Why do you Indians buy houses in the US when you don’t even have a green card (most of you won’t ever get it in your life time)
What if you suddenly lose your status? Are you just gonna sell it at half the price ?
I would never do that, wondering what’s your strategy there.
- Microsoft ussI think each state in India should be independent and become individual country since GC is capped per country.
- Lol, can’t believe the things you Indians have to go through. You are indeed the modern slaves exploited by the US.
- Facebook Mattfact@Dhatt noone gets 500k for doing nothing. One must produce $1 million worth of value to get paid that much, companies ain’t no fool.
500k means 170k of tax money sucked by US government each year, why aren’t they still getting green card even after a decade. Their tax money is enjoyed by the whole country but them. Then the low wage citizens blame them for stealing their jobs. That sucks.
If I was an Indian I would have shown my middle finger to the US govt and left for some country that has fair immigration system.
- Amazon 88888889I'm an Indian. I rent and also don't get the logic of buying a house while being on H1B.
After 8 years of waiting, renting and investing your money in market instead seems more sensible to me.
- Microsoft InfluencerMost of the Indian folks who can buy houses are dual income, highly experienced or master of their field. In slight case of layoffs, they can find other jobs, have a solid emergency reserve, and spouse income. In a very very unlikely situation of when both the spouses are laid off, and country is in recession so they couldn’t find a job, they can move back and rent and worst case sell ( Indians generally don’t sell at loss unless there is a fire ). But owning a house with 20% downpayment over 30 years, is not a bad deal since it’s provides security, luxury, comfort, investment. The risk is far less than the rewards.
pS I am indian with a house and without green card
- That’s the kind of logic these house buyers have. They both earn yes, usually have cash for down payment but no big emergency fund. If they were financially smart enough, they’ll stay from such shitty deal. They are likely with kids too. It’s not very unlikely for one person to lose their job in a slowdown or just a hold in economy. Then imagine taking care of emi of $5000+, kids school, other expenses on single salary. In 3 months, you are behind on emi, try selling the supposed safe house in a slow market then. All you’ll end up with is a life lesson.
- When a downturn happens and folks start losing their jobs, that's when everything starts. Lose job, lose visa status, lose house, can't sell for 5 years and you can't pay mortgage from India. No choice other than to fire sell.
To be honest, it makes sense to buy if you get paid 100k and your house is 200k. Doesn't at all, if you have a 1.2 mil house.
Many folks don't remember how bad the US market was when the meltdown happened.
- You can, but if you have to pay 6k a month as mortgage, how will you pay if your income just shrunk 3 times (India pay scales are one third of US)? Sure you can pay for 6 months, but if you do this on a down turn, it's not pretty, since you have no way of knowing how long you need to pay.
The market may be in terrible state for longer than you can be solvent.
- What? There is a 6k tax or something? Can you not keep a us bank account to make your payment. Sorry don't know much about the visa process but assumed a lender wouldn't care where you pay from. Wasn't aware of a tax but regardless I guess you just need a larger cash reserve.
- Facebook TecbsYou can continue owning he house when you leave the country. Many foreigners own houses in the US. You just have to have high amount of reserves to keep covering expenses for the period when the house is vacant and unsold or not rented out. A little stressful, but still better than not owning for 10 years. So the decisions by H1b folks makes complete sense.
- A 2bhk apartment cost roughly 3k or more in most of bay area... that translates into 36k a year; wait time for green card is 20 years or so.. so one has to pay at-least 720k in rent (inflation not adjusted yet) in that duration. Compare this amount to the “risk” they are taking by buying a house in bay area.
I will say simple reason why Indians buy house even when they are on H1, is they are better at maths....😂😂😂
- Logic like this is unbelievable with so many H1B holders buying million dollar houses. The risk of losing visa status etc may be low in some cases but if adverse things happen, the situation can get like a financial suicide. I’ve talked to a few people about this and they are absolutely blind to it.
- Why does America not have a decent immigration setup that shouldn't disrupt the lives of tax paying settled down residents? Land of the free and home of the brave, right?
- Couldn't agree more. Wait to buy a house until you get GC-EAD. Or at least when you do buy have it in the back of your head that you might have to end up renting it out while you go elsewhere to work while waiting for EAD.
Nothing more frustrating than someone who puts themselves in a horrible situation because they bought a house and now their contract ended...