$500k and 33years old, when is enough enough?

[Hobie]

Wooah. No kids yet. All bets are off. Keep the job. You will need it.

You cannot predict what your wife will say once you have kids. Trust me on this, they change. Living a nomadic life with young kids is not for everyone. Keep the job while your skills are peaked. Can you say nesting?

[jstoesz]

[quote=Eugene][quote=jstoesz]I would probably say, Brooklyn Park is the nearest comparison I can think of. Developed in the 70’s and 80’s 20 mins from DT and the home size and construction is probably similar.

But you are comparing rental prices…which is not a fair comparison. Because Minneapolis at today’s prices nearly always cash flows…san diego, not so much. We are talking about purchasing right?[/quote]

Brooklyn Park does not seem to be much cheaper than Mira Mesa, rent-wise:

http://minneapolis.craigslist.org/hnp/apa/2121925294.html
http://minneapolis.craigslist.org/hnp/apa/2122118059.html
http://minneapolis.craigslist.org/hnp/apa/2121981653.html

Taking that last one, it can be rented for 1450/month or bought with a monthly payment of around 1175/month, assuming 20% down, 4.5%, etc. etc. A comparable house in Mira Mesa could be rented for 1800 or bought for 1700. So, like I said, the question is whether you’re willing to tolerate Minnesota climate to save $500/month (and really even less, since most of the mortgage payment is tax deductible).[/quote]

Are we talking renting or buying. Because the median home price in Brooklyn park is right around 200k (yup you read that right), but the median price in MM is right around 500k. So that tells you something about the safety of a SD housing investment. Renting in SD is pretty cheap in comparison to home prices, and if that doesn’t raise the red flags then I don’t know what does.

BTW that house you linked in MM is really cheap to rent. I am a bit surprised that it is so cheap. Hopefully that is not some fraud, but if that is really what rents go for in MM, things are not looking good for appreciation.

[jstoesz]

[quote=Eugene][quote=jstoesz]I would probably say, Brooklyn Park is the nearest comparison I can think of. Developed in the 70’s and 80’s 20 mins from DT and the home size and construction is probably similar.

But you are comparing rental prices…which is not a fair comparison. Because Minneapolis at today’s prices nearly always cash flows…san diego, not so much. We are talking about purchasing right?[/quote]

Brooklyn Park does not seem to be much cheaper than Mira Mesa, rent-wise:

http://minneapolis.craigslist.org/hnp/apa/2121925294.html
http://minneapolis.craigslist.org/hnp/apa/2122118059.html
http://minneapolis.craigslist.org/hnp/apa/2121981653.html

Taking that last one, it can be rented for 1450/month or bought with a monthly payment of around 1175/month, assuming 20% down, 4.5%, etc. etc. A comparable house in Mira Mesa could be rented for 1800 or bought for 1700. So, like I said, the question is whether you’re willing to tolerate Minnesota climate to save $500/month (and really even less, since most of the mortgage payment is tax deductible).[/quote]

Are we talking renting or buying. Because the median home price in Brooklyn park is right around 200k (yup you read that right), but the median price in MM is right around 500k. So that tells you something about the safety of a SD housing investment. Renting in SD is pretty cheap in comparison to home prices, and if that doesn’t raise the red flags then I don’t know what does.

BTW that house you linked in MM is really cheap to rent. I am a bit surprised that it is so cheap. Hopefully that is not some fraud, but if that is really what rents go for in MM, things are not looking good for appreciation.

[jstoesz]

[quote=Eugene][quote=jstoesz]I would probably say, Brooklyn Park is the nearest comparison I can think of. Developed in the 70’s and 80’s 20 mins from DT and the home size and construction is probably similar.

But you are comparing rental prices…which is not a fair comparison. Because Minneapolis at today’s prices nearly always cash flows…san diego, not so much. We are talking about purchasing right?[/quote]

Brooklyn Park does not seem to be much cheaper than Mira Mesa, rent-wise:

http://minneapolis.craigslist.org/hnp/apa/2121925294.html
http://minneapolis.craigslist.org/hnp/apa/2122118059.html
http://minneapolis.craigslist.org/hnp/apa/2121981653.html

Taking that last one, it can be rented for 1450/month or bought with a monthly payment of around 1175/month, assuming 20% down, 4.5%, etc. etc. A comparable house in Mira Mesa could be rented for 1800 or bought for 1700. So, like I said, the question is whether you’re willing to tolerate Minnesota climate to save $500/month (and really even less, since most of the mortgage payment is tax deductible).[/quote]

Are we talking renting or buying. Because the median home price in Brooklyn park is right around 200k (yup you read that right), but the median price in MM is right around 500k. So that tells you something about the safety of a SD housing investment. Renting in SD is pretty cheap in comparison to home prices, and if that doesn’t raise the red flags then I don’t know what does.

