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Old 10-16-2011, 06:38 PM   #2651
FreNetiC STi
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Anybody need mint 06 wrx springs? ~2x,xxx on them.




PM me.
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Old 10-16-2011, 09:09 PM   #2652
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Quote:
Originally Posted by Donzo View Post
Georgette and I accidentally found our dream home today. It's going to be a stretch but we may be able to swing it. the amount of custom work done to this place is mind blowing.

*fingers crossed*
good luck! any pictures of the place?


this is so true:

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Old 10-16-2011, 10:27 PM   #2653
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Quote:
Originally Posted by Jive Turkey

good luck! any pictures of the place?

this is so true:
Good luck man.

Btw, that "first world problem pic" was great.
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Old 10-16-2011, 10:42 PM   #2654
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Quote:
Originally Posted by Donzo View Post
Georgette and I accidentally found our dream home today. It's going to be a stretch but we may be able to swing it. the amount of custom work done to this place is mind blowing.

*fingers crossed*
Where is the home? And is it a wreck? (Hence the massive amount of custom work)
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Old 10-16-2011, 11:00 PM   #2655
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Quote:
Originally Posted by IIdiceII View Post
Sad day for motorsports
RIP Dan Wheldon
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Old 10-16-2011, 11:33 PM   #2656
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Quote:
Originally Posted by rage-wrx

RIP Dan Wheldon
Yeah that crash was insane... that type of racing is crazy they were entering turns at like 225mph three-wide
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Old 10-16-2011, 11:47 PM   #2657
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Quote:
Originally Posted by Donzo View Post
Georgette and I accidentally found our dream home today. It's going to be a stretch but we may be able to swing it. the amount of custom work done to this place is mind blowing.

*fingers crossed*

Nick,

I want to lay out a scenario for you, just so you have it in the back of your head while you guys are looking.

PLEASE DO NOT REACH for a place that is awesome. I can not stress this enough.

The purchase should be made knowing that with mortgage / bills / spending / cars can all be covered monthly by 1 of your incomes, not 2.


So the scenario (I feel its no big deal to put out in the open)


So Shell and I were starting to look at places for the hell of it. All our friends have 250-350k houses, are up side down, and have very little to contribute to savings. But, they have a nice house.

Maybe I just think differently, but:

We were laying down together the other day and found a really nice town house in her town. Its up in the woods, quiet, nice condition. Its 150k, but was seized by the bank and listed for 121k.

Cheap right?? Still too much. 2 weeks later, 105k!!

Now 105k, we go through the whole process and settle for 102k!!

Thats right, a good condition townhouse that has the market value of 150k for 102k.

Almost sounds pathetic and TOO IN REACH right???


Absolutely not!!


Between checking and savings account for the both of us, there is 60k we've been putting away for the future.

Any of our friends with that money would be looking at 400k houses

But think about it.

21,000 down
6000 close
1500 in lawyer / appraisal / inspection / title / ECT

Down to 31,500

Alot of money?? Nope, we've been engaged for 2 years, so add another 20-25k for the wedding, lets call it 22k.

We are now down to 9500


Furnishing and updating

5000 kitchen
3000 in bathroom
1500 TV


Now we are at 0000

But figure we get half the wedding back,

11000.


Ok, cool.


Beds, office furniture, couches, dining table / chairs

Roughly 7-8000.


We now have 3000 dollars left. And I did not include the optional 5000 honeymoon


And when the f**k does the GT-R come into play


All food for thought.


Good luck with all your planning dude, I wish nothing but the best for you guys!!


-Mikey
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Old 10-17-2011, 02:25 AM   #2658
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Thanks, Mikey. I appreciate you taking the time to type that out. We have a budget all worked out ahead of time and the cost of all of our bills plus mortgage can be covered by one of us.

The original scenario in mind was we get a fixer-upper at the low end of our budget or get a move-in ready, updated place at the higher end of our budget. There's no way in hell we're dumb enough to be "house poor" and live off Ramen noodles for the next 3 years because we're living paycheck to paycheck due to buying an expensive home. We want to still be able to live comfortably.

