Gone

[UATLB]

mike has severe add/adhd and will want to sell what ever house he buys 10 days later he should try living on his own 1st b4 moving right from your parent house with no bills to a mortgage and all the other bills

[REEFER]

house+Massachusetts doesn't = equity now and won't for a long time unless you find and absolute steal.

[no409]

Originally Posted by UATLB

mike has severe add/adhd and will want to sell what ever house he buys 10 days later he should try living on his own 1st b4 moving right from your parent house with no bills to a mortgage and all the other bills

no way. I couldnt see givin anyone rent money. FUCKIN WASTE OF $$$$$$$

my parents used to have a 6 family, and i could have lived there. FUCK THAT

no land, fuckin retards for neighbors, total bullshit.

i lived at home till i bought our house.

take a rent payment, put it away a month, live at home, then put the payments for a DP

[mikefheath87]

well see what happens. The options are there. if i need to work 65 hours a week to make 80k a year it might have to do. I am experienced with cars not houses. I'm not looking for a dumpy fixer upper house im just looking for something that is right for me.

I look at it this way. If i fuck this up in a few years at age 23 or 24. whats the worst case scenerio i end up doing this all over again when im 30? For those who dont know me i am a hugely motivated person.

[Retro 5.0]

Good luck Mike! Buy the house you can grow into. Plan it out. Don't buy a house because it is cheaper then the next one. The market is flooded and you have the pick of the litter. I bought mine back in 95 and only planned on having two kids. Got my garage, pool, shed and 3 bedrooms, finished basement. etc. Life threw a curve into my plans and we were blessed with a 3rd kid. Now the house is too small for us. We out grew it. I tried selling it off and on for the last 5 years and even priced it right and even below value. . Guess what? I still own it. The market sucks and I am not giving it away. The wife and I said fuck it we'll tough it out and continue staying here. I don't have to sell it but it sure would be nice to have some more room. Remember It is alot easier to buy a house then to try to sell a house. Especially when there are no commitments for the first time buyer. If you need any help my wife works for Mass Housing in Boston. She may be able to assist you getting in touch with the loan dept. or put you in touch with key people in the loan dept.

[attamz]

Congrats on the sale. 20k is more than enough to get the ball rolling on a place. Do what feels right and you can afford. In the end it is your decision and where you will be living. I suggest if your not already registered w/ some type of mls listing to do so. ziprealty.com is a good place to get your feet wet. Looking is that hardest part. I'm sure others who have done this can vouch, It tears you in every direction. Jump on the deals fast, I have seen places get listed and sell with in the same day. Good luck!

[H3llphyre]

Originally Posted by no409

no way. I couldnt see givin anyone rent money. FUCKIN WASTE OF $$$$$$$

So is interest. You do realize you give more to the bank in interest, the city in property taxes, and the insurance company, then you would in rent, right?

[89DaytonaShelby]

Originally Posted by H3llphyre

So is interest. You do realize you give more to the bank in interest, the city in property taxes, and the insurance company, then you would in rent, right?

yeah, but even if its only a fraction, you own something though. even if it stays static in value, its still more of a return than the 0% you get for rent.

[H3llphyre]

Originally Posted by 89DaytonaShelby

yeah, but even if its only a fraction, you own something though. even if it stays static in value, its still more of a return than the 0% you get for rent.

Wrong, try again.

Capital gains - (Interest + property taxes + maintenance) < rent + (market investment + growth)

Yeah, if you're a retard with money, a house is a "forced savings account with shitty returns". Unless you sell on one of the 15 year highs.

[89DaytonaShelby]

Originally Posted by H3llphyre

Wrong, try again.

Capital gains - (Interest + property taxes + maintenance) < rent + (market investment + growth)

Yeah, if you're a retard with money, a house is a "forced savings account with shitty returns". Unless you sell on one of the 15 year highs.

How many people do you know...

ok...rewrite...how many people on this forum...

are actually going to put the same volume of $ into the market. even if they were smart enough to put some in the market, no-one would put that much in the market.

nevermind the fact that they would have lost way more over the last 3 years by being in the market than by being in a house. (volume dependant as any financial discussion is)

and YES, i am well aware those "losses" aren't losses unless you sell...but lets be realistic, who here has the patience to sit through the down periods and look 30 years in the future.

for the average consumer, a house (or forced savings account) is a much wiser investment, than what they would actually realize in the market.

And you have to pay taxes on growth in the market (investment dependant i know).

That being said i put about 45% of my income into the market each pay period. this is to the detriment on my savings for a down payment on a house (not savings in general) but that is because i think i share a number of your views on home ownership. I was forced into the home situation i am in now, by a gf who wouldn't listen to me. I'm determined to make the best of it, but i'm not going nuts to get another house anytime soon.

[H3llphyre]

Originally Posted by 89DaytonaShelby

nevermind the fact that they would have lost way more over the last 3 years by being in the market than by being in a house. (volume dependant as any financial discussion is)

You haven't seen housing prices lately, have you?

