To all you Americans who don't own a home

[Le Jacquelope]

Oh and sigh, the rise in housing prices does not necessarily mean anything more than the fact that the landed gentry is flipping houses, buying and selling, and sometimes speculating. We have a lot of house-flipping real estate investing in California. Drives up real estate prices like mad.

BTW when the courts are done I'll have enough money from the major part of my mother's inheritance to swing a condo myself. Either a duplex or a triplex. I could do 25-50% down on it, live in one area, and have 1 or 2 other units rented out (this would pay the mortgage right out, plus leave a lot left over to save for landlord property repair money). Plus I'd have enough interest per year to pay the land taxes. So I may very well own a place of my own in a year's time.

 

[Le Jacquelope]

No, K9. I'm quite active aggressive. I'm not sneaking off to say anything behind someone's back, or any of the other behaviors you'd like to erroneously call passive aggressive.

That is, unless we've now added a new definition.

Ah, the power of newspeak.....

 

[Fawkin'Injun]

That was a good read, several good laughs.

I take back what I said in the other thread LT. Not everyone should buy a home. You definately should not because you are not responsible enough and that is evidenced in how sure you are that you would be turned down by a bank when you have spotless credit. That's not how the world works in Missourah and KANSAS...

 

[kobalt.9]

No, K9. I'm quite active aggressive. I'm not sneaking off to say anything behind someone's back, or any of the other behaviors you'd like to erroneously call passive aggressive.

That is, unless we've now added a new definition.

Ah, the power of newspeak.....

Am I getting Orwellian on your ass LT? I didn't mean to. I like you really.

 

[Ishmael]

I'm pointing out the utter absurdity of a remark made by Miles and Ishmael in another thread.

They hung themselves royally when they insinuated that only an idiot and a financial moron could not manage to own a home.

In fact, to drive the point home in the most mean spirited way, I cut and pasted their own words and used it instead of throwing my own "spin" into it.

The point? There are as many Americans who do not own land as do, and that's because they don't have, among many other things, that 10% (er, now 25%) down payment money laying around. In other words, I'm exploiting Ishmael and Miles' inability to admit they're wrong.

I can't speak for miles but I, for one, am still waiting for this exploitation to begin.

California has it's own problems, mostly of Californians own making. But that too is mostly local in nature.

It is possible to purchase a home with 0% down. Did you know that? Or as little as 5%. Don't have the down payment? Try saving a little. Just a matter of self discipline.

It may come as a surprise to you but there are many americans that have choosen not to buy a home. They have a different game plan as far as their investment planning.

Ishmael

 

[Fawkin'Injun]

Are you talking about the guy who lives under the I-70 underpass?

 

[Ishmael]

Are you talking about the guy who lives under the I-70 underpass?

Yup, that's him. The one with $2 mil in the bond market.

Ishmael

 

[estevie]

It is possible to purchase a home with 0% down. Did you know that? Or as little as 5%. Don't have the down payment? Try saving a little. Just a matter of self discipline.



Ishmael

We borrowed more than what we paid for the house. We actually got $800 back at closing.

And our credit is shit.

 

[MWG]

We borrowed more than what we paid for the house. We actually got $800 back at closing.

And our credit is shit.

How the HELL did you do that, and can I have the realtor's card?

 

[Fawkin'Injun]

You know, I knew a millionaire in the Marine Corps. He was a enlisted officer, gawd, I've forgotten the term, CWO?, gunner?, at any rate he spent his whole life on base and invested over half of every single paycheck for his entire adult life, the guy was like 60, and he'd go to Florida every weekend or so to check on his hotels. He always told us the Marine Corps gave us everything we needed all else was a waste. I learned a lot from him. Too bad I didn't apply it earlier, but we never do, do we?

 

[Fawkin'Injun]

Hey, LT, I have a challenge for you. Just for shits and grins, hit a couple of banks and see what you can get pre-approved for. You'd be surprised...

 

[Le Jacquelope]

I can't speak for miles but I, for one, am still waiting for this exploitation to begin.

California has it's own problems, mostly of Californians own making. But that too is mostly local in nature.

