Register a SA Forums Account here!
JOINING THE SA FORUMS WILL REMOVE THIS BIG AD, THE ANNOYING UNDERLINED ADS, AND STUPID INTERSTITIAL ADS!!!

You can: log in, read the tech support FAQ, or request your lost password. This dumb message (and those ads) will appear on every screen until you register! Get rid of this crap by registering your own SA Forums Account and joining roughly 150,000 Goons, for the one-time price of $9.95! We charge money because it costs us money per month for bills, and since we don't believe in showing ads to our users, we try to make the money back through forum registrations.
 
  • Locked thread
Col.Kiwi
Dec 28, 2004
And the grave digger puts on the forceps...
Good god this is hilarious(ly bad.) I love how they just keep repeating well the loan I had 10 years ago didn't work like this! Yes it loving did just this time you got a worse rate and/or paid more attention. I'm not always the biggest fan of schadenfreude but gently caress people like that who try to play the victim when it's obvious they didn't bother to understand what they were signing at all.


quote:

I know a mortgage is more than just taking the price of the home and dividing it by 30 years. What else should I expect to pay? How much would mortgage insurance or home insurance run? For example a $60k home over 30 years would be about $166 a month or $333 a month over 15 years.
Actually yeah this one might be even better. I love how they actually gave us a calculation of home price divided by 30 years divided by 12 months a year. For an example you know.

Col.Kiwi fucked around with this message at 01:40 on Jul 21, 2014

Adbot
ADBOT LOVES YOU

Weatherman
Jul 30, 2003

WARBLEKLONK
The guy planning wishing to go to Australia also hasn't realised that on top of the 2000 dollars for the plane ticket, he's going to need at least 250 a day for every day that he's there just to make sure he can eat, sleep (cheaply) and get around. Australia is hugely expensive these days.

Jeffrey of YOSPOS
Dec 22, 2005

GET LOSE, YOU CAN'T COMPARE WITH MY POWERS
that article uses the term "financially sophisticated", i like it

also why wouldn't you just replace the ignition system, is that somehow illegal?

BonerGhost
Mar 9, 2007

Jeffrey posted:

that article uses the term "financially sophisticated", i like it

also why wouldn't you just replace the ignition system, is that somehow illegal?

It's probably somewhere in the agreement that you won't interfere with operation of the interlock device. Maybe it's just as cheap as removing the device, but it runs a serious risk of ruining the ignition system. As if someone who really needs to worry about having their car repossessed has that money.

Besides, even if you were successful, they can still come repo the car the old-fashioned way.

Harry
Jun 13, 2003

I do solemnly swear that in the year 2015 I will theorycraft my wallet as well as my WoW

Col.Kiwi posted:

Good god this is hilarious(ly bad.) I love how they just keep repeating well the loan I had 10 years ago didn't work like this! Yes it loving did just this time you got a worse rate and/or paid more attention. I'm not always the biggest fan of schadenfreude but gently caress people like that who try to play the victim when it's obvious they didn't bother to understand what they were signing at all.
Actually yeah this one might be even better. I love how they actually gave us a calculation of home price divided by 30 years divided by 12 months a year. For an example you know.

I like how someone was like "well contracts are hard and confusing." Last car loan I did through Toyota gave a line by line breakdown of everything. I'd imagine at this point they don't even bother with contract trickery since people don't even bother to read them anymore and just go "well too hard".

100 HOGS AGREE
Oct 13, 2007
Grimey Drawer

NancyPants posted:

It's probably somewhere in the agreement that you won't interfere with operation of the interlock device. Maybe it's just as cheap as removing the device, but it runs a serious risk of ruining the ignition system. As if someone who really needs to worry about having their car repossessed has that money.

Besides, even if you were successful, they can still come repo the car the old-fashioned way.

Well my car has a thing in it called a passlock system that checks for a certain resistance on a wire that goes through the ignition and the key, and if it doesn't see that resistance, the car won't start. It would be trivial to add some kind of switch to that wire to disable the ignition remotely.

I'm actually having some issues with it because the owner before me installed a remote starter, badly.

Cockmaster
Feb 24, 2002

NancyPants posted:

It's probably somewhere in the agreement that you won't interfere with operation of the interlock device. Maybe it's just as cheap as removing the device, but it runs a serious risk of ruining the ignition system. As if someone who really needs to worry about having their car repossessed has that money.

Besides, even if you were successful, they can still come repo the car the old-fashioned way.

