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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 7:51 pm 
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If you are a cash buyer and are purchasing the home to raise a family, then sure...risk is much lower if you dont mind hanging around for 10-15-20 years.


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 7:51 pm 
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We probably wouldn't have taken the loss in the first place if people weren't coddled into thinking a house was an "investment." If we considered houses to be homes, we wouldn't have this mess. But hey, you sleep in the bed you make, and I'm gonna buy your foreclosed home at ridiculously below market value come this winter.

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 7:54 pm 
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LittleWing wrote:
We probably wouldn't have taken the loss in the first place if people weren't coddled into thinking a house was an "investment." If we considered houses to be homes, we wouldn't have this mess. But hey, you sleep in the bed you make, and I'm gonna buy your foreclosed home at ridiculously below market value come this winter.



:thumbsup:

its a long way from turning around. If you have cash their are great deals out there. I suspect even greater deals down the pipe though.


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 8:03 pm 
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62strat wrote:
LittleWing wrote:
We probably wouldn't have taken the loss in the first place if people weren't coddled into thinking a house was an "investment." If we considered houses to be homes, we wouldn't have this mess. But hey, you sleep in the bed you make, and I'm gonna buy your foreclosed home at ridiculously below market value come this winter.



:thumbsup:

its a long way from turning around. If you have cash their are great deals out there. I suspect even greater deals down the pipe though.


That's the thing though. While I like the idea of a deal, it's not much of a factor to me. I have X budget. If I can find a house that fits my desires (country home, 1500-1800 square feet, garage, at least four acres) for the price that is right, I'm going to buy it. It'll be cheaper than my rent on a 15 year mortgage. I can basically find that in rural central Ohio for about 150,000. That's all I care about. I really don't care if the value goes down 10 or 20%. I'll still come out ahead in the end and have a house to sell once it is paid off.

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 8:21 pm 
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given2trade wrote:
Put yet another way,

If you bought the $100,000 home during the bubble and it's now worth $50,000, you're either out $30,000 if you took out the mortgage or you're out $50,000 if you paid in all cash. Which one would have saved you more money?

I don't think this is a very good example.

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 8:26 pm 
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LittleWing wrote:
We probably wouldn't have taken the loss in the first place if people weren't coddled into thinking a house was an "investment." If we considered houses to be homes, we wouldn't have this mess. But hey, you sleep in the bed you make, and I'm gonna buy your foreclosed home at ridiculously below market value come this winter.


Skitch Patterson 10 Months Ago wrote:
I think if people just looked at homes as a place to live, not an investment, we wouldnt be anywhere near the situation we are in now. Instead, people were selling at artificially high prices to maximize their investment. Spending large sums of money they didnt have to do things just to "increase value", etc. Basically the investment value of homes turned into the driving force of a lot of people. Equity Loans turned into "Home improvement" loans... and not because your wife wanted a bigger tub- but because some real estate agent, or newspaper home expert told people that finishing their basement, or a larger garage would make their home more "valuable"..
and when that market finally corrected, all those new cabinets, tile, and patios turned into negative equity.

8)


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 8:28 pm 
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Skitch Patterson wrote:
LittleWing wrote:
We probably wouldn't have taken the loss in the first place if people weren't coddled into thinking a house was an "investment." If we considered houses to be homes, we wouldn't have this mess. But hey, you sleep in the bed you make, and I'm gonna buy your foreclosed home at ridiculously below market value come this winter.


Skitch Patterson 10 Months Ago wrote:
I think if people just looked at homes as a place to live, not an investment, we wouldnt be anywhere near the situation we are in now. Instead, people were selling at artificially high prices to maximize their investment. Spending large sums of money they didnt have to do things just to "increase value", etc. Basically the investment value of homes turned into the driving force of a lot of people. Equity Loans turned into "Home improvement" loans... and not because your wife wanted a bigger tub- but because some real estate agent, or newspaper home expert told people that finishing their basement, or a larger garage would make their home more "valuable"..
and when that market finally corrected, all those new cabinets, tile, and patios turned into negative equity.

8)



Maybe you are in the wrong career, skitch :thumbsup:


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 8:32 pm 
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62strat wrote:
Skitch Patterson wrote:
LittleWing wrote:
We probably wouldn't have taken the loss in the first place if people weren't coddled into thinking a house was an "investment." If we considered houses to be homes, we wouldn't have this mess. But hey, you sleep in the bed you make, and I'm gonna buy your foreclosed home at ridiculously below market value come this winter.


Skitch Patterson 10 Months Ago wrote:
I think if people just looked at homes as a place to live, not an investment, we wouldnt be anywhere near the situation we are in now. Instead, people were selling at artificially high prices to maximize their investment. Spending large sums of money they didnt have to do things just to "increase value", etc. Basically the investment value of homes turned into the driving force of a lot of people. Equity Loans turned into "Home improvement" loans... and not because your wife wanted a bigger tub- but because some real estate agent, or newspaper home expert told people that finishing their basement, or a larger garage would make their home more "valuable"..
and when that market finally corrected, all those new cabinets, tile, and patios turned into negative equity.

8)



Maybe you are in the wrong career, skitch :thumbsup:



Nah, I sold mortgages for awhile and absolutely hated it, even though i was on pace to make about double to triple what i make now. My job has no prestige, and i basically do the same thing i did when i was 16. But i make my own schedule, get to see my kids, and don't mind going to work in the morning.


