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)

---

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..
 

---

Posted by mustanggt5091 (Member # 444) on :
 
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
 

---

Posted by cobraracer46 (Member # 1142) on :
 

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.
 

---

Posted by RixSikCobra (Member # 5058) on :
 
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.

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

---

Posted by boostin1.8 (Member # 868) on :
 
were the hell have you been rick?
 

---

Posted by RixSikCobra (Member # 5058) on :
 
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?
 

---

Posted by T-TopTerror (Member # 480) on :
 
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.
 

---

Posted by cobraracer46 (Member # 1142) on :
 

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
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 ]
 

---

Posted by stangin' (Member # 514) on :
 
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;).
 

---

Posted by stangin' (Member # 514) on :
 

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 .
 

---

Posted by cobraracer46 (Member # 1142) on :
 

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;).

---

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

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

---

Posted by hidnn.o.s. (Member # 1219) on :
 

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
Once again, YOU CANNOT HAVE ANY KIND OF DEBT when you are shopping for a home!

---

You sound like a moron

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

---

Posted by hidnn.o.s. (Member # 1219) on :
 

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
 

---

Posted by T-TopTerror (Member # 480) on :
 

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
Once again, YOU CANNOT HAVE ANY KIND OF DEBT when you are shopping for a home!

---

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.

---

quote:

---

Originally posted by hidnn.o.s.:
YOU THROW AWAY YOUR PRECIOUS $1,500 PER MONTH. DOWN THE TOILET. YA, THAT SOUNDS GOOD

---

quote:

---

Originally posted by JoeT:
Renting in this market makes PERFECT sense.

---

Not to anyone with a clue

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. ]
 

---

Posted by aslowdodge (Member # 854) on :
 

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

---

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.

---

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
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!!
 

---

Posted by cobraracer46 (Member # 1142) on :
 

quote:

---

Originally posted by cobraracer46:

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
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 to any one, 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!!

---

quote:

---

Originally posted by cobraracer46:

quote:

---

Originally posted by cobraracer46:

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
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 to any one, 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!!

---

---

what kind of tax breaks do u get from renting?
what kind of returns do u get from renting?
do u get to keep all the stuff u put into the house your renting?
how about when the people want to sell the house you are renting?
 

---

Posted by 2000GTskip (Member # 4885) on :
 
i love owning my own home get in any way you can and our prices are high but u pay for the weather and the great people in cali..
this is my 1st house i owned a condo in livermore and now this im going to keep moving up..fu/k renting you cant move up when u rent..
 

---

Posted by T-TopTerror (Member # 480) on :
 
cobraracer46-

stop putting in you 2 cents. More people on this board obviously know more about real estate than you. Do you own a home? Probably not.
Hey, why don't you call me, I'll evaluate your currents situation and see if we can get you into some real estate. At least you'll be making money with huge tax breaks like the rest of us.
 

---

Posted by hidnn.o.s. (Member # 1219) on :
 

quote:

---

Originally posted by T-TopTerror:
cobraracer46-

stop putting in you 2 cents. More people on this board obviously know more about real estate than you.

---

 

---

Posted by RixSikCobra (Member # 5058) on :
 
Agreed.
 

---

Posted by 89TRUNK (Member # 2506) on :
 
I just went in with my bro on a house this past dec. and we still live at home we're just renting it out.. 0 down we each pay 750 and so far the house has gone up at least 45k.... All this man is asking is your time, you'll be surprised what type of programs there is for 1st time buyers... Owning a house in the bay is the best investments you can do in my opinion... Good luck
 

---

Posted by T-TopTerror (Member # 480) on :
 

quote:

---

Originally posted by 89TRUNK:
I just went in with my bro on a house this past dec. and we still live at home we're just renting it out.. 0 down we each pay 750 and so far the house has gone up at least 45k.... All this man is asking is your time, you'll be surprised what type of programs there is for 1st time buyers... Owning a house in the bay is the best investments you can do in my opinion... Good luck

---

quote:

---

Originally posted by hidnn.o.s.:

quote:

---

Originally posted by T-TopTerror:
cobraracer46-

stop putting in you 2 cents. More people on this board obviously know more about real estate than you.

---

---

IM getting in a house as soon as i can afford it. But im going up to sac.
 

---

Posted by T-TopTerror (Member # 480) on :
 
Who else wants to start making money...?
 

---

Posted by cobraracer46 (Member # 1142) on :
 

quote:

---

Originally posted by T-TopTerror:
cobraracer46-

stop putting in you 2 cents. More people on this board obviously know more about real estate than you. Do you own a home? Probably not.
Hey, why don't you call me, I'll evaluate your currents situation and see if we can get you into some real estate. At least you'll be making money with huge tax breaks like the rest of us.

---

quote:

---

Originally posted by cobraracer46:

quote:

---

Originally posted by T-TopTerror:
cobraracer46-

stop putting in you 2 cents. More people on this board obviously know more about real estate than you. Do you own a home? Probably not.
Hey, why don't you call me, I'll evaluate your currents situation and see if we can get you into some real estate. At least you'll be making money with huge tax breaks like the rest of us.

---

You are right, I do not own a home and for good reason, because I want to buy a home in San Francisco and right now SF is very expensive, so my plan is to build up cash. Sure I can go to plain and boring the central valley and buy a bland cookie cutter stukko home with a forward facing garage for way less than a real home in SF and deal with 4 hours of commuting like some dumb unhappy home owners I know, But no not me, I'll stick to renting buy the beach and bicycle riding to work.
Second I would like to remind people that t top terror is crazy and recless to put debt ridden people with no savings into homes. Think about this, That new home owner sitting on top of a mountain of debt, a mortgage exceeding 25% of take home pay and no savings will be in for a world of hurt when a layoff or another loss of income takes place. Can you say forclosure, loose your home.

