[quote=flu]
Unless you plan to be moving around again… I still think in your particular situation, looking into buying a 1/1 for you to live in is probably the best return on your money.
1. You were complaining about paying an arm and a leg for rent a few weeks ago.
2. Even if 1/1’s are inflated, have you bothered to run the numbers to see what sort of payments you would be making with a standard 20% down, and current rate of around 4.3% for a 30 year…
If you’re able to find a 1/1 for $250k….
20% down on a 30 year fixed @ 4.3% is $990/month
HOA say is $200/month
Property tax @ 1.25% = $260/month.
Your monthly cost is $1420/month, before your Schedule A deductions on mortgage interest… Didn’t you say you were paying about $1300/month+ month on rent.., plus bending over by paying an additional $300-400/month to store your motorcycle and other personal items???
But instead, you’re thinking of moving your money to india so your can earn maybe 6-7% interest overseas after the exchange rates fees, etc…. And then when/if you do earn that questionable 6-7%, you’re going to probably pay 20-25% in federal+state income taxes on that, given that I believe you’re an engineer probably making around $100k-$150k, before any additional comps like bonuses, stock vesting etc (more if you do make that)…assuming you are on W2 and have very little in terms of itemized deductions otherwise….(If you’re a contractor with a 1099, perhaps you have more variables to play with)….[/quote]
This has been my point as well with a few of my posts. For some folks, the home tax deductions you can get are huge. Right off the bat, assuming your rent is what flu listed, you’d be below your rental cost assuming you had any avg income…
Seems so much easier to just do some simply things to get better returns that are a lot safer.
