Originally Posted by
Halfwit
I dont need it to appreciate, it alone appreciates in the form of making/saving me money each month. I cannot go int odebt wit ha 9k loan. I get (unemployemnt) 800 a month taht is liquidable (i dont need to survive or pay bills) AND with the house id get another 300$ a month. 1100 a month, loan would be paid off in less than a yeear, KEEPIN MIND the loan would most likely be in the 3 yr range (they want to make interest) so payments would be 140 ish a month, id be paying 5x a month so interest id pay would diminish quickly. I do agree i m not a likely candidate for a loan, but say i want a "home equity line of credit" a bank appraises a house, then would give me 30%+ of its value, they KNOW that if im delinquent, they are getting a home (i know banks dont want a home right now, but it would be under better circumstances for them as they would have instant equity) so in one way they shouldnt give me a loan but on another they should want to. but yes i believe most would lean towards "no" in todays economy
I can stand to lose 10-15k in 5 years on a home. The neighborhood is 1 mile from i-75, 20 mi from downtown, but not a huge overpopulated area, this area will always have some potential buyers. (or in the 5 years when i upgrade, i rent the house)
My future is bright, i know no future can be known but even at a min wage job i can thrive bc i can manage money well. money will come and go, 50k on a house is not a big deal, bc at least ill get 30 out of it down the road. And with the house, i have ZERO bills. i pay car insurance and phone bill, so i need to make a few hundred a month to survive, a min wage job could net me that in a week, with other 3 weeks (600) being savings. I ll have 2 degrees, so i expect moer but i plan for the worst.
MY main uestion is this: why should i lose money over next 2 years (10,000) waiting to bu ya house when i have a steady income (experts say housing shuold be on the rise in 2012, but thats all opinion, so i could end up paying more for a equal home down the road) orr be in a house for next 2 years, and LOSE that same 10 k (MAYBE) when i sell it, but the 10k i lose in 2 years would be money PAID to me by a tenant(gf) with roomate paying bills.. so that 10k i lose would be someones elses money vs if i wait im losing my money'
AND if i do that after 2 years i now have 30ish k and have to work a year to get back to 40k, so it would take me 2+ years to save enough for a slightly better home that may or may not be at the value of todays economy.
At this young of an age, after 5 years i could use the house as a rental, 5 years of renting (i know renting is a turmulous journey and often times can be more $ thatn you take in, but its 70% in your tenant-background check) i would be paid back and then for the next 10 years its profit.
I KNOW IT MAY SOUND LIKE I JUST LIKE TO ARGUE AND IM NOT LISTENING, BUT I APPRECIATE EVERYONES INPUT AND HEARING ALL SIDES (AS WELL AS ARGUING THE POINTS THAT I FEEL ARE WORTHWHILE) HELPS ME TO MAKE A DECISION, PLEASE DONT TAKE MY LONG POSTS/ ARGUMENTATIVE ATTITUDE AS ANYTHING MORE THAN DECISION MAKING.