‘WFT?’ at vancouvercondo.info December 15th, 2010 at 10:43 am–
Here is my Bear household Profile:
Cash invested in low risk assets: $1,200,000
Annual income from investments: $60,000
My annual income as a lawyer: $165,000
Wife’s annual income as a doctor: $150,000
Rent: $1800/mo (2 bedroom south false creek)
Do I have money to buy a house? Yes.
Am I stupid enough to do it? No.
With my investment income alone, I can live in a mansion in Shaugnessy.
$5000 / 4br – Ideal Shaughnessy House For Rent –
Ideal Shaughnessy location, quiet neighborhood. 80’x150′ lot with a beautiful 4,044 sf character home. 4 large upstairs bedrooms with walk-in closet in each. New kitchen and large deck off the kitchen. New carpet in basement. Local access street. Only one block away from prestigious private schools.
Why would I buy that house for 3.5-4 million and have it eat up my invested savings, and spend all my take home salary on mortgage payments every month?
In other words, if I can live in that house using my $1,200,000 in savings, why would I spend those savings AND borrow a few million more to live in the same house?
Please, bulls, give me one good reason why I should buy that house?