Quote:
Originally Posted by Crawford
Are you sure there are people like that? Who makes 100k, has no liquid assets, and buys a $1M property?
How is that even done? 100 year mortgage or something?
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i said without "substantial" liquid assets, and i'm talking $500-850k prices. in my opinion, if you only have 100k household and you spend over 200k you're pushing it...
but i see this a lot on (say) canadian househunters or something. "she's a stay at home mom and he works for the city..." and they are looking at 800k real estate.
i know doctors and people from my wifes law school class who are buying 400k houses, and considering that about their limit...(then again it's the midwest and housing may not be your best investment option...my wifes family heavily invests in seattle).