House Purchase Advice
I’m considering buying a house and need your advice on loans and affordability. Here are some details: Location: open to suburbs LA except for East LA (think 15-20M near the coast) Income: 220K + 130K equity. Total: $350K / Yr Single No debt Cash in hand 75K + 250k equity + 401K balance > 100K Looking for 2 Bed or more. Open to appartment, townhouse or other house types. #mortgage #housing Current expense: <4K/month (vacation and other luxuries on top of this such I can cut) Excellent credit score 1. What should be my target spend including brokerage and other closing costs? I’m thinking 600k but can go upto 850K. My rent for 1BHK is around $2500 and what price point would it make sense to rent vs buy? 2. What are some good loan options for 1st time home buyers? How to get help with down payment since i don’t want to liquidate equity? I had gotten 1 car loan from a credit union and thinking of applying with them 3. Can I negotiate broker fee. How much is the rate in LA? 4. What tax incentives will I get? #mortgage #housing #Los angeles #buy #housepurchase #buypower
Doesn’t sound like you have enough
You are asking for too much help.
I know, it's like do some homework first.
You don't have enough to buy in cali.
Have you purchased in Cali?
Nope. But I have more money and TC than you and still wouldn't. Numbers don't align well enough.
At no price point does it “make sense to buy” in pure financial terms. Owning nowadays is a luxury that you have to pay a hefty premium for, depends on what that is worth to you
All those people saying it’s not enough you haven’t searched any house yet. There are options available in 600-800K range.
Why are you asking if you know the answer?
Can't imagine someone from Roku being this poor. It's not enough desi dude
1. if you're serious and won't move in 5 years then target should be 600k and you're already looking at an insane mortgage (like 4k per month) depending on how much you put down, this includes any HOA fees. 2. you make too much so you won't get a lot of help unless family is down to gift you some money. sure, you can liquidate equity if you want to put down 20%. homes are staying on market longer and i doubt the value will increase significantly in the next 5 years. 3. you can try, but probably not. i think we paid 6-7% realtor/broker fee . 4. google it
6-7%?? I thought 3% was max?? And most realtors took 2-3%
You ain’t got enough bro
Can you elaborate? 600k-800k is 3-4X my base and I can always convert equity for down payment. Don’t tell me there are no apartments in that range 🤷