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Renegret posted:Short but sweet: It is kind of weird. They could buy the house in borrowed cash for 70k, get a buyer for 100k(presumably a prearranged one, perhaps the same person who lent them the money), pay back the 70k, and then turn around and buy the house right back for 100k from them, putting the 30k difference down. Something in my logic has to be wrong here but I can't tell what it is. My only assumption is that the assessment isn't lowered by the fact that it sold for less than 100k at auction. Jeffrey of YOSPOS fucked around with this message at 20:06 on Aug 12, 2014 |
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Aug 12, 2014 19:59
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No one gives a poo poo about the assesment. An appraser is going to have the best comp imaginable for the property...the sale price.
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Aug 12, 2014 20:08
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DEMAG posted:You forgot "Your job is your credit!" How could we ever forget https://www.youtube.com/watch?v=sg8fZicILio
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Aug 12, 2014 20:09
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Jeffrey posted:It is kind of weird. They could buy the house in borrowed cash for 70k, get a buyer for 100k(presumably a prearranged one, perhaps the same person who lent them the money), pay back the 70k, and then turn around and buy the house right back for 100k from them, putting the 30k difference down. Something in my logic has to be wrong here but I can't tell what it is. Unless the guy who buys it off you for $100k is in on it, why wouldn't he just keep it? And if he's in on it, then why doesn't he just gift you the $30k?
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Aug 12, 2014 21:17
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Rudager posted:Unless the guy who buys it off you for $100k is in on it, why wouldn't he just keep it? And if he's in on it, then why doesn't he just gift you the $30k? Yeah the other party would have to be in on it. In my scenario there is no gifted 30k, you hold onto the 30k for a bit, and use it as a down payment, while the bank pays back the full 100k. This is purely to say you have a 30% downpayment and get a better rate on your 70k loan, no one seems to have to gift anyone anything permanently.
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Aug 12, 2014 21:23
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Jeffrey posted:Yeah the other party would have to be in on it. In my scenario there is no gifted 30k, you hold onto the 30k for a bit, and use it as a down payment, while the bank pays back the full 100k. This is purely to say you have a 30% downpayment and get a better rate on your 70k loan, no one seems to have to gift anyone anything permanently. Why would the bank effectivly lend you 100K at 140% LTV? Wouldn't happen.
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Aug 12, 2014 21:29
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Folly posted:I'm pretty sure you are now BFC qualified to buy a truck. Maybe. I've got my eye on a 1970s flat bed used for hauling hay at a whopping $500.
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Aug 12, 2014 21:32
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LorneReams posted:Why would the bank effectivly lend you 100K at 140% LTV? Wouldn't happen. Well you'd only have to be loaned 70K, and I meant the bank assessment when I said "My only assumption is that the assessment isn't lowered by the fact that it sold for less than 100k at auction". If that assumption is bad, it makes sense and the LTV would be 100%. I assumed that auctions were properties where there is a high pressure to sell them right away, where a careful seller might get the full value of the assessment.
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Aug 12, 2014 21:38
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Jeffrey posted:Something in my logic has to be wrong here but I can't tell what it is. I think the main issue you'd run into is paying two extra rounds of closing costs is going to outweigh any potential savings from a better rate.
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Aug 12, 2014 21:49
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KYOON GRIFFEY JR posted:If you buy a tractor don't buy a Deere. Man, everybody I pass by has a shiny new John Deere tractor, too. It's almost like there's this unspoken peer pressure for getting one of them. It's all that corn/soy money, I tell you.
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Aug 12, 2014 21:53
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OneWhoKnows posted:Man, everybody I pass by has a shiny new John Deere tractor, too. It's almost like there's this unspoken peer pressure for getting one of them. It's all that corn/soy money, I tell you. After the $7/bushel corn a few years ago when there was also a good harvest/no drought in the midwest, pretty much everyone was able to afford new purchases of equipment they'd wanted for years. 
