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Good Article on the buy vs rent discussion

By SubOink   Follow   Tue, 24 Apr 2012, 8:23pm   10,053 views   108 comments
In Los Angeles CA 90077   Watch (0)   Share   Quote   Permalink   Like   Dislike  

http://finance.yahoo.com/news/10-reasons-buy-instead-rent-150648664.html

It also mentions on the bottom when renting can be the better option.

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1. noreally Follow Befriend 1 threads 2 comments

   69   12:52pm Fri 27 Apr 2012   Share   Quote   Permalink   Like (1)   Dislike   fizbin says Gold? That's your answer? Seriously? Except for a very few industrial applications, gold has almost no intrinsic value. It's only valuable to you because its valuable to somebody else. Gold provides no utility by itself, it literally just takes up otherwise useful space. If you are buying and storing it yourself, you are subject to a nasty bid/ask differential plus the risks and expense of storage. Even the cheapest ETF (iShares IAU) charges .25% overhead + .3% ETF premium to market just to let the yellow stuff sit in their closet. It's had a huge run up, some might even say a bubble of its own and you want to hold it as your safety answer? To each his own. it's clear you don't know the first thing about gold. "gold bubble" - that's laughable. how about a US dollar bubble. the sovereign debt bubble. and ps: gold ETFs are a scam. there is roughly 1 oz of real gold backing every 100-150 ozs of the paper gold that is traded in this phony, zombie market.

2. RentingForHalfTheCost Follow Befriend (8) 40 threads 2,062 comments Pleasanton, CA Premium

   70   1:17pm Fri 27 Apr 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   SubOink says RentingForHalfTheCost says Right now I am hanging out in South American for 6 weeks, only because I don't have a mortgage Weird. I have a mortgage and we still travel. Hm. Try taking a year or two off of work at the prime of your life. We are talking in general terms here. Most people at my work that are cripple with a mortgage would love to take advantage of some of the sabbaticals and leaves that we have available. Most can't and the only people I know that do it, are the people that rent or started wealthy. Just showing one of the positives of that 40K+ savings. Ah, forget it.

3. bmwman91 Follow Befriend (8) 38 threads 1,605 comments Mountain View, CA bmwman91's website Premium

   71   1:19pm Fri 27 Apr 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   lol SubOink & RFHTC...unstoppable force meets immovable object.

4. Rent4Ever Follow Befriend 7 threads 94 comments

   72   1:29pm Fri 27 Apr 2012   Share   Quote   Permalink   Like (1)   Dislike   RentingForHalfTheCost says Right now I am hanging out in South American for 6 weeks, only because I don't have a mortgage. This is sweet, and this is the goal for me. To be able to just pickup, and take 6 weeks off just because I want to. Splash work in when I feel like it, but be able to do whatever I want whenever I want because I have a lot of $$. That's why buying a house so I can get a jacuzzi, new stove/dishwasher and remodel a house is not gonna happen for me as long as the math doesn't add up. However, if the market does actually bottom out, and start to show real signs of health and prices start to go up, then that changes things.

5. SubOink Follow Befriend (3) 9 threads 716 comments Los Angeles, CA

   73   1:31pm Fri 27 Apr 2012   Share   Quote   Permalink   Like   Dislike   RentingForHalfTheCost says Try taking a year or two off of work at the prime of your life. We are talking in general terms here. Most people at my work that are cripple with a mortgage would love to take advantage of some of the sabbaticals and leaves that we have available Do you stop paying rent when you go on a vacation?

6. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

   74   1:45pm Fri 27 Apr 2012   Share   Quote   Permalink   Like   Dislike   Protected   SubOink says Do you stop paying rent when you go on a vacation? I doubt he stops paying rent. But he's been smart with his money and probably has enough savings to cover the rent while on vacation.

