Related Posts
Highest paying city for realtors?
More Posts
Please give 11 likes for me to unlock dm feature
Additional Posts in Compensation in Consulting
Is Facebook (Meta) lowballing? I have 11 years of consulting and industry experience. I recently interviewed for a Program Mgr role. FB continued to interview me knowing I was looking for an IC6 role (TC $300K). Midway through the interview process, they came back saying this role has changed and they can only hire an IC5 and are offering $230K. I am an M4 currently and last year I made about $210K. What’s your suggestion on how to counter this?
Anyone know the benefits at AWS?
I just spent $60 on a truckload of mulch, so go for it
Not out of means but buying a condo sounds like not a smart idea for individuals making that much money. Buy a house in the nicest part of the city for that amount. You will enjoy that much more.
Must be Naples Florida
Mentor
What do you get for 36-48k in condo fees per year?
Mentor
You could employ someone full time and still come out ahead. Save your money.
Taking $600k as an average, and assuming monthly take home home pay of $35k after federal taxes/social security/other deductions, the mortgage (with 20% down payment) is going to be approx. 46% of your net income. That doesn’t take any other debt, monthly expenses, or savings into consideration. That feels like a lot.
Are you planning on selling most of the stock to have a large down payment?
Just use the PMT function in excel - a $2M is nowhere even close to what CB1 is suggesting
If you live in a no state income tax state, I'm going to assume property tax is high. On a 2.5MM house, I'd assume that's like around 50k of prop taxes annually. I'd let your money ontinue to work for you in the maeket and not pay all cash up front given low interest rates, so I'm assuming your mortgage payment might be something like around 100k/yr. So including the HOA, you're looking at roughly $200k for housing per yr (maybe less depending on how much you put down). I think spending 25-30% of income on housing is usually advised. And given your high income I'd try to aim for low 20s. I'd say doable but definitely on the more spendy side as you'll be around 30% of your income including bonus.
I mean what city? 2.5m you should be able to buy a house and pay way less in maintenance. Is the condo offering something worth those fees like a golf club or boat slip?.
congrats on your savings, sounds like you have already made this decisy
Just look into the condo. A lot get mismanaged. Especially in Florida (I’m sure that’s no surprise)
Yeah we are currently renting there. It is very well managed.
So 13.5k total monthly housing payment. On ~600k income is 27% of gross pay. That shouldn’t be a problem for you - go for it!
Are you in NYC OR San Fran? Location helps justify if this is worthwhile
Lol because California and NY really scream ‘tax free states’
This is Florida, right?
Hour 🤔
🤦♂️
Yea that’s a solid DTI - lender’s won’t have issues being < 38%.
Unless OP can provide more details about location, there’s nothing else to be said here
We are making an offer tomorrow! Wish me luck.