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Aug 12, 2014 22:14
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Zhentar posted:I think the main issue you'd run into is paying two extra rounds of closing costs is going to outweigh any potential savings from a better rate. Yeah I'm borrowing in frictionless surfaces here. (Though if this is two parties scheming together you probably can save on legal costs as long as you trust each other.)
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Aug 12, 2014 22:17
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mastershakeman posted:After the $7/bushel corn a few years ago when there was also a good harvest/no drought in the midwest, pretty much everyone was able to afford new purchases of equipment they'd wanted for years. drat that's good corn money.
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Aug 12, 2014 22:28
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^^Corn is quickly falling out of favour because of how bad the overproduction is for the environment, you guys want a stock tip, get yourself into sorgum, it's the next takeoff crop once the hype machine gets started.OneWhoKnows posted:Man, everybody I pass by has a shiny new John Deere tractor, too. It's almost like there's this unspoken peer pressure for getting one of them. It's all that corn/soy money, I tell you. My 1967 International still runs better than any of those new plastic junkheaps they sell to "country boys" these days - long as you clean out the fuel line every couple weeks, it'll do the whole shabang.
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Aug 12, 2014 23:19
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pathetic little tramp posted:^^Corn is quickly falling out of favour because of how bad the overproduction is for the environment, you guys want a stock tip, get yourself into sorgum, it's the next takeoff crop once the hype machine gets started. It's all about them sweet subsidies.
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Aug 12, 2014 23:46
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fork bomb posted:It's all about them sweet subsidies. Subsidies are the best thing about socialist governments. Sheep subsidies in New Zealand are what led to 25 million sheep when the human population was only about 2.5 million.
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Aug 13, 2014 01:28
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http://www.reddit.com/r/personalfinance/comments/2dcvxq/copaying_a_mortgage_that_doesnt_have_my_name_can/househunter2 posted:Last year my family bought a house. The mortgage and house ownership is in my brother's name. At the time of purchase, I agreed verbally to copay the mortgage payment. I trusted my family to eventually add my name to the ownership. I have been paying 50% of mortgage payment and utility expense for almost a year. I'm just starting to realize that I may not get a tax incentives for paying half the mortgage. Am I correct? What else i can do to make the verbal agreement binding. More info: I wrote checks to pay the mortgage account in my brother's name. I keep all cashed check copies. househunter2 posted:My family advised that it's for my own good to not add my name at the time of purchase. Reasons such as I may need to to use my name to get loan to purchase a place of my own, Or that I won't waste my "First Time Home Buyer" tax credit (it probably has discontinued already?) when I actually get my own place. "Verbal agreement" "Copay" "Buy another house so you can get that First Time Home Buyer Credit" This guy seems oblivious to the fact that something fishy is going on here and he's worried about tax incentives?
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Aug 13, 2014 01:46
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Ebola Roulette posted:http://www.reddit.com/r/personalfinance/comments/2dcvxq/copaying_a_mortgage_that_doesnt_have_my_name_can/ I need to find an imbecile like this to pay for half of my mortgage payment. 
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Aug 13, 2014 13:55
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DEMAG posted:I need to find an imbecile like this to pay for half of my mortgage payment. It's called a Roommate, and there's whole sections of Craiglist for that.
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Aug 13, 2014 14:10
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mastershakeman posted:Blasphemy, you probably support that commie colored International don't you The green ones sit on the bank while the red ones roll by. *spits wintergreen cope near u* those massey fergusons tho
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Aug 13, 2014 16:13
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DEMAG posted:I need to find an imbecile like this to pay for half of my mortgage payment. Devor posted:It's called a Roommate, and there's whole sections of Craiglist for that. I know a dude who bought a new house built in 2006. He was 22 or something and had some inherited money. "Why, instead of renting, I'll get my friends to rent rooms out of my house. Free rent and building equity!" He bought a 4500 sqft 4 bedroom. The internet tells me that he probably paid $290k or so for it. It was in a city with a university, but about 30 minutes drive from the university. So, a really poor location for the demographic he wanted to rent to. The only people he could rent to were his friends who were working McJobs and still "figuring stuff out". It was a battle for him every single month to get people to pay the rent. It was also difficult to keep the house full of paying renters. The same floorplan houses in his neighborhood are selling for $200k or so these days. He bought new construction wayyyyy out in the suburbs as an investment that depended on his loser friends paying rent to him, and probably took a $90k bath on it.
