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» Northern California Ford Owners     » Commerce   » non-automotive classifieds   » WHO WANTS A HOUSE? (Page 1)

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Author Topic: WHO WANTS A HOUSE?
VNMKING
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I have been a member to this site for a long time. I will give CAFORDS discounts on pricing for anybody who wants to buy a house or refinance there exsisting house.
I am very knowledgable in this business. If you think you can afford buying but just aren't quite sure if you qualify, you may as well call and ask. I am only 23 and have earned over 200k in equity in the house I purchased. It is very wise to invest in property...why rent any longer? Call today...


Erik Green
916-223-4102 cell
916-676-2773 office(home)

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65’ Coupe
94’ Cobra
"VNMKING"

Posts: 1000 | From: Roseville, CA | Registered: Oct 2001  |  :
liftedF150
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You know i will be looking for a place in roseville area so when im ready ill let you know.

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GO SHARKS!

Posts: 3259 | From: Discovery Bay | Registered: Feb 2002  |  :
cobraracer46
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quote:
Originally posted by T-TopTerror:
If you think you can afford buying but just aren't quite sure if you qualify, you may as well call and ask.


Erik Green
916-223-4102 cell
916-676-2773 office(home)

If you are looking for a home, you do not need some one else figuring out for you if you can afford a home. As one of the best financial advisors in the buissnes put it,"there are all sorts of people who are eager to "work with you" to buy a home faster, but the defenition of creative financing is too broke to buy a home. Here are some guide lines to let you know if you can afford a home: Can you go with a 15 year mortgage insted of a 30 year and save piles of money? Will your mortgage payment be below 25% of your monthy take home pay?? do you have a very good down payment insted of nothing down? do you have an emergancy fund of 3 to 6 mounths of expenses? are you totally debt free? If you have a shit load of credit cardt debt and boat anchor car payment, you have no buisness buying a home and if this guy tells you otherwise, he is full of shit.

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2001 SVT cobra convertible with a Viper T56, Fikse wheels, Griggs frame kit, roll bar, Vortech, 4:30 gears, brembo GT brakes and more.

Posts: 1172 | From: Woodside California | Registered: Apr 2002  |  :
2005GTskip
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quote:
Originally posted by cobraracer46:
quote:
Originally posted by T-TopTerror:
If you think you can afford buying but just aren't quite sure if you qualify, you may as well call and ask.


Erik Green
916-223-4102 cell
916-676-2773 office(home)

If you are looking for a home, you do not need some one else figuring out for you if you can afford a home. As one of the best financial advisors in the buissnes put it,"there are all sorts of people who are eager to "work with you" to buy a home faster, but the defenition of creative financing is too broke to buy a home. Here are some guide lines to let you know if you can afford a home: Can you go with a 15 year mortgage insted of a 30 year and save piles of money? Will your mortgage payment be below 25% of your monthy take home pay?? do you have a very good down payment insted of nothing down? do you have an emergancy fund of 3 to 6 mounths of expenses? are you totally debt free? If you have a shit load of credit cardt debt and boat anchor car payment, you have no buisness buying a home and if this guy tells you otherwise, he is full of shit.
i would have to agree with u in 1 way but dissagree in another cause of the way the market is you cant save as fast as the houses are going up so the best bet is get in any way u can and in a year re fi and pay all your bills off with your equity..it will be hard at first but will be worth it in the long run..oh and if its your first time getting a house you do not want a pre payment penalty..(my house went up 100k in just 4 mounths)
can u save that much money.. [Eek!] [dance] [worship]

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2005 Gt

Posts: 294 | From: Discovery bay,California | Registered: Sep 2004  |  :
mustanggt5091
All I need is.....
Member # 444

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i will be hitting you up soon, once i can afford the morgage i plan on buying a lil spot in rohnert park or santa rosa [patriot] [patriot]

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88 GT 357w (SOLD):(
06 Limited Edition R6 !!!!!

Posts: 2353 | From: Fairfield / Santa Rosa , Ca | Registered: Sep 2001  |  :
cobraracer46
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quote:
Originally posted by 2000GTskip:
quote:
Originally posted by cobraracer46:
quote:
Originally posted by T-TopTerror:
If you think you can afford buying but just aren't quite sure if you qualify, you may as well call and ask.


