Lurker > Dan_Haren-

$60 is pretty cheap for a house.

I've always been into MILFs

I literally evaluated and considered every possible factor I could think of. I discussed the decision for hours on end with my most trusted people whose opinions I actually value. This was the most complex and toughest decision of my life. Since a day before I made this topic I could not sleep up until last night. I've been sleeping for 4 hours at a time then waking up at like 3am unable to fall back asleep cuz my mind would be racing with pros and cons and I flipped back and fourth all the time.

Now as the days go on I feel better and better and I went from being extremely nervous to very excited and can't wait to move.

I intend to live in this house forever. So I don't care if i'm buying slightly high. I might be overpaying by like 30k but fuck it because that is what it took to secure our dream home. And over the time frame that we'll own, the price will go up, inevitably.

Nor cal > so cal

Obama should tell her to fuck off.

5000 sqft house
lot is about 0.75 acre

Which city

Zikten posted...

I didn't know we had millionaires on CE

Technically I'll be 2 million dollars in debt if you include my student loans.

In 25 years (by the time I'm 58) the homes value is estimated to be 5.7 million, and my student loans will be paid off.

Theres so many factors going into this but it all comes down to investments:
-I'm investing in my kids future by moving to the area with the best schools
-I'm investing in my kids future by moving to a house where we will build endless memories. Our house will be the go-to chill spot for family and friends
-I'm investing in the property itself, as per my above statement with its estimated future value
-I'm making my budget very tight for the time being, but, again I'm trading dollars for real estate in a top-tier area with long-term plans, and thats never a bad investment

Personal size that you wear as a backpack fitted to your weight, that allows you to fly. Or even a hot air balloon type of thing.

The rate had me nervous too but lender juts texted me saying I have 5.5% locked now for a 30 year fixed.

I've been searching him up and for years physicians have raved about how good he is to work with. I'm in a part of a few physician groups on facebook and I peripherally follow reddit, but his name has been mentioned several times over the years with only good things. So I got lucky. I mean I got offered 7.0% 7/6 ARM from another lender, like gtfo. Broker came up with 6.5% at best on a 7 year ARM, again, GTFO. Credit Union guy was the only competitive offer at 5.75% fixed last friday. But these change daily.

I also hate when lenders try to push me into the 7 year ARM saying its inevitable that rates will decline and I'm set. Like stfu dude. You can ask anyone and they'll say the same thing but at the end of the day you juts never know. Theres a certain risk spread you have to calculate for yourself. I don't need a lecture bout that from a lender. This dude didn't lecture me one bit, just said it how it is.

This is exciting yet so damn nerve wracking.

The_Critic posted...

8 year olds suck at lawn maintenance. By about 13 kids start getting ok at it.

I see. I also don't want him doing too much of this kind of shit in highschool. HS is busy enough these days, you're swamped with homework, studying, and extracurriculars, and when you get free time you want to enjoy it with your friends, video games, or whatever else.

Spoke with lender again, its 5.5% for 30 year fixed, 10% down, no pre-payment penalty. This is pretty much the best anyone can get I think. I shopped around alot, called several lenders, even had a broker shop around. The average rates I was getting were ~6.5. There were 2 that were in the mid 5s, and this one was the lesser of the 2, most responsive lender, least pushy, straight to the point no fluff or BS.

Once he's old enough, he can do the yard maintanence like mowing the lawn, trimming hedges, pulling weeds as well as pool maintanence. I'll pay him a bit above market average. Open a roth IRA for him and match everything into his roth. Not sure when he'll be old enough to do it, maybe 8 or 10 years old? But imagine he does that for like 5 years, He'll have like 50k ish deposited into his roth ira by then. By the time he's 60 it'll be like >5 mil in retirement from compound interest of that alone, adjusted for inflation it'll be like 1.5 mil in todays dollar.

We slightly overpaid but we intent to live here forever, literally. By the time I'm 64 it will be paid off. I'll just be paying property tax on it, and california prop 13 restricts how much property tax goes up by every year. So over that timespan I'll be paying jack and the value of the house will be multi-millions.