What about wrapping it in foil? No need to remove it if it can't receive the shutoff signal.

BonerGhost
Mar 9, 2007

NancyPants posted:

It's probably somewhere in the agreement that you won't interfere with operation of the interlock device.

Besides, even if you were successful, they can still come repo the car the old-fashioned way.

Powerlurker
Oct 21, 2010

Col.Kiwi posted:

Good god this is hilarious(ly bad.) I love how they just keep repeating well the loan I had 10 years ago didn't work like this! Yes it loving did just this time you got a worse rate and/or paid more attention. I'm not always the biggest fan of schadenfreude but gently caress people like that who try to play the victim when it's obvious they didn't bother to understand what they were signing at all.
Actually yeah this one might be even better. I love how they actually gave us a calculation of home price divided by 30 years divided by 12 months a year. For an example you know.

Holy crap! He signed a 6 year note at 17% interest? How the hell does that happen to you? Then again, considering the kinds of things he's saying I'm not surprised that he's found himself in that hole.

egoslicer
Jun 13, 2007
http://www.reddit.com/r/personalfinance/comments/2b97bx/considering_cashing_in_roth_ira_to_buy_a_boat_as/

Cashing out your Roth to buy a boat to live in? Sounds like a win!

Centripetal Horse
Nov 22, 2009

Fuck money, get GBS

This could have bought you a half a tank of gas, lmfao -
Love, gromdul

We had a pretty great thread on these very forums about a guy who was considering living on a sailboat. I don't know where that thread went, and search won't load for me, but if you can find it, it's a good read. My favorite argument in the entire thread was along the lines of, "No one ever said, 'I sure am glad I didn't live on a sailboat when I was young and free.'" I guess that doesn't make it the right decision, but I find it hard to argue with.

Kellsterik
Mar 30, 2012
Maybe if I lived near the ocean, I would understand why the hell someone would want to live on a boat.

Renegret
May 26, 2007

THANK YOU FOR CALLING HELP DOG, INC.

YOUR POSITION IN THE QUEUE IS *pbbbbbbbbbbbbbbbbt*


Cat Army Sworn Enemy

Saros posted:

Finally my favorite one "Renting is for plebes."

This guy reminds me a lot of my cousin and his totally awesome plan for making it in the world.

He wants to buy a two story brownstone, live upstairs and rent out the bottom floor. The rent will cover the expenses of the house, of course. It'll pay for itself!

All he needs is the money to make a down payment. This money will come from when he becomes a famous actor and he'll totally make it for real, guys.

Currently he works a 30k/year warehouse job in New York. He moves from job to job every few months. He keeps quitting his jobs because his bosses are always morons and he's always better than them, the truth is that they're afraid of him taking their jobs, you see. He almost got his dumb rear end fired last week by engaging in office politics and nothing I say will make him realize the secret is to just shut the gently caress up.

He's so disengaged from reality. I don't know what his specific finances are like but I think it's a safe assumption it's not great. He used to complain about his ex girlfriend who would always make him pay for her booze and cover charges at clubs, she then complained that he didn't own a car even though his reasoning was that he couldn't afford to reinstate his license from all the poo poo she made him buy. He eventually dumped her a year ago, but still hasn't gotten his license back. He has the money to pay for modeling agencies and acting lessons, but no paying gigs though. (I wouldn't be surprised if he fell victim to one of those modeling agency scams and didn't even realize it).

So yeah, the more I think about it, the more I think he's pretty terrible with money. I don't know his specifics, but from what I can see from the way he lives, there is no way he's not living paycheck to paycheck. The best part to me? He lives in a family member's basement for $200/month. With rent that low there's no reason not to save as much money as possible.

Renegret fucked around with this message at 13:33 on Jul 21, 2014

Jeffrey of YOSPOS
Dec 22, 2005

GET LOSE, YOU CAN'T COMPARE WITH MY POWERS

Centripetal Horse posted:

We had a pretty great thread on these very forums about a guy who was considering living on a sailboat. I don't know where that thread went, and search won't load for me, but if you can find it, it's a good read. My favorite argument in the entire thread was along the lines of, "No one ever said, 'I sure am glad I didn't live on a sailboat when I was young and free.'" I guess that doesn't make it the right decision, but I find it hard to argue with.

no one ever said not to murder hookers with pool cues either but here we are

Barry
Aug 1, 2003

Hardened Criminal

Powerlurker posted:

Holy crap! He signed a 6 year note at 17% interest? How the hell does that happen to you? Then again, considering the kinds of things he's saying I'm not surprised that he's found himself in that hole.