It is possible to purchase a home with 0% down. Did you know that? Or as little as 5%. Don't have the down payment? Try saving a little. Just a matter of self discipline.

It may come as a surprise to you but there are many americans that have choosen not to buy a home. They have a different game plan as far as their investment planning.

Ishmael

I already factored into this the fact that many Americans have chosen not to own a home.

But the fact of the matter is there are many adults with hardly anything in savings - and certainly nothing near the $10-25K bare minimum needed to make that down payment. That's because so many people up to their neck in living expenses, and I'm talking about rent and utilities and health care - that does not include debts. People near or below the poverty line are right out, period. But as always you blindly condemn the poor as being stupid. Your conceited attitude is itself a primary undoing of Libertarianism.

One more thing: if that down payment was so easy to come up with, the poor would have no problem going to town at the mall with it.

If God came down right now and said "I want $10K from every adult, within a year." many people would get struck by lightning in 12 months. That's because there are way too many people who couldn't scrounge up $10,000 to save their lives.

On the flip side, Ishmael, all the poor people would be dead and you would have the economically pure America you dream of.

In short, only your blind ego prevents you from seeing just how far down your own remarks have sunk your cause.

That aside from the fact that anyone with brains would laugh at your "0% down" scam.

 

[Pookie]

Hey, LT, I have a challenge for you. Just for shits and grins, hit a couple of banks and see what you can get pre-approved for. You'd be surprised...

And have him videotape it too. He's good for that.

 

[JinXed]

You know, I knew a millionaire in the Marine Corps. He was a enlisted officer, gawd, I've forgotten the term, CWO?, gunner?, at any rate he spent his whole life on base and invested over half of every single paycheck for his entire adult life, the guy was like 60, and he'd go to Florida every weekend or so to check on his hotels. He always told us the Marine Corps gave us everything we needed all else was a waste. I learned a lot from him. Too bad I didn't apply it earlier, but we never do, do we?

I have a friend who did much the same thing.
He always lived on base, had his brother invest his military paychecks for him and gave himself a small allotment to spend per week.

So when he retired from the Navy he had more than enough money to by himself a ranch in Texas and make the necessary repairs to it, and afford some horse stock to start breeding.

 

[Ishmael]

You know, I knew a millionaire in the Marine Corps. He was a enlisted officer, gawd, I've forgotten the term, CWO?, gunner?, at any rate he spent his whole life on base and invested over half of every single paycheck for his entire adult life, the guy was like 60, and he'd go to Florida every weekend or so to check on his hotels. He always told us the Marine Corps gave us everything we needed all else was a waste. I learned a lot from him. Too bad I didn't apply it earlier, but we never do, do we?

I worked with a guy like that. He and his mother were in competition as to who could make more in the stock market. He lived off the dividends. No one ever knew about this until the payroll dept. called him in and chewed his ass out. It was year end and they couldn't get the payroll accounts to balance. No wonder, all of his paychecks were in his dresser. He never cashed the damn things.

Ishmael

 

[estevie]

How the HELL did you do that, and can I have the realtor's card?

A mortgage broker.

We had a land contract for 2 years. At the end of the first year problems arose and we needed a conventional mortgage or we would have lost the house. No bank would take the risk. My husband is self employed and I'm unemployed. Our credit sucks from past mistakes. We had done a lot of work to the house and didn't want to lose our investment. We contacted a mortgage broker.

We paid a pretty penny for him too. But he did what he promised to do. Get us a loan without any money out of our pocket. We had no money to give. It helped our cause that since we moved in we had increased the value of the house by $40,000.

If I can buy a house...anyone can.

 

[Pookie]

If God came down right now and said "I want $10K from every adult, within a year." many people would get struck by lightning in 12 months. That's because there are way too many people who couldn't scrounge up $10,000 to save their lives.

Why does it have to be within 12 months, LT?

 

[Ishmael]

Why does it have to be within 12 months, LT?

Why? Because he said so Pook's. The next hing you know that house will have to be in a certain city and a certain school district. He has a very "tunnel visioned" concept of reality.