Erik Green
916-223-4102 cell
916-676-2773 office(home)

If you are looking for a home, you do not need some one else figuring out for you if you can afford a home. As one of the best financial advisors in the buissnes put it,"there are all sorts of people who are eager to "work with you" to buy a home faster, but the defenition of creative financing is too broke to buy a home. Here are some guide lines to let you know if you can afford a home: Can you go with a 15 year mortgage insted of a 30 year and save piles of money? Will your mortgage payment be below 25% of your monthy take home pay?? do you have a very good down payment insted of nothing down? do you have an emergancy fund of 3 to 6 mounths of expenses? are you totally debt free? If you have a shit load of credit cardt debt and boat anchor car payment, you have no buisness buying a home and if this guy tells you otherwise, he is full of shit.
the best bet is get in any way u can and in a year re fi and pay all your bills off with your equity
You cannot get out of debt with other debt. Home equity loans are not a good idea. You need to wipe out any debt you have by paying your smallest debt off and moving on to the next biggest one untill it is payed off. You cant be tied down by any type of debt at all when your going house hunting, its that simple.

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2001 SVT cobra convertible with a Viper T56, Fikse wheels, Griggs frame kit, roll bar, Vortech, 4:30 gears, brembo GT brakes and more.

Posts: 1172 | From: Woodside California | Registered: Apr 2002  |  :
RixSikCobra
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I have to agree with Skip2000. I bought my pad in Dublin in a fairly expensive area. Did everything I could to get in cause I knew the benefits if I could just make it, worked hard and paid down debt, but I wasn't debt-free when I purchased. I've made 200k in 1 year on my house. Refi'd once, took out about 25k, paid off everything. Now life is good and my purchasing power and financial flexibility have never been greater. You can't save faster than equity increases in the bay area or Sac. It affords me to have RixsikCobra. [Whoo Whooooo!] [dance]

[ March 19, 2005, 02:18 PM: Message edited by: RixSikCobra ]

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2004 Terminator
Torch Red Vert
Built,Ported,Cammed,Juiced

Posts: 2120 | From: Pleasanton | Registered: Nov 2004  |  :
liftedF150
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were the hell have you been rick?

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GO SHARKS!

Posts: 3259 | From: Discovery Bay | Registered: Feb 2002  |  :
RixSikCobra
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What's up Brian? I've been on the down low for a few. At work right now...payin' for the house and all. I'll be around a bit more comin' up. How are you and the rest of the boys?

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2004 Terminator
Torch Red Vert
Built,Ported,Cammed,Juiced

Posts: 2120 | From: Pleasanton | Registered: Nov 2004  |  :
VNMKING
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Member # 480

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In my defense, I will give free debt analysis to all CAFORD members. I will educate you on how to qualify yourself for home loans. I don't force anybody to sign papers, they all want to. I make more money hooking people up and doing more loans because of the refferal business(word of mouth). I have so many repeat customers because I teach during the entire process. If you don't understand what your buying, THEN DON'T BUY IT. I just want everyone to give me a shot. If I don't prove myself well then I'm pretty sure I would ruin my name on this board wouldn't I? I am member 480. Been here for a while.

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65’ Coupe
94’ Cobra
"VNMKING"

Posts: 1000 | From: Roseville, CA | Registered: Oct 2001  |  :
cobraracer46
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quote:
Originally posted by T-TopTerror:
In my defense, I will give free debt analysis to all CAFORD members

Potential Home buyers need to realize that they cannot have ANY kind of debt at all when they are shopping for a home. Once people cut up all thier credit cards, get rid of stupid car payments and stop using credit, they just might be on the right track to buying a home. Poeple buy and finance new cars all the time and it's one of the dumbest things people do to loose money and not have any capital for a new home. People also need to have money saved in case of a rainy day, because if you loose your job, don't have emergency fund in place and have a shit load of debt , your new home will get forclosed on and you will be fucked [Eek!]
Once again, YOU CANNOT HAVE ANY KIND OF DEBT when you are shopping for a home!

[ March 20, 2005, 09:30 AM: Message edited by: cobraracer46 ]

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2001 SVT cobra convertible with a Viper T56, Fikse wheels, Griggs frame kit, roll bar, Vortech, 4:30 gears, brembo GT brakes and more.

