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The right choice would be to keep the apartment and invest in a mountain/beach cabin/cabana as a tax savings scheme.
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Mar 26, 2014 04:49
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MrKatharsis posted:Double that tax estimate. Dude lives in Seattle. vvvv Roops, thought I had checked that twice. Well, things are looking up! PhantomOfTheCopier fucked around with this message at 05:24 on Mar 26, 2014 |
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Mar 26, 2014 05:09
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PhantomOfTheCopier posted:King County Assessor gives rates of 10.3% or 13.4%, so something closer to $2575--$3350/mo (or more depending on actual location). The Zillow calculator gave me $4295/mo without HOA dues, but I don't know anything about buying houses so having his monthly payment come out to 100% of his base pay... I suspect I'm calculating something wrong. Property tax rates are normally listed in mils. Divide by ten.
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Mar 26, 2014 05:22
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He has to be loving with us, right? He can't not be loving with us. And yet, 'I can't find a baller apartment in the baller area I want to live in, so I'll buy a condo instead' is exactly the sort of thing he'd do.quote:Mostly I just expect my income to keep rising. I don't expect to increase my consumption with my income. My old age feels safe and comfy. (On a more serious note, even non-baller people tend to have their consumption creep up to match income unless they're good at setting and sticking to a budget. You are not good at setting and sticking to a budget.)
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Mar 26, 2014 05:23
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I really hope this isn't an April Fool's joke. I want this to be real so bad.
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Mar 26, 2014 09:24
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Buy the condo, SloMo.
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Mar 26, 2014 10:00
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Forget the condo. My buddy Nick says there's a totally baller mansion for sale next door to him in West Egg.
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Mar 26, 2014 10:14
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Slow Motion posted:Mostly I just expect my income to keep rising. I don't expect to increase my consumption with my income. My old age feels safe and comfy. I know I'm probably just talking to myself here, but this is poor people talk. The fact that you won't (Can't? Who can tell anymore) live within your means signifies you're pretty bad with money. Ah who am I kidding, this is going to fall on deaf ears. SLOW MO, BUY THE CONDO EDIT: VVV Hell yea I'm glad someone brought this up. Smush Mo eat the eggs! But Not Tonight fucked around with this message at 13:07 on Mar 26, 2014 |
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Mar 26, 2014 12:37
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SLOW MOUTH EAT THE EGGS
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Mar 26, 2014 13:04
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Definitely buy the condo!!
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Mar 26, 2014 13:20
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SpelledBackwards posted:SLOW MOUTH EAT THE EGGS He eats fried chicken and candy bars, remember?
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Mar 26, 2014 13:45
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It's true, America's poor don't think of themselves as poor but temporarily embarrassed millionaires. That's some seriously crazy optimism at a high level. But I suppose he'll be at the same point as a lot of ballers in old age... in poor health AND poor. Nothing wrong with wanting to enjoy life while you're young, but the attitude of the OP is precisely the opposite of what he needs to be able to get there. I don't want to actually promote this guy's work since he's already rich plus a douchebag about it but I agree with the vast majority of points in this book. I firmly do believe if you drop everything, work smart and hard for 5-10 years, you can probably be set for life. That's not the hard part as much as finding something you have a good chance of succeeding with that works with what skills and knowledge you do have. And unless your spouse is on board getting married young probably doesn't help either. Another option you may have is to work super hard four months out of the year and bank most of it and take most of the year off. If I bill at $200 / hour for 60 hours / week for that time, you should be able to live comfortably and enjoy life otherwise. That's not as cool and baller as owning some business you basically leech off of for life, but it should be within reach of almost all professionals working in the FIRES industries with technical and social competence.
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Mar 26, 2014 13:59
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This is loving pathetic. Slow Mo you make fat stacks, you don't need to buy a condo. A condo isn't even real ownership; you have to pay HOA fees forever on that poo poo, deal with stupid annoying neighbors, and the 9's and 10's you bring back to your pad won't cream their panties as you walk up to the front door. You should buy yourself a proper house. Who cares if it ends up eating even more of your income? You'll be able to afford it with the huge bonuses you're raking in, and you can landscape that poo poo so everyone will know exactly how baller you are. Get some of those lion status and like some bamboo gardens out front and the panties will drop before you even get in the front door. You work hard and you know you're worth it. Don't short change yourself.
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Mar 26, 2014 14:20
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 SloMo get a divorce from renting and buy the condo.
