All Forum Posts by: Mindy Ma

Thank you so much for all the advice.  I am quite nervous to be net negative, but affording a home in this area that is somewhat safe to walk around in is so hard.  Yes, I'm approved for a conventional loan.  I'm in southern Cal, and due to family reasons, have to remain here.  After reading the posts, however, I decided not to proceed with that property, but am continuing to look around.  Wish this market would cool down a bit faster.

I'm looking to buy a property (first timer) for that is a bit over a 1 million with 25-30% down.  I will be living in it with my family.

Due to the high prices in our current market, I may not be able to cover the entire cost of the mortgage each month, and will run short by $1000-$1500/month (which includes property taxes).  Essentially, I cannot cover the property taxes on this purchase.  If I try to do that, I will be house poor, since I have other expenses.

Can I take a deduction for property taxes each year?  Std deduction is $12000 so I would go over that deduction given the price of home.

Should I think about house hacking and building an ADU in the back of the house?
Is this still a worthwhile purchase?  

Love to get your expertise and thoughts.