BTW that house you linked in MM is really cheap to rent. I am a bit surprised that it is so cheap. Hopefully that is not some fraud, but if that is really what rents go for in MM, things are not looking good for appreciation.

[jstoesz]

[quote=Eugene][quote=jstoesz]I would probably say, Brooklyn Park is the nearest comparison I can think of. Developed in the 70’s and 80’s 20 mins from DT and the home size and construction is probably similar.

But you are comparing rental prices…which is not a fair comparison. Because Minneapolis at today’s prices nearly always cash flows…san diego, not so much. We are talking about purchasing right?[/quote]

Brooklyn Park does not seem to be much cheaper than Mira Mesa, rent-wise:

http://minneapolis.craigslist.org/hnp/apa/2121925294.html
http://minneapolis.craigslist.org/hnp/apa/2122118059.html
http://minneapolis.craigslist.org/hnp/apa/2121981653.html

Taking that last one, it can be rented for 1450/month or bought with a monthly payment of around 1175/month, assuming 20% down, 4.5%, etc. etc. A comparable house in Mira Mesa could be rented for 1800 or bought for 1700. So, like I said, the question is whether you’re willing to tolerate Minnesota climate to save $500/month (and really even less, since most of the mortgage payment is tax deductible).[/quote]

Are we talking renting or buying. Because the median home price in Brooklyn park is right around 200k (yup you read that right), but the median price in MM is right around 500k. So that tells you something about the safety of a SD housing investment. Renting in SD is pretty cheap in comparison to home prices, and if that doesn’t raise the red flags then I don’t know what does.

BTW that house you linked in MM is really cheap to rent. I am a bit surprised that it is so cheap. Hopefully that is not some fraud, but if that is really what rents go for in MM, things are not looking good for appreciation.

[jstoesz]

[quote=Eugene][quote=jstoesz]I would probably say, Brooklyn Park is the nearest comparison I can think of. Developed in the 70’s and 80’s 20 mins from DT and the home size and construction is probably similar.

But you are comparing rental prices…which is not a fair comparison. Because Minneapolis at today’s prices nearly always cash flows…san diego, not so much. We are talking about purchasing right?[/quote]

Brooklyn Park does not seem to be much cheaper than Mira Mesa, rent-wise:

http://minneapolis.craigslist.org/hnp/apa/2121925294.html
http://minneapolis.craigslist.org/hnp/apa/2122118059.html
http://minneapolis.craigslist.org/hnp/apa/2121981653.html

Taking that last one, it can be rented for 1450/month or bought with a monthly payment of around 1175/month, assuming 20% down, 4.5%, etc. etc. A comparable house in Mira Mesa could be rented for 1800 or bought for 1700. So, like I said, the question is whether you’re willing to tolerate Minnesota climate to save $500/month (and really even less, since most of the mortgage payment is tax deductible).[/quote]

Are we talking renting or buying. Because the median home price in Brooklyn park is right around 200k (yup you read that right), but the median price in MM is right around 500k. So that tells you something about the safety of a SD housing investment. Renting in SD is pretty cheap in comparison to home prices, and if that doesn’t raise the red flags then I don’t know what does.

BTW that house you linked in MM is really cheap to rent. I am a bit surprised that it is so cheap. Hopefully that is not some fraud, but if that is really what rents go for in MM, things are not looking good for appreciation.

[an]

[quote=Rustico]It seems like nobody is in favor of a semi- retired 33 year old with kids and no mortgage? I wonder if he asked his kids what they would say?

Do you want daddy and mommy to have a ton of time for you, or do you want them to make more money?[/quote]
Is it really that black and white? How about, do you want daddy and mommy to have a ton of time with you, but you’ll be on your own in financing your higher education and there’s a good possibility you might need to take care of us when we’re old because you didn’t save enough, or do you want your parents to make enough money to support them when they enter higher education and can afford to have 1 parent stay at home while the other work close enough to come home for lunch everyday?

