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Old 09-02-2007, 01:21 AM   #81
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60k mortgage, 15k car payment, about 3k in CCs...

24, married, 1 baby.
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Old 09-02-2007, 01:45 AM   #82
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anyway, to answer the Q
two mortgaged houses, something like 380k for the pair
no car payment
a couple K in CC debt
something like 80k in student loans.
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Old 09-02-2007, 02:15 AM   #83
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anyway, to answer the Q
two mortgaged houses, something like 380k for the pair
Philip you are one lucky guy!
380k for two houses!!!!

**** in Vancouver you can't even buy a house for 500K let alone two houses.
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Old 09-02-2007, 02:21 AM   #84
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Philip you are one lucky guy!
380k for two houses!!!!

**** in Vancouver you can't even buy a house for 500K let alone two houses.
lucky.. yeah.
one's a townhouse that is depreciating like a ******* rock and the other is a little shitbox 1700sq ft.
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Old 09-02-2007, 02:33 AM   #85
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Depreciating? there's a word I will never ******* hear again when it comes to the Vancouver realestate market.

Colorado seems like the place to go if one wants to buy a house.
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Old 09-02-2007, 02:45 AM   #86
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Depreciating? there's a word I will never ******* hear again when it comes to the Vancouver realestate market.

Colorado seems like the place to go if one wants to buy a house.
come on down,**** buy mine, I want to get the **** out of this state.
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Old 09-02-2007, 02:48 AM   #87
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^ Philip,what is the **** wrong with Colorado now?
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Old 09-02-2007, 02:51 AM   #88
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too ******* many people.
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Old 09-02-2007, 02:55 AM   #89
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Oh I see.There's not too many places left where there's not alot of people living around you,unless you wanna live in a place like say rural Kentucky or Tennessee.
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Old 09-02-2007, 05:35 AM   #90
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**** the poor I say, as long as I ain't one of them.
Why would you say that? I'm poor. =( But I can make with $100 what those "rich guys" make with $1000 (paid to the poor guys to make it for them.) lol
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Old 09-02-2007, 11:32 AM   #91
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well that's why if you want a guaranteed (at least over time) moneymaker property, you've got to buy it where there's no room to build more and lots of rich people want to live.
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Old 09-02-2007, 12:38 PM   #92
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Being in the mortgage biz for a few years now, I still don't understand the need for people to pay off their house even to the detriment of their current financial stability.

I see this scenario all the time:

Age - 60+ yo
Job - Retired
Mortgage - 30 year (or even 15 year) fixed principal + interest loan
Assets - very little to none
Equity - **** loads

I can't tell you how many people I talk to every week with the above situation that has to start working part time or even full time so they can pay their house payments, but refuse to take as much money out of their house to live on.

WTF is so important about paying off your house???

I talked to a guy in his late 60's who recently bought a $250,000 house and put down $180,000 and depleted his life savings. Now his FICO is in the 400s because he couldn't pay his monthly bills and there's no ******* way he can get that money out of his house by refinancing. He recently started working PT at an Ace Hardware to make ends meet.

And WTF advised him to put down ALL of his savings on this purchase???
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Old 09-02-2007, 01:26 PM   #93
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******* student loans are KILLING my FICO
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Old 09-02-2007, 02:05 PM   #94
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well that's why if you want a guaranteed (at least over time) moneymaker property, you've got to buy it where there's no room to build more and lots of rich people want to live.
Sounds alot like Vancouver.

It's pretty fucked up when developers are ripping up parking lots and just about every usable space they can find just to build condos,appartments and houses.
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Old 09-02-2007, 03:05 PM   #95
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here all the new construction is keeping prices down, no one wants a used home when a new is the same price. everywhere you ******* look open fields are being plowed under and houses built, for no ******* reason.
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Old 09-02-2007, 03:30 PM   #96
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here all the new construction is keeping prices down, no one wants a used home when a new is the same price. everywhere you ******* look open fields are being plowed under and houses built, for no ******* reason.

Sounds like what the area I grew up in was like, until they ran out of area around there, now my parents house is worth double what they paid for and raising.

BTW Phillip where in CO do you live? From about end of 03 to middle of 05 I was living out in Denver. Based on what your saying your not in Denver, I heard that the neighboring cities are growing like wildfire out there.
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Old 09-02-2007, 03:30 PM   #97
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The trick is having it all paid for before you are 60+ I agree that guy was stupid to open 250K in debt at age 60, but if he already had the house paid for and he lived another 40-50 years. Not having a mortage would be a nice +. In his case a 50-80K $ house would probably have worked just fine and he could have lived comfortably as long as he liked. I dont know if i could ever stomach knowing someone could just come in a take my stuff if i didn't pay them a monthly fee **** that. It is either mine 100000% or i don't need it yet. Alot of people aren't as patient as i am though.
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Old 09-02-2007, 03:37 PM   #98
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Originally Posted by wildfire0310 View Post
Sounds like what the area I grew up in was like, until they ran out of area around there, now my parents house is worth double what they paid for and raising.

BTW Phillip where in CO do you live? From about end of 03 to middle of 05 I was living out in Denver. Based on what your saying your not in Denver, I heard that the neighboring cities are growing like wildfire out there.
castle rock, home of the worlds best fried chicken, according to lola.

if I haven't made it clear, I ******* hate CO.
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Old 09-02-2007, 03:46 PM   #99
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Originally Posted by magnamx-5 View Post
The trick is having it all paid for before you are 60+ I agree that guy was stupid to open 250K in debt at age 60, but if he already had the house paid for and he lived another 40-50 years. Not having a mortage would be a nice +. In his case a 50-80K $ house would probably have worked just fine and he could have lived comfortably as long as he liked. I dont know if i could ever stomach knowing someone could just come in a take my stuff if i didn't pay them a monthly fee **** that. It is either mine 100000% or i don't need it yet. Alot of people aren't as patient as i am though.
Mag - you don't get it.

Why would you want to pay off the house or put that much money into a house? So you can brag that you have equity in the house???

The old man in my example had ZERO reserves left. Imagine what he could have done with that $180,000 still sitting in an investment account? He could have paid his mortgage automatically and not have to work.

In the end, at his age, he could foreclose on his house and still be renting a place WITH all his money in his pocket.

The money you put INTO a house is very difficult to get back out and is very costly to do so. If you keep the money in your pocket, you ALWAYS have the option of putting INTO the house.

The bottom line is, money in hand is much better than money in a non-liquid asset(?) like your house.
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Old 09-02-2007, 03:48 PM   #100
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Quote:
Originally Posted by Philip View Post
******* student loans are KILLING my FICO
As long as you have no need to refinance or buy a car, your FICO score is irrelevant (for the most part).
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