Miramar Questions

[gaijin6423]

I've heard of a nicely sized house in Rancho Bernardo for sale, cheap. The ad said something about a few Kool-Aid stains on the carpets and a purple shroud laying around here and there. Rumor has it they'll even throw in a couple free tickets to the spaceship behind the comet.

 

[Physicx]

Brett I agree totally with you. Oh and there only paying 1500 a month for the first five years.

 

[Physicx]

Not to bring up an old topic but this might help some of you. If you go to realtor.com and hit more search options and search only for land in San Diego you will find great deals. If you don't mind building a home it will save you thousands. You can find an acre in Poway for $75,000 and build your dream home.

 

[The Chief]

Brett I agree totally with you. Oh and there only paying 1500 a month for the first five years.

I think you meant "they are" not there.

Again, you also have problems with your math. Missing data points. If they bought a house for $600,000 and made a down payment of about $300,000, then yes it is conceivable they are paying only $1,500 a month on an interest only loan.

But if they financed the whole $600,000 then their interest only payment would be on the order of $2,800 to $3,100 a month, dependent on lender/time and other variables.

 

[Physicx]

Your right my math was off. There payment is going to double or triple in the next year. Of course they are worried and probably going to sale. But if you build your own house its a lot cheaper since there is still tons of land available.

 

[Brett327]

But if you build your own house its a lot cheaper since there is still tons of land available.

Brett

 

[Crowbar]

But if you build your own house its a lot cheaper since there is still tons of land available.

 

[bunk22]

I wonder how many people make $110,000 in San Diego that bought a house since 2000?

Right here brother. My house was $595K. I'm doing the interest only thing as well. Next year, I will refinance on the first loan, like I just did on the second.

 

[zippy]

Threadjack

Bunk,
Why did you choose to refinance only the second loan instead of both? Was there some sort of benifit to waiting a year and risking more interest rate hikes (especially if your first loan is the larger amount) vs consolidation of both loans into one at this point in time?
-Just curious because I went 80/15/5 on my place and am considering consolidating them into one when the arm is up (the second on is a 15yr Balloon).

 

[Physicx]

Crowbar what part of my statement is incorrect? Is it that I said there is tons of land or that its cheaper?

 

[makana]

Crowbar what part of my statement is incorrect? Is it that I said there is tons of land or that its cheaper?

I think it's just that you are part of this conversation in the first place. Almost everything you post is incorrect and you have no personal knowledge or experience to back up your posts. It is all second or third hand information about people you know to include their personal finances, incomes, etc. You no longer live in SD so you really shouldn't comment on availability of land or prices of homes in the area. You also don't own a house yet you are giving advice or information on different aspects of buying or selling homes. You don't seem to take the subtle (or not so subtle) hints that we have given you to just stay in "receive" mode for a while instead of "transmit". You might just learn something.

 

[bunk22]

Threadjack

Bunk,
Why did you choose to refinance only the second loan instead of both? Was there some sort of benifit to waiting a year and risking more interest rate hikes (especially if your first loan is the larger amount) vs consolidation of both loans into one at this point in time?
-Just curious because I went 80/15/5 on my place and am considering consolidating them into one when the arm is up (the second on is a 15yr Balloon).

There is a penalty if I refinance or pay it off within two years. Didn't have that on the first. I did an 80/20 but paid off all my debt with the money made off the sell of my last house. Next year, I will consolidate both into one, conventional hopefully.

 

[Physicx]

Just because I don't live there doesn't mean I don't know what land prices are. Did you go to realtor.com and search land? Did you contact real estate agents to verify those prices and that you can build homes on them? How do you know that I have no personnel knowledge or experience? If you take a look I'm right that its cheaper to buy a piece of dirt and build your dream house then to buy it from someone else. But if you don't believe me thats fine. You can pay those outrageous prices I was just trying to help. I don't understand why everyone is so angry.

 

[makana]

Did you go to realtor.com and search land? Did you contact real estate agents to verify those prices and that you can build homes on them?

And this makes you some kind of subject matter expert? I think not. I'm sure if you searched your "sources" hard enough, you might find some valuable swamp land in Florida, too. As I said before you have no personal knowledge of what you are talking about.

How do you know that I have no personnel knowledge or experience?

Every post you submit proves it. BTW, I never mentioned any personnel in my statement; I said you have no personal knowledge or experience.

I was just trying to help.

Again, try to help with something you have knowledge and/or experience with. Otherwise, switch to "receive only."

I don't understand why everyone is so angry.

It's just very frustrating when people talk out their a$$ regarding things they don't know enough about to be commenting on. You, in particular, seem to be very stubborn and argumentative in order to prove yourself in this situation. Arguing with you is like clapping with one hand. You refuse to accept that people with personal knowledge are trying to tell you that you are continually wrong.

 

[av80r1976]

Guys thanks for all the advice on the move to San Diego. I have enjoyed reading the debates on the housing market; by the way has sparked a lot of research on this end. Greenspan had a few words to say about the 'bubble' and if if will actually burst. Recommended reading.
Right now I am in Pensacola, FL with huricane Katrina; can't wait to leave the gulf coast to be rid of all these storms, but what about earthquakes in CA? At least with those you don't know they are coming, ignorance is bliss.