The most prestigious law school admissions discussion board in the world.
|
 |
 
|
How absurd is a $3mm house for a family making $800-900k?
Poast new message in this thread
Date: March 20th, 2017 3:51 PM Author: copper maniacal state (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874828) |
Date: March 20th, 2017 3:53 PM Author: Talented wine feces theater stage If that's what it takes to have a place to give you a good lifestyle in the city you live in, then it is likely worth it -- especially if it has good schools. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874836) |
 |
Date: March 20th, 2017 3:55 PM Author: Talented wine feces theater stage If that's split between husband and wife, then you should buy based on assumption wife will not be working in 5 years. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874860) |
|
Date: March 20th, 2017 3:56 PM Author: copper maniacal state assume the wife brings in $250k of that, and has no intention of not working. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874872) |
|
Date: March 20th, 2017 4:00 PM Author: Talented wine feces theater stage $2mil max. Slightly under $2mil if you have high HOA fees. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874901) |
|
Date: March 20th, 2017 4:06 PM Author: bat-shit-crazy contagious police squad son of senegal lol at living in a $3M house and sending kids to public school (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874941) |
|
Date: March 20th, 2017 4:15 PM Author: Beady-eyed Translucent Messiness Rehab 98% of people in the Bay Area in $3M houses send their kids to public school.
There are some good Catholic schools if that appeals, but it's not like you'll be buying a $1M house then. The privates are $45k (just checked CSUS) and your kid will be the poorest one there as the child of a lolfirm partner. |
|
Date: March 20th, 2017 4:33 PM Author: bat-shit-crazy contagious police squad son of senegal the world would be better off if a massive earthquake took out everyone in that hellhole (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875113) |
|
Date: March 20th, 2017 4:35 PM Author: Alcoholic Abusive Kitchen let's save Jim_Kelly tp though (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875129) |
|
Date: March 20th, 2017 4:35 PM Author: Swashbuckling Location wtf (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875131) |
|
Date: March 20th, 2017 4:37 PM Author: Alcoholic Abusive Kitchen ?
he's a good bro. let's save him if a massive earthquake hits the bay area |
|
Date: March 20th, 2017 4:40 PM Author: Beady-eyed Translucent Messiness Rehab I think Non sequitur wants to come. We're SV Costco quinoa salad buddies. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875166) |
|
Date: March 20th, 2017 4:42 PM Author: Alcoholic Abusive Kitchen oh, yeah, of course he can. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875183) |
|
Date: March 20th, 2017 4:42 PM Author: Swashbuckling Location (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875188) |
|
Date: March 20th, 2017 4:37 PM Author: Beady-eyed Translucent Messiness Rehab ty. Just give me a heads-up and I'll start driving east. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875140) |
|
Date: March 20th, 2017 4:43 PM Author: bat-shit-crazy contagious police squad son of senegal yea he's ok. I'll give him a heads up if I decide to unleash my pumo powers (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875203) |
|
Date: March 20th, 2017 6:58 PM Author: Provocative Voyeur My parents bought in the Bay Area in the 1980s...their house is now worth like 1.5 million despite having bought it for 200k. Obviously no mortgage.
LOL @ youngs buying property in the Bay Area. |
|
Date: March 20th, 2017 4:31 PM Author: Yapping party of the first part range lol at having enough money to send kids to private schools when you make 800k and live in a 3m house (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875106) |
|
Date: March 20th, 2017 3:54 PM Author: Alcoholic Abusive Kitchen I don't think that's absurd at all so long as there's some expectation of consistency w/r/t that income. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874850) |
|
Date: March 20th, 2017 3:56 PM Author: copper maniacal state yeah, assuming $750k is probably the absolute bottom for the foreseeable future. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874862) |
|
Date: March 20th, 2017 3:56 PM Author: Swashbuckling Location even if you/one of you gets laid off? (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874866) |
|
Date: March 20th, 2017 3:58 PM Author: copper maniacal state Only the wife can get laid off, but she is in an industry and has a skill set where the likelihood is that she would have a job very quickly unless the world changes a lot. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874882) |
|
Date: March 20th, 2017 3:58 PM Author: Swashbuckling Location what do u do that has so much job security, and are u hiring? (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874886) |
|
Date: March 20th, 2017 4:04 PM Author: copper maniacal state The husband is a law partner and the firm is holding off on more hiring. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874929) |
|
Date: March 20th, 2017 4:05 PM Author: Swashbuckling Location sounds like things are going great and job security is guarnateed when a hiring freeze is going on at his workplace during a time that SF rents/mortgage prices are dipping and the tech industry is going to hit a recession in the next 12-18 months (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874936) |
|
Date: March 20th, 2017 4:10 PM Author: copper maniacal state The law firm hardly ever hires unless someone leaves, and no one has left lately. That's why it is has been stable for 40+ years.
