Man that sucks. "If" I ever get married again, or have a long term live-in, there will definitely be a pre-nup signed. No b**** is going to take away all that I have worked all my life for. Glad you didn't loose it!!!

John

Own home & vacation property

It's really not so much about "size" amymore. Many are downsizing for energy conservation. I think the size should fit ones needs and lifestyle. Mine is only 2200 sq/ft, but the great room and kitchen are very large and open, as is the master bedroom........ 1000 sq/ft deck on the back as well. You can tailor something perfect to your needs without having to be too big :tiphat:

John

i am 21 and i was about to close a deal on my new PG sport pkg. 370z last month but decided instead to take advantage of this $8000 tax credit for first time homeowners. my house is in construction now and will be done late october. The $8000 tax credit will go to the Z when i get it in around spring/summer

Excellent and wise financial move!!!

John

god this makes me feel like ****

Very wise and the pay off will be huge down the road. It can be a struggle at first but it really is a wise idea.

Oh and for those who think renting is a great idea because wealthy people do it consider this - each time you make a rent payment that money is gone forever - you may as well burn it or flush it down the toilet. If you have a mortgage at least half that money is going into your house and even if you don't gain/loose when you sell your house you've "saved" that money....

If you can sit on real estate especially in larger cities (well here in Canada at least) you basically double your money on average every 10 years.

Yeah, thank god the trend of the McMansions is over with. But I agree, home to fit the lifestyle. We needed a separate room where I could do school work very far away from the television room, which is the only reason I even have a place this big. I don't have any kids or anything, just need enough room to get some peace and quiet.

Peace and quiet is a good thing ;) I need my down time as well!

John

For those who have mentioned rich people renting because they think its smarter, that is absolutely ridiculous. No one would not buy a house because they want to invest instead. If you live within your means you can pay the same amount per month for a mortgage then you would for rent. Also, any true investor would use leverage...take out a mortgage with a low rate and invest the money you have to produce a higher rate of return.

And now has never been a better time to buy, if you can afford the payment and/or have the cash. There are some sweet deals to be had in this down market, steals if you are a savvy shopper!

John

Exactly! While interest rates have crept up the past few weeks they are still at historic lows. That the $8k tax credit and many desperate sellers/short sales now is the time to buy.

*cough-B.S.-cough*:rolleyes:

Plain and simple a home is a liability until it is finally sold. Purchase assets, and limit your financial exposure to liabilities and you will achieve wealth. Take your time plan and your moves wisely. When you have saved enough money for a substantial down-payment on a home get a consultation with Goldman Sachs and then decide what's truly best for you. You may be surprised.

I also Plan on a Refi while the rates are low I have to call Wells Fargo some time this week or next



DAN

A home is a liability? And what school of economics did you graduate from? The loan on your home is a liability, balance sheet wise. The property itself is an asset. If you buy right, and in this economy there is no better time to get a deal on a home, you will over time almost always have an appreciating asset. Yes home values have dropped in this recession, but if you have owned for years, the long term appreciation is still there.

John

Georgetown University, and you? Home = maintenance, insurance, higher utility bills and other associated costs...... thus a liability until sold. Also does your home truly "appreciate" or is it's higher "value" in direct correlation with the depreciation of the United States dollar?;)

... you're right I should have invested in the stock market.... LOL!

If you didn't need to pay for housing then what you are saying has some merit but as most people who actually know about real estate can tell you that its the closest thing to a sure thing in investments..... stocks suck but I can tell you even in the worst market I've never seen rent go down and even now in this economy the vacancy rate here is only 1.2%. Besides if you are at the stage where you are renting out one of your properties you have someone paying your debt off for you and you are building equity in your investment at the same time. Take out a loan for an investment in the stock market and see how your return pays that loan off AND earns you money...

My dad lost about 40% of his life savings in mutal funds, etc - you know the safe bets. If he had kept his real estate he would own multi millions in real estate and easily live off the rentals alone.... but he listened to his investors (multiple investors - he would give them each $10K and switch to the one who made the best investments for him) and got rid of his real estate to fund his next project.... I won`t be making that mistake....

Well you just go right ahead and rent then.............. :rofl2:

Stop, he went to Georgetown University :rolleyes:

im hood rich(nice car with no home)...i live inside my Z :D

Rich dad poor dad?