Seems like interest rates have peaked or near peak. In the next few years, maybe 3-4 years or so I'm hoping interest rates will be in the 3s at which point I'll refinance. My salary also goes up significantly at that time. And the 3rd factor that helps me is trumps tax plan expires. If they eliminate certain things like salt cap, mortgage interest deduction cap, then our payment shrinks and our home value skyrockets.

Razor posted...

Good for you, sounds pretty sweet

I'm super nervous and been on the fence about it all day. I've been going back and fourth. Talked to all the people I trust most in life for major life decisions, other than wife it was my dad, brother in law, and 2 of my best friends. The consensus opinion was if we love the house and we can make it work financially then go for it.

TendoDRM posted...

What was your down payment and interest rate like?

Lender gave me 5.5% interest rate 30-yr fixed with 10% down (physicians loan, prime jumbo. Physicians loan = lower down payment with no PMI and they don't really factor in student loans as debt)

Thx! I'm nervous. This is the biggest decision I've ever made.

They accepted the offer.

To respond to the above posts...

Bay area is on another level compared to any other places in northern cali. In greater Sacramento even the nicest areas, you can get a shit ton more land and nicer houses and that's what I'm going for, while still maintaining the perks of top tier schools and low crime neighborhoods.

Sariana21 posted...

so many sales falling out of escrow lately.

I've noticed this too what's the deal with that?

Trumpo posted...

What do you do for a living?

Physician

Today is the day we find out if they accept or not

Sariana21 posted...

Trying to figure out where that is

Granite bay

its a dream house in THE most expensive areas in northern california outside of the bay area.

We'll see how it goes....

hopefully they take it

im nervous

radical_rhino posted...

Your mortgage will stay the same while you and your wifes salary will generally increase. It will only get easier to pay for monthly expenses as long as you both stay employed.
Not sure why youre bringing up refinancing when there isnt an indication that interest rates will be lower than they are now anytime in the next 10 years.

Im not sure youve properly thought through childcare expenses. Daycare is HUGELY expensive. If your wife works part time, does she even make more than what daycare for 2 kids would cost? If shes going to work, requiring you to pay for daycare, then ideally shed be working full-time.

Obviously it would be better to have a cheaper home, but thats not really the world we live in.

Right now we utilize her parents alot for childcare. They live like 45 min away and they'll come over on days that she works. We have a babysitter who will fill in for 4-5 hour chunks at a time as well randomly and she's pretty cheap. She'll probably continue part time forever tbh but just pick up shifts as needed.

And I disagree on rates not decreasing. Historically these may not be high but times have changed, banks may have issues if rates go higher, we're seeing cracks in the system already. I'm not sure if it can sustain like this.

[LFAQs-redacted-quote]


18 months, and potentially only 12 months, away not 3 years away.

I mean I can still save 15-20% of my take-home as a worst case scenario. And if my wife does that travel assignment as a nurse which lasts 2 months, then we have our cushion for major unexpected expenses.

sauceje posted...

18 months is a long time to wait for a raise. Many, many things can happen in the meantime that may make the company decide not to give you such a raise.

While this is very true, I've already talked to many of the partners and its pretty much a lock that I'll become a partner at that time, and thats how my salary will increase. Plus I know my value to them and its well worth it for them. Objectively speaking they would be stupid to not offer partnership to me. I don't want to get into details so I'll keep things extra vague but I've been instrumental for them in starting up a huge project that is going to ultimately carry them to alot of success and no one is more knowledgeable about this project than me in this entire group. One of the senior guys said they may even make an exception and offer early partnership to me about 6 months before my contract is even up.

VHCOL area.

Mortage + property tax + home insurance + bills + home maintanence expenses will end up being 60% of my take-home pay (Not including wife's income)
Student loans will be 15% of my take-home pay.
My usual credit card (gas, my own food, etc and willy nilly spending) is about 5% of my take home pay

That leaves me 20% to save.
Wife works part-time so all of her paycheck will go towards groceries, kids expenses, and her own expenses.

Honestly, it'll be a bit tight but in about 18 months I get a 35% raise. At that point I calculate my savings to be about 30% of my take home, the home expenses should to 45% of my take home.

