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chupacabraTERROR posted:It is illegal. The common term for this is "fraud" Maybe. I mean, the family member gave a letter in writing saying that it's a gift, so you could just not pay your family members back, unless you've got some sort of written contract, in which case, sure, fraud, but otherwise it's a "no, your honor, this was a gift and not a loan and look they even gave me it in writing" kind of thing were it to come up.
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Jan 5, 2016 15:07
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The jury will be weighing your statement against the prosecutor's bank records showing the transfer from your parents to you and an equal transfer from you to your parents. How do you think that will work out?
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Jan 5, 2016 15:21
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Listen to this guy, he's served hard time
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Jan 5, 2016 15:43
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Andy Dufresne posted:It's amazing how many people in this thread insist behavior that regularly results in felony convictions is not a big deal. There is no probability low enough to make the life ruining results worth it. Can we change the thread sub title to this, House Buying Megathread: There is no probability low enough to make the life ruining results worth it.
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Jan 5, 2016 22:26
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baquerd posted:Maybe. I mean, the family member gave a letter in writing saying that it's a gift, so you could just not pay your family members back, unless you've got some sort of written contract, in which case, sure, fraud, but otherwise it's a "no, your honor, this was a gift and not a loan and look they even gave me it in writing" kind of thing were it to come up. quote:5) DO NOT POST ANYTHING INVOLVING ILLEGAL ACTIVITY without express permission from the mods. Do not post a thread about how to steal, cheat, rip people off, or how to get drugs or pick locks. You will be banned without hesitation. This rule also applies to anyone who "helpfully" wanders into a thread to offer advice on how to break the law. Nothing illegal or fraudulent, folks. Sorry. Ozmanote: THAT INCLUDES FAKE IDs, YOU IDIOTS, SO QUIT THINKING THAT YOU'RE BEING SLY BY ASKING FOR HINTS ABOUT A "NOVELTY ID."
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Jan 6, 2016 00:34
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On the topic of new roofs: I always find it fascinating that this is a regularly cited big ticket expense. In Colorado you're pretty much guaranteed to have your roof, gutters, and maybe siding replaced at least once every five years through an insurance claim. Granted, your deductible will probably run you a few G's... but I've never heard of someone having to pay out of pocket for a roof in these parts (I'm sure our premiums reflect that, too). Our roof and gutters were pretty crappy, and we got the lucky hail storm within three months of moving in. And why do roofers all have to be shady as hell? So many home services are like that.
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Jan 6, 2016 05:45
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Thesaurus posted:On the topic of new roofs: I always find it fascinating that this is a regularly cited big ticket expense. In Colorado you're pretty much guaranteed to have your roof, gutters, and maybe siding replaced at least once every five years through an insurance claim. Granted, your deductible will probably run you a few G's... but I've never heard of someone having to pay out of pocket for a roof in these parts (I'm sure our premiums reflect that, too). Workers comp for roofers can be $50 per hundred in payroll or more for steep roofs. It depends on a lot of factors but the end result is that many of them will just not have workers comp, or they will be insured as carpenters or painters. Then liability insurance is needed but it is relatively more affordable. With home services in general the work is irregular and physically demanding. Once the most capable people leave to higher paying jobs, or jobs that regularly give more hours you end up with a lot of people doing different things as they can find work, and cutting a lot of corners.
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Jan 6, 2016 07:19
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Thesaurus posted:On the topic of new roofs: I always find it fascinating that this is a regularly cited big ticket expense. In Colorado you're pretty much guaranteed to have your roof, gutters, and maybe siding replaced at least once every five years through an insurance claim. Granted, your deductible will probably run you a few G's... but I've never heard of someone having to pay out of pocket for a roof in these parts (I'm sure our premiums reflect that, too).
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Jan 6, 2016 13:11
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QuarkJets posted:So? "I might get away with it" is not a good reason to commit a crime that has a potential penalty of decades in jail. If you can't afford a bigger house then you can't afford a bigger house, lying about it in order to defraud the bank really doesn't help anyone. While I 100% agree with you, and absolutely nobody is actually advocating in favor of doing so, realistically of all the things you should be worried about when purchasing a property, this one is pretty well trivial to non-existent on the list. Unless you're committing other outstanding crimes against society, no prosecutor is going to give a gently caress about you, they don't have the time, resources, or inclination to go after this kind of thing on its own, unless it's compounded by another investigation into your conduct. Then this kind of thing is an easy target with an easy to prove paper trail. It helps to be realistic and keep things in perspective. Can we please go back to tearing apart terrible home buying decisions?
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Jan 6, 2016 13:12
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OSU_Matthew posted:Can we please go back to tearing apart terrible home buying decisions? Yes, great idea! So why did you just post about the thing again?? Knock it the gently caress off, everybody, please.
