Recession, home ownership & H-1B
This is precisely the reason why I refuse to purchase a house on a visa. An economic downturn (common in 2 of 10 years historically) brings down asset prices (ie house price), puts your job at risk (along with your ability to stay in the US and your US income) which leaves you at a high risk of having to sell your house at a loss if youâre unable to keep up the mortgage payments until the market recovers. What are fellow H-1B holders of Blind doing in this scenario? TC: $143k TIA
Have a higher emergency fund if youâre on H-1B
Buy within your means and maintain a buffer of atleast 12 months payments on CDs
so down payment + 12 months worth of mortgage/insurance/tax payments in CDs. the opportunity cost of that is very high. I donât think thatâs worth it tbh.
If ur on H1B then donât buy now . The time to buy was last year
Iâm never buying on H-1B. I donât care if it would increase my NW, I cannot stand that kind of pressure!
Your entire premise is wrong here. If you are on eb2/3 - youâll likely be on visa forever and rent. Itâs about buying within your resources and as with any investment, real estate also comes with a bit of risk. Having a emergency stash to pay for mortgage helps and worse case you can figure out other options.
Being on rent and being able to leave at the drop of a hat sounds great when theyâd never give me a GC!
Cool story.
Donât buy 2-3MM homes and donât buy meme stocks. Stop worrying and DCA on index funds. Stop thinking YOLO. Stay sane and donât compare and listen to online machos. Stay disciplined and be a better version of yourself each day. Remember how the tortoise đ˘ won and not that asshole rabbit đ
Feeling really depressed cause I didn't buy a home last year, been going crazy thinking about the missed opportunity. Although I still don't know the place I'd want to commit to!
Thanks, I guess the key is to take some time and look at ones growth over the years and not get disheartened by ppl around buying homes etc. Just one of those days I'm feeling stress and really low. Thanks for your comment, it helped
Risk == Reward. Also living in your own house with yard/pool and watching your family grow is an experience of its own.
Doing the same thing. Wonât buy unless I have enough.
Thank god I donât listen to advice from such people. Just pocketed $300K from the house I sold on h1
Emergency stash