\
  The most prestigious law school admissions discussion board in the world.
BackRefresh Options Favorite

How absurd is a $3mm house for a family making $800-900k?

...
Law Machine (fka little Chad was Albert Einstein)  03/20/17
If that's what it takes to have a place to give you a good l...
gookbot  03/20/17
If that's split between husband and wife, then you should bu...
gookbot  03/20/17
assume the wife brings in $250k of that, and has no intentio...
Law Machine (fka little Chad was Albert Einstein)  03/20/17
$2mil max. Slightly under $2mil if you have high HOA fees.
gookbot  03/20/17
lol at living in a $3M house and sending kids to public scho...
.,,..,,,.,::;,..::,,...,:,..,:,,..:.,:.::,.  03/20/17
98% of people in the Bay Area in $3M houses send their kids ...
Jim_Kelly  03/20/17
the world would be better off if a massive earthquake took o...
.,,..,,,.,::;,..::,,...,:,..,:,,..:.,:.::,.  03/20/17
let's save Jim_Kelly tp though
Mark Ironside  03/20/17
wtf
Non sequitur  03/20/17
? he's a good bro. let's save him if a massive earthquak...
Mark Ironside  03/20/17
I think Non sequitur wants to come. We're SV Costco quinoa ...
Jim_Kelly  03/20/17
oh, yeah, of course he can.
Mark Ironside  03/20/17
...
Non sequitur  03/20/17
ty. Just give me a heads-up and I'll start driving east.
Jim_Kelly  03/20/17
yea he's ok. I'll give him a heads up if I decide to unleas...
.,,..,,,.,::;,..::,,...,:,..,:,,..:.,:.::,.  03/20/17
My parents bought in the Bay Area in the 1980s...their house...
'"""""  03/20/17
lol at having enough money to send kids to private schools w...
sealclubber  03/20/17
I don't think that's absurd at all so long as there's some e...
Mark Ironside  03/20/17
yeah, assuming $750k is probably the absolute bottom for the...
Law Machine (fka little Chad was Albert Einstein)  03/20/17
even if you/one of you gets laid off?
Non sequitur  03/20/17
Only the wife can get laid off, but she is in an industry an...
Law Machine (fka little Chad was Albert Einstein)  03/20/17
what do u do that has so much job security, and are u hiring...
Non sequitur  03/20/17
The husband is a law partner and the firm is holding off on ...
Law Machine (fka little Chad was Albert Einstein)  03/20/17
sounds like things are going great and job security is guarn...
Non sequitur  03/20/17
The law firm hardly ever hires unless someone leaves, and no...
Law Machine (fka little Chad was Albert Einstein)  03/20/17
if they didnt lay off in 01 or 09 then you're probably fine
Non sequitur  03/20/17
yeah, none. And in any instance, the guy in the hypo runs t...
Law Machine (fka little Chad was Albert Einstein)  03/20/17
then it's fine, though ask yourself whether you can do almos...
Mark Ironside  03/20/17
amazingly, you really can't. Would involve either a much sm...
Law Machine (fka little Chad was Albert Einstein)  03/20/17
Oh wait, are you in SF?
Mark Ironside  03/20/17
the hypo is
Law Machine (fka little Chad was Albert Einstein)  03/20/17
lol, godspeed
Mark Ironside  03/20/17
Not.
Jim_Kelly  03/20/17
not
Dux  03/20/17
...
LongTimeLurker1stTimePoaster  03/20/17
(humblebragger
Non sequitur  03/20/17
...
LongTimeLurker1stTimePoaster  03/20/17
eh u didnt really have to deltee i was just giving u shit
Non sequitur  03/20/17
That's probably conservative.
,.,.,.,..,.,.,:,,:,..,:::,.,,.,:.,,.:.,:.,:.::,.  03/20/17
No way you earn that much
Jewish man selling you a ring in LAs Diamond Dist.  03/20/17
not me, its a hypo
Law Machine (fka little Chad was Albert Einstein)  03/20/17
depends how much ur mortgage is
in tp  03/20/17
Why not just save money and buy all cash? Sellers will be wi...
Jewish man selling you a ring in LAs Diamond Dist.  03/20/17
Why do you not mention networth? Sounds like this is totally...
Cow goes Moo  03/20/17
Assume the folks have about $1.2mm in the various markets/ca...
Law Machine (fka little Chad was Albert Einstein)  03/20/17
Easily affordable. Mortgage and taxes will be roughly $15...
nutella  03/20/17
"Affordable" but utterly retarded. also both th...
'"""""  03/20/17
Cr. OP should move to a place like Redding and buy that same...
,.,...,..,.,.,:,,:,.,.,:::,..,..,:,.,.:.:.,:.::,.  03/20/17
Seems absurd to me. To put into context, my uncle is inde...
'"""""  03/20/17
hypo guy should be renting until he starts making real money
POTUS DJT going thru libs like Vader in Rogue One  03/20/17
...
the reverend ~horse cum blast~  03/20/17
Should be easily affordable. Would you tell a family making...
twentynine  03/21/17
well, if you look at it that way....then again, I'm not sure...
Law Machine (fka little Chad was Albert Einstein)  03/21/17
Keep in mind that income of $700-800k with a $3M house has a...
Mark Ironside  03/21/17


