Buy a house in current economy
Came to UA about 2 years ago, I've got more than 3k pilots below me, sweet 777 live-in-base lifestyle. Never been furloughed and never been through a recession as an adult with responsibilities (I can already feel the judgement, I know I'm very young and very, very lucky).
Can anyone share their experience of going through a recession, being furloughed, while trying to keep alive wife and kids and maybe not lose the house? I'm facing this dilemma, I'd like to buy a house, we can put 20% down and we don't have any debt, but I'm a bit hesitant in case the economy goes TU. Wife works but she doesn't make enough to pay the mortgage by herself in case I lose my job. I could quickly find a whatever job myself in case and do that for few months, plus using our emergency savings I think we could weather 1 year on furlough. Blabla... Thank you for reading all the way down here. Hasta luego! |
Lofly's 3rd thread on the house
Came to UA about 2 years ago, I've got more than 3k pilots below me, sweet 777 live-in-base lifestyle. Never been furloughed and never been through a recession as an adult with responsibilities (I can already feel the judgement, I know I'm very young and very, very lucky).
Can anyone share their experience of going through a recession, being furloughed, while trying to keep alive wife and kids and maybe not lose the house? I'm facing this dilemma, I'd like to buy a house, we can put 20% down and we don't have any debt, but I'm a bit hesitant in case the economy goes TU. Wife works but she doesn't make enough to pay the mortgage by herself in case I lose my job. I could quickly find a whatever job myself and do that for few months plus using our emergency savings and I think we could weather 1 year on furlough. Blabla... Thank you for reading all the way down here. Hasta luego! |
Based on covid, I assume a large scale furlough event wouldn't be allowed by the govt. Smaller furlough for sure, but it would have to unwind by a lot + retirements. With a large share of our growth coming from upgauging, I doubt a furlough is in the cards! But you never know!
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Putting my Dave Ramsey hat on for a moment and read this in his voice:
1. You have a 6-9 months emergency fund that includes mortgage payments? 2. If so buy the house if you have no other debt. |
Buy
Originally Posted by LoFly
(Post 3626442)
Came to UA about 2 years ago, I've got more than 3k pilots below me, sweet 777 live-in-base lifestyle. Never been furloughed and never been through a recession as an adult with responsibilities (I can already feel the judgement, I know I'm very young and very, very lucky).
Can anyone share their experience of going through a recession, being furloughed, while trying to keep alive wife and kids and maybe not lose the house? I'm facing this dilemma, I'd like to buy a house, we can put 20% down and we don't have any debt, but I'm a bit hesitant in case the economy goes TU. Wife works but she doesn't make enough to pay the mortgage by herself in case I lose my job. I could quickly find a whatever job myself in case and do that for few months, plus using our emergency savings I think we could weather 1 year on furlough. Blabla... Thank you for reading all the way down here. Hasta luego! My family and circle runs in both retail real estate and the investing side. You can always refinance to a lower interest rate, but you cannot change the purchase price once it's done, so try to avoid being motivated buyer. I think your seniority cushion + retirement wave is in your favor. |
Originally Posted by LoFly
(Post 3626442)
Came to UA about 2 years ago, I've got more than 3k pilots below me, sweet 777 live-in-base lifestyle. Never been furloughed and never been through a recession as an adult with responsibilities (I can already feel the judgement, I know I'm very young and very, very lucky).
Can anyone share their experience of going through a recession, being furloughed, while trying to keep alive wife and kids and maybe not lose the house? I'm facing this dilemma, I'd like to buy a house, we can put 20% down and we don't have any debt, but I'm a bit hesitant in case the economy goes TU. Wife works but she doesn't make enough to pay the mortgage by herself in case I lose my job. I could quickly find a whatever job myself in case and do that for few months, plus using our emergency savings I think we could weather 1 year on furlough. Blabla... Thank you for reading all the way down here. Hasta luego! |
Lofly's 2nd thread on the house
Double post, admin please delete
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Originally Posted by LoFly
(Post 3626459)
Double post, admin please delete
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Originally Posted by LoFly
(Post 3626446)
Came to UA about 2 years ago, I've got more than 3k pilots below me, sweet 777 live-in-base lifestyle. Never been furloughed and never been through a recession as an adult with responsibilities (I can already feel the judgement, I know I'm very young and very, very lucky).
Can anyone share their experience of going through a recession, being furloughed, while trying to keep alive wife and kids and maybe not lose the house? I'm facing this dilemma, I'd like to buy a house, we can put 20% down and we don't have any debt, but I'm a bit hesitant in case the economy goes TU. Wife works but she doesn't make enough to pay the mortgage by herself in case I lose my job. I could quickly find a whatever job myself and do that for few months plus using our emergency savings and I think we could weather 1 year on furlough. Blabla... Thank you for reading all the way down here. Hasta luego! |
Real estate typically holds its value. Do your homework for your area but it’s historically a good bet.
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