|
|
Date: March 20th, 2017 4:14 PM Author: Swashbuckling Location if they didnt lay off in 01 or 09 then you're probably fine (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874997) |
|
Date: March 20th, 2017 4:27 PM Author: copper maniacal state yeah, none. And in any instance, the guy in the hypo runs the firm. He doesn't get laid off, he does the laying off. He might have a few bad years relatively of like $500k in profits, but no one is firing him....the firm would have to go under. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875081) |
|
Date: March 20th, 2017 3:57 PM Author: Alcoholic Abusive Kitchen then it's fine, though ask yourself whether you can do almost as well at $2M (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874878) |
|
Date: March 20th, 2017 3:59 PM Author: copper maniacal state amazingly, you really can't. Would involve either a much smaller place or living in a suburb type place. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874892) |
|
Date: March 20th, 2017 4:01 PM Author: Alcoholic Abusive Kitchen Oh wait, are you in SF? (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874907) |
|
Date: March 20th, 2017 4:03 PM Author: copper maniacal state the hypo is (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874916) |
|
Date: March 20th, 2017 4:04 PM Author: Alcoholic Abusive Kitchen lol, godspeed (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874928) |
|
Date: March 20th, 2017 3:55 PM Author: Beady-eyed Translucent Messiness Rehab Not. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874854) |
|
Date: March 20th, 2017 3:55 PM Author: maize pervert cruise ship not (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874859) |
|
Date: March 20th, 2017 4:05 PM Author: khaki market gay wizard (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874934) |
|
Date: March 20th, 2017 4:06 PM Author: Swashbuckling Location (humblebragger (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874940) |
|
Date: March 20th, 2017 4:07 PM Author: khaki market gay wizard (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874955) |
|
Date: March 20th, 2017 4:16 PM Author: Swashbuckling Location eh u didnt really have to deltee i was just giving u shit (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875007) |
|
Date: March 20th, 2017 4:09 PM Author: Boyish roast beef That's probably conservative. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874963) |
|
Date: March 20th, 2017 4:12 PM Author: Rough-skinned Harsh Bawdyhouse Pisswyrm No way you earn that much (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874986) |
|
Date: March 20th, 2017 4:28 PM Author: copper maniacal state not me, its a hypo (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875087) |
|
Date: March 20th, 2017 4:14 PM Author: Anal candlestick maker depends how much ur mortgage is (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874996) |
|
Date: March 20th, 2017 4:16 PM Author: Rough-skinned Harsh Bawdyhouse Pisswyrm Why not just save money and buy all cash? Sellers will be willing to lower their prices if you buy all cash. Also, look for FOR foreclosures. It makes no sense to take out a mortgage when you can be paying a house all cash. Can't you save? (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875009) |
|
Date: March 20th, 2017 4:39 PM Author: fragrant queen of the night Why do you not mention networth? Sounds like this is totally made-up with no effort put in to consider a realistic scenerio or the couple you are talking about are horrifically irresponsible. Spending $3M+ on a house w/ NI of $800k when you have zero savings vs. when you have $4M saved up and invested in a diversified portfolio makes a big difference. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875155) |
|
Date: March 20th, 2017 4:58 PM Author: copper maniacal state Assume the folks have about $1.2mm in the various markets/cash and another $600k in investment property equity, and then like $900k of home equity (ie: loan of $2.1mm on this $3mm home). (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875328) |
|
Date: March 20th, 2017 5:55 PM Author: Citrine bipolar hospital goal in life Easily affordable.
Mortgage and taxes will be roughly $15k/month. Just keep 6 months (12 to be ultra conservative) of living expenses in cash. It would suck to dip into investments if you lose your job during a recession and your investments are also down 20%.
I'd personally put more money down though and only have $1.5m or less mortgage. If his wife is bringing in$250k and he is bringing in $500k+/year, it's highly unlikely they dip below $500k in combined income but one never knows and I wouldn't be comfortable shelling out $15k/mo on housing on a $500k combined income. It's doable but hard to save. |
|
Date: March 20th, 2017 7:01 PM Author: Provocative Voyeur "Affordable" but utterly retarded.
also both the housing and stock markets likely won't be as good in our lifetime as it was for the boomers. LOL @ paying 3 mill for some shitshack when you make 800k. |
|
Date: March 20th, 2017 8:11 PM Author: stimulating territorial scourge upon the earth church Cr. OP should move to a place like Redding and buy that same house for $300k (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32876707) |
|
Date: March 20th, 2017 6:57 PM Author: Provocative Voyeur Seems absurd to me.
To put into context, my uncle is independently wealthy and has 100 million net worth and lives in a 3-4 million house. |
|
Date: March 20th, 2017 6:59 PM Author: Federal self-absorbed dysfunction menage hypo guy should be renting until he starts making real money (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32876143) |
|
Date: March 20th, 2017 7:27 PM Author: Charismatic Office (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32876347) |
|
Date: March 21st, 2017 12:03 AM Author: lascivious library Should be easily affordable. Would you tell a family making $90K that they shouldn't buy a $300k house? (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32878491) |
|
Date: March 21st, 2017 4:48 PM Author: copper maniacal state well, if you look at it that way....then again, I'm not sure what I would tell a family that made $80k or $70k.... (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32882800) |
|
Date: March 21st, 2017 4:54 PM Author: Alcoholic Abusive Kitchen Keep in mind that income of $700-800k with a $3M house has a lot more discretionary income than $70-80k with a $300k house. There's only so much one will spend on food, nursery school, a car, etc.
Having said that, the house is a lot to carry, so concessions have to be made, and spending in other areas will have to be a bit less crazy. |