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Real Estate
Reply to "How did you afford your $1M plus home?"
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[quote=Anonymous]HHI is around $350K, mortgage (plus taxes) is about $4800. Here's how we paid for our $1M+ house: (1) Family help for downpayment for house #1 (yes, we're very lucky). (2) We bought a house #1 for $575,000 and sold it for $800,000, so we had between 25-30% to put down on our next house. (3) We don't have to help any family, don't have school loans or other debt. (4) While we do pay for preschool & will be paying for private school + preschool next year, we don't have childcare expenses. Everyone I know under age 40 who lives in a house that costs $1M and up either has family money to help with the downpayment or made money on a previous home. Those in their late 20s-early 30s with these types of houses tend to have always had family help. And although I know a few people in $2M+ homes who did it all themselves, most of the people I know who live in those kids of homes also have family money. Without family money, it takes sacrifice and patience. [/quote]
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