mwiener2 Posted March 25, 2009 Share Posted March 25, 2009 Looking into a few properties and they'll probly be fixer uppers. So that means taking an extra 20-30 grand out on the loan to fix up the property. I was thinking maybe taking an extra 5k and setting it aside for car playtime fun. Total loan would be less than 200k so payments are gonna be easy. I was thinking of even buying a spare engine and tranny.. ORrrrr There's an Imprezza 2.5rs body for sale for a couple hundred... a WRX drivetrain is cheap.... hmmmm any thoughts? My Mods List (Updated 8/22/17) 2005 Outback FMT Running on Electrons Link to comment Share on other sites More sharing options...
grocery getter Posted March 25, 2009 Share Posted March 25, 2009 I say go for it! You might want to check what is already out their for sale, I've seen some nice 2.5 RS swaps for sale in CO for around 5-8k, their was one on sale that was built by SUBA performance a while back. Either way you can have yourself a nice weekend track toy to run and your helping out the economy - it's a win-win situtation! Link to comment Share on other sites More sharing options...
mwiener2 Posted March 25, 2009 Author Share Posted March 25, 2009 The SUBA car you are talking abotu is now Harvey's car. It's nice. Just got off the phone with the realtor. i was looking at a 2bed 2 bath in boulder for 102k. I kept thinking that's worth buying for dirt under the house. Then the realtor calls me back and says there is a 6k land lease on that place. So the land lease alone would be about $580 a month. My Mods List (Updated 8/22/17) 2005 Outback FMT Running on Electrons Link to comment Share on other sites More sharing options...
PhillyWilly Posted March 25, 2009 Share Posted March 25, 2009 thoughts on buying a house or car? i think adding to your mortgage to buy a toy is a bad idea. why pay for the toy for the next 15, 20, 30 years? you wont use it that long. i would try to keep the mortgage as low as possible by paying for toys separately. better in the long run. if you are single and making less than 75k AGI or married and under 150k and buy before 12/1/09, you can take advantage of the $8,000 tax credit. if you make above those amounts, you still may be able to get a portion of the credit as that is where the phaseout begins. forget what limit its completely phased out at. Link to comment Share on other sites More sharing options...
KartRacerBoy Posted March 25, 2009 Share Posted March 25, 2009 Looking into a few properties and they'll probly be fixer uppers. So that means taking an extra 20-30 grand out on the loan to fix up the property. I was thinking maybe taking an extra 5k and setting it aside for car playtime fun. Total loan would be less than 200k so payments are gonna be easy. I was thinking of even buying a spare engine and tranny.. ORrrrr There's an Imprezza 2.5rs body for sale for a couple hundred... a WRX drivetrain is cheap.... hmmmm any thoughts? One thought. A 30 year car loan is an expensive way to go. But I might do the same thing. Link to comment Share on other sites More sharing options...
KartRacerBoy Posted March 25, 2009 Share Posted March 25, 2009 The SUBA car you are talking abotu is now Harvey's car. It's nice. Just got off the phone with the realtor. i was looking at a 2bed 2 bath in boulder for 102k. I kept thinking that's worth buying for dirt under the house. Then the realtor calls me back and says there is a 6k land lease on that place. So the land lease alone would be about $580 a month. Never understood building on rented land. To borrow fj1200's saying, "WTF is wrong with people?!?" Oh, and send me your address when you finally buy. I need a cheap place to crash when I come out to go skiing! Link to comment Share on other sites More sharing options...
mwiener2 Posted March 25, 2009 Author Share Posted March 25, 2009 My ROI on a property like this would be about 3-5 years. I also would be renting it out, not living in it. So i'd only be at a loss for about 2-4 months till i fix it up and get a tennant in. My Mods List (Updated 8/22/17) 2005 Outback FMT Running on Electrons Link to comment Share on other sites More sharing options...
johnAWD Posted March 25, 2009 Share Posted March 25, 2009 Do it. We are doing similar down here in Castle Rock. The ROI will come, just not next week/month/year. And my wife wants to have a property close just in case our kids decide to move out but not too far away. With the housing market in it's current shape, houses are damn cheap. Link to comment Share on other sites More sharing options...
