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

[Anonymous]

Yep. Not common but possible. Dual income, bought 2M at 30. One of us in biglaw, the other is a fed. No outstanding loans, went to law school with half scholarship, part loans (40k), part family help (of about 80k total). Put 10% down of our own money with no PMI and got 1% off the interest rate due to firm relationship with private 1bank lender (which is standard). Biglaw salary has also been above market for several years in a row due to hours worked as well. At my firm, you don’t need to make partner to stay. We have many 15+ year associates. Your salary plateaus at 600kish but that’s certainly nothing to scoff at.

[Anonymous]

All these braggers on here are in such a rush to brag that they didn’t even read the part where OP says it’s a one income family and the wage earner works for the government.

[Anonymous]

Anonymous wrote:All these braggers on here are in such a rush to brag that they didn’t even read the part where OP says it’s a one income family and the wage earner works for the government.

OP asked how anyone could do it and didn't reveal until several posts later that it's a one-income "maybe government contractor" household.

[Anonymous]

Anonymous wrote:All these braggers on here are in such a rush to brag that they didn’t even read the part where OP says it’s a one income family and the wage earner works for the government.

Thank you. And I bet they have some minor help they aren't disclosing as well. I mean it would make more sense to say I made millions on only fans than some of these scenarios.

[Anonymous]

Anonymous wrote:

Anonymous wrote:All these braggers on here are in such a rush to brag that they didn’t even read the part where OP says it’s a one income family and the wage earner works for the government.

OP asked how anyone could do it and didn't reveal until several posts later that it's a one-income "maybe government contractor" household.

Government contractor could = Palantir. Their stock has SOARED and even entry level employees who joined 3-4 years ago are worth $2-3M via 4 year grants

[Anonymous]

Anonymous wrote:

Anonymous wrote:All these braggers on here are in such a rush to brag that they didn’t even read the part where OP says it’s a one income family and the wage earner works for the government.

Thank you. And I bet they have some minor help they aren't disclosing as well. I mean it would make more sense to say I made millions on only fans than some of these scenarios.

Absolutely insane for two lawyers to meet in law school, marry each other, and make lockstep biglaw salaries.

[Anonymous]

Anonymous wrote:

Anonymous wrote:All these braggers on here are in such a rush to brag that they didn’t even read the part where OP says it’s a one income family and the wage earner works for the government.

OP asked how anyone could do it and didn't reveal until several posts later that it's a one-income "maybe government contractor" household.

Which they would have read if they bothered to read any responses before posting their bragging. Thank you for making my point that they didn’t even read.

[Anonymous]

Anonymous wrote:I know an acquaintance who just did this. They only have a handful of years work experience. I make pretty decent money at 29 but I can’t even fathom buying a $1M house let alone 2 million.

Parents/grandparents gave them money for down payment.
If they are from law profession or own startups in AI or are extremely smart working at a company like Apple or Amazon, they are making a lot more money.
The younger generation in their 20s is a risk taking generation. They feel about $2M exactly the way we in our later 40s feel about $900K.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I know an acquaintance who just did this. They only have a handful of years work experience. I make pretty decent money at 29 but I can’t even fathom buying a $1M house let alone 2 million.

Parents/grandparents gave them money for down payment.
If they are from law profession or own startups in AI or are extremely smart working at a company like Apple or Amazon, they are making a lot more money.
The younger generation in their 20s is a risk taking generation. They feel about $2M exactly the way we in our later 40s feel about $900K.

So I looked up the address, it’s in Arlington. There was a transfer between the owner’s father and them. Looked up the father, he is the president and CEO of a biotech company. I guess it makes sense now. Property was bought in cash. There’s no way the husband earns more than 200k, he does not work for Palantir or any well known publicly traded company. They have 2 young kids and will send them to private school

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I know an acquaintance who just did this. They only have a handful of years work experience. I make pretty decent money at 29 but I can’t even fathom buying a $1M house let alone 2 million.

Parents/grandparents gave them money for down payment.
If they are from law profession or own startups in AI or are extremely smart working at a company like Apple or Amazon, they are making a lot more money.
The younger generation in their 20s is a risk taking generation. They feel about $2M exactly the way we in our later 40s feel about $900K.

So I looked up the address, it’s in Arlington. There was a transfer between the owner’s father and them. Looked up the father, he is the president and CEO of a biotech company. I guess it makes sense now. Property was bought in cash. There’s no way the husband earns more than 200k, he does not work for Palantir or any well known publicly traded company. They have 2 young kids and will send them to private school

There you have it. Lucky sperm club. There's always people like this.

