|
Are you supposed to laugh at your mortgage holder when they call and say you are late? It only seems appropriate! Oh, and if you are underwater, working part-time as a cashier and being the ONLY source of income in the household is WAY too much to get any form of financial assistance, all of those programs are loving lies. If I were black would that be the case? I say no way in loving hell. (USER WAS BANNED FOR THIS POST)
|
#
?
Jul 3, 2011 13:35
|
|
|
|
| # ? May 29, 2024 01:10 |
|
|
Insignificunt posted:If I were black would that be the case? I say no way in loving hell. The world does not work the way you think it does. http://en.wikipedia.org/wiki/Redlining http://www.bet.com/news/national/2011/06/17/bank-settles-racial-discrimination-lawsuit-with-doj.html http://www.usatoday.com/money/perfi/general/2011-04-04-real-estate-financial-discrimination.htm
|
|
#
?
Jul 4, 2011 09:22
|
|
|
"But I'm whiiiiiiiite!" 
|
|
#
?
Jul 4, 2011 15:47
|
|
|
Hell, when I was 20, just renting an apartment with my best friend for 6 months was enough to ruin the friendship. We didn't talk for like 2 years after that. I can't imagine how horrible it would have been if we bought a house.
|
|
#
?
Jul 4, 2011 18:44
|
|
|
LloydDobler posted:Hell, when I was 20, just renting an apartment with my best friend for 6 months was enough to ruin the friendship. We didn't talk for like 2 years after that. I can't imagine how horrible it would have been if we bought a house. I lived with two other guys for three years after meeting them in college (one was my roommate, another lived in my hall) and now they're both in my wedding (the roommate being my best man). Apparently my situation is pretty unique?
|
|
#
?
Jul 5, 2011 04:38
|
|
|
FISHMANPET posted:I lived with two other guys for three years after meeting them in college (one was my roommate, another lived in my hall) and now they're both in my wedding (the roommate being my best man). It's not that it 100% won't work out, it's just that living together with people can add a different dynamic to the relationship that can change things. I have a friend who I lived with on 2 separate occasions, and during that time I grew to hate how he was as a roommate. As soon as I wasn't living with him, our friendship was fine and we got along great. On the other hand, I have another friend who I lived with, and we were just fine as roommates. It can work out well, but buying a place with friends is in general a bad idea, and is an even worse idea if you haven't ever lived with them before. Going in to buying a place with 2 other people is just a logistical nightmare based on all of the variables you can't control.
|
|
#
?
Jul 5, 2011 15:52
|
|
|
slowfoot posted:Yeah, I'm leaning towards 'move on', but my husband would still like to get more inspections. There are other options we liked that are still on the market. Just looked into this thread and saw this-look at insurance worthiness on these properties. I bought about 3 years ago, specifically looking for an old house (100+ years). No insurer that I could find would write a policy on knob and tube wired homes-if you do decide to go with it, make sure you can get the place insured prior to signing into anything that puts you at risk for breaking. You may well have to negotiate with a seller to get the place rewired before you can take ownership if you do decide you want this place.
|
|
#
?
Jul 5, 2011 18:26
|
|
|
Ugh. Chiming in on the DO NEVER BUY. Recently bought house just got a ton of water in the basement. Even though it should have had drain tile, apparently 2+ inches of water in a couple of hours will overwhelm it? Waiting on it to stop seeping in from the walls so I can go back to sucking it out. At least the sump pump worked and took a majority of it out.
|
|
#
?
Jul 5, 2011 21:00
|
|
|
FISHMANPET posted:I lived with two other guys for three years after meeting them in college (one was my roommate, another lived in my hall) and now they're both in my wedding (the roommate being my best man). There's a huge difference between living with people right off the bat, having never been friends in the past, and moving in with friends you've known for a long time. I can't believe anyone would even consider beyond a split-second thought BUYING a place with a friend...
|
|
#
?
Jul 5, 2011 23:47
|
|
|
Arzakon posted:No, Do Never Buy. I think that is Do Never Buy2 when you are saying you are buying a property with two of your bros. Everyone will also constantly mock them, for you know, the fact that the three of them are so obviously totally gay for each other that they needed their own house. I had two friends who bought a house together at the height of market, and then how to fuss over the short sale and subsequent 200k loss in value a few years later. But actually they were pretty chill about it. still they agree it was a horrible idea.
|
|
#
?
