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Posted: 2/1/2011 5:21:15 PM EDT
[#1]
Quoted:
Quoted:
Real estate is an investment! Really? To me investment have cash flow. RE is speculation. Yep. It sure is better than the alternative, which is renting. But, when you factor in mortgage interest, property taxes, upkeep on the property, and adjust for inflation, you might break even when you sell if you keep it long enough. Unless it is a rental property, I wouldn't call it an investment. |
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Posted: 2/1/2011 5:22:13 PM EDT
[#2]
The prices aren't inflated. It is what the market demands.
Want to live in 70 degree weather with nice beaches? So do millions of other people and the mountains limit your build able land get fucking real |
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Posted: 2/1/2011 5:23:47 PM EDT
[#3]
Quoted: Quoted: Quoted: Quoted: So what were your state taxes like in Calimexico? I don't really care what your mortgage interest was. $4450 and some change. State Income Taxes!?! LOL! Fuck! That is an ASS TON of dollars that your family could use for anything useful other than ... well? Texas State Income Tax "0%" as well as eight other states. That's property taxes. Alright. So what are the average state income tax rates? 8.25% seems to be the retail tax that I could find at rest. Are the income rates "that high" to make the tolerance of the politics and wrong doing that food to make people stay? For the love of anything, I have traveled North America and met many people but nothing in this world would, even a giant salary, promote me to live in California or the East Coast. Freedom ..... Freedom ... Freedom .. .. . |
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Posted: 2/1/2011 5:25:23 PM EDT
[#4]
Quoted: Quoted: Quoted: Quoted: Quoted: So what were your state taxes like in Calimexico? I don't really care what your mortgage interest was. $4450 and some change. State Income Taxes!?! LOL! Fuck! That is an ASS TON of dollars that your family could use for anything useful other than ... well? Texas State Income Tax "0%" as well as eight other states. That's property taxes. Alright. So what are the average state income tax rates? 8.25% seems to be the retail tax that I could find at rest. Are the income rates "that high" to make the tolerance of the politics and wrong doing that food to make people stay? For the love of anything, I have traveled North America and met many people but nothing in this world would, even a giant salary, promote me to live in California or the East Coast. Freedom ..... Freedom ... Freedom .. .. . Income tax at 9.3%. |
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Posted: 2/1/2011 5:27:44 PM EDT
[#5]
Well math works the same outside CA.
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Posted: 2/1/2011 5:28:49 PM EDT
[#6]
Quoted: Dear god. I know I pay a lot in mortgage interest, even with a rate of 5.2% but crap. Just got my 1099 from the mortgage company today. $19.5 k in mortgage interest last year. Fuck me. Maybe it is time to leave Cali and go somewhere cheaper. I think that's a good idea, in fact I encourage you to leave this state.  |
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Posted: 2/1/2011 5:38:42 PM EDT
[#7]
Quoted: Quoted: Quoted: Quoted: Quoted: Quoted: So what were your state taxes like in Calimexico? I don't really care what your mortgage interest was. $4450 and some change. State Income Taxes!?! LOL! Fuck! That is an ASS TON of dollars that your family could use for anything useful other than ... well? Texas State Income Tax "0%" as well as eight other states. That's property taxes. Alright. So what are the average state income tax rates? 8.25% seems to be the retail tax that I could find at rest. Are the income rates "that high" to make the tolerance of the politics and wrong doing that food to make people stay? For the love of anything, I have traveled North America and met many people but nothing in this world would, even a giant salary, promote me to live in California or the East Coast. Freedom ..... Freedom ... Freedom .. .. . Income tax at 9.3%. Vaca, I don't have the best example but to say that "life is extremely short". FB |
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Posted: 2/1/2011 5:40:18 PM EDT
[#8]
700 bucks a month
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Posted: 2/1/2011 5:41:59 PM EDT
[#9]
I own a nice home in a nice neighborhood, 8k in interest LY and only $475 in propert tax. SWEET HOME ALABAMA!