Poast new message in this thread



Reply Favorite

Date: March 20th, 2017 3:51 PM
Author: Law Machine (fka little Chad was Albert Einstein)



(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874828)



Reply Favorite

Date: March 20th, 2017 3:53 PM
Author: gookbot

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)



Reply Favorite

Date: March 20th, 2017 3:55 PM
Author: gookbot

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)



Reply Favorite

Date: March 20th, 2017 3:56 PM
Author: Law Machine (fka little Chad was Albert Einstein)

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)



Reply Favorite

Date: March 20th, 2017 4:00 PM
Author: gookbot

$2mil max. Slightly under $2mil if you have high HOA fees.

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874901)



Reply Favorite

Date: March 20th, 2017 4:06 PM
Author: .,,..,,,.,::;,..::,,...,:,..,:,,..:.,:.::,.

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)



Reply Favorite

Date: March 20th, 2017 4:15 PM
Author: Jim_Kelly

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.

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875004)



Reply Favorite

Date: March 20th, 2017 4:33 PM
Author: .,,..,,,.,::;,..::,,...,:,..,:,,..:.,:.::,.

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)



Reply Favorite

Date: March 20th, 2017 4:35 PM
Author: Mark Ironside

let's save Jim_Kelly tp though

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875129)



Reply Favorite

Date: March 20th, 2017 4:35 PM
Author: Non sequitur

wtf

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875131)



Reply Favorite

Date: March 20th, 2017 4:37 PM
Author: Mark Ironside

?

he's a good bro. let's save him if a massive earthquake hits the bay area

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875143)



Reply Favorite

Date: March 20th, 2017 4:40 PM
Author: Jim_Kelly

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)



Reply Favorite

Date: March 20th, 2017 4:42 PM
Author: Mark Ironside

oh, yeah, of course he can.

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875183)



Reply Favorite

Date: March 20th, 2017 4:42 PM
Author: Non sequitur



(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875188)



Reply Favorite

Date: March 20th, 2017 4:37 PM
Author: Jim_Kelly

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)



Reply Favorite

Date: March 20th, 2017 4:43 PM
Author: .,,..,,,.,::;,..::,,...,:,..,:,,..:.,:.::,.

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)



Reply Favorite

Date: March 20th, 2017 6:58 PM
Author: '"""""

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.

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32876136)



Reply Favorite

Date: March 20th, 2017 4:31 PM
Author: sealclubber

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)



Reply Favorite

Date: March 20th, 2017 3:54 PM
Author: Mark Ironside

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)



Reply Favorite

Date: March 20th, 2017 3:56 PM
Author: Law Machine (fka little Chad was Albert Einstein)

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)



Reply Favorite

Date: March 20th, 2017 3:56 PM
Author: Non sequitur

even if you/one of you gets laid off?

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874866)



Reply Favorite

Date: March 20th, 2017 3:58 PM
Author: Law Machine (fka little Chad was Albert Einstein)

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)



Reply Favorite

Date: March 20th, 2017 3:58 PM
Author: Non sequitur

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)



Reply Favorite

Date: March 20th, 2017 4:04 PM
Author: Law Machine (fka little Chad was Albert Einstein)

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)



Reply Favorite

Date: March 20th, 2017 4:05 PM
Author: Non sequitur

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)



Reply Favorite

Date: March 20th, 2017 4:10 PM
Author: Law Machine (fka little Chad was Albert Einstein)

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.



