I just can’t convince myself to buy a house.

Silverboost · May 19, 2019

VenomVeins said:
Thats why you negotiate with the cash buyer out of the group.

The one good thing about the market here for sellers is that the appraisers will usually raise the property value to the highest bid accepted.

This is one of the reasons we got into the housing market crisis previously. Appraisers are no longer individually selected by buyers, sellers, or the banks. They are selected by a 3rd party to everyone in an effort to mitigate fraudulent appraisals. I know this as my parents are property appraisers.

If the appraisers are doing this in your area they are taking a lot of unnecessary risk for themselves and everyone else involved. Could land them with a lot of fines and the loss of their license.

Sent from my iPhone using the svtperformance.com mobile app

VenomVeins · May 19, 2019

Silverboost said:
If the appraisers are doing this in your area they are taking a lot of unnecessary risk for themselves and everyone else involved. Could land them with a lot of fines and the loss of their license.

Agreed.

In Cali though? Lol not happening. Property is already sky high and constantly rising. I know appraisers too and believe me, no one is batting an eye to escalation underway because SoCal.

****ing nuts out here.

nxhappy · May 19, 2019

Mpoitrast87 said:
That I find weird. Just about very adult that I know has lived in the same house for their entire life.

nope. not according to stats.

nxhappy · May 19, 2019

jpro said:
Down payment is an obstacle for many. 20% of $400k is $80k. Not many folks have that plus a little cushion laying around. So if you buy with less than 20% down you pay PMI, which is $200 or more on houses over $400k so you’re still throwing tons of money away. Except for the SVTP ballers, many people aren’t swimming in cash.

Sent from my iPhone using svtperformance.com

down payment has not been an obstacle for a LONG time. With FHA you only need 3-4% down. Which is OK because banks have tightened WAY down on loaning. You aren't going to get any money unless they are 100% certain you can afford it. They practically probe your asshole nowadays when asking for a mortgage loan. Which is a good thing.

nxhappy · May 19, 2019

earico said:
Then don't drive a new mustang and save 20%. Most people that say they can't afford to buy a home have misdirected finances. Investors love those types of people and are glad to take their rent money.

Many people pay 400-600 per month for a new car. Guess what, that is ****ing you towards a house. So many people nowadays don't know how to invest or make money. They just piss it away on stupid shit.

Mpoitrast87 · May 19, 2019

nxhappy said:
nope. not according to stats.

I’m sure. Just saying from my own experience.

coposrv · May 19, 2019

nxhappy said:
Many people pay 400-600 per month for a new car. Guess what, that is ****ing you towards a house. So many people nowadays don't know how to invest or make money. They just piss it away on stupid shit.

I agree. A lot of my neighbors have nice cars and a nice home but have zero liquid money available. I don’t want to live that way. If I can buy or lease a decent new car through my company. Fine. But I don’t want get onto the wheel of debt to impress my neighbors. I’d be happy with a mid 90’s bronco.

Sent from my iPhone using the svtperformance.com mobile app

RDJ · May 19, 2019

coposrv said:
I agree. A lot of my neighbors have nice cars and a nice home but have zero liquid money available. I don’t want to live that way. If I can buy or lease a decent new car through my company. Fine. But I don’t want get onto the wheel of debt to impress my neighbors. I’d be happy with a mid 90’s bronco.

There is nothing that says you have to own a home. You do what works for you. I came really close to losing everything in 03 when I got laid off. I went to Iraq to survive. 13 years later I am done, house is paid off, cars are all paid off and I have enough cash in the bank that I can pay off what little credit card debt I have. I did what I had to do. A friend of mine is the CEO of her own company. She lives in an apartment because she doesn’t want the hassle of home ownership. It’s not complicated and Dave Ramsey’s approach does not work for everyone

LS2GTO · May 20, 2019

Unfortunately you're in a tough area for housing, but it's still way better than renting (besides the ease factor of not having to deal with anything that breaks).

I purchased a house in Acton this year, but also looked in the Ashland/Southboro areas and the prices there were insane for the level of house. Start looking out further west or north and you will find much better deals. Pretty much anything east of 495 is straight highway robbery.

Blk04L · May 20, 2019

They need to drop the 20% rule regarding PMI down to 10% IMO.

My first house we put down 5%, and got stuck with a $250 PMI bill.
$3,000 a year down the drain for "Insurance".

Next house we put 20% down(mainly from sale of house #1) just so we weren't throwing money into a bigger fire pit.

Stanger00 · May 20, 2019

The idea of paying rent from 65 to 90+ years of age just doesn’t sound appealing to me.

Sent from my iPhone using Tapatalk

earico · May 20, 2019

Blk04L said:
They need to drop the 20% rule regarding PMI down to 10% IMO.

My first house we put down 5%, and got stuck with a $250 PMI bill.
$3,000 a year down the drain for "Insurance".

Next house we put 20% down(mainly from sale of house #1) just so we weren't throwing money into a bigger fire pit.

They don't need to change it at all. FHA backed loans exist to help people get into houses that can't afford 20% down on their 1st home. Worked just like it should have for you. I did the same on my first and have had conventional loans since.

nxhappy · May 20, 2019

RDJ said:
There is nothing that says you have to own a home. You do what works for you. I came really close to losing everything in 03 when I got laid off. I went to Iraq to survive. 13 years later I am done, house is paid off, cars are all paid off and I have enough cash in the bank that I can pay off what little credit card debt I have. I did what I had to do. A friend of mine is the CEO of her own company. She lives in an apartment because she doesn’t want the hassle of home ownership. It’s not complicated and Dave Ramsey’s approach does not work for everyone

I never understood what "hassle" people are referring to. Most of the time you can avoid expensive home repairs. And home warranties aren't expensive at all. Just seems like another lame excuse lol.