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Posted: 2/1/2011 6:47:51 PM EDT
[#10]
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Quoted:
GD's will never understand that homes (and land) are just more expensive in some places. If you paid $20k for your 15 acres, that's just because nobody besides you wants that land all that much. It's not that simple. In places like the entirety of Texas (you know the state that has more people coming to it for work than any other) we just didn't allow our real estate market to artificially inflate to totally unsustanable levels. you have a short memory. texas was the epicenter of real estate foreclosures in the late 1980's. moreover i recall that i and other federal taxpayers got a bill for about US$125Bn due to the S&L scandal, part and parcel of the failed texas real estate market. fully half of the failed "thrifts" were in texas, victims of financial suicide by stupid lending policies along with more than a touch of outright corruption. Exhibit A: Neil Bush and the Silverado S&L (link). the good news is that texas regulators apparently learned from the last time this happened. but don't paint it like it hasn't happened before. ar-jedi |
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Posted: 2/2/2011 5:45:06 AM EDT
[#11]
Quoted:
I own a nice home in a nice neighborhood, 8k in interest LY and only $475 in propert tax. SWEET HOME ALABAMA! If I could move my job there I would do it without hesitation. AL is a beautiful state. |
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Posted: 2/2/2011 5:56:02 AM EDT
[#12]
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Maybe you should have bought a house which was less expensive .... just a thought. That's, what, a 400K house on the first year of a 30 year note? Yeah, I'm not exactly feeling a whole lot of sympathy here in my little shanty. Maybe I have the house I want and it is within my means to pay for it. Then why bitch about the interest? 
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Posted: 2/2/2011 6:06:44 AM EDT
[#13]
Just think of the write off
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Posted: 2/2/2011 6:11:31 AM EDT
[#14]
been paying down principle now for 10 years, should have the house paid off sometime next year, then I'll be paying $0 in mtg interest. Balance is so low I paid under $2500 last year in mtg interest
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Posted: 2/2/2011 6:16:12 AM EDT
[#15]
Is your loan 375K? If not, then you got problems.
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Posted: 2/2/2011 6:29:56 AM EDT
[#16]
Quoted:
Quoted:
GD's will never understand that homes (and land) are just more expensive in some places. If you paid $20k for your 15 acres, that's just because nobody besides you wants that land all that much. It's not that simple. In places like the entirety of Texas (you know the state that has more people coming to it for work than any other) we just didn't allow our real estate market to artificially inflate to totally unsustanable levels. We also don't try to cram 20 million people in a real estate market that can only accomodate 4 million. you guys don't understand the free market and, every thread on arf GD becomes a opportunity for the southern boys to congratulate themselves for something not all that praiseworthy in this case it's a combo: self-congratulation and not understanding capitalism anyway, congrats on not allowing the market to inflate. that's a pretty nifty accomplishment |
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Posted: 2/2/2011 6:34:08 AM EDT
[#17]
That's a chunk of change. I hope you're not in an interest-only loan.
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Posted: 2/2/2011 6:38:01 AM EDT
[#18]
We paid about $12,000 in interest at 5.5%, but we refinanced in November, so that's off of only 10 or 11 payments.
Our new rate is 4.5%, but to the guy who is at 3.5%, you make me sick...in an envious sort of way... 
This will be my first year itemizing as the interest is finally more than the standard deduction. What can I expect from this endeavor? |
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Posted: 2/2/2011 6:38:09 AM EDT
[#19]
Quoted: Did you refinance in October/November? That seemed to be the bottom of the curve for interest rates. I was able to refinance towards the end of November. Went from 30 to 15 year loan and 3.875%. My payments even went down 15% even with the change from 30 to 15.<==== Recently refinanced into a fixed @ 3.5% From payment one... More of my payment went to principle than interest. My new loan F'n rocks. I get re-fi calls offering low rates of 4.3% plus. They get real quiet when I ask them to beat 3.5% Did I mention my new loan F'n rocks? |
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Posted: 2/2/2011 6:38:42 AM EDT
[#20]
Quoted: Quoted: What does that have to do with buying a less expensive house? Last time I checked they sell houses in states that aren't California. Same size house in another state could be found for half the price. 1700 square feet on 1/8th acre. Hell, in another state, I could have a good chunk of land and still pay less. I have nearly twice as much space, and pay less than half the interest you do at 5.25%. California is a sucker's game. |
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Posted: 2/2/2011 6:51:16 AM EDT
[#21]
Quoted: That's a chunk of change. I hope you're not in an interest-only loan. Oh God no.  |
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Posted: 2/2/2011 6:53:55 AM EDT
[#22]
The OP shouldn't complain as these interest rates are likely the lowest he has and ever will see in his lifetime. Thank god its not the 80's with interest rates in the teens!
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Posted: 2/2/2011 7:00:10 AM EDT
[#23]
The way I figure it is that I can pay most of it to the bank, or all of it to a landlord.