---

CobraBoy, we all know you are a MORON and your knowledge is lacking. Find another thread to look stupid in. NO ONE wants your .01 (not worth .02) in this thread.

Way to "save" money by renting Einstein
 

---

Posted by JoeT (Member # 298) on :
 
I think the only "MORON" is the one who blindly assumes that home ownership is their ticket to financial well-being regardless of market circumstances.
 

---

Posted by hidnn.o.s. (Member # 1219) on :
 

quote:

---

Originally posted by JoeT:
I think the only "MORON" is the one who blindly assumes that home ownership is their ticket to financial well-being regardless of market circumstances.

---

ok, RENTER

I think the only "MORON" is the person who thinks it is "SMART" to "THROW AWAY" $1,500 a month as you suggested earlier on rent IF they can manage a mortgage payment.

25% is a stupid dream cobra boy has

Anyone who invests in anything blindly is a moron, so your statement does not hold much water in the current context.

[ March 25, 2005, 09:21 AM: Message edited by: hidnn.o.s. ]
 

---

Posted by twstd5o (Member # 1981) on :
 
I once had alot of debt and bad credit...but thanks to buying a home when they were fairly cheap I was able to get out:

2001 bought a home in Antioch for 299k w/no money down and sold if for 499K in 2004. I paid off all school loans, a 03 Galant and my stang and not to mention all the other misc bills I had.

We just bought another house for 535k put a pool in and if I'm not mistaken the value has gone up about 100k in last 8 months. That's according to all the other comparible homes in my neighborhood.

To Home Investments


[ March 25, 2005, 09:21 AM: Message edited by: twstd5o ]
 

---

Posted by hidnn.o.s. (Member # 1219) on :
 

quote:

---

Originally posted by twstd5o:
I once had alot of debt and bad credit...but thanks to buying a home when they were fairly cheap I was able to get out:

2001 bought a home in Antioch for 299k w/no money down and sold if for 499K in 2004. I paid off all school loans, a 03 Galant and my stang and not to mention all the other misc bills I had.

We just bought another house for 535k put a pool in and if I'm not mistaken the value has gone up about 100k in last 8 months. That's according to all the other comparible homes in my neighborhood.

---

Nice work
 

---

Posted by JoeT (Member # 298) on :
 

quote:

---

Originally posted by hidnn.o.s.:


I think the only "MORON" is the person who thinks it is "SMART" to "THROW AWAY" $1,500 a month as you suggested earlier on rent IF they can manage a mortgage payment.

---

Maybe you should re-read what I wrote? $1500 in rent was simply an investment in living expenses. Take the difference in mortgage+property taxes+insurance - rent and invest that in whatever you choose, be it real estate( multi-family dwellings, single family, REIT, your pick), enron stock, gold, or fox stangs without the red interior.
 

---

Posted by twstd5o (Member # 1981) on :
 
someone once told me:

"why rent and build up someone elses nest egg when you can own and build up your own nest egg"
 

---

Posted by Jmir018 (Member # 1414) on :
 
Owning a home is the way to go.
however, what i thnik cobra racer is saying is to not get into huge debt (450k+ in the bay area) if you are already struggling with monthly payments because of other CC bills or whatever else.
Let's be realistic.
You buy a home(550k) in the bay area with %10 down.
that means you need at least 50k. cash.. there went your savings.. on top of that you need at least 3k for morgage.. and 6k at the end of the year for property taxes, don't forget the mandatory house insurance.. about 2k per year.
SO.. ultimately you need and income of 3.5k for cover expenses.. not including utility bills etc etc..
If you have car payments and insurance.. add another 500 to that(at lest)
so.. if you barely make 4k a month.. a house might be our of your reach unless you rent and really no how to manage your budged well... or you can go "to a galaxy far far away" and commute for hours and be just fine.

Don't get me wrong.. i am all up for buying a house.. shiat.. i a want to buy a house now.. i just wouldn't be able to afford the monthly payments..
 

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Posted by hidnn.o.s. (Member # 1219) on :
 

quote:

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Originally posted by twstd5o:
"why rent and build up someone elses nest egg when you can own and build up your own nest egg"

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AMEN
 

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Posted by cobraracer46 (Member # 1142) on :
 

quote:

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Originally posted by Jmir018:
Owning a home is the way to go.
however, what i thnik cobra racer is saying is to not get into huge debt (450k+ in the bay area) if you are already struggling with monthly payments because of other CC bills or whatever else.
Let's be realistic.
You buy a home(550k) in the bay area with %10 down.
that means you need at least 50k. cash.. there went your savings.. on top of that you need at least 3k for morgage.. and 6k at the end of the year for property taxes, don't forget the mandatory house insurance.. about 2k per year.
SO.. ultimately you need and income of 3.5k for cover expenses.. not including utility bills etc etc..
If you have car payments and insurance.. add another 500 to that(at lest)
so.. if you barely make 4k a month.. a house might be our of your reach unless you rent and really no how to manage your budged well... or you can go "to a galaxy far far away" and commute for hours and be just fine.

Don't get me wrong.. i am all up for buying a house.. shiat.. i a want to buy a house now.. i just wouldn't be able to afford the monthly payments..

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Finnaly, some one on this thread who is thinking ith a clear head
 

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Posted by T-TopTerror (Member # 480) on :
 
TTT for the people who know about real estate or would like to learn...
 

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