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Its ey gds. please help.

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Can you add which city? Markets are a bit different in each major city
Updated to Austin!
In terms of getting a second mortgage, it’s shouldn’t be too difficult. I had sort of the opposite situation where I already owned a house in Houston; I turned it into a rental property; and then built a house in Austin. Getting the second mortgage for my house in Austin only required me to show proof of a valid rental agreement (and the term had to be at least for year) and the rent I was collecting had to be at least as much as the current mortgage on the rental.
Coach
I’d do #1, assuming you can afford it and find a house you like. Moving is a huge pain in the butt, and with kids there’s the community and activities etc that honestly takes years to establish. Also hard to time the market… we actually did #2 and when it came time to upgrade our home for school districts, prices for the right neighborhood had shot up 33% and we spent significantly more on our ideal home than we planned. Wish I could’ve gone back in time and done #1
Great point , I was thinking of living moderately with #2 and leveraging the savings in monthly mortgage to start building a portfolio to finally move up in 5 years.
Wait a few months. Do not buy an 850K home in Austin right now, you will be underwater. Rent until the market. stabilizes.
And I guarantee you in a few years there will be a new “It” neighborhood. Just how Dallas had Plano, then it was Legacy, then Trophy Club, now it’s Windsong Ranch.
I guess if at a 5 year horizon it would matter less, but I personally wouldn’t do it.
Subject Expert
The mortgage on the 2nd home shouldn't be too much of an issue but if you plan to sell the first home in in less than 5 years it might make sense to buy the permanent home now if you can. The cost of selling a home in a short window might not be worth it considering potential low appreciation over the next few years + the sell cost.
Subject Expert
All of your monthly debts that report on credit and both mortgage payments would need to be less than 50% of your gross income. You can use a lease to offset the payment on the current property without having the tenant move into the property prior to closing on the new home.
There is a bit of risk in doing that if you are under contract and can’t find a tenant but it is possible. You just need to have a signed lease from a non-relative starting within 60 days of the closing. Some lenders may require proof of the security deposit and first months rent before they will count the lease income but it is possible.
The lender would use 75% of the lease amount to reduce the current housing payment on that property.