BG Financial: Lend me some dough! (the final postings of eaglestrike)

[Cream Soda]

Never even heard of that term before two seconds ago

[Senji]

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[Drex]

I like your point. I know I'm not anywhere near that return rate, but the place I'm looking at sold for $237k 5 years ago and is $80k now. If the housing market bounces back (and either the housing market is going to bounce back or the USA is completely fucked and the world is ending...) it could be an easy return of 1.5-2x purchase price.

Regression to the peak: A new mathematical phenomenon discovered by our very own Eaglestrike
Hint: If the housing market "bounces back", you'll be getting 1-3% annually. If it starts returning 1.5x to 2x purchase price in 5-10 years, you don't want to be in that market because it's going to pop again very quickly.

[archibaldcrane]

ES, have you done even preliminary groundwork to get pre-approved for a condo mortgage with your income and credit rating, even assuming you had the 80k down?

Obviously you haven't, which is why everyone here is laughing in your face. No bank is going to loan you 200k+ on your pizza delivery salary bro. You ask for advice, ignore all of it, and plow ahead oblivious. It's absurd.

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[Eaglestrike]

ES, have you done even preliminary groundwork to get pre-approved for a condo mortgage with your income and credit rating, even assuming you had the 80k down?

Obviously you haven't, which is why everyone here is laughing in your face. No bank is going to loan you 200k+ on your pizza delivery salary bro. You ask for advice, ignore all of it, and plow ahead oblivious. It's absurd.

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What? 80k would be the loan itself, not a down payment. And I can make payments on an 80k loan easily. I would be able to make payments (would probably need to be tight though) on it with only my own income. Renting out a room (of which I have one sure roommate in a couple months) is pure money in the pocket to pay it off quicker.



I was told by a mortgage loan officer that I could not qualify for a loan because of federal legislation because of my employment history. This was my childhood best friends mother and she went in to check things and called me back saying that without a cosigning family member I could not get any loan from a bank.



And of course, it is hilarious that you, probably the most vocal "detractor" in these threads does not even read what I say, lol.



I laughed at a few of those memes, but I am pretty capable of being on my own, just want to have a solid list of things I may forget until after I need them. I have lived in a house before, making the payments and totally on my own, it was just under lease and a while ago.

[Asilius]

LOL HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA HAHAHYAH AHHAHAHAHAHAHAAHAHA FUCK ME WHY DIDNT I THINK OF THIS

[kuronosan]

My payment on a 30k car loan and 30k student loan combined is 1000 a month. There's no way you are convincing anyone here you can pay an 80k loan when you can't even move out.

[tyven]

wait did you really knock up the cripple that you keep stored in your basement?

[zoobernut]

Wait can I jump in on this too? BG financial will you loan me $25k to get a new car for my wife?

(I have great credit and make a mortgage payment every month. And both my wife and I work.)

I laughed at a few of those memes, but I am pretty capable of being on my own, just want to have a solid list of things I may forget until after I need them. I have lived in a house before, making the payments and totally on my own, it was just under lease and a while ago.

If all you wanted was advice on stuff you would need while living on your own household wise then why wouldn't you go read the entire thread devoted to the subject or you could check the random question thread because this question was asked there as well.

[Eaglestrike]

Wait can I jump in on this too? BG financial will you loan me $25k to get a new car for my wife?

(I have great credit and make a mortgage payment every month. And both my wife and I work.)




If all you wanted was advice on stuff you would need while living on your own household wise then why wouldn't you go read the entire thread devoted to the subject or you could check the random question thread because this question was asked there as well.

Random question thread is long and full of...random questions. The main point of this thread was to get a list of essentials so I could get everything covered and probably more importantly ask about any "traps" or "scams" you might find while out seeking a place to rent.

And to the guy with 2 30k loans, how quickly do you need to pay them off? Because an 80k loan over 30 years is less than 3k a year (plus interest so it would be over 3k a year) which is like 300 a month, pretty easy to do. And I have been taking into count taxes, insurance, etc. Payments.

[archibaldcrane]

What? 80k would be the loan itself, not a down payment.

I was told by a mortgage loan officer that I could not qualify for a loan

You can't even qualify for an 80k loan?

Maybe get your shit together, get a better job, a stable situation - ya know, the things that would allow you to qualify for a loan.

