The most prestigious law school admissions discussion board in the world.
|
 |
 
|
How can most ppl in SF/LA/NYC afford mortgages on $800k+ properties for 30 yrs?
Poast new message in this thread
Date: February 23rd, 2018 6:40 PM Author: Alcoholic Athletic Conference Who has that kind of job security anymore to earn $200k+ for 30+ years? Seems insanely difficult. (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35472882) |
Date: February 23rd, 2018 6:41 PM Author: Swollen mother abode Gung hai fat choi (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35472892) |
 |
Date: February 23rd, 2018 6:44 PM Author: Alcoholic Athletic Conference what? (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35472925) |
|
Date: February 23rd, 2018 6:49 PM Author: Fuchsia People Who Are Hurt Mood I think he means that these homes are being paid for with all cash from Chinese millionaires (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35472971) |
|
Date: February 23rd, 2018 6:52 PM Author: Alcoholic Athletic Conference I wonder how much of that is media-driven narrative. In reality they have to account for a relatively small percentage of sales. (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473021) |
|
Date: February 23rd, 2018 6:54 PM Author: Fuchsia People Who Are Hurt Mood My cousin who works as an assistant to an interior designer in Seattle and regularly is involved in real estate deals says this is absolutely true there (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473045) |
|
Date: February 23rd, 2018 7:02 PM Author: Alcoholic Athletic Conference Chinese-speakers accounted for 1.66 percent of home purchases, up from 1.52 percent a decade ago, RealtyTrac said.
Data from 2015, so probably higher now. And I'm sure they're a much larger percentage in Seattle/LA/NYC. |
|
Date: February 23rd, 2018 7:10 PM Author: olive round eye national In places like hte Bay Area, there are pretty much NO white people anymore unless you're talking about boomers who settled there years ago (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473167) |
|
Date: February 23rd, 2018 7:12 PM Author: Alcoholic Athletic Conference i would love it if there was a massive housing crash. but probably not in the cards unless we can stop foreign money from propping the whole thing up. (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473191) |
|
Date: February 23rd, 2018 7:14 PM Author: olive round eye national i'm split - i think newcomers are destroying California and it's become a complete shithole to live in, but my parents own property in SF and i want $$$, ljl (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473213) |
|
Date: February 23rd, 2018 6:50 PM Author: talented university I ask myself the same fucking question and in reality it's basically only owners of businesses and the elite white collar workers
and then go to smaller cities and it's the few people who started their own gig, e.g. own doctor practice
most of us are fucked cucks |
|
Date: February 23rd, 2018 6:54 PM Author: Alcoholic Athletic Conference yeah unless you're a doctor or have a really successful business, i'm not sure how you could tie yourself down like that. but there's literally nothing below $800k in LA that doesn't have a major red flag against it, and in many cases, multiple red flags.
i know so many people that get major help from parents too. i guess that's another contingent.
the american dream is basically dead for me. |
|
Date: February 23rd, 2018 6:58 PM Author: Tan liquid oxygen "nothing below $800k that doesn't have a red flag against it"
maybe you're better off not buying |
|
Date: February 23rd, 2018 7:04 PM Author: Alcoholic Athletic Conference we're planning to move to dubai for 2-3 years to save up. (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473124) |
|
Date: February 23rd, 2018 7:11 PM Author: Tan liquid oxygen lol why don't you just move to texas (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473175) |
|
Date: February 23rd, 2018 7:17 PM Author: olive round eye national (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473246) |
|
Date: February 23rd, 2018 7:19 PM Author: Alcoholic Athletic Conference dubai is completely tax-free. the goal is still to live in california near family, at some point. we're both looking for a little adventure too. (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473260) |
|
Date: February 23rd, 2018 7:22 PM Author: Tan liquid oxygen what sort of skills do you both have that are in demand in dubai? (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473283) |
|
Date: February 23rd, 2018 7:23 PM Author: Alcoholic Athletic Conference we're both in pharmaceuticals (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473292) |
|
Date: February 23rd, 2018 7:04 PM Author: hairraiser macaca double fault It's dead for all of us man. It's called a dream for a reason. (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473120) |
|
Date: February 23rd, 2018 7:05 PM Author: olive round eye national most doctors make like 200K...they would be living paycheck to paycheck unless they were a high paying specialist (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473127) |
|
Date: February 23rd, 2018 7:34 PM Author: supple mint pistol trailer park "most doctors make like 200K..."
