Capt Caveman
Lifer
- Jan 30, 2005
- 34,543
- 651
- 126
You can either take advantage of the once in a lifetime opportunity presented, or you can sit on the sidelines.
The wealth building opportunities right now are simply amazing. It's like free money.
the recovery is bull crap. it's good for the the gov't because they get more property tax revenue. but it's bad for the public
In the Bay Area, especially Silicon Valley and up the Pennisula to SF I'm not so sure. Most of the inventory is these small awkward condos with high HOA fees.
Speaking of bubbles, if people think we have a bubble check out China:
http://www.cbsnews.com/video/watch/?id=50142079n
Well of course, location, location, location. To say real estate in CA is a little fucked up is quite an understatement.
rcpratt
Lifer
- Jul 2, 2009
- 10,433
- 110
- 116
In other words, you're a moron. Please explain to me how one anecdote of a good increasing in cost/value constitutes a bubble.
Blackjack200
Lifer
- May 28, 2007
- 15,995
- 1,688
- 126
I invest in Trenton, NJ and there are foreign investors buying houses left and right there.
You'll get that from folks who miss opportunity. Sour grapes and woulda coulda shoulda. It's just human nature really.
I've missed many opportunities in my life. But I won't poo poo those that take advantage of them. Only kick myself for being so risk adverse.
Never let emotions dictate your money. Ever. Your moneys sole purpose is to make more money. One must operate as a business. The business of business is to make more money. Once this universal truth becomes clear, then on is on the path to financial freedom.
The calculator link I put above has a lot of settings. I know it's no fun to maybe see that your previous ideas were wrong but you might find some really interesting things there. Just because you get a write off does not mean it's a good investment.
Go ahead and put in your actual numbers. Put in your actual, expected, rate of return on investments. Put in a reasonable number for home appreciation. For CA at least, as well as where I live now, it's very difficult to come out ahead by buying. Times have changed.
Go ahead and put in your actual numbers. Put in your actual, expected, rate of return on investments. Put in a reasonable number for home appreciation. For CA at least, as well as where I live now, it's very difficult to come out ahead by buying. Times have changed.
And for reference, if I plug in my own numbers I would need to pay more than $2200 in rent for buying to be a better investment and I would have to live in the home for 30 years.
Was a general post.
I didn't jump onto the housing bubble and I have been investing my money and watching it steadily grow. If this was truly a good time to buy I would be all over it. I am still renting though, for now, and with a good rate of return from my investments I don't see buying being in my near future. It's a bit more complicated for me though since I'm not looking to buy in CA any longer. I'm looking to make a purchase overseas and the dollar is so incredibly weak that if it was to suddenly become strong buying would almost instantly be a steal for me. Then again it might just be better to do a currency exchange and keep my money invested in the same account under a different currency.
I didn't jump onto the housing bubble and I have been investing my money and watching it steadily grow. If this was truly a good time to buy I would be all over it. I am still renting though, for now, and with a good rate of return from my investments I don't see buying being in my near future. It's a bit more complicated for me though since I'm not looking to buy in CA any longer. I'm looking to make a purchase overseas and the dollar is so incredibly weak that if it was to suddenly become strong buying would almost instantly be a steal for me. Then again it might just be better to do a currency exchange and keep my money invested in the same account under a different currency.
Stop shopping at Whole Foods
Tell that to that guy who lost 200k on his condo in Chicago. You have to be smart about it, maybe even lucky.
Location location location. I hear ya though.
If I didnt have to work for a living and had major capital I'd be all over this shit.
But I do and I don't. So I do what's best for me now with wealth in mind.
Texashiker
Lifer
- Dec 18, 2010
- 18,811
- 197
- 106
Clue for you. I don't care what is sustainable.
The business of business is to make more money. The weak shall starve, the strong shall prosper. Accept this natural order.
rcpratt
Lifer
- Jul 2, 2009
- 10,433
- 110
- 116
Where did I say that growth was sustainable? Where did I even say that growth was real? Apparently we can't even share relevant anecdotes any more.
Texashiker
Lifer
- Dec 18, 2010
- 18,811
- 197
- 106
Another part of the problem.
Lets make money now, and worry about the long term effects later.
Someone piss in your cheerios this morning?
The long term affects are I win and retire before 50.
Survival of the fittest. I clued you in. You can use this to your advantage or be doomed by your choices.
Texashiker
Lifer
- Dec 18, 2010
- 18,811
- 197
- 106
How are your children, and your grandchildren, supposed to afford to buy a home?
What you are talking about is pure greed. As long as you have yours, screw everyone else, including your children.
Agreed and this is what has really screwed the middle class. Too much wealth was tied to the house and only the house
Yes it would still (likely) be better than renting for 20 years and having nothing to sell at the end of it to offset any losses
I did. A whopping 4 years to make buying better keeping the ROI at a low 4% and inflation at 2.5%. According to zillow we could rent our house for almost 50% more than our mortgage payment + taxes
Just because CA changed I don't think its fair to extrapolate that to the rest of the country. Few places are like CA and in many it still makes more sense to buy (personal circumstances depending)
If fact I am willing to bet times have not changed and that there never was a one sized fits all answer. There are many varying factors that should weigh in on an individuals decision to buy or rent which should be taken into account (even if we did lose sight of this)
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Yeah, it might make more ECONOMIC sense, but so would living in a cardboard box under a bridge. I'm not gonna be miserable living in some crappy apartment during my one and only life to save a little bit of money. I'll gladly pay the interest since it gets me 5 acres of land and a 3000sq foot house that I can do whatever I want without dealing with landlords and neighbors.
Texashiker
Lifer
- Dec 18, 2010
- 18,811
- 197
- 106
If you do not have your home paid for by the time you retire, you are going to be in a world of hurt.
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