Jul 6, 2011 01:02
|
|
|
Mr. Moose Knuckle posted:Ugh. Chiming in on the DO NEVER BUY. Recently bought house just got a ton of water in the basement. Even though it should have had drain tile, apparently 2+ inches of water in a couple of hours will overwhelm it? Depends lots on the soil and grade of the property as well as the grade of the ground the drain tile was placed on and weather such but that probably shouldn't be happening if everything was done properly when installed and planned. If you're "lucky" the tile is just clogged or something and its just a matter of digging down to the footing and putting in a silt filter over the drain tile and maybe some crushed gravel too. If you're unlucky you might end up having to do stuff like putting in curtain drains as well as regrade around the house and yard on top of this and you may even still need a sump pump for those rare days when it gets really bad. I've heard bentonite concrete pressurized and squirted underground around the foundation will somes time be good enough but there is no way they can truly guarantee it'll work. They may say they can but don't believe it. Anyways none of this stuff is impossible to do its just usually "Oh gawd I have to sit down for a minute and work out which organ to sell." expensive if you pay someone to do it all for you. Try to do as much of the work as you can and you'll save heaps, just make sure you have someone who knows what they're doing help you and plan things out before you do anything. It really really sucks to have to do this sort of stuff over again because you didn't do it right the first time or you didn't correctly identify the problem before charging ahead.
|
|
#
?
Jul 6, 2011 04:04
|
|
|
Mr. Moose Knuckle posted:Ugh. Chiming in on the DO NEVER BUY. Recently bought house just got a ton of water in the basement. Even though it should have had drain tile, apparently 2+ inches of water in a couple of hours will overwhelm it? That sucks. I'll provide an alternate viewpoint though, and say DO SOMETIMES BUY. I've been in my house for about a week and a half now. I love living by a lake, I love being able to turn my stereo up when I want, I love having an attached 2 car garage, I surprisingly don't mind yard work and my neighbors are all pretty chill. A++++++ WOULD BUY AGAIN.
|
|
#
?
Jul 6, 2011 13:42
|
|
|
DJCobol posted:That sucks. I don't know if a week and a half of homeowner-ship is really a good viewpoint to look from. Wait until the honeymoon phase is over.
|
|
#
?
Jul 6, 2011 14:54
|
|
|
Nocheez posted:I don't know if a week and a half of homeowner-ship is really a good viewpoint to look from. Wait until the honeymoon phase is over. I was miserable for the first few weeks, after that I just stopped caring when problems came up. Things will break, we will pay money to fix them, it will always be this way. Am mostly content with the situation 
|
|
#
?
Jul 6, 2011 19:00
|
|
|
So far I have an additional $770 in service calls on my a/c which was installed brand new in 2008 ($4500). Every winter all the refrigerant leaks out. I won't know until next year if they finally fixed it, but the dude was pretty sure. Then again so was the guy who installed it, and the first guy who came out to repair it, and also the second guy. The stupid part is that it's still cheaper than their god drat protection plan would have been for 3 years. DNB.
|
|
#
?
Jul 6, 2011 19:26
|
|
|
LloydDobler posted:The stupid part is that it's still cheaper than their god drat protection plan would have been for 3 years. These things are pure profit for companies, that's why they push them so hard. I bought a new house 16 months ago and the A/C company that installed my brand new Lennox system is really pushing their premium protection plan which offers "peace of mind for only 31 dollars a month". But it doesn't actually cover anything except 2 checkups a year and 10% off parts if something does break. I added up the cost of the 'protection plans' of all the crap in the house, and it would be more expensive to buy the plans than it would be to replace 1 or 2 appliances out of pocket.
|
|
#
?
Jul 6, 2011 19:36
|
|
|
FISHMANPET posted:I lived with two other guys for three years after meeting them in college (one was my roommate, another lived in my hall) and now they're both in my wedding (the roommate being my best man). http://forums.somethingawful.com/showthread.php?threadid=3423833 quote:Three other people and I have been renting a house for a couple of years now but a couple of months ago our most dysfunctional roommate moved out suddenly and stopped paying her share of the rent. The property management company has been unable to get her to answer their calls and letters asking for the money she owes. Just replace the word rent with mortgage and property managers with bank.
|
|
#
?
Jul 8, 2011 21:24
|
|
|
archangelwar posted:Just replace the word rent with mortgage and property managers with bank. Because one of my two friends, both of whom I've known for nearly a decade, will suddenly just move out and stop paying his part of the mortgage. Right. Anyway, thanks for all the warnings and so forth, everyone. After messing around with the calculator, it seems it will make more financial sense (and perhaps save my sanity) to move into a rental house with "my bros", so I'm looking at that option now instead.
|
|
#
?
