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Updated almost 8 years ago on . Most recent reply

Brendon K.'s profile image
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Brendon K.
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  • from Los Angeles
  • Member since Jan 16, 2017
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Brendon K.'s profile image
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Brendon K.
  • Real Estate Agent
  • from Los Angeles
  • Member since Jan 16, 2017
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Brendon K.
  • Real Estate Agent
  • Los Angeles
33
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Real Estate Technology

Was the financing in podcast episode 25 really possible?

Brendon K.
  • Real Estate Agent
  • Los Angeles
Posted
The first guy on the show said he earned average for a financial guy in Boston and that he saved up 3.5 percent for a FHA loan on a $383000 triplex. Overall Boston income is around 60k. I earn a bit more than average in Austin Texas but every calculator I've seen doesn't tell me I'm able to get a house that's that expensive. Was he b.s.ing or is there some kind of knowledge I have yet to learn about first mortgages?
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Ann Bellamy
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  • from Tyngsboro, MA
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Ann Bellamy
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Ann Bellamy
  • Lender
  • Tyngsboro, MA
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Ann Bellamy
  • Lender
  • Tyngsboro, MA
Replied

The "average for a financial guy in Boston" is very different from the average income in Boston.  Plenty of people in the Boston area earn well into 6 figures.  That is balanced by plenty of people below the poverty line.  Hence "average"

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