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

[bigbangtheory 5,000+ posts]

WTF, my wife makes around 19 dollars an hour and I make around 15 and I have more money than 50k in the bank from a previous house I had and fixed up and made a nice profit off it.

I would never even think about buying a house for almost 300k and then to sell it in a few years................I do have kids though, which is expensive. Even still I wouldn't because 100k would by a very nice house around here.

Where the hell is this, smack dab in San Diego or something?

 

[Banana Balls 5,000+ posts]

WTF, my wife makes around 19 dollars an hour and I make around 15 and I have more money than 50k in the bank from a previous house I had and fixed up and made a nice profit off it.

I would never even think about buying a house for almost 300k and then to sell it in a few years................I do have kids though, which is expensive. Even still I wouldn't because 100k would by a very nice house around here.

Where the hell is this, smack dab in San Diego or something?

Houses in San Diego don't sell for 300K. Apartments do.

 

[bigbangtheory 5,000+ posts]

True.

 

[Flipx99 5,000+ posts]

Houses in San Diego don't sell for 300K. Apartments do.

It doesn't matter what houses sell for...that is a moot point. What matters is whether or not OP's friend can afford it.

 

[Tiger Bass 5,000+ posts]

why would renting be stupid in their case?

They want to live there for about 5 years. In that amount of time, it would probably be more worthwhile to buy a smaller, cheaper house. Live in it, fix it up, and sell it...probably getting their whole investment back, if not more, while saving money the whole time.

Renting is throwing cash down the drain. In some circumstances, of course it's more optimal this way, such as being a college student or in a much smaller transition time between where they are now and getting a house they want.

AND buying to own is much cheaper than renting at this point in time in the economy, allowing them to save more.

 

[Chevillac 5,000+ posts]

They want to live there for about 5 years. In that amount of time, it would probably be more worthwhile to buy a smaller, cheaper house. Live in it, fix it up, and sell it...probably getting their whole investment back, if not more, while having saving money the whole time.
Renting is throwing cash down the drain. In some circumstances, of course it's more optimal this way, such as being a college student or in a much smaller transition time between where they are now and getting a house they want.

right, plans dont always work out. I would not buy a house with my gf, fiance....maybe. MAYBE. THey havent lived together before and are going to be struggling. recipe for disaster. At least if they rented, they wouldnt lose much. With a house and house full of shit, breaking up would be a mess.

 

[Tiger Bass 5,000+ posts]

right, plans dont always work out. I would not buy a house with my gf, fiance....maybe. MAYBE. THey havent lived together before and are going to be struggling. recipe for disaster. At least if they rented, they wouldnt lose much. With a house and house full of shit, breaking up would be a mess.

Girlfriend...yeah, bad idea. I didn't pay attention to all the details. Merely the economic ones.

 

[WillyG4444 10+ year member]

They won the bid.... but grew some brain cells and decided they weren't in the position to purchase the house.... //content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif

 

[Banana Balls 5,000+ posts]

They won the bid.... but grew some brain cells and decided they weren't in the position to purchase the house.... //content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif

So they defaulted on a winning bid at an auction?

Yea do0d, your friends are retards.

 

[Flipx99 5,000+ posts]

So they defaulted on a winning bid at an auction?
Yea do0d, your friends are retards.

No they aren't. I think this was actually the best move they have made. Sure they made an error, but realized that error and walked away. It may cost them a bit now, but later on it would be much worse.

 

[Banana Balls 5,000+ posts]

No they aren't. I think this was actually the best move they have made. Sure they made an error, but realized that error and walked away. It may cost them a bit now, but later on it would be much worse.

Bailing on an auction when you are the winning bidder is retarded. Bidding on something you can't afford is retarded. Not following through and ruining their lives was smart.

Retarded points = 2

Smart points = 1

Overall, retarded by at least 1.

 

[IamDeMan 5,000+ posts]

Bailing on an auction when you are the winning bidder is retarded. Bidding on something you can't afford is retarded. Not following through and ruining their lives was smart.
Retarded points = 2

Smart points = 1

Overall, retarded by at least 1.

Your math is undeniable.

 

[Banana Balls 5,000+ posts]

Your math is undeniable.

Math > MS Paint

 

[Flipx99 5,000+ posts]

Bailing on an auction when you are the winning bidder is retarded. Bidding on something you can't afford is retarded. Not following through and ruining their lives was smart.
Retarded points = 2

Smart points = 1

Overall, retarded by at least 1.

I give them credit for realizing a dumb move and walking away. Going through with the auction is about 4 retarded points.

Thus 6 retarded points > 1 retarted point.

 

[IamDeMan 5,000+ posts]

Math > MS Paint

Last time I checked.