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Mar 26, 2014 14:56
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This thing is still a classic. Slow Mo, you should buy a condo. A penthouse condo. Think of all the
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Mar 26, 2014 14:58
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Why a condo. Why. Just... why. Why don't you slum it for a bit in a low-rent part of Seattle? Seattle is a cool place. Slum it. Get in good with some dealers or musicians or whatever. Bang hippie chicks. I just don't understand why you want to live like you're in finance on Wall Street when you could live like an aimless pothead while making 80,000 a year. By the time you're 35 or 40 you'll have paid off your debt and actually hung out with some cool and interesting people instead of flashing your nonexistent money around to attract shallow acquaintances who just want to bum drinks and drugs off of you. I actually know a guy who works in Vegas as a designer for shows like Cirque and such. He's the coolest guy, knows a bazillion and one people in Vegas (like the dudes from the blue man group and poo poo like that) and he drives an early '00s Toyota or something because anyone who recoils at his ratty ride is not worth knowing. He lives in a million+ dollar house, of course, because he can afford it, but his point was that all the baller lifestyle does is drain your soul and starve you of genuine human affection. I hate you because, like Zaurg, I swing between being concerned about you and thinking you deserve everything you get. Shape the gently caress up, man.
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Mar 26, 2014 15:57
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What sounds better when talking to the girl du jour? "Let's swing back to my penthouse (cough) apartment" or "Let's take an Uber back to my CONDO" You know what you need to do. Who cares, you'll be making more money in no time.
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Mar 26, 2014 15:59
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FrozenVent posted:This thing is still a classic. It's all about the equity. Really what I want is a 1.5m condo but to get there I'll need to build up the down-payment in either savings or equity. 300k is just a number I was approved for. I don't think I can go higher than $250,000 without making a normal 20% down payment. After reviewing my financials Quicken has approved me for a 4.2% 30 year conforming non-FHA if I put at least 5% down. After reading about the 5 year lock for mortgage insurance on the FHA I'd much rather have private mortgage insurance I can opt out of at 80% of principal. A friend of mine who recently bought a house offered me a room for a few months while I look for a condo to buy. I might take her up on it and save the 2k rent towards a down payment. If I stretch that out to July bonus I'll have 20k down. I'm gonna look at a $219k place on Thursday. The timing probably doesn't work out well but it'd be an awesome spot. Slow Motion fucked around with this message at 16:21 on Mar 26, 2014 |
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Mar 26, 2014 16:04
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The only thing more baller than buying a sweet condo is buying the first one you look at, immediately. Can you put the down payment on credit card, or just take a cash advance to get the 15-20% down? I'd do that.
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Mar 26, 2014 16:09
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Haha, you'll never afford a 1.5m condo with your spending habits. How would you even afford to furnish it?
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Mar 26, 2014 16:10
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The real estate taxes on a 1.5 million dollar condo...
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Mar 26, 2014 16:13
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You might want to pay your friend some rent money, so it wont be a $2000 savings per month. You could pay her in boner-dollars
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Mar 26, 2014 16:15
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Spermy Smurf posted:You could pay her in boner-dollars Not only is it a 2000 dollar savings per month, but he could turn this into months of threesomes if he plays his cards right.
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Mar 26, 2014 16:23
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Is it crazy that I'm hoping some good might come of this? This seems to be the first case where what you want is both something you clearly can't afford right now, and something you could afford in a year or two if you budget. Why don't you save your money until you can buy a condo you actually want? Ten years from now it won't make a difference whether you bought in 2014 or 2016.
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Mar 26, 2014 16:44
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in_cahoots posted:Is it crazy that I'm hoping some good might come of this? This seems to be the first case where what you want is both something you clearly can't afford right now, and something you could afford in a year or two if you budget. Why don't you save your money until you can buy a condo you actually want? Ten years from now it won't make a difference whether you bought in 2014 or 2016.
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Mar 26, 2014 16:50
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in_cahoots posted:Is it crazy that I'm hoping some good might come of this? This seems to be the first case where what you want is both something you clearly can't afford right now, and something you could afford in a year or two if you budget. Why don't you save your money until you can buy a condo you actually want? Ten years from now it won't make a difference whether you bought in 2014 or 2016. Slow Motion posted:Cause I want to live well now.