Kevins89notch · May 21, 2019

nxhappy said:
I never understood what "hassle" people are referring to.

While I don't agree with that claim of hassle, I think I can explain it in car terms.

Someone drives a 15 year old, paid off car, and does routine maintenance on it. You're bound to have something a little pricey happen like your AC compressor taking a crap or needing a timing chain at some point.

Another person drive a $300 a month payment car, hears you mention a $700 repair bill and says, "See, this is why I drive a newer car, there's no hassle."

So the person who complains about the hassle of owning a house is likely over spending in general, has no savings, and can't comprehend that roofs, AC systems, and water heaters don't last forever.

08mojo · May 21, 2019

Silverboost said:
You my sir cannot afford an $800k on your household income and save for anything. After taxes you are clearing around $11k and that amount the bank approved you on doesn’t include taxes, insurance, or utility cost. If you buy I wouldn’t spend more than $400k with your income.

Sent from my iPhone using the svtperformance.com mobile app

It's absolutely stupid how much someone can be 'approved' for regarding a home loan. I remember laughing at the lender when I was buying my first (and current) home. It was just me applying, and I was fresh out of college with a new job. Luckily I could do basic math and understood that I could only really afford about 1/3 of the number they showed me.

ZEN357 · May 21, 2019

coposrv said:
I think it’s a huge 20-30 year liability for a terrible return and I can’t stomach the thought of it. Am I over thinking it?

The average decent single family home that isn’t 150 years old and on top of the neighbors house where we are is 500k and another 8-10k in taxes a year. We can pay the mortgage but I don’t want to. My wife and friends think I’m crazy.

Sent from my iPhone using the svtperformance.com mobile app

You are not crazy! I live in the Upper Ohio Valley and we want to move so bad because Houses are ridiculously priced due to the Gas Well Drilling. An $80,000 house now costs almost $200,000. It's crazy and rent is just as bad. Our lease on our townhouse is up in another year and a half and I'm doing everything I can to find another job somewhere out of this valley so we can afford to live. The Gas Well Drilling Industry may be good for some but it has hurt alot of other people who are not involved in the industry. Prices on everything have gone thru the ceiling where I live.

decipha · May 21, 2019

I suppose at this point I'm what one would consider to be a real estate investor since I'm always looking for up and coming neighborhoods and properties that I suspect are up and coming. I've been pretty fortunate because I don't take risks. I have always encouraged everyone that rents to buy their own home and for a first time home buyer its really easy to do despite how difficult people make it out to be. I bought my first house when I was 22 and paid it off within' 5 years making extra payments to principle working my ass off. After it was free and clear I purchased a 2nd home (mortgage) and rented out the first house. With that rent and my normal extra payments I paid off the 2nd home in no time giving me two houses free and clear. I then rented that out and bought another home (mortgage) and with the income from the other 2 and still making extra payments I paid that off in even less time. I am currently in the process of looking for my next house to do the same. If I had not decided to buy my first house and rented instead then all of this would have been wasted on rent and I would have nothing to show for it right now.

So in other words, renting will get you no where your just pissing money away.

coposrv · May 21, 2019

decipha said:
I suppose at this point I'm what one would consider to be a real estate investor since I'm always looking for up and coming neighborhoods and properties that I suspect are up and coming. I've been pretty fortunate because I don't take risks. I have always encouraged everyone that rents to buy their own home and for a first time home buyer its really easy to do despite how difficult people make it out to be. I bought my first house when I was 22 and paid it off within' 5 years making extra payments to principle working my ass off. After it was free and clear I purchased a 2nd home (mortgage) and rented out the first house. With that rent and my normal extra payments I paid off the 2nd home in no time giving me two houses free and clear. I then rented that out and bought another home (mortgage) and with the income from the other 2 and still making extra payments I paid that off in even less time. I am currently in the process of looking for my next house to do the same. If I had not decided to buy my first house and rented instead then all of this would have been wasted on rent and I would have nothing to show for it right now.

So in other words, renting will get you no where your just pissing money away.

I understand where your coming from. I wish I were in that position. But I’m guessing the homes weren’t 3 bedroom 1 bath raised ranches on half acre lots than haven’t been touched for 30 years and are selling for 400k in a town that taxes you annually 18$ per thousand of assessed value.

Sent from my iPhone using the svtperformance.com mobile app

BlckBox04 · May 21, 2019

what happens if your landlord decides to sell the property to anyone and new owner kicks you out, you're f'd
only the bank can kick me out of my house

Coiled03 · May 21, 2019

BlckBox04 said:
what happens if your landlord decides to sell the property to anyone and new owner kicks you out, you're f'd
only the bank can kick me out of my house

LOL! The hell are you talking about? You can't get evicted for no reason. This thread is so far off the rails.

Buying a house is not the best choice is every scenario. PERIOD. I'm sorry some of you want to feel like it is, but it's not.

I just can’t convince myself to buy a house.

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

ZERO shits given

Active Member

. . .

Well-Known Member

It's 4:20 somewhere...

Well-Known Member

Well-Known Member

...

Active Member

Well-Known Member

Well-Known Member

I am the liquor

Well-Known Member

Users who are viewing this thread