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I need 11 likes to start DM please 🙏🏻
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good job taking care of your parents like that. they must be so proud of you 😊
It’s more like I am sick of paying rent, the place is definitely not everything I hoped for it to be but it’s a start
This is a complicated question involving other factors (taxes, risk / return objectives, career stability among others). Would advise an actual FA. However, initial reaction, sounds like the down payment on the new place would drain your savings & two mortgages is a lot of risk given your financial situation. Unless the monthly paycheck is way more than I’m thinking, I would advise rent something cheaper, crush that mortgage to finish, and then get yourself a place. That being said, there’s a lot of merit to building equity vs burning cash in rent, which is why I suggest an FA that gets his eyes under the hood.
Any FA you recommend ? I make 185k a year, roughly 7k per month post tax. No kids, single and career trajectory is good, but I am also on H1B so don’t know what that’s like given current policies
That’s a $260K mortgage in total, on a $185K salary. That seems more than reasonable on the surface, but ...
What about HOAs? Why do you only have $25K in the bank if your salary is this high? Are there other debts you have? Since you can’t put down 20%, have you calculated in the cost of PMI?
It also seems like a bad idea to wipe out your savings on a down payment before a possible recession. It’s a personal decision but if I were you, I’d try and save more before taking the leap.
Don’t think of it like that. Make sure your parents make a will that says you will get that house only.
What’s your total income?
You can do it comfortably.
I don’t have any advice, just wanted to say that’s a very nice thing you did for your parents!
Your so so so close why tempt fate? Pay off parents home and then buy next year
As in you're likely to pay less if you wait a little bit to buy, since a recession will likely decrease real estate prices.
You could also take equity out of your parents home to maintain your savings and use that as the down pmt. Not the smartest play but keeps you a bit more liquid in the shirt term.
To me, the answer is clear - take out a small equity loan from your parents home - $40K yo put a down payment on your new place. Pay that equity loan aggressively once you’re in your own place. That way you won’t put yourself in a low cash-flow situation. Your $1700 in rent should cover all the loans. Mine is $1900 on an initial $425k
Can’t do that, the mortgage rate for their house is at 9%. It’s a property in India. So can’t refinance here either.