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Off Topic Off Topic - General non-Corvette related discussion. |
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09-27-2022, 2:24pm | #41 | ||||||
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09-27-2022, 2:30pm | #42 | ||||||
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09-27-2022, 2:36pm | #43 | |||||||
Barn Stall Owner #112
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My current home I built in 2005 when the market in this resort area was down. Two years later my house was worth twice what I had in it- condos up the street being bought for stupid money. Then the 2008 crash and most of them were underwater. |
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09-27-2022, 2:42pm | #44 | |||||||
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I got the house in Fresno because the people who bought it in '06 on a Jumbo loan with an adjustable mtg. defaulted. I paid less than 50% their price for the home. And it has tripled in value in ten years. I have always bought property when the 'window of opportunity' opened and I was in the market and had the means. It's never not worked out. I almost bought 3 more rentals in 2011 because it was easy money but let it pass because I didn't need the $$$ or headaches going into my 50's. Egah is a baller and has no real worries anyway. |
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09-27-2022, 5:06pm | #45 | ||||||
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I believe I get your point.
But I’d add, many (most?) buy more than they can afford. I have consulted many that just because you can qualify for a mortgage doesn’t necessarily mean that you can “afford” the home. |
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09-27-2022, 5:19pm | #46 | ||||||
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09-27-2022, 5:53pm | #47 | |||||||
Barn Stall Owner #112
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1. Job security; 2. Ability to DIY maintenance and repairs; 3. Management of entertainment budget. |
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09-27-2022, 6:25pm | #48 | |||||||
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next up, I took the cash out and stuck it in an online savings account currently earning 2%, so my net cost of borrowing (not factoring tax ramifications or other) is .75%. that will go lower as rates go up. where the fk can you borrow money at .75% on house two, its current value is mid 2 millions. if I chose to do so it would rent for >125,000 per summer season. the carrying cost is a mere 4200 per month. none of this factors my ability to earn, my savings, or demand in the areas I own which could give me a fairly easy exit. just because you and el douche bag think its a bad idea doesnt make it so. |
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09-27-2022, 8:13pm | #49 | |||||||
Barn Stall Owner #112
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09-27-2022, 9:18pm | #50 | |||||||
A Real Barner
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What a joy and blessing you must be to your family and friends and community. |
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09-27-2022, 9:44pm | #51 | |||||||
Due to inflation they are no longer free
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Ill Dunce is a troll. That's why he's had so many names. Gets banned comes back in six month acts like an ass gets banned comes back in six month with another name gets banned comes back with another name. He has no family or friends they all got executed in Hungary. |
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09-28-2022, 8:43am | #52 | ||||||
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09-29-2022, 10:23am | #53 | ||||||
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The value of a home is irrelevant until decided to buy/sell. Regardless, let's discuss.
My beach home was purchased during the last downturn when no one was buying. I got it a discount for 1.1 million. Its now valued well over 2 million, approaching 3. EVEN if there is a pull back, with a mortgage of 500k, how exactly am I screwed? My primary was purchased using funds from my previous home. I also bought it slightly under current market (about 60k under). Even if it were to pull back to 2014 pricing, it would still trade at something like 750-850k. Any losses I would incur, would be paper losses from the paper gains on the previous home. In short, it would wash out, meaning technically, I would have sold the previous home at a lower price as well. In either case, I am well ahead, as I have places to live, accrued value, and on the other side a million bucks on the sidelines from previous sale, earning 2% interest, defrayign the carrying cost of the current mortgages. please, tell me how I am screwed...... |
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09-29-2022, 10:26am | #54 | ||||||
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09-29-2022, 1:55pm | #55 | ||||||
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Previously you wrote:
Now the story is changed: |
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09-29-2022, 1:59pm | #56 | ||||||
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I'm doing OK here in a fiscally responsible county and village. My tax valuation only increased slightly. Meanwhile the market values have gone through the roof.
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09-29-2022, 2:19pm | #57 | ||||||
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This is insane, I just got an email from my bank I use for checking and this was their latest "offer" for a HELOC
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09-29-2022, 2:25pm | #58 | |||||||
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The interest rate they are marketing probably includes an initial teaser rate, at Prime Rate, or even below Prime, for the first year or two, and after that period the index will remain Prime, but the margin, the amount added to Prime to get the actual rate, will increase. I see these daily, if you want a HELOC, a good rate would be Prime and no higher than Prime plus 1.00%. Today, Prime is 6.250%, BUT remember, every HELOC I have seen in 30+ years has no annual rate increase limitations, it can go up 5.00% in a given year, AND most HELOCs are capped at 18.000% rate, seen very few lower than that. |
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09-29-2022, 2:58pm | #59 | |||||||
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Guessing it is time to shift money around again to take advantage of these interest rates. |
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09-29-2022, 3:21pm | #60 | ||||||
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Try living in Illinois sometime. The formula they use to calculate your property taxes is so clever your taxes can go up even though the value of your house went down.
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