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Why do indians buy houses while on h1b

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Nov 27

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.

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  • Microsoft uss
    I think each state in India should be independent and become individual country since GC is capped per country.
    Nov 279
    • Cisco FrankUW
      Wow..!!!!😂😂😂😂😂
      Nov 27
    • Microsoft uss
      That's true. Taiwan and Hong Kong are treated as independent countries so their GC is much faster than mainland Chinese.
      Nov 27
    • Roche bUjp01
      Wouldn't wish that. Each country will be too weak and have to bow to basically every other hostile country
      Nov 27
    • Facebook show_me_tc
      Dude! Because Taiwan and Hong Kong are really an independent countries!!! There is history behind it!
      Nov 27
    • Microsoft uss
      See, Hong Kong and Taiwan are doing very well when they are separated as independent countries. Why can't Indian states become separated countries?
      Nov 27
    • Facebook show_me_tc
      Can every Indian state afford to have its own government? If so, yea, why not...
      Nov 27
    • Microsoft / ProductTacoBoss
      Brilliant idea. Only AP will be back logged 😂😂
      Nov 27
    • New / Engo(-_-)o
      Lol. Break up India just so the 1% can get green cards.
      Nov 27
    • Google snkprnt1
      That's not even 1% . 600k on GC line, population is 1 billion.
      Nov 28
  • Salesforce Pjcehm
    You don't make decisions based on fear
    Nov 274
    • Tableau 0xFFFFFAFF
      Don’t confuse logic with fear...
      Nov 27
    • Google kids
      And you don't bet based on greed and lopsided chances.
      Nov 27
    • Tableau 0xFFFFFAFF
      I like to think you didn’t get my point. What has greed anything to do with what I said?
      Nov 28
    • Google kids
      Sorry, I meant to comment at Salesforce.
      5d
  • Facebook Sensible0
    Lol, can’t believe the things you Indians have to go through. You are indeed the modern slaves exploited by the US.
    Nov 275
    • Google kids
      A slave is a stronger word, but yeah, not too far.

      Note: I am an Indian.
      Nov 27
    • Microsoft Dhatt
      Yeah, a slave that gets paid 500k for working 4 hours a day sitting on a comfy chair.
      Nov 27
    • Cisco FXzH34
      Correction: the chair is not that comfy...
      Nov 27
    • Google snkprnt1
      You mean indentured servitude. That's probably the right word.
      Nov 28
    • 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.
      Nov 28
  • Salesforce Happysoul
    OP: You don’t need to sell it for half price, even if you loose your status.

    You can either rent it and have a property management take care of it for you
    Or
    You can put it in the Market & sell it through a real estate agent even if you are not in the country
    Nov 270
  • Amazon 88888889
    I'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.
    Nov 271
    • Google snkprnt1
      Agreed. When I see folks who are so stressed out with so many things banked on their ability to renew their visa, I feel like it's not worth the stress - at least to me.
      Nov 28
  • Microsoft Influencer
    Most 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
    Nov 272
    • Randstad / Ops
      irecruit

      RandstadOps

      BIO
      Tech recruiter
      irecruitmore
      I would say this is not entirely true in my experience.
      I encountered more single income, no h4 ead, priority date of 2016 and they think they can settle down. Unfortunately in my experience it doesn't always work out that way
      Nov 27
    • MINDBODY ISK
      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.
      Nov 27
  • If you wait for GC and postpone home buying, you never buy till retirement, you lost equity and appreciation
    Nov 270
  • Facebook public2
    Same reason as everyone else: for a place to live and investment?
    Nov 279
    • Facebook Sensible0
      As OP said what if you lose your status? Sell it for half the price?
      Nov 27
    • Facebook public2
      Why sell it at half price? Sell for a gain, rent it, or hold onto it until you sell at a gain?
      Nov 27
    • Google snkprnt1
      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.
      Nov 28
    • Facebook public2
      Lost me, why can you not pay mortgage from india?
      Nov 28
    • Google snkprnt1
      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.
      Nov 28
    • Facebook public2
      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.
      Nov 28
    • Tableau 0xFFFFFAFF
      Which part of the math you don’t get?
      Nov 28
    • Facebook public2
      Where 6k came from and why you have to pay 6k extra if you pay from india.
      Nov 28
    • Google snkprnt1
      Not sure if you read it wrongly, I said IF you were paying 6k a month (in mortgage), that is now equal to or more than your indian pay.
      Nov 28
  • Facebook Tecbs
    You 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.
    Nov 270
  • Cisco FrankUW
    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....😂😂😂
    Nov 300
  • LinkedIn Jdawg2020
    A lot of racism on this thread
    Nov 270
  • MINDBODY ISK
    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.
    Nov 270
  • Stitch Fix Stitched
    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?
    Nov 275
    • Facebook Sensible0
      As OP said what if you lose your status? Sell it for half the price?
      Nov 27
    • Stitch Fix Stitched
      Leave and make some one else sell it later? Then transfer the cash out.
      Nov 27
    • Apple / EngWaTpwBZkwy
      “Settled down resident” is not equivalent to LPR. These are resident aliens and there is no reason they should get preferential treatment.
      Nov 27
    • Stitch Fix Stitched
      By preferential treatment you mean a consistent immigration policy? Isn't that a basic ask?
      Nov 27
    • Amazon I3JQHz
      Last time I checked, it was “land of the free white men and colored slaves.” When did they changed the constitution?
      Nov 27
  • Google gnMC26
    why sell? can always rent to the MAGAcian who took my jerb
    Nov 270
  • VMware jAiz23
    To rent for life and have free cash flow
    Nov 270
  • Randstad / Ops
    irecruit

    RandstadOps

    BIO
    Tech recruiter
    irecruitmore
    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...
    Nov 270

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