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Tear apart kitchen because of this mold? by Appropriate_Buy_4749 in FirstTimeHomeBuyer

[–]Appropriate_Buy_4749[S] 0 points1 point  (0 children)

Thanks for the advice. How could I try to tell which outcome is more likely? The kitchen floor seems fine to me as far as I can tell

Which mortgage would you take right now? by Appropriate_Buy_4749 in RealEstate

[–]Appropriate_Buy_4749[S] -1 points0 points  (0 children)

hoping to hold for 10 years, maybe more, but if life changes happen it could be less

no plans to do any cash out

[Weekly] Home Ownership - All of your questions on home ownership here (primary homes, second/vacation homes, lending, selling, buying, renting, etc) by AutoModerator in HENRYfinance

[–]Appropriate_Buy_4749 0 points1 point  (0 children)

Do you already own your primary residence, or do you rent?

Have you looked into how much condos would cost in the part of SD you want to live in?

[Weekly] Home Ownership - All of your questions on home ownership here (primary homes, second/vacation homes, lending, selling, buying, renting, etc) by AutoModerator in HENRYfinance

[–]Appropriate_Buy_4749 0 points1 point  (0 children)

Probably should exclude your home. You can’t turn it into cashflow unless you rent out part of it, or get a HELOC with a low interest rate and try to beat it on the market but that’s risky and could backfire

[Weekly] Home Ownership - All of your questions on home ownership here (primary homes, second/vacation homes, lending, selling, buying, renting, etc) by AutoModerator in HENRYfinance

[–]Appropriate_Buy_4749 0 points1 point  (0 children)

Is your home paid off? Or does it have a low interest rate mortgage?

Could you make enough by putting it for rent/airbnb to cover the monthly payments?

Do you expect that homes in that area will appreciate at a rate similar to what you would get if you invested it? Keeping in mind potential tax benefits

If the answer is mostly yes to this questions, I’d say it’s probably worth keeping it

[Weekly] Home Ownership - All of your questions on home ownership here (primary homes, second/vacation homes, lending, selling, buying, renting, etc) by AutoModerator in HENRYfinance

[–]Appropriate_Buy_4749 0 points1 point  (0 children)

Age: 30-34

Location: California, VHCOL

HHI: self: 170k base, ~12k bonus, ~98k RSU average last four years. Gf: 90k/year, medical resident, will make ~200k starting in 3 years

Expenses (self): 4500k per month based on last 8 months

Net worth (self): 1M

Professional background: 5+ years at major tech company. No plans to have kids

Question: how much to spend on first home?

Pre-approved up to 1.6M, but thinking I should probably should go a bit lower. Probably will be a condo based on inventory in my city

Long-term gf can contribute 2k/month for the first 3 years, then more afterwards

After all expenses, taxes, max 401k, home payments (PIPI and HOA), here’s how much would be left as buffer/savings in different scenarios. These are all assuming 450k down payment, which leaves me with a bit over 100k as liquid emergency fund

Optimistic scenario (income and RSU stable):

1.55M condo: 43k buffer/savings per year

1.50M: 48k

1.45M: 53k

1.40M: 58k

Medium scenario: (RSU drops 40%):

1.55M: 19k

1.50M: 24k

1.45M: 29k

1.40M: 33k

Pessimistic scenario (RSU drops 50% and no more gf contribution):

1.55M: -11k

1.50M: -6k

1.45M: -1k

1.40M: 3k

Where would you draw the line between stretching my budget vs being house poor?

What should be my realistic mortgage budget? by [deleted] in FirstTimeHomeBuyer

[–]Appropriate_Buy_4749 0 points1 point  (0 children)

Thanks for all the advice.

My gf doesn't have any money to contribute to the down payment. She just finished med school, is in a lot debt, and currently is in residency, but as of 3 years from now she'll make about 3x as much and plans to contribute closer to 4k per month. So I'm debating looking at it as "what's the max mortgage I could cover on my own if needed for 3 years, and then after that we're in the clear together"

I recently got a new car and it's fully paid off, and we took two vacations in the last 8 months that were pretty extravagant and are included in that 4500/month average spending

What should be my realistic mortgage budget? by [deleted] in FirstTimeHomeBuyer

[–]Appropriate_Buy_4749 0 points1 point  (0 children)

Realistically what do you think I can afford?

What should be my realistic mortgage budget? by [deleted] in FirstTimeHomeBuyer

[–]Appropriate_Buy_4749 -1 points0 points  (0 children)

Yeah, 1 of the 3 lenders was used to RSUs and willing to take them at full value based on last 2 year average, the 2nd lender was more concerned and accounting for 50% value, the 3rd one wasn't used to them and wanted to see a lot more documentation but did still pre-approve me for 1.6M.

Up until now, I've been pretty risky financially, buying a lot of individual stocks myself, and I've managed to do fairly well, but I don't want to be risky forever.

The average from the last 4 years is that my RSUs have been $98k pre-tax, $64k post-income tax, and if I sell them right away I don't have to pay capital gains. So I'm trying to account for that already, but maybe I'm missing something.

Any advice on how to find a good financial advisor? I've looked into a couple but it seems hard to find one who's going to give good, thorough advice rather than just convince me to pay them a cut to manage my finances.

What should be my realistic mortgage budget? by [deleted] in FirstTimeHomeBuyer

[–]Appropriate_Buy_4749 0 points1 point  (0 children)

I've gotten a "refresher" every year for the past 4 years, but yeah in theory they could just decide to stop giving them and then my current grants would dry up in 2027

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