dgmodel Posted May 24 Report Share Posted May 24 no point... we're shutting down the studio... Quote Link to comment Share on other sites More sharing options...
nomembername Posted May 24 Report Share Posted May 24 26 living with my mother with not a penny saved due to the fact that I've spent it all on booze and whores...oh and all my credit cards are maxed outGLLLLLLLLLLLOOOOOOOOOORRRRRRRRRYYYYYYYYY DAYSSSSSSSSSSSSS!!!!! Quote Link to comment Share on other sites More sharing options...
msoprano Posted May 24 Report Share Posted May 24 No I don't, but you do get to write off a % of your maintenance, and you get to write off interest paid on your mortgage.not to mention real estate and property taxes.and to be really smart if you have to make home improvements on your home or anytthing for that matter you can take a home equity loan and write off the interest on that as well. Quote Link to comment Share on other sites More sharing options...
ghhhhhost Posted May 24 Report Share Posted May 24 Relax, everyone, you're getting too emotional. The weather's nice, long weekend's coming, JP will be at the Mixx... Do relax!So:1. Unless the real estate bubble bursts, every penny that you put into mortgage does come back to you. But what you paid for maintenance does not. Neither does mortgage interest. Neither do real estate taxes. I don't think anybody here wants to take out a fucking calculator and do the benefit analysis of tax deductions, do you?2. When your monthly rent is $1000 less than your mortgage, interest, maintenance and real estate taxes, you can take that $1000 and invest it. How much do housing prices increase annually on average, 3%? On average S&P 500 gives you 8% a year. Even T-bills give you 4.5% right now, and the historical average is 6%.3. When you're in the last year of your MBA programs, Law Schools, Medical Schools and PhD pursuits - try taking the Spring Break week and going to Cancun. And be sure to take lots of pictures at the end of ur lease...and after all that "disposable income" is spent..what do u have ? nothing..a wholllllle lotta nothing Quote Link to comment Share on other sites More sharing options...
ghhhhhost Posted May 24 Report Share Posted May 24 26 living with my mother with not a penny saved due to the fact that I've spent it all on booze and whores...oh and all my credit cards are maxed outGLLLLLLLLLLLOOOOOOOOOORRRRRRRRRYYYYYYYYY DAYSSSSSSSSSSSSS!!!!! a quarter tank of gas..in my new E-Class...cant pay my rent...cause all my moneys spent...but i stay fly-i--i-i-iiiiiiiii...got everything in my momma's name..but i stay flyyyyyyyyyyyy Quote Link to comment Share on other sites More sharing options...
dgmodel Posted May 24 Report Share Posted May 24 TWIXTERS~! Quote Link to comment Share on other sites More sharing options...
maxpetersky Posted May 24 Report Share Posted May 24 What more can I say... Real estate bubble? Remind you of internet stock hysteria? Home equity loans = overcollateralization that results in foreclosures? Blown up prices thanks to interest-only mortgages? Neeehhh!Good luck to all of you, real estate tycoons; future Donald Trumps Quote Link to comment Share on other sites More sharing options...
9mile Posted May 24 Report Share Posted May 24 riiiight max, Real Estate is nowhere near the bubble that the internet was, there is still physical tangible property here with value, which there was none of during the tech bubble.The problem the united states has is that we have built an economy on selling each other houses with money borrowed from the chinese. thats where we hit a speed bump.You are overgeneralizing a very deep and comlex topic there max. Quote Link to comment Share on other sites More sharing options...
eddie3 Posted May 24 Report Share Posted May 24 3%? have you been in la la land the last 5 years? I'll give you it's not the average, but come on...I've had my place for 10 months, it's gone up 11% in value.what county are you in? Quote Link to comment Share on other sites More sharing options...
Guest onisakura Posted May 25 Report Share Posted May 25 riiiight max, Real Estate is nowhere near the bubble that the internet was, there is still physical tangible property here with value, which there was none of during the tech bubble.The problem the united states has is that we have built an economy on selling each other houses with money borrowed from the chinese. thats where we hit a speed bump.You are overgeneralizing a very deep and comlex topic there max.This is true. Only certain areas are really hurting from any kind of real estate backlash but even then, its more of a stagnation than any loss of value. Real estate is the one market that will never lose value in the long term other than in very few instances. And even in a few years when all those interest only/5 year arms mature and evreyone will have to either sell their ass or lose to the bank, the market will right itself again in no time.There is NO way you can compare the real estate to the tech market in any way. Its apples and oranges. 9inch is correct on that one. Quote Link to comment Share on other sites More sharing options...
