Reply to $2M home w/ $160k HHI?

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Reply to "$2M home w/ $160k HHI?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We spent slightly less (1.8) and make slightly more (~$200) and it’s tight but doable. Maintenance costs are the biggest unknown and you definitely pay a wealth tax having an expensive home. Quotes for home repairs are always high. This year we had to replace a few windows, gutters, and a water heater. About $15K.

If I had an even more expensive house and even less income it would feel impossible. The definition of house poor....
[/quote]

I’m interested in hearing more. We make 2x the amount and are springing for $2M. We expect to eventually rent out the basement for $2k, but not relying on that to pay the mortgage or daily expenses.  I know it will be tight for a while, just curious if you regret your purchase. Every which way I calculate it, and looking at worst case scenarios, we can make it work. [/quote]

If you are factoring our renting the basement you really can’t afford it.   Also very tack to live in such a neighborhood and turn your place
Into a multi family unit.  Your neighbors will hate you.  You don’t really belong.  Stop.  [/quote]

Why would neighbors care if you rent out an asset? If it’s there why not make money off of it?[/quote]

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