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re: First Time Buying a House
Posted on 1/20/16 at 10:54 pm to slackster
Posted on 1/20/16 at 10:54 pm to slackster
I'm not defensive, I just vehemently disagree with what you are saying 
I mean it comes across as mean/rude/defensive on a message board but I'm sipping my beer and watching golf while i do it. And I would gladly share that beer if you were here 
In my nice house....
I mean it comes across as mean/rude/defensive on a message board but I'm sipping my beer and watching golf while i do it. And I would gladly share that beer if you were here In my nice house....
2
Posted on 1/20/16 at 10:57 pm to SlowFlowPro
quote:I have discussed how this truly isn't a possibility for my field. Not my wife
what happens if you lose your job and you're underwater and either have to short sell or file bankruptcy?
CPA and Nurse for the record
quote:Then I will stay in my house that is nice that needs no work and is completely updated. Remember I "bought a house too expensive". Hell, I'll be happy I am "stuck" in a nice house and not stuck in a shitty house
what happens if you keep your job but the RE bubble popping turns your neighborhood into shite and your house decreases in value?
This post was edited on 1/20/16 at 10:58 pm
Posted on 1/20/16 at 10:58 pm to CE Tiger
quote:
ill weather the storm paying my same note on the 30 year loan in a nice house rather than hate life living in a dump that is now impossible to upgrade
Why are these the only alternatives?
We've done the math in this thread already - putting 3.5% down cost you a considerable amount of money in the long run, and significantly more if you can't get MIP removed.
The bottom line is that if your still saving money now you could be saving even more had you gone a different route. Keeping your cash flow options as open as possible is important, particularly if you live in LA right now.
There are much worse things you can do than rent an affordable place for a few years to save up the extra cheese for the downpayment.
Posted on 1/20/16 at 10:58 pm to SlowFlowPro
quote:
what happens if you lose your job and you're underwater and either have to short sell or file bankruptcy?
if i lose my job im fricked whether im paying an $1100 note or a $1500 note -ill be thankful i didn't dump $30k down on a down payment though since ill need to live off savings for a bit
Posted on 1/20/16 at 10:59 pm to lsupride87
What area of RR are you in?
Posted on 1/20/16 at 11:01 pm to GynoSandberg
Close to citrus. My house is not that amazing. It is an updated 1900 sqft 3 bed 2 bath. No OT baller here
This post was edited on 1/20/16 at 11:03 pm
Posted on 1/20/16 at 11:02 pm to lsupride87
quote:
'm not defensive, I just vehemently disagree with what you are saying
We're not that far apart it seems, I'm just arguing that your individual situation working out doesn't mean it was the best decision you could/should have made.
You and CE can basically just say that you valued owning the home you wanted more than making the best financial decision possible and that would be that. There is nothing wrong with that for either of you, but overall it is a path that should be avoided for most people.
Posted on 1/20/16 at 11:04 pm to slackster
quote:I have already admitted that. What I won't admit to is that it was risky. And I clearly won't agree that i " can't afford it". Not saying you have said those specific things but many have
You and CE can basically just say that you valued owning the home you wanted more than making the best financial decision possible and that would be that
Posted on 1/20/16 at 11:07 pm to CE Tiger
quote:
if i lose my job im fricked whether im paying an $1100 note or a $1500 note -ill be thankful i didn't dump $30k down on a down payment though since ill need to live off savings for a bit
Fair enough, but having as few monthly obligations as possible gives you far more flexibility as you go. Putting 3.5% down instead of waiting 2-3 years and putting down 20% or as close as you can get to that is a short-sighted decision. There are ways where it can work out and luckily it has for you and lsupride87, but it doesn't change the fact that it is a short-sighted decision for most.
Posted on 1/20/16 at 11:08 pm to CE Tiger
quote:
if i lose my job im fricked whether im paying an $1100 note or a $1500 note -ill be thankful i didn't dump $30k down on a down payment though since ill need to live off savings for a bit
But you already spent that money, remember? Because let's face it, nobody wants to live like a poor. So you got to travel and buy a nice car.
Posted on 1/20/16 at 11:08 pm to slackster
quote:
making the best financial decision possible
i bought a house that is gonna have a great resale value in a desirable area, but because i didn't put an extra $30k down you are gonna say it was a bad financial decision?
Posted on 1/20/16 at 11:09 pm to lsupride87
quote:
What I won't admit to is that it was risky. And I clearly won't agree that i " can't afford it".
If you're able to save for retirement and in other long-term vehicles despite your note, that is great, but if that is the case, you could have saved for the downpayment even quicker and this would be a moot point.
Posted on 1/20/16 at 11:09 pm to poochie
quote:I mean I can make things up to.
But you already spent that money, remember? Because let's face it, nobody wants to live like a poor. So you got to travel and buy a nice car.
How about this, it won't matter if the market crashes for you money smart people because you most likely got murdered in your 175k house in the ghetto
Posted on 1/20/16 at 11:11 pm to lsupride87
The putting less down to live in the now reason was 100% brought up in this thread.
Posted on 1/20/16 at 11:11 pm to lsupride87
Posted on 1/20/16 at 11:12 pm to slackster
The down payment with our monthly savings for the houses we were looking at would have taken roughly 3 years assuming we took no major trips that would cut into that. Giving the trips it would take double that. I did not want to wait 6 years, and I also didn't want to give up the younger years of our lives together before having kids. I knew exactly what I was doing from a financial/life experience standpoint
Posted on 1/20/16 at 11:12 pm to CE Tiger
quote:
i bought a house that is gonna have a great resale value in a desirable area, but because i didn't put an extra $30k down you are gonna say it was a bad financial decision?
I don't know your exact situation so there is no way to tell.
I will say that people tend to be far more confident in property values and real estate than they should be, and they are often severely underestimating the risk involved. Your home is not a savings account and there is absolutely no guarantee that it will grow in value, but people treat it as such.
Posted on 1/20/16 at 11:12 pm to poochie
quote:And that doesn't mean blowing all your money
The putting less down to live in the now reason was 100% brought up in this thread.
Posted on 1/20/16 at 11:13 pm to lsupride87
Also, I love how an expensive house is considered not ghetto but a cheaper one is. Even though the examples in this thread show that those two houses can be had on the same block.
Posted on 1/20/16 at 11:14 pm to slackster
I don't look at my home as an investment. I hate that mentality. I look at it as a place to
Live and raise my family. Now I'm not going to go overboard and put myself in a bad situation, but my home is my home #1.
Live and raise my family. Now I'm not going to go overboard and put myself in a bad situation, but my home is my home #1.
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