Buy a GTR or a House?

PapoZalsa · 09-10-2011, 08:59 PM

House!

shumby · 09-10-2011, 09:04 PM

house

09-10-2011, 09:11 PM

This cant be a serious question. As said, considering you have only been working for 3 months I would hold off on both. Give yourself some time to get job security, you never know if you're going to be laid off since you're the new guy and be stuck in huge payments on what you buy. Keep working, save up money so you have a cushion and buy a house. Houses hold more value than a car and in the long run you could actually make profit if you choose to sell it.

pedZ · 09-10-2011, 09:56 PM

Quote:

Originally Posted by m4a1mustang

I say wait until you have a years worth of essential living expenses saved. So enough to cover 12 months worth of rent, car payment, insurance, food expense, and other necessities.

6 months is the minimum recommended safety net, but in this environment 12 months gives you more of a buffer.

In your case, just focus on saving for a down payment since your parents have the other expenses covered.

Plus I don't think you'll be able to get a home loan with just 3 months on the job. Home loan requirements are pretty strict now. Just save up your money for now.

b1adesofcha0s · 09-10-2011, 09:59 PM

Quote:

Originally Posted by pedelg24

Plus I don't think you'll be able to get a home loan with just 3 months on the job. Home loan requirements are pretty strict now. Just save up your money for now.

Yeah that's the plan for me at least. My family was actually trying to buy a house last summer, but the loan was rejected a month before we were supposed to move in. This was a brand new house that we saw get built throughout the whole process. The reason we didn't get the loan was because the combined salary was too low. The loan we get in the future would have me and both my parents on it. They have the credit history and with my added salary we should be ok.

birdmanx1 · 09-10-2011, 10:19 PM

If you are trying to build credit, having a payment history helps. To be realistic, you won't have built enough credit a year or even 1.5 year away from now for banks to give you a loan on your own. Car loan won't be a negative if debt/asset ratio is low. Applying for a credit card with low limit now would be a good start and paying it monthly would help establish credit history. For a loan, banks don't only rely on your actual credit score, your FICO score often takes highest precedence in their decision. I'll give you all the beans when I talk to you/see you. I'm out baller

b1adesofcha0s · 09-10-2011, 10:20 PM

Quote:

Originally Posted by birdmanx1

If you are trying to build credit, having a payment history helps. To be realistic, you won't have built enough credit a year or even 1.5 year away from now for banks to give you a loan on your own. Car loan won't be a negative if debt/asset ratio is low. Applying for a credit card with low limit now would be a good start and paying it monthly would help establish credit history. For a loan, banks don't only rely on your actual credit score, your FICO score often takes highest precedence in their decision. I'll give you all the beans when I talk to you/see you. I'm out baller

Thanks bro, appreciate it! Repped for all the help, you to Steve.

Lemers · 09-11-2011, 02:37 AM

I've Been in my career for 11 yrs on and still haven't bought a house. Of course the first 7 were overseas and another one deployed (Iraq). I wanted to buy here but decided against. I planned on staying just 2 yrs it looks like it will be 2.5 yrs and my next station only a year. Then I want to go overseas again ( Europe, figures crossed). My problem is I don't stick around long enough to build equity.

Isamu · 09-11-2011, 12:33 PM

Quote:

Originally Posted by Lemers

I've Been in my career for 11 yrs on and still haven't bought a house. Of course the first 7 were overseas and another one deployed (Iraq). I wanted to buy here but decided against. I planned on staying just 2 yrs it looks like it will be 2.5 yrs and my next station only a year. Then I want to go overseas again ( Europe, figures crossed). My problem is I don't stick around long enough to build equity.

ok, I know you won't be around, but buy, and then rent to a family who works in your "company" then you can build equity, and still own a home, and eventually = profit

ZCarMan · 09-11-2011, 05:42 AM

In this economic downturn we are in, only in a very few places such as D.C. do you see some homes actually appreciating and that is mostly in the city itself. With all the foreclosures on the market and those set to go into foreclosure, combined with the fact banks are not lending to anyone but to those with the best credit, for many it may not be a good time to purchase a home. If I were going to purchase anything in real estate it would be a duplex or condo to rent out. More and more are forced to rent today which for a lot of folks isn't a bad thing. My rule of thumb, "If it isn't bringing cash flow in, it's sending cash out". Couple of books worth looking at, "Rich Dad, Poor Dad" and "The Millionaire Next Door".