Ishmael

 

[Le Jacquelope]

I have a friend who did much the same thing.
He always lived on base, had his brother invest his military paychecks for him and gave himself a small allotment to spend per week.

So when he retired from the Navy he had more than enough money to by himself a ranch in Texas and make the necessary repairs to it, and afford some horse stock to start breeding.

If I had that kind of opportunity to live rent-free I'd never need a brother to invest my money for me. I could invest it myself.

If I wasn't paying rent and if I wasn't paying outrageous medical insurance premiums, I'd have that 10% in 1-2 years' time. My rent is to the north of $600 for a one bedroom flat and my medical insurance is to the north of $400 a month because of pre-existing medical conditions.. plus back breaking copays and deductibles. Oh and auto insurance, although that's cheap because my driving record is as good as my credit. Oh yeah, and I'm saving up for college to get a new degree in a new field, too.

And before some rocket scientist tells me I shouldn't be spending money on rent, where the heck can I expect to live while I'm saving up?

Most Americans try to save - but most of us don't live rent-free on a military base with free bennies and military pay (which is still far to the north of Mickey D's). I believe the term for your friend's situation is "financial deus ex machina" in that s/he's getting a lot of stuff for free that is otherwise eating up one's potential savings.

BTW in Los Angeles I even forewent the car and got to know the bus/rail system. So THERE.

 

[Fawkin'Injun]

There are so many stories like that.

You know, most immigrants would laugh at LT because ALL they see is opportunity when contrasted with the backdrop of their prior lives.

 

[Le Jacquelope]

Why? Because he said so Pook's. The next hing you know that house will have to be in a certain city and a certain school district. He has a very "tunnel visioned" concept of reality.

Ishmael

WTF?
Having a house in a certain city has nothing to do with what I said regarding 12 months. I'd live in the sticks if I didn't care about the fact that in the sticks you have a haf hour's drive to the nearest hospital, post office, police station or grocery store. (Listed in decreasing order of priority.)

I said, many people could not scrounge together $10,000 in a year's time to save their lives. Especially those living under the poverty level. I don't suppose you know how many people that is.

 

[Fawkin'Injun]

What's so bad about the sticks?

I live in the sticks.

Good property values, great markup if you have a good eye for property...

 

[Ishmael]

There are so many stories like that.

You know, most immigrants would laugh at LT because ALL they see is opportunity when contrasted with the backdrop of their prior lives.

There are thousands of stories like that right here in Cent. FL.

Haitians, Dominicans, whatever. Combined incomes of $40K or so. Each individuals income barely about what is defined as "poverty" level. But they own their own home by God.

The Cubans that came to Miami in the 60's and 70's did much the same thing. The entire family worked to buy a home. Usually paid it off, free and clear title, within 5 -6 years. Then they'd buy a house for the eldest son and pay that off in even less time and so on. Different strategies, same results.

Ishmael

 

[Le Jacquelope]

There are so many stories like that.

You know, most immigrants would laugh at LT because ALL they see is opportunity when contrasted with the backdrop of their prior lives.

Your stories are about people getting things free clear which the rest of us have to pay through the nose for.

Living on base, you save rent and health care bills. For me that is $1000 a month right there. But my childhood and adulthood asthma would have killed me in basic training. And after that pneumonia incident fucked up my lung capacity even more in 2000, scaling a rope is next to impossible. I couldn't get in if I wanted to (and I did, back then).

Immigrants bunch up and live 10 to a house. 'nuff said there. If you can do that, then more power to you. Oh and plenty of immigrants come here and go right onto the welfare system while working illegally under the table (paying no taxes while collecting bennies). That's where they're getting a lot of their money.

 

[JinXed]

If I had that kind of opportunity to live rent-free I'd never need a brother to invest my money for me. I could invest it myself.

Yeah. I'm sure pesky lil wars and being deployed to other countries for duty kind of got in his way of being able to keep track of investments and such. Funny how that works.



I agree Fawker.



Owning a home is a fantastic investment into ones future and it is possible to do, if one works hard enough and keeps their eye out for wonderful deals on real estate.

I hope that within a few years I'll own another home again.