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Originally Posted by tjlazer when the housing market bounces back up (lets just hope it does and fast...) Don't hold your breath, it ain't coming back for a long while.
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#1 (permalink) |
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Don't hold your breath, it ain't coming back for a long while.
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#2 (permalink) |
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I second that thought Jon. I always laugh when I hear that things are getting better soon. There are huge inventories of distressed properties that have yet to be processed and to be added to the market (further reducing housing pricing, no one is buying because of job crisis). Those properties combined with the robo-signing issues of the largest lenders plus other government actions will hinder prompt recovery...cheers! this is the new normal for a long time
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#3 (permalink) |
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My first thought is too hold off on any purchase until you are comfortable in your job. Once you are settled, BUY THE HOUSE! Now is a great time to buy a home. You can always buy the car when you are settled and feel you can afford it.
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#4 (permalink) |
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well the thing of it is, it's not like he is going out to spend big money and splurging on unneccessary things while only being on the job for 3 months. He is getting a home. If he doesn't buy it he has to pay rent, so the not buying anything because he is only on the job for 3 months mentality isn't really valid. On a GT-R? Yes it is--big time. Like was said, now is a great time to buy! In 6 months or a year the prices and interest rates go go much higher. (hope they do I need my equity to go up!)
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#6 (permalink) | |
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#9 (permalink) |
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I'm paid biweekly as well - it's not uncommon. Did you mean the monthly payment should be less than 28% of the biweekly check or the biweekly payment?
As for emergency funds, a (very) rough rule of thumb I've read says expect about one month of job search per $10k of annual salary, so I would want a little over that in funds - of course, this varies with your job market and experience, field, etc.
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#10 (permalink) |
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Hey wilson, for the most part, financial planners and real estate advisors (who don't know crap about finance!) would advise to keep mortgage cost less than 28% of your monthly gross income (Your monthly earnings - monthly taxes). I say keep it under 28% of your biweekly income is even better for it gives you extra to sock away and you don't have to rely on GF/fiancee/wife earnings. Many real estate agents will try to push you to go up to 50% under the "because you can afford it" argument.
Just like m4amustang1, zcarman and I pointed out earlier, the general rule of thumb used to be to have 6 months of living expenses (rent, mortgage, bills, insurance ....) socked away but in this environment, having 1 years gives you extra peace of mind. ![]()
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#11 (permalink) |
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Im not overly concerned about the 3 month thing. The idea of buying a house, was to get into the market while it is cheap and build some equity. From the house standpoint, I was looking to fix the little things that this house needs and build about $40-$50k in equity in 2 years. Perhaps a little optomistic, but I would like to think its realistic. I would then use that money to put towards the purchase of another income property.
On the other hand, buying a GTR would be awesome. Not that much more money then my Z, if you were to consider having to pay for the Z and the mortgage, versus just a GTR that is. I dont pay rent right now and wouldnt have to for a long time. I could save money while owning a GTR and use that to place a larger downpayment on a house in the future. |
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#12 (permalink) |
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I can already foresee some of the questions coming, so here is what I meant buy "saving" money while owning the GTR.
370Z payment = $635/month mortgage pay = $1050/month plus all other bills, cable, electric, oil, water etc. We will call it $400/month or GTR payment = $1100/month So, in reality, I would save about $1000 a month and own a GTR. (Yes, Im playing devils advocate and having fun with this discussion. Go with it.) |
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#13 (permalink) | ||
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you know what you want to do... whats the most practical thing... to do. well buy the house
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#14 (permalink) | |
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#15 (permalink) |
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I don't see housing prices going higher any time soon.
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