So I sign this and you give me a car? Alright!

Annakie
Apr 20, 2005

"It's pretty bad, isn't it? I know it's pretty bad. Ever since I can remember..."
Found out yesterday from my Aunt that my cousin, who has a Certified Nursing Assistant... degree? Whatever it takes to get one of those has been going to school to be a full nurse for like 5 years but still hasn't graduated as she only takes semesters sporadically. She is 32. Last year she took a semester off to go help out a friend's family at their business in another state. She got to live with that family rent-free and made several thousand dollars in that time, which she was supposed to use to move back home and go back to school.

Instead, she went with her friend and her friend's children to Disneyworld, stayed at the resort and spent very nearly all of the money she made working and saving for several months on the trip. Expenses included paying for her friend's daughter to go to the Bibbity Bobbity Boutique, which costs something like $150. My cousin went back home completely broke and is now living with her brother and his family in his basement.

She hasn't had a job in nearly a year despite there being plenty of opportunity in the area, apparently. Her brother has put his house up for sale and is moving his family into an apartment, which won't have room for his sister. She will literally have no place to go as soon as the house is sold and will probably move back in with my aunt.

Nocheez
Sep 5, 2000

Can you spare a little cheddar?
Nap Ghost

Annakie posted:

Found out yesterday from my Aunt that my cousin, who has a Certified Nursing Assistant... degree? Whatever it takes to get one of those has been going to school to be a full nurse for like 5 years but still hasn't graduated as she only takes semesters sporadically. She is 32. Last year she took a semester off to go help out a friend's family at their business in another state. She got to live with that family rent-free and made several thousand dollars in that time, which she was supposed to use to move back home and go back to school.

Instead, she went with her friend and her friend's children to Disneyworld, stayed at the resort and spent very nearly all of the money she made working and saving for several months on the trip. Expenses included paying for her friend's daughter to go to the Bibbity Bobbity Boutique, which costs something like $150. My cousin went back home completely broke and is now living with her brother and his family in his basement.

She hasn't had a job in nearly a year despite there being plenty of opportunity in the area, apparently. Her brother has put his house up for sale and is moving his family into an apartment, which won't have room for his sister. She will literally have no place to go as soon as the house is sold and will probably move back in with my aunt.

CNAs are the peons of the nursing world. They get paid much less than RNs, but still have to do a bunch of the gross stuff and grunt work. That story hurt to read :(

VideoTapir
Oct 18, 2005

He'll tire eventually.

Nocheez posted:

CNAs are the peons of the nursing world. They get paid much less than RNs, but still have to do a bunch of the gross stuff and grunt work. That story hurt to read :(

I knew a CNA who quit her job to work as a cashier at a gas station because it paid better. (10 bucks an hour.)

edit: She has an adopted son (I guess he'd be 10 or 11 now) whose life is a bottomless pit of :smith:

Nail Rat
Dec 29, 2000

You maniacs! You blew it up! God damn you! God damn you all to hell!!
From glassdoor, it looks like there are a few places where a CNA can get a livable wage, but that most of them are in the minimum-wage realm. I hope that license or whatever isn't expensive to get.

Nail Rat fucked around with this message at 16:13 on Jul 21, 2014

fruition
Feb 1, 2014

Nail Rat posted:

From glassdoor, it looks like there are a few places where a CNA can get a livable wage, but that most of them are in the minimum-wage realm. I hope that license or whatever isn't expensive to get.

Wage is probably higher if they don't get bene's, otherwise the hospitals poo poo on them and offer a laughable wage in exchange for health insurance + 403b. I'm not a Union man but I think hospital nurses and CNA's are professions that need unionization the most. Not even from a worker abuse POV but from a patient care and safety POV. I'd feel much better going in as a patient knowing that my nurse doesn't have 6 other helpless souls to take care of simultaneously.

fruition fucked around with this message at 16:25 on Jul 21, 2014

Bloody Queef
Mar 23, 2012

by zen death robot

Renegret posted:

He wants to buy a two story brownstone, live upstairs and rent out the bottom floor. The rent will cover the expenses of the house, of course. It'll pay for itself!


Doing this will probably not cover all your housing expenses, but this can be a great way to defray part of the cost of home ownership. Obviously buying more house than you can afford with this as a plan to afford it is bad. But this is a generally a pretty shrewd move.

