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servnu151

servnu151

Moderator
#1
Apr 25, 2002
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San Bruno, Ca
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#1
Is it just me...or everyone amazed how people are fucking trippin with real estate now!

a fucking 900 sq ft home for 800+

thats fucking insane! Im tripping because i was on craigslist.org today and i clicked on real estate and was shocked to see people selling shacks for almost a million!

crazy! i feel sorry for people or families who buy those homes and in 6 months will lose it due to interest rates and shit!

crazy!
 
AC Transit

AC Transit

Sicc OG
#3
May 15, 2002
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#3
servnu151 said:
i feel sorry for people or families who buy those homes and in 6 months will lose it due to interest rates and shit!
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not an accurate statement - mortgages and interest rates are still affordable. What do you mean its due to the interest rates? do you think lenders give out money if they don't think you can pay it back? The banks want you paying it back - their business is lending out money, not collecting defaulted houses.
 
servnu151

servnu151

Moderator
#4
Apr 25, 2002
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San Bruno, Ca
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#4
yeah effing right......so you mean to tell me all the average bay area people can actually afford to pay for a 30 year loan interest and principal loan? FUCK NO...thats why loan agents try and sell dreams to the banks by getting interest only loans and have everyone go stated on they paper work! straight bullshit.............
 
AC Transit

AC Transit

Sicc OG
#5
May 15, 2002
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servnu151 said:
yeah effing right......so you mean to tell me all the average bay area people can actually afford to pay for a 30 year loan interest and principal loan? FUCK NO...thats why loan agents try and sell dreams to the banks by getting interest only loans and have everyone go stated on they paper work! straight bullshit.............
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another ignorant statement - why do you want a 30 year fixed loan? do you know that for the first roughly 15 years, the majority of the payment is towards the interest (aka the bank). So your average californian refinances around 5-6 years to use the appreciation of equity - so when you refi that 30 yr fixed, you really havent paid any principle off, yet you've been stuck with that high payment.

In addition, paying off principle in your home is pretty pointless. Your home appreciates based on market conditions, not cause you put money into it. So when you put that principle in, it makes no money for you. You would be better to get the interest only payment(only paying to finance the house, no principle so it keeps your monthlu payment down) and put the extra money in a savings account which would pay you at least 3-5% opposed to nothing. Yes you might argue that when the adjustment period ends, youre gonna pay a higher interest rate - but think about the appreciation of the property in that time. Even if its a slow market, the appreciation should offset any rise in interest rate.

The loans you're speaking about which are not for everyone are the neg-am loans.
 
servnu151

servnu151

Moderator
#6
Apr 25, 2002
3,517
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San Bruno, Ca
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#6
spoke like a true loan officer!

for one like me yes those interest loans are perfect because illflip it in 2 years! and go buy another....but how many people are like me or you? notice that its only us 2 touching this thread.....food for thought! and it all depends where you buy a house now adays because equity is not rising like alot of people thought! especially if they purchase a home over 700 then they have to spend about another 50 G's to make it up to date!

shit we can go back to back with this shit! its just funny to me because i know people who talked all this noise like it was a perfect situation..this and that....now they are asking me to introduce them to some people i know because they are heading down shit creek!

AMAZING
 
AC Transit

AC Transit

Sicc OG
#7
May 15, 2002
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#7
the fact is the 30 year fixed sucks. Go ask anyone you know who owns a property how much they bought it for and how much they owe now. I'll bet most of them owe more than what they bought it for. Everyone says they want to own their house free and clear, but they fact here they never will.

Real estate will keep rising, just not as fast as it has the last 5 years - still a good investment. Another thing...real estate on craigslist?????????
 
servnu151

servnu151

Moderator
#8
Apr 25, 2002
3,517
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San Bruno, Ca
www.myspace.com
#8
so if anyone had the opportunity to actually afford a 30 year fixed loan......they would be dumb? i know alot of people who purchased homes in the bay area and have gone with 30 year fixed and its perfect because they can afford it! reality is 90% of people can not afford a 30 year fixed with taxes and insurance included...and thats the truth!

yup craigslist.org has a real estate section where people post/list a property!

crazy!
 
M

MaddDogg

Sicc OG
#9
Apr 25, 2002
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#9
I think what servinu151 is tryin to say is SHIT IS EXPENSIVE AS FUCK!

I totally agree. Some dude wrote an op-ed in the chronicle and said bay area homes are "overinflated" because we have so many restrictions on building and envoirnmental laws that we cant build homes to keep up with demand which is probly true...but then used the wonderful example of Houston, Texas to show how things is done. Its cool you can buy a 3 bedroom home in middle of nowhere in the cuts of Houston for 150K but look at Houston Texas lol! No offense to Houston people but it is not nearly as beautiful as the bay.

We got a quality of life in the Bay that cant be matched anywhere and unfortunatley people our age are being squeezed by the cost of living...I wish the housing market would cool off like they say but it aint lookin like it at all! I lived in SD for quite a long time and was down there recently and that market has cooled off major! For Sale signs all over the place!

I dont know what else to say accept I agree with 151. I dont know what the solution is. We both grew up spending time in the peninsula, and its sad to see places like SB and Pacifica which are very middle class working people towns getting over run with people who drive up the price of a shack to 800,000 dollars!!!!!
 
BOMBSAC

BOMBSAC

Sicc OG
#11
Jul 4, 2002
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#11
interesting website that craig org...we are looking to buy this year, looked at a couple places but they were asking way too much like 360K for a major fixer uper with two small rooms.....im gonna look into some hud homes or something...
 
servnu151

servnu151

Moderator
#15
Apr 25, 2002
3,517
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San Bruno, Ca
www.myspace.com
#15
200k will get you something nice in the outskirts of arizona..........but thats the state everyone goes to the mall in the summer for FREE AIR CONDITIONING

WHo WANTS THAT!

I have family out there and everytime we vcisit in the summer i see every fucking house with a basketball court outside but its so fucking hot no one plays!

horrible.........................
 
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mac_luv

Sicc OG
#17
May 16, 2002
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#17
Forbes said Albuquerque is the fastest growing city in America. They haven't stopped expanding ever since I moved here in 2003. A new house runs from 150,000-175,000. I guess the westcoasters are moving to the southwest. Too bad I'm a broke college student. I'd buy a house here for investment.
 
killahoe666

killahoe666

Sicc OG
#20
May 3, 2002
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#20
mac_luv said:
Forbes said Albuquerque is the fastest growing city in America. They haven't stopped expanding ever since I moved here in 2003. A new house runs from 150,000-175,000. I guess the westcoasters are moving to the southwest. Too bad I'm a broke college student. I'd buy a house here for investment.
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you beat me to it homeslice

a lot ofpeople are moving here from cali, one of my potnas mom sold her house out in frisco for $500,000+ (little 2 bedroom) and came out here buying a $250,000 (big ass house) escalade and nice furniture. A lot of people are moving here and albuqurque and rio rancho have a lot of room to expand, thats all there is on the westside is new houses going up but the downside is the commute is not where it needs to be, there are only 2 interstates and they each go seperate directions so traffic is really a bitch and we are known for silly ass construction New Mexico aka the orange barrel state
 
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