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Mar 26, 2014 16:52
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So at this point this thread isn't really about financial sense, it's just Slowmo's podium to brag about his baller life. Also, lol at treating a condo as a wealth-building tool. I imagine that in typical Slowmo fashion, he's going to end up with a place that's entirely ho-hum and then act like he just purchased Valhalla. He's got a budget of $250k in Seattle, after all. Tragic Otter fucked around with this message at 17:00 on Mar 26, 2014 |
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Mar 26, 2014 16:55
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Faceless Clock posted:So at this point this thread isn't really about financial sense, it's just Slowmo's podium to brag about his baller life. Hey, I learned something new about mortgage insurance based on a knowledgeable goon. This thread would look radically different if I was interested in bragging.
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Mar 26, 2014 16:57
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Slow Motion posted:A friend of mine who recently bought a house offered me a room for a few months while I look for a condo to buy. I might take her up on it and save the 2k rent towards a down payment. If I stretch that out to July bonus I'll have 20k down. You're just going to sweep the 20k consumer debt you still have under the rug then. Never change Slowmo 
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Mar 26, 2014 16:59
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Slow Motion posted:This thread would look radically different if I was interested in bragging.
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Mar 26, 2014 17:02
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Doccykins posted:You're just going to sweep the 20k consumer debt you still have under the rug then. Never change Slowmo Yeah pretty much. The 8k in credit card debt is the only bothersome part; the obligation to my retirement account is a much tamer beast.
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Mar 26, 2014 17:02
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Slow Motion posted:Hey, I learned something new about mortgage insurance based on a knowledgeable goon. This thread would look radically different if I was interested in bragging. Ah, you're just a humble student. So your tendency to tell people to gently caress off when they don't say what you want to hear is...what? poo poo in your ears? Birth defect? Make sure you get a high-rise place BTW because you told us earlier in this thread that your happiness depends on a good view.
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Mar 26, 2014 17:03
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Well then just pay it off and take out a bigger one to pay the credit cards. Might as well get a larger down payment while you're at it.
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Mar 26, 2014 17:04
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in_cahoots posted:Is it crazy that I'm hoping some good might come of this? This seems to be the first case where what you want is both something you clearly can't afford right now, and something you could afford in a year or two if you budget. Why don't you save your money until you can buy a condo you actually want? Ten years from now it won't make a difference whether you bought in 2014 or 2016. Slowmo has proven he is incapable of delaying gratification. He wants a condo, he's buying one now, debt load, price or overall shittiness of the condo be damned. Slowmo, have you considered a balloon IO ARM? It's a low monthly payment and then you can do a refi when your condo's value doubles in a few years. Housing prices only go up uP UP! You should definitely check it out! axeil fucked around with this message at 17:12 on Mar 26, 2014 |
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Mar 26, 2014 17:10
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Faceless Clock posted:Ah, you're just a humble student. So your tendency to tell people to gently caress off when they don't say what you want to hear is...what? poo poo in your ears? Birth defect? People who are unprovokedly mean and aggressive can gently caress right off. Yup they sure can. This is the one I'm gonna look at tomorrow: http://www.redfin.com/WA/Seattle/308-E-Republican-St-98102/unit-910/home/17078041 The view is pretty good but still a big downgrade from my current spot. I'll have to see how long that special assessment is gonna last. in_cahoots posted:Is it crazy that I'm hoping some good might come of this? This seems to be the first case where what you want is both something you clearly can't afford right now, and something you could afford in a year or two if you budget. Why don't you save your money until you can buy a condo you actually want? Ten years from now it won't make a difference whether you bought in 2014 or 2016. I'll only be 28 once. Ten years from now I still wont get a second chance at it. Slow Motion fucked around with this message at 17:19 on Mar 26, 2014 |
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Mar 26, 2014 17:15
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Good luck with a co-op condo
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Mar 26, 2014 17:19
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Slow Motion posted:
That is a pretty sweet place. The HOA fees seem pretty high but they include property taxes. I say go for it, roof decks are pretty much the coolest places to drink and host cookouts.
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Mar 26, 2014 17:21
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Slow Motion posted:I'll only be 28 once. Ten years from now I still wont get a second chance at it. Never stop Slowmo There's a website you can use to send yourself emails in the future. Copy and paste all this stuff and send it to yourself in 10 years. I'm sure you'll be really happy with your crippling debt and terrible condo.
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Mar 26, 2014 17:28
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That mural is pretty baller.
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Mar 26, 2014 17:28
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Slow Motion posted:I'll only be 28 once. Ten years from now I still wont get a second chance at it. The gently caress does this even mean?
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Mar 26, 2014 17:28
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