7. RentingForHalfTheCost Follow Befriend (8) 40 threads 2,062 comments Pleasanton, CA Premium

   75   1:47pm Fri 27 Apr 2012   Share   Quote   Permalink   Like   Dislike   Protected   SubOink says RentingForHalfTheCost says Try taking a year or two off of work at the prime of your life. We are talking in general terms here. Most people at my work that are cripple with a mortgage would love to take advantage of some of the sabbaticals and leaves that we have available Do you stop paying rent when you go on a vacation? No, but it is half the cost of ownership in my neck of the woods. The mortgage and housing costs would keep me seated and doing the traditional 2-3 weeks away from the crib each year. I even have a built in person keeping an eye on things when I am gone. The landlord. ;)

8. SubOink Follow Befriend (3) 9 threads 716 comments Los Angeles, CA

   76   1:56pm Fri 27 Apr 2012   Share   Quote   Permalink   Like   Dislike (1)   RentingForHalfTheCost says No, but it is half the cost of ownership in my neck of the woods. The mortgage and housing costs would keep me seated and doing the traditional 2-3 weeks away from the crib each year. I even have a built in person keeping an eye on things when I am gone. The landlord. ;) It's really not fair labeling your parents as "landlord". :)

9. SubOink Follow Befriend (3) 9 threads 716 comments Los Angeles, CA

   77   1:57pm Fri 27 Apr 2012   Share   Quote   Permalink   Like   Dislike   wthrfrk80 says SubOink says Do you stop paying rent when you go on a vacation? I doubt he stops paying rent. But he's been smart with his money and probably has enough savings to cover the rent while on vacation. And you can't do that with a mortgage because....?

10. RentingForHalfTheCost Follow Befriend (8) 40 threads 2,062 comments Pleasanton, CA Premium

    78   2:00pm Fri 27 Apr 2012   Share   Quote   Permalink   Like   Dislike   Protected   SubOink says wthrfrk80 says SubOink says Do you stop paying rent when you go on a vacation? I doubt he stops paying rent. But he's been smart with his money and probably has enough savings to cover the rent while on vacation. And you can't do that with a mortgage because....? Better savings stash because I rent in the BA + less monthly costs.

11. RentingForHalfTheCost Follow Befriend (8) 40 threads 2,062 comments Pleasanton, CA Premium

    79   2:01pm Fri 27 Apr 2012   Share   Quote   Permalink   Like   Dislike   Protected   SubOink says RentingForHalfTheCost says No, but it is half the cost of ownership in my neck of the woods. The mortgage and housing costs would keep me seated and doing the traditional 2-3 weeks away from the crib each year. I even have a built in person keeping an eye on things when I am gone. The landlord. ;) It's really not fair labeling your parents as "landlord". :) Probably won't believe, but I actually took my savings from renting in the BA and have purchased a home for each parent. In my life the bank of M&D doesn't exist. It is actually the reverse. Told you, you wouldn't believe.

12. SubOink Follow Befriend (3) 9 threads 716 comments Los Angeles, CA

    80   2:26pm Fri 27 Apr 2012   Share   Quote   Permalink   Like   Dislike   RentingForHalfTheCost says Probably won't believe, but I actually took my savings from renting in the BA and have purchased a home for each parent Nice. But it doesn't make sense - if renting is the way to get rich...why buy the parents a house? Why not rent them a house and get rich renting it with all the cash you are saving? hihi... I see an infomercial at 2Pm at Night ...RFHC comes on - Has anyone told you that getting rich by buying real estate is bullcrap?? Renting is the way to absolute wealth....especially when you rent FROM me. :)

13. RentingForHalfTheCost Follow Befriend (8) 40 threads 2,062 comments Pleasanton, CA Premium

    81   8:27pm Fri 27 Apr 2012   Share   Quote   Permalink   Like   Dislike   Protected   SubOink says Nice. But it doesn't make sense - if renting is the way to get rich...why buy the parents a house? Why not rent them a house and get rich renting it with all the cash you are saving? Because the market where I bought the houses actually makes a lot more sense than here in California. Both have performed well and continue to perform well. However, they are not in this country, they are in Canada. It also helped that when I bought the exchange was 1.5 to 1, and now it is basically 1 to 1. I didn't count on that, but will take it. I bought in California in 2003 and when someone said they would give me 50% more than I paid just 5 years earlier, I gladly sold. I still don't think it was correct, but I'll gladly take someone money if they are throwing it at me. I doubt he is paying his mortgage at this point.