Posts: 1172 | From: Woodside California | Registered: Apr 2002  |  :
stangin'
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damn someone sounds like Dave Ramsey, word for word. he offers great advice, but sometimes you just have to cross the line a little. i agree, being debt free is a good idea, but doing a 15yr mort. and only using 25% of your monthly income towards your mort. is tough to do. houses around here aren't like the other side of the country. more or less, most people around the bay are using close to 50% of their monthly income for mort. and i can't blame them.

it's just tough to follow what Dave preaches when you live in CA. he's a smart mofo, but most things he talk is all common sense stuff. bottom line is most people can't control their finances to save their life;).

Posts: 2993 | From: Bay Area | Registered: Oct 2001  |  :
stangin'
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quote:
Originally posted by stangin':
damn someone sounds like Dave Ramsey, word for word. he offers great advice, but sometimes you just have to cross the line a little. i agree, being debt free is a good idea, but doing a 15yr mort. and only using 25% of your monthly income towards your mort. is tough to do. houses around here aren't like the other side of the country. more or less, most people around the bay are using close to 50% of their monthly income for mort. and i can't blame them.

it's just tough to follow what Dave preaches when you live in CA. he's a smart mofo, but most things he talk is all common sense stuff. bottom line is most people can't control their finances to save their life;).

btw, what T-Top is doing is good. offering free advice might help educate some potential buying member to learn the ins and outs of buying a home. i always appreciate people who are willing to help others [patriot] .
Posts: 2993 | From: Bay Area | Registered: Oct 2001  |  :
cobraracer46
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quote:
Originally posted by stangin':
damn someone sounds like Dave Ramsey, word for word. he offers great advice, but sometimes you just have to cross the line a little. i agree, being debt free is a good idea, but doing a 15yr mort. and only using 25% of your monthly income towards your mort. is tough to do. houses around here aren't like the other side of the country. more or less, most people around the bay are using close to 50% of their monthly income for mort. and i can't blame them.


it's just tough to follow what Dave preaches when you live in CA. he's a smart mofo, but most things he talk is all common sense stuff. bottom line is most people can't control their finances to save their life;).

Very true. Home prices are way out of line in the bay area, so in my case, all I can do is invest and save like crazy so when the time is right, I can buy some real estate. California and San Francisco in particular is one of thos few areas of the country where you might be better off renting, at least for now. Sure, you can move to more affordible areas like the central vally where cookie cutter stucko homes with forward facing garages, endless strip malls and million mile commutes are the norm, but I say fuck all that.

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2001 SVT cobra convertible with a Viper T56, Fikse wheels, Griggs frame kit, roll bar, Vortech, 4:30 gears, brembo GT brakes and more.

Posts: 1172 | From: Woodside California | Registered: Apr 2002  |  :
JoeT
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I'd have to agree that renting appears to be the better value at this point. None of us here can predict the market, and although it tends to go up there are a ton of ways to invest in real estate (REIT's, limited partnerships, income properties, etc.) that don't require you to buy a $750k fixer-upper that has 2 bedrooms, 1.5 baths and basically needs to be knocked over.

You can rent a place like that for $1500, or buy it and have a mortgage of around $3000. Simple math IMHO. I've owned a couple places in the bay since '98 and feel fortunate about the gains that have occured... but if I wanted to get into real estate given the current vast discrepancies in rental costs vs. ownership costs I can't agree with entering the housing market by and large in the bay area at this point.

Just my $0.01, a perfect analogy is tech-stock investing in '99. We were all brilliant then with the nasdaq 86% annual gain. I'm not saying that we necessarily have a bubble market... but the rental market is incredibly cheap relative to the ownership market. If you must invest in real estate, and weren't already in the market, I'd look to REIT's, or limited partnerships for property in areas with prices closer to the national median.

Just my humble $0.01, at a certain point, the insanity is bound to end or at least subside. I think there are a lot of more attractive value properties in the US that have nothing to do with the Bay Area. Of course remote property ownership can be a PITA, but property management services should help with all that.

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1984 Ford Tempo AOD--- RIP

Posts: 6785 | From: San Jose | Registered: Jun 2001  |  :
hidnn.o.s.
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quote:
Originally posted by cobraracer46:
quote:
Originally posted by T-TopTerror:
If you think you can afford buying but just aren't quite sure if you qualify, you may as well call and ask.


