Home buying thread

Cutlery

Cutlery

Kill All the White People
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Wizarddeath said:
I just can"t believe any one in their 20"s is putting down 20% on homes unless they are starter homes.... Most average (stay in for year homes) here are around 250k+ so 20% would be 54k......

Unless your a hermit, no way you would of saved that by like 27..... if you did and went to college, and have your college loans paid off, a car paid off, and a fiancee, I would be surprised.
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Well, Cad did, but he"s just an imaginary person on the internet, so it really doesn"t mean shit.

Out here in reality land, yeah, not too many of us rocking 50k in the ol" bank account just waiting to snap up a nice piece of real estate. I mean, I"ve got a buddy with that in the bank, but you"ve gotta understand that he"s 45 and been living rent free in his Dad"s house while his father snowbirds for the past 10 years. Before that, it was a little bit different situation, and by that I mean, he was just as fucking poor as everyone else.
 
Cad

Cad

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TheCutlery said:
Well, Cad did, but he"s just an imaginary person on the internet, so it really doesn"t mean shit.

Out here in reality land, yeah, not too many of us rocking 50k in the ol" bank account just waiting to snap up a nice piece of real estate. I mean, I"ve got a buddy with that in the bank, but you"ve gotta understand that he"s 45 and been living rent free in his Dad"s house while his father snowbirds for the past 10 years. Before that, it was a little bit different situation, and by that I mean, he was just as fucking poor as everyone else.
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By 27 even if you went to college you"d have been working for 5 years, saving $10k/yr shouldn"t be impossible if you make 50-60k. Live below your means. I probably make considerably less than someone like Eomer, but my wife and I live below our means and don"t waste money, so we have a large amount of liquid cash/investments. Also, don"t marry a bitch who wastes your money.

I bought a house that was $170k at 24 and put 20% down, yes. I sold my toy car at the time to free up some extra capital.
 
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Izuldan_foh

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Wizarddeath said:
I just can"t believe any one in their 20"s is putting down 20% on homes unless they are starter homes.... Most average (stay in for year homes) here are around 250k+ so 20% would be 54k......

Unless your a hermit, no way you would of saved that by like 27..... if you did and went to college, and have your college loans paid off, a car paid off, and a fiancee, I would be surprised.
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It"s about managing your finances and not living outside your means. I"m not sure what Cutlery"s beef with Cad is, but Cad isn"t the only one that bought property in their 20s.

The key again is not to start big, start small. I graduated in college at 22, rented, and when I was 26 I bought my first home, which was actually a condominium. I believe it was $50,000. Mind you, this was in San Diego, which is one of the most expensive areas to live in, I think my unit was like 700 square feet heh, old as dirt too.

After saving more, at age 31 I bought my first house. I was making around 40k/year at that time. This was......1999. I sold my condo and used that for the down payment.

Part of the problem also is the kind of personal decisions you need to make. I wasn"t married at the time, I had no desire to since I was poor. I see people say "oh man, no way I could have saved that kind of money"....and you dig deeper and you find out they were married and had like 2 kids before they were 30. Well, of course you don"t have enough money then.
 
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opiate82_foh

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I put 20% down on a 300k house at 27 /shrug. My buddy who is the same age is on his second FHA loan for about the same price. I"ll be showing how much more my buddy will end up paying over me to my kids when they enter the work force as a lesson for why setting aside as little at 10% of each pay check is a good practice.
 
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Picasso3

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Cad said:
By 27 even if you went to college you"d have been working for 5 years, saving $10k/yr shouldn"t be impossible if you make 50-60k. Live below your means. I probably make considerably less than someone like Eomer, but my wife and I live below our means and don"t waste money, so we have a large amount of liquid cash/investments. Also, don"t marry a bitch who wastes your money.

I bought a house that was $170k at 24 and put 20% down, yes. I sold my toy car at the time to free up some extra capital.
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At some point the benefits of "freeing up cash" and "living below your means" infringe on your overall happiness?

Shouldn"t eating shit for a year, missing vacations, missing out on young adult life just to save a couple thousand a year on PMI be a personal option?

In summary -- i get your point, but you"re an asshole and i guarantee you can"t meet a fucking person without telling them you put down 20%.
 