(AMA PR operative hiding the truth) |
|
Date: February 23rd, 2018 7:35 PM Author: olive round eye national aren't most docs family med doctors/IM/psych, etc. aka pill pushers
|
|
Date: February 23rd, 2018 9:15 PM Author: cerise exhilarant spot alpha yes and 200K is a pipe dream for a lot of PCPs
i feel bad for hospitalists/IMs/family bc right now there's a relative glut of new doctors in the non-elite specialties and they're worked to the fucking bone by hospital administrators in desirable cities
i know a married doctor couple who were in dallas and when they formed babby they both quit and moved bc basically for 150K/yr they were on call like every fucking week and were putting in 100+hrs/wk while the boomers boomed everything
they uprooted and moved to are country |
|
Date: February 23rd, 2018 7:50 PM Author: self-absorbed business firm My house cost $1.3 million. You aren’t really “tied down.” Just sell that bitch if you need to. (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473444) |
|
Date: February 23rd, 2018 9:14 PM Author: cerise exhilarant spot alpha "the american dream is basically dead for me."
the american dream was never about living in a fag-infested coastal shitlibhole
it was about living in flyover and knowing everyone in your small town |
|
Date: February 23rd, 2018 6:56 PM Author: Tan liquid oxygen mortgage fraud (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473063) |
|
Date: February 23rd, 2018 7:05 PM Author: olive round eye national The only people I know who bought houses in the Bay Area recently: - All cash chinese buyers (some legit billionaires from China) - Millennials whose parents give them 500K+ down payment for a place and the millennials work in high tech jerbs making like 400k+ HHI, but obviously mummy and daddy are helping out - Some other dude and his wife who work for the fed government making low six figs, but the guy's parents are loaded and paid more than half of the house as a down payment - Trust fund kid who works a real job, but obviously the trust fund, and not the job, paid for the house
I can't think of a single person who paid for their house on their own without mommy and daddy's help/trust fund/independently wealthy |
|
Date: February 23rd, 2018 7:10 PM Author: Alcoholic Athletic Conference i know this chinese-american doctor. he's an anesthesiologist, so probably makes like $250k. wife makes $130k.
bought a $2.4m house in westwood.
apparently his parents gave him $600k, her parents chipped in $200k, and he'll be renting out the apartment his parents bought for him a few years ago in santa monica for $3-4k per month.
not hating, he's a good guy, but i just can't compete with that. |
|
Date: February 23rd, 2018 7:11 PM Author: olive round eye national yeah with those tiny pink salaries (for California anyway) they wouldn't be able to afford a house like that
the only reason why is because their parents basically paid half of it (or more) |
|
Date: February 23rd, 2018 7:12 PM Author: olive round eye national also chinese people often do that - i should have married one rather than who i married. my chinese friends legit just get hundreds of thousands when they marry/buy houses
|
|
Date: February 23rd, 2018 7:17 PM Author: Alcoholic Athletic Conference yeah i wish i was attracted to asian women.
my wife's parents are chipping in 50k, which is much appreciated but obviously a drop in the bucket. |
|
Date: February 23rd, 2018 7:18 PM Author: olive round eye national 50K is enough in flyover, just nothing in these places
id prob just move to texas |
|
Date: February 23rd, 2018 7:12 PM Author: Razzmatazz Whorehouse i know lots of high earning UMC couples who bought houses. if you make 3-500k combined income it's not that hard to save for a few years and buy a 1.5M place (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473200) |
|
Date: February 23rd, 2018 7:14 PM Author: olive round eye national yah, and then live paycheck to paycheck or something stupid
lol @ 300K being enough to buy a 1.5MM house and not want to kill yourself from being so house poor |
|
Date: February 23rd, 2018 7:15 PM Author: Razzmatazz Whorehouse it is when you bought a shitty condo in past years that appreciated 50% (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473227) |
|
Date: February 23rd, 2018 7:17 PM Author: olive round eye national and when are you going to sell it? like 5 years in? and then what? move to texas? because presumably you cant afford to buy anything else there if the entire market has increased
eventually youre going to have to move or you just suck it up and stay there paying off the mortgage |
|
Date: February 23rd, 2018 7:19 PM Author: Razzmatazz Whorehouse not sure what oyu are talking about. for most high earning couples, they have plenty of cash flow to handle the monthly payments, it's the down payment thats the issue. if you dont get parental help, the answer is to either grind and save several years, or get lucky with appreciation of a previous cheap property
i had middle lcass friends that bought a shit pure shit 500k house that they sold for 1M later to upgrade to a nicer home |
|
Date: February 23rd, 2018 7:21 PM Author: olive round eye national how do you upgrade to a nicer home when the nicer home in the same area also appreciated 50%+? your idea only makes sense if they are OK moving to somewhere else
300K is not a good salary in CA, sorry dood |
|
Date: February 23rd, 2018 7:25 PM Author: Razzmatazz Whorehouse see my previous poa, if you are too dumb to undersatnd i am not rehashing math for you (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473308) |
|
Date: February 23rd, 2018 7:26 PM Author: olive round eye national write out the math for me in fine detail and compare b/w two houses in CA
i want mortgage calculations too |
|
Date: February 23rd, 2018 7:28 PM Author: Razzmatazz Whorehouse no u (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473318) |
|
Date: February 23rd, 2018 7:32 PM Author: greedy sweet tailpipe bawdyhouse It’s easy to upgrade when all you need for the upgrade is cash for the down payment.
