Buy 3 $120k houses over time instead, putting 40-50% down, and rent two of them out through a property management company. One rent check would pay the mortgage on all three.
Even in a total hyperinflation disaster, people still have to live somewhere. Even in Weimar Germany, landlords were in good shape the whole time since rent is inflation indexed but mortgages are not.
Buying a large house is an albatross around your neck; it reduces your options. With interest, you will be paying on it for a long time with no income resulting, and in shifting scenarios you want to be as flexible as possible. Property tax is likely to get heavy as well in coming days.
Keep in mind, if you own five houses outright, you can retire. Live in one and the four rent checks pay for your living expenses.
Author of Shades of Thomas Paine, a common sense blog with a Libertarian slant.
Also author of Stick it to the Man!
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