Jul 10, 2011 07:59
|
|
|
OlSpazzy posted:Because one of my two friends, both of whom I've known for nearly a decade, will suddenly just move out and stop paying his part of the mortgage. Right. It happens. Glad you realised your stupidity and changed your mind under the guise of finding 'something better'.
|
|
#
?
Jul 10, 2011 13:06
|
|
|
OlSpazzy posted:Because one of my two friends, both of whom I've known for nearly a decade, will suddenly just move out and stop paying his part of the mortgage. Right. I've had "bros"' I have been "tight" with for two decades that have disappointed me. Do not underestimate the human condition.
|
|
#
?
Jul 10, 2011 13:24
|
|
|
TraderStav posted:I've had "bros"' I have been "tight" with for two decades that have disappointed me. Do not underestimate the human condition. Especially under the stress of living together and paying for a house and splitting up the bills and deciding who has to clean what up and mow the lawn and blah blah blah. poo poo will go down, just give it time.
|
|
#
?
Jul 10, 2011 14:38
|
|
|
Here's a translation of what many posters were saying, versus how you took offense to it:OlSpazzy posted:Because one of two friends, both of whom you've known for nearly a decade, and have never ever not once ever had any disagreements with someone especially not each other and/or you who never has anything come up different in his own life, will have the opportunity to do something else in their particular line of work, or external relationship, or the incredibly unlikely situation that you yourself have something happen in your own personal life and they or you will want to move out and stop paying part of the mortgage.
|
|
#
?
Jul 10, 2011 20:47
|
|
|
So I have some money in the bank, and I'm thinking of buying a condo outright with cash and just paying the HOA fees as "rent". Renting a similar place here in MA would run about $1000+/month, vs the $250ish HOA fee. I think I'd save money vs renting even if I sell the place at a slight loss a few years in the future. Anyone see something wrong with this plan?
Ingraman fucked around with this message at 21:54 on Jul 10, 2011 |
|
#
?
Jul 10, 2011 21:52
|
|
|
Ingraman posted:So I have some money in the bank, and I'm thinking of buying a condo outright with cash and just paying the HOA fees as "rent". Renting a similar place here in MA would run about $1000+/month, vs the $250ish HOA fee. I think I'd save money vs renting even if I sell the place at a slight loss a few years in the future. Anyone see something wrong with this plan? Closing costs and costs to sell the condo itself can easily hit 10% of the total cost of the home once you buy and then resell the condo. That can be a lot of money to throw away to costs in just a few years. It's hard to say though without knowing the purchase price of the condo itself.
|
|
#
?
Jul 10, 2011 22:38
|
|
|
Don't forget to include lost investment income into your costs.
|
|
#
?
Jul 10, 2011 22:49
|
|
|
Just the word Condo makes me shiver. All the drawbacks of both apartment living and home buying and none of the benefits.
|
|
#
?
Jul 11, 2011 00:30
|
|
|
skipdogg posted:Just the word Condo makes me shiver. All the drawbacks of both apartment living and home buying and none of the benefits. It's like living in a tightly packed trailer park, but with more money!
|
|
#
?
Jul 11, 2011 00:47
|
|
|
Inept posted:Closing costs and costs to sell the condo itself can easily hit 10% of the total cost of the home once you buy and then resell the condo. That can be a lot of money to throw away to costs in just a few years. It's hard to say though without knowing the purchase price of the condo itself. The purchase would be about $130K-$150K. Aren't closing costs basically charged on loans? If I don't take out a loan, it seems that closing fees would only be $3-4K. I'd live in the condo for at least five years. Assuming a 10% hit when I sell (about $15K), I should still come out ahead vs renting (Savings of $6K year X 5 = $30K saved). As for lost investment, this is separate cash that wouldn't be used for investing anyways. Ingraman fucked around with this message at 01:36 on Jul 11, 2011 |
|
#
?
Jul 11, 2011 01:31
|
|
|
Don't forget your property taxes, utilities, insurance, and maintenance costs.
|
|
#
?
Jul 11, 2011 01:47
|
|
|
Ingraman posted:The purchase would be about $130K-$150K. Aren't closing costs basically charged on loans? If I don't take out a loan, it seems that closing fees would only be $3-4K. I'd live in the condo for at least five years. Assuming a 10% hit when I sell (about $15K), I should still come out ahead vs renting (Savings of $6K year X 5 = $30K saved). I'd say as long as the condo complex seems to have a good mix of people, the complex management is on the ball about repairs and maintenance, and you plan on staying for at least 5 years, it shouldn't really be that bad of an idea. I doubt a condo in Boston is going to lose that much value given that price point.
|
|
#
?