Again, $500k is not even close enough to pay for everything, especially if you’re in your early 30s and have a chance to live till they’re 80s or 90s. That’s 50-60 years. That’s $8k-$10k/yr. Can you live with $8-10k/yr indefinitely? Also, you better hope there’s no inflation for the next 50-60 years. Also, the hospital cost w/out health insurance is going take a big chunk out of that $500k. Be prepared to pay ~$30k/child birth.

[an]

[quote=Rustico]It seems like nobody is in favor of a semi- retired 33 year old with kids and no mortgage? I wonder if he asked his kids what they would say?

Do you want daddy and mommy to have a ton of time for you, or do you want them to make more money?[/quote]
Is it really that black and white? How about, do you want daddy and mommy to have a ton of time with you, but you’ll be on your own in financing your higher education and there’s a good possibility you might need to take care of us when we’re old because you didn’t save enough, or do you want your parents to make enough money to support them when they enter higher education and can afford to have 1 parent stay at home while the other work close enough to come home for lunch everyday?

Again, $500k is not even close enough to pay for everything, especially if you’re in your early 30s and have a chance to live till they’re 80s or 90s. That’s 50-60 years. That’s $8k-$10k/yr. Can you live with $8-10k/yr indefinitely? Also, you better hope there’s no inflation for the next 50-60 years. Also, the hospital cost w/out health insurance is going take a big chunk out of that $500k. Be prepared to pay ~$30k/child birth.

[an]

[quote=Rustico]It seems like nobody is in favor of a semi- retired 33 year old with kids and no mortgage? I wonder if he asked his kids what they would say?

Do you want daddy and mommy to have a ton of time for you, or do you want them to make more money?[/quote]
Is it really that black and white? How about, do you want daddy and mommy to have a ton of time with you, but you’ll be on your own in financing your higher education and there’s a good possibility you might need to take care of us when we’re old because you didn’t save enough, or do you want your parents to make enough money to support them when they enter higher education and can afford to have 1 parent stay at home while the other work close enough to come home for lunch everyday?

Again, $500k is not even close enough to pay for everything, especially if you’re in your early 30s and have a chance to live till they’re 80s or 90s. That’s 50-60 years. That’s $8k-$10k/yr. Can you live with $8-10k/yr indefinitely? Also, you better hope there’s no inflation for the next 50-60 years. Also, the hospital cost w/out health insurance is going take a big chunk out of that $500k. Be prepared to pay ~$30k/child birth.

[an]

[quote=Rustico]It seems like nobody is in favor of a semi- retired 33 year old with kids and no mortgage? I wonder if he asked his kids what they would say?

Do you want daddy and mommy to have a ton of time for you, or do you want them to make more money?[/quote]
Is it really that black and white? How about, do you want daddy and mommy to have a ton of time with you, but you’ll be on your own in financing your higher education and there’s a good possibility you might need to take care of us when we’re old because you didn’t save enough, or do you want your parents to make enough money to support them when they enter higher education and can afford to have 1 parent stay at home while the other work close enough to come home for lunch everyday?

Again, $500k is not even close enough to pay for everything, especially if you’re in your early 30s and have a chance to live till they’re 80s or 90s. That’s 50-60 years. That’s $8k-$10k/yr. Can you live with $8-10k/yr indefinitely? Also, you better hope there’s no inflation for the next 50-60 years. Also, the hospital cost w/out health insurance is going take a big chunk out of that $500k. Be prepared to pay ~$30k/child birth.

[an]

[quote=Rustico]It seems like nobody is in favor of a semi- retired 33 year old with kids and no mortgage? I wonder if he asked his kids what they would say?

Do you want daddy and mommy to have a ton of time for you, or do you want them to make more money?[/quote]
Is it really that black and white? How about, do you want daddy and mommy to have a ton of time with you, but you’ll be on your own in financing your higher education and there’s a good possibility you might need to take care of us when we’re old because you didn’t save enough, or do you want your parents to make enough money to support them when they enter higher education and can afford to have 1 parent stay at home while the other work close enough to come home for lunch everyday?

Again, $500k is not even close enough to pay for everything, especially if you’re in your early 30s and have a chance to live till they’re 80s or 90s. That’s 50-60 years. That’s $8k-$10k/yr. Can you live with $8-10k/yr indefinitely? Also, you better hope there’s no inflation for the next 50-60 years. Also, the hospital cost w/out health insurance is going take a big chunk out of that $500k. Be prepared to pay ~$30k/child birth.

[NotCranky]

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[NotCranky]

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[NotCranky]

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[NotCranky]

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