Cad

Cad

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Yea dog talking about how much you put down in the HOME BUYING THREAD while discussing financing makes me an asshole. You nailed that one.
 
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Thief_foh

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Picasso said:
At some point the benefits of "freeing up cash" and "living below your means" infringe on your overall happiness?

Shouldn"t eating shit for a year, missing vacations, missing out on young adult life just to save a couple thousand a year on PMI be a personal option?

In summary -- i get your point, but you"re an asshole and i guarantee you can"t meet a fucking person without telling them you put down 20%.
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Yea but for many people their threshold for happiness is astonishingly high. You know, the party every weekend, car of the year, smartphone, tablet, expensive travel every year kind of people.

It"s like everybody is entitled to have everything now. You know, save for a few years if you really want that house.
 
Cad

Cad

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Thief said:
Yea but for many people their threshold for happiness is astonishingly high. You know, the party every weekend, car of the year, smartphone, tablet, expensive travel every year kind of people.

It"s like everybody is entitled to have everything now. You know, save for a few years if you really want that house.
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Buying things when you can actually afford them and not just "could I theoretically go to the store and come home with the item? Sold" is a mentality most people don"t have. Ooh shiny, must buy now!

The house is just the next thing in line... what, I have to save for a while before I could get this? It is IMPOSSIBLE! If I can"t put 1% down it won"t happen!
 
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Picasso3

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Meeting the loan requirements and being able to afford the payment with PMI doesn"t equal afford to you all?

I don"t have a problem with your logic -- fuck it"s me, i paid cash for my motorcycle and don"t have PMI on my mortgage (the only two real world shits i"ve bought so far).

But i respect people that don"t want all their cash constantly locked down, arent worried about equity w/ or w/o PMI, and aren"t always crunching the numbers.

All i"m bringing to the table here is buying a house isn"t 100% about equity, or 100% efficiency.

It"s about fucking LIVING, man.
 
Cad

Cad

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Picasso said:
Meeting the loan requirements and being able to afford the payment with PMI doesn"t equal afford to you all?

I don"t have a problem with your logic -- fuck it"s me, i paid cash for my motorcycle and don"t have PMI on my mortgage (the only two real world shits i"ve bought so far).

But i respect people that don"t want all their cash constantly locked down, arent worried about equity w/ or w/o PMI, and aren"t always crunching the numbers.

All i"m bringing to the table here is buying a house isn"t 100% about equity, or 100% efficiency.

It"s about fucking LIVING, man.
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These people aren"t the type who aren"t "keeping their cash locked down", they"re living paycheck to paycheck, and want everything wrapped up in a monthly payment that they can service by their labor. I too can see the argument for maximum leverage while investing free capital but that isn"t what Cutlery is bitching about. He"s literally saying he would never have 20% down in cash ever, so I am an elitist prick for suggesting that should be the norm.
 
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Picasso3

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Seems to me like he is a guy that"s making his payments and looking into feasible options to better his financial situation while maintaining a lifestyle he"s comfortable with. Living like a hobo and making his wife breast feed him 3 meals a day for 2 years so he can put 20% down isn"t worth the $100/mo PMI.

You have a school of thought -- it is right in the financial efficiency side of things, but not necessarily right for life. Quit being a cocksucker and putting shit like (as everyone should) (because that"s what i did) (is that a fucking coincidence?).

You"re the mature adult in life making all the right decisions -- we get it.
 
ToeMissile

ToeMissile

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Wizarddeath said:
I just can"t believe any one in their 20"s is putting down 20% on homes unless they are starter homes.... Most average (stay in for year homes) here are around 250k+ so 20% would be 54k......
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A friend of mine put right around 200k down on a home she purchased for 580ish last December. She was 28 at the time, has a decent job (~50k?), and has always been really good/strict with her money. Mostly CD"s and other low risk stuff as far as investments go. That said she moved back in w/ her parents ~ 2 years after she graduated. She does spend quite a bit of money on them though, bought new wood floors (~2k sqft) for their home, takes her mom shopping, etc.
 