Vapiano · 09-14-2011, 09:29 PM

[QUOTE=ZCarMan;1307723 My rule of thumb, "If it isn't bringing cash flow in, it's sending cash out". Couple of books worth looking at, "Rich Dad, Poor Dad" and "The Millionaire Next Door".[/QUOTE]

I have read both of these books and highly recommend both, Rich Dad, Poor Dad is a little outdated, his philosophy of buying houses in this economy only works for the filthy rich. Robert's rule of thinking regarding the Four Quadrants still makes total sense. Living like the The Millionaire Next Door is the only way to go nowadays.

birdmanx1 · 09-14-2011, 09:43 PM

Quote:

Originally Posted by Vapiano

I have read both of these books and highly recommend both, Rich Dad, Poor Dad is a little outdated, his philosophy of buying houses in this economy only works for the filthy rich. Robert's rule of thinking regarding the Four Quadrants still makes total sense. Living like the The Millionaire Next Door is the only way to go nowadays.

My old professor of Finance used to swear by those books!

b1adesofcha0s · 09-14-2011, 10:03 PM

Quote:

Originally Posted by birdmanx1

My old professor of Finance used to swear by those books!

Guess I should probably check them out. Reading is so old school though, I'm too young for that stuff. Need it turned into a movie, or better yet a reality TV show on MTV.

birdmanx1 · 09-14-2011, 10:10 PM

Quote:

Originally Posted by b1adesofcha0s

Guess I should probably check them out. Reading is so old school though, I'm too young for that stuff. Need it turned into a movie, or better yet a reality TV show on MTV.

some like Jersey Shore right, GTL beotch!

tjlazer · 09-11-2011, 01:00 PM

Quote:

Originally Posted by bacalhau16

Kinda a weird question, but thats where Im at. I got a pretty good job, but have only been there for about 3 months and its going well. Im not in love with it, but pay is good, sooo.....
The house is a foreclosure with a few unknowns. But its dirt cheap at $126k. Pretty large, 4 bedroom, 2.5 bath that needs a little cosmetic work. Some new flooring and paint and things of that nature.
So, I love cars and have always wanted that serious premier sports car, but realize that at my age, 27, perhaps I should be thinking of the future. But man the present is too fun to think far ahead.
So, what would you do?

A house is the smart answer. You already have a 370Z so it's not like you don't have a nice car, and you don't own a house so get the house.

Maybe later on you can get a used 2009 GT-R for cheap. An $80,000+ GT-R is just not worth it unless you are filthy rich. And if you can get a house for a little more than the car, the house is a much better choice. And like it was pointed out you could sell the house a lot easier without losing a lot of money than a used GT-R. And hopefully make a profit when the housing market bounces back up (lets just hope it does and fast...)

09-10-2011, 08:59 PM	#1 (permalink)
PapoZalsa A True Z Fanatic Join Date: Nov 2009 Location: Not in Sunny Florida Posts: 6,358 Drives: 16 Nismo w/Tech Pack Rep Power: 4500	House! __________________ 2009 370Z MB Base w/Sport Package 6MT Modshack's Custom Air Intakes /3M Clear Bra/ Illuminated Kick Plates / F. I CBE w/12" resonators / EVO-R Front Lip / Rear Hatch Wing / Tein S-Tech Springs /Ilegal Tint in the Rep. of VA/4x20mm Z1 Spacers/ Vinyl Roof/Liquid Carbon Designs

09-10-2011, 09:04 PM	#2 (permalink)
shumby Captin Canuck Join Date: Dec 2008 Location: with your mom Age: 45 Posts: 6,288 Drives: your sister Rep Power: 237	house __________________ Originally Posted by SAM@GTM Engine detonation is not normal and it should never never happen, and whoever told that need to do something else for living . Sam