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Aug 13, 2014 16:54
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District Selectman posted:When I bought my Corolla in 05 it was $15k for a new one, or like $12k for something 3 years old with 30,000 miles on it. Just typing that out I'm realizing that was almost 10 years ago though, ahhhhh  fellow '05 Corolla owner. It's kind of amazing how well this sucker has run. Only gripe to me is that the stock stereo didn't even have mp3 CD support an auxiliary input. It's the most boring car I could have bought, but it's the only thing in my life that's been stupidly reliable and for the years of life it's added to me for the lack of stress, I'm not sure I should even try to criticize it.
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Aug 13, 2014 17:29
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That's not a big deal, an aftermarket solution would cost you relative pennies.
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Aug 13, 2014 17:42
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canyoneer posted:I know a dude who bought a new house built in 2006. He was 22 or something and had some inherited money. "Why, instead of renting, I'll get my friends to rent rooms out of my house. Free rent and building equity!" He bought a 4500 sqft 4 bedroom. The internet tells me that he probably paid $290k or so for it. You reminded me of a friend of mine who bought a house worth around $180k when he was making around $35k/year. This was back in the days of liars loans, so he figured buying with a 5 year balloon on a 50-year interest-only payment would be smart. He got a 5 bedroom house and rented 4 rooms to his friends from church, who paid him 1/5 the total rent monthly. When I asked him why he wasn't charging more, he said it was because he wanted to give his friends a good deal. When the market went south and he had to move 500 miles back home, he took a $40k loss and paid for it with his 401K. He was a nice guy, but just too trusting of others.
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Aug 13, 2014 17:48
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Ebola Roulette posted:"Verbal agreement" On the flip side, if he didn't pay anything into the down payment and he's living in the house for less than comparable rent, why should he care? He has the capability to walk away from the house without an obligation to it, and he doesn't have to pony up for poo poo when it breaks. Sounds like a de-facto rental agreement to me, and charging renters only a fraction of the mortgage is usually a sweetheart deal for the renter.
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Aug 13, 2014 22:21
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necrobobsledder posted:
Look into tranzit blu. It's a $200 solution to that.
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Aug 14, 2014 04:29
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Devonaut posted:How could we ever forget https://www.youtube.com/watch?v=sg8fZicILio iago, no  https://www.youtube.com/watch?v=kcw8LjGMiDQ
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Aug 14, 2014 05:48
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necrobobsledder posted:
I got an aftermarket Clarion with bluetooth to replace mine for under $200, about three years ago. You could probably get it for like $100 now. Just bluetooth to your phone and play whatever music you desire Mp3 CD's? 
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Aug 14, 2014 13:26
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District Selectman posted:I got an aftermarket Clarion with bluetooth to replace mine for under $200, about three years ago. You could probably get it for like $100 now. Just bluetooth to your phone and play whatever music you desire I put this in my Miata. It sounds great, has a USB port, Bluetooth (with a microphone for phone calls) and an headphone jack. There is no CD slot, but who uses actual CDs anymore?
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Aug 14, 2014 13:31
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Paid a friend of ours $100 for some bulldozer landscaping on our property last weekend. Yesterday I went over to his house & spent a couple hours doing PC tech support for his wife. She asked how much it'd be, I gave her the family discount as always, she said she'd pay my wife the next day when she saw her because she didn't have any cash on hand. Whatever, no big deal, I know they're good for it. My wife refused the payment because "they're so nice and they are good friends!  " She just turned down my gas money for the week and made me out to be a money-hungry jackass to our friends. Her reasoning is that "they did *the bulldozer stuff* for us!" without a hint of irony. She literally thinks they've earned several free hours of my time because they did what we paid them to do.