Renegret
May 26, 2007

THANK YOU FOR CALLING HELP DOG, INC.

YOUR POSITION IN THE QUEUE IS *pbbbbbbbbbbbbbbbbt*


Cat Army Sworn Enemy

Bloody Queef posted:

Doing this will probably not cover all your housing expenses, but this can be a great way to defray part of the cost of home ownership. Obviously buying more house than you can afford with this as a plan to afford it is bad. But this is a generally a pretty shrewd move.

Oh yeah, I'm aware that's it's not a bad idea.

What makes it a terrible idea is his plan to pay for it is to become a famous actor instead of, you know, saving money. Not that you'll ever be able to save enough on a 30k job.

VideoTapir
Oct 18, 2005

He'll tire eventually.
Reminds me of the protagonist in this story:

http://pseudopod.org/2010/10/15/pseudopod-208-the-evil-eater/

except that in the end he'd get eaten.

pathetic little tramp
Dec 12, 2005

by Hillary Clinton's assassins
Fallen Rib
I have a rare disease that will likely (65% chanceish?) kill me by 40, yet I keep maxing out my 401(k) and continue to rent. I'm pretty bad with money.

Knyteguy
Jul 6, 2005

YES to love
NO to shirts


Toilet Rascal
^ drat dude at least if something does happen whoever takes over the account will be taken care of. Also gently caress those odds you can beat that.

My 30 year old cousin came into a windfall of money. He absolutely loves cars, and blew pretty much every single dime from the windfall on them. Here is just one example:
He bought the black Ford Falcon that is nearest to the viewer here (the previous owner had it on the magazine):


AT LEAST $50,000 later?


He has a habit of starting a project car, and then working on it 10+ years and never getting any nearer to being happy or finished with it.

Other fun things with cars: probably the day after he got the windfall money he bought 10-15 different cars-mostly beaters like early 90s Broncos, Jettas, etc-to try to flip them. I'd be willing to bet he took a loss on every single one. The amount of money was such that he probably never would have had to work again, but not even a year later he's back to back breaking work.



My uncle has an early 80s Ford Mustang that is his current project. I know he has at least $20,000 into this car. This wouldn't be -so- terrible, but my grandmother has his mortgage in her name, and they also just bought a brand new F-250 for no reason (it's for his wife who never tows anything?). They're pretty much always broke.

I've got stories for pretty much every family member. There are a couple in the family that are exceptional with money, but we're talking ~3/20 at best. I'm hoping to increase the ratio a little bit.

Edit: and don't get me wrong - the cars are really loving cool and I'd love to own them myself - they're just such an expensive hobby.

Knyteguy fucked around with this message at 17:38 on Jul 21, 2014

canyoneer
Sep 13, 2005


I only have canyoneyes for you

Knyteguy posted:

Edit: and don't get me wrong - the cars are really loving cool and I'd love to own them myself - they're just such an expensive hobby.

Being on the other side of those transactions can be pretty cool though. One of my neighbors is a retired guy with a bunch of cool old cars (a Model A and some early 50's pickup currently) and he's happy to buy them off of people who are cutting their losses on project cars. (must be painted, running, and not have a weird title).

He doesn't do as much of the full-scale restoration stuff anymore. Finds it way cheaper and more fun to start with a car that's almost there.

kissekatt
Apr 20, 2005

I have tasted the fruit.

enraged_camel posted:

It's still dumb and risky as gently caress. It's basically a lawsuit time-bomb.

Think about it: "we were sitting at home and my wife unexpectedly went into labor but I couldn't rush her to the hospital because the lender disabled the ignition on the car."
I would think something along the line of the engine stalls while driving, you can't restart the car because the ignition is disabled and then you're hit by another car because your car is standing still in the middle of the road or you are hit by a car while exiting the car to get to safety/put down a warning triangle.

cumshitter
Sep 27, 2005

by Fluffdaddy
From the sub prime auto leasing article:

quote:

While his criminal case was pending, the salesman persuaded Mr. Tuhin to buy a used car for 90 percent more than the price he agreed upon. Needing the car to take his daughter, who has a heart condition, to the doctor, Mr. Tuhin said he unwittingly signed for a $26,209 loan with completely different terms than the ones he had reviewed.

Immediately after discovering the discrepancies, Mr. Tuhin, 42, said he tried to return the car to the dealership and called the lender, M&T Bank, to notify them of the fraud.