09-10-2011, 10:19 PM	#6 (permalink)
birdmanx1 A True Z Fanatic Join Date: Jun 2010 Location: Baltimore, MD Age: 96 Posts: 3,175 Drives: 370z Nismo Rep Power: 24	If you are trying to build credit, having a payment history helps. To be realistic, you won't have built enough credit a year or even 1.5 year away from now for banks to give you a loan on your own. Car loan won't be a negative if debt/asset ratio is low. Applying for a credit card with low limit now would be a good start and paying it monthly would help establish credit history. For a loan, banks don't only rely on your actual credit score, your FICO score often takes highest precedence in their decision. I'll give you all the beans when I talk to you/see you. I'm out baller __________________ 370Z NISMO #0462 \| ClearBra \| 3M tint \| Head/Taillights \| Dynamat \| Black Roof \| Tommy Kaira HB \| CF Parts \| Berk HFCs \| FI SS \| NST Pulleys \| Takeda aFe \| K&N \| H&R Spacers \| Swift Spec R \| SPC F&R \| Zuperman M370 Nismo Vid \| Nismo Journal \| Nismo Rumble

09-11-2011, 02:37 AM	#8 (permalink)
Lemers A True Z Fanatic Join Date: Mar 2010 Location: Izmir, Turkey Posts: 15,371 Drives: 2012 Traverse LTZ Rep Power: 53	I've Been in my career for 11 yrs on and still haven't bought a house. Of course the first 7 were overseas and another one deployed (Iraq). I wanted to buy here but decided against. I planned on staying just 2 yrs it looks like it will be 2.5 yrs and my next station only a year. Then I want to go overseas again ( Europe, figures crossed). My problem is I don't stick around long enough to build equity. __________________ 2010 Black Cherry Touring/Sport/Nav Now - 2012 Travese LTZ until I leave for Turkey

09-11-2011, 05:42 AM	#10 (permalink)
ZCarMan A True Z Fanatic Join Date: Jun 2009 Location: MD Posts: 4,488 Drives: 09 Z34, 13 F-150 Rep Power: 26	In this economic downturn we are in, only in a very few places such as D.C. do you see some homes actually appreciating and that is mostly in the city itself. With all the foreclosures on the market and those set to go into foreclosure, combined with the fact banks are not lending to anyone but to those with the best credit, for many it may not be a good time to purchase a home. If I were going to purchase anything in real estate it would be a duplex or condo to rent out. More and more are forced to rent today which for a lot of folks isn't a bad thing. My rule of thumb, "If it isn't bringing cash flow in, it's sending cash out". Couple of books worth looking at, "Rich Dad, Poor Dad" and "The Millionaire Next Door". __________________ Jon Swift \| SPC \| Stillen \| Motordyne \| AAM \| Cobb \| Hawk \| Volk Racing \| Bridgestone Green Demon Eyes

09-10-2011, 09:11 PM	#3 (permalink)
blue660r01 Guest Posts: n/a	This cant be a serious question. As said, considering you have only been working for 3 months I would hold off on both. Give yourself some time to get job security, you never know if you're going to be laid off since you're the new guy and be stuck in huge payments on what you buy. Keep working, save up money so you have a cushion and buy a house. Houses hold more value than a car and in the long run you could actually make profit if you choose to sell it.

09-14-2011, 09:29 PM	#11 (permalink)
Vapiano Enthusiast Member Join Date: Jun 2011 Location: East Coast Posts: 471 Drives: Under PSI Rep Power: 14	[QUOTE=ZCarMan;1307723 My rule of thumb, "If it isn't bringing cash flow in, it's sending cash out". Couple of books worth looking at, "Rich Dad, Poor Dad" and "The Millionaire Next Door".[/QUOTE] I have read both of these books and highly recommend both, Rich Dad, Poor Dad is a little outdated, his philosophy of buying houses in this economy only works for the filthy rich. Robert's rule of thinking regarding the Four Quadrants still makes total sense. Living like the The Millionaire Next Door is the only way to go nowadays. __________________ GT-R Premium Edition TiMidpipeFront/Rear CameraLI QuadSTiR+Rear Emblem De-badgeFull Clear BraCarbon Fiber Rear Spoiler & Naca Ducts 370Z NISMO Z34 11 0032 Pearl White -SOLD!!*

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