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S/O If you bought in BP-where did you get the down payment?



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amother
OP


 

Post Thu, Jan 06 2022, 11:39 pm
Buying a house in boro park is sooo unreachable for me and I saw on the other thread down payment numbers like 800k. If you put down that much, how? High paying job? Parents?
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amother
Coral


 

Post Thu, Jan 06 2022, 11:46 pm
It’s unreachable for most people.

The way a lot of people do it, but for bp it’s too late cause it’s unaffordable at this point. When they were young they bought a small condo for 500k even a 2-3 bedroom that they couldn’t live in for too long. Now they sold it and for 750k. They made a couple of hundred thousand plus some savings.

This is the correct way to do it.

I wish someone would have told this to me 10 years ago.
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amother
DarkCyan


 

Post Fri, Jan 07 2022, 1:04 am
Parent’s life insurance $. It was 14 years ago, but by mortgage crisis. Needed to put down over 400k for 800k house.
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amother
OP


 

Post Sun, Jan 09 2022, 11:12 pm
Bump
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amother
Sienna


 

Post Sun, Jan 09 2022, 11:35 pm
We bought a long time ago and we only needed like 400k down (of which 200k we had saved up ourselves, 100k we borrowed and about 100k from parents)
But today's days we would do as above posted said... sell our condo (for over a million probably) and use that as a down payment for a house ...

But I have a few friends who bought recently and not through selling their old one. Two of them just have that down payment from their Amazon businesses which with Covid it brought them that kind of money. Another friends husband is in real estate and caught a big break in a few deals he just did so they had that money.
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