The bank told him to take up the issue with the dealer, Mr. Tuhin said.

This part stuck out for me because I worked in sub-prime consumer finance, first at general consumer loans and then with motorcycles. At some point, after receiving signed copies of the contract, the customer should have received a call from the bank to reiterate the monthly payments, number of months, etc. It's a standard way of ensuring the dealership isn't sending you bullshit paperwork and to confirm the customer's number since you'll most likely call for missed payments or give it to a repo company so they can scare the customer.

There's only a few ways to get past this. One is outright fraud: enter a disposable pre-paid phone number as your own and then answer with the information the client has given you. The other is to wear the customer down by making them wait all day, so that by the time they receive the call they'll agree to anything just to have it over.

I wouldn't be surprised at either. But if the bank thought the call had been performed satisfactorily then, "gently caress you, take it up with the dealer" would have been the default response.

kissekatt posted:

I would think something along the line of the engine stalls while driving, you can't restart the car because the ignition is disabled and then you're hit by another car because your car is standing still in the middle of the road or you are hit by a car while exiting the car to get to safety/put down a warning triangle.

The GPS can inform you if the vehicle is moving before you hit the kill ignition button. Ideally you would do this when they're holding still, or not at an intersection (since you'd be liable for impound/towing fees if the customer shirks it off).

Volmarias
Dec 31, 2002

EMAIL... THE INTERNET... SEARCH ENGINES...

RommelMcDonald posted:

The GPS can inform you if the vehicle is moving before you hit the kill ignition button. Ideally you would do this when they're holding still, or not at an intersection (since you'd be liable for impound/towing fees if the customer shirks it off).

Do you honestly believe that the person making this decision (if it's even a person and not an automated script to disable all undisabled vehicles with a payment past due of 7 days) would actually look up where the vehicle is or check the speed?

Devor
Nov 30, 2004
Lurking more.

Volmarias posted:

Do you honestly believe that the person making this decision (if it's even a person and not an automated script to disable all undisabled vehicles with a payment past due of 7 days) would actually look up where the vehicle is or check the speed?

Yes, because the very next thing they would be doing is phoning up their tow-truck driver and saying "it's parked in a parking lot at the Walmart, go get it". Or some other accessible location. Because if you disable it while it's in their garage, you hosed up.

Edit: Which isn't to say sometimes they could gently caress things up, but people get efficient when it comes to taking things from poor people.

Volmarias
Dec 31, 2002

EMAIL... THE INTERNET... SEARCH ENGINES...
Fair enough. Good point about that.

necrobobsledder
Mar 21, 2005
Lay down your soul to the gods rock 'n roll
Nap Ghost

Trilineatus posted:

I stayed in my current job :downs: Turns out that appreciation, good coworkers, and a great supervisor have a cash value of about 10k.

Goodbye, new car. Goodbye, eating out. Hello, bike commute.
I turned down a job for about $50k more annually and over $100k in RSUs for somewhat similar reasons and for maybe slightly worse coworkers and a bit more boredom i hindsight I've amortized the price to be over $600k over four years. I don't make enough to not regret that. Also, it's not a capital cost, it's operational, so it's even more than $10k.

pathetic little tramp posted:

I have a rare disease that will likely (65% chanceish?) kill me by 40, yet I keep maxing out my 401(k) and continue to rent. I'm pretty bad with money.
I generally have no reason to live to retirement age (no kids, no desire, nothing I want in itself costs money to get / achieve) so I think of my retirement funds as a life emergency fund should something happen before I want to Alt-F4 out of life. But investing is a bit of a hobby for me anyway, so no real harm either.

Slow News Day
Jul 4, 2007

Cicero posted:

How is this different from "we were sitting at home and my wife unexpectedly went into labor but I couldn't rush her to the hospital because the lender had repossessed the car."?

Because most people don't expect the ignition of their car to be disabled minutes after missing a payment?

Cassius Belli
May 22, 2010

horny is prohibited

pathetic little tramp posted:

I have a rare disease that will likely (65% chanceish?) kill me by 40, yet I keep maxing out my 401(k) and continue to rent. I'm pretty bad with money.

necrobobsledder posted:

I generally have no reason to live to retirement age (no kids, no desire, nothing I want in itself costs money to get / achieve) so I think of my retirement funds as a life emergency fund should something happen before I want to Alt-F4 out of life. But investing is a bit of a hobby for me anyway, so no real harm either.

