Orchard Hills 4 - "The Summit" Updates

NEW -> Contingent Buyer Assistance Program
scubasteve said:
I won’t get into too much here but this goes back to my original comment of only you knowing what you are comfortable paying.

Leveraging debt can be a good thing; 4.25% interest wrt to my risk profile is still low vs. the opportunity costs to invest elsewhere.

Panda’s been on the forum for a long time so I’m familiar with his risk profile. If I had listened to him 15 years ago then I’d probably be posting to you all in Georgia to give advice on TalkIrvine…

With that being said, wow, 15 years (more like 20 years if you were here with us when we were all on the Irvine Housing Blog in 2006) is a heck of a long time and it’s really cool to go back in time and revisit all our posts/concerns about the Irvine housing market and to see where it is today!
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Irvine home appreciation outperformed Georgia appreciation by a big margin since Covid. Yes Irvine is expensive but any desirable is expensive and will continue to be expensive.
 
I paid $4m for my home with $1m down (could have put more but wanted to stay liquid to help my contingent buyers). My all-in housing cost is not for the faint of heart or wallet...

$14k/mo mortgage
$3.5k/mo property tax
$240/mo insurance (I'm sure this will be going up when I get my renewal in June)
$185/mo HOA
$150/mo for the pool guy
$150/mo for the gardener

Funny thing is that even though I have a single story home, I have an upstairs loft which I don't use. I'll live in this home until I retire as it checks all of the boxes that I was looking for, including the 3-car garage.
 
usctrojancpa said:
I paid $4m for my home with $1m down (could have put more but wanted to stay liquid to help my contingent buyers). My all-in housing cost is not for the faint of heart or wallet...

$14k/mo mortgage
$3.5k/mo property tax
$240/mo insurance (I'm sure this will be going up when I get my renewal in June)
$185/mo HOA
$150/mo for the pool guy
$150/mo for the gardener

Funny thing is that even though I have a single story home, I have an upstairs loft which I don't use. I'll live in this home until I retire as it checks all of the boxes that I was looking for, including the 3-car garage.
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I'm assuming since you're self employed you don't have a way to maximize the 401k contributions? How do you go about saving for retirement? I know you can always do a max of 7k backdoor roth but besides that what options do you have
 
sleepy5136 said:
I'm assuming since you're self employed you don't have a way to maximize the 401k contributions? How do you go about saving for retirement? I know you can always do a max of 7k backdoor roth but besides that what options do you have
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I can contribute up to 25% of my net income to a SEP IRA up to $69,000 in 2024 so it's even better than a 401k which has lower limits. I'm been maxing out my SEP IRA contributions for the past 15 years.
 
usctrojancpa said:
I paid $4m for my home with $1m down (could have put more but wanted to stay liquid to help my contingent buyers). My all-in housing cost is not for the faint of heart or wallet...

$14k/mo mortgage
$3.5k/mo property tax
$240/mo insurance (I'm sure this will be going up when I get my renewal in June)
$185/mo HOA
$150/mo for the pool guy
$150/mo for the gardener

Funny thing is that even though I have a single story home, I have an upstairs loft which I don't use. I'll live in this home until I retire as it checks all of the boxes that I was looking for, including the 3-car garage.
Click to expand...
You must have been making at least $500k per year to qualify for a $3m loan.
 
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