For instance, buy a condo at $325k, sell it 3-4 years later for $550k and the proceeds from the sale provides a huge chunk of the down payment on a $1.5m house. |
|
Date: February 23rd, 2018 9:37 PM Author: rusted address dopamine cr. This is what we did. (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473965) |
|
Date: February 23rd, 2018 7:15 PM Author: Alcoholic Athletic Conference the greater issue ITT is servicing that 80% debt for 30 years. (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473224) |
|
Date: February 23rd, 2018 7:16 PM Author: olive round eye national CR, it sounds fucking retarded
if you have to wagecuck to buy a 1.5MM house, just move to Texas |
|
Date: February 23rd, 2018 7:20 PM Author: Razzmatazz Whorehouse i mean presumably you are making more and more money as you wagecuck like normal people
if you are making 300k in your 30s you should be making 4-500 as you get into your 40s and 50s |
|
Date: February 23rd, 2018 7:22 PM Author: Alcoholic Athletic Conference sure, it's possible. you could also get laid-off and never land on your feet, one of you could get cancer, your wife could justifiably want to stay-at-home
the margin of error is basically nil at this point |
|
Date: February 23rd, 2018 7:23 PM Author: olive round eye national cr, and just lol @ the idea of wagecucking for life to pay off a house (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473298) |
|
Date: February 23rd, 2018 7:25 PM Author: Razzmatazz Whorehouse sure, cr is to never leave your basement cause you coudl get hit by a truck anytime (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473304) |
|
Date: February 23rd, 2018 7:27 PM Author: olive round eye national (good little wagecuck) (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473317) |
|
Date: February 23rd, 2018 7:29 PM Author: Razzmatazz Whorehouse (guy crying about never owning a home because he might get laid off (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473319) |
|
Date: February 23rd, 2018 7:30 PM Author: olive round eye national im going to inherit real estate in California at some point, but i wouldnt wage cuck some shitty job for years to buy one. id rather kill myself. (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473325) |
|
Date: February 23rd, 2018 7:30 PM Author: Razzmatazz Whorehouse thats nice (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473329) |
|
Date: February 23rd, 2018 7:32 PM Author: olive round eye national (sell his house in 10 years, buy a bigger house in the same area for twice the price using the appreciation as a down payment, pay off new mortgage at 60, then die of a heart attack the next day) (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473335) |
|
Date: February 23rd, 2018 7:32 PM Author: Razzmatazz Whorehouse ok (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473338) |
|
Date: February 23rd, 2018 7:42 PM Author: greedy sweet tailpipe bawdyhouse More like, save for a bigger down payment in 10 years, keep existing home and rent it out after you buy a nicer property during a market crash.
but I guess you can’t envision a situation where wagecucks are not struggling to maintain their mortgage payments and can afford to own multiple properties. |
|
Date: February 23rd, 2018 7:29 PM Author: Alcoholic Athletic Conference orrrrrr you could buy a house that didn't require a top .5% HHI for 30+ years (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473321) |
|
Date: February 23rd, 2018 7:29 PM Author: Razzmatazz Whorehouse sure, move to portland, denver, charlotte etc (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473324) |
|
Date: February 23rd, 2018 7:27 PM Author: greedy sweet tailpipe bawdyhouse Nobody actually lives in a home for 30 years anymore. Maybe 10 at most. Then you sell it at a profit if you’re in NY/CA. (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473316) |
|
Date: February 23rd, 2018 7:34 PM Author: Alcoholic Athletic Conference pumo brother above makes the point that other homes in those areas will have also appreciated. what profit? at some point you're either moving away or downsizing big time.
plus, for some people, like me, i'm drawn to having a "family home" that i can live in for 30 years and really make my own.