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Jan 6, 2016 15:50
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In the Portland area, we just had a series of rain storms that broke the record for rainfall in December since they started recording it at the airport. A few weeks ago, I came home from work to find that a flood alarm I had put in the crawl space was going off. Checking it out, I found several inches of water down there. Luckily, we had a drain down there but it wasn't draining. So after attempting to clear it with a manual plumbing snake, I called a plumber. He charged us $175 to tell us that the drain isn't actually a drain at all! It is just a pipe that goes through the footing and then stops. So I spent the weekend buying the only electric pump left in stock at Home Depot and pumping out the new indoor swimming pool. I ran the pump for over 2 hours, removing something like 1500 gallons in the process. I finally had more time to get down there to pump more water out last weekend and it was all gone! So, good, I guess? Except now we get to decide what, if anything we should do about preventing this from happening again. Should I dig a sump pit and install a sump pump? French drain inside the crawl space? Outside the house? Pay some company $X,000 to "encapsulate" the crawlspace? Dig up that drain and try to get it to go somewhere? Or just do nothing since there was no evidence of this ever happening before? Oh yeah, we need a new roof this year too. Woo, home ownership!
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Jan 6, 2016 18:38
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Sell the house and give the buyer a SA account to post about all the problems they found after buying.
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Jan 6, 2016 20:10
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Economic Sinkhole posted:Flooded crawlspace Sounds like a perfect situation for a sump pump, though I dunno how being a crawlspace vs a basement affects things. E: dunno what your access is like, but I'd put a dehumidifier or something down there before mold growth gets outta hand. At least a box fan and some ventilation to help move air around and get out the humidity E2: My basement used to flood in one corner whenever there was a lot of rain, but I got lucky and discovered an old clay drain pipe opening right outside the house in the corner it was flooding. Tried using a 9 ft inspection camera to see where the pipes went, but only found Slugtopia instead (I don't think I'd ever even seen a slug before in my life, and dozens of bright yellow slugs and piles of egg were just chilling down there). So, I just sealed up the opening with some quikrete and that solved my basement flooding problem ever since. Drain tiles must have been leaking right up against the foundation. Catatron Prime fucked around with this message at 21:13 on Jan 6, 2016 |
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Jan 6, 2016 21:05
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Nevermind
QuarkJets fucked around with this message at 22:02 on Jan 6, 2016 |
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Jan 6, 2016 21:20
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a long time from now a history book is going to be written about how americans entombed slugs to keep them in the afterlife
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Jan 6, 2016 21:24
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Thesaurus posted:And why do roofers all have to be shady as hell? So many home services are like that. My mother just had a new roof put on and one of the guys she had come out to give her a quote was trying to convince her that he could get her a new roof "for free" by filing a claim with the insurance company. Another company comes out the next day, afterwards he ask her if anybody else had been out to give her a quote. Turns out, the previous guy caused a bunch of damage to the roof by bending up shingles and poo poo. She hired the reputable guys and they dropped one of those big rear end roles of undermatting (or whatever it is) through the roof of the garage. Luckily it missed all the rafters, so it was just dry wall damage. It looked like somebody fired a cannonball through their roof. They came patched it though.
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Jan 7, 2016 05:42
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Economic Sinkhole posted:In the Portland area, we just had a series of rain storms that broke the record for rainfall in December since they started recording it at the airport. A few weeks ago, I came home from work to find that a flood alarm I had put in the crawl space was going off. Checking it out, I found several inches of water down there. Luckily, we had a drain down there but it wasn't draining. So after attempting to clear it with a manual plumbing snake, I called a plumber. He charged us $175 to tell us that the drain isn't actually a drain at all! It is just a pipe that goes through the footing and then stops. So I spent the weekend buying the only electric pump left in stock at Home Depot and pumping out the new indoor swimming pool. I ran the pump for over 2 hours, removing something like 1500 gallons in the process. I finally had more time to get down there to pump more water out last weekend and it was all gone! So, good, I guess? Except now we get to decide what, if anything we should do about preventing this from happening again. Should I dig a sump pit and install a sump pump? French drain inside the crawl space? Outside the house? Pay some company $X,000 to "encapsulate" the crawlspace? Dig up that drain and try to get it to go somewhere? Or just do nothing since there was no evidence of this ever happening before? You should probably post here for some assistance: http://forums.somethingawful.com/showthread.php?threadid=2734407 Elephanthead posted:Can we change the thread sub title to this, House Buying Megathread: There is no probability low enough to make the life ruining results worth it.
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Jan 7, 2016 07:06
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Jeffrey of YOSPOS posted:a long time from now a history book is going to be written about how americans entombed slugs to keep them in the afterlife Well, my house used to belong to the town's mortician, so... you might be on to something. I've never gotten the courage to peer behind some out of place drywall in one corner of my basement, I've got a really bad feeling about what I might find. Fifty fifty its either horrific foundation issues or a mass grave.