[archibaldcrane]

Or, plug your exact situation into here and see if there are any lenders willing to take on a case like yours:

http://www.zillow.com/mortgage-rates?request=ZR-VJLBRVC

What's your credit score btw? For a good estimate, plug your info into www.creditkarma.com (does not cost anything nor require you to enroll in anything)

[Anakron]

...Because an 80k loan over 30 years is less than 3k a year (plus interest so it would be over 3k a year) which is like 300 a month, pretty easy to do. And I have been taking into count taxes, insurance, etc. Payments.

$80k over 30 years at 5% is $430 a month, over $5k a year. To pay it off in 5 years (5%) like you suggested you may be able to do in an "ideal situation" would be $1500 a month, $18k a year. I'm pretty sure you're not going to get anywhere close to 5%, either, probably something closer to 10% (if not higher).

And like people already mentioned, you'd have HoA and property tax as well.

[Churchill]

wait did you really knock up the cripple that you keep stored in your basement?

ha!

I too could 'manage' to post 80k. I don't donate my money to charity though - that's exactly what this "loan" would be. Charity is putting it nice, as it implies to some extent that the recipient deserves the charity being given.

[Churchill]

My brother was quoted something like 16% on a 20k loan, and he has an actual job and owns a home.

[archibaldcrane]

Mortgage rates are at all-time lows, with the little caveat being that you have to have all your ducks in a row and have documented sufficient income/down payment/work history/credit rating to soothe the fears of wary banks.

I paid 1 1/8th point to get a 3.75% rate, and that was two months ago - you can get 3.75% even without points now if you have excellent credit. It's insane.

[Eaglestrike]

$80k over 30 years at 5% is $430 a month, over $5k a year. To pay it off in 5 years (5%) like you suggested you may be able to do in an "ideal situation" would be $1500 a month, $18k a year. I'm pretty sure you're not going to get anywhere close to 5%, either, probably something closer to 10% (if not higher).

And like people already mentioned, you'd have HoA and property tax as well.

Paying it off in 5 years would include renting out 2 rooms, which I could possibly get $600/month each, which would reduce $1500 to $300 a month for me. As well, you are not considering I can almost certainly get a down payment from my father, so it would be more like 60-65k for the loan.

As Archi said, mortgage rates are very low, this is the best time to buy, if you can get it. And as I have already said in this thread, federal regulation says you need 2 years of employment history to get a loan without a cosign. I have had a lender say I have the income, so that is fine, I just do not have a cosign so the bank will risk it. A way around the cosign would be a non-bank loan, which was mostly a joke because in an online transaction scams happen (and this is a FFXI forum, we know this) so I was not counting on any such thing.

[Cream Soda]

I have no intentions of suing him. He took me in when I was 15 when he didn't have to and I've been staying with him he left. He owes me nothing, really.

As far as the house goes, he has a mortgage out on it lol even if I became owner, I'd inherit the debt, no?

[Slott]

Again you're ignoring HoA/maintenance fees. I own a 70k condo in florida. HoA is 370 a month. I'm looking into buying a condo in NJ. Maintenance fees are between 250-500 average. Assume you're losing an additional 250 a month on that. also take into consideration taxes. Also, don't ignore all the other fees associated with purchasing a place which are not present in leasing/renting. The "80k" condo you're buying may cost an additional 5000 dollars a year in Maintenance, let alone taxes.

[Eaglestrike]

Again you're ignoring HoA/maintenance fees. I own a 70k condo in florida. HoA is 370 a month. I'm looking into buying a condo in NJ. Maintenance fees are between 250-500 average. Assume you're losing an additional 250 a month on that. also take into consideration taxes. Also, don't ignore all the other fees associated with purchasing a place which are not present in leasing/renting. The "80k" condo you're buying may cost an additional 5000 dollars a year in Maintenance, let alone taxes.

HoA fees for an 80k condo I was looking into earlier was only $100/month and that included the water bill. My dad is a DIY guy who can do just about anything, he is going to start flipping houses once he gets his pension in November. If there is anything he does not know how to do, he has a buddy that does. And I have included taxes, it is $1800 to 2900 a year based on which condo I get, with taxes generally going down in my area. I likely am missing something, but it isn't the more obvious general things.