dgmodel Posted May 25 Report Share Posted May 25 This is true. Only certain areas are really hurting from any kind of real estate backlash but even then, its more of a stagnation than any loss of value. Real estate is the one market that will never lose value in the long term other than in very few instances. And even in a few years when all those interest only/5 year arms mature and evreyone will have to either sell their ass or lose to the bank, the market will right itself again in no time.There is NO way you can compare the real estate to the tech market in any way. Its apples and oranges. 9inch is correct on that one.real estate is an investment, all investments carry risk... the greater the risk the greater the reward... im sure most of you would agree with me on this... when buying are re you have to ask yourself "what am i risking? how do i calculate risk? what are the factors that determine my risk" if you cant answer that, dont buy a single sq. ft until you can... now for those that say re never declined in value... there are certain periods in past history where re has taken a dip and or a dive... in the eighties japan had a booming re market, the entire archipelago of japan, (about the same size as california) was estimated at being worth more than the entire US at one point in the eighties... (if you recall, japanese investors were buying most of nyc and la) economic conditions helped knock them off their tops, with a crash in their equity markets following an almost immiediate crash in their real estate markets virutally capitulating to nothingness... intrest rates reaching .005% and investor sentiment even lower... this wasnt/isnt an isolated incident; L.A. in the late eighties, bronx before regean, harlem before clinton/nyu, tribeca after 911, N'awlins after katrina... youre investment and unrealised profit it has accrued is only as good as its liquidity at the time you try to realise a gain... my question to the re gurus here, is WHY has re increased in value so much? i mean its the same old bldgs they were ten years ago, but over the past five years theyve increased in value by a quarter, half or double their their value... why? because rates have gone so low? if that being said then when rates go up would they decrease in the same fashion theyve increased??? (also what about white flight and gentrification??? these are old and new factors which effect re values as well... along with rates and perception) when buying re there maybe only two aspects to consider... rates and purchase price. If new in the market; its better to buy low with high rates... rates drop and you can refi... your purchase price is fixed not much you can do about that...lastly i am not an re expert, im not even a prof. in that field. these are just my thoughts opinions on the matter... if youre buying and holding for a long period of time, then good for you its the american way/dream. if youre looking to get rich over night daytrading re... pyramiding re left and right... you have to realise this is adult swim time and you may be in over your head...if i were to make a predicition, id say in the upcoming years youd see a decline in value in nyc/ny, nj, ca, mi, ct, nh, and ma. lets revisit this thread then... if im wrong, ill apologise if im right... you owe me a drink. Quote Link to comment Share on other sites More sharing options...
Guest onisakura Posted May 25 Report Share Posted May 25 Well being that im not as famliar with the new york market as i am with florida, i'll give you this as food for thought.In Florida, the market roseat a steady rate till about 5-7 years ago when the rates were at their lowest. This is where my theory comes in - it started with the appraisers, particularly in Miami-Dade county (the shadiest). Borrowers refinancing and sellers alike want the highest appraised value, borrowers to get a higher loan to value ratio, sellers to ask a comparable sales price. Another factor was that there were a lot of buyers including foreign ones willing to pay full price for properties. Then come the investors that will buy anything, slap some paint on it then flip for an obscene profit just to satisfy the demand. In the past 3-4 years there has been a boom of new condominium developments as areas become more and more populated and affordable SF residences start to become a little more scarce. Its a great opportunity for investors, 10% deposit on the preconstruction price with a practically guaranteed 25% increase in value before its even completed due to demand. Before the CO is issued, the property has already been sold. South Florida has grown to a point that there are barely enough roads, water, schools, and other resources to supply the demand....so now the west coast is the new destination. The worst part about it is that the only real industry in SoFla is real estate, so it has been saturated with real estate brokers, mortgage companies, title companies, RE law firm and such. The sad part is that even though the property values have gone up, unless you own one of these companies, the average salary has not risen at all. Pretty soon the people that are neccessary to a town/city (teachers, police, firemen, nurses) will not be able to afford to live there. I had friends that were getting married and buying $300K+ houses because there just was no other way to live unless you took that route.And one thing that is an advantage here in NYC, is the option to rent. Ideally its not the best investment but when your average salary is $25-30K a year, what other option do you really have? In SoFla, the rental structure is totally different. Co-ops are extremely rare, there is no such thing as rent stabilized buildings, and the few rental communities that there were have become condo conversions (an apt that used to rent for $875/mo is now selling for over $200K).I dont believe that FL will ever lose value, but when i left it was certainly leveling off. Quote Link to comment Share on other sites More sharing options...
