weekender 0 #51 February 8, 2012 >Furthermore, the first time home owners 3% FHA loan is what feeds the middle class and keeps property values afloat in many areas and keeps communities from gentrifying into depends wearing bengay rubbing fucks. I am amazed at the confidence which you speak of topics you have failed so miserably at. You have admitted you should not have bought the condo with a 20/80 loan. you have also admitted you cannot sell your condo because its under water, thus showing you didnt time the market well or provide enough equity to weather downturns. YET, you are so sure you know exactly what would help the housing market. you are so confident that you lecture everyone, including people with no financial problems, on what they need. where does this confidence come from? Perhaps in some areas, buying with less than 20% is a good idea. I would not want it in my area. We have been burned by people who bought places they could not afford already. People who are under water and blaming everyone but themselves. Why would i want to replicate the cause of the last problem? People who cannot afford to buy should rent. it worked for me. it worked for America for generations. lowering the standards has not proven to help the market, except in your mind."The point is, I'm weird, but I never felt weird." John Frusciante Quote Share this post Link to post Share on other sites
Gravitymaster 0 #52 February 8, 2012 Well, at least I'm glad to hear you don't own a gun. Some on here would consider you a nutter. Quote Share this post Link to post Share on other sites
shah269 0 #53 February 8, 2012 QuoteWell, at least I'm glad to hear you don't own a gun. Some on here would consider you a nutter. I love guns and enjoy target shooting with friends. Was never a very big fan of automatics and more of the bolt action. Heck even 22's can be fun! Nah man I'm just pissed it's NJ, who has 20% of $200k for a POS condo? Why not only take 3% of the $200k so that you can have money left to fix up the POS condo that the old fucker left behind when the old fucker died. Look how can i put it? I've never seen more POS homes in my life than I've seen in NJ! It's amazing how many of the homes in NJ for the middle class are just POS! And when I started to ask why the answer always was... "We paid $40k-$60k cash for this thing...so we don't have any money to upgrade." And this keeps killing property value and makes people's lives a living hell. Thus the 3% first time home owners option is very nice. A young person can buy a place and work on it to turn it into a home. I know a horrible thing to do right! Not dropping tons of cash into the pockets of the big banks and instead taking it and giving it to middle class guys at Lowes and HD and handymen so that you can turn your inefficient property into an efficient home.'' I know I know I know.....all horrible horrible ideas...how care any one ever want to think of the middle class! A truly terrorist communist thought!Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
weekender 0 #54 February 8, 2012 >I know a horrible thing to do right! Not dropping tons of cash into the pockets of the big banks and instead taking it and giving it to middle class guys at Lowes and HD and handymen so that you can turn your inefficient property into an efficient home.'' Gee, i am confused. i always understood it differently. i thought the bank makes more money the LESS you put down. The bank loans you money and charges you interest. the less you borrow, the less interest they can charge. Please wise man, learn me about finance. Where does the down payment go?? i always thought it went to the seller. I am shocked to find out the bank keeps it. so who makes up the difference to the seller? help me, seriously, i do not understand the banking industry like you."The point is, I'm weird, but I never felt weird." John Frusciante Quote Share this post Link to post Share on other sites
shah269 0 #55 February 8, 2012 Economic growth is based on one thing and one thing only....liquidity. The more liquid the system is the more the system will grow and prosper. If you don't like it go get a PhD and start your own economics movements based on stagnant funds and frozen systemsLife through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
weekender 0 #56 February 8, 2012 QuoteEconomic growth is based on one thing and one thing only....liquidity. The more liquid the system is the more the system will grow and prosper. If you don't like it go get a PhD and start your own economics movements based on stagnant funds and frozen systems read my posts and explain to me where you came to the conclusion i do not understand finance or economics. The fact that you failed so miserably on your home purchase and your defense there of, proves you should not lecture anyone on such topics. c'mon, you just proved in your last post you dont even understand a down payment. do you lack the ability to be embarrassed? you should learn some humility before lecturing others with such confidence."The point is, I'm weird, but I never felt weird." John Frusciante Quote Share this post Link to post Share on other sites
shah269 0 #57 February 8, 2012 I bought the place based on emotions associated with another person. I don’t care how smart you think you may be no one is above making one or two mistakes in their lives purely based on emotion. And this one was huge for me. I with my x made enough money to live in the condo. I agreed to buy the place for it made her happy. If that makes me a horrible man.....trying to keep my then wife comfortable and happy....then so be it. I just wish I had done the %3 down thing and not barrowed the 20%. Would have been easier to walk away now. But such is life. Which is something a young fucker like me can say since the old folks are dying a little more every day!Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
normiss 897 #58 February 8, 2012 Jesus fucking christ on a god damn pogo stick already. Quote Share this post Link to post Share on other sites