*shrug* Just the cries of the carrots I guess. |
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Posted: 2/2/2011 7:10:42 AM EDT
[#24]
Quoted:
Quoted:
Quoted:
What does that have to do with buying a less expensive house? Last time I checked they sell houses in states that aren't California. Same size house in another state could be found for half the price. 1700 square feet on 1/8th acre. Hell, in another state, I could have a good chunk of land and still pay less. I have nearly twice as much space, and pay less than half the interest you do at 5.25%. California is a sucker's game. people make 100's of thousands of dollars playing that sucker's game. real estate, unless you are complete dumbass, is an excellent investment, at 4% loan I wish I could buy another house you know what the big sucker game is: credit cards the biggest sucker game of all: new cars real estate is the only kind of debt you should feel good about. |
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Posted: 2/2/2011 7:14:35 AM EDT
[#25]
Im glad my house is paid for
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Posted: 2/2/2011 7:16:28 AM EDT
[#26]
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Im glad my house is paid for if my house was paid for i would immediately buy a beach house at the jersey shore, one of the really nice towns in south jersey or i'd buy and rent condos in on of the local college towns |
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Posted: 2/2/2011 11:05:51 AM EDT
[#27]
Quoted:
Quoted:
Quoted:
Maybe you should have bought a house which was less expensive .... just a thought. That's, what, a 400K house on the first year of a 30 year note? Yeah, I'm not exactly feeling a whole lot of sympathy here in my little shanty. Maybe I have the house I want and it is within my means to pay for it. Not to jump on your case, but a man of means pays cash Ouch |
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Posted: 2/2/2011 11:14:23 AM EDT
[#28]
Holy shit. I'd be living in a box under a bridge with costs like that.
 I don't pay $12k a year in interest, principal, property taxes, and insurance combined. 1400sqft 3/2/2, a little over 3 years into a 30 year mortgage. |
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Posted: 2/2/2011 11:17:35 AM EDT
[#29]
At today's interest rates and with the write-off that's some of the cheapest money you'll ever borrow.
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Posted: 2/2/2011 11:18:46 AM EDT
[#30]
Quoted:
Not to jump on your case, but a man of means pays cash why would you pay cash for something when the following two conditions are *both* met? 1) interest rates are very low, and 2) inflation is looking more and more certain. if you had a 4.5% mortgage note, between the federal interest deduction and depending on your tax bracket that loan is costing you about 1.5% to 2.5% annually during the first third of the repayment schedule. if annual inflation (e.g. CPI or other calculation) is running close to or greater than that, there is no economic benefit to paying off your loan. and, paying cash up front is simply a giant payoff of the loan. said another way, if you could get a 0% loan, why would you pay for the house outright? cash flow and such come into play here, and *in some cases* you are financially better off having long term debt with corresponding cash in the bank, versus having no cash and a paid off, non-performing asset –– which you can't eat, is marginally liquid, and can't take a tax deduction off of. the above is strictly from a financial perspective. then there is the emotional aspect of not having a mortgage. that's different. but sometimes you have to separate finance from emotion. ar-jedi |
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Posted: 2/2/2011 11:19:05 AM EDT
[#31]
Quoted:
<==== Recently refinanced into a fixed @ 3.5%
From payment one... More of my payment went to principle than interest. My new loan F'n rocks. I get re-fi calls offering low rates of 4.3% plus. They get real quiet when I ask them to beat 3.5% Did I mention my new loan F'n rocks? I just did the same thing - went from a 15 yr 5.5% fixed (2 yrs in to the loan) to a 15 year 3.5% fixed. Having paid as much as 11% mortgage interest back in the old days, it was a treat to see that from my first payment I'm paying more to principle than to interest. I'll have this puppy paid off in 8 years or so.
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Posted: 2/2/2011 11:20:16 AM EDT
[#32]
4.75% on 30 year fixed. Interest last year was about $14k.
2100 sqft home inside the Washington DC beltway. |
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Posted: 2/2/2011 11:21:35 AM EDT
[#33]
Quoted: Quoted: Maybe you should have bought a house which was less expensive .... just a thought. That's, what, a 400K house on the first year of a 30 year note? Yeah, I'm not exactly feeling a whole lot of sympathy here in my little shanty. $400,000 in California will buy the same house as $130,000 in Texas. Not even that in some areas. I lived in a 2/1 800 sq ft condo in San Diego that was appraised at $390-420K in 2005. Lady had bought in in 2001 for $130K... |
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Posted: 2/2/2011 11:24:46 AM EDT
[#34]
Quoted: Quoted: Apparently most in GD are not familiar with housing costs in CA. 400k ain't shit I'm familiar with the housing market in California. I just find it distasteful when people buy in that market and then complain about the inflated prices (and therefore the interest).  Then don't click on the fucking ink. |
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Posted: 2/2/2011 11:27:29 AM EDT
[#35]
You mean you weren't pissed when you got your property tax statement?
My brother and I bought our homes for the same price. He lives in Boston. He pays HALF of what I pay in property taxes... |
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