Gone

[mikefheath87]

for some stupid reason I sold my car.
It needed to be torn all apart to put a k member and a clutch in.
i sold it for 7k

[LSX-STANG]

what the hell is wrong with you

[mikefheath87]

i now officialy have 20+k cash for a down payment on a house

[GREEKSTANG]

Smart move. I did the same but I must admit the itch has come back and I've been visiting svtperformance and ebay a lot lately "just looking"

[Hissing Cobra]

Good choice Mike. A car is fun but you can't live in it. Get the house and then the car will arrive at some point. With your skills, there's no doubt in my mind that you'll have another one.

[BONESTOCK]

meh.

[LSX-STANG]

Originally Posted by mikefheath87

i now officialy have 20+k cash for a down payment on a house

ok that makes more sense... thought maybe you sold it on a min notice without thinking

[H3llphyre]

$7000, a more reasonable price...

[BJAFARI]

good for you, buy a house with a garage and a cheap shell and build your dream car

[H3llphyre]

Originally Posted by BJAFARI

good for you, buy a house with a garage and a cheap shell and build your dream car

Good luck being able to afford parts, with a mortgage payment.

[03gt92hatch]

dumb ass

[FATBLOCKMARO]

Good For You.

[89DaytonaShelby]

Originally Posted by H3llphyre

Good luck being able to afford parts, with a mortgage payment.

Haven't you heard? If you call that national registry you can get houses with payments around 300 bucks!!

All Depends on where/what kind of house he gets. I have a buddy with a 2k house payment and another with a 900 house payment. Best part is the 900 house is nicer than the 2k house, just location screwed one of them.

With a 900 house payment you can still buy parts. Well, income depending i guess.

[H3llphyre]

Originally Posted by 89DaytonaShelby

With a 900 house payment you can still buy parts. Well, income depending i guess.

$900 payment, $200 home owners insurance, $150 property tax payment, $150-200 set payment plan for heating, $150 average "shits gonna break" payment (into savings). Owning a house comes to a lot more then the mortgage payment and most people don't understand that. You buy a house and the house OWNS you. Now you're buying a riding lawnmower because you realize how much it sucks to push mow the yard, a snow blower, because shoveling sucks, and spending mad money on fixing up the inside, because its a lil run down and doesn't quite work for you (you should know this).

After everything is said and done, you have zero money in your pocket at the end of the month and you wonder to yourself "Why did I think buying a house was a good idea?"

[H3llphyre]

To add to that, this is on his $40,000 job without a second income, because he's not married (he'd be a fool to buy a house WITH her, without some sort of legal arrangement).



(and yes, I was just throwing a number out there for what he makes, I have no clue, nor do I care, it was just used as an example)

[89DaytonaShelby]

yeah, really depends on your income/debt ratio....(doesn't everything).

Houses definetly own you, i have a number of projects just waiting for the funding. And that's just materials (do the labor myself), don't even want to think about what that would cost if i had to pay some other bum for his time.

you made the right decision though mike. houses may own you, but at least they retain their value better than a car...well, most of them =P

[igotasweetride]

$150 in prop taxes is cheap. i was payin $280 a month in e.bridgewater for a house only valued at $310k with 3/4 of an acre. sure you could only put $5k down, and blow the other 15k on something, but then you'll end up spending $20k in interest over the life of the loan to make up for that $15k.

[H3llphyre]

Originally Posted by 89DaytonaShelby

you made the right decision though mike. houses may own you, but at least they retain their value better than a car...well, most of them =P

I battle with this statement... Honestly, end of the day, who cares? Retain what value? Dollar value? For what? Money is strictly a means to an end. If home ownership is your "end", by all means, go for it. But, overall, I think its one of the biggest myths thats pushed in the US, that everyone should own a home.

In saying that, I'm in a condo. Overall, almost no maintenance, but it allows me to do WHATEVER I want on the inside, making my quality of life higher. It still keeps me rather busy overall.

[H3llphyre]

Originally Posted by igotasweetride

$150 in prop taxes is cheap. i was payin $280 a month in e.bridgewater for a house only valued at $310k with 3/4 of an acre. sure you could only put $5k down, and blow the other 15k on something, but then you'll end up spending $20k in interest over the life of the loan to make up for that $15k.

I was doing the math on a house with a mortgage of $900 (which is pretty much a $150,000 house with a $20,000 downpayment). All depends on the city/town you live in as well, which determines the mil rate (cost per thousand, for property taxes).

Of course, I didn't throw in other things, like sewer and water costs (every 6 months or 3 months, depending on the city/town). My water bill for a SMALL place is still about $800/yr. Sewer, I don't remember. It adds up quick.

And again, interest cost is still a misnomer. How much is FUN worth to you? Are you okay with being miserable for years and years, just to own a house. Which is why YOU end up being owned by the house.

Just think how much work you've put into the house you're in right now... Now figure out (because you work in that field) how much $$ you would have been paid to do that. Doesn't really seem worth it, unless you enjoy it.

[89DaytonaShelby]

I hear what you're saying. I guess my thought is that unlike a car, or many other "ends" a home will (usually) retain (or gain) its value. Thus should your "ends" ever change, better to be in a house than have 5 cars.

unless you bought a house a couple of years ago, well...then good luck to those people...

i agree, with you though, home ownership is not the be all end all for me.

