{ "media_type": "text", "post_content": "Is it a good time to buy a condo now - 350k. My portfolio is 161k annual excl. bonus, 45k in savings, 38k in 401k. Rest of savings went into edu loan and fam support. Currently renting for 1700.", "post_id": "5eb1f7dfaa8aa4001f28e48c", "reply_count": 14, "vote_count": 2, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Is it a good time to buy a condo now - 350k. My portfolio is 161k annual excl. bonus, 45k in savings, 38k in 401k. Rest of savings went into edu loan and fam support. Currently renting for 1700.

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How do you have enough to put down? You’d need 70k for 20% plus closing costs plus 6 months of emergency savings.

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Do mean recession will hit around dec 2020 and home prices will go further down at that point?

If you've never bought before, check out FHA loans for first time homeowners.

Other than FHA, do you think it’s a good time to buy as a first time homeowner?

Your total net worth is barely 20% of the cost of the condo- how can you even begin to consider this?

Not following this; I have a home that I brought for my parents in home country for 220k, 200k of that is paid off. That also goes into my net worth, I wasn’t counting it coz it’s not a liquid asset. What % of cost of condo is recommended before buying? I have BTA/C on my team who make much less but buy a house with the joining bonus as down instead of renting when they start out.

Buy with a small down payment...you need an emergency fund I wouldn’t buy during these times though since you’re numbers aren’t solid

General rule is 3-6 months of expenses Would be a shame to buy a house only to face financial hardship with a lay-off or other situation. With rent you still have a monthly payment due but at least you would have your equity at risk

How old are you? If you’re young and single 25K should be your emergency fund alone

You should have at least 20K in an emergency fund If you’re in a HCOL city. 15K if not

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