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NotCranky
ParticipantRaybyrnes, I agree with you. I have had to play it a different way because I never made that kind of money other than sweat equity and bubble money. I have always gone for home purchases that I couldn’t really lose my ass or much of my freedom on. Look at the flexibility underspending relative to personal income/wealth will give you raising your family. Today my 4 year old and I will get our “victory garden” started .That isn’t every one’s dream life of course just an example.
One of my friends is going to retire to a good middle class life style when he is 50 because he pyramided his equity and some excess family income into about 20 rentals. His personal residence is nice but not excessively oppulent compared to his rentals and he didn’t buy it until he got the ball rolling with an owner occupied duplex and a few single family rentals.He and his wife are above average earners but not by much. BTW he was upside down on his first modest home, the duplex.He has flipped some stuff for profits. None of this would have likely happened w/o the first modest purchase.
I always tell people who are buying for a personal residence to buy less than they can afford based on full time employment or don’t buy. They never listen unless they had already made up their minds that way. Of course lots of people have the previous generation of family members backing them up so the admonition is less relevant.
Anyway, good luck. I hope you will keep us posted.
ParticipantRaybyrnes, I agree with you. I have had to play it a different way because I never made that kind of money other than sweat equity and bubble money. I have always gone for home purchases that I couldn’t really lose my ass or much of my freedom on. Look at the flexibility underspending relative to personal income/wealth will give you raising your family. Today my 4 year old and I will get our “victory garden” started .That isn’t every one’s dream life of course just an example.
One of my friends is going to retire to a good middle class life style when he is 50 because he pyramided his equity and some excess family income into about 20 rentals. His personal residence is nice but not excessively oppulent compared to his rentals and he didn’t buy it until he got the ball rolling with an owner occupied duplex and a few single family rentals.He and his wife are above average earners but not by much. BTW he was upside down on his first modest home, the duplex.He has flipped some stuff for profits. None of this would have likely happened w/o the first modest purchase.
I always tell people who are buying for a personal residence to buy less than they can afford based on full time employment or don’t buy. They never listen unless they had already made up their minds that way. Of course lots of people have the previous generation of family members backing them up so the admonition is less relevant.
Anyway, good luck. I hope you will keep us posted.
ParticipantRaybyrnes, I agree with you. I have had to play it a different way because I never made that kind of money other than sweat equity and bubble money. I have always gone for home purchases that I couldn’t really lose my ass or much of my freedom on. Look at the flexibility underspending relative to personal income/wealth will give you raising your family. Today my 4 year old and I will get our “victory garden” started .That isn’t every one’s dream life of course just an example.
One of my friends is going to retire to a good middle class life style when he is 50 because he pyramided his equity and some excess family income into about 20 rentals. His personal residence is nice but not excessively oppulent compared to his rentals and he didn’t buy it until he got the ball rolling with an owner occupied duplex and a few single family rentals.He and his wife are above average earners but not by much. BTW he was upside down on his first modest home, the duplex.He has flipped some stuff for profits. None of this would have likely happened w/o the first modest purchase.
I always tell people who are buying for a personal residence to buy less than they can afford based on full time employment or don’t buy. They never listen unless they had already made up their minds that way. Of course lots of people have the previous generation of family members backing them up so the admonition is less relevant.
Anyway, good luck. I hope you will keep us posted.
ParticipantRaybyrnes, I agree with you. I have had to play it a different way because I never made that kind of money other than sweat equity and bubble money. I have always gone for home purchases that I couldn’t really lose my ass or much of my freedom on. Look at the flexibility underspending relative to personal income/wealth will give you raising your family. Today my 4 year old and I will get our “victory garden” started .That isn’t every one’s dream life of course just an example.
One of my friends is going to retire to a good middle class life style when he is 50 because he pyramided his equity and some excess family income into about 20 rentals. His personal residence is nice but not excessively oppulent compared to his rentals and he didn’t buy it until he got the ball rolling with an owner occupied duplex and a few single family rentals.He and his wife are above average earners but not by much. BTW he was upside down on his first modest home, the duplex.He has flipped some stuff for profits. None of this would have likely happened w/o the first modest purchase.
I always tell people who are buying for a personal residence to buy less than they can afford based on full time employment or don’t buy. They never listen unless they had already made up their minds that way. Of course lots of people have the previous generation of family members backing them up so the admonition is less relevant.
Anyway, good luck. I hope you will keep us posted.
ParticipantRaybyrnes, I agree with you. I have had to play it a different way because I never made that kind of money other than sweat equity and bubble money. I have always gone for home purchases that I couldn’t really lose my ass or much of my freedom on. Look at the flexibility underspending relative to personal income/wealth will give you raising your family. Today my 4 year old and I will get our “victory garden” started .That isn’t every one’s dream life of course just an example.
One of my friends is going to retire to a good middle class life style when he is 50 because he pyramided his equity and some excess family income into about 20 rentals. His personal residence is nice but not excessively oppulent compared to his rentals and he didn’t buy it until he got the ball rolling with an owner occupied duplex and a few single family rentals.He and his wife are above average earners but not by much. BTW he was upside down on his first modest home, the duplex.He has flipped some stuff for profits. None of this would have likely happened w/o the first modest purchase.
I always tell people who are buying for a personal residence to buy less than they can afford based on full time employment or don’t buy. They never listen unless they had already made up their minds that way. Of course lots of people have the previous generation of family members backing them up so the admonition is less relevant.
Anyway, good luck. I hope you will keep us posted.
Participant1) You have no contiengencies, even financing contigency.
Seems like this could tend to depress sales prices by making the pool of buyers smaller.
