How many of you have invested and bought homes ?

1. Which city did you buy it in? US or India
2. Total cost?
3. What rate did you get for your mortgage?
4. Do you reside or just rent it out?

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There's always uncertainty in life. However, having just gotten H1B I see the next 5 years being stable which means I can take the risk & would hopefully break even if I need to sell.

Chicago, IL. 399k 4.375%, expecting to close this Friday

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M1, Interest only accumulates for the time that you have the loan. From the first payment you make you start paying off interest and principal. So assume you bought house for 500k (with 100k down payment and 400k loan with 4% interest). In about 3 years you would owe ~378k outstanding on your loan (because initial payments are interest heavy and you don't erode your principal as much). Let's say you sell your property for 550k, you would pay off your lender with the sale and have 500-378 = 172k left over. Take out closing fees, realtor fees, transfer fees etc and you'd still be at ~140k. From a cash flow perspective think of it as putting in 100k now as investment and in 3 years recieving 140k.

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I want to buy in the US, but damn home prices in the bay area make my eyes pop out

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M1: I never understood why they don’t . If your grand plan is to stay in the US, then why not buy a house. People relocate all the time, they sell their houses. Unless you work for a company, which keeps relocating you from state to state, I don’t see a reason. It sounds like a big investment, but you coming here on H1B and starting a life is way bigger than that in the first place.

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Following.

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^EY2, you see next 5 years stable is a bit of a stretch. People have their extensions getting denied. But honestly, congrats on making a big move! All the best! :)

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🍿

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Guys - give a break to the numbers brain storming...

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Mumbai - bought it in 2008 with my first ever signing bonus! And now it’s all paid! 💪🏼

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TX, US. 400k, 3.37, rent

Would love to get folks opinion on why they bought a house while still on H1b?

It depends on where you buy the property. I am sure all desi H1 folks buy houses in a better neighborhood where the school ratings are high & house gets appreciation.
I got the house around 18 months back & there’s already an appreciation of 8-10%. So if there’s worst case scenario the chances are you won’t lose much.

ATL, US, 300K, 2.875, reside

Fair enough guys ... was interested in why folks did it. Cuz honestly the interest itself will kill you, so even to break even, you would need to sell the house for 40-50% appreciation (assuming mortgage). But all valid points

M1, if you don’t buy you rent & never get the rent back. In standard scenario (including mine), the interest is way less than rent & also saves me tax, the principal is my investment. So 40-50% appreciation is a wrong assumption, you need more facts & do the math right.

Deloitte 2, thanks for the wishes! As Bell 1 said, house is in a good upcoming area & hopefully even in the worst case scenario I don't lose too much money. Don't think growth will be as agressive as 8-10% for me but I can expect about 5%

M1 I'm not sure where you're getting your numbers from. Even if you sell within a year your loss would be your closing costs (since you didn't stay long enough to offset those) + selling expenses (listing fees, realtor commission etc). An appreciation of ~8-10% should definitely be comfortable enough to break even

1- India (yet to get i140GC filed)
2 - 4 Crore INR
3 - No mortgage - paid off all last year.
4 - 1.25 Lakh INR per month

India
50Lakhs
All paid (took 25Lakhs loan at 9.xx%)

Ey2 - ok just for my understanding, if you sell within a year, your loss is your closing cost etc., but is there a reason you are not counting the interest expense you owe the bank? For eg. On a 550k house ( assuming you paid 20% down payment), you would be on the hook for both the remaining principal (~440k) plus the interest (~305k). So even if you sold your house for 600k, you would still be on the hook for around 105k of interest. Honestly just trying to understand if my thinking is wrong here

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