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How absurd is a $3mm house for a family making $800-900k?
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Date: March 20th, 2017 3:51 PM Author: Salmon dilemma becky (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874828) |
Date: March 20th, 2017 3:53 PM Author: Rough-skinned newt internal respiration 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) |
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Date: March 20th, 2017 3:55 PM Author: Rough-skinned newt internal respiration 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) |
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Date: March 20th, 2017 3:56 PM Author: Salmon dilemma becky 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) |
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Date: March 20th, 2017 4:00 PM Author: Rough-skinned newt internal respiration $2mil max. Slightly under $2mil if you have high HOA fees. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874901) |
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Date: March 20th, 2017 4:06 PM Author: Shimmering gunner 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) |
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Date: March 20th, 2017 4:15 PM Author: elite national security agency heaven 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. |
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Date: March 20th, 2017 4:33 PM Author: Shimmering gunner 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) |
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Date: March 20th, 2017 4:35 PM Author: Crimson vibrant set candlestick maker let's save Jim_Kelly tp though (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875129) |
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Date: March 20th, 2017 4:35 PM Author: Glittery Iridescent Sweet Tailpipe wtf (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875131) |
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Date: March 20th, 2017 4:37 PM Author: Crimson vibrant set candlestick maker ?
he's a good bro. let's save him if a massive earthquake hits the bay area |
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Date: March 20th, 2017 4:40 PM Author: elite national security agency heaven 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) |
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Date: March 20th, 2017 4:42 PM Author: Crimson vibrant set candlestick maker oh, yeah, of course he can. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875183) |
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Date: March 20th, 2017 4:42 PM Author: Glittery Iridescent Sweet Tailpipe (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875188) |
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Date: March 20th, 2017 4:37 PM Author: elite national security agency heaven 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) |
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Date: March 20th, 2017 4:43 PM Author: Shimmering gunner 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) |
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Date: March 20th, 2017 6:58 PM Author: Coral Tanning Salon Elastic Band 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. |
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Date: March 20th, 2017 4:31 PM Author: saffron mental disorder affirmative action 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) |
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Date: March 20th, 2017 3:54 PM Author: Crimson vibrant set candlestick maker 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) |
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Date: March 20th, 2017 3:56 PM Author: Salmon dilemma becky 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) |
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Date: March 20th, 2017 3:56 PM Author: Glittery Iridescent Sweet Tailpipe even if you/one of you gets laid off? (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874866) |
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Date: March 20th, 2017 3:58 PM Author: Salmon dilemma becky 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) |
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Date: March 20th, 2017 3:58 PM Author: Glittery Iridescent Sweet Tailpipe 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) |
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Date: March 20th, 2017 4:04 PM Author: Salmon dilemma becky 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) |
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Date: March 20th, 2017 4:05 PM Author: Glittery Iridescent Sweet Tailpipe 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) |
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Date: March 20th, 2017 4:10 PM Author: Salmon dilemma becky 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.
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Date: March 20th, 2017 4:14 PM Author: Glittery Iridescent Sweet Tailpipe 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) |
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Date: March 20th, 2017 4:27 PM Author: Salmon dilemma becky 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) |
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Date: March 20th, 2017 3:57 PM Author: Crimson vibrant set candlestick maker 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) |
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Date: March 20th, 2017 3:59 PM Author: Salmon dilemma becky 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) |
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Date: March 20th, 2017 4:01 PM Author: Crimson vibrant set candlestick maker Oh wait, are you in SF? (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874907) |
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Date: March 20th, 2017 4:03 PM Author: Salmon dilemma becky the hypo is (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874916) |
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Date: March 20th, 2017 4:04 PM Author: Crimson vibrant set candlestick maker lol, godspeed (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874928) |
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Date: March 20th, 2017 3:55 PM Author: elite national security agency heaven Not. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874854) |
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Date: March 20th, 2017 3:55 PM Author: mauve university codepig not (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874859) |
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Date: March 20th, 2017 4:05 PM Author: Blue senate (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874934) |
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Date: March 20th, 2017 4:06 PM Author: Glittery Iridescent Sweet Tailpipe (humblebragger (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874940) |
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Date: March 20th, 2017 4:07 PM Author: Blue senate (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874955) |
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Date: March 20th, 2017 4:16 PM Author: Glittery Iridescent Sweet Tailpipe 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) |
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Date: March 20th, 2017 4:09 PM Author: bipolar international law enforcement agency That's probably conservative. (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874963) |
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Date: March 20th, 2017 4:12 PM Author: Thriller location No way you earn that much (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874986) |
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Date: March 20th, 2017 4:28 PM Author: Salmon dilemma becky not me, its a hypo (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32875087) |
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Date: March 20th, 2017 4:14 PM Author: green lascivious athletic conference philosopher-king depends how much ur mortgage is (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32874996) |
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Date: March 20th, 2017 4:16 PM Author: Thriller location 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) |
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Date: March 20th, 2017 4:39 PM Author: Laughsome fortuitous meteor shrine 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) |
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Date: March 20th, 2017 4:58 PM Author: Salmon dilemma becky 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) |
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Date: March 20th, 2017 5:55 PM Author: Comical office circlehead 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. |
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Date: March 20th, 2017 7:01 PM Author: Coral Tanning Salon Elastic Band "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. |
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Date: March 20th, 2017 8:11 PM Author: contagious ape garrison 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) |
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Date: March 20th, 2017 6:57 PM Author: Coral Tanning Salon Elastic Band 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. |
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Date: March 20th, 2017 6:59 PM Author: Aphrodisiac Business Firm hypo guy should be renting until he starts making real money (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32876143) |
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Date: March 20th, 2017 7:27 PM Author: Irate love of her life (http://www.autoadmit.com/thread.php?thread_id=3558972&forum_id=2#32876347) |
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Date: March 21st, 2017 12:03 AM Author: harsh histrionic selfie 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) |
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Date: March 21st, 2017 4:48 PM Author: Salmon dilemma becky 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) |
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Date: March 21st, 2017 4:54 PM Author: Crimson vibrant set candlestick maker 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. |