{ "media_type": "text", "post_content": "Two parter, maybe three. First year partner looking to move out of Illinois.\n\n1. What to partners typically spend on their house (wife doesn't work)? Something in the 1-2mm range seems reasonable, but maybe over the top also, curious to hear opinions\n\n2. Considering moving to the Orlando area, we vacation there a lot with young kids. Interested to hear any POVs you may have\n\nHappy Holidays", "post_id": "5fe40bf49ede41002f3c8a48", "reply_count": 57, "vote_count": 3, "bowl_id": "5c133802e4f35d0012ad759f", "bowl_name": "Partners Only" }

Two parter, maybe three. First year partner looking to move out of Illinois. 1. What to partners typically spend on their house (wife doesn't work)? Something in the 1-2mm range seems reasonable, but maybe over the top also, curious to hear opinions 2. Considering moving to the Orlando area, we vacation there a lot with young kids. Interested to hear any POVs you may have Happy Holidays

like
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

Just bought a $1.5m house that’s appraised at $2.2 will put another $1m into it. Should make it worth at least $5m. It’s the most rundown house on the street right now but the biggest lot. House next door just sold for $8m. Will have about $1.3m in cash tied up in the property by the time I’m done with the remodel. Will refinance and get the most cash possible out of it. At 3% it’s free money to invest. So the short answer it depends how you play it. You can be the partner making $1m living in a $700k house so you have it paid off or you can use others money to invest. Planning to sell the house at retirement and kids are out of the house.

like

FL

helpful

Cash flow shouldn’t be a problem for a large mortgage now. Like others, we have a largish mortgage and are making a ton on appreciation. Understanding market fluctuations happen, we are in a seaside town and they aren’t making more real estate. So we will bank all the appreciation we can while paying down the mortgage. Will sell and downsize into an all-cash retirement home when kids are out of the house. Have second and third homes that we also use as investment properties that will pay themselves off by retirement. Useful to have real estate as an option to diversify between equities and pension for retirement purposes.

like

That’s why I said 20 units. In my market thats right sized where I can buy a big enough lot in a rightly zoned area to build larger units and higher end finishes for a target that won’t stop paying rent in downturns as it would impact many things in years to come for them. I used to have 6 units all over the city and sold them all. Not worth the work at this stage of my life. I’m targeting people ok paying 3-5k in rent.

Recent IconRecent

2 mil primary, 750k secondary, no cars older than 4 years or under 99k msrp. Just kidding, "what do partners typically spend on their house" makes you sound unoriginal and pretentious (sorry). My mortgage is approximately 6% of gross. Not interested in debt or country club high society.

likefunny

P4 if you are making a mil a year and live in a $300k home I don’t know what you are saving for. I hope you are retired way before you are 50. If that’s the case that’s one boring life. I for one don’t know what I will do with myself when I retire at 60. In general 3 times your yearly salary at time of purchase is a great measure. If 5 into a new partners tenure you are at under 15% of your gross income you are doing amazing. The partners here that are at 6% I’ll bet bought their house 10-15 years ago.

like

My wife works (also a young partner at another firm) and our house is less than $1m. Leaves us with ample funds to set aside for kids, enjoy nice vacations, and invest.

like

That seems like a lot of income to tie up in a mortgage payment. I am not a first year partner and my mortgage is less than 10% of my gross. It’s not a showstopper of a house, but it’s in a nice neighborhood and it’s good enough for now. It have been stressful to have gone through the roller coaster of this year with a massive mortgage payment hanging over my head.

like

Definitely not, most stuff I find myself looking at is 850k - 1.3mm, but found a couple in the 1.5-1.8mm range that we've liked Also have 350-400k in equity in current house

like

This is highly specific to where you live. My partner is a biglaw partner and we bought a place in NYC at $1.3m. This is at the lower end of our price range, so we can save for eventual retirement.

like

Have $1.8MM in property with 4 homes, no mortgage. Primary home is $650K, the other homes are rental properties that generate income. Zero loans on anything. Use your money to work for you.

likehelpful

Yes, agree, we have rental properties working for us, looking for a nice (hopefully) forever home

like

Really depends on where you live, what your financial goals are, and if you have equity from a prior house that you are rolling in. If you’re asking what you can afford, I’d say 4x gross is doable for most partners. We stretched to buy 10 years ago when our kids were young and I was at a much lower level. No desire to move now since we like the house, schools, neighborhood, have friends here etc. Mortgage is like 5-7% of gross and will be paid off early which provides a lot of flexibility both financially and career wise.