weekender 0 #59 February 8, 2012 You made a mistake, join the club. i do NOT fault you for that. Read my posts. the general theme is that you come here and lecture everyone on how finance and economics work with such confidence. Thats fine except, most of what you say is opinion and alot of it is just factually wrong. So i comment on that. show some humility, your obviously not an expert on this topic. by the way, i'm not nearly as old as you seem to think. Ive worked in banking for roughly 20yrs. got my undergrad in 91. so your erection comments are a little early. alot AC hookers would disagree with you. "The point is, I'm weird, but I never felt weird." John Frusciante Quote Share this post Link to post Share on other sites
shah269 0 #60 February 8, 2012 What you want me to lecture myself! Nah look every institution has it's reasons for existing. But when you look at the price of a POS home in NJ at $200k, throwing $40k at it from day 1 instead of taking that money and investing in its improvement does sound very dumb. Not only would there be more liquidity in the market but the bank would also make more money in the long run based on a larger principal and interest. But this is only viable for FIRST time home owners. None of this flipping homes shit! Just honest folks looking to live an honest life. That's all. Now pardon me while I outlive the old fuckers! The no washing your car in front of your own garage with your own water....man that pisses me off! Can't wait to overthrow that board and treat those old fuckers like the POS garbage they are by organizing a charity carwash for the local school or animal shelter. Yeah washing cars pisses you off....choke on my fucking fat fucking hose you old piece of shit! How dare you! What is more American than spending a nice Sunday washing and waxing your car! Fucking old fucks! Can't wait till they die so I can piss on their fucking head stones! Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
billvon 3,118 #61 February 8, 2012 >If that makes me a horrible man.....trying to keep my then wife comfortable and >happy....then so be it. That doesn't make you horrible. But wishing people were dead so you don't have to live with the consequences of your mistake? Quote Share this post Link to post Share on other sites
normiss 897 #62 February 8, 2012 I sincerely wish there was a way to block your hatred from displaying here. Seriously shah - have a stroke or something already. It's old. I for one, am over it. Quote Share this post Link to post Share on other sites
weekender 0 #63 February 8, 2012 >I just wish I had done the %3 down thing and not barrowed the 20%. Would have been easier to walk away now. But such is life. comments like this are exactly why people like me do not like this plan. its also why people in your complex do not like it. Do you not understand that? do you not get where we are coming from? more people buying who will vacate during a downturn is not good for us. I'm willing to sit on my condo until qualified, read 20% down, people can buy the empty units. it might take some time but i dont care. I am NOT underwater because i put 20% down. I also dont live in it so dont care about car washing, fyi. rule of thumb for me, what most people do in a detached home we should allow at the complex. No parking of boats, though. thats low rent in my book"The point is, I'm weird, but I never felt weird." John Frusciante Quote Share this post Link to post Share on other sites
rehmwa 2 #64 February 8, 2012 Let's see - Shah's story (based on the false assumption that that the house price stays static DESPITE the huge reduction in money down) home is priced around 100K - need 20% down, poor homeowner only has $15K available - he doesn't get the house but that's not "fair" - so government steps in and forces banks to make bad loans - everybody can get a house for 3% down - does everybody win? reality - demand goes UP and up and up that 100K home is now costing 300K, but you only need 9K (instead of 20K) to get the loan same guy that CAN'T afford 20% on the 100K home now can afford 3% on a 300K price - the GUY isn't any different - the HOME isn't any different - he's also poor, so he doesn't CARE with the loan amount is - only the downpayment - short term thinker in action by the way - with only $9K down, he spend the leftover $6K on "home improvements" yippee kai yay! Everyone bitches when reality sets in and that person that shouldn't own that house in the first place now has a $300K loan he can't pay off and the house is now worth it's real value - and maybe has a lawn irrigation system, or a new furnace - big freakin' deal Nowhere in here did government intervention help anybody. I sure hurt almost everybody the furnace sales guy is happy for another month, I guess ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
billvon 3,118 #65 February 8, 2012 >I just wish I had done the %3 down thing and not barrowed the 20%. Sounds like we need a way to keep people like you from buying (and selling) homes so easily. Quote Share this post Link to post Share on other sites
shah269 0 #66 February 8, 2012 Quote I'm willing to sit on my condo until qualified, read 20% down, people can buy the empty units. it might take some time but i dont care. I am NOT underwater because i put 20% down. I also dont live in it so dont care about car washing, fyi. rule of thumb for me, what most people do in a detached home we should allow at the complex. No parking of boats, though. thats low rent in my book 1) In this market you will never find someone dumb enough to pay 20% on a $200k home that needs $30k worth of work. They would rather rent....and that's what they are doing! And the old fuckers are buying up POS property in Florida........where they should be in the first place! 2) Even if i had put 20% down cash....well I would still be under by about $40k+ However if I had just put down 3% I could refi better and pay down the loan faster at a lower APR, rather than having to work with two banks to reorganize the debt....good for bank bad for me. The car wash rule came about two years ago....as the older fuckers are getting older they are not only dying once every 3 months but they are bitching more..... I'm going to meet about a dozen of the younger folks this week or next and we are going to make our move..... Sorry old fuckers, move our or die out.....it's not personal it's just business.Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