KartRacerBoy Posted March 25, 2009 Share Posted March 25, 2009 Does this mean I'm not going to get a skiing splash pad? Oh da woes is me. Link to comment Share on other sites More sharing options...
mwiener2 Posted March 25, 2009 Author Share Posted March 25, 2009 so no houses for me today. But I did get a new job.... there is some paperwork to be done yet, but you may be seeing me on here as a vendor instead of a member soon. My Mods List (Updated 8/22/17) 2005 Outback FMT Running on Electrons Link to comment Share on other sites More sharing options...
enthusiast Posted March 26, 2009 Share Posted March 26, 2009 Really doing what? My mod list Link to comment Share on other sites More sharing options...
mwiener2 Posted March 26, 2009 Author Share Posted March 26, 2009 hush hush till it's final My Mods List (Updated 8/22/17) 2005 Outback FMT Running on Electrons Link to comment Share on other sites More sharing options...
enthusiast Posted March 26, 2009 Share Posted March 26, 2009 Then PM me. My mod list Link to comment Share on other sites More sharing options...
mwiener2 Posted March 26, 2009 Author Share Posted March 26, 2009 it'll be final by end of tomorrow. you can wait...just liek you are waiting to sell me that FMIC when I finally hit something and fubar mine. My Mods List (Updated 8/22/17) 2005 Outback FMT Running on Electrons Link to comment Share on other sites More sharing options...
enthusiast Posted March 26, 2009 Share Posted March 26, 2009 Fine. Too late on the FMIC though. I am keeping it. My mod list Link to comment Share on other sites More sharing options...
mwiener2 Posted March 26, 2009 Author Share Posted March 26, 2009 well then by the tiem you get around to installing it... i'll need it and you'll sell it to me then becasue you will have moved onto a new car.... a 2015 model or something My Mods List (Updated 8/22/17) 2005 Outback FMT Running on Electrons Link to comment Share on other sites More sharing options...
rkl303 Posted March 26, 2009 Share Posted March 26, 2009 Investing in a house also might be better considering our recovery plan is probably gonna push our inflation rate way up there meaning that the house would be relatively a steal in a year or two from now. I mean if inflation is greater than rate you borrow at your getting free money essentially. Link to comment Share on other sites More sharing options...
mwiener2 Posted March 26, 2009 Author Share Posted March 26, 2009 doesn't quite work that way. SO if I can buy 1 apple with 1 dollar now....but then inflation goes up and my 1 dollar has turned into 2....but i can still only buy 1 apple with my 2 dollars now..... that's inflation now if my $1 turned into $2, but now I could buy 3 apples with $2. that's called inflation + Eurasia blew up My Mods List (Updated 8/22/17) 2005 Outback FMT Running on Electrons Link to comment Share on other sites More sharing options...
SubieBlkOut Posted March 26, 2009 Share Posted March 26, 2009 I like the apple analogy. All I know is that with all the first time home buyer incentives and low rates I AM buying a house. I have an offer on a short sale and am still waiting on the bank for a response. If not this house, the next. Either way, I am investing in my rental property future right now. Link to comment Share on other sites More sharing options...
rkl303 Posted March 26, 2009 Share Posted March 26, 2009 No but the fact that the money is borrow throws the apple analogy into a different issue. I borrow money to buy the apple now for $1. The next day inflation has set in and now I can sell the apple for $2. I pay back the $1 I owed and I have made $1 assuming interest is not a huge variable although that $1 made isn't the true same value as it was 1 day ago. All said and done I would be investing/borrowing for a house if I had the change Link to comment Share on other sites More sharing options...
mwiener2 Posted March 27, 2009 Author Share Posted March 27, 2009 um, not quite. In your scenario above, you have an apple. You bought the apple for $1. Inflation sets in and your apple is now worth $2. If you give one of those dollars back to the bank, you're left with $1, or half an apple. So yes, you do get a little edge on the loan due to inflation, but it's a tenth of a percent. My Mods List (Updated 8/22/17) 2005 Outback FMT Running on Electrons Link to comment Share on other sites More sharing options...
PhillyWilly Posted March 27, 2009 Share Posted March 27, 2009 um, not quite. In your scenario above, you have an apple. You bought the apple for $1. Inflation sets in and your apple is now worth $2. If you give one of those dollars back to the bank, you're left with $1, or half an apple. isnt that the same thing rkl said?! Link to comment Share on other sites More sharing options...
mwiener2 Posted March 27, 2009 Author Share Posted March 27, 2009 kinda, but differently My Mods List (Updated 8/22/17) 2005 Outback FMT Running on Electrons Link to comment Share on other sites More sharing options...
laz Posted March 27, 2009 Share Posted March 27, 2009 I like the apple analogy. All I know is that with all the first time home buyer incentives and low rates I AM buying a house. I have an offer on a short sale and am still waiting on the bank for a response. If not this house, the next. Either way, I am investing in my rental property future right now. Don't hold your breath on the short sale offer. If it is an approved short sale, then maybe. Short sales are such a joke! Just one article: http://www.washingtonpost.com/wp-dyn/content/article/2008/06/14/AR2008061400058.html Many more out there. GL X --- Link to comment Share on other sites More sharing options...
enthusiast Posted March 27, 2009 Share Posted March 27, 2009 it'll be final by end of tomorrow. you can wait...just liek you are waiting to sell me that FMIC when I finally hit something and fubar mine. Still waitin... My mod list Link to comment Share on other sites More sharing options...
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