Good Reading. It was our first assignment in rudimentary economics. Life altering...... no. But nonetheless very insightful.

If only you knew......;)

Is someone upset that my scholastic penis is bigger than his?:bowrofl:

My rent is probably more than most people's mortgage but I still cant buy. I work for a Department of Defense contractor, and with Obama's plan to get rid of as many contractors as possible and hire government employees, I don't feel comfortable buying until the situation become more stable. I was already looking at houses before his plan became public knowledge. I've put that on hold :( Its easy to ditch a rental....a lot harder to ditch a house...especially in this market.

On one hand, I'm pissing away money in a rental every month. On the other hand, I can potentially jeopardize my entire future and never own a home....tough decision.


Edit: Not to mention, my Z is my only car and my daily driver. Sold the Titan to start saving even more.

You assume I don't know. Your argument holds water only if a person doesn't have to rent and can live free, also assuming they will be happy in an apartment or dwelling that is a rental, also assuming that "free" isn't something nice provided by a wealthy family. The monthly rent gets you nothing but a roof over your head, there is no asset. While one can argue the appreciating value of real estate relative to the dollar over time, if you have to pay for a roof over your head, I still assert you are better off to buy something at the same monthly outlay that you would pay for rent. Of course if interest rates are in double digit figures, that argument changes as well.

John

I have a Master's from UGA, it's all relative........ and no, my ego is intact, your G'town doesn't bother me, I'll sleep just fine tonight ;)

John

So now we get to the heart of the matter. This is all about the Bulldog you stole!:p

Oh hell no, I really don't care. I actually pull for the Gamecocks............. you know, the "wait until next year" Gamecocks :rofl2:

John

:icon17: Yes I believe I do.

I rent. But I also don't own a 370z. I love the area I'm in but it takes over half a million to get home here and small studio or 1 bedroom condos are 200k+ for about 500sq ft. And I'm not sure about the resale value of small condos. Plus, I'd rather have my 1000 square feet.

Though, we've recently been discussing moving a few miles off the water and getting a house in another business district. No more long walks down to the waterfront and the quaint, picturesque old downtown area. But I guess maybe for our age it's better to build the equity.

I'm totally going to get flamed for this, but if you live with your parents but drive a $30K car, you may need to examine your priorities.

I live with my parents but I am also unemployed and going to college. I do not own one yet but soon I will.

With the amount of $$ I hemorrhage each month just to live in this area, I would gladly move in with the folks if it was free (and they lived in the area) and allowed me to invest instead. I have nothing against that.

Moving in with your parents to invest is one thing, buying a $30K loss is another. Probably depends on the circumstances.

I'm 20, living with my parents and proud of it :stirthepot:

I do own 3 properties that i am renting out, my parents tell me property is the way to go, cars are just toys and a waste of money. If you have the money to spare then its all good but if you are in a position to put the money into buying property or a sports car, choose the property every time.

Here in australia we were not effected by the housing market drop like you guys in america are.


- Ty

i rent. i've had a house before and just threw away so much money. i like being able to pick up and go every few years.

i dont see what the big deal is about living with parents and having a $35k car...

some young people have jobs where they have to drive clients around. a lot of people i grew up with didnt have to give their parents a dollar to live at home. if this were my case, i'd have an extra $40k or so in the bank. not everyone had their college paid for. i'm house shopping now but there's no way i could do that at 18. not that much of my action happens at home, but my parents are VERY cool anyway.

sure i couldve gone with a cheap car with the $22k i put down, maybe a yaris and save me a good $8-10k or a used car cheaper. my priorities must be all over the place. i chose to get a nice car and be happy knowing the house would come in a few months than own a p.o.s. and be depressed on the way to work. im 22, if it matters.

I own my residence here "up north" since 1978 and a condo in Florida since 1988. They are hedges against inflation and have been good investments, though that's not why I bought them. Still and all, I wish I would have sold the condo a few years back before the bubble burst.

You own 3 properties but are living with your parents?!?!? Why dont you want to move out?


Its about priorities. Most people will make living on their own a higher priority than a car. Not to mention, a lot of parents probably wouldnt be too happy with their kid saving up money to blow it on a car instead of moving out and starting their life.

I love my parents and they were always respectful when I lived at home but there is nothing like living on your own. Wasnt too much fun having my girlfriend come over and sleep in the same bed I grew up in with my parents right down the hall...