How do you do it. Wife and I have been saving religiously and we're barely at the tip of the iceberg. Unfortunately mommy and daddy aren't rich so we can't turn to them. So far we have 120k saved up. Been putting away about 4.5k a month between wife and I. Homes are at least 900k. Before someone says it, we don't wanna do the first time home buyers shit, heard you get raped on property taxes and I heard you gotta buy insurance crap. Been throwing money into high yields savings but that shit just ain't enough. Any safe investments we can do to help that money grow on its own? Been thinking about financial advisors. Live in #losangeles TC 108k
Individual stonks now and then move to vtsax and bond mix later
Wife isn't about that yolo life. If it were me, I'd get a bunch of calls to get those tendies
Saving will take forever. Invest. The market returned 29% last year alone. Not sure what first time homebuyer thing is, prop 13 makes you rich in ca...
Let’s think about this. With that 120K you can put 90K down as down payment which is 10% of the 900,000. This gives you 30,000 to work with in cás anything comes up. Since you won’t be putting the entire 20% down, you will probably have to pay PMI, which will add to your monthly payment. That 4.5K you are saving a month plus the amount you use to pay rent and other bills would surely cover your mortgage and taxes.
I say buy the house around the Los Angeles area, but maybe not in Los Angeles. You can save more and invest it.
Are you currently in an apartment? Why not just buy a condo? Then at least your condo appreciates at the same rate as the housing market, plus you're not paying rent anyone. Or move further out and commute.
Another option is leaving LA. That TC seems low, you can easily get that in any small (cheap) city in the US with two incomes. And houses that start at 200k.
What's a good TC to be aiming for? My first 6 fig role. 4 yoe
What kind of role are you in? I don't really know about the Los Angeles job market, but I think pretty much anywhere you should be able to get $100k salary as a software engineer. For housing prices just go on to redfin and look anywhere other than California and you should be able to find decent houses for way less than $900k
Consider starter home or townhouse instead of going straight for the $900k property, esp. w/ your TC.
Leetcode to get to 🌲 fiddy
You can buy a house without 20% and some banks waive the PMI under certain circumstances. I’ve been scared to try and get a mortgage too. I finally just applied for a loan and am going to talk over my options so I don’t have to assume. Either talk to a bank to see what you REALLY need and can afford or keep coming here for advice from folks that don’t know your situation.
Which banks do that? Any suggestions?
I used Guaranteed Rate to get first preapproval letter. But then went to my personal bank and asked for 75k more and they gave me an preapproval with a lower rate. 5% down if I got the dispute lines taken off my credit (I did over the phone) or 10% down if I didn’t. I still have to deal with PMI but now I don’t have to have 3 roommates to save up money for a home.
Wut