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

[Chevillac 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.

hoss covers it. and thats a lot to pay for an unfinished house. Unless that the norm for the area. Thats just my opinion though. If im paying $300k for a house i dont want to have to do any work. Unless I WANT to change things, and that wouldnt be til after years of owning.

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.

//content.invisioncic.com/y282845/emoticons/word.gif.64b12e39f936af3b4fff38a1c0bd0244.gif people forget about material, and the time and help he will probly need.

and lose/lose/lose

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.

this. well, the buy cheap part.

 

[tigerf117 10+ year member]

I plan on buying a house myself this year, possibly next year. I only make $12/hr and don't see making much more for the next year. But the homes here in Lansing are going for $20k-150k on avg with LOTS of homes in the $40k-60k range that are nice. The housing market here has gone down. My payemtns with taxes, insurance, and mortgage on a fixed loan are going to be $450-600 a month for a 3/2 approx 1200 sq ft. In that case it makes more sense to buy. I cant even get a decent 3 bdrm apartment for $600. Those guys, I think they're making a terrible move. They should really wait and see what the market/banks do and what happens before they spend that kind of money on a house

Not enough income between the two of them to afford that kind of mortgage easily. You are smart for advising them not to buy it.

 

[IDSkoT 5,000+ posts]

Originally Posted by quins90lac leave them alone and let them do what they want to do . they probably just want a place that they can **** each others brains out and not have to worry about others hearing them

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

yes, which goes back to my first post

Man... I love when everyone leaves and it's just me and a lady friend.

The sounds would scare off an elephant.

And and to OP:

They are dumb.

Buying a house for 280K in this market, it better be HUUGE.

There's a house right off the water, in the middle of a really rich neighborhood, 3 bedroom, 2 bath, a pool, a dock, and they're selling it for $400K. Seems like it's worth a lot more than their house.

And fixing up a house with a full time job already, is such a pain. It's really tiring.

 

[Flipx99 5,000+ posts]

Are you not seeing the income stream? I make more money than both of them combined plus that stupid cunt's extra money...guess what...cannot afford a $200k home.

 

[Flipx99 5,000+ posts]

There is also utilities and property taxes, as well as repairs. Home ownership is definitely not cheap...there's always something to do or fix.

 

[Flipx99 5,000+ posts]

I think the guy is the big winner here if it goes in her name. They will do some dumb shit and lose the house. The guy doesn't lose much...the girl loses her life savings, bad credit etc. I would tell the guy to do it if he doesn't have his name on anything.

 

[Sleeklsc 5,000+ posts]

I lived with my ex for 2 years in a apt. I Regret it. I would have been alot happier living at home saving money. I ended up picking up the slack money wise. I had a large amount of savings and cd's that quickly went away(but not gone). I will never live with a bit ch again unless she's $$$$$ stable.

 

[Flipx99 5,000+ posts]

I still do not see how any of you can honestly think for a second that $50k in income can afford a $290k house.

Even if you put the full $50k down, they can't afford a $240k house

If they got second full time jobs, they could probably scrape by. I wouldn't sell them a house more than $120-$130k.

 

[Chevillac 5,000+ posts]

I think the guy is the big winner here if it goes in her name. They will do some dumb shit and lose the house. The guy doesn't lose much...the girl loses her life savings, bad credit etc. I would tell the guy to do it if he doesn't have his name on anything.

what if the operation is a success? The he isnt the big winner, she is.

oh and not everyone can be a baller like you flip......

 

[Dj Arr 10+ year member]

To comment before...

It's always nice to actually own the house, which buying cheep allows over a short period of time. I'm not saying sh****, but maybe a smaller house like mine. 127k 2 bed 1 bath with an acre. And it's decently nice. Almost paid off.

 

[Flipx99 5,000+ posts]

what if the operation is a success? The he isnt the big winner, she is.

oh and not everyone can be a baller like you flip......

The operation will fail without one their parents helping, them renting out a room, or something. The money just isn't there unless the girl is on track for some major pay raises.

 

[IDSkoT 5,000+ posts]

Are you not seeing the income stream? I make more money than both of them combined plus that stupid cunt's extra money...guess what...cannot afford a $200k home.

You're weird though.

Even when given enough money to buy superior goods, you resort to inferior ones...

Like Steak Vs. Ramen (even though Ramen is the shiz)

 

[Chevillac 5,000+ posts]

The operation will fail without one their parents helping, them renting out a room, or something. The money just isn't there unless the girl is on track for some major pay raises.

Thats why I said if, theres no way to know what outside factors will come into play.

 

[MrMckie 10+ year member]

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.

^exactly..

i mean from what it sounds like also, neither of them could afford the house buy themself

my rule on thumb if buying a house with someone is, to make sure either one of us can afford to make the payments if we guys split, one of us gets injured and can't work, or one of us loses a job.

and just because you get approved for a 300k loan DOES NOT mean you have to use all of it...That's why the economy pissed and shyt bed....//content.invisioncic.com/y282845/emoticons/crazy.gif.c13912c32de98515d3142759a824dae7.gif

 

[Eugenics 5,000+ posts]

A bachelors in psych is just about worthless if you plan to stay in the field. She should be thinking about a Masters, Ph.D, or Psy.D