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 8:34 pm 
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Skitch Patterson wrote:
62strat wrote:
Skitch Patterson wrote:
LittleWing wrote:
We probably wouldn't have taken the loss in the first place if people weren't coddled into thinking a house was an "investment." If we considered houses to be homes, we wouldn't have this mess. But hey, you sleep in the bed you make, and I'm gonna buy your foreclosed home at ridiculously below market value come this winter.


Skitch Patterson 10 Months Ago wrote:
I think if people just looked at homes as a place to live, not an investment, we wouldnt be anywhere near the situation we are in now. Instead, people were selling at artificially high prices to maximize their investment. Spending large sums of money they didnt have to do things just to "increase value", etc. Basically the investment value of homes turned into the driving force of a lot of people. Equity Loans turned into "Home improvement" loans... and not because your wife wanted a bigger tub- but because some real estate agent, or newspaper home expert told people that finishing their basement, or a larger garage would make their home more "valuable"..
and when that market finally corrected, all those new cabinets, tile, and patios turned into negative equity.

8)



Maybe you are in the wrong career, skitch :thumbsup:



Nah, I sold mortgages for awhile and absolutely hated it, even though i was on pace to make about double to triple what i make now. My job has no prestige, and i basically do the same thing i did when i was 16. But i make my own schedule, get to see my kids, and don't mind going to work in the morning.


Yea you cant beat that.

Its funny being an appraiser. We are the only ones in the equation who have no emotional investment with any outcome. We get yelled at the most :\

There was so much fraud up here its ridiuclous. Brokers/develpers were reporting improper sales prices to the county assessor to create value for this new subdivision that was being developed. Property values are down about 60% there right now. Good times for those folk


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 8:47 pm 
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Skitch Patterson wrote:
62strat wrote:
Skitch Patterson wrote:
LittleWing wrote:
We probably wouldn't have taken the loss in the first place if people weren't coddled into thinking a house was an "investment." If we considered houses to be homes, we wouldn't have this mess. But hey, you sleep in the bed you make, and I'm gonna buy your foreclosed home at ridiculously below market value come this winter.


Skitch Patterson 10 Months Ago wrote:
I think if people just looked at homes as a place to live, not an investment, we wouldnt be anywhere near the situation we are in now. Instead, people were selling at artificially high prices to maximize their investment. Spending large sums of money they didnt have to do things just to "increase value", etc. Basically the investment value of homes turned into the driving force of a lot of people. Equity Loans turned into "Home improvement" loans... and not because your wife wanted a bigger tub- but because some real estate agent, or newspaper home expert told people that finishing their basement, or a larger garage would make their home more "valuable"..
and when that market finally corrected, all those new cabinets, tile, and patios turned into negative equity.

8)



Maybe you are in the wrong career, skitch :thumbsup:



Nah, I sold mortgages for awhile and absolutely hated it, even though i was on pace to make about double to triple what i make now. My job has no prestige, and i basically do the same thing i did when i was 16. But i make my own schedule, get to see my kids, and don't mind going to work in the morning.

Skitch Patterson, you're the richest man I know. Way richer than Lenny or Carl.

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue Aug 02, 2011 7:44 pm 
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i just signed my life away and bought a house. it is already a bunch of work.


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue Aug 30, 2011 11:02 am 
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I totally agree with the perspective that people have been caught up in the make improvements after improvements in the house they buy to drive up its net worth. I recently purchased a house (townhouse to be specific) because it was cheaper to own than to rent and I needed a place and houses were below market value in many areas here in Tallahassee. For example: many one bedroom apartments were going for 750$ to 800$ a month and my mortgage came out to 721$ a month. The only money I've put into the house was a new roof and I had to fix some minor electrical issues. Now of course the new roof was expensive but the roof was 18 years old and it had to be replaced. Also, I was able to use the roof issue as leverage in the negotiations.

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Thu Jan 12, 2012 1:44 am 
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I'm putting an offer in on a condo tomorrow :peace:


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Thu Jan 12, 2012 2:59 am 
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god bless

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Thu Jan 12, 2012 3:09 am 
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thanks


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Thu Jan 12, 2012 4:35 am 
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i just put down an offer on your condo

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Thu Jan 12, 2012 5:16 am 
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given2trade wrote:
i just put down an offer on your condo


i've already got a renter for 4k/month


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Thu Jan 12, 2012 2:16 pm 
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Doug RR wrote:
given2trade wrote:
i just put down an offer on your condo


i've already got a renter for 4k/month


does he have a dog?

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Sat Jan 21, 2012 8:49 pm 
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Skitch Patterson wrote:
LittleWing wrote:
We probably wouldn't have taken the loss in the first place if people weren't coddled into thinking a house was an "investment." If we considered houses to be homes, we wouldn't have this mess. But hey, you sleep in the bed you make, and I'm gonna buy your foreclosed home at ridiculously below market value come this winter.


Skitch Patterson 10 Months Ago wrote:
I think if people just looked at homes as a place to live, not an investment, we wouldnt be anywhere near the situation we are in now. Instead, people were selling at artificially high prices to maximize their investment. Spending large sums of money they didnt have to do things just to "increase value", etc. Basically the investment value of homes turned into the driving force of a lot of people. Equity Loans turned into "Home improvement" loans... and not because your wife wanted a bigger tub- but because some real estate agent, or newspaper home expert told people that finishing their basement, or a larger garage would make their home more "valuable"..
and when that market finally corrected, all those new cabinets, tile, and patios turned into negative equity.

8)


Pre-approved for my mortgage! Awwwwww yeah!

3.88%

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Sat Jan 21, 2012 9:04 pm 
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Pre Approved means not approved yet.


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