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re: what are your thoughts on Lakeview?
Posted on 7/25/14 at 12:32 pm to RollTheRock
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.
2
Posted on 7/25/14 at 12:33 pm to NOFOX
quote:
new money types with mortgages they cannot afford
That's the recipe for Sec 8!!
Posted on 7/25/14 at 12:33 pm to Clint Torres
No, not all geezers. Not early 20s either. It's a really nice area but you still have to drive to get to most of the hot parts of town. The streets are just freaking ridiculous. Horrible. 3rd world quality.
Posted on 7/25/14 at 12:34 pm to NOFOX
quote:Actually that would be ok. 200k salary is about 10-11k take home pay. So one would be fine here
$200k salary with a $900k house is probably not bright.
Posted on 7/25/14 at 12:34 pm to lsupride87
quote:
Yeh, apparently not only is the guy doing well(making 200k) but he is a hell of an investor turning 180k profit on his first house
I guess some young couples own $180k outright and can bank the sale money. But not anyone I ever knew.
Posted on 7/25/14 at 12:35 pm to arseinclarse
Everyday is Sunday in Kenilworth Lol
Posted on 7/25/14 at 12:36 pm to biglego
quote:Yeh but it is common remember? Making 200k at mid 30 and turning your first house for 180k is easy man
I guess some young couples own $180k outright and can bank the sale money. But not anyone I ever knew.
Posted on 7/25/14 at 12:36 pm to lsupride87
Not hard at all. Mid to late 30s. Bought $150k house at 24 or 25 on 15 year mortgage. House is almost paid for now and I assume if he is in the nola metro area the house has appreciated in value since he bought the property. Maybe I'm missing something?
Posted on 7/25/14 at 12:36 pm to lsupride87
Buying a million dollar home on a 200k salary seems like a pretty bad move. Lose your job and you'll go under quick
Posted on 7/25/14 at 12:37 pm to lsupride87
quote:
30 and turning your first house for 180k is easy man
It alot of areas of the country and def. in most of this state, most people's houses aren't worth $180K.
Posted on 7/25/14 at 12:38 pm to RollTheRock
quote:Yes
Maybe I'm missing something?
Posted on 7/25/14 at 12:39 pm to lsupride87
quote:
Yeh but it is common remember? Making 200k at mid 30
I'm talking about as a couple.
Posted on 7/25/14 at 12:39 pm to RollTheRock
quote:Yeh, that is the 91st percentile.
I'm talking about as a couple.
Posted on 7/25/14 at 12:40 pm to Clint Torres
Lakeview is Metairie, except with Orleans taxes and quality of public services. Lake Vista on the other hand is my dream.
Nope, and Lord knows I tried.
quote:
would prefer low to mid 300s. is it even possible to find a decent 3br/2ba in uptown for that kind of money?
Nope, and Lord knows I tried.
Posted on 7/25/14 at 12:41 pm to RollTheRock
since lakeview, mid city and other areas flooded, is insurance crazy there?
that was one of the reasons i was looking more uptown and bywater.. we are not hipsters but do appreciate music, food, booze, etc and bywater was dry during the storm..
that was one of the reasons i was looking more uptown and bywater.. we are not hipsters but do appreciate music, food, booze, etc and bywater was dry during the storm..
Posted on 7/25/14 at 12:43 pm to NOFOX
quote:
Edit: There are a lot of great young families in Lakeview (and several lame ones as well). Not mostly geizers.
My grandparents live there and are over 80 , and so are their immediate neighbors. But on their block there are also a bunch of elementary school kids. So it's a strange mix of people who have been living there since the houses were built, and the post-K yuppies.
Posted on 7/25/14 at 12:44 pm to Cold Cous Cous
quote:
But on their block there are also a bunch of elementary school kids. So it's a strange mix of people who have been living there since the houses were built, and the post-K yuppies.
would public schools even be an option for kids around here?
Posted on 7/25/14 at 12:45 pm to NOFOX
quote:
$200k salary with a $900k house is probably not bright.
I'd take out the probably and just say it's flat out dumb
Posted on 7/25/14 at 12:46 pm to lsupride87
quote:
Actually that would be ok. 200k salary is about 10-11k take home pay. So one would be fine here
I would not be comfortable in a $900k house with a $200k salary in New Orleans. Mortgage will be $3500/month. Homeowners insurance and taxes will be $2000/month. If you have to send a kid to school another $1000/month/kid. Increased auto insurance, utilities, groceries. Car payments, phone, miscelaneous bills, life/disability insurance (if not provided by company in suffiicent amount), maid, lawncare, pool maintenance. It all adds up.
You can make it work, but you are living a lot closer to pay check to pay check than you should and not saving nearly enough.
Posted on 7/25/14 at 12:47 pm to Clint Torres
I bet you can find a 3/2 in the Irish Channel for ~400k. Will need some work, though.
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