Just went under contract for a 950k house with 250k TC. Everyone roast me for how dumb I am.

likefunny
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I got a 800k property with 78k TC.
*One year after buying*
Property appreciated to $1.7M, my job changed and TC changed to 200k

Anything can happen! Take risk. You are not dumb :)

I live in Toronto btw.. if people are wondering about crazy house appreciation

likeupliftinghelpfulfunny

How do you go from 78k to 200k that fast?

We have $200k combined TC and we’re under contract for $1.6M. Sit down.

likefunnysmarthelpfuluplifting

A2 just as good knowing what NOT to do as what TO do lol

funny
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Update, after going under contract the seller received an all cash, no contingency backup offer of ~1.1M. They are now offering me 50k cash to buy me out of my contract. Housing market is cray cray!

likesmart

Like I said Manager OP - be my guest if you want to justify where your purchase. It is your money - burn it for all I care.

Pretty good. Pretttttttty, pretttttttttty, pretttttty
Good

likefunny

Lol nice Curb reference

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This makes me feel better as my husband and I are building a house. 720k mortgage (plus land costs but we already have paid that off) + appliances on 508k TC I was freaking a bit at first

funnylike

I’m so glad PWC2 got flamed for this lukewarm and out of touch humble brag

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Just did something similar

310k TC
1.18M Purchase

Taxes matter a lot too. I’m in TN, so a lot less than say NJ or NY

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Man I’m jealous. Locked in a mortgage yesterday at 4.1% and that’s a good rate now. Plus taxes are high as it’s NJ. Same loan value and my emi is close to $7K

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I bought a 500k house on a combined hhi of 120k. Just sold house for 950k 9 years later and now hhi is 400k. Stability of monthly payments offset rent inflation risks.

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Hoping this for myself 🙏

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We all have different priorities and interests. We are on a 400k mortgage with 900k hhi. But we spend 30k each year on travel.

likeuplifting

Thanks. Actually looking at a mountain cabin now but need to run numbers to make sure it can pay for itself while supporting me living there working remote for a month every year. May wait until winter for high mortgage rates to kill 2nd home demand

I bought a $900k apartment at $210 TC. You might have to budget a bit more strictly but it’s not outrageous. Thankfully my comp has grown significantly so my payments are very reasonable

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Roast

funnyhelpful

Well this has been underwhelming, usually the internet is full of financial advisors telling me I shouldn’t have done that. Thanks for the reassurance gang! Looking forward to it. Little cash poor for the next little bit. But hopefully the market continues to rise.

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I think we are all happy for you/jealous that you got a house. Housing market is wild right now

Not even close to the worst I've seen

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To clarify, they were the client or you were? 🤣

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Meanwhile I’m in NJ with a combined HHI with my wife of $375K and casually looking and getting heart palpitations at the monthlies on anything over a million…

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Just the nature of New Jersey. You’re paying for access to New York, good school districts, and safe neighborhoods.

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TC and purchase price mean nothing. TC and monthly mortgage payment are something

250 TC Can easily afford 2+mil. If all your mortgaging is 400k 😎

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Not awful at all tbh pretty reasonable income/house value

likesmart

Yeah, I'm a fire saver, and I personally wouldn't do that, but it's 100% doable

likefunny

OP just wait, there's somebody from PwC lurking around who is going to absolutely skewer you for this and blame every economic downturn in history on your callousness.

funny

This is fine. TC $340k and a $1,050,000 house.

3.875 rate

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$270k mortgage and $375k HHI…….I guess we are frugal compared to some of you?

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Yeah… $208k house ($80k to renovate last year). $250k HHI. I like monthly margin to buy investment properties. Still enjoy thrift shop visits and finding a good deal.

Sorry but what does TC stand for? and HHI?

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Tongue in cheek and the hand-holding initiative

likefunny

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