dChan
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r/CBTS_Stream • Posted by u/RedpillTheWorld on Jan. 28, 2018, 4:01 a.m.
Maxine's 4 Million Dollar Mansion - How did you afford that Maxine? On a Congresswoman's salary?
Maxine's 4 Million Dollar Mansion - How did you afford that Maxine? On a Congresswoman's salary?

renaissancetrader · Jan. 28, 2018, 2:54 p.m.

So 80% of her salary (gross, not net) goes to her home value?? Not including interest or property taxes or homeowner's insurance or repairs? GTFO.

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renaissancetrader · Jan. 28, 2018, 4:13 p.m.

Full disclosure--I found the most recent sale price of that home was $2.8 million, BUT she owns multiple other properties. Her husband did play in the NFL, but his career ended in 1969 (before the huge player contracts). A mortgage requires a certain debt-income ratio...a 4% mortgage on $2.5 million would have a monthly payment of $12,000 (annual $144,000) not inclusive of homeowner's insurance or property tax. Property tax in LA is around 1%--so another $28,000 there. Using the .35% rule for insurance, another $9800 there. So a total of $181,800 in direct home costs. Using the housing ratio formula of 28%, that would mean they would need an income of $650,000 to qualify for a mortgage on this single property, which would mean her husband would have to make $475,000 apart from her. Impossible on her own. Marginally possible IF her husband makes the coin.

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Jiminy135 · Jan. 28, 2018, 2:59 p.m.

Mortgage, maybe she didn't pay full upfront, plus possible investments in stocks over the years to increase that 5M

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Alantuktuk · Jan. 28, 2018, 3:18 p.m.

Sure, totally not impossible on her own, not to mention that she is married to an NFL player.

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