Trying to justify future M3 purchase

[Draper]

Originally Posted by JoeyBananas

really? you must have grown up in a real shithole if $65,000 buys "A house or two, lol"

Pssh...only 1 or 2....that's crazy money. I'm going for 7.

[cruise_bone]

Even at the high end of taxes and retirement contributions you are making roughly 100k/yr. That is not a ton of money for a 2,600 mortgage an M3 and twins.
But it's your life. If you can get buy sleeping every night without the constant worry of how you are going to pay next month's bills, then that is really all that matters.

[Vooj]

Originally Posted by JoeyBananas

really? you must have grown up in a real shithole if $65,000 buys "A house or two, lol"

Sure did. Google Youngstown, OH. Actually in much of Ohio, you can easily buy a home for the price some folks in CA and FL are paying for their M cars (>$85k). My best friend paid $55K cash for a 2 bedroom place. I have friends in the real estate market who regularly buy investment homes in the $50K range.

Funny how first world problems cause us to forget that the median household income in the USA is $54k, and only $46K in Ohio.

[tmspec]

Originally Posted by Vooj

Sure did. Google Youngstown, OH. Actually in much of Ohio, you can easily buy a home for the price some folks in CA and FL are paying for their M cars (>$85k). My best friend paid $55K cash for a 2 bedroom place. I have friends in the real estate market who regularly buy investment homes in the $50K range.

Funny how first world problems cause us to forget that the median household income in the USA is $54k, and only $46K in Ohio.

I can confirm this is possible, albeit difficult. I have done this and will be paying for my M. This will be very difficult in large markets and 8 years since the crash. However, interest rates are still negative so saving is worthless. Meaning that if you can by an asset (real estate for ex) which appreciates in time, brings cash every month (most important) and has amazing tax benefits then its the real life equivalent of passing go every month without having to roll dice. At these rates it is "free money". Google BRRRR, and read, a lot. Then get a real estate license (excellent tax write off for Miles), NY and nj was a joke and learn ur local market. Look for bargins and then buy an M. Then open a nonprofit to do some good and teach ur kids and use volunteer work to write off more miles, etc, etc.

Buy 10 homes and no one will blink, buy 1 M and well M might as well stand for Mapped.

Just understand this will be extremely hard as rates go up and the numbers will stop making sense. At my calculations 5% seems to be just about the tipping point so make sure your credit is Excellent.

or slightly