Have either of you considered making a will like Charles Vance Millar's and making the world a sillier place upon your departure? I know I have some eccentric bequests written into mine, just in case I should die with more money than I need to fulfill my posthumous obligations.

pig slut lisa
Mar 5, 2012

irl is good


Yond Cassius posted:

Have either of you considered making a will like Charles Vance Millar's and making the world a sillier place upon your departure? I know I have some eccentric bequests written into mine, just in case I should die with more money than I need to fulfill my posthumous obligations.

A trust to buy av certs for foundlings and other wayward newbies. It would be the greatest gift the forums ever received. :unsmith:

MrKatharsis
Nov 29, 2003

feel the bern

enraged_camel posted:

Because most people don't expect the ignition of their car to be disabled minutes after missing a payment?

Very true. Lots of people regard the due date as a suggestion. I once had a neighbor who never paid rent until two or three weeks after it was due. When she got evicted she was flabbergasted. "But I always pay the late fee!"

MrKatharsis fucked around with this message at 04:18 on Jul 22, 2014

cumshitter
Sep 27, 2005

by Fluffdaddy

enraged_camel posted:

Because most people don't expect the ignition of their car to be disabled minutes after missing a payment?

This wouldn't even be practical. If you're doing sub-prime leasing/lending then a significant portion of your customer base is going to be paying late/close to the last minute before repo on a regular basis. Why would you prevent them from going to their job?

Lowness 72
Jul 19, 2006
BUTTS LOL

Jade Ear Joe

RommelMcDonald posted:

This wouldn't even be practical. If you're doing sub-prime leasing/lending then a significant portion of your customer base is going to be paying late/close to the last minute before repo on a regular basis. Why would you prevent them from going to their job?

I read an article about it once. It's part of the business model. Sell the car. As soon as they miss a payment, you repossess the car and turn around and sell it again the same day to the next person desperate to get a car.

LorneReams
Jun 27, 2003
I'm bizarre

Lowness 72 posted:

I read an article about it once. It's part of the business model. Sell the car. As soon as they miss a payment, you repossess the car and turn around and sell it again the same day to the next person desperate to get a car.

I've worked in modeling for these customers, and the credit is so bad, that FICO dosen't even work anymore as a PD indicator. They have to use a custom model to map out the credit risk. One way to mitigate that and make it so they can actually lend to someone at all is to have absolute control over the colleteral.

Adbot
ADBOT LOVES YOU

leftist heap
Feb 28, 2013

Fun Shoe
Redditor has a "unique" opportunity.

quote:

Background: My wife and I bought a house over ten years ago in which we currently live. Four bedroom suburban home in a good neighborhood, two car garage, yard, etc. We don't have any other properties, we have little in terms of assets (we own both 10+ year old vehicles outright, combined income = approx. $7500/month, student loan payment = $115/month, credit card debt = $4K). The value of our current home is approx. $325K, existing equity is slightly over $100K. We have two kids, our 1970's house seems to be getting smaller each year, we're looking to upgrade.
The real estate market is HOT in our area right now. Anything worth buying is on the market for only a few hours before multiple offers emerge. When we found a house that worked for us, our extended family facilitated a loan of $330K so we could make a cash offer on the house. (No idea what hoops of fire needed to be leapt through to make it happen, but from one day to the next, we had $330K in our checking acct. Pretty sweet to see that at the ATM.)
The assumption is this: we will purchase the new home outright with cash-in-hand. After that we sell our current home for $325 (which will put about $100K in our pockets. Then we re-finance the new house, use it as collateral and take $230K cash back out of it, leaving us with a new mortgage. This way we can give the family member back $330K.
My question is, in the interest of generating a new revenue stream, what would the logistics be of keeping our current home and renting it out? Given the condition of the market, it looks like we could rent the house for about $2000 per month. Our payment is $1100 per month (including mortgage/taxes/insurance). This seems like it could be a windfall, presuming you could find good tenants and find the time to deal with becoming a "landlord." If this were a consideration, could I still pay back the temporary loan of $330K by refinancing $230K out of the new house, then paying the family back over time to the tune of $900/month from the new rental income? This would take some convincing and negotiation of course, and family may not go for it, but if they did, what would be the best way to secure a strong position in this unique situation? I feel like there is an opportunity which could be overlooked if we buy/sell/refi.
Any other approach not mentioned worth considering?
Thoughts are welcome, thanks in advance ---

:psyduck:

To their credit most redditors are pointing out how stupid this is.

  • Locked thread