I make about $320k and my dream home on a lake is for sale at $1.4MM - probably would get about $300k out of my current house and could come up with more down payment without too much trouble. No other debt… crazy for considering?? I’m in a LCOL market and house is in a great school district. Obviously this is stretch to the 3x income rule, but not terribly so. Wdyt?

likehelpfulfunny
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Life is short.

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Go for it, if it’s your dream house. These kind of things happen few times in life. Don’t snooze and lose.

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Where are you making $320K as an M?

If this is truly your dream house that you’ve wanted your entire life, go for it imho. Maybe consider trying to put down some more cash to bring down the payments. Also see if you can negotiate the price with the seller. Either way you’ll be able to refinance at some point in the next 5 -10 years and bring your payment down.

I say F it, do it and be happy!

Look, I think we should enjoy life but that just seems way too risky for that salary level.

I think you’re fine, given the situation. I’d go for it. Enjoy. Life is too short

Life is short. If you can afford it and have time, but your dream home. Good schools, great memories. Your salary will increase, but your mortgage will not.

Be aware that lakefront appreciates faster, but is also a lot more volatile. If it's your 15-20 year house no problem. I bought similar in 2010 from someone that got overextended. He bought property for about $500K and it went from $820K in 2007 to $316K when I bought it. Then I sold for $1.1M in 2019. If the guy I bought from could have held on he would have done great. If you can hold it through a downturn you'll be happy.

Find yourself a partner making $$$$ on the Singles Bowl.

I would sell my soul for $320K as a Manager…would you possibly share more about how one can get to that level? I’m very interested in your story, I’m formerly GT / RSM with good exp and on my grind, considering getting back in B4 or something similar.

Thanks and good luck with the house!

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