We stumbled upon the house today so nothing is definite. The house was built less than 10 years ago and it was in the middle of being transformed into a high-end home when the owner ran out of money. The house has dropped $90k in price in 2 months, which now puts it in our range. They're looking to sell it ASAP. Surrounding homes are worth and/or have sold for $500k-$2M.

It's currently in the final stages of being updated (inside and out) but its livable. From what we can tell, it just needs flooring, fixtures and paint but we haven't formally inspected the home yet so that could all change. It has all major appliances. The home itself is really nice looking but what takes your breath away is the landscaping. Whoever did the work had to be in the business because I don't see how someone could even afford custom work like that. The owner had huge plans for this house. It even has a huge detached, oversized garage with loft upstairs. Georgette said I could have a dream garage with a lift if we get this place. lol

I'm getting ahead of myself since we still need to have an agent take us for a formal tour instead of looking at it *cough*trespassing*cough* on our own. For all we know it could need a lot more work to be finished or may not have had proper permits, etc. putting the cost back up out of our budget. The fact that it's currently move-in ready makes it doable for us. If it wasn't, it wouldn't be an option.

So yeah, it's at the top of our list of homes we want, but it's at the top of our budget. We'd have to finish it little by little. The landscaping is something I've never seen before. I showed my parents the photos and even they were blown away and said that landscaping not something anyone could pay for and the owner had to be in the business. The scenario makes this an amazing opportunity... if we can afford to finish it. We want to get the ball rolling and find out more ASAP.

You guys know me, I find great deals. I'm obviously going to lowball the s**t out of them.

Picture this... someone selling a custom, wide-body, low mileage '09 STi with a ton of really expensive custom work done to the exterior and a simple built block. They got half way done with the interior and ran out of money. They put the amount of money that the car was worth into mods. What could be a $50k+ race/show car is now $20k because it's not done yet. It's drivable, you just don't know if it'll pass inspection, where the seller left off, if there were problems that caused the seller to walk away, and how much it's going to cost to finish the interior. As of right now you can afford the car and finishing up the basics like seats, headliner, etc. but if it's missing more that you don't know about then you may have to walk away.

That's this house. You have a unique opportunity to own something you would never be able to afford to do on your own.

Last edited by Donzo; 10-17-2011 at 02:32 AM.
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Old 10-17-2011, 08:16 AM   #2659
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would a condo/townhouse be a little better at first? yes you will pay rent/morgage/common fees but u wouldnt have to deal with fixing rooms or a roof or mowing the lawn. might be something more affordable to save for a house. just saying. my buddy bought a house. did a lot of work. went in over his head. now hes back on track but he did say he shouldve gotten a condo/town house first...
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Old 10-17-2011, 08:50 AM   #2660
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Quote:
Originally Posted by W0R7Xsubi View Post
would a condo/townhouse be a little better at first? yes you will pay rent/morgage/common fees but u wouldnt have to deal with fixing rooms or a roof or mowing the lawn. might be something more affordable to save for a house. just saying. my buddy bought a house. did a lot of work. went in over his head. now hes back on track but he did say he shouldve gotten a condo/town house first...
I agree with Tan. Aside from the mortgage and the equity, think about the amount of time that you need to spend day-to-day and week-to-week to maintain a house. If you're willing to make those changes to your lifestyle that are necessary to commit the time and money, then go for it. It's just something to think about.
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Old 10-17-2011, 09:31 AM   #2661
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Neither of us want to share walls with other residents. I want a yard and my own privacy.

The yard isn't huge so mowing won't require more than a push mower. Driveway is a decent size and property is flat so snow removal won't be an issue. House was supposedly built less than 10 years ago so roof, etc. should be fine for years. All appliances are new. This isn't an old fixer upper. It's pretty much a new home that needs a little work to put the finishing touches on.
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Old 10-17-2011, 09:37 AM   #2662
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Like I said, I'm jumping the gun here. We simply saw the house yesterday and walked around the property. We need to contact an agent to get the full story and tour. It could be over our heads, it may not be.
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Old 10-17-2011, 09:41 AM   #2663
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Nick. Buying a home should not be a priority right now... Mikey has the right idea: small townhouse, or an apartment, or just rent a killer place for less than a mortgage. You won't be responsible for tax, maintenance and every other headache involved in owning a home (right now).

