FB: Liberty League

[labart96]

here's the D&C DIII preview:

http://www.democratandchronicle.com/article/20080828/SPORTS09/808280341/1007/RSS02

[Jonny Utah]

OK LLPP, JU has a mortgage quandry.......

So JU stumbles upon a house that he is about to buy as a private sale.  So right away JU will have equity in the home as he will be buying it below the market rate.  But, the house is still on the high end of JUs price range.

-Would the LLPP put down the 3% down payment and have half of his savings left over in cash.  (remember this is boston where 20% of the house price is VERY hard for the average joe like JU).  This would push the rate up a half a point and about -7% higher monthly payment.

-Or does JU borrow a little for the 10%, leaving him with nothing in the savings.  This would save JU the .5% and the 5-7% monthly payment.  This would also leave JU with 0.00 in his bank account for bill money.  JU would still be able to make either monthly payment, but it will be strain on JU either way....

JU is ok making the monthly payments either way, but his life will still no longer be the same as an LLPP regular, as I will be working 14 jobs to pay for it......

[PBR...]

OK LLPP, JU has a mortgage quandry.......

So JU stumbles upon a house that he is about to buy as a private sale.  So right away JU will have equity in the home as he will be buying it below the market rate.  But, the house is still on the high end of JUs price range.

-Would the LLPP put down the 3% down payment and have half of his savings left over in cash.  (remember this is boston where 20% of the house price is VERY hard for the average joe like JU).  This would push the rate up a half a point and about -7% higher monthly payment.

-Or does JU borrow a little for the 10%, leaving him with nothing in the savings.  This would save JU the .5% and the 5-7% monthly payment.  This would also leave JU with 0.00 in his bank account for bill money.  JU would still be able to make either monthly payment, but it will be strain on JU either way....

JU is ok making the monthly payments either way, but his life will still no longer be the same as an LLPP regular, as I will be working 14 jobs to pay for it......

JU.... just be careful on what your doing. Dont stretch yourself too far and make sure you can pay the bills and handle repairs to house/car if something needs it.  Personally pbr likes to have a little slush fund in case of emergency. Market will still be heading down for at least another quarter before things remotely turn in the mortgage/housing industry. Also plan for much higher heating costs since winter is around the corner and heating oil/gas are going to skyrocket the day after the election assuming a hurricane doesnt pummel the refineries first. relatively speaking 5% savings is not that much. Also see if you can get a warranty from the homeowners if possible. For example you take the mortage and have nothign left in savings and your furnace goes and you need to drop 5,000 on a new one where u going to come up w/ the coin? good luck w/ it.

[mattvsmith]

True.  TGP is curious as to why he'd fore-go his SR year/final season of eligibility, but he must have had a good reason?

Hobart will be hard pressed to find another ~1300 all purpose yards guy on the team.

Probably the combination of not paying tuition and making a decent salary.

It'd be different if he were in D-I and had the chance to go pro.

I wish I had the money top pay his tuition for him, "Dood, just stay one more year...please."

[JT]

OK LLPP, JU has a mortgage quandry.......

So JU stumbles upon a house that he is about to buy as a private sale.  So right away JU will have equity in the home as he will be buying it below the market rate.  But, the house is still on the high end of JUs price range.

-Would the LLPP put down the 3% down payment and have half of his savings left over in cash.  (remember this is boston where 20% of the house price is VERY hard for the average joe like JU).  This would push the rate up a half a point and about -7% higher monthly payment.

-Or does JU borrow a little for the 10%, leaving him with nothing in the savings.  This would save JU the .5% and the 5-7% monthly payment.  This would also leave JU with 0.00 in his bank account for bill money.  JU would still be able to make either monthly payment, but it will be strain on JU either way....

JU is ok making the monthly payments either way, but his life will still no longer be the same as an LLPP regular, as I will be working 14 jobs to pay for it......

What is the rental situation?  High occupancy in the neighborhood? Yes/No.  Does avg rent cover mortgage plus a little on the side for unforseen repairs?  Are repairs factored into the mortgage or paid out of pocket.  If these are Yes, go for it.  A no, reconsider.

[mattvsmith]

OK LLPP, JU has a mortgage quandry.......

So JU stumbles upon a house that he is about to buy as a private sale.  So right away JU will have equity in the home as he will be buying it below the market rate.  But, the house is still on the high end of JUs price range.

-Would the LLPP put down the 3% down payment and have half of his savings left over in cash.  (remember this is boston where 20% of the house price is VERY hard for the average joe like JU).  This would push the rate up a half a point and about -7% higher monthly payment.

-Or does JU borrow a little for the 10%, leaving him with nothing in the savings.  This would save JU the .5% and the 5-7% monthly payment.  This would also leave JU with 0.00 in his bank account for bill money.  JU would still be able to make either monthly payment, but it will be strain on JU either way....

JU is ok making the monthly payments either way, but his life will still no longer be the same as an LLPP regular, as I will be working 14 jobs to pay for it......

JU,

The Rev understands your desire to buy a house, especially when there are some smokin' deals out there.  So far, the Rev has resisted the urge.  (It could be that The Rev has an aversion to the piece of ish houses in Yuma, AZ.)

