Buying 🏠 to save rent in mountainview
Cash in hand: 100k I just want to save on rent 💰 and want to buy a house when I start working at Google. Is it feasible? I just want the house to easily sell later (say 2-3 years later) and I plan on being a bachelor until then. Please share your thoughts. I'm not putting the 100k I have to good use right now. And don't have a plan for investing the money I'd be warning in Google too. Update: what about a condo? As long as it doesn't lose value, it'll be good. :-)
No way with 100k.
Why not? Putting 20% down, I'd be eligible for a 500k house won't I ?
Good luck finding a $500k house :(
Get on Zillow and get a sense of how much a house you would buy would cost. Then find a mortgage calculator to see what your monthly payment would be given a 100k down payment. Then compare that to what you would pay in rent. Then weep.
You might find something in Stockton
Unless you want to buy a condo, you just don’t have enough money.
A condo is good enough if it can sell easily and won't lose value.
Past performance is not a guarantee of future performance, but housing prices have on average gone up in the Bay Area. Of course, anything can happen in 2-3 years.
I think he meant after the 2008ish recession that we are anticipating... then he would be able to do something with that money in MTV maybe even after the worst of recession you won’t find anything to buy with that 100k
With 100k down you can get a 550-600k townhome across the bay in Union City. Take the shuttle and live most of your time in MTV area or go to SF in evenings and take BART back to Ucity. Nothing would even come close to a decent condo in your budget in Peninsula- and south bay is not for singles
I don’t think they even have condos at 500k in MV. Your only option is a trailer park.
And you can't get a loan on a trailer. For giggles a few years ago I looked at one by ebay's main campus. 300k. For a mobile home!
You probably want 4x that cash to play here and prices are soaring. Pm me.
Don’t buy a house planning on selling it in 2-3 years. Any money you save in rent will be lost on interest payments with $100k down. Put it in index fund and call it a day
Yes. There is no chance with housing for 2-3 years and 100k down. Even with 500k down, 2-3 years is far too short of a time period anyways. Just because housing skyrocket last few years doesn’t mean it will continue. @OP Bite the bullet and rent and park your money in Vanguard until you have a lot more money and a real timeline for ownership. You won’t save a dime owning.
You won’t save that much.
Even if I save 3k every month, I don't know what I'll do with it. Buying a house will at least build some equity with possibility of growth in house prices
Realtor and transfer fees are around 4%. Buying to sell in 3 years is not typically a good idea. Just buy a place that you think can cash flow when you're done using it.