Maybe it was a bad assumption on my part. I assumed he was presently in a home that he could sell. Take the profit on that sale to put down on the new house (that's the $180k you mentioned). Then if he and his wife made 200k a year (maybe even less) they could swing a 900k home.

This post was edited on 7/25/14 at 12:27 pm

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Posted by lsupride87

Member since Dec 2007

96618 posts

Posted on 7/25/14 at 12:27 pm to RollTheRock

quote:
Then if he and his wife made 200k a year

Once again, reality, you need to find it. You are talking about the 91st percentile.

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Posted by Winkface

Member since Jul 2010

34377 posts

Posted on 7/25/14 at 12:28 pm to RollTheRock

You're either young or your family is $$$$$$$$.

You may be one of the few, very few people that hit the jackpot with some business idea at a young age but no, you still need some sense of reality to do that.

This post was edited on 7/25/14 at 12:31 pm

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Posted by biglego

Ask your mom where I been

Member since Nov 2007

76753 posts

Posted on 7/25/14 at 12:31 pm to RollTheRock

quote:
Take the profit on that sale to put down on the new house (that's the $180k you mentioned

Solid

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Posted by NOFOX

New Orleans

Member since Jan 2014

9963 posts

Posted on 7/25/14 at 12:32 pm to RollTheRock

quote:
Maybe it was a bad assumption on my part. I assumed he was presently in a home that he could sell. Take the profit on that sale to put down on the new house (that's the $180k you mentioned). Then if he and his wife made 200k a year (maybe even less) they could swing a 900k home.

This mindset is what gets people in trouble. Getting the most expensive house you can technically geta loan for is not the wisest decision. $200k salary with a $900k house is probably not bright.

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