Quote:
Originally Posted by quasi
My wife and I both work and make decent incomes, again no way in hell I'd take on a 700 or 800K mortgage on a million dollar home with 300 down. I guess it's the world were living in but I want no part of that crap, I'd pickup and move somewhere else before I did that. I plan to be mortgage free before 50, I hit 40 a few months ago so head down and stick to the plan.
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Then again, some people were brought up that way so that type of mentality is deeply ingrained.
Brother's friend, 43 and his 38 year old wife.
Both work, total income is $140-160K range.
Both work at the bank and were approved for $1.1M mortgage.
Their plan was to sell their house in Coquitlam where they have $300K in equity and move back to Vancouver to be closer to their parents.
The houses they were looking at are all newer houses with 2 rental suites plus the lane way house.
Yeah, at $2.1M range, that, imo, is way beyond their means but to them it makes really good sense to have those 3 rental incomes.