like

$2m? Do you want to keep your mortgage for ever?

like

Really depends on how your income grows. I bought a house in that range a few years ago and the payments were a bit over 20% of my income. Now, they’re about 5%.

like

$2M in Orlando will buy you a mansion and several acres. Unless you are in California and other expensive areas, go for $1-1.2M range.

like

Agreed, most Orlando homes architecture is a bit boring to me. I considered to move there 6 years ago and looked at Winter Park area. Nice location but most homes were a bit dated and pricier than other neighborhoods in Orlando.

likefunny

It really depends on where you live. We live in Texas and got an amazing home in a great hood for under $1M

like

1.1m and 300k 2nd home but eyeing 2-3m homes. Likely won’t pull the trigger but the low rates are tempting

like

Buy a house that fits your needs. I’m living in a 4500 sq ft house that I bought 5 years before making partner. Even though my income has more than doubled since then, I would actually downsize my house before getting something bigger. Big house = big expenses (utilities, landscaping, property taxes, etc.). Lots of unused/wasted space in this house and I rather have something more cozy as a primary, plus a 2nd home for fun (maybe an apt in NYC).

like

Curious why Orlando. Winter park is nice. If I were to move back to Florida I’d go somewhere else than Orlando.

like

Upon further review, definitely don't have Winter Park money, at least not in this market with the options that we're seeing Also, was hoping to be a bit closer to the parks

If you're going to Florida, take into consideration the schools. Tampa area much better equipped for education than central Florida (in my opinion). The crowds and I4 are real negatives. Due the due diligence

like

Thanks, this is the part three that I was really looking for. We love the Disney area on vacation, but not sure how we should feel about living there. Additionally, I'm done with Illinois for a multitude of reasons, so when you put two and two together... Thinking about renting a furnished place for a few months as a test drive

like

3500 sq ft, paid it off, don’t need a bigger house. I have no debt and intend to stay that way. What’s the point of being all flashy? I have what I need and I live nicely. Next investment will be rental properties, but not until 2022 likely.

like

We built our home in 2009 for 625k and just appraised at 950. Our mortgage balance is 250k and could be paid off at any time. In 2020, we built a home out West which can generate rental income. It appraised for 300k above build cost. Mortgage is 900k. In short, live in a nice home, good schools and have an ability to pay the mortgage off whenever you wish. Be careful on your tax base and HOA fees. Very careful....

Thanks, that's one of the major drivers for leaving Illinois Thought about building here, but don't think homes can demand their build cost from what I'm seeing, especially with the tax factor. Where are you building?

I fit the model someone mentioned above—~$1M income (year 6 partner at B4), ~$750k house, paid off this year. (We’re in IL so property tax is still hefty). Oldest just finished college which we were able to help with, and youngest just started. Both will graduate debt free. Everyone has their own priorities so not judging...we just had no need for 5,000+ SF. We both grew up middle class, and frankly I’m pretty sure all that space would feel pretty empty now. It feels great to have invest the $ so we have complete freedom at this stage.

1.6M. Paid off 70% because was unclear about investing opportunities during the pandemic. Saved 100k in interest.

Related Posts

Do folks negotiate and get more PTO these days? Considering a move but don’t want to start at the bottom (10+ years with my current employer).

like

Anyone else feeling even more depressed coming back to work this year vs all others. Im struggling not to resign on the spot and head back on holiday!

like

Does Deloitte have MLK off as a holiday?

likesmart

Do any of the MBBs in North America offer sabbaticals (e.g. where you can take 1-2 months of unpaid leave annually or biannually, in addition to your paid vacation time)? Is there a tenure requirement in order to be eligible for such a program? Thanks for any insights

like

How do you take time off during the day to see a therapist? I haven't gone since I freelanced (when time was flexible) and I really feel like I need to go back.

I received a vacation offer from Westin Vacations for Princeville resort. 6 days, 5 nights for 600 bucks. What is fishes' opinion for a family of four with elementary school kids. TIA.

like

Just wondering, If your client has a holiday off but then your company does not celebrate, do you work that day?

like

Looking to buy a vacation home on the west coast not in a major city. West coast so it doesn’t take too long to get there. Could consider other areas, but don’t want to spend too much time traveling there. Budget is under $700k for 3 bedroom, at least 2k sqft. Any ideas?

like

For the folks who joined before 15th Jan in Deloitte usi, 1. When the monthly PTO will be allocated in the system. It is still shown as 0 2. Will Jan salary be credited on 31st Jan or with Feb salary.

like

So my last day at the office was a week ago and my final pay check came in this morning it does not have the vacation pay out I was expecting. When does that come in?

like

You guys getting your legal assistant anything for Valentine’s Day? I was thinking something small. She’s single and I know most women (myself too) appreciate a little something on this Hallmark holiday.

like

Au pair users - how many weeks vacation do they get/do you give? Is it via agency or at your discretion? Do you adjust pay if more than a couple weeks?