Jul 11, 2011 01:54
|
|
|
A property owner who doesn't buy insurance is a fool... so while you're not being forced to buy adequate insurance by your lender, you should do it anyway. You're investing $130k+ and you don't want to see that literally go up in smoke without being covered. Maintenance: I know the HOA/Condo fees pay for maintenance of the shared facilities, and things like roofs, but what about the interior of your condo? Walls, rugs, appliances, etc? Utilities might be the same as what Ingraman is paying now, or they might not. There's a lot of factors so I mentioned it just in case. All that said, while I think condos and townhomes are horrible, if you don't mind living in one, I agree it's not a horrible idea.
|
|
#
?
Jul 11, 2011 02:01
|
|
|
Ingraman posted:The purchase would be about $130K-$150K. Aren't closing costs basically charged on loans? If I don't take out a loan, it seems that closing fees would only be $3-4K. I'd live in the condo for at least five years. Assuming a 10% hit when I sell (about $15K), I should still come out ahead vs renting (Savings of $6K year X 5 = $30K saved). This is assuming that the market doesn't drop further. Your cost over the timeframe could be larger if it does. Even your savings rate for the 130k-150k should be taken into consideration, unless that money is stuffed in your mattress. It may not be in mutual funds, but it's earning interest and at that amount of money, it's not insignificant.
|
|
#
?
Jul 11, 2011 02:08
|
|
|
Ingraman posted:The purchase would be about $130K-$150K. Aren't closing costs basically charged on loans? If I don't take out a loan, it seems that closing fees would only be $3-4K. I'd live in the condo for at least five years. Assuming a 10% hit when I sell (about $15K), I should still come out ahead vs renting (Savings of $6K year X 5 = $30K saved). And if you would not invest that money, then I'm not sure what to say. e: even if you throw the money in a short term bond fund, you could get like 2.5 on that 150k if you were renting, making your total cost more like $60k over five years. Leperflesh posted:Maintenance: I know the HOA/Condo fees pay for maintenance of the shared facilities, and things like roofs, but what about the interior of your condo? Walls, rugs, appliances, etc? gvibes fucked around with this message at 02:25 on Jul 11, 2011 |
|
#
?
Jul 11, 2011 02:16
|
|
|
Leperflesh posted:Don't forget your property taxes, utilities, insurance, and maintenance costs. And the $300+ monthly "special assessment" to repair the roof/pool/clubhouse/parking lot that the HOA enacts the month after you move in.
|
|
#
?
Jul 11, 2011 03:16
|
|
|
Put down $150k, monthly payment < renting. Pure profit. We really need to get proper financial education in our school systems...
|
|
#
?
Jul 11, 2011 13:53
|
|
|
Ingraman posted:As for lost investment, this is separate cash that wouldn't be used for investing anyways. Why not? If you're going to tie it up in a house for five years you obviously don't care about liquidity. Opportunity cost, look it up.
|
|
#
?
Jul 11, 2011 15:27
|
|
|
Cmdr. Shepard posted:And the $300+ monthly "special assessment" to repair the roof/pool/clubhouse/parking lot that the HOA enacts the month after you move in.
|
|
#
?
Jul 11, 2011 15:35
|
|
|
I'm just piping in to say that the OP is fantastic. I'll hopefully be looking to buy a house around 2013 (and yes I read the OP and I would fit into the 'yes! I still want to buy a house! category) and the OP is looking to be incredibly helpful. I never would have known that mortgage insurance is tax-deductable, for instance. Thanks Moana and all of those who helped put it together!
|
|
#
?
Jul 11, 2011 16:18
|
|
|
skipdogg posted:Just the word Condo makes me shiver. All the drawbacks of both apartment living and home buying and none of the benefits. Nonsense. No yardwork No snow shoveling or plowing Low cost of entry Shared walls lower heating/cooling bills No restrictions on interior decorating or remodeling Equity Security from eviction Just because a condo isn't right for you doesn't mean it's not right for anyone.
|
|
#
?
Jul 11, 2011 18:04
|
|
|
|
| # ? May 29, 2024 01:10 |
|
|
LloydDobler posted:Nonsense. You're paying someone to do the yardwork for you. (HOA Fees) You're paying someone to do the shoveling for you. (HOA Fees) Shared walls with no insulation that lower heating and cooling means you're hearing every thump, groan, moan and also the neighbor that watches Wheel of Fortune at 3am at full volume. And no, you won't get evicted, unless you do something the HOA doesn't like, and some nosy busybody tosses you out.
|
|
#
?
Jul 11, 2011 19:07
|
|