[89DaytonaShelby]

Originally Posted by H3llphyre

You haven't seen housing prices lately, have you?

oh i have.

but some of the stocks have dropped even more than that.

200k drop in a house price is nothing compared to a 45% drop in an investment fund worth 800k.....

Of course, for those that won't stick with that drop, they wouldn't have the 800k...but i'm just saying...

I think for the most part i agree with you, but i do think houses have their place, and they do fit in certain future plans. They're not the devil, they just aren't necessarily the best investment for a single male in his 20's

[Brad S]

Originally Posted by H3llphyre

Wrong, try again.

Capital gains - (Interest + property taxes + maintenance) < rent + (market investment + growth)

Yeah, if you're a retard with money, a house is a "forced savings account with shitty returns". Unless you sell on one of the 15 year highs.

A house is a good investment Jay... You're seriously going to argue that?

Bottom line is you're building equity in something, there is no return in renting.

And you're seriously saying it's better to roll your money into the stock market over purchasing land when property value has basically bottomed out and Obama is giving away free money for first time buyers?

I do agree if you're uncertain as to where you want to live a house is a terrible investment, but if you plan to live in the same place for 10 years its probably a safe move assuming you're buying property in the correct area...

Just because you're building equity in a home doesn't mean you can't still make moves in the market either.

[igotasweetride]

Originally Posted by Brad S

A house is a good investment Jay... You're seriously going to argue that?

Bottom line is you're building equity in something, there is no return in renting.

And you're seriously saying it's better to roll your money into the stock market over purchasing land when property value has basically bottomed out and Obama is giving away free money for first time buyers?

I do agree if you're uncertain as to where you want to live a house is a terrible investment, but if you plan to live in the same place for 10 years its probably a safe move assuming you're buying property in the correct area...

Just because you're building equity in a home doesn't mean you can't still make moves in the market either.

the point jay is making, which i completely agree with is that you should never buy a house because thats what society tells you that you should do. its not right for everyone. sure, you "own" something in the end, but if you can pay for rent what you would pay in interest for the mortgage and still have the money you would have spent on principle, taxes, misc maintenance, misc utilities, etc. why would you buy a house?

[H3llphyre]

Originally Posted by 89DaytonaShelby

oh i have.

but some of the stocks have dropped even more than that.

200k drop in a house price is nothing compared to a 45% drop in an investment fund worth 800k.....

Of course, for those that won't stick with that drop, they wouldn't have the 800k...but i'm just saying...

I think for the most part i agree with you, but i do think houses have their place, and they do fit in certain future plans. They're not the devil, they just aren't necessarily the best investment for a single male in his 20's

They're a decent investment for the added benefit of housing your family. For a single male, its a piss poor investment.

In saying that. If you can find a steal (there are TONS of them right now), its a SUPER investment.

And, if you're SMART with the market, you didn't lose much. I lost all of 10% overall, as I put all my money in ultra safe funds right before the market tanked.

[H3llphyre]

Originally Posted by Brad S

A house is a good investment Jay... You're seriously going to argue that?

Bottom line is you're building equity in something, there is no return in renting.

And you're seriously saying it's better to roll your money into the stock market over purchasing land when property value has basically bottomed out and Obama is giving away free money for first time buyers?

I do agree if you're uncertain as to where you want to live a house is a terrible investment, but if you plan to live in the same place for 10 years its probably a safe move assuming you're buying property in the correct area...

Just because you're building equity in a home doesn't mean you can't still make moves in the market either.

I'm saying its a mediocre investment.

[H3llphyre]

Originally Posted by igotasweetride

the point jay is making, which i completely agree with is that you should never buy a house because thats what society tells you that you should do. its not right for everyone. sure, you "own" something in the end, but if you can pay for rent what you would pay in interest for the mortgage and still have the money you would have spent on principle, taxes, misc maintenance, misc utilities, etc. why would you buy a house?

bingo

[Badassburban]

If you must have a house calculate what you can afford

cut it in half

find something you like

and move on

if you can afford a 300K house

buy one for 150k

then you have some breathing room

dont stretch yourself out like everyone else did and get fore-pwned


here is a great example

I have a friend living in my apartment house in worcester right near worcester state

has a loft apartment 600sq ft fully remodeled
has a 2 bay garage to use with full power no restrictions

he mows the lawn and takes care of complaint and maintinance calls

and pays $700.00 per month
with about $125.00 in utilities


and renting is bad????

[attamz]

Originally Posted by Badassburban

here is a great example

I have a friend living in my apartment house in worcester right near worcester state

has a loft apartment 600sq ft fully remodeled
has a 2 bay garage to use with full power no restrictions

he mows the lawn and takes care of complaint and maintinance calls

and pays $700.00 per month
with about $125.00 in utilities


and renting is bad????

I guess everyone has a difference of opinion here. If you want to make a commitment, buy something. If not, don't. It's as simple as that. Everyones advice so far is worth about as much as it costs...zero. ^^^ I'm missing the point of the $700 + $125, is that supposed to be a good deal?

