Agree. A gross, fake humblebrag. I can't believe people make threads like this. I especially like the post about him mailing bank statements or whatever to the mods. What? LOL.
Its anonymous, how can it be a humble brag? Its a good thread, it shows how different situations can be at the extremes. As someone astutely pointed out earlier, this dude is getting taxed at a rate 90% of the folks on this thread cant imagine. He is taking home half at best of that 450. NY tax is out of this world. And he just started making that 450. Completely adds up that he would have difficulty in that situation and in a very expensive housing market. Its nuts right now. The numbers add up. Coming up with 200-300K down payment alone is tough. Everything he has said makes sense.
Plenty of the market dynamics make sense and the comp.
What doesn’t make sense is a person well schooled in finance can’t figure out how to secure a loan that comes across as all cash so the buyer takes no risk, then converts into a mortgage. These are easy products to find and are used all the time by high income, low cash balance buyers. After months of failure a serious person would have done the legwork.
Even if he’s a troll, everyone else in a similar situation should know about it.
Right. You're intelligent enough to make $450,000, yet you start idiotic threads.
Im not trolling. I have tried buying homes above my comfort zone in price, far below so I can bid way above....every time I've had a cash buyer appear and kill the deal.
the only way I can buy a home is buy all cash (and sub 500k homes here are truly awful).
I am forced to rent until these all cash buyers dissapear or I save up more.
You should rent until these all cash buyers disappear or save up more.
I live in a MCOL midwest city---bought a home 2 years ago for 750k---annual salary 475k a year. It sucks seeing a mortgage/tax payment each month for $4600--then the landscapers and all the maintenance which is around 1-2k/ month average. Feels like i spent too much on a home even tho i bring in 25k/month after taxes and retirement etc. However I think you are stuck. Do you have a lot in retirement in which you could be house poor and pay up for $1.5 million home? That might be your only option otherwise move.
If you make the salary you claim, that means you earn probably 30k/month after tax which is just a guess off the top of my head.
If you had 2 months of your annual salary you could easily put a down payment on a home and find a mortgage. You know you could buy a home but you don't want to for whatever reasons.
and I easily saved a down payment for a mortgage. the issue is that Im getting outbid by people who dont need mortgages (all cash buyers). never knew there was this many rich people.
Oftentimes, people will make a cash offer and buy the house to eliminate the hassle/extra time to close. Then take out a mortgage after they buy the property. Its not that they don't have/need a mortgage, its that they don't use it for the purchase.
Congrats to Jamin! It's been a long road but he's now a homeowner. Pile in here and let's congratulate our guy!(Mods, this is legit LRC news please don't delete)
You’re an investment banker and can’t figure out alternative financing where you present an all cash bid?
Or did you mean you’re an investment baker?
these all cash financing option providers cost up to 1-2% of the transaction price.
not excited about paying fee after fee to third parties like this.
So the alternative is to have to bid 10%+ or more over asking to beat all cash offers? I see you have failed to realize that 1% < 10% and now are doing nothing but complain online.
Hey, OP here. Thought I'd make an update. Finally was able to buy a home this month in the Ridgewood/HoHoKus area in NJ.
Was the 10th bidding war I got into in the last year, and finally won.
Most stressful time of my life with kids in a tiny apartment going crazy and my wife completely overwhelmed with the process.
We tried renting a larger home months ago (gave up on trying to buy), and the landlord tried to get us to "give my best and final " on the rental rate I would pay (i.e. a rental bidding war). Couldn't even rent a damn home around here!
Feel like I got a home I can live in for a long time. Anyways, most of you think I was trolling (as how could someone at my income level ever possibly have issues buying a home), but it was very true!
Anything below 1.2 in my area is either totally tiny/cramped / needs a TON of work, has a failing school district, or requires over an hour commute. I decided to settle, found a home far away that I wasn't crazy about but seemed fine and again an ALL CASH BUYER appeared.
You don't seem to understand the concept of "settling."
Hey, OP here. Thought I'd make an update. Finally was able to buy a home this month in the Ridgewood/HoHoKus area in NJ.
Was the 10th bidding war I got into in the last year, and finally won.
Most stressful time of my life with kids in a tiny apartment going crazy and my wife completely overwhelmed with the process.
We tried renting a larger home months ago (gave up on trying to buy), and the landlord tried to get us to "give my best and final " on the rental rate I would pay (i.e. a rental bidding war). Couldn't even rent a damn home around here!
Feel like I got a home I can live in for a long time. Anyways, most of you think I was trolling (as how could someone at my income level ever possibly have issues buying a home), but it was very true!
Sounds as though you've had a wonderfully stress-free life.
I suspect that at least part of the reason some people thought you were "trolling" was that the truly depressing alternative was to believe that you weren't.
I've drifted around the American class system enough to believe that you are telling the truth as you understand it -- even the ironic little bit about a highly paid investment banker grousing about a 1-2% alternative financing fee. I imagine that the next chapter of the story will be about the stresses of working with designers and the costs of furniture and Persian rugs.