So my friend just told me that If I am making about $60K in SF, its almost impossible to buy anything in San Francisco with $20K down payment. Even if I get a loan, it will be a really bad deal. Is this true? Is San Francisco out of control and only for the wealthy? Should I even try or keep renting, by the way, my rent is $500 per month (in law). Thank you
2007-03-27 08:04:00 · 2 answers · asked by heyhey123sf 1 in Business & Finance ➔ Renting & Real Estate
All of California is pretty much out of control. $500 is really good in San Fran. Although it is still $500 down the drain for you. Go to your bank and see what they can do. Or offer to buy what you're renting from your in-laws as a rent-to-own type of thing.
2007-03-27 08:44:01 · answer #1 · answered by jdecorse25 5 · 0⤊ 0⤋
If you have something acceptable at $500/mo you are in clover. No matter what you buy, with only 20k down, the interest portion of your monthly payment will be at least 3 times $500 & that's also money down the drain. Take the $1,000 difference & put it in the bank or an investment each month. Then when something happens to end your sweetheart deal you'll have real $$ to put down.
2007-03-27 09:42:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