Tell me if my friends are idiots, or I'm the idiot?

[WillyG4444 10+ year member]

Yup^, and they don't want their *** friend on the internet asking if they are stupid for doing it.

This forum is really getting too ridiculous. I was asking to gain some knowledge and insight on the situation as I will be out of college very soon. So stfu, you have done nothing to further my knowledge. There are some people on here with some life experience that seem like they know what they are talking about so I thought I may get a few responses that could help me out in understanding this situation, because I will be faced with a similar one soon also. Why even post? I think you're the *** on the internet retard

 

[WillyG4444 10+ year member]

OP is the idiot, well, and the guy who is going to live with the girl... If she has all the capital, the house will have to (and should) go into her name. She will get all of the tax benefits, all the while the guy will be paying half of her mortgage, in other words, she is getting a lot of free money. Not to mention the housing market is in the tank right now, so they will be buying it for dirt cheap, and in a few years can sell it for some profit (hopefully...).
The girl is the real winner, the guy will be paying the girl for her investment, which she should make a good return on investment on.

renting is always throwing money down the hole. it is cheaper in the short term, but you never get that money back... you can save a few hundred a month by renting, but buying a house is pretty much like paying out a loan to someone else every month that you will eventually get back. not to mention the tax benefits of the mortgage.

i commend the girl, she will come out ahead of the guy, far ahead financially... it will build her credit and she will make money. its a win win.

Thanks for the input. I was raised with the idea that renting is better for short term when you don't have a steady job, so that's why I posted this thread. And yeah it's all in her name, she has a 780 credit score, the guy has a 645 lol

 

[dman4486 5,000+ posts]

This forum is really getting too ridiculous. I was asking to gain some knowledge and insight on the situation as I will be out of college very soon. So stfu, you have done nothing to further my knowledge. There are some people on here with some life experience that seem like they know what they are talking about so I thought I may get a few responses that could help me out in understanding this situation, because I will be faced with a similar one soon also. Why even post? I think you're the *** on the internet retard

I as well will be getting out soon.....and hope to be paying on a house within a few months...

my reasoning for not doing it now is that I don't have enough money to make the payments. A house would be at least double what I pay now:crap:

and you should work on the skin thickness it is a great interwebz *** repellent.

 

[Blazin_Jason 10+ year member]

My g/f and I are buying a house together and we aren't married. Marriage is for suckas!

 

[crunktimes.com 5,000+ posts]

My g/f and I are buying a house together and we aren't married. Marriage is for suckas!

lol when you find your GF cheating on you and are left to go through a messy process of getting rid of the house please come back and tell us 'sorry should have listened to you guys' //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

I know of about 10 other idiot couple who did this and only 1 of them is still married and two of them are still togeather and the other 7 all went through a messy process or dividing shit up. It's just as bad as a divroce would be IMO.

If I come home early one day and catch my little muffin ******* on some dudes **** and I am not married I want to be able to go to the closest U-Haul rent a truck and have that be the extent of the drama I have to go through to drop her.

 

[crunktimes.com 5,000+ posts]

As for OP your friends are idiots, it sounds like there is no possible way of them affording the actual hoe note on what they make so they are looking at riding it out on trust fund money which is probably the dumbest thing you can do.

 

[MAY03TBLT 10+ year member]

I don't understand why they wouldn't rent and save money

renting is always throwing money down the hole. it is cheaper in the short term, but you never get that money back... you can save a few hundred a month by renting, but buying a house is pretty much like paying out a loan to someone else every month that you will eventually get back. not to mention the tax benefits of the mortgage.

this

 

[Louisiana_CRX 5,000+ posts]

So, two of my friends, a couple, are both out of college (Fall '08 and Spring '08 graduated) and the girl has a bachelor's in psychology, while the guy has a bachelor's in web design. The girl is making 14/hr working at the front desk of a psych center working about 45 hours a week, and the guy is working with his father in construction making 10/hr AT BEST, working 30-40 hours a week depending on the business, paid under the books. They're both 23 years old.
The girl has a trust fund with a bunch of money, (Maybe 50k?) and they both don't have much savings, maybe about $3,000 in between the two max.