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Jan 7, 2016 18:41
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OSU_Matthew posted:Well, my house used to belong to the town's mortician, so... you might be on to something. It could also be a treasure cache 
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Jan 8, 2016 14:58
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Nail Rat posted:It could also be a treasure cache The treasure morticians value is probably ear drum bones and eye corneas. Leave the drywall in place!
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Jan 8, 2016 20:35
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-sniobp
ghosTTy fucked around with this message at 12:30 on Nov 23, 2021 |
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Jan 9, 2016 16:06
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Might not be a bad idea to factor in slightly higher rates over the next two years. Give yourself a good market, not as good market, bad market projection. Don't tie your house hunting into financing that may not be the same two years from now.
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Jan 9, 2016 17:58
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That's expensive. I was juuuust comfortable with that size of housing purchase when my after tax salary was a good 30% higher. What have the rest of your monthly expenses been for the last year or so? Will you still be able to save some money? You will only have $1600/mo left and that's not much. Especially when you've got $220 committed to car insurance. Condos are the least reliable kind of housing purchase because you have all the financial commitment of a mortgage, but relatively little control over the facility and the HOA finances which you nonetheless depend on. The best way to insulate yourself against bullshit is to have more cash and cash flow that you think you need.
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Jan 9, 2016 18:05
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That is a higher percentage of take home pay than I would be comfortable with, but I'm pretty free with my spending money and eat out a lot. If you're a homebody maybe that's fine. I would check what you've spent on discretionary items over the past several months.
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Jan 9, 2016 18:27
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gtkor posted:Might not be a bad idea to factor in slightly higher rates over the next two years. Give yourself a good market, not as good market, bad market projection. Yeah I will def. consider the worst case scenario. The rate I used was from a mortgage broker relative of mine and he assured me it was a conservative estimate for at least the next 10 years. He also told me he could "hook me up with 1.5% 5 year" when I'm ready.  slap me silly posted:That's expensive. I was juuuust comfortable with that size of housing purchase when my after tax salary was a good 30% higher. What have the rest of your monthly expenses been for the last year or so? Will you still be able to save some money? You will only have $1600/mo left and that's not much. Especially when you've got $220 committed to car insurance. Yeah... the price is definitely the upper end of what I could afford, I'm fairly certain I will end up spending at least 230 though. My monthly expenses have been pretty low living the rent-free lifestyle. I make up for it by eating out a lot and spending my money on dumb poo poo. I know I could easily save 2000/mo if I put minimal effort into meal preparation and will power. I love the idea of having a 500sqft condo, and I'm forced to because nothing else is affordable. Andy Dufresne posted:That is a higher percentage of take home pay than I would be comfortable with, but I'm pretty free with my spending money and eat out a lot. If you're a homebody maybe that's fine. I would check what you've spent on discretionary items over the past several months. Yeah I'm sure there's a lot I'm not factoring in because I've never lived on my own. I'm going to get some of that fancy budgeting software and figure it out.
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Jan 9, 2016 19:57
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ghostter posted:HEllO financial goons and others, I am 23 and I live in Toronto. I want to buy a 1 bdrm condo in exactly two years. bad idea. check the selling prices of 5-10 year old condos at the time they were built and now. toronto condos don't appreciate in value anything like a house and you'll be paying more in interest/maintenance than it will cost you to rent a comparable place
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Jan 10, 2016 00:22
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the talent deficit posted:bad idea. check the selling prices of 5-10 year old condos at the time they were built and now. toronto condos don't appreciate in value anything like a house and you'll be paying more in interest/maintenance than it will cost you to rent a comparable place In the area I'm looking the condos cost 240 and are renting for 1600/mo which is literally the same cost as a mortgage+maint fees. The only point I see in renting is that it's no risk and I can move around whenever. I'm not really planning on selling within 10 years anyhow. I'd be keeping it until it's paid off and then renting it while I live somewhere else. ghosTTy fucked around with this message at 17:37 on Jan 10, 2016 |
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Jan 10, 2016 17:34
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ghostter posted:In the area I'm looking the condos cost 240 and are renting for 1600/mo which is literally the same cost as a mortgage+maint fees. The only point I see in renting is that it's no risk and I can move around whenever. I'm not really planning on selling within 10 years anyhow. I'd be keeping it until it's paid off and then renting it while I live somewhere else. In your estimate you didn't include insurance or maintenance (which is not the same as the maintenance fees that your condo association charges you; if poo poo in the condo breaks then you're responsible for fixing it). There's also the good likelihood of getting hit with special assessments, which is just more money out of your pocket. Including all of that will probably bump you up to at least 2000/mo on average, which is a huge amount when your take-home is only 3300. And then knock off 6% + fees for the sale, and knock off $5k-$10k for the purchase. Even in the best case, where monthly cost to rent = monthly cost to own, you're still out roughly $25k just for buying and selling the place. Unless you're living in the condo for something like 15+ years, or prices suddenly shoot way up, your equity will probably get eaten right there. If you have to leave within 5 years (for a job, for family, for psychopathic neighbors, or whatever) then you're most definitely taking a loss.