Participant1) You have no contiengencies, even financing contigency.
Seems like this could tend to depress sales prices by making the pool of buyers smaller.
Participant1) You have no contiengencies, even financing contigency.
Seems like this could tend to depress sales prices by making the pool of buyers smaller.
Participant1) You have no contiengencies, even financing contigency.
Seems like this could tend to depress sales prices by making the pool of buyers smaller.
Participant1) You have no contiengencies, even financing contigency.
Seems like this could tend to depress sales prices by making the pool of buyers smaller.
ParticipantIt doesn’t seem like a family buying a 500k house on a 200k income is going to be stuck anywhere in San Diego for 20 years even with the 100k scenario kicking in for a few years. History does bare out any extreme problems there.
Poway seemed like a bargain to me compared to other bubble priced markets. It would be interesting to see a picture get painted of the situation there as Newrenter and the Realtors and a few others are doing on the CV thread.
My gut sense of things makes me like 350k a lot better than 500k for the houses I see at 500k there now. I would definitely take a wait and see attitude becasue of the economy too. This stuff isn’t transparent but we can be sure these are not prosperous times macro-economically speaking.It is important to be certain about how one will feel about being upside down or seeing capital gone and better deals everywhere. Even when one can afford it, are they really really O.K. with it? I have known many people that are. Lots of us on this board are losing equity daily, hopefully on properties we can afford. I can afford it and I don’t like it at all. It is not my wife’s fault either! Many people take the long view in the stock market recession after recession, others need to day trade even in prosperity. To each his own.
I personally don’t see why we can’t accommodate people here that want to buy. Same rule goes if you don’t like the thread stay off of it. Our timing of the market is going to be to be subject to very broad opinions. Eventually all of us are going to want to be buyers again. Why prejudice against the ones who want to go first?
ParticipantIt doesn’t seem like a family buying a 500k house on a 200k income is going to be stuck anywhere in San Diego for 20 years even with the 100k scenario kicking in for a few years. History does bare out any extreme problems there.
Poway seemed like a bargain to me compared to other bubble priced markets. It would be interesting to see a picture get painted of the situation there as Newrenter and the Realtors and a few others are doing on the CV thread.
My gut sense of things makes me like 350k a lot better than 500k for the houses I see at 500k there now. I would definitely take a wait and see attitude becasue of the economy too. This stuff isn’t transparent but we can be sure these are not prosperous times macro-economically speaking.It is important to be certain about how one will feel about being upside down or seeing capital gone and better deals everywhere. Even when one can afford it, are they really really O.K. with it? I have known many people that are. Lots of us on this board are losing equity daily, hopefully on properties we can afford. I can afford it and I don’t like it at all. It is not my wife’s fault either! Many people take the long view in the stock market recession after recession, others need to day trade even in prosperity. To each his own.
I personally don’t see why we can’t accommodate people here that want to buy. Same rule goes if you don’t like the thread stay off of it. Our timing of the market is going to be to be subject to very broad opinions. Eventually all of us are going to want to be buyers again. Why prejudice against the ones who want to go first?
ParticipantIt doesn’t seem like a family buying a 500k house on a 200k income is going to be stuck anywhere in San Diego for 20 years even with the 100k scenario kicking in for a few years. History does bare out any extreme problems there.
Poway seemed like a bargain to me compared to other bubble priced markets. It would be interesting to see a picture get painted of the situation there as Newrenter and the Realtors and a few others are doing on the CV thread.
My gut sense of things makes me like 350k a lot better than 500k for the houses I see at 500k there now. I would definitely take a wait and see attitude becasue of the economy too. This stuff isn’t transparent but we can be sure these are not prosperous times macro-economically speaking.It is important to be certain about how one will feel about being upside down or seeing capital gone and better deals everywhere. Even when one can afford it, are they really really O.K. with it? I have known many people that are. Lots of us on this board are losing equity daily, hopefully on properties we can afford. I can afford it and I don’t like it at all. It is not my wife’s fault either! Many people take the long view in the stock market recession after recession, others need to day trade even in prosperity. To each his own.
I personally don’t see why we can’t accommodate people here that want to buy. Same rule goes if you don’t like the thread stay off of it. Our timing of the market is going to be to be subject to very broad opinions. Eventually all of us are going to want to be buyers again. Why prejudice against the ones who want to go first?
ParticipantIt doesn’t seem like a family buying a 500k house on a 200k income is going to be stuck anywhere in San Diego for 20 years even with the 100k scenario kicking in for a few years. History does bare out any extreme problems there.
Poway seemed like a bargain to me compared to other bubble priced markets. It would be interesting to see a picture get painted of the situation there as Newrenter and the Realtors and a few others are doing on the CV thread.
My gut sense of things makes me like 350k a lot better than 500k for the houses I see at 500k there now. I would definitely take a wait and see attitude becasue of the economy too. This stuff isn’t transparent but we can be sure these are not prosperous times macro-economically speaking.It is important to be certain about how one will feel about being upside down or seeing capital gone and better deals everywhere. Even when one can afford it, are they really really O.K. with it? I have known many people that are. Lots of us on this board are losing equity daily, hopefully on properties we can afford. I can afford it and I don’t like it at all. It is not my wife’s fault either! Many people take the long view in the stock market recession after recession, others need to day trade even in prosperity. To each his own.
I personally don’t see why we can’t accommodate people here that want to buy. Same rule goes if you don’t like the thread stay off of it. Our timing of the market is going to be to be subject to very broad opinions. Eventually all of us are going to want to be buyers again. Why prejudice against the ones who want to go first?
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