dgmodel Posted May 25 Report Share Posted May 25 what happens when theres a greater supply of property with less demand? condo's, coops, apts, popping up everywhere... whats the catalyst to drive ppl to each one? whats the reason for choosing one over the other? wheres the value added services, and incentives??? "Looking to Florida's existing condominium market, sales of existing condos also decreased during the quarter, with a total of 15,386 condos sold statewide compared to 19,657 in first quarter 2005 for a 22 percent decline, according to FAR. "Even better why one of those if one could get a single family dwelling, double, triple etc... that being said "Statewide sales of single-family existing homes totaled 45,864 during the three-month period, a decrease of 20 percent compared to 57,532 homes sold during the same quarter a year ago, Statewide sales of single-family existing homes totaled 45,864 during the three-month period, a decrease of 20 percent compared to 57,532 homes sold during the same quarter a year ago" how about some figures from the left coast???foreclosures up? how about highest ever in two years???http://www.dqnews.com/RRFor0506.shtmi hope im not coming off as some sort of RE curmudgeon, or a harbinger of bad news however this is something i believe in... by all means am i not trying to sway ppl from buying RE, buy buy buy... but buy if its within your means, (just b/c you get approved for a loan doesnt mean you can afford it), buy for the long term, buy in good areas with strong communities, and look for the long term. if you think youre going to buy something tonight for x and selling it for double x tomorrow morning good luck. http://www.census.gov/briefrm/esbr/www/esbr020.html Quote Link to comment Share on other sites More sharing options...
Guest gabo Posted May 25 Report Share Posted May 25 ugh wtf! how boring is this thread!!!! Quote Link to comment Share on other sites More sharing options...
dgmodel Posted May 25 Report Share Posted May 25 about 42. Quote Link to comment Share on other sites More sharing options...
Guest gabo Posted May 25 Report Share Posted May 25 42 ehh? yea thats about right. Quote Link to comment Share on other sites More sharing options...
dgmodel Posted May 25 Report Share Posted May 25 an increase from how boring it was on page one... Quote Link to comment Share on other sites More sharing options...
Guest onisakura Posted May 25 Report Share Posted May 25 Marko you are very right. A subject that i didnt touch on was like you said, how people believe that just because they are approved for a loan that doesn't mean they can realistically afford it. I remember seeing 1003's (loan applications) come across my desk for people with comibined household incomes of $60K/yr approved for a $300K loan. In all honesty, how the hell does that make sense? We call it "creative lending". Fudged income verifications, gift letters, family depositing $XX.XX in accts just to get approved. Mortgage brokers will try ANY angle to get you approved and your loan closed. They dont care that in 3 months when you get your first payment coupon you might not be able to afford it.Oh and nice research. Im too lazy, im just pulling from personal knowledge so im not any good with figures. Quote Link to comment Share on other sites More sharing options...
Guest gabo Posted May 25 Report Share Posted May 25 wow. Quote Link to comment Share on other sites More sharing options...
Guest onisakura Posted May 25 Report Share Posted May 25 wow.A little over your head?Yeah i know, im a nerd. Sue me. Quote Link to comment Share on other sites More sharing options...
dgmodel Posted May 25 Report Share Posted May 25 Quote Link to comment Share on other sites More sharing options...
dgmodel Posted May 25 Report Share Posted May 25 But as of now im all about money, hoe's, and clothes!!thats because you prolly dont have any of the three... Quote Link to comment Share on other sites More sharing options...
splicer8 Posted May 25 Author Report Share Posted May 25 Hoes are good to make them pay for your clubbin and car.I wouldn't stick my noodle in a dirty hoe, anymore i rather beat my meatAfter 100 hoes you get tired of them.Get checked out by a doctor than feel good u are clean and move on. Quote Link to comment Share on other sites More sharing options...
jimk29 Posted May 25 Report Share Posted May 25 what county are you in?monmouth Quote Link to comment Share on other sites More sharing options...
ericknnj Posted May 25 Report Share Posted May 25 monmouthI will be trashing your county this weekend along with half of north jersey and staten Quote Link to comment Share on other sites More sharing options...
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