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Jan 10, 2016 21:12
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Renting your condo out isn't a sure bet, either. At least in the US, it's fairly common for a condo HOA to have a minimum percentage of owner occupied units. If the building is already at the limit, then you don't get to rent yours out.
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Jan 11, 2016 22:13
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Hashtag Banterzone posted:The nice thing is that it only needs like $10k worth of work to be livable, everything else is optional. Turns out the furnace had a big crack in the heat exchanger and the AC will need to be replaced sooner rather than later. So more like $15k to make it liveable. Hopefully I won't be back in another month with something else big.
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Jan 11, 2016 22:23
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ghostter posted:Car insurance is 440/mo right now but in two years time it will be halved. I'm sorry, is this normal? I feel like this is getting glossed over.
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Jan 11, 2016 22:50
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Maybe in Canada? I wonder what the coverage and driver history is
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Jan 11, 2016 23:52
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I didn't notice that at first, but that's like DUI-rates high.
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Jan 12, 2016 00:14
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ghostter posted:HEllO financial goons and others, I am 23 and I live in Toronto. I want to buy a 1 bdrm condo in exactly two years. Not to nitpick on your age, but you mentioned that you're living rent free... at 23, have you lived on your own for a few years yet? Might not be a bad idea to give renting a shot for a few years and figure out what you'd like before you make such a permanent commitment. Get the hang of having regular bills and stuff. Just for perspective, I think the average age of the first time home buyer in the US is 32. It's amazing what a difference in perspective a few years makes. Granted, I don't know much about Toronto, and I know city living is pretty cramped, but one bedroom doesn't sound like a whole lot, especially if you plan on starting a family and whatnot.
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Jan 12, 2016 03:40
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ghostter posted:Yeah... the price is definitely the upper end of what I could afford, I'm fairly certain I will end up spending at least 230 though. By all means that's feasible, I made almost exactly what you made when I bought a $150k condo at your age under the exact same situation (first time living not rent free, burned through money on poo poo I didn't need). The only thing I'll caution you on is to be prepared for a huge lifestyle adaption, you're going to have to scrape and save for poo poo you actually want and be prepared to cut out all the fat. I actually went into the thing with a fairly firm plan/budget that cut out almost everything that wasn't necessary and it still was a bit of a struggle. A year on its not so bad but be prepared to have a rough go initially. Its also worth noting that I'm planning on moving back with my parents later this year, selling my condo and transitioning to a house. 500sqft seems like a lot when you're living with your parents but it fills up pretty loving quick. Especially when family members insist on buying you useless poo poo they think you may one day need constantly.
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Jan 12, 2016 04:02
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At 23, you might do any of the following in the next ten years: -Change careers -Same career, new job, in a different part of the city -New job in a different city -Marriage -Family -Major change in financial status, plus or minus -Decide to go back to school Being tied to property could really mess with your ability to do the things most young people want to do. And you've literally never lived on your own? How do you even know what you want in a home purchase? I think buying at this age is a huge mistake. Rent, be flexible, figure out who you are, give yourself the ability to say "yes" to new opportunities. Save money and buy a house when you're settled down, secure in a long-term career, have whatever long-term relationship you're likely to stick with, know what school district you might want your children in, etc. etc. etc.
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Jan 12, 2016 04:46
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Andy Dufresne posted:I didn't notice that at first, but that's like DUI-rates high. It's pretty high, but not crazily so for a male in the US under the age of 25; he could just have a low deductible and possibly one of those cars that is really expensive to insure. Turning 25 is probably what he's referring to when he says that his car insurance rates will go down in two years.
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Jan 12, 2016 08:08
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QuarkJets posted:It's pretty high, but not crazily so for a male in the US under the age of 25; he could just have a low deductible and possibly one of those cars that is really expensive to insure. Turning 25 is probably what he's referring to when he says that his car insurance rates will go down in two years. I never had car insurance over like 120 a month, and when I had that, everyone was amazed that it was that high. 440 a month is incredible.
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Jan 12, 2016 17:12
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He's also in Toronto. So assuming that's in Canadian, it still seems high as far as my frame of reference, but not unheard of for someone that young.
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Jan 12, 2016 17:18
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Toronto has high rates, similar to Detroit where the average rate is $10,000 a year. Yes that amount is right. Detroit is over double the nearest most expensive US city. Toronto averages $2,000 but young males typically pay double the average.
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Jan 12, 2016 22:55
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