Is your Christmas decor still up? I got rid of the holiday decor in my classroom to usher in a fresh start, but still clinging to the holiday joy at home!

like

Hello🐠. I live on the East Coast and would like to visit Alaska but can't really take a full week of vacation. Would 3-4 days be enough for a first trip and which city would you advise I go to first?

like

Acn Fish: Is there any sick time wbs to use if we take a half day to see the doctor? Or do we have to use PTO?

like

Do you have leadership respecting the team’s PTO and firm holidays?

like

For those of you who left a FT job to start freelancing, how long did it take you to land your first gig? How much time off between gigs do you consider too much?

like

👀 Still looking for an apartment swap in NYC. I have a clean apartment in Mexico City. The dates are October 27th to November 3rd, Day of the Dead holiday weekend. With LOTS happening. Located in the best area of Mexico City with a ton of restaurants, cafes, and parks. High speed internet with standing desk, large TV, external monitor, and more. Message me your email or phone number and we can text to exchange pictures and more information.

like

People who have unlimited vacation: how many days/year do you actually use?

like

Curious what people’s firm’s vacation policy is? Do you have to jump through a lot of hoops to get it approved or is it more of a “use your judgment” approach?

like

Additional Posts

What is the salary range for Microsoft SDE I OR II in Azure maps or host groups?

like
like

Anyone work at Grant Thornton? Looking to join the ATL MC practice and want a little insight on the culture/benefits. How are the health benefits and maternity leave? Continued below

like

With school starting up again and Covid cases surging, how is your school handling it? Are you starting remote or in-person? Are teachers in your school calling out sick in large numbers? Are you nervous about going back? Do you feel supported? What are your concerns with Covid as you step back into the classroom?

likehelpful

Anyone in an SEC Reporting role? If so, how bad are the work hours during busy times of the year? Currently interviewing for an SEC Reporting Manager role but hard to tell if the work life balance will improve significantly from public accounting.

like

Microsoft 🐟 I’m joining soon and curious to know about the parental leave policy. Are you able to take leave within a year of your start date/is there a waiting period before becoming eligible for the leave? Thanks in advance!

like

Hi Fishes, Citiustech healthcare technologies is hiring for multiple roles. Java,C#,.net . Training will be provided for senior software engineers under Java impact program with attractive bonuses. DM me if interested..

like

Was interviewing with a firm and soon after receiving an offer, learned of bad culture/toxic partners in the practice group from a couple of associates who recently lateraled from the firm. I turned the offer down. A partner that I clicked with while interviewing reached out asking me why I turned down the offer. Should I be honest and relay what I heard?

like

Looking to apply for a marketing manager position at Pinterest? Anyone from Pinterest willing to chat about the culture there or provide a referral? Thanks! Any help is appreciated.

like

Are you not eligible for complimentary cabin upgrades on United if you buy a ticket with points?

like

How is MBB different from Big 4 in culture, work style, etc.? Welcome any perspective!

like

In a Big4 deal Analytics group that’s not premier with no path to partner... should I try to move to MBB/T2 to gain traditional consulting experience or try for tech/FAANG... I just wanna make money

likefunny

Has anyone been fired/let go/asked to leave from their company because of their company’s return to work policies? What was your experience?

like

It's been a month and I'm not assigned to any project yet. And in Feb mid my brother is getting married so I need to take leaves. Whom should I reach out and will they allow me leaves for 7-10 days?

like

Looking at exits and know big tech is not the play anymore. What are the FAANG companies of 2030? What companies should people be exiting to now? Med device? AI? Cyber?

likefunny
like

What are raises like at slalom during promotion and non promotion years?

like
like

Anyone using fragomen for h1b got their results??

like

Organizing a press opportunity for an internal client. His final note to me: Please confirm time and also send directions. Is my name Siri?! Who does that anymore?!

likefunny

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

For account settings, visit Fishbowl on Desktop Browser or

General

Legal