Sitting on $300K of cash. Would like to buy a home for around $1M. What should I do with the rest after the down payment?

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Get a butler

likefunny

$200k down payment, $50k closing costs. Put the $50k into savings when you inevitably notice things that need fixing when you move in.

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And if it’s a new construction, that $50k will probably need to go to window treatments.

likesmart

Since your mortgage will be over 6%, assuming you don’t have any other more expensive debt and have adequate emergency savings, you put the extra money towards the mortgage.

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Agreed. This was my logic with a 3.5 rate…

Convert to singles and make it rain in every strip club within a 30 mile radius

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Remodel. Buying a home that needs fixing up is a better investment.

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It’s a time commitment most biglaw attorneys can’t afford

Are you in an area where $800k isn’t a jumbo?

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Never buy a move-in ready home...You'll literally be throwing away any profit potential. Buy the worst house in the best neighborhood you'd want to live in and renovate from there...So long as it's not missing a roof or something

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Nope

Give it to me

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Thanks all. Related question. How much home can I afford? Can scrape together $350K towards the house and monthly take home of $23k (spouse and me). I don’t know anything.

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How are you an attorney, in big law at that, and don’t know the first step in home buying? You need to speak with a mortgage broker or a bank and get pre-approved, first. They will be able to give you a better sense of how much you can afford based on a myriad of factors, including a monthly mortgage payment (PITI) that you’re comfortable paying.

F

Furniture / other house stuff?

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