Quote Originally Posted by J. Jean View Post
man coming from a foreclosure myself a couple years ago, man I SERIOUSLY SAY DONT DO IT! I only say this because youre seeking advice. And unless you think that this house you're considering purchasing is something that will appreciate in value over time and is worth possibly going into debt over, DONT DO IT. I'm telling you man if you make a brash decision based off of your need now, without considering the future you WILL REGRET IT. Plus over time however long you have the loan, if you get it you will be pissed at the amount of interest paid. Then nine times out of ten most banks are not going to approve a loan with no documented way of paying it back. All in all you're in a far better situation than 90% of the people in America, things will work out.
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.