get more asians and jews, not fewer other minorities.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954453)



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Date: March 18th, 2019 1:52 PM
Author: galvanic ceo

"You have to figure you’ll be in the house for 30 years and your income will rise with time"

Those seem like insane assumptions to me. Shit happens. There are booms and busts, including regional ones or ones affecting various sectors (California isn't diversified at all - it is all in on tech). Betting your entire financial health on this being true seems like it is asking for trouble.



(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950284)



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Date: March 18th, 2019 1:53 PM
Author: swollen striped hyena

exactly my thoughts.

if we make more money down the line? less worries about paying for the house.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950290)



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Date: March 18th, 2019 2:02 PM
Author: galvanic ceo

Exactly. Hope for the best, plan for the worst.

The world has a ton of uncertainty these days. The country is in a huge state of flux but one thing that is clear is that the national debt/the deficit is a huge problem and implies that taxes are going up, especially on $400-500k+/year households. With SALT deduction gone, us coastal bros are getting soaked. I did my taxes last night - paid in $12k. Democrats are looking at us and saying we still don't pay enough. As taxes rise, you see companies like Amazon moving to places like Nashville. Texas and Florida are seeing a boom. And places like California? They may well get totally fucked. I'm worried about my suburban house in NJ, but the reality is that I kept costs down, so I should be ok even if in 10 years the value of my house drops.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950332)



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Date: March 18th, 2019 5:36 PM
Author: Hilarious poppy area ladyboy

You weren’t joking. Doing my taxes now and I am cutting a check to Uncle Sam for $50,000.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37951320)



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Date: March 18th, 2019 3:08 PM
Author: Hilarious poppy area ladyboy

Well things are different now versus 5 years ago. Then, rates were rock bottom and it was a great time to buy. Now, rates are up and the market is about to tank. Obviously it’s a horrible time to buy right now. But I’m speaking in generalities. It’s true that you will “grow into your house.”

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950678)



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Date: March 19th, 2019 11:19 AM
Author: Wonderful pale dingle berry marketing idea

Link to mortgage rates being higher today than 5 years ago?

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954467)



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Date: March 18th, 2019 1:36 PM
Author: galvanic ceo

You make like $50k/year more than us and I would never, ever consider anything like this. If I had to live on the WC I would rent. You don't even lose that much with prices like these. And no, it isn't "a good investment" - it has no upside and a lot of downside risk.

To put it another way, if the economy in the Bay Area blows up, you could end up completely fucked. You lose your job, your housing value collapses and you will have no idea what to do, despite years of making a high salary. Can't pay the outrageous mortgage, can't sell the house because it is underwater, can't find a job paying anywhere near enough but also can't move for work because tied down by house.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950218)



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Date: March 18th, 2019 1:42 PM
Author: Hilarious poppy area ladyboy

I agree. You can rent a decent house there for 5-6k. Do that until the market crashes then buy.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950253)



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Date: March 18th, 2019 1:49 PM
Author: galvanic ceo

That's what I saw as well.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37950278)



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Date: March 18th, 2019 6:31 PM
Author: Painfully honest jap

lolno

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37951671)



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Date: March 18th, 2019 6:42 PM
Author: galvanic ceo

?

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37951752)



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Date: March 18th, 2019 10:09 PM
Author: fragrant nubile center mexican

guess you and i are different people

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37952784)



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Date: March 18th, 2019 6:11 PM
Author: Chartreuse exhilarant foreskin principal's office

Your housing debt shouldn't exceed 1/3 of your income.

($500k/3)+$500k=$667k

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37951536)



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Date: March 19th, 2019 11:21 AM
Author: Wonderful pale dingle berry marketing idea

I realize this is a joke, but The old rule of thumb was 3x (not 1/3x), but that number goes up with income (or its for median people, not extreme high earners), and was from a time when rates were much higher.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954472)



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Date: March 19th, 2019 11:24 AM
Author: swollen striped hyena

tough to do 3x with the extreme income volatility of people making $500k or so HHI -- they're making more than government workers but less than real-deal management or finance types. most people in this bracket are GC wage slaves x2 (obviously not overly successful ones) and should not count on making this sort of money forever.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954488)



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Date: March 19th, 2019 11:57 AM
Author: Wonderful pale dingle berry marketing idea

Lol at “forever” mattering. Worst case scenario, you sell your house and walk away from your down payment.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954682)



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Date: March 19th, 2019 12:20 PM
Author: swollen striped hyena

walking away from that, after paying a shitload in mortgage interest, is a pretty big deal for most people.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954832)



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Date: March 19th, 2019 1:15 PM
Author: Wonderful pale dingle berry marketing idea

As opposed to rent that you have a 100% chance of losing?

If you’re so far underwater on your house that you’re waking away, you’d probably have lost similarly if you’d invested the money in other asset classes.

