What's the income profile of people buying $3M properties in south bay?

Unfortunately there is some sense of social status associated with owning vs renting. In our school for example, home owners are seen as the ones footing the bill where as the renters are seen as the ones getting a free ride. Adults can ignore what other people think but teenagers can be sensitive. I don’t like that it happens but it’s still a fact.

You know, because land lord is doing a charity work by giving their units for free, right?

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:slight_smile: I understand what you are saying. I am just telling you what happens in the school.

I do. Although not with any single house. All my mortgages combined are well over that number. However, the combined effect is cash flow positive. That’s the wisdom behind growing assets beyond FIRE. Put all your debt into one giant mortgage is recipe for slaving at a 9-5 job until you retire at 65. (Lesson for @tomato)

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3M and 1.5M are pretty similar, only 50% less on monthly expenses. It’s not like you can buy a 500k house.

Ouch : ) I should make my total future mortgage amount > 6M to make up for a 3M house.

So what’s the best tip to @tomato? Rent a 3.5M house in Mountain View with the protection of Prop 10? Then buy 3 houses in non rent controlled city such as fremont. It’s still not enough to FIRE.

If he buys 10 houses in Austin, maybe.

@tomato already chose his battle. He needs to fight hard.

:+1:

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Buying 10 houses in austin - 10 300k houses? hanera can provide numbers if i can fire. I think i can pull that money (down payment, that is) regardless of what house i buy.

It’s more than a 50% difference because the first $750k of mortgage (or $1M if you bought pre-tax reform) is offset by the MID.

This is what 10k rent gets you:
https://www.zillow.com/homes/for_sale/19525841_zpid/3-_beds/37.396806,-122.066131,37.370003,-122.104626_rect/14_zm/1_fr/

Not a bad deal.

“Housing as a Service” HaaS. Obv your school doesn’t have a lot of cool SWE’s.

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You can offer $7500 instead. 10k asking might be too rich

You need to tell how much monthly net income you need to FIRE

7500 is unlikely. i know of a place that sold for 3m was renting for about 6500, in mtv. This is los altos, house seems in better condition.

10k rent is equivalent to payment for a 2M mortgage. May as well buy a 2.5M house

Monthly income 30k can’t afford the 3M mortgage.

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Run the numbers?

I would not consider to get a 2.6M unless monthly gross is 50k. It would be really tight otherwise. Too much stress for a big mortgage in addition to the stresss earning a high salary.

It’s better to have low housing cost so that you don’t really care about job security.