Re: All theory no practical experience...

December 05, 2007 09:18AM
Quote
happyorb
You're like a virgin telling someone how to fuck because you read about it in a book. Just wait till you have to go through it my friend, and all your loft ideals hit reality. Also paying rent is not very smart when you could be getting an actual return on your investment with a house or condo. You might as well be throwing that money out the window. You don't need to drop 500K on a house when for 150K you could by a condo much nicer then living in someones basement apartment for just a little more a month or even less in some cases. I'm only paying 200 more a month then when I was renting and my condo is already up 40K from when I bought it and I own it.

I've bought properties and items on loans - just not a house. So save the "You're so inexperienced" bullshit copout for someone else.

I am getting a return on my investment by paying rent. You don't pay maintenance fees on your condo? I'm finding it hard to believe that your rent was $200 less than :

1) A mortgage with interest that you claim the payment is $500 in excess of what you expected.
2) Maintenance fees and land taxes.

If that's the case there's another difference at play - such as geographic location or size. A condo that would be of similiar size and location to my apartment would cost in the range of $400,000 or more. My rent is only $1700. Lets assume for number crunching purposes that I did buy a condo at that price with 20% down. That's an $80,000 down payment, a mortgage for $320,000 at 6.25% fixed on a 30 year my payment would be in the range of $1000/month. Lets further assume a maintanance fee of $500 for a total of $1500/month. I'm saving $200/month and building equity at a rate of $11,000/year plus appreciation which on average matches inflation (and condo's FYI don't even match inflation on average). Now, if I just kept that $80,000 in my portfolio which has annualized apprecation of 15-30%, I'm making significantly more money with that. A house is even more skewed in favor of renting by comparison since there's a whole myriad of extra costs involved. I'm also giving you the benefit of not deducting fees or calculating maintenance fee increases or calculating opportunity costs of buying and selling.

A condo is also not a house - which is what we're talking about. A house has a number of extra line item charges - like heater/roof/infrastructure and property maintenance. In short, you're trying to wedge your situation (annoyed at your mortgage broker) into my post which is about mortgages on houses that people cannot afford. You obviously didn't go the route I'm criticizing so why are you offended at what I'm saying when it doesn't apply to you?
Subject Author Posted

Why Handholding is Bad

Death_Claw December 04, 2007 11:42AM

Update.

Death_Claw December 05, 2007 10:45AM

No Empathy Eh?

happyorb December 04, 2007 08:07PM

This is a pretty discrete fix. Are you a subprime mortgagee?

Balrahd(VIP) December 05, 2007 01:25PM

Clinton is pushing it to, only even in a more socialist and insane way.

Death_Claw December 05, 2007 02:46PM

I hear you.

bajula December 05, 2007 08:02AM

A little addition...

bajula December 05, 2007 08:25AM

Re: A little addition...

Death_Claw December 05, 2007 08:38AM

Re: A little addition...

happyorb December 05, 2007 08:59AM

aww orb used to be happy

Stevers April 27, 2010 05:03PM

I'm sorry but you're off base arguing with DC here

Lokain December 05, 2007 12:55PM

Re: I'm sorry but you're off base arguing with DC here

happyorb December 05, 2007 03:30PM

I have to object to one point.

Death_Claw December 05, 2007 05:07PM

If you can't be bothered to read the contract don't sign it. n/t

Death_Claw December 05, 2007 09:18AM

That's what I hired my moron Lawyer to do. He failed, and I was screwed. ~

happyorb December 05, 2007 03:31PM

I would be shocked if 5% homebuyers read the final Kts.

Balrahd(VIP) December 05, 2007 01:33PM

I'm not disagreeing with that, its hardly an excuse however.

Death_Claw December 05, 2007 02:23PM

More importantly, if you're mortgaging 3-4x your income, pay a lawyer to read it for you nt

Rade December 05, 2007 09:46AM

RIF, I hired a Lawyer to read it, he sucked. ~

happyorb December 05, 2007 04:00PM

Re: No Empathy Eh?

Death_Claw December 04, 2007 08:44PM

All theory no practical experience...

happyorb December 05, 2007 08:48AM

I would rather rent.

cointreau December 05, 2007 11:27AM

Re: All theory no practical experience...

Death_Claw December 05, 2007 09:18AM

Re: All theory no practical experience...

happyorb December 05, 2007 03:59PM

Re: All theory no practical experience...

Death_Claw December 05, 2007 04:58PM

Weren't you the one who previously argued that homeownership is the end all/ beat all of human happiness? n/t

jegec December 05, 2007 02:36PM

I argued its not affordable for your typical person (and it should be).

Death_Claw December 05, 2007 02:47PM

Here's what I was thinking of

jegec December 05, 2007 03:24PM

What's your point?

Death_Claw December 05, 2007 04:50PM

Maybe I misread

jegec December 05, 2007 05:03PM

There are qualitative benefits to owning a home.

Death_Claw December 05, 2007 05:15PM

I was going to make an elaborate post about opportunity cost but i see you beat me to it

Rade December 05, 2007 09:51AM

Buy vs. Rent has a ton of variables.

ExPaladin(VIP) December 05, 2007 09:05AM

Some good points, for me it was a much better deal to buy. ~

happyorb December 05, 2007 03:33PM

Condo's also have hidden risks

ExPaladin(VIP) December 05, 2007 09:09AM

A lot of this also goes into the differences between...

Death_Claw December 04, 2007 08:59PM

*clap* *clap* Hurray for financial responsibility! nt

infi December 05, 2007 01:26AM

Ron paul plug. nt

The Forsaken(VIP) December 04, 2007 12:52PM

The US Mortgage crisis.

DurNominator(VIP) December 04, 2007 11:51AM



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