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Aug 14, 2014 16:23
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It's hard to buy/sell, hire/work for, or lend/borrow with friends or family. In the end, at least one party is always going to feel like they did a favor for the other party, even if it was a perfectly equitable deal on both sides.
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Aug 14, 2014 16:32
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oldskool posted:Paid a friend of ours $100 for some bulldozer landscaping on our property last weekend. I mean, the dude brought his bulldozer to your house and provided a landscaping service. I'm not sure how much it would have cost you to hire that work out to some general contractor you found on craigslist but I'm going to go on a limb and guess way more than $100... You went over his house, sat in some air conditioning and ran an anti-virus on his wife's computer, deleted her temporary internet files, and maybe ran msconfig to clean up her startup. I'm a dickhead myself, but even I wouldn't charge a computer illiterate friend money to get rid of their popups.
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Aug 14, 2014 16:54
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I'm not getting enough financial benefit out of my friends. It might be time for a facebook culling
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Aug 14, 2014 17:19
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fruition posted:I mean, the dude brought his bulldozer to your house and provided a landscaping service. I'm not sure how much it would have cost you to hire that work out to some general contractor you found on craigslist but I'm going to go on a limb and guess way more than $100... Big difference on whether it's your job or not. Go ahead and ask your buddy who's a lawyer to write your will for free. It only takes a few hours in the air conditioning, after all.
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Aug 14, 2014 17:22
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I don't care if it's my friends, to be honest. If they want me to use my experience and knowledge that I have devoted man-hours to learning, I make it clear that I expect to be paid. I mean, I'd do a favor for my best friend who's in a bad financial situation or something like that, but if it's a casual friend or acquaintance? They better bust out the cash because I spent time learning how to fix their poo poo. I should be compensated for that. And like the poster above me said, if your friend was a lawyer and you asked them to draft you a will or perform some kind of loan closing service for free, they'd decline because they're professionals who spent time and money learning to do what you asked them to do.
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Aug 14, 2014 17:29
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Running an antivirus (if that's all he did) is not the same as writing a long legal document that stands up in court. There's only one of those that we could all do by puberty. $100 for the bulldozer is low enough that I would just eat this one and not be upset. Of course, if she now expects you to do it every month for free, that's a problem. e: I'm a professional copyeditor and I do copyedit friends' short work-related things for free. If they're making money directly from it (like it's a self-published ebook) then I'm charging; if it's a resume or a cover letter or a report for the big boss or a grad school paper, and it's under ~25 pages, it's free if I have time. A lawyer friend has kindly done free stuff for me too. Life with friends is just a lot better if you're not going "well my time is worth $30/hr and your time is only worth $25/hr soooo" Anne Whateley fucked around with this message at 17:34 on Aug 14, 2014 |
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Aug 14, 2014 17:30
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i like nice words
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I'm glad I'm no longer a technologically inclined teenager so I cannot be volunteered to fix my mom's friends' computers and printers for free.
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Aug 14, 2014 17:44
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Anne Whateley posted:Running an antivirus (if that's all he did) is not the same as writing a long legal document that stands up in court. There's only one of those that we could all do by puberty. This was my point. Providing a service with industrial heavy equipment and deleting porn popups is no apples to apples comparison. Now, if he was updating her SQL database schema, or debugging her JAVA app, or overclocking her poo poo, then yeah pay up mommy. fruition fucked around with this message at 17:51 on Aug 14, 2014 |
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Aug 14, 2014 17:49
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I charge $100/hr for computer work. The cheapest I can get a bulldozer here is $150/hr. Then I've got to find someone to run the drat thing. I'd say computer work for bulldozing is a hell of a deal.
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Aug 14, 2014 17:52
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It probably takes a hundred bucks all in to get the loving dozer to your house.
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Aug 14, 2014 18:30
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