Crunk Times, My friend.....Crunk Times

[Chevillac 5,000+ posts]

It does help but why pay off early when you make money on the money you borrowed?
That is very true. IMO its rarely worth it to buy a house for less than 5 years unless you have lots of capital and are just trying to flip it and make a few bucks.

If you plan on living there and know you are going to keep the house regardless if you move or not, why not live in it and not pay interest on it, if its reasonable enough for your income.

 

[mokedaddy 5,000+ posts]

You don't get to see those in advance though. I would never do that. Walking into a house blind is just retarded IMO.

Yeah you can. They are published 4 weeks before the sale. It may be a little difficult to go through the whole thing and have it inspected which I am sure is what you probably mean, but if the price is right it can definitely be worth it.

 

[mokedaddy 5,000+ posts]

If you plan on living there and know you are going to keep the house regardless if you move or not, why not live in it and not pay interest on it, if its reasonable enough for your income.

Because you are borrowing at say 6%. You can invest at even a modest 10%. Bam free 4%.

 

[Chevillac 5,000+ posts]

You don't get to see those in advance though. I would never do that. Walking into a house blind is just retarded IMO.

This reminded me, flip check out HUD in your area.

I accidentally stumbled across one. Apparently is isn't really even negotiating with the bank like you would if it was bank owned. It is more along the lines of you bid, and the bank says yes or now on their own daymn schedule or something.

//content.invisioncic.com/y282845/emoticons/word.gif.64b12e39f936af3b4fff38a1c0bd0244.gif I only talk to one realtor and one broker about it, and decided it wasnt for me, so I dont remember all the details of it.

 

[Chevillac 5,000+ posts]

Because you are borrowing at say 6%. You can invest at even a modest 10%. Bam free 4%.

your posts are so vague its ridiculous. the fuck are you talking about.

 

[mokedaddy 5,000+ posts]

Inspected too. You'd have to have an inspector on a short leash to pull that off.
EDIT: How is the inspector going to get inside?

Anything is possible if you know the right people.

But like I said for the average person you cant get it inspected but can still be worth it if you get it cheap enough. I have worked foreclosures for years and many people make money, but again it takes capital.

But the average person can get good enough deals especially being a first time home buyer from Fannie Mae and HUD that is wouldnt be worth it for the general public.

 

[mokedaddy 5,000+ posts]

your posts are so vague its ridiculous. the fuck are you talking about.

You have a 30 year mortgage at 6%. Your payment is 1000. You set aside 1500 to pay on your mortgage. Instead of paying $1500 towards your mortgage, you pay the 1000 and invest the 500 monthly. You only have to average 7% return on your investment to make money which is pretty easy to do. You will make more money in the long run.

Does that make sense?

 

[Chevillac 5,000+ posts]

Ok, see I thouht about it for a second, I think youre thinking of it from a business point of view, and im lookin at it as just a normal person buyin a home, nothing else.

edit: exactly what i thought with your last post, answer below

You have a 30 year mortgage at 6%. Your payment is 1000. You set aside 1500 to pay on your mortgage. Instead of paying $1500 towards your mortgage, you pay the 1000 and invest the 500 monthly. You only have to average 7% return on your investment to make money which is pretty easy to do. You will make more money in the long run.
Does that make sense?

This all depends on one word. IF. If that person wants to do this. IF that person can do it. And depends on what they get into. Flip, probly could, but it isnt just his money either, at least I dont think. I dont remember what he last said about him and his gf goin in together or just him.

 

[mokedaddy 5,000+ posts]

Ok, see I thouht about it for a second, I think youre thinking of it from a business point of view, and im lookin at it as just a normal person buyin a home, nothing else.

That is from a personal finance point of view. And the average public does not think like that but its a great way to set aside retirement.

 

[Chevillac 5,000+ posts]

That is from a personal finance point of view. And the average public does not think like that but its a great way to set aside retirement.

Exactly what I was getting at, the average person doesnt think like that. I think the average person would either A) pay it off or B) put it in some form of savings account or long term CD or money market.

 

[mokedaddy 5,000+ posts]

http://www.fanniemae.com/index.jhtml

http://www.hud.gov/

Also check with your state for first time buyers incentives.