14. E-man Follow Befriend (31) 34 threads 2,608 comments San Jose, CA Premium

    82   9:07pm Fri 27 Apr 2012   Share   Quote   Permalink   Like   Dislike   Protected   SubOink says living with a shitty stove that doesn't work right. Or the dishwasher breaks so you call the landlord and he gets you a new one - the cheapest one out there. I couldn't stop laughing reading this. So true so true. Too bad that you weren't renting from me and pkennedy. We have stainless steel appliances and energy efficient washer/dryer and dishwasher in our units, and granite countertop is a must. We don't buy the cheapest stainless steel stuff either. It's typically the 3 cheapest. Say you can get a cheap stainless steel dishwasher for $350. The next grade would be $400, then $450, which is what we buy. Why the cheapest piece of crap that makes too much noise due to the lack of insulation and cheap ass looking interior. The 2nd cheapest grade has some insulation and maybe one additional function compared to the 1st. The 3rd one gives us the most bang for the bucks, or maybe it's just our impression. Of course we're not gonna drop $1,000 on a dishwasher for a rental. We're pretty proud of what we're doing. Since pkennedy is a renter himself, he gave a lot of insights on what renters are looking for. He's a valuable asset in this partnership. I, on the other hand, like to give the tenants what I have in my house with the exception of cherry harwood and marble floors. Marble flooring in the bathrooms could be a liability due to its slippery surface so I was told. I haven't been renting since June 30, 1996 so I tend to forget how suck and cheap the rentals are. :)

15. E-man Follow Befriend (31) 34 threads 2,608 comments San Jose, CA Premium

    83   9:19pm Fri 27 Apr 2012   Share   Quote   Permalink   Like   Dislike   Protected   Did I mention that we have recess lightings, programmable thermostat, dual pane windows and 2-inch blinds in our units? Yeah, that was pkennedy's ideas. Oh, he also came up with more shelves and storage space idea. Gosh, he came up with so many ideas that I couln't remember them all. Thanks Patrick for your website. It allowed me to meet some amazing people and end up doing business with some. Yes, I'm only doing business with the less pessimistic people. :) Iwog, I believe one of my clients is meeting with you and your spouse this weekend. Thanks for giving this person a discount & helping out the last person for a very minimal fee. Cheers. :)

16. zesta Follow Befriend 1 threads 210 comments

    84   9:57pm Fri 27 Apr 2012   Share   Quote   Permalink   Like   Dislike   RentingForHalfTheCost says I bought in California in 2003 and when someone said they would give me 50% more than I paid just 5 years earlier, I gladly sold er.. so you rented in the BA saved up a whole bunch of cash by renting and then in 2003 bought two homes, one for yourself and a home in Canada for your parents? What made you think that 2003 was the right time to buy after renting in the BA for so many years? .. and why didn't you sell earlier than '08? Surely you should have seen the frothy signs in 04 or 05. Don't you ever regret not buying in the 90s? You'd probably have the house paid off by now.

17. CrazyMan Follow Befriend 449 comments Boulder Creek, CA

    85   9:57pm Fri 27 Apr 2012   Share   Quote   Permalink   Like   Dislike   Derp derp herp derp

18. E-man Follow Befriend (31) 34 threads 2,608 comments San Jose, CA Premium

    86   11:16pm Fri 27 Apr 2012   Share   Quote   Permalink   Like   Dislike   Protected   zesta says Don't you ever regret not buying in the 90s? You'd probably have the house paid off by now. Zest, I bought my first home with my older sister in 1996 at the age of 22 for $215k at 8% interest rate. It was a small 3/2, 1,250 sq.ft. house. Our payment was $1,262/month. Property tax was around $200/month. Home insurance was around $35/month. Equivalent rent was $1,200/month. At that time, we just want a house. Now to think of it, it was a 25% premium compared to rent without factoring in the principle pay down & tax benefit. In 1999, we bought another house as an investment for $335k, put 30% down and borrowed at 8%. Rent was just enough to cover the monthly payment and insurance. Cash-flow was negative once property tax was factored in. Again, we had no clue how to invest. Fast forward, we owe less than $400k on these homes combined. They're worth over $1M. Combined monthly payments are $2,145. Now I'm looking at the cash-flow for equivalent properties if I were to buy them today with 20% down. They're cheaper than 1996, and people are still complaining the Bay Area is expensive. So hard to please people. :)

