Well I was talking like 2010 etc...

Still no wheels...

 

The smart move is to sell the car and buy a house. If you have the money in hand for a down payment it is much easier to buy. After the car is sold get prequalified, go to a good realter and start making bids on short sales for homes in distress. My daughter's boyfriend that is 21 just put a bid down of 156,000.00 and is the high bidder for a house that a few years ago would have been worth probably about 250,000.00. When the banks own the houses that have been forclosed on they cannot keep all of them on the books and will sometimes take a loss on what is owed just to get them off the books. He has not got the house yet because the bank now needs to mull it over on how much of a loss they are willing to take but he has a fair chance to get it. My brother and I have equity loans and have bought places off the court house steps but you have to have money in hand. For example, the piece of crap we just bought is a major fixer upper modular but we should be able to rent itand have aminimum of 200.00/month profit after all expenses. This means we are having someone else to pay the bill and give us money to do it. This only happened because I started buying my family house when I was around 26 and after selling and buying another place and making extra payments I have a lot of equity that I would not have had if I started much later. We are going to go short sales next since the market is ripe, after we finish up the place we bought last. I hate doing the right thing and buying and working on rentals instead of my prostreet but in the long run I prefer the money for retirement than just having to rely on social security. If you start the house buying when you are young you will be in better shape later. I feel your pain, but look at the end game, not the now game. On the extra payment deal, if you have a 30 year fixed loan and have your static payment, if you pay an extra 1/12th of a payment of the principal every month with your normal payment, your 30 years of payments go from 30 years to I think 23 years 7 months because you have paid the principal off faster. If your payment was 700/month on the loan itself no insurance or taxes, you have now saved approximately 53,900.00 that you now do not have to pay. This savings was because you paid an extra 58.34/month on top of your regular payment on the principal.

 

Dude, I'm 31 and just now lookin to maybe find a house with my g/f (maybe soon to be fiancee) in which we just got back together. We discussed a few things about the living and money situations and she was trying to tell me that I can't be dumping that much money into my Eclipse and should save it for a down payment on a house..I kinda in a joking way but not really told her "yeah right" cuz I have a separate bank account set aside just for things for my Eclipse and that is the ONLY thing I use that money for and she shouldn't have left me 3 years ago..I said that I am definitely finishing off my Eclipse since it is PAID FOR and I have no car payment and not leaving it half-assed done..Not a chance of me getting rid of it any time soon! I may dump another 5 to 10 grand in it and have a lil fun and am starting some major mods to it very very soon here. I'm one where I gotta have my toys. LOL. And her and I will be alright with buying a house cuz I have no other payments other than my student loans and normal **** like cell phone, credit card, DirecTV, and car insurance.

 

That woman is back in your life? Yeesh.....

 

Honestly shreff, i wouldnt spend that much money on a GSt. First its a FWD, and 2nd its a DSM. I am glad i never really put money into my talon now because i relialize the money i saved i can get something alot better. Just my 2 cents

 

I understand what you are saying, trust me it is not easy to let something you worked so long and hard for go just like that , but here is the thing unlike you and your car if I sell the supra I automatically have like $15,000 in cash in my hand after paying off the lein where as you will get like $5-$6k maybe and your car is paid for mine is not. That is $15k without even doing a thing. Then saving $500 a month that I spend on payments insurance and storage adds up pretty fast, roughly $6000 a year. I want a house within a year or two I am 24 right now. I want a house young and I want to do it right. Putting a big downpayment is certainly the way to start and that would mean the supra has to go. The good thing about my supra is it is not crazy rare or insane low milage because that would make it harder for me to let go. The thing is I put a DP on a house now I am save more money monthly on a payment and eventually I will buy a better supra than I have now.

 

Also, if you are renting you are giving your money away, you see no return in equity. Spend 700/month on a house you have equity, spend 700/month on rent you are out 8,400/year that you will never see again. And what percentage of that is of your take-home pay for the year? And this is only if you only pay 700.00/month. Who should keep your money, you or the landlord?