I was wondering if you people are able to easily buy houses when you work in tech for GAFAM. I live in Tel Aviv, Israel, and impossible to buy a 4 room appartement. Price have gone crazy, and it has reached 20k USD per meter square. In addition, in Israel, GAFAM are low-balling us claiming "life in Israel is cheaper than in the Bay or NY". As an exemple, Meta pays here roughly 300-350k for E5 when it is mostly the double in the US. YOE: 8 (+ PhD) TC: About 420k, can be more depending on the shekel/USD and if amazon stock goes up #housing #GAFAM #sanfrancisco #new york
I own more than one building in NYC. Bought my first when I made ~135k. Just have to be creative with financing.
Care to explain?
With FHA mortgages you can buy with 3.5% down. Look for distressed properties, buy with 3.5% down, finance renovations using a 203k, then refinance with a new valuation to cancel PMI. Works great with multifam properties- I get paid to live in my house. The challenge is the “100 mile rule” for FHA, if you want to do this more than once you’ll need to justify to HUD why you need a new primary residence in the same city. Also, rental income does not count as income when qualifying for FHA (computing debt:income) so if you want to buy multiple multifam this way you’ll need a massive income. Or do this once or twice, cashout refi and then grow with traditional mortgages.
Yes
What are the mortgage interest rates and property taxes in Tel Aviv? Here property taxes are about 1.2% of purchase price which itself can be pretty significant. But in California this rate does not go up much after you buy
Mortgage Interest rate are around 2.5%, property taxes around 3%, but only when you buy, then you do not have to pay
Does that mean you pay a 3% property transfer tax, and then you have no yearly property tax forever?
Inb4 “you’re wrong I’m in a perfect society!“
"wE owNeD It 2000000 yEaRsSs aGoO"
Of course housing is expensive in Israel. Even GOD hasn’t been able to settle the 2000 year old real estate dispute. 😆
Yes they do , seeing offers being made daily 300 to 400k above asking .
I won’t say it’s easy , but it’s doable with 2 incones, some compromises on the first house.
Got in early
In ny its possible, as most live in suburbs of ny and in nj and commute in via trains.
So who actually lives in NYC?
Super rich who live in luxury condos and super poor who live in public housing live in NYC. Also don’t forget homeless people all manage to survive in NYC