It helps to have parents who can foot a $500k down payment 😉. Also, DINK / FANG gang.
Honestly, buying a lower middle class family home from 1950s for $2 mil is not the best way to spend money...
I am sure there are people here who made money with the recent/ongoing bull run in housing.
Sure, plenty of people made money all kinds of ways including winning the lottery or being lucky on stock market. Question if this is sustainable or subject to bust. I really don't want to see people stuck with 5-7k monthly housing bill and negatively valued stock options.
Saved up the usual way. Put 20 percent down on a 30 FRM after saving up enough cash to weather a one-year storm's worth of mortgage payments. 650k TC/8 YOE when I pulled the trigger, less than a year ago. (No, I'm not an IC.) Wife is SAHM.
20%, 30 year fixed, tc is irrelevant, fb, gf only. If you needed tc to buy would recommend at least 450k for 2m. Pretty much the same as any other real estate purchase with the sole exception that the insurance company will likely want to do a physical walkthrough.
Sold my house for $1.3, one that I bought in 2010 for $600k. Makes my $2.5M purchase manageable...
Current TC?, similar boat, I have a house purchase price 750K, currently approx 1.3. Looking to upgrade to a 2M ish house. Household TC - 400K .. unsure about pulling the trigger
DP: 100k-ish in 2010 on 569k fixer (3/2) with 5/1 arm, invest 81k, in for 650k appraised for 950k in 2016, refi to 30 year fixed and extract 200k, pair with 100k cash, design and build addition (5/4), now worth 1.8 to 2.0m by 2020 when finished. Total of 200k cash invested. Equity 1.2m to 1.4m. Mortgage payment inc property tax is 4300, will be 3900 in 2026 when mortgage insurance ends. TC less than 300k. TC in 2010 less than 150k. Worked at too many startups for too long fwiw. Should have done FANG for more cash. But not doing FANG also gave me time to design and build addition, worth more than I could have saved working at FANG.
Should just quit coding and be a builder, smartass
Or I could just do both and make 1m / yr. FANG is not the only way. Autodidact = will do whatever I want.
Studied very hard from very young. Got into a top school and moved to US. Worked very hard. Found a working wife. Changed job and got more TC. Invested in stock and funds. Saved a lot and never spent more than needed to. Finally sold an apartment in Shenzhen then bought in cash.
How long in the US?
Something to be proud of! Congratulations.