They applied for a loan for a house, and they were approved for a house up to $315,000. They just put a bid on a house selling for 290k, for 280k. The house looks kind of crappy, it is 2 bedroom, 1 bath, full basement, but the 2nd floor and the basement are not finished.

They want to move in together and are planning on staying in the house for 3-5 years. Is this a good investment? Especially, being that they will basically be living paycheck to paycheck, while relying on the girl's trust fund for any extra purchases, and to fix up the house?

I don't understand why they wouldn't rent and save money, but maybe my way of thinking is totally wrong in this situation? They think that it's better to buy than rent because they own the house. Well, I doubt the mortgage will be paid off in 5 years, so I don't understand the reasoning!

Oh yeah, and the house is not furnished at all, and they will need all new appliances.

I wouldn't call that a bunch //content.invisioncic.com/y282845/emoticons/fyi.gif.9f1f679348da7204ce960cfc74bca8e0.gif

 

[alvitae 10+ year member]

I know a couple that did this, Now that they are broken up it's a bitc*. And personally I wouldn't be buying a house right now anyway. Usually a slow market is a good time for bargains but this time it's not just a regular down turn.

 

[Chevillac 5,000+ posts]

leave them alone and let them do what they want to do . they probably just want a place that they can fuck each others brains out and not have to worry about others hearing them

you can do that in a car //content.invisioncic.com/y282845/emoticons/fyi.gif.9f1f679348da7204ce960cfc74bca8e0.gif

read my previous post.....the apartment is a complete waste of money....and a house will give you at least some of that money back

yeah unless one person is the owner, then the other person doesnt even get a deposit back.

Thanks for the input. I was raised with the idea that renting is better for short term when you don't have a steady job, so that's why I posted this thread. And yeah it's all in her name, she has a 780 credit score, the guy has a 645 lol

It all depends on your situation.

this

youre forgetting about the relationship.

someone else said it good. This is a lose/lose situation for the guy, should he go into this. If they make it(marriage/happily ever after), thats fine. But if not, he is fukked, then he will be looking for an apartment when he has no money and no financial support from his girl. oh well.

 

[IamDeMan 5,000+ posts]

I can't believe I forgot to answer your question in my first reply.

Yes, your friends are idiots. Yes you are an idiot.

 

[tyler_fitz 10+ year member]

considering the house isn't finished, and the guy works in construction, i assume he could finish the house under much of his own work. if the house is finished when they want to sell, it'd be **** near impossible not to make at least a few grand off it.

 

[hoss 5,000+ posts]

considering the house isn't finished, and the guy works in construction, i assume he could finish the house under much of his own work. if the house is finished when they want to sell, it'd be **** near impossible not to make at least a few grand off it.

I have looked into houses with this philosophy as well, but most people forget one crucial element... When you are living on a pretty tight budget, it still cost money to build, even if you are doing the work yourself...

Unless you have the capital beforehand (which it looks like the girl might have it, and it would be another wise investment on her part to spend it and let him do the work...), it is often times hard to pay for a mortgage and pay for the construction materials at the same time. Not to mention the fact that the guy would be doing this work for free, seeing as how she will be collecting the revenue on the house which includes his sweat equity. Another win for her, another lose for him.

 

[U n K n O w N ? 10+ year member]

280k for a 2 bedroom unfinished house? **** yeah they are stupid

 

[Dj Arr 10+ year member]

It might be a good decision to buy, but a much cheeper house. For the income they have, 290k is rediculous. That would be a total dumbass decision. I would rent cheep, and buy after they lean into their preferred career decision because of money and because jobs cause movement. Although a cheep house could easily be found at this time.

I say buy 100-125k for now, to get by.