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LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
Name:
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Re: First home price drop in 11 years
Alrighty then...I will edit. Sorry for the duplicate.
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Posted 9/26/06 10:22 PM  |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First home price drop in 11 years
Posted by june262004
Posted by LittleBlueBug
Look, I'm just playing devils advocate here because I have been looking into real estate as of late in different areas. I am not saying that LI is not doable, but it is quite costly compared to some areas. Here is what I mean. The first house here is a house in Commack listed for $445,000. My parents live in the area and I know they pay over 10k in taxes. The second house is a listing in NC...which many NYers are flocking to. This house goes for the same price, yet taxes are approx 2-4k (depending on the area). The Commack house is 3 bedroom, 1 bath and is on .18 acres (could not find the sq ft). The NC house is 4 bedroom, 4.5 bath and is 3193 sq ft on .95 acres. You get more for your money in other areas is my point.
We've had this drama already... This is an entirely DIFFERENT POST 
hey, we agree on something!
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| Posted 9/26/06 10:22 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: First home price drop in 11 years
Posted by GuessWhosBack
Posted by skew
flame away but i have some advice. IO mortgage, invest equity at equal or higher interest rate, deduct some of the interest. BAM!!! how you like dem apples?
Unless you get the IO fixed for both the primary and secondary loans (HELOC), you will find a very hard time matching your investment compared to what you would save on a traditional loan.
Home Equities are running 8% or more in some cases. If you can guarantee an 8% return on your investments with no risk, then your welcome to come work for me. 
I will say though that money market accounts are yielding VERY high interest right now. I am getting 4.5% on my checking and over 5% on my savings. So maybe its possible.
primary and secondary loan?
IO mortgage is fixed.
not trying to start a debate but curious as to how one saves on a traditional loan as opposed to an IO
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| Posted 9/26/06 10:22 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: First home price drop in 11 years
is think it is BEYOND obvious that you get more for your money in other areas.
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| Posted 9/26/06 10:24 PM |
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GuessWhosBack
LIF Zygote
Member since 9/06 23 total posts
Name:
Eli
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Re: First home price drop in 11 years
Posted by june262004
Posted by LittleBlueBug
Look, I'm just playing devils advocate here because I have been looking into real estate as of late in different areas. I am not saying that LI is not doable, but it is quite costly compared to some areas. Here is what I mean. The first house here is a house in Commack listed for $445,000. My parents live in the area and I know they pay over 10k in taxes. The second house is a listing in NC...which many NYers are flocking to. This house goes for the same price, yet taxes are approx 2-4k (depending on the area). The Commack house is 3 bedroom, 1 bath and is on .18 acres (could not find the sq ft). The NC house is 4 bedroom, 4.5 bath and is 3193 sq ft on .95 acres. You get more for your money in other areas is my point.
We've had this drama already... This is an entirely DIFFERENT POST
By all means... feel free to open.
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| Posted 9/26/06 10:25 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: First home price drop in 11 years
Posted by GuessWhosBack
Posted by june262004
Posted by LittleBlueBug
Look, I'm just playing devils advocate here because I have been looking into real estate as of late in different areas. I am not saying that LI is not doable, but it is quite costly compared to some areas. Here is what I mean. The first house here is a house in Commack listed for $445,000. My parents live in the area and I know they pay over 10k in taxes. The second house is a listing in NC...which many NYers are flocking to. This house goes for the same price, yet taxes are approx 2-4k (depending on the area). The Commack house is 3 bedroom, 1 bath and is on .18 acres (could not find the sq ft). The NC house is 4 bedroom, 4.5 bath and is 3193 sq ft on .95 acres. You get more for your money in other areas is my point.
We've had this drama already... This is an entirely DIFFERENT POST
By all means... feel free to open.
IMAGE
OMG!
eta: and answer my questions DAMMIT
Message edited 9/26/2006 10:26:47 PM.
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| Posted 9/26/06 10:25 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: First home price drop in 11 years
THAT'S SCHOCKING!
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| Posted 9/26/06 10:28 PM |
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GuessWhosBack
LIF Zygote
Member since 9/06 23 total posts
Name:
Eli
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Re: First home price drop in 11 years
Posted by skew
OMG!
eta: and answer my questions DAMMIT
Tell you what. If I live to fight another day, i'll be more than happy to explain my reasoning behind it.
Or just do a search for IO or Interest Only and I am sure you can read plenty of my ramblings on the subject.
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| Posted 9/26/06 10:28 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: First home price drop in 11 years
Posted by GuessWhosBack
Posted by skew
OMG!
eta: and answer my questions DAMMIT
Tell you what. If I live to fight another day, i'll be more than happy to explain my reasoning behind it.
Or just do a search for IO or Interest Only and I am sure you can read plenty of my ramblings on the subject.
ok, can you answer me this though...primary seconday? assuming that the secondary is a HE loan right? don't have a HE, just straight IO fixed.
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| Posted 9/26/06 10:32 PM |
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GuessWhosBack
LIF Zygote
Member since 9/06 23 total posts
Name:
Eli
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Re: First home price drop in 11 years
Posted by skew
ok, can you answer me this though...primary seconday? assuming that the secondary is a HE loan right? don't have a HE, just straight IO fixed.
You can get IO in many different flavors. Fixed 80 / IO ARM 20. IO Fixed 80 / IO ARM 20. Fixed 80 / IO Fixed 20.
I was just making a generalization about IO. It can work for some. Usually doesn't work for most.
