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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I still kick myself for not buying in 2012 with a 3% FHA loan. I had just finished grad school, had a stable job, student loan payments, and a small downpayment. I foolishly thought I needed to save for 10-15% downpayment.

That was so dumb. I shoulda just bought a small rowhouse or 2-3 unit with 3% down and got some roommates/tenants. Stupid stupid stupid.

We have a house now that appreciated nicely, but clearly would’ve been better to just buy right after the fallout of the financial crisis[/quote]

We are in a condo that has not appreciated, and very much kick ourselves for not buying a tiny 700 sq ft row house with 5% down back in 2009 or so. We would have been able to make like 200k off it within 10 years, and could be in a house that would serve our family for the next 20 years and beyond. Instead we are stuck in a condo and even if we could get 200k in equity out of it (we can't) it wouldn't be enough to afford anything in this neighborhood (not even larger condos), even when coupled with savings.[/quote]

Rent out your condo and rent a house you would like to live in.[/quote]

This is easier said than done with kids -- renting in bounds for decent schools is very challenging (and expensive), and not a good longterm solution if you aren't sure you'll be able to buy in bounds for those schools (will lead to yet another school change). Plus added stress of being a landlord. It's not that simple.[/quote]

Here’s an example. Instead of buying first house and paying $8,000 per month for mortgage, with a $250,000 downpayment, rent second house for $4,750 per month.

Keep downpayment invested, and maybe invest an additional $1,000 per month if that’s the difference from what you would have paid if you had bought when you wish you would have bought. Meanwhile your rental property mortgage is being paid down by a tenant. It is not that difficult to be a landlord. Most months are routine with funds just being deposited. You can hire a property manager if you want to be hands-off.

https://www.zillow.com/homedetails/2416-Rocky-Branch-Rd-Vienna-VA-22181/51767943_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

https://www.zillow.com/homedetails/2226-Abbotsford-Dr-Vienna-VA-22181/51769022_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare[/quote]

PP here and we definitely can’t afford an 8k/no mortgage! We are looking for something (small, not close in, obviously) for under 3700/mo PITI. Houses in this range (500-650k) rent out for 3-4k/mo. We’ve looked for something for less. There are very few and they go super fast. And the more desirable the schools, the harder to find. [/quote]

PP here. It doesn’t make sense that a house in $500-650k range would rent for $3-4k per month. Can you post an example of a house for sale or rent in a neighborhood where you are looking?

Here’s an example of a house for sale for $709,000 in Fairfax, feeding into Fairfax High School. The monthly payment would be $4,488 with 20% down, and the Rent Zestimate is shown as only $3,295 per month. So you should be able to rent a more valuable house than what you were thinking for $3,000 to $4,000.

https://www.zillow.com/homedetails/3508-Brookwood-Dr-Fairfax-VA-22030/12260590_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

I don’t live in Fairfax but know two students who had a great experience at Fairfax High School. One is headed to UVA in the fall.

The elementary school for this house, Daniels Run, has Mosaic Elementary as its AAP (Advanced Academic Programs) center, a GT-type of program in Fairfax County, if you have a child or children who turn out to need and qualify for more academic challenge.[/quote]

If PP can't do something like this, what about OP?  OP said her budget is $1mil.

OP, what do you think about this house?[/quote]

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