[H3llphyre]

Originally Posted by attamz

I guess everyone has a difference of opinion here. If you want to make a commitment, buy something. If not, don't. It's as simple as that. Everyones advice so far is worth about as much as it costs...zero. ^^^ I'm missing the point of the $700 + $125, is that supposed to be a good deal?

Comparing apples to apples... I have a condo which is bigger and costs about the same at the end of the day. That means that SOME of the money is going towards principle, so no, its not a great deal to rent. Comparing it to a full blown house with a $1500 total cost, different story. But, two different situations too.

[TheMechanic]

How much ar you paying for rent now.
It is like anything else, you need to buy what you can afford. Right now is the best time to buy that there has been in 20 years. Houses are cheap and money is cheap. Interest is a waste of money to a point but it is only like a 4% waste where as rent is a 100% waste.
Your mortgage will end some day, your rent never will. Your rent will double in 20 years, your mortgage will remain the same

[Badassburban]

Originally Posted by attamz

I guess everyone has a difference of opinion here. If you want to make a commitment, buy something. If not, don't. It's as simple as that. Everyones advice so far is worth about as much as it costs...zero. ^^^ I'm missing the point of the $700 + $125, is that supposed to be a good deal?

yeah with a 2 bay garage included and two driveway spots guaranteed that is a awesome price on the west side of worcester

[igotasweetride]

Originally Posted by H3llphyre

Comparing apples to apples... I have a condo which is bigger and costs about the same at the end of the day. That means that SOME of the money is going towards principle, so no, its not a great deal to rent. Comparing it to a full blown house with a $1500 total cost, different story. But, two different situations too.

you're leaving out the main issue with condos. what are your condo fees? the condos we did work on in back bay that were going for $1m+, were $1600/month in fees. not relevant, but i almost shit when i heard that number. most i know of are in the $250-450/month range for a nice place. most people forget to add that in when they talk about condos being "cheaper" then houses.

[SVT1]

good move buddy. glad things are working out for ya!

[H3llphyre]

Originally Posted by igotasweetride

you're leaving out the main issue with condos. what are your condo fees? the condos we did work on in back bay that were going for $1m+, were $1600/month in fees. not relevant, but i almost shit when i heard that number. most i know of are in the $250-450/month range for a nice place. most people forget to add that in when they talk about condos being "cheaper" then houses.

I included condo fees in my numbers. The condo fee is dirt money (for the most part), because there is no pool or gym or anything like that, that I wouldn't use anyway.

[mineralgraygt]

Originally Posted by igotasweetride

you're leaving out the main issue with condos. what are your condo fees? the condos we did work on in back bay that were going for $1m+, were $1600/month in fees. not relevant, but i almost shit when i heard that number. most i know of are in the $250-450/month range for a nice place. most people forget to add that in when they talk about condos being "cheaper" then houses.

I would always recomend condo's for first time home buyers....

Being a condo owner myself, I can tell you overall cost of ownership is MUCH lower than a house for alot of reasons. I don't shovel, i dont cut grass, i dont maintain the yard I have. I don't maintain the driveway/parking lot...I don't have to deal with trash becuase I have a dumpster..and oh yah.. I don't pay a sewer bill.

In the past two years at my condo I have had a new roof put on, new siding done, condo painted, attic cleaned and prepped for mold, parking lot repaved and lined...all at NO COST TO ME.

Even with my condo fee..my total monthly morgate is 1650.

Houses are exspensive, condo's are a great way to own up front. When the time comes I can always rent the place out and buy a house.

just my .02 cents

[H3llphyre]

Originally Posted by mineralgraygt

Houses are exspensive, condo's are a great way to own up front. When the time comes I can always rent the place out and buy a house.

just my .02 cents

That's the best part. I live 1 block from a major college. About 25% of the units in my building are rented to students (mostly grad students) and the owners get premium dollar for the rentals, because the parking lot is secured (rare), the building is in good condition, and the college isn't cheap (the students have moola).

That's my plan. Live small for a few more years, then move to something bigger (maybe another condo, maybe a house) and rent.

[mineralgraygt]

that's exactly my plan as well...going to wait things out a bit then buy the house of my dreams with a yard and a pool.

[mikefheath87]

i havent rulled out a condo......but i doubt ill end up in one.

[GM991]

[quote=no409;535007]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.


+1
I bought my first house in 94 a three family..I collect 3 rents that more than pay for the morgage and bills on it plus it pays for 1/3 my morgage on my single me and the fam live in.
Buying young is a good thing. I don't care what the market does in 10 years the house will be worth more than what you paid in this part of the country.

Condo?? Not for me, don't need another level of goverment (condo association) plus a condo fee that can go up to ??? what ever the association thinks it needs to pay the bills and god forbid if they missmanage it....
Plus what if you get a bad neighbor above, below or next door, bitching about noise or making to much.

If you rent all your life you will have to work till you go in the ground to pay the rent.
Plus if you make good money there are really good tax breaks owning

NO THANKS will take my house anyday.
Good move mike.

Me like renters...