You say that you are Ok making monthly payments either way, but you'll be working 14 jobs.  The Rev understand the exaggeration, but here's a serious question:  Can you make the payments and continue to make the payments even if you have just your one job and that you hypothetically never get a raise again?

a) I think it is dangerous to buy a house predicated on projected future earnings, because those future earnings may not be as high as one hopes.

b) just because you buy in a private sale and that it is currently below market rate, there is nothing to say that the house may not lose more value and you could be stuck with the inequity.  Remember, the house is never worth more than you paid for it until the moment you get the money from selling it for more than you paid for it.  Your profit/equity is on paper only.

c) And this is the big one: Do you want to own the house, or do you want the house to own you?  The moment you talk about a second job, or doing O/T in order to afford something bigger, etc., you have just sold yourself into slavery.

Now, I am not against mortgages, but I am against guys putting themselves neck deep into quicksand.  The Rev almost did himself in two years ago, and is very glad now that he listened to his gut, which said, "Rev, if you have to do this-this-and-this to afford this house, that means you really can't afford this house."

The Rev wonders if maybe JU ought to ask himself the "Can I really afford this, or am I jumping into a pile?" question.

(Sorry, hate to be negative, but The Rev doesn't want to see any one from LLPP step in it.)

[SJFF82]

Rob Peter to pay Paul...its the American Dream!!!

OK LLPP, JU has a mortgage quandry.......

So JU stumbles upon a house that he is about to buy as a private sale.  So right away JU will have equity in the home as he will be buying it below the market rate.  But, the house is still on the high end of JUs price range.

-Would the LLPP put down the 3% down payment and have half of his savings left over in cash.  (remember this is boston where 20% of the house price is VERY hard for the average joe like JU).  This would push the rate up a half a point and about -7% higher monthly payment.

-Or does JU borrow a little for the 10%, leaving him with nothing in the savings.  This would save JU the .5% and the 5-7% monthly payment.  This would also leave JU with 0.00 in his bank account for bill money.  JU would still be able to make either monthly payment, but it will be strain on JU either way....

JU is ok making the monthly payments either way, but his life will still no longer be the same as an LLPP regular, as I will be working 14 jobs to pay for it......

['gro]

Sorry to break up the Home & Garden Network... ITS TIME FOR COLLEGE FOOTBALL

http://www.youtube.com/watch?v=qy3CxhOPrd8


http://www.youtube.com/watch?v=eJ9vIUmYIQQ


http://www.youtube.com/watch?v=zjRAiTXc3SM


http://www.youtube.com/watch?v=5mxjefR-vdI


http://www.youtube.com/watch?v=kXvYEY7Qcyo


http://www.youtube.com/watch?v=Xpmj7XWTOMo


some of these are repeats, deal with it...


_{The man who introduced the world
to the word Poopbutt}

[Jonny Utah]

OK LLPP, JU has a mortgage quandry.......

So JU stumbles upon a house that he is about to buy as a private sale.  So right away JU will have equity in the home as he will be buying it below the market rate.  But, the house is still on the high end of JUs price range.

-Would the LLPP put down the 3% down payment and have half of his savings left over in cash.  (remember this is boston where 20% of the house price is VERY hard for the average joe like JU).  This would push the rate up a half a point and about -7% higher monthly payment.

-Or does JU borrow a little for the 10%, leaving him with nothing in the savings.  This would save JU the .5% and the 5-7% monthly payment.  This would also leave JU with 0.00 in his bank account for bill money.  JU would still be able to make either monthly payment, but it will be strain on JU either way....

JU is ok making the monthly payments either way, but his life will still no longer be the same as an LLPP regular, as I will be working 14 jobs to pay for it......

JU,

The Rev understands your desire to buy a house, especially when there are some smokin' deals out there.  So far, the Rev has resisted the urge.  (It could be that The Rev has an aversion to the piece of ish houses in Yuma, AZ.)

You say that you are Ok making monthly payments either way, but you'll be working 14 jobs.  The Rev understand the exaggeration, but here's a serious question:  Can you make the payments and continue to make the payments even if you have just your one job and that you hypothetically never get a raise again?

a) I think it is dangerous to buy a house predicated on projected future earnings, because those future earnings may not be as high as one hopes.

b) just because you buy in a private sale and that it is currently below market rate, there is nothing to say that the house may not lose more value and you could be stuck with the inequity.  Remember, the house is never worth more than you paid for it until the moment you get the money from selling it for more than you paid for it.  Your profit/equity is on paper only.

c) And this is the big one: Do you want to own the house, or do you want the house to own you?  The moment you talk about a second job, or doing O/T in order to afford something bigger, etc., you have just sold yourself into slavery.

Now, I am not against mortgages, but I am against guys putting themselves neck deep into quicksand.  The Rev almost did himself in two years ago, and is very glad now that he listened to his gut, which said, "Rev, if you have to do this-this-and-this to afford this house, that means you really can't afford this house."

The Rev wonders if maybe JU ought to ask himself the "Can I really afford this, or am I jumping into a pile?" question.

(Sorry, hate to be negative, but The Rev doesn't want to see any one from LLPP step in it.)

