Does your daddy let you drive the GT2 to school?

 

wow.. fantastic. and YOURE how old? Keep making fun of me, buddy.

 

Well, let's assume that you will be in school for 6 years. 125k in 6 years is roughly 20,800/year. That equates to $1733/month. You can't find any home/condo in S Florida to purchase with a mortgage of $1733/month? Why do you think that there is a benefit for buying outright? Why not use the market, accrue equity, get the tax credit for the interest on your mortgage, and sell the place you would be living in, in 6 years, make out with the equity you would have after 6 years of investment, along with the assumed appreciation, and start up the ladder that way?

Don't say that your decision was based on being frugal, it's simply not believable.

 

Thats an interesting way to look at it and i really do appreciate you trying to help me out. I was under the impression that it requires 10% of the value due at signing? Is that incorrect? When i first moved back down here to FL and got a job, I went looking for a place, but I was told 10% was required up front. So yes, 1800 a month is doable for me, but 10% of even a cheap house isnt possible at this point. $125K is what i would have if I took back the money i've paid up to this point for the gt2 + selling my 04 m3 + my savings at this point. THat alone allows for 1800 a month for 6 years, but does not allow for the intial 10% down payment. If i just kept my cheap *** 95 m3 and tried to pruchase a home it would probably be a port-a-potty. HAHAH.. Let me know if my thinking is incorrect. I'm always willing to learn. THanks.

-jon

 

Clearly I can not tailor a plan for you to be on the road to home ownership without more info, but I would find it very hard to believe that you could not find a condo for less than $500k within a 50 mile radius of where you currently live. Had you not bought at all into the GT2, and with your savings, my guess is the 50K or less it would take as a down payment on a condo of $500k could be had in roughly 2 years. You are chosing to put money in to a car, and not saving for a house.

As I said before I am not passing judgement on this choice, but rather stating that your defending of that choice as being frugal doesn't hold water.

 

Right, i could find a condo in the area for 500K. Remember, I dont have very much into the gt2, so thats not a factor. Like i said, I can get the money back from the payments an be around 125 total after i sell my 04 m3 and add my liquid savings. That just isnt enough IMO. Figure 50K for DP and id have 75K left. 75K isnt enough especially when I'm going back to school and going to be working less.

I have very little into the cars relatively, so that isnt an issue between being ale to afford a place vs. not being able to afford a place. The bottom line is, I dont have enough money regardless of eh cars to buy a home, or an apartment at this point. My only option is to lease and I'm not doing that.

 

Sorry man, I know you are stupid and I can't help myself. My bad.

 

wow. perfect example of why i hate this forum.

 

Man, the last thing this thread needs is another threadjack, for another page to be added and for this conversation to become further diluted. I am more than receptive to to giving you my full opinion as to how home ownership is possible for someone making payments on a GT2, but let's keep that to PMs. Hit me up if you would like to continue this that way.

 

Than why do you keep coming back?

Christian

 

I gotta feed this. I can't help it. Sorry.

Jon, start out reading "Rich Dad, Poor Dad" by Robert Kyosaki. It will put you in the right mindset. Then, throw most of it out the window.

The number one investment I've ever found is to buy preconstruction homesites in resort developments from a reputable developer, in as early a phase as possible. I'm 28 and that's what I do. So easy. I own am a partner in 6 of the largest developments in the Southeast. Hey, that Dream Home giveaway on HGTV??? I did that. I'm on that show alot. Anyways, my point is that after all your ransacking our forum, you just got some major good advice. Do good with it. We actually have homesites from $79,900 with 18 months no payments and only 10% down. We even pay for closing costs. Hmm. You put $8k down, don't make any payments for a year and a half, and if the lot goes up to $90k, you actually roughly DOUBLED YOUR MONEY. However, I have had lots go from $100k to $325k in the past year alone that I myself bought. THIS is how you make money in America.

***This is not an offer to sell or an investment advice. This is a car guy and no one should buy anything anywhere from anybody based off of what he just typed.

 

AHAHAH ! what a coincidence, i read that book two years ago right after graduation

 

Don't mean this in a sarcastic way, but you may want to read it again.

You want your non-work income to pay for your toys. It's what he calls, getting out of the rat race. It works. When I make a good deal on an investment, I reward myself (997S, supercharger, etc), but that's always a small fraction of the actual gain. My 'real' job just funds whatever else... which is more investments and such. It works, homeboy. Take care.

 

Your a bit more frugal? Doubtful. At 25 I was not making car payments, let alone measuring my worth by the cars in my garage. Making payments on a GT2 is frugal? Putting a blower on your 3rd car frugal? Gimmea****ingbreak.

Get real. If you think your M3 is faster, great. Just great. I doubt it, but if that makes you happy, then I will agree with you.

Your M3 is faster. WAY faster.

I'm happy you are chilled.

 

Hmmmm, PM set my man