And if I refinance in the future, my "home expenses" drops to about 37% of my take-home with the mortgage alone being about 30% of take home.

So I'll be living tight for a few years but I'm only 33. I'm sacrificing a few years of investing (dollar-cost-averaging into index funds) for owning a dream home that we'll raise our family in and live in for the rest of our lives. We don't ever anticipating moving, like literally, its an amazing house.

Just typing this all our to organizing my thoughts. I've been doing this verbally with family and friends just to see if going over it again may make me think of some new factor that pushes me in either direction. I've been on the fence about whether I should pull the trigger.

Guy had a 45 min conversation with me and made this whole spiel about how they like to be personal and get to know their clients and are always there for their clients. Yea no thanks. He offered me 7% 7y ARM. The next lender was short, to the point, answered my exact questions, wasn't pestering, didn't ask bullshit questions only what he needed, and he offered a 5.375 7yr ARM. Damn.

For "status updates" and "See what I'm thinking" "just making sure you dont have any questions"

Then when I responded back that I found 2 other lenders that are offering much better rates with actual numbers, he hasn't responded now in a week.

Breh I'm

Had 1 cheat day total in 2 weeks.

Lost 6 lbs in 2 weeks, from 183 to 177. Although 183 was probably a bit up from my baseline cuz it came right after a bachelor party weekend so prolly had alot of water weight.

By the calculations of my calories I should've lost about 4 lbs. The rest was probably water weight.

Anyways, still feeling highly motivates with minimal cravings.

Just waiting for some official lender quotes today to determine an exact budget.

House is 100k above our max price. The question is how much we should push it. If it's the perfect house, our dream house, where we would be for minimum 20 years until kids go to college. Our salaries increase next summer, and we can always refinance when rates r lower. We can make it work but it just hurts our savings for the next 2 years until our salaries go up and until we can refinance. Once those things happen then we're set on cruise control and comfortable.

Topic

UnfairRepresent posted...

Its confirmed DVT

Clot in my lungs

Good news is they caught it early
bad news is its likely to never go away, gonna be on blood thinners for along time. possibly forever

I can't speak to what your scan looks like - chronic clots don't go away and stay for a long time, fresh clots definitely do break up. The blood thinner doesn't break up the clot, it just ensures that the clots stay stable and don't get bigger, meanwhile your body's natural blood thinning properties slowly chip away at the clot breaking it down. It can take several weeks for it to go away, but fresh clots can and do go away.

But yea if you're young, healthy, no bleeding issues, and they can't figure out why these clots happened, then you'll be on it life-long. Reason being that if you had it once, then you're at higher risk of getting it again. If your clot had no inciting factor, I think its something like 10% in the first year and 30% chance within 5 years of getting another clot if you were to stop the blood thinner.

I treat these for a living.

I think the value will more or less hold over the years. These high end cities at these prices don't drop with recession. Only a small drop due to interest rates which I think are close to peak.

Vegy posted...

How many acres is it sitting on

~1.3
3 bed 3 bath, with a standalone room +bath for guests.
Pool
Ton of living room space

It's the nicest city in nor cal outside of the bay area IMO. And when you factor in lot size, I'd place it close to #1 best city. Bay area won't get you the acreage.

It's 1.6 million

I'm seeing 2019 TRD pros still going for 40k+ wtf

Ruvan22 posted...

What kind of business did he start/run?

I think ACs or pools or something like that...hvac

ThePrinceFish posted...

what do you mean these people

Southerners

I have even less empathy for these people.

Most stereotypes are true.

This is CE, discussions don't need a purpose, and even if you try to have a point or purpose, it gets completely lost in banter.

He's in his 50s with 3 kids. Recently got a divorce and the story was that she was a *****. But just found out today he had a girlfriend on the side. He's actually loaded, started his own business that became very successful. He felt bad and let her have the house and alot of his money so it could pay for the kids college, house payments, etc. Apparently now each of the kids has a tesla and the wife is taking them on extravagant vacations, smh.

Warriors beat the Bucks in the finals

And

niners win the Superbowl

If these happen I win 225k, no cap.

you mean Trillionaire Tate

But gamefaqs won't let me