and lol at millennials getting last little tiny sliver of "profit" after buying at the tops of the market for the foreseeable future |
|
Date: February 23rd, 2018 7:36 PM Author: olive round eye national (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473375) |
|
Date: February 23rd, 2018 7:40 PM Author: obsidian provocative stag film preventive strike Ya, I'm never selling my house. It's paid off and I am going to get buried in the backyard. I'm raising my kids here. (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473406) |
|
Date: February 23rd, 2018 7:42 PM Author: olive round eye national 180 (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473410) |
|
Date: February 23rd, 2018 7:47 PM Author: Alcoholic Athletic Conference (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473434) |
|
Date: February 23rd, 2018 7:11 PM Author: Razzmatazz Whorehouse 800k? is it 2004? you mean 1.8M right? (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473184) |
|
Date: February 23rd, 2018 7:13 PM Author: Alcoholic Athletic Conference lol we're willing to drive an hour out, looking at areas like granada hills, porter ranch, chatsworth. (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473206) |
|
Date: February 23rd, 2018 7:14 PM Author: Razzmatazz Whorehouse oh you're in LA. that's significantly better if you outside of the west LA bubble. how are you gonna handle htat ocmmute ? (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473215) |
|
Date: February 23rd, 2018 7:15 PM Author: Tan liquid oxygen lol stop for some "relief" at the flying j (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473222) |
|
Date: February 23rd, 2018 7:16 PM Author: Alcoholic Athletic Conference been doing it for a few years, it's life at this point. (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473232) |
|
Date: February 23rd, 2018 7:39 PM Author: obsidian provocative stag film preventive strike Northridge, porter ranch, granada hills, chatsworth all are kind of shitty.
If you are doing the valley, Woodland Hills, Sherman Oaks, Encino, and Studio City are credited.
Woodland Hills (where I live) is the best bang for your buck. You can buy a 3 or 4 bedroom 1500 sq/ft home for around 650k. If you can go to 800k though you can get 2000 sq/ft.
The area is blowing up. I think it will get the most appreciation of anywhere in the valley over the next 5 years. Warner Center is getting tons of money poured into it and the new stuff they have built is really nice. There are tons of restaurants, a great mall, good movie theaters, and a bunch of nice bars popping up on ventura blvd. Plus the schools are really good if you want to raise kids. I love this area a lot.
E-mail me (calishitlawguru@gmail.com). Maybe we can meet up if you're local. |
|
Date: February 23rd, 2018 7:46 PM Author: Alcoholic Athletic Conference i live in studio city. we are just really tired of the 101, man. there are more asshole drivers in the valley and specifically in the cities you mention than anywhere. in the other areas you have the 118 and access to the 5/210/405.
plus, schools in those areas are a lot worse. granada and porter both have decent public schools. we can't afford private.
we looked at woodland earlier in our search. the village is pretty nice and the homes are affordable (though gaudy as fuck lol), but the 101 and schools were the big negatives.
we've interacted before, i'm too much of a chicken to out myself. but huge fan of you and your work both on the board and in IRL. if i ever get in a fender bender i'm definitely reaching out.
|
|
Date: February 23rd, 2018 8:28 PM Author: obsidian provocative stag film preventive strike You shouldn't be afraid to out yourself to me. At least 30 people have given me their real info and I've met a couple dozen. You should come hang out with us all some time. There are a lot of LA people I regularly socialize with from XO.
The homes in Woodland Hills are gaudy? Can you link an example? They seem normal to me. |
|
Date: February 23rd, 2018 7:34 PM Author: Carmine Vivacious Really Tough Guy Community Account Dumb premise.
You don’t have to be certain you’ll make all 360 payments. You just have to be confident that you’ll be able to sell it at a reasonable price if you can’t. Obviously, there’s a ponzi element to this thought process, but there are big downsides to renting, too, and you have to live somewhere. |
|
Date: February 23rd, 2018 7:48 PM Author: self-absorbed business firm Most people bought them when they cost half as much. Those that buy them at 800 will live there for 25 years and by the end inflation will make it seem like 800 is super cheap and the house will be worth 1.5 MM. (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473439) |
|
Date: February 23rd, 2018 8:48 PM Author: puce boltzmann library Just go bankrupt when the economy tanks (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473769) |
|
Date: February 23rd, 2018 9:11 PM Author: mind-boggling nowag pocket flask Intelligent people do not want to live with white supremacists and low iq rednecks in the hinterland. People are willing to pay a premium to live with like-minded high iq liberal people. (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473853) |
|
Date: February 23rd, 2018 9:11 PM Author: cerise exhilarant spot alpha you only need to afford it for five years, after that if you can't anymore bc of job loss, you can sell it at a profit (http://www.autoadmit.com/thread.php?thread_id=3902073&forum_id=2#35473856) |