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1stimebuy
ParticipantWhen I looked at the loan history of the houses that I considered buying, I noticed something disturbing.
It’s quite rare that the owners lose money in the process – more often, it’s the banks that are losing 100K’s or 200K’s but not the owners. In each cases, the original owner simply took out the home equity loan equaling the amount of their down payment (or more) before foreclosure.
I used to think these morons are taking 500K loan – but their action is consistently smart. And I grow concerned as I wonder how much of our economy was fueled by these kind of money. It must have been quite an effect.
ParticipantWhen I looked at the loan history of the houses that I considered buying, I noticed something disturbing.
It’s quite rare that the owners lose money in the process – more often, it’s the banks that are losing 100K’s or 200K’s but not the owners. In each cases, the original owner simply took out the home equity loan equaling the amount of their down payment (or more) before foreclosure.
I used to think these morons are taking 500K loan – but their action is consistently smart. And I grow concerned as I wonder how much of our economy was fueled by these kind of money. It must have been quite an effect.
ParticipantWhen I looked at the loan history of the houses that I considered buying, I noticed something disturbing.
It’s quite rare that the owners lose money in the process – more often, it’s the banks that are losing 100K’s or 200K’s but not the owners. In each cases, the original owner simply took out the home equity loan equaling the amount of their down payment (or more) before foreclosure.
I used to think these morons are taking 500K loan – but their action is consistently smart. And I grow concerned as I wonder how much of our economy was fueled by these kind of money. It must have been quite an effect.
ParticipantWhen I looked at the loan history of the houses that I considered buying, I noticed something disturbing.
It’s quite rare that the owners lose money in the process – more often, it’s the banks that are losing 100K’s or 200K’s but not the owners. In each cases, the original owner simply took out the home equity loan equaling the amount of their down payment (or more) before foreclosure.
I used to think these morons are taking 500K loan – but their action is consistently smart. And I grow concerned as I wonder how much of our economy was fueled by these kind of money. It must have been quite an effect.
Participant$1000 for a 1400 sqft. I thought there were no such places in CA anymore 🙂
Low interest rate is the key in current market. In the area I’m looking at (I-15) buying is almost always cheaper than rent in sub 350K – which is why it’s so hot. It might make sense up to 430K I think.
Scripps 1100 sqft condo = $1900 rent or 350K listing.
350K = $1800 + property tax – tax deductible = less than $1900 (roughly calculating)
When I look at over $500K, there seems to be much better inventory situation. Which makes me wonder after 4 month of search. Should I rather buy 500K now, or should I just rent for a year or two more? My initial target was buying a 3 bedroom condo for under 400K that has low monthly fee, but I have all but given up my hope in this.
I think you’ll be safe buying as long as you can rent it out easily if you need to. But I think these areas are already multiple bid situation IMO though.
Participant$1000 for a 1400 sqft. I thought there were no such places in CA anymore 🙂
Low interest rate is the key in current market. In the area I’m looking at (I-15) buying is almost always cheaper than rent in sub 350K – which is why it’s so hot. It might make sense up to 430K I think.
Scripps 1100 sqft condo = $1900 rent or 350K listing.
350K = $1800 + property tax – tax deductible = less than $1900 (roughly calculating)
When I look at over $500K, there seems to be much better inventory situation. Which makes me wonder after 4 month of search. Should I rather buy 500K now, or should I just rent for a year or two more? My initial target was buying a 3 bedroom condo for under 400K that has low monthly fee, but I have all but given up my hope in this.
I think you’ll be safe buying as long as you can rent it out easily if you need to. But I think these areas are already multiple bid situation IMO though.
Participant$1000 for a 1400 sqft. I thought there were no such places in CA anymore 🙂
Low interest rate is the key in current market. In the area I’m looking at (I-15) buying is almost always cheaper than rent in sub 350K – which is why it’s so hot. It might make sense up to 430K I think.
Scripps 1100 sqft condo = $1900 rent or 350K listing.
350K = $1800 + property tax – tax deductible = less than $1900 (roughly calculating)
When I look at over $500K, there seems to be much better inventory situation. Which makes me wonder after 4 month of search. Should I rather buy 500K now, or should I just rent for a year or two more? My initial target was buying a 3 bedroom condo for under 400K that has low monthly fee, but I have all but given up my hope in this.
I think you’ll be safe buying as long as you can rent it out easily if you need to. But I think these areas are already multiple bid situation IMO though.
Participant$1000 for a 1400 sqft. I thought there were no such places in CA anymore 🙂
Low interest rate is the key in current market. In the area I’m looking at (I-15) buying is almost always cheaper than rent in sub 350K – which is why it’s so hot. It might make sense up to 430K I think.
Scripps 1100 sqft condo = $1900 rent or 350K listing.
350K = $1800 + property tax – tax deductible = less than $1900 (roughly calculating)
When I look at over $500K, there seems to be much better inventory situation. Which makes me wonder after 4 month of search. Should I rather buy 500K now, or should I just rent for a year or two more? My initial target was buying a 3 bedroom condo for under 400K that has low monthly fee, but I have all but given up my hope in this.
I think you’ll be safe buying as long as you can rent it out easily if you need to. But I think these areas are already multiple bid situation IMO though.
Participant$1000 for a 1400 sqft. I thought there were no such places in CA anymore 🙂
Low interest rate is the key in current market. In the area I’m looking at (I-15) buying is almost always cheaper than rent in sub 350K – which is why it’s so hot. It might make sense up to 430K I think.
Scripps 1100 sqft condo = $1900 rent or 350K listing.
350K = $1800 + property tax – tax deductible = less than $1900 (roughly calculating)
When I look at over $500K, there seems to be much better inventory situation. Which makes me wonder after 4 month of search. Should I rather buy 500K now, or should I just rent for a year or two more? My initial target was buying a 3 bedroom condo for under 400K that has low monthly fee, but I have all but given up my hope in this.
I think you’ll be safe buying as long as you can rent it out easily if you need to. But I think these areas are already multiple bid situation IMO though.
Participanthttp://www.redfin.com/CA/San-Diego/11153-Avenida-De-Los-Lobos-92127/home/4669489
You mean this one huh?
My agent was perplexed about this listing too…oh… this is 92127… 🙁
Participanthttp://www.redfin.com/CA/San-Diego/11153-Avenida-De-Los-Lobos-92127/home/4669489
You mean this one huh?
My agent was perplexed about this listing too…oh… this is 92127… 🙁
Participanthttp://www.redfin.com/CA/San-Diego/11153-Avenida-De-Los-Lobos-92127/home/4669489
You mean this one huh?
My agent was perplexed about this listing too…oh… this is 92127… 🙁
Participanthttp://www.redfin.com/CA/San-Diego/11153-Avenida-De-Los-Lobos-92127/home/4669489
You mean this one huh?
My agent was perplexed about this listing too…oh… this is 92127… 🙁
Participanthttp://www.redfin.com/CA/San-Diego/11153-Avenida-De-Los-Lobos-92127/home/4669489
You mean this one huh?
My agent was perplexed about this listing too…oh… this is 92127… 🙁
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