Also, the more likely scenario is that your house basically holds its value, adjusted for inflation, and you get a tax benefit until you sell or until inflation catches up and you can rent it out for more than the piti. At that point, even if you live there, your piti will equate to a below-market rent.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37955143)



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Date: March 19th, 2019 1:33 PM
Author: galvanic ceo

Rent is going to be a) much smaller, and b) easier to get out of if he wants to leave.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37955269)



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Date: March 19th, 2019 1:58 PM
Author: Wonderful pale dingle berry marketing idea

1) this is probably false today (it’s probably not that much cheaper) for equivalent housing and even more probably false 10 years from now since piti is basically fixed in California

2) no shit

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37955392)



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Date: March 19th, 2019 2:13 PM
Author: galvanic ceo

In the SF Bay area you can rent something more modest than what you would want to buy. Something in the $5-6k/month range for rent is fine.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37955465)



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Date: March 19th, 2019 2:18 PM
Author: galvanic ceo

Examples:

https://www.zillow.com/homedetails/902-September-Dr-Cupertino-CA-95014/19636348_zpid/

https://www.zillow.com/homedetails/(undisclosed-Address)-Cupertino-CA-95014/2140252190_zpid/

https://www.zillow.com/homedetails/1436-Brookmill-Rd-Los-Altos-CA-94024/19534570_zpid/?fullpage=true

https://www.zillow.com/homedetails/Baines-St-East-Palo-Alto-CA-94303/2133197617_zpid/?fullpage=true

https://www.zillow.com/homedetails/217-Newbridge-St-Menlo-Park-CA-94025/15569424_zpid/?fullpage=true

EDIT: A $2m mortgage, otoh, costs 11k/month. Not including other home ownership/purchase/sale costs.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37955489)



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Date: March 18th, 2019 6:28 PM
Author: Flushed plaza gaming laptop

Lots of lenders accept 3% down payment. So you could easily go $17 million on the house

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37951655)



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Date: March 18th, 2019 6:31 PM
Author: swollen striped hyena



(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37951669)



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Date: March 18th, 2019 6:32 PM
Author: Chartreuse exhilarant foreskin principal's office



(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37951682)



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Date: March 18th, 2019 7:26 PM
Author: fantasy-prone station trust fund

Hmmm crrr

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37951987)



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Date: March 18th, 2019 7:29 PM
Author: Hilarious poppy area ladyboy



(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37952004)



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Date: March 18th, 2019 7:31 PM
Author: charcoal sadistic resort dysfunction



(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37952013)



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Date: March 18th, 2019 9:46 PM
Author: galvanic ceo



(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37952670)



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Date: March 18th, 2019 9:47 PM
Author: cordovan tattoo institution



(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37952674)



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Date: March 18th, 2019 10:09 PM
Author: fragrant nubile center mexican



(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37952785)



Reply Favorite

Date: March 24th, 2019 10:19 AM
Author: Stirring Den Keepsake Machete



(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37980380)



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Date: March 18th, 2019 10:11 PM
Author: fragrant nubile center mexican

Update - going to stick with $2Mish.

500k HHI is conservative as it's a couple hundred higher but i'm only considering my income in case wife decides to work, or alternatively if i go startup and make significantly less, we could still be around there. Crazy how you can't get a nice house for <$2M. Bay area real estate sucks.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37952790)



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Date: March 19th, 2019 12:42 PM
Author: Black Laughsome Range

Go look at the ones I sent you. They're not building any more SFH's in the Bay Area aside from high density communities with big commutes. You are not taking much of a risk buying in a location that ideally situated with a good/white school district.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954963)



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Date: March 19th, 2019 10:37 AM
Author: mind-boggling orchid genital piercing

$2.5 million house on $500k income? LOL

My parents made that kind of money in the 90s and we lived in a $400k house.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954280)



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Date: March 19th, 2019 10:39 AM
Author: galvanic ceo

They were doing it right. This stupidity is also why a bunch in our generations are going to be totally fucked. "Oh, shitty boomers!" Yeah, they weren't dumb enough to buy a $2m-$2.5m house on a $500k HHI.

"Oh, but I can't get a nice house for that in the Bay Area!"

Yeah, then don't stay in the fucking Bay Area. Rent until you find something somewhere else.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954293)



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Date: March 19th, 2019 11:06 AM
Author: Big pistol library

Boomers pulled up the ladder by making it hard to build new homes. The bay area should have hong kong style development to meet demand

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954400)



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Date: March 19th, 2019 11:10 AM
Author: galvanic ceo

ljl @ living past your early 20s in condos.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954429)



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Date: March 19th, 2019 11:11 AM
Author: floppy alcoholic half-breed



(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954433)



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Date: March 19th, 2019 11:07 AM
Author: flatulent base

You can only afford around a $1M mortgage comfortably

The answer is you need to either rent, or more realistically, move to a less insane part of the country

In Phoenix, Atlanta, Houston, etc. $500k will get you a nice house and you'd be mortgage free living a much less stressful existence

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954411)



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Date: March 19th, 2019 11:11 AM
Author: galvanic ceo



(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37954432)



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Date: March 19th, 2019 1:23 PM
Author: naked multi-billionaire

Aim for 1.5mm, 2.5mm is insane

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37955194)



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Date: March 19th, 2019 2:30 PM
Author: Painfully honest jap

What's the monthly payments on a $1.2 million mortgage?

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37955553)



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Date: March 19th, 2019 10:32 PM
Author: galvanic ceo

https://www.mortgagecalculator.org/

Assuming $1k/month taxes, you get roughly $7500/month.

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37958294)



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Date: March 24th, 2019 10:26 AM
Author: gold hospital

Lmao at nigger rich birdshits blowing 15k per month on a 2000sqft California shitbox while homeless people street shit in their front yard

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37980403)



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Date: March 24th, 2019 9:35 PM
Author: galvanic ceo

Hate to agree with TT, but...

(http://www.autoadmit.com/thread.php?thread_id=4223397&forum_id=2#37983991)