Erik Green
916-223-4102 cell
916-676-2773 office(home)

If you are looking for a home, you do not need some one else figuring out for you if you can afford a home. As one of the best financial advisors in the buissnes put it,"there are all sorts of people who are eager to "work with you" to buy a home faster, but the defenition of creative financing is too broke to buy a home. Here are some guide lines to let you know if you can afford a home: Can you go with a 15 year mortgage insted of a 30 year and save piles of money? Will your mortgage payment be below 25% of your monthy take home pay?? do you have a very good down payment insted of nothing down? do you have an emergancy fund of 3 to 6 mounths of expenses? are you totally debt free? If you have a shit load of credit cardt debt and boat anchor car payment, you have no buisness buying a home and if this guy tells you otherwise, he is full of shit.
You financial advice sucks man [Frown]

You are the kind that think it is good to have your home all paid off..........

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R.I.P. Willie G. You are missed on this forum

Posts: 15950 | Registered: Apr 2002  |  :
hidnn.o.s.
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quote:
Originally posted by cobraracer46:
Potential Home buyers need to realize that they cannot have ANY kind of debt at all when they are shopping for a home. Once people cut up all thier credit cards, get rid of stupid car payments and stop using credit, they just might be on the right track to buying a home. Poeple buy and finance new cars all the time and it's one of the dumbest things people do to loose money and not have any capital for a new home. People also need to have money saved in case of a rainy day, because if you loose your job, don't have emergency fund in place and have a shit load of debt , your new home will get forclosed on and you will be fucked [Eek!]
Once again, YOU CANNOT HAVE ANY KIND OF DEBT when you are shopping for a home!

You sound like a moron [Roll Eyes]

[ March 20, 2005, 10:46 PM: Message edited by: hidnn.o.s. ]

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R.I.P. Willie G. You are missed on this forum

Posts: 15950 | Registered: Apr 2002  |  :
hidnn.o.s.
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quote:
Originally posted by JoeT:
You can rent a place like that for $1500, or buy it and have a mortgage of around $3000.

YOU THROW AWAY YOUR PRECIOUS $1,500 PER MONTH. DOWN THE TOILET. YA, THAT SOUNDS GOOD [Roll Eyes]

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R.I.P. Willie G. You are missed on this forum

Posts: 15950 | Registered: Apr 2002  |  :
VNMKING
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quote:
Originally posted by cobraracer46:
quote:
Originally posted by T-TopTerror:
In my defense, I will give free debt analysis to all CAFORD members

Potential Home buyers need to realize that they cannot have ANY kind of debt at all when they are shopping for a home. Once people cut up all thier credit cards, get rid of stupid car payments and stop using credit, they just might be on the right track to buying a home. Poeple buy and finance new cars all the time and it's one of the dumbest things people do to loose money and not have any capital for a new home. People also need to have money saved in case of a rainy day, because if you loose your job, don't have emergency fund in place and have a shit load of debt , your new home will get forclosed on and you will be fucked [Eek!]
Once again, YOU CANNOT HAVE ANY KIND OF DEBT when you are shopping for a home!

I don't know who you are, but you don't know what your talking about. EVERYDAY people with debt buy homes. And they use these homes to get out of other debt. your payments over 30 years are alot easier then over 5 yrs. Besides homes create equity which people use to invest. Yes they go in more debt but that money is used to achieve more. The people on this site can call me and we can talk about their particular situation. I wouldn't send anybody your way because you obviously don't know how to make money and you would advise people to stay where they are. Did you know if you own everything and you wreck your car, the other party sues you, you will lose everything. Now if you put your money from your house into an annuity then it's protected. How do you think OJ gets away with oweing the Goldberg's 32 million but he's still on the golf courses everyday. Please stay of of this thread until you educate yourself a little more on the way this industry works. Thanks

--------------------
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"VNMKING"

Posts: 1000 | From: Roseville, CA | Registered: Oct 2001  |  :
silverstang03
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might be hitting you up soon very interested in moving out but dont want to rent rather be buying my own place still undecided where to move to but ill let you know.
Posts: 51 | From: bay area | Registered: Jan 2005  |  :
VNMKING
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quote:
Originally posted by silverstang03:
might be hitting you up soon very interested in moving out but dont want to rent rather be buying my own place still undecided where to move to but ill let you know.