The idea of "throwing away your money renting, since you are not adding toward equity" is really silly when you look at the grand scheme. You have to remember the numbers over the life of the loan.

For example:

$400k mortgage :: $2000 per month :: 5% fixed

You gonna pay about $860K for that house over 30 years. $462k in interest, son.

Now, don't get me wrong... I PLAN on buying a home for sure. But why start now? Where's the "asset?" You don't own your home until you pay for that bish. The bank owns it. I dunno...seems dumb to me right now.

I say:
Get married. Killer honeymoon. Get your carreer in order and jobs locked in. Get your plans worked out. THEN start looking for a home.

Just because it's a "buyers market" doesn't mean you should jump on a purchase. The market will flux again and again.

Buy later, die young, don't need pay for the fukker!
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Old 10-17-2011, 09:42 AM   #2664
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...and you can definitely find a killer home rental. No neighbors through the walls.
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Old 10-17-2011, 09:59 AM   #2665
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There are lots of valid points being raised. My opinion though is that if you can afford a house, now is the time to buy. There are lots of good deals out there and if you're "ready" to buy a house, the time is now. Interest rates are low, prices are down, inventory is good.
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Old 10-17-2011, 10:03 AM   #2666
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And, on a completely unrelated note, is there any such thing as a decent basic laptop for around $4-500? My step father is looking for a new laptop. All that he uses it for is internet, word processing and to use his reservation program for the bed and breakfast. Doesn't need blu ray, dvd, etc.
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Old 10-17-2011, 10:03 AM   #2667
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Quote:
Originally Posted by singincanary View Post
...if you can afford a house, now is the time to buy.
This is the thing you really need to consider.
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Old 10-17-2011, 10:04 AM   #2668
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Bruce... Dell's line of netbooks. Done.
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Old 10-17-2011, 10:07 AM   #2669
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When the next local meet?
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Old 10-17-2011, 10:10 AM   #2670
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Introduction, or go away.
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Old 10-17-2011, 10:55 AM   #2671
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Tirk, need at least a 14" screen as he's old and need to be able to see the screen easily.
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Old 10-17-2011, 10:58 AM   #2672
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We're definitely willing to rent and have nothing against it. However, we can afford to buy a home right now. It's obviously not going to be 3,500 sq/ft with inground pool and 4 bay garage. It'll be a starter home. This one just fell into the starter home price bracket. Once we get a better idea about the home and what needs to be done, we'll work the numbers again and see what happens. If we're spreading ourselves too thin, we're fully prepared to walk away. We're not willing to live poor just to buy our "dream home". We're young, there's plenty of time to buy/build one. We're also not sure if it falls under Putnam or Westchester since there seems to be conflicting information on the internet about the home.
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Old 10-17-2011, 12:07 PM   #2673
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I think I just threw up in my mouth. Wow...

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Old 10-17-2011, 12:29 PM   #2674
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that is ****ed up on a completely different level. the parents must feel awful. i wish i spoke what ever ching chong chang they were saying so i could understand if the driver was caught.

that guy deserves to die by repeatedly getting run over with studded tires, along with everyone that passed by.
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Old 10-17-2011, 12:46 PM   #2675
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Quote:
Originally Posted by Donzo View Post
If we're spreading ourselves too thin, we're fully prepared to walk away. We're not willing to live poor just to buy our "dream home". We're young, there's plenty of time to buy/build one. We're also not sure if it falls under Putnam or Westchester since there seems to be conflicting information on the internet about the home.
The money is one thing to consider, but there are a lot of other variables to think about as well. I have seen too many friends rush to buy that first house, then complain when they don't have time to go to the gym or hang out because they have to mow the lawn or paint a room. Also factor in your taxes and school systems if you're going to have kids soon. What about your careers? Are you tying yourself into an area right now? Would be willing to commute to NYC from this house? What kind of standard of living are you willing to live with if you have to commute into NYC?

You might be "ready" for all this, and only you can decide what is right for you. Despite the record low interest rates, buying a house is a huge financial burden and the rest of your life better be ready for it, otherwise you will regret it. I've seen this happen plenty of times. My car modding really stopped when I bought the house. I couldn't justify spending money on the car when I was trying to save money for future house projects or issues.

Food for thought or to ignore.
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