How does someone buy a 2M+ house in their 20’s just a few years out of grad school?

[Anonymous]

Bar Mitz money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Parents gave them a downpayment and they make a lot, like $250-$400K+ - dual income, but it really depends on how much DP they got as a gift from the parents. Gotta get the mortgage before the kids come and mom goes part time.

They only have a single income and her husband works a government or contracting type job. So it’s weird. Idk how someone makes that much with only a few years work experience and in a government role

Maybe dealing drug on the side?

[Anonymous]

Only Fans

[Anonymous]

Parents and grandparents money. Generational wealth transfer is here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Most likely family money. DH and I bought a nice home 3 years out of law/grad school. Neither of us has student loan debt, and we had typical big law/business salaries, so it was easy to save a good-sized down payment in 3 years.

Partly this, partly family money.

Because yes, if you graduate without student loan debt and are making $200K+ each, you can choose to live off $150K and aggressively save the rest for 2-3 years and have $600K+ as a downpayment without any "family money" other than no student loan debt. And most likely someone who has no loan debt from law/medical school will also get some help with a downpayment.

But yes, if your income is $400K+, you have $600K+ as a downpayment, it is possible to buy a $2M home all on your own.

Those figures are a bit low for 6.5% interest rates. Now you’d need 400k hhi/1M down or 600k hhi/600k down

Or maybe the "family money" just paid cash for the house. Since they only have 1 government worker, this would be my guess.

[Anonymous]

Anonymous wrote:Parents and grandparents money. Generational wealth transfer is here.

+1 We just sold our house to a young couple whose $1.5 mn all cash offer came nearly entirely from one of their parents (the couple put in 75k).

[Anonymous]

Two lawyers in big law can do this with 5-10% down if they don’t have significant student loans. Their household income could be 800k/yr, and they could have 100-200k saved.

[Anonymous]

Anonymous wrote:Two lawyers in big law can do this with 5-10% down if they don’t have significant student loans. Their household income could be 800k/yr, and they could have 100-200k saved.

Not at that young.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Two lawyers in big law can do this with 5-10% down if they don’t have significant student loans. Their household income could be 800k/yr, and they could have 100-200k saved.

Not at that young.

4th-year big law associate salaries are $310k base, so it's possible you have two people with zero student loan debt who both graduated law school at 25 and can afford a $2m house at 29 without parental assistance (and we are overlooking the fact that their parents may have paid for law school).

[Anonymous]

Anonymous wrote:

Anonymous wrote:Two lawyers in big law can do this with 5-10% down if they don’t have significant student loans. Their household income could be 800k/yr, and they could have 100-200k saved.

Not at that young.

Total comp for a fourth year is 405k. So they definitely could.

https://www.biglawinvestor.com/biglaw-salary-scale/

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Two lawyers in big law can do this with 5-10% down if they don’t have significant student loans. Their household income could be 800k/yr, and they could have 100-200k saved.

Not at that young.

4th-year big law associate salaries are $310k base, so it's possible you have two people with zero student loan debt who both graduated law school at 25 and can afford a $2m house at 29 without parental assistance (and we are overlooking the fact that their parents may have paid for law school).

My spouse and I graduated from the T14 where we met with zero debt and zero parental contributions. Not common but not insanely rare either.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Two lawyers in big law can do this with 5-10% down if they don’t have significant student loans. Their household income could be 800k/yr, and they could have 100-200k saved.

Not at that young.

4th-year big law associate salaries are $310k base, so it's possible you have two people with zero student loan debt who both graduated law school at 25 and can afford a $2m house at 29 without parental assistance (and we are overlooking the fact that their parents may have paid for law school).

My spouse and I graduated from the T14 where we met with zero debt and zero parental contributions. Not common but not insanely rare either.

How I envy people who don’t have to pay for their law school.

[Anonymous]

No student debt.
Also possible they mortgaged it to the hilt. Which is a bad idea.

[Anonymous]

Don’t be jealous. Just imagine how beholden you’d be to your in-laws for such economic subsidy.

They’d have a key and let themselves I.

[Anonymous]

You can rely on the old man's money.