You will always be happy purchasing a home. What people sometimes do when purchasing there new home is start by renting out the other rooms untill they can refi for a lower payment.

I don't even have to pay my mortgage. My renters pay it for me.

Posts: 1000 | From: Roseville, CA | Registered: Oct 2001  |  :
JoeT
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quote:
Originally posted by hidnn.o.s.:
YOU THROW AWAY YOUR PRECIOUS $1,500 PER MONTH. DOWN THE TOILET. YA, THAT SOUNDS GOOD [Roll Eyes]

What's the bigger toilet? $700/mo. property taxes, + $3k mortgage, + a potential "bubble" housing economy that can cost you tens of thousands if not hundreds of thousands of dollars ?

My point---- which obviously flew right over your head--- is that the bay area real estate market represents too much risk for the reward. If this were a bond market I'd call it BB or lower. Invest in real estate elsewhere in this country where 2 bed/1.5 baths 1120' and 60 years old doesn't equal $700k+ investment.

Thinking spending the extra $$$ on ownership and not realizing the tremendous value in renting in the bay area is a bit short sighted... and dangerous to the investor who blindly puts "everything" they have into owning a seriously overpriced/undervalued home.

Granted I am a home owner here, but it is ridiculous and the sentiment that caused the nasdaq tech bubble in '99 is EXACTLY what the bay area housing market is experiencing today--- the "greater fool" theory, namely the theory is regardless of what $$$ I pay for an equity, a greater fool will come along and pay more.

Also, to further demonstrate the risk... consider that all bay area properties likely rise together, so you're $100k, $200k, $500k profit or whatever is only on paper. When you re-invest in the bay area, you are re-investing in property that has been through the same type of appreciation. Only if you downsize in terms of the house are you ever extracting value.

Most people do they exact opposite, use their equity to get a larger place and an even larger risk (I did and I'm sure everyone does), so I have a paper profit unless I exit the market and rent.

I don't know when the housing market will tank, but it's bound to happen eventually. I'm sure everyone here is smarter then I am an knows exactly when that is.

But to call renting a $750k house for $1500/mo. vs owning the place for a $3k mortgage and $700/mo. in property taxes and still more for insurance is beyond foolish.

Take the extra $$$, invest it in a REIT, rebuild a property elsewhere, form a limited partnership and buy some houses... but by all means avoid risk and makimize reward potential. The bay area may still afford 10-15% annual growth... but many, if not most areas in the country offer more potential with less risk. That is my only point.

Renting in this market makes PERFECT sense.

--------------------
1984 Ford Tempo AOD--- RIP

Posts: 6785 | From: San Jose | Registered: Jun 2001  |  :
hidnn.o.s.
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quote:
Originally posted by JoeT:
Renting in this market makes PERFECT sense.

Not to anyone with a clue [Roll Eyes]

Ofcourse some CANNOT afford a mortgage AT ALL, but if you can, it's the way to go.

[ March 21, 2005, 07:49 PM: Message edited by: hidnn.o.s. ]

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R.I.P. Willie G. You are missed on this forum

Posts: 15950 | Registered: Apr 2002  |  :
aslowdodge
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quote:
Originally posted by JoeT:
quote:
Originally posted by hidnn.o.s.:
YOU THROW AWAY YOUR PRECIOUS $1,500 PER MONTH. DOWN THE TOILET. YA, THAT SOUNDS GOOD [Roll Eyes]

What's the bigger toilet? $700/mo. property taxes, + $3k mortgage, + a potential "bubble" housing economy that can cost you tens of thousands if not hundreds of thousands of dollars ?

My point---- which obviously flew right over your head--- is that the bay area real estate market represents too much risk for the reward. If this were a bond market I'd call it BB or lower. Invest in real estate elsewhere in this country where 2 bed/1.5 baths 1120' and 60 years old doesn't equal $700k+ investment.

Thinking spending the extra $$$ on ownership and not realizing the tremendous value in renting in the bay area is a bit short sighted... and dangerous to the investor who blindly puts "everything" they have into owning a seriously overpriced/undervalued home.