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| Posted 9/26/06 10:35 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: First home price drop in 11 years
Posted by GuessWhosBack
Posted by skew
ok, can you answer me this though...primary seconday? assuming that the secondary is a HE loan right? don't have a HE, just straight IO fixed.
You can get IO in many different flavors. Fixed 80 / IO ARM 20. IO Fixed 80 / IO ARM 20. Fixed 80 / IO Fixed 20.
I was just making a generalization about IO. It can work for some. Usually doesn't work for most.
don't know anything about all that 80 and 20 crap and since we have been down this road many times, let's just leave it at the IO's REALLY do work for some.
eta: now back to the orginal question at hand. hmm, what was that question anyway?
Message edited 9/26/2006 10:40:49 PM.
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| Posted 9/26/06 10:38 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First home price drop in 11 years
don't know anything about all that 80 and 20 crap and since we have been down this road many times, let's just leave it at the IO's REALLY does work for some.
Agree to Disagree!
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| Posted 9/26/06 10:41 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: First home price drop in 11 years
"im Ron Burgandy?"
Message edited 9/26/2006 10:44:18 PM.
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| Posted 9/26/06 10:42 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First home price drop in 11 years
Posted by june262004
"im on Ron Burgandy?"
we should all move to San Diego...
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| Posted 9/26/06 10:43 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: First home price drop in 11 years
Posted by Meaghan729
don't know anything about all that 80 and 20 crap and since we have been down this road many times, let's just leave it at the IO's REALLY does work for some.
Agree to Disagree!
IMAGE
i am confused, what are you disagreeing w/? and what is the truth?
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| Posted 9/26/06 10:44 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: First home price drop in 11 years
Posted by Meaghan729
Posted by june262004
"im on Ron Burgandy?"
we should all move to San Diego...
I just realized I screw up that line... I guess its time for 
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| Posted 9/26/06 10:44 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First home price drop in 11 years
its from Anchorman - he says "agree to disagree" when he is arguing about somethng -
trying to lighten up the mood a bit!
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| Posted 9/26/06 10:45 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First home price drop in 11 years
Posted by june262004
Posted by Meaghan729
Posted by june262004
"im on Ron Burgandy?"
we should all move to San Diego...
I just realized I screw up that line... I guess its time for
dont worry, i got it!
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| Posted 9/26/06 10:45 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: First home price drop in 11 years
Posted by Meaghan729
its from Anchorman - he says "agree to disagree" when he is arguing about somethng -
trying to lighten up the mood a bit!
i understand the phrase just confused as to why you quoted me and added that along w/ "it's the truth".
eta: we can most certainly agree to disagree (no ill feelings), just saying that IO's and careful planning REALLY do work for some.
Message edited 9/26/2006 10:49:04 PM.
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| Posted 9/26/06 10:47 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First home price drop in 11 years
Posted by skew
Posted by Meaghan729
its from Anchorman - he says "agree to disagree" when he is arguing about somethng -
trying to lighten up the mood a bit!
i understand the phrase just confused as to why you quoted me and added that along w/ "it's the truth".
it has nothing to do with you saying anything -it was the best pic i could find!
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| Posted 9/26/06 10:48 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: First home price drop in 11 years
Posted by Meaghan729
Posted by skew
Posted by Meaghan729
its from Anchorman - he says "agree to disagree" when he is arguing about somethng -
trying to lighten up the mood a bit!
i understand the phrase just confused as to why you quoted me and added that along w/ "it's the truth".
it has nothing to do with you saying anything -it was the best pic i could find!
you are too quick on the response time. i have to lay of the ETA's.
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| Posted 9/26/06 10:49 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First home price drop in 11 years
lol sorry - thats what typing all damn day will do to you.
yes and we can agree to disagree on that
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| Posted 9/26/06 10:50 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: First home price drop in 11 years
Posted by Meaghan729
lol sorry - thats what typing all damn day will do to you.
yes and we can agree to disagree on that
what exactly ARE we agreeing to diasgree on anyway? i totally lost sight of the orginal debate. or maybe THIS is the debate.
Message edited 9/26/2006 10:54:30 PM.
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| Posted 9/26/06 10:53 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First home price drop in 11 years
Posted by skew
Posted by Meaghan729
lol sorry - thats what typing all damn day will do to you.
yes and we can agree to disagree on that
what exactly ARE we agreeing to diasgree on anyway? i totally lost sight of the orginal debate. or maybe THIS is the debate.
we've all lost it! its time for
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| Posted 9/26/06 10:54 PM |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: First home price drop in 11 years
I just wanted to throw in here that DH and I bought our house last year, put down 15% on a $300,000 house and make about 80K between us. We are having no problems paying our mortgage - we aren't going out to dinner every night either- and don't see any problems in the forseeable future. We do have a 30 year fixed and we did make some sacrifices - we bought in the town of Brookhaven for lower taxes and we bought a small ranch. But we haven't had to put any serious money into the house, at some point I would like a new kitchen, but I have years to worry about it.
I personally think that LI'ers in particular want a lot for their money, probably because we are paying a lot to start with. But it seems to me, everyone wants a totally perfect house right away. I believe you are in your house for a few years and you should fix it as you go along. And if you are thinking about moving out of state, make sure you get transferred with your NY job, cuz if you go somewhere else you will pay less for your house, but you are going to make a lot less also...just my two cents
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| Posted 9/27/06 12:21 AM |
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