[H3llphyre]

Originally Posted by 89DaytonaShelby

I hear what you're saying. I guess my thought is that unlike a car, or many other "ends" a home will (usually) retain (or gain) its value. Thus should your "ends" ever change, better to be in a house than have 5 cars.

unless you bought a house a couple of years ago, well...then good luck to those people...

i agree, with you though, home ownership is not the be all end all for me.

Cars are much more liquid assets than a house... So, if push came to shove and I was put into a bad economic situation, I'd rather have 5 decent cars to offload than a house.

Again, there are a lot of myths about the economic sense of buying a house. You should ONLY buy a house if you need/want the space afforded by a house, or the amenities that you can be afforded with one, that you cannot get from renting.

The only thing I dislike about the Condo is the lack of personal outdoor (grass) area. Then again, I have a 10 acre park across the street, but its still not the same. I've rented a workspace for my car and projects, so that's not an issue. I suppose it would be *nice* to have a garage to keep from having to clean off my car in the winter, but its honestly not worth the cost versus convenience.

My summary. Don't buy a house because its the right thing to do, financially. Its NOT the right thing to do financially. Investing your money in the market is. Houses grow a little slower then the market does (there are market resets with both the market and housing, always have been, always will be) and putting the difference in money into an investment account (difference between buying versus renting) will ALWAYS end up better in the long run.

Now, if you have kids, that changes things, and houses afford you a lot more in terms of quality of life, but again... not financial.

[igotasweetride]

jay, one thing you haven't brought up is interest. houses are the WORST investment because they DO NOT GAIN YOU MONEY. the ROI on a house with even 20% down, is upside down. if you can't pay for it in cash, you're going to lose money. there is no way around it. whatever you pay for a house now, the interest over the life of the loan will be roughly the same price. you will have to stay in the house for the entire 30 years to ever see "profit", but if you add inflation into the equation, you still lose money.

as you said before, this was supposed to be a "turn key" house. everything had been "redone". i now find myself fixing everything that was redone the wrong way, if i could take the time i have to work on my own house and work on someone else's instead, i'd be rich.

[H3llphyre]

Originally Posted by igotasweetride

jay, one thing you haven't brought up is interest. houses are the WORST investment because they DO NOT GAIN YOU MONEY. the ROI on a house with even 20% down, is upside down. if you can't pay for it in cash, you're going to lose money. there is no way around it. whatever you pay for a house now, the interest over the life of the loan will be roughly the same price. you will have to stay in the house for the entire 30 years to ever see "profit", but if you add inflation into the equation, you still lose money.

as you said before, this was supposed to be a "turn key" house. everything had been "redone". i now find myself fixing everything that was redone the wrong way, if i could take the time i have to work on my own house and work on someone else's instead, i'd be rich.

Housing prices typically are slightly ahead of inflation, which is why we got into trouble. The houses were priced out of reach of most people and they over-extended themselves.

Honestly, houses are more savings accounts for the stupid, except you're paying someone to keep the money for you.

[mikefheath87]

i think i made the right decision. i still have a TON of stuff to sell to be where i want to be. once a house and equity comes i will have another nasty car. Probably will never persue a foxbody though. with my talent i think i will go for something from the 60s

[Garrett]

I'll add to that down payment for work done to my car

[igotasweetride]

Originally Posted by H3llphyre

Housing prices typically are slightly ahead of inflation, which is why we got into trouble. The houses were priced out of reach of most people and they over-extended themselves.

Honestly, houses are more savings accounts for the stupid, except you're paying someone to keep the money for you.

the interest you pay far outweighs the equity you build once you factor inflation in though

[H3llphyre]

Originally Posted by igotasweetride

the interest you pay far outweighs the equity you build once you factor inflation in though

All depends. Some people managed to get under 4% recently, which is pretty damn good, not to mention the insanely low (below what it should be) prices on some houses... which makes them pretty damn good investments. But, few and far between.

[no409]

i think you guys who dont have houses are mistaken.

me and the misses still have 80-100K in cars payed off, a house worth 275K( even in todays maket), no PMI, just morgatge, and taxes and her school loans. 2+ acers, can park 15+ cars in our yard, semi quiet area, best thing we ever did


Mike, your doing the right thing. Think smart while your young. We got our house in jan 05. we were26(me) and 25(her)

it tough getting rid of a car or whatever for a house, but its totally worth it.

if you have any ?? PM me.

FUCK renting

[H3llphyre]

Originally Posted by no409

i think you guys who dont have houses are mistaken.

me and the misses still have 80-100K in cars payed off, a house worth 275K( even in todays maket), no PMI, just morgatge, and taxes and her school loans. 2+ acers, can park 15+ cars in our yard, semi quiet area, best thing we ever did


Mike, your doing the right thing. Think smart while your young. We got our house in jan 05. we were26(me) and 25(her)

it tough getting rid of a car or whatever for a house, but its totally worth it.

if you have any ?? PM me.

FUCK renting

How much do you make combined? He's buying on a single income.

[no409]

i bought the house on a single income, we were dating


maby 45-50K a yr when i bought it??

it is a lot nicer with her income helping, but i did my math, and planed on doing everything myself. her check was a bonus( now a lifesaver cause unemployment sucks)


you`ll do fine. best money you can spend!