Granted I am a home owner here, but it is ridiculous and the sentiment that caused the nasdaq tech bubble in '99 is EXACTLY what the bay area housing market is experiencing today--- the "greater fool" theory, namely the theory is regardless of what $$$ I pay for an equity, a greater fool will come along and pay more.

Also, to further demonstrate the risk... consider that all bay area properties likely rise together, so you're $100k, $200k, $500k profit or whatever is only on paper. When you re-invest in the bay area, you are re-investing in property that has been through the same type of appreciation. Only if you downsize in terms of the house are you ever extracting value.

Most people do they exact opposite, use their equity to get a larger place and an even larger risk (I did and I'm sure everyone does), so I have a paper profit unless I exit the market and rent.

I don't know when the housing market will tank, but it's bound to happen eventually. I'm sure everyone here is smarter then I am an knows exactly when that is.

But to call renting a $750k house for $1500/mo. vs owning the place for a $3k mortgage and $700/mo. in property taxes and still more for insurance is beyond foolish.

Take the extra $$$, invest it in a REIT, rebuild a property elsewhere, form a limited partnership and buy some houses... but by all means avoid risk and makimize reward potential. The bay area may still afford 10-15% annual growth... but many, if not most areas in the country offer more potential with less risk. That is my only point.

Renting in this market makes PERFECT sense.

everyone has different circumstances. you don't know that we are on a bubble thaty is going to pop or just slowly delflate. If you bought a house for 500K and it goes up 150K over 2 years, then the market goes flat, you still made 150K. I don't see the wild appreciation lasting too much longer, but I don't expect house to fall by much either. even if they drop some you might still be ahead. Even reits could lose $ too.
Don't forget that there are tax benefits also.

BTW-where are you able to rent a $750K house for only 1500? I rent out mine for $2,000 and it is worth less than $750K

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97 Viper GTS
Supercharged & a bit of juice
last dyno on 100 shot-770rwhp/908lb torque
tree stump pulling anyone?

Posts: 641 | From: pleasanton | Registered: Feb 2002  |  :
cobraracer46
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quote:
Originally posted by T-TopTerror:
quote:
Originally posted by cobraracer46:
quote:
Originally posted by T-TopTerror:
In my defense, I will give free debt analysis to all CAFORD members

Potential Home buyers need to realize that they cannot have ANY kind of debt at all when they are shopping for a home. Once people cut up all thier credit cards, get rid of stupid car payments and stop using credit, they just might be on the right track to buying a home. Poeple buy and finance new cars all the time and it's one of the dumbest things people do to loose money and not have any capital for a new home. People also need to have money saved in case of a rainy day, because if you loose your job, don't have emergency fund in place and have a shit load of debt , your new home will get forclosed on and you will be fucked [Eek!]
Once again, YOU CANNOT HAVE ANY KIND OF DEBT when you are shopping for a home!

I don't know who you are, but you don't know what your talking about. EVERYDAY people with debt buy homes. And they use these homes to get out of other debt. your payments over 30 years are alot easier then over 5 yrs. Besides homes create equity which people use to invest. Yes they go in more debt but that money is used to achieve more. The people on this site can call me and we can talk about their particular situation. I wouldn't send anybody your way because you obviously don't know how to make money and you would advise people to stay where they are. Did you know if you own everything and you wreck your car, the other party sues you, you will lose everything. Now if you put your money from your house into an annuity then it's protected. How do you think OJ gets away with oweing the Goldberg's 32 million but he's still on the golf courses everyday. Please stay of of this thread until you educate yourself a little more on the way this industry works. Thanks
Dude, You don't know what are talking about because you don't know anything about money. You cant get out of debt with other debt. You cannot win with money when you borrow it and pay interest on it. basically, You are robbing paul to pay petter. No offence, but I think people should stay away from this real estate guy, because with his counseling and advice, he will definatly put you in house, but the only problem with that is that it will be the poor house!! [Eek!]

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2001 SVT cobra convertible with a Viper T56, Fikse wheels, Griggs frame kit, roll bar, Vortech, 4:30 gears, brembo GT brakes and more.

Posts: 1172 | From: Woodside California | Registered: Apr 2002  |  :


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