NJ B.S. Thread

What are you waiting for?

Just be prepared for huge random expenses and lots of work. If you expect to buy a house and have a social life you better have a lot of money. Otherwise you buy a fixer upper and spend all your free time working on it. Mine isn't even a fixer upper, but theres a ton of stuff I've done/will do.

 

Mo' money in the bank. Have only about 12% to be able to put down currently and have several more expenses coming for the wedding (maybe $3-4k).

By this time next year, or earlier I plan to hopefully have over 20% in the bank and ready to go. I know we would be able to swing the monthly payment now but I rather not take the risk.

 

Yup yup. The house I'm looking at is a flip. Still have more questions about it but from my first walk through it doesn't look to bad. All the small things add up tho. Needs new blinds, have to close off a window for insurance purposes, needs furniture, and needs 1 row of fence. Those are the big things. Then there are just a couple small things

 

May as well wait and save to 20% so you don't have to pay the PMI

 

I agree, we just found something perfect for us that is exactly what we have been looking for. Were considering putting down 10% and then getting rid of the PMI next year via re-financing. Though then we may get a shittier interest rate. I rather not stretch our finances more than we need to though so I'm torn.

 

Rates are going to go up. But there is also supposed to be a huge financial crash

 

Don't tell me that, I need TSLA to hit 300.

 

Lol.. There is no guarantees when it comes to the market but if economists predict it correctly it could (and probably will) be greater than the 2008 crash

 

Should I pull all my money out now and stuff it under my mattress then?

 

Lol no. I'm not guaranteeing anything but if you look at past events there is a small pattern (about every 10 years, no way to know exactly when tho). Also you can just watch the economy. Before the 2008 crash their was bad practices by a lot of financial institutions. Also the housing bubble caused securities to crash which hurt a lot of those same institutions. Again there is no way to 100% predict an economic crash but there are signs.

My biggest thing tho. When it happens again, I will be investing heavily. My investments professor invested his life savings in a DJIA portfolio when it was down around 6000. So if you look at it now, over 6 years he made a 175% return. Thats an average return of about 29-30% per year

 

Yeah I mean that seems like a safe approach, especially since after a crash the market can really only go back up. Really makes me consider pulling some money out of my invested assets and hold as cash till the market crashes. It's all money sitting in my IRA regardless so I can play with it however I like since I wan't be seeing any of it for quite some time.

 

Thats your choice but just remember I'm not a financial adviser (yet) so I'm not legally advising you to do that lol.

 

Even better because otherwise I would need to pay you for this shit.

 

hahaha

 

I think that the one in Cape May is the only basic training for the Coast Guard. Where the fuck is Brunes he can confirm this , I haven't seen his truck on my base yet either.

 

I own an investment property, it's a 3 bedroom rancher a block from the Delaware Bay. I bought it in 2001 for $110,000. In 2006 the house was assessed at $265,000 the house was last as assessed $175,000. I am kicking myself in the ass for not unloading it in 2006, so now I just have to wait and keep renting it.

 

I believe it is. I think there used to be one in California but I think that closed down.

 

Thats what I'm trying to get into..

 

If it's a flip I wouldn't waste my money on blinds and furniture. If you're talking about for staging purposes you should rent those things.

I only put 10% down and my pmi is like $86 a month until I have paid 20% of my loan. The risk you run by waiting to have 20% to put down is possibly a higher interest rate, which just 1% on $100k is $1k. Basically the same as pmi for a year.

 

I'm not trying to buy it then sell it right away.. I'm trying to rent it out..