JU wont really have to work 14 jobs, but my days of taking 4-5 trips a year will be over.  And although nothing is certain, Ive bought real estate (with partners) in the same area and property in this section of Boston (suburb) has always appretiated.  So Im 90% sure that I will be able to sell this property for a profit no matter what I do in 2-3 years.  But my quandry is still about putting down the 3% or 10%. 

What the hell is going to happen to these rates?  I hear stories from guys I work with who bought houses 10 years ago with 8-12% rates! 

[PBR...]

OK LLPP, JU has a mortgage quandry.......

So JU stumbles upon a house that he is about to buy as a private sale.  So right away JU will have equity in the home as he will be buying it below the market rate.  But, the house is still on the high end of JUs price range.

-Would the LLPP put down the 3% down payment and have half of his savings left over in cash.  (remember this is boston where 20% of the house price is VERY hard for the average joe like JU).  This would push the rate up a half a point and about -7% higher monthly payment.

-Or does JU borrow a little for the 10%, leaving him with nothing in the savings.  This would save JU the .5% and the 5-7% monthly payment.  This would also leave JU with 0.00 in his bank account for bill money.  JU would still be able to make either monthly payment, but it will be strain on JU either way....

JU is ok making the monthly payments either way, but his life will still no longer be the same as an LLPP regular, as I will be working 14 jobs to pay for it......

JU,

The Rev understands your desire to buy a house, especially when there are some smokin' deals out there.  So far, the Rev has resisted the urge.  (It could be that The Rev has an aversion to the piece of ish houses in Yuma, AZ.)

You say that you are Ok making monthly payments either way, but you'll be working 14 jobs.  The Rev understand the exaggeration, but here's a serious question:  Can you make the payments and continue to make the payments even if you have just your one job and that you hypothetically never get a raise again?

a) I think it is dangerous to buy a house predicated on projected future earnings, because those future earnings may not be as high as one hopes.

b) just because you buy in a private sale and that it is currently below market rate, there is nothing to say that the house may not lose more value and you could be stuck with the inequity.  Remember, the house is never worth more than you paid for it until the moment you get the money from selling it for more than you paid for it.  Your profit/equity is on paper only.

c) And this is the big one: Do you want to own the house, or do you want the house to own you?  The moment you talk about a second job, or doing O/T in order to afford something bigger, etc., you have just sold yourself into slavery.

Now, I am not against mortgages, but I am against guys putting themselves neck deep into quicksand.  The Rev almost did himself in two years ago, and is very glad now that he listened to his gut, which said, "Rev, if you have to do this-this-and-this to afford this house, that means you really can't afford this house."

The Rev wonders if maybe JU ought to ask himself the "Can I really afford this, or am I jumping into a pile?" question.

(Sorry, hate to be negative, but The Rev doesn't want to see any one from LLPP step in it.)

JU wont really have to work 14 jobs, but my days of taking 4-5 trips a year will be over.  And although nothing is certain, Ive bought real estate (with partners) in the same area and property in this section of Boston (suburb) has always appretiated.  So Im 90% sure that I will be able to sell this property for a profit no matter what I do in 2-3 years.  But my quandry is still about putting down the 3% or 10%. 

What the hell is going to happen to these rates?  I hear stories from guys I work with who bought houses 10 years ago with 8-12% rates! 

rates are about as cheap as you will see not going down much further if at all. also be careful about appreciation as this is a big part on how the subprime mess started in the first place.

[SJFF82]

Pat...is this akin to talking about Politics?  Should not the LLPP be shut down for all this non-MUC talk.

[PBR...]

Pat...is this akin to talking about Politics?  Should not the LLPP be shut down for all this non-MUC talk.

dood....hop back over on the e8 board if you dont like it here...the political board is also jumpin if you want to spout off on 'tics.... so why u sweatin' the guru and LLPP?

[superman57]

Paging Frank Rossi.... Paging Frank Rossi....

down ocho cinco, down boy

[SJFF82]

Nevermind...you take this stuff too seriously.  It was meant as a joke...sarcasm if you will.  Read back a few pages.  It always troubles me when Pat goes out of his way to flex his muscles about what can be posted on the boards.  A few pages back he was braggin about how he shut down the LLPP over the summer for too much 'talk' about politics....so I was just wondering if he was going to step in and shut you all down again for the non-football talk.  Sorry...I will crawl back into my hole

Pat...is this akin to talking about Politics?  Should not the LLPP be shut down for all this non-MUC talk.

dood....hop back over on the e8 board if you dont like it here...the political board is also jumpin if you want to spout off on 'tics.... so why u sweatin' the guru and LLPP?

[Regulator]

I don't want to jump in here and rain on your parade here JU, however, you may want to take a step back.  Your statement about "made money in the past and 90% sure I can do it again" is something something the posterchild for housing forclosure would say.
If you are going to be scrapping to make the payments each month, then it's not the house for you.  Or, what about working with those partners/investors until you can buy them out in a few years?

If you are set on getting it and are just looking for mortgage advice, I would take whatever one leaves you with 2 mortgage payments and $5k for any misc. repairs left in the bank.