My father's grandfather died when he was 25 and left him $30,000. This was in the mid 70s. My parents were newly married and they used it to buy their house, putting down all the money to pay 50% of the house value. It was the 70s, stock market was moribund, interest rates and inflation were both high. A $60k house was on the expensive side of housing at the time. My parents had some improvements done when they moved in and every time the service people or repairmen came to the house, they assumed my parents were the kids of the owners. My mother still laughs about it.

[Anonymous]

One coworker bought a house 2 months after finishing his PhD and moved to DC. a 1.5M townhouse in Shaw. He has a wife but the only way I can see it happening is a hefty down payment from his law partner father. Happy for him but you don’t make that kinda dough at 27 from the wife’s job. Some people are born on 3rd base and there’s no way you can compete with that advantage. And that’s okay

[Anonymous]

Anonymous wrote:One coworker bought a house 2 months after finishing his PhD and moved to DC. a 1.5M townhouse in Shaw. He has a wife but the only way I can see it happening is a hefty down payment from his law partner father. Happy for him but you don’t make that kinda dough at 27 from the wife’s job. Some people are born on 3rd base and there’s no way you can compete with that advantage. And that’s okay

Yep. Had a coworker in his late 20s who posted a "we bought our first house!" Post on social media and it looked REALLY nice. Clicked around and it was a 5 million dollar home and I know the guy made no more than about 200k, and that's being generous. Wife? Basically unemployed since college, dabbling in interior design. Parents are loaded and definitely bought that house. Can't compete with that but lucky them, and I mean that sincerely.

[Anonymous]

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Anonymous wrote:I hate how everyone assumes this is family help. My dh and I both graduated w/ zero debt and took high paying jobs right out of school where we had crazy hours so spent barely any money and stashed everything away. We also had each saved a lot from our jobs before senior year and working senior year. Add to that our sign on bonuses, which we both invested. I bought a coop my first year out of undergrad and had a great turn on it. Sold it 3 years later and combined that profit with what each of us had saved up. We used that for the down payment on a $2.2M house and my half of the monthly expenses were not any higher than what my monthly carrying cost for my 2 bedroom coop had been. The new property was a DC row house w/ a legal basement apartment that we rented out for I think $2200.
It annoyed me to no end when I’d hear people say must be nice to have generous parents or whatever. This was all on us while the bitter friends were going on endless instagram worthy trips right out of college. Yes our hours sucked for the first 5/6 years but we knew they would get better so we just kept our heads down and sticking money away. We were definitely lucky with both the stock market and real estate market timing, too.

Great, it's still family money.

DP. How is that “family money”?

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It’s not explicitly family money, but in this day and age, graduating with no college debt is a form of advantage if you have parents who can fully cover it.

Then again, graduating with no debt is also not value neutral: some people choose cheaper colleges deliberately to be frugal, some people have merit scholarships, but also! some people win those merit scholarships *because* they had other advantages…honestly the whole system kinda falls apart when you scrutinize it and try to bean-count.

I was in a PhD program where we all received fixed stipends, yet people had wildly different advantages: some had parents sending them rent money, some had partners bankrolling them…it made me crazy but all of these things are some combo of both choices AND privileges

But I think we can all agree housing prices in this area are out of control lol

Of course prices are out of control. But joining the military to pay for school isn’t family money or “privilege.” Except I guess the privilege of being physically healthy enough to join.

Right but you aren’t buying a house first year out of undergrad on an officers salary. You would do your 4 year turn, and then MAYBE cash into a high salary (I think MD and JAG have longer tours though right?)

JAG spouse and I met in law school. I did biglaw, spouse did JAG. We bought a $1.8 million house at 2.5% interest with a VA loan (0 down). It’s our first and only house.

Interest rates aren’t 2.5% anymore so this isn’t particularly relevant.

[Anonymous]

Anonymous wrote:One coworker bought a house 2 months after finishing his PhD and moved to DC. a 1.5M townhouse in Shaw. He has a wife but the only way I can see it happening is a hefty down payment from his law partner father. Happy for him but you don’t make that kinda dough at 27 from the wife’s job. Some people are born on 3rd base and there’s no way you can compete with that advantage. And that’s okay

The problem is all us working folks need to compete with the landed gentry for housing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All these braggers on here are in such a rush to brag that they didn’t even read the part where OP says it’s a one income family and the wage earner works for the government.

Thank you. And I bet they have some minor help they aren't disclosing as well. I mean it would make more sense to say I made millions on only fans than some of these scenarios.

Absolutely insane for two lawyers to meet in law school, marry each other, and make lockstep biglaw salaries.

I bet 1/2 or 2/2 had "help" and I'll leave it at that.