Skip to main content

I’m late into RE investing but with high net worth and income. Seeking advice from successful RE investors

So a little background first. I’m 39 yo, first generation immigrant came from Asia. Been in US for 10 years. I own around $4m RE in my home country with all mortgage paid off. I own a house in SoCal which I bought in 2015 for ~800k with 450k mortgage remaining. Now this worth $1.4m. Then I moved to Dallas but I did it sell the house in SoCal instead I rent it at 3.5k/mo due to a tenant since 2018. I bought a house in Dallas for ~$470k which worths $800k now. This one got around $300k mortgage remaining. I got both refinanced with no cash out during the pandemic.

My main job is a software engineer at one of FAANG which nets me usually $300k but $400k in 2021. My wife also works for a salary of around $130k. We have one kid.

I have around $400k in cash, $600k in stock/rsu/401k. So my total net worth is at around a bit less than $7m.

You see my problem now, first I have $400k cash stay in bank account which I feel nervous about. Secondly I only buy house when I need to live in, but I never sold any of them , either in SoCal or my home country.

This habit makes me feel pretty regretful after seeing recent skyrocketed house price, which I should really haven taken advantage of. However now I do feel nervous about buying one in city like Austin(again becoz I probably move them in a few years) since the price is already like doubled in the last year.

So should I buy in some mild cities first? Or is it really going to crash like some YTer said ( I watched tons of videos recently , and the more I watch, the more nervous I tend to be. On the other side I also FOMO). Should I sell the SoCal house and buy some cheaper ones in cheaper cities? Is it realistic buying rental properties in cities that I don’t live in? Should I move my oversea money to the US and buy US houses instead ? How do you guys start your RE investment journey at the beginning ? Also from a heated market ?

Thank you so much in advance!

submitted by /u/Logical-Product-2079
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ts1oca/im_late_into_re_investing_but_with_high_net_worth/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Pool fill without engineer oversight

We are in the process of purchasing our first ever home in CA and we just discovered in the disclosures that the new build property we are purchasing previously had a swimming pool which was filled without an engineer onsite to approve the work (details from disclosure below). Is this something we should be concerned with or not? Is it something we should have additional inspections conducted on? We are originally from the UK and not really sure what to do with this information and if it is concerning or not. A POOL DID EXIST PREVIOUSLY. COPING, TILE, GUNNITE AND REBAR WERE ALL REMOVED AND DIRT AND CLEAN DRAIN ROCK WERE USED TO FILL IT IN. COMPACTED FILL WAS NOT USED AND NO ENGINEER APPROVED THE DIRT AND DRAIN ROCK FILL IN submitted by /u/tommot82 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/dpyzw8/pool_fill_without_engineer_oversight/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more