considering buying first home: Spouse and I are on visas (H1B & O-1) looking at house in tier 2 city in the US. Specs: 630 k townhome, no property tax for 12 years, have down payment, and ctd...

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Net income between the two of us ~220 k with no student debt or any other liabilities. All seems good but worried that buying a house in a country neither of us are citizens in is a bad idea... Have researched and asked around for advice. Thoughts? Best way to evaluate? Anyone in a similar position who has purchased?

OP I’ll advise you to do if not for you and your spouse do it for your kids (ie if you have kids). I’m an immigrant too so I understand where you are coming from. You can later use the equality to fund your kids education or even borrow from to work on a big project in your home country. Worse case you can sell and take the cash with you if you decide to move back home

What are your reasons to buy a house?

Build equity / ownership vs. paying similar monthly for rent, mid-to-longterm investment will most likely leave the US at some point and would like to use it as a rental property, plus it's a new build so limited concern with maintenance at least initially

Put aside the visa drama. I discourage you from buying $630,000 condo in a second tier city. They are very few people like you. That is, willing to pay that much money for a shared wall.

I second what M1 said. Look into investing for cash flow not cash dump into one place. If the market goes cold, that property could be worth way less but your mortgage will remain the same and the rent may not cover all expenses. If you sell then you are sure to be in red.

How in the world do you get no property tax for 12 years??

I was exaggerating a bit but Detroit has NEZ classifications that drastically reduce the millage on properties in designated zones.

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Keep your cash use the banks money as leverage to buy 2-3 properties instead. My clients usually make clear about $1k a month on 3-350k purchase with 20% down payment. To walk away worth a clean $1000k a month is nice do that two there or four properties. That’s 2k-4K i. Cash with write offs. a month on 600k in my book is a good deal and you still have a large chunk of your money out it in a self direct IRA for real estate purchases and pay yourself back.

I usually charge for advice lol.

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