patrick.net

Once upon a time, you didn't need a salary to buy a house. I miss the old NINJA days.

One can still buy a house with no docs, but would need to put 50% down payment. Interest rate is 3.75% adjustable. Basically, prime + 0.5%.

It’s obscene really. Between wife and I we can buy a home in the $800k range. I probably could have afforded a home in 2010-12 period, but it would have been tight and I was in and out of the hospital during that time. This is literally the only time living in LA I can afford to buy, but I’m now in my late 40’s and if we buy it’s going to be a very small 2 or 3 bd w/ 2ba home and we’ll be paying way over rent for the next ten years. Or, we can stay renting, I can retire in 7-10 years, we can move out of state to a no or low income tax state, and buy modestly for cash Or luxuriously for still less than we currently pay in rent.

Choice is clear.

FuckTheMainstreamMedia says

Choice is clear.

My plan too. Just maybe accelerated a little more and perhaps figure out some other job for a little while after I leave. Beyond the normal money making during retirement schemes I would always have.

I got lucky. I found something in foreclosure and managed to negotiate direct with the bank, cutting out the middle man.

With our HH income we qualified for way more than what we borrowed. I din't want to be stretched too thin. (Nor did I want to pay more in taxes...and even fought my assessment to have them lowered.)

Now we're paying extra every month and should be able to have our 30 yr note paid off in under 15.... just in time for the kids to go off to college. (Another unjustifiably large expense... don't get me started.)

I sometimes think about moving to a lower cost area (especially with articles like this) but despite the allure I don't see us leaving... bottom line is I like where I'm at (and my wife and I both have stable jobs). It's been a combination of persistence, hard work and a little bit of luck to get here. I've been blessed.