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Picasso3

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Someone making 50k should not be financing 380k

You"re going to be clearing 3k/mo w/ 2.5k/mo going to house/utils.

In short -- your friend is making more like 100.
 
Cad

Cad

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Picasso said:
Seems to me like he is a guy that"s making his payments and looking into feasible options to better his financial situation while maintaining a lifestyle he"s comfortable with. Living like a hobo and making his wife breast feed him 3 meals a day for 2 years so he can put 20% down isn"t worth the $100/mo PMI.

You have a school of thought -- it is right in the financial efficiency side of things, but not necessarily right for life. Quit being a cocksucker and putting shit like (as everyone should) (because that"s what i did) (is that a fucking coincidence?).

You"re the mature adult in life making all the right decisions -- we get it.
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That people still think this way in 2011 after the mortgage meltdown just boggles my mind. What, you think that whole debacle was wall street"s fault? Unbelievable.
 
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chu_foh

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In this thread, people argue financeson the internet(which breeds imaginary people like Cad) without considering psychosocial contexts.
 
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EmiliaEQ_foh

shitlord
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Well, started looking into "buying something" in Paris...
My rent is about 600? for 27m? (welcome Outside Paris)
For 700?/m for 25 years i can get a loan for 120.000?
With 120.000? you can get 25-35m? (Outside Paris).

Basically making 2400?/m you can get a "big room" with a bathroom and a cooking plate.

Gotta love "em prices here

155.000$ for 250-320 square feet !
 
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Picasso3

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Ok Cad.


You need a place to live.

You don"t have 20% down.

You have 3.5%.

You find a house you decide you can afford the payment on with PMI.


I don"t even know how you disagree here? ?What do you want him to do, rent until he can afford 20% down?


Your whole argument is a big fucking ego bubble prime for its own mid life meltdown when you realize that no one gives a shit you living impoverished so you can put 20% down and have 40% more equity in your house. ?


Why you ax? The rest of the world is busy living!


Spoiler Alert, click show to read:

Before Cad opens this spoiler his mind will already be wound up ready to trounce out an entire paragraph about how "WELL I WOULDN"T HAVE GOTTEN MYSELF INTO THAT SITUATION, THAT"S WHATS WRONG WITH AMERICA TODAY THIS NEW GENERATION BEING SO GOD DAMN DISIRRESPONSIBLE WANTING THEIR GOD DAMN IPODS AND THEIR GOD DAMN CHEESEBURGERS WITH DOUBLE CHEESE AND NOT THINKING THAT IF YOU SPEND .39 CENTS ON DOUBLE CHEESE 4 TIMES A MONTH FOR 60 YEARS AND 6% INTEREST YOU COULD RETIRE WITH $1572.49 MORE PRESENT VALUE DOLLARS AND THATS A CONSERVATIVE ESTIMATE IF YOU PUT THAT MONEY INTO A ROTH AND ROLLED IT INTO A 403B AT 62.5 AND FED IT THROUGH SWISS TBILLS FOR THE NEXT 20 YEARS I COULD HAVE NEARLY 600 POUNDS OF PRIME PROVOLONE CHEESE AT THE AGE OF 82.5 ASSUMING THE PROVOLONE MARKET MATCHES INFLATION"




Too bad you"re eating it through a straw, fuckhead.
 
Cad

Cad

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Yes, I"d say rent something cheap until you can afford to buy on terms that make sense - if buying is even right for you. Depending on your life/job situation, buying might be a bad idea. You might need more mobility.

If you think I"m living impoverished, you"re funny... I live below my means. If I trotted out how I live, Cutlery would have another meltdown.
 
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Picasso3

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Oh, I didnt realize we were talking about buying on terms that make sense. And that"s if were even talking about houses on land, houseboats are better for some people due to mobility.

I live differently than other people, but its smarter, and better. They couldn"t understand it because they"re not as savvy.
 
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meStevo_foh

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What a stupid argument, so my wife and I should have stayed in our 800sqft apartment for $850/mo and saved $28k over the next however many years? Instead of paying the 3k to move into our 1750sqft house now and start our family? We have student loans and some credit card debt, but that just means my wife can"t quit work yet to raise our kid(s) yet... Not that we"re living outside of our means.
 
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