DrewEckhardt 0 #67 February 8, 2012 Quote 1) In this market you will never find someone dumb enough to pay 20% on a $200k home that needs $30k worth of work. There are plenty of people smart enough to put down $40K on $200K homes instead of taking a FHA loan. Where prices are correct (read as cash flow less than rents) even investors are getting in the game, buying the properties, covering operating costs completely with rent, and turning nice profits. That's a 100% guaranteed 23% "return" on your additional $33K of downpayment over the first year (no $4342 FHA up-front mortgage insurance charge at 2.25%, no $2219 annual FHA mortgage insurance charge at 1.15%, and $1230 you don't pay at 3.75% interest with a 30 year FHA loan), 10% the next year, etc. (FHA mortgage insurance doesn't even go away when you hit a 80% LTV). My credit union rocks but still only pays 2.26% on the first $25K in each of two accounts. So I put down at least 20% on my last two homes. Quote They would rather rent....and that's what they are doing! The smart decision is based on the relative costs to buy and rent (including transaction costs like loan closing fees and sales commissions amortized over how long you're likely to be there) not the down payment and inconvenience of any repairs which are unlikely to reach $30K on a $200K condo where you don't own the roof and exterior walls. I didn't spend half that putting carpet, nice engineered floors, light fixtures, a couple of baseboard heaters, counter tops, blinds, and random smaller things like towel racks/replacing the cabinet bottom where the sink drain leaked/etc into a 1200 square foot town house before selling it. Where you don't want to do the work yourself labor costs vary radically - you might pay a lot less for a day laborer than a handyman and factor of 2-3+ variations aren't uncommon (for example, I paid a husband wife handyman team $800 to replace a few sheets of siding with competing quotes up to $2500 and one handyman that would charge me just a bit less but only cut out damaged trim and replace it with wider pieces). Since people buy with credit lax lending standards caused purchase prices to skyrocket in expensive areas to match the money supply. Since people rent with cash rental prices couldn't increase as much. So in expensive areas it can cost twice as much to buy a property as to rent it (ex - there are houses that would cost be $5000/month to buy after the tax breaks but just $2500 to rent) and smart people pass. Quote Share this post Link to post Share on other sites
Rick 67 #68 February 8, 2012 Quote I just wish I had done the %3 down thing and not barrowed the 20%. Would have been easier to walk away now. But such is life. wowYou can't be drunk all day if you don't start early! Quote Share this post Link to post Share on other sites
shah269 0 #69 February 8, 2012 Quote Quote I just wish I had done the %3 down thing and not barrowed the 20%. Would have been easier to walk away now. But such is life. wow READ....so I would only have to work with one back to refinance not two..... OK? Is that OK for you? 1 bank better than 2 banks.... OK? Is that OK for you?Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
billvon 3,118 #70 February 8, 2012 >1 bank better than 2 banks.... OK? If you say so. In terms of total money you owe it doesn't matter. Quote Share this post Link to post Share on other sites
shah269 0 #71 February 8, 2012 Quote>1 bank better than 2 banks.... OK? If you say so. In terms of total money you owe it doesn't matter. Face Palm! Really! REALLY! two bank fees two cloasing costs two of everything! this fucking sucks!Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
billvon 3,118 #72 February 8, 2012 >Really! >REALLY! Really. I currently have accounts at four different banks. Two I have loans with, two I have accounts at. So I have four of everything - but I don't pay more than I would than if I had only one. When I got my first house I got an 80/10/10 loan (80% mortgage, 10% HELOC, 10% cash.) I didn't pay very much for the HELOC, and paid it off quickly in any case. Quote Share this post Link to post Share on other sites
Southern_Man 0 #73 February 8, 2012 Quote I'm going to meet about a dozen of the younger folks this week or next and we are going to make our move..... I see this going VERY well since you are such a great speaker and leader of people. "What if there were no hypothetical questions?" Quote Share this post Link to post Share on other sites
SivaGanesha 2 #74 February 8, 2012 QuoteI have this image of him thirty years from now, in the same condo, still trying to pay it off, bitching about all the clueless brain-dead greedy kids who just want to sell their condos to make a quick buck. If he lives up to his namesake, he'll kick the old fuckers out and become the Shah of the condo board for about 30 years and think himself pretty impressive. And then, surprise, surprise, one of the old fuckers will come back and get his revenge, declare himself the Ayatollah of the condo board, and kick the Shah's sorry ass out. Soon thereafter the Shah will die in a nursing home in Florida."It's hard to have fun at 4-way unless your whole team gets down to the ground safely to do it again!"--Northern California Skydiving League re USPA Safety Day, March 8, 2014 Quote Share this post Link to post Share on other sites
GeorgiaDon 380 #75 February 8, 2012 Quote Soon thereafter the Shah will die in a nursing home in Florida. At which point he'll find himself in the afterlife with 72 super plus-sized virgin female engineers. With cankles. Forever. Don_____________________________________ Tolerance is the cost we must pay for our adventure in liberty. (Dworkin, 1996) “Education is not filling a bucket, but lighting a fire.” (Yeats) Quote Share this post Link to post Share on other sites
