Tacoma from a teenager's POV

Thanks! I'm in Madison, in case you didn't notice my bio.

 

Get off my lawn.

 

I think you mean finance

 

Why ruin my mojo

 

I just bought a house a couple months ago, we could've done 20% down but I feel like that was over extending, especially since the house needed some work.

Paying PMI sucks but the way to go is one time payment. It's kind of ridiculous but some loans you can roll single payment PMI into the loan, ended up saving a bunch of money doing that.

It's weird but since I did the work myself it made more sense to put a minimum down payment and put the money into improvements.

 

Ah so the moderator club is nothing more than a millionairs country club. I get it now...

 

The PMI thing doesn't have to be completely terrible unless not a conventional loan. Conventional loans don't have strict guidelines on the amount and its not around forever. The monthly amount can be based on credit score and house value.

FHA is 1% of purchase price or mortgage value or something per month for life of loan. Have to refi to get out of it and rates going up so thats out of the question. So $160,000 house is $160 a month PMI for 30 years. Awful.

 

DO YOU EVEN DAVE RAMSEY BRO

IF YOU CANT PAY CASH YOU CANT AFFORD IT, BRO


Lol. This drives me nuts. My rate of return on investments (my dealership) is much too high to even think about sinking all my cash in my truck.

 

It's all relative to one's situation - people that say "20% down or you're not ready" are typically either highly misinformed or have not purchased a home in 30 years. The loan "specialty" programs are there for a reason. Not every Loan Officer is out to get you to make their buck.

USDA/VA/CalHFA are all loan programs used in the borrowers benefit - it's incredibly rare someone will stay in their home for 30 years as well.

For you it made more sense to only do a minimum down and use cash to make the home what you want out of it. You did the right thing for you! And after you dump some cash into the home and gain equity you can refi into a better loan program/rate/whatever the fuck you want.

 

Your Tacoma isn’t an investment, it’s a depreciating asset

 

@Loqu!to

Welcome to TW and good luck with the new depreciating asset.

 

I'd like to support my fellow millennial here. I bought my '17 TRD OR on my 21st birthday. Went from an '05 Volvo s80 to the Tacoma and haven't looked back. If you can afford a new truck that is reliable, gets you to work, and gives you some joy in life, why not buy it? I bought mine mostly for the reliability and winter driving, cuz the jail I work at doesn't close on snow days. But I also have lots of fun modding it and off roading on occasion. Could I save the 500 bucks a month for something else? Absolutely. But I don't because it's my money and I want to have fun with it. And yes, saving for the future is important, but what's the sense if you aren't enjoying the journey?
Just my $0.02. But keep up the good work.

 

Maybe he did what a guy on the Harley Forum did, and bought $500 worth of Bitcoin back in 2010.

He claims to have sold off less than half a couple years ago for over 30 million.

 

Eh, depreciating assets can be investments too, if they were purchased for commercial purposes (including carting your ass to work).

 

While everyone can see that going, who in the hell would ever have seen that coming? BTC is the biggest WTF in the history of the world.

 

I probably should have re worded that..i mean like money, i know what credit is based on

 

I'm kinda glad I didn't invest in it. When it went from 6 cents to $1K, I'd probably sold them all off. I'd really be kicking myself in the ass now.

 

Thats why I don't believe most people who said they made a killing. When $500 was worth $10K, would you sell? How about $100K? I know I would have been taking some off on the way up. I imagine most who made out big held for a while and forgot they even had it and then found out it was worth a lot. I suppose if you had enough you could let some ride to the top.

 

Math is not relative to ones situation.

And ALL loans screw over the buyer. Unless you are aware of an interest free loan.

USDA loans are horrific. They require the buyer to pay back the subsidy upon sale or pay off of the mortgage. At least PMI dissapears upon refinance or sale.

I would say 10% or you arent ready. Not necessarily 20% but 20% to 100% is ideal.

I just took out my first mortgage at 27.

I will never borrow money EVER again. What a fucking scam. Most of my money goes to the bank.

I’m paying this house off and paying cash from here on out.