There's nowhere that will have higher prices in 2 years.

Prices don't bottom out, good for me. Prices bottom out, just gonna buy another house, maybe a couple more rentals, also good for me.

Yeah so you're either getting ahead of yourself with this posting on the internet and it's actually your first year in this range -- I'd hope anyways based on your lack of savings -- or you don't make what you claim. No way have you been making this for even 2 years and aren't capable of getting a $1.7m mortgage, but you're here going on about your $37.5k/month income

Sounds like either larping or you're in a new position, are not at all humble, and are extrapolating

I had in mind a city like Detroit, where you could buy a house for a few cartons of cigarettes before the pandemic. Or rural areas where the average person's monthly car payment is higher than the average mortgage payment. They might have higher prices in 2 years. I do LOL at these threads though. There's a blurry line between the cope and delusion. It's not much different than people being unable to see a dead cat bounce in the stock market for what it is.

Or just not understand real estate at all

We have 2-3 years before prices bottom out. Unless recession hits hard in early 2023, then they bottom out slightly sooner.

But you haven’t, because you didn’t lmao

Keep larping ****git

dont want to get doxxed so not sharing the actual listing, but this the house(looked it up). I was mistaken they bought for 250k, got over 100k underwater immediately after the crisis, and took until 2018 to get to what they paid for it. brother wasnt making that much money so be even 20-40k underwater was a big deal to him. hes now in a much better financial position, but also need to remember post 2008 a lot of people were really struggling to get high paying jobs across the country that werent already very established in their careers.

the rental market on the property wasnt high enough to pay this mortgage he owned after the crash

he made a huge mistake buying at peak of the market. he said he felt like prices were just going up and up and felt like he was going to get priced out forever (which ironically is what people were saying past 2 years again....)

first year at this range. I get raped on taxes so not sure how even two years of 450k makes buying a 1.7mm home easy (when half the income is bonus).

plus, Im not too keen at throwing a ton of my net worth into a 1.7mm home that might be worth 1.4mm in two years.

denial is the admission of defeat


cheers =)

I actually believe this dude. A $1.7M mortgage is a lot for conservative dudes. I believe hes talking about $37k per month pre tax and other take outs like investment accounts etc.....so take home probably isnt all that much.

I havent even looked at the details or your post but at first blush at the numbers in your "example" that is nowhere near $200k under water. Are you telling me that at one point this example condo was going for $$86k in a "desirable" place in New Jersey?

Ahhh ok just read your post....yes you were mistaken on the numbers....got it. I have a decent sense to look at a few numbers and know when I smell something is off/wrong.

Second edit....if $20k was a "lot of money to him" what was he doing buying a $285k condo in the first place?

Been looking to upgrade for awhile. Market is still pretty got in my area due to listings shortage. There may not be a ton of buyers but there are even less things listed so those that hit market are still selling quick and over value.Please elaborate on this seemingly moronic statement.

That guy is either a complete troll, an idiot or both. Think about it....nobody with a proper real estate portfolio tries to time the market like this. I dont even do this with stocks. So if you have XX properties, its typically net positive in the long run. If you are trying to time the market for 1 property sure it can be done. But i can do that with a few shekels in the stock market too but nobody is claiming to be Rockefeller by making those small time moves and its certainly nothing to really brag about.

It's a big number but not even 4x his claimed income, which feels pretty reasonable on the home affordability scale. My first house was more like 5x gross annual household income (on paper), and we ended up doing extra payments along the way

coping broke rentcels still at it, get to work rents due in 11 days and don't forget the mandatory 40% tip

On smaller incomes it makes sense to have to go 4-5x. As income gets bigger, those numbers shouldnt scale linearly unless you are keeping up with the jones. I prefer to live comfortably and to be able to decline any deal I dont want to deal with at any time vs buying bigger homes and having to continue to have to work. On a $450k income I was putting at least $100k into qualified and non qualified accounts for investment purposes. Then you pay taxes. Then real estate tax on $2M in texas is $60k annually so thats about $5k a month on top of your mortgage which makes you in on your house about $20k a month before you even put any food on the table.

Additionally, he claims to be in finance in new york. Thats not an outrageous salary for a professional in that field. But you arent buying a pimp penthouse in Manhattan for that kind of money. So everything is relative. Im sure this dude has to commute in or lives in a small place where the toilet and the kitchen sink are within 30 walking steps apart from each other.