Skip to main content

Second home advice - nervous about making a purchase.

Considering purchasing a second home in an area I lived in for a year during the pandemic and fell in love with. I moved out of state after the pandemic but return to the state for work bi-weekly. I work remotely or travel for work 60-70% of the time.

I currently make $400K. $200K of that is my base salary and $200K is an all-cash bonus. I have received 100% bonus for the last 5 years. I have very minimal debt (other than my current mortgage of $2300 a month and a low-APR car loan of $500/month). Well over six figures in cash/investments outside of a 401K.

The home is $250K, about 2 hrs driving distance outside of a major city and is very close to outdoor activities like hiking, skiing, fishing and bars/restaurants with a 10 min drive. Huge Airbnb potential year round although I plan to use it for personal use most of the time. The mortgage payment all-in would be about $1850/month assuming 20% down.

Am I totally overthinking this? I obviously don’t love where mortgage rates are right now, but the home seems like a steal and it’s in a great area.

submitted by /u/Relevant_Slide_9766
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/11ymzn3/second_home_advice_nervous_about_making_a_purchase/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

How to get started?

Hi! I’m 23F and I just graduated college with an english degree (😅) but i’ve been working in nonprofits since I was 16 and lucked into an amazing first job with an one of the biggest and best real estate non-profits! I love my job so far, but it’s my first time being surrounded by such wealth (and very hard working, deserving individuals.) To be quite honest, I‘ve had a rough few years juggling multiple jobs to finish school, and the idea of myself not living paycheck to paycheck seems light years away. This is all being said, I guess I’m posing the question towards the group of what I can do now to start building that kind of future for myself. I find real estate very interesting, and i’ve loved learning about all the machinations behind development- I’m just not sure where to begin within the industry (investment/rentals are definitely not an option for me yet). I’m also looking to go back to school, but being that I don’t know where to start, I wouldn’t like to begin classes aga...
Post a Comment
Read more