(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874971)



Reply Favorite

Date: March 20th, 2017 4:14 PM
Author: Non sequitur

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)



Reply Favorite

Date: March 20th, 2017 4:27 PM
Author: Law Machine (fka little Chad was Albert Einstein)

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)



Reply Favorite

Date: March 20th, 2017 3:57 PM
Author: Mark Ironside

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)



Reply Favorite

Date: March 20th, 2017 3:59 PM
Author: Law Machine (fka little Chad was Albert Einstein)

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)



Reply Favorite

Date: March 20th, 2017 4:01 PM
Author: Mark Ironside

Oh wait, are you in SF?

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874907)



Reply Favorite

Date: March 20th, 2017 4:03 PM
Author: Law Machine (fka little Chad was Albert Einstein)

the hypo is

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874916)



Reply Favorite

Date: March 20th, 2017 4:04 PM
Author: Mark Ironside

lol, godspeed

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874928)



Reply Favorite

Date: March 20th, 2017 3:55 PM
Author: Jim_Kelly

Not.

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874854)



Reply Favorite

Date: March 20th, 2017 3:55 PM
Author: Dux

not

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874859)



Reply Favorite

Date: March 20th, 2017 4:05 PM
Author: LongTimeLurker1stTimePoaster



(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874934)



Reply Favorite

Date: March 20th, 2017 4:06 PM
Author: Non sequitur

(humblebragger

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874940)



Reply Favorite

Date: March 20th, 2017 4:07 PM
Author: LongTimeLurker1stTimePoaster



(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874955)



Reply Favorite

Date: March 20th, 2017 4:16 PM
Author: Non sequitur

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)



Reply Favorite

Date: March 20th, 2017 4:09 PM
Author: ,.,.,.,..,.,.,:,,:,..,:::,.,,.,:.,,.:.,:.,:.::,.

That's probably conservative.

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874963)



Reply Favorite

Date: March 20th, 2017 4:12 PM
Author: Jewish man selling you a ring in LAs Diamond Dist.

No way you earn that much

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874986)



Reply Favorite

Date: March 20th, 2017 4:28 PM
Author: Law Machine (fka little Chad was Albert Einstein)

not me, its a hypo

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875087)



Reply Favorite

Date: March 20th, 2017 4:14 PM
Author: in tp

depends how much ur mortgage is

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874996)



Reply Favorite

Date: March 20th, 2017 4:16 PM
Author: Jewish man selling you a ring in LAs Diamond Dist.

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)



Reply Favorite

Date: March 20th, 2017 4:39 PM
Author: Cow goes Moo

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)



Reply Favorite

Date: March 20th, 2017 4:58 PM
Author: Law Machine (fka little Chad was Albert Einstein)

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)



Reply Favorite

Date: March 20th, 2017 5:55 PM
Author: nutella

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.

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875752)



Reply Favorite

Date: March 20th, 2017 7:01 PM
Author: '"""""

"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.

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32876155)



Reply Favorite

Date: March 20th, 2017 8:11 PM
Author: ,.,...,..,.,.,:,,:,.,.,:::,..,..,:,.,.:.:.,:.::,.

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)



Reply Favorite

Date: March 20th, 2017 6:57 PM
Author: '"""""

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.

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32876130)



Reply Favorite

Date: March 20th, 2017 6:59 PM
Author: POTUS DJT going thru libs like Vader in Rogue One

hypo guy should be renting until he starts making real money

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32876143)



Reply Favorite

Date: March 20th, 2017 7:27 PM
Author: the reverend ~horse cum blast~ (dj trump on the 1s & 2s, easy d on the mic)



(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32876347)



Reply Favorite

Date: March 21st, 2017 12:03 AM
Author: twentynine (neither mute nor ful of bable)

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)



Reply Favorite

Date: March 21st, 2017 4:48 PM
Author: Law Machine (fka little Chad was Albert Einstein)

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)



Reply Favorite

Date: March 21st, 2017 4:54 PM
Author: Mark Ironside

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.

(http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32882849)