19. E-man Follow Befriend (31) 34 threads 2,608 comments San Jose, CA Premium

    87   11:26pm Fri 27 Apr 2012   Share   Quote   Permalink   Like   Dislike   Protected   CrazyMan says Derp derp herp derp So close-minded. All three stainless steel appliances combined are about $800 more compared to the white or black appliances. We can get granite countertop done for the same price as tile countertop. Recess lightings are a little more expensive than the typical cheap lightings and Chandlers. All in all about $3k premium compared to getting it done cheaply. We can easily command a $100/month premium on rent, and we practically have no competition. The upgrades pay for themselves. What's so hard to understand? Buying properties at 15%-20% discount is a nice icing on the cake. Of course it's not possible if you keep putting obstacles in front of you. I've come a lonq way since 2009 while you're still renting. It's time to get off the fence??? :)

20. SubOink Follow Befriend (3) 9 threads 716 comments Los Angeles, CA

    88   11:30pm Fri 27 Apr 2012   Share   Quote   Permalink   Like   Dislike   E-man says SubOink says living with a shitty stove that doesn't work right. Or the dishwasher breaks so you call the landlord and he gets you a new one - the cheapest one out there. I couldn't stop laughing reading this. So true so true. We were crying for years...and now we are finally laughing about it too :)

21. RentingForHalfTheCost Follow Befriend (8) 40 threads 2,062 comments Pleasanton, CA Premium

    89   7:46am Sat 28 Apr 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   zesta says RentingForHalfTheCost says I bought in California in 2003 and when someone said they would give me 50% more than I paid just 5 years earlier, I gladly sold er.. so you rented in the BA saved up a whole bunch of cash by renting and then in 2003 bought two homes, one for yourself and a home in Canada for your parents? What made you think that 2003 was the right time to buy after renting in the BA for so many years? .. and why didn't you sell earlier than '08? Surely you should have seen the frothy signs in 04 or 05. Don't you ever regret not buying in the 90s? You'd probably have the house paid off by now. I never bought in the BA, I bought in the surrounding area where prices/rents/income made sense at the time. It was just a weekend home on my way to Tahoe. I never bought in the 90's because I was only in a position to buy in the BA around 2000 and by then things were already getting overpriced. Looking back I never really had an opportunity unless I did a 5% down and that is not in my blood. I watched my parents lose their home during the 1980 interest rate increases. Once you live through it once you don't ever want to do that to your family. In Canada there is no such things as a 30 year fixed. It is a 30 yr amortization with a refi every 5 years. You can lose your home with big jumps in interest rates. Anyway, I have regrets in life, I sure we all do. But my housing decision don't have any of them. I have always stayed true to my conservative thinking. Others can go chase big money, but all I want is a place to call my own eventually. I will never overpay for it. It has value, but nothing close to what BA housing sells for today in my opinion.

22. RentingForHalfTheCost Follow Befriend (8) 40 threads 2,062 comments Pleasanton, CA Premium

    90   7:50am Sat 28 Apr 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   zesta says Don't you ever regret not buying in the 90s? You'd probably have the house paid off by now. I got a house paid off already now. Just don't have it in decaying wood and chalk. It is in real investments where I like it. People keep saying that, thinking that renters can't invest the difference and save. Buying with other people money is easy. Buying with your own is much harder. Kinda like looking at the monthly payment instead of the full purchase amount. Each year right now I actually am avoiding another 50K drop in my worth by not buying. Even with a high paying tech job, that is more than a years of hard savings. I think there are still a few years left like that.

23. E-man Follow Befriend (31) 34 threads 2,608 comments San Jose, CA Premium

    91   9:27am Sat 28 Apr 2012   Share   Quote   Permalink   Like   Dislike   Protected   RentingForHalfTheCost says People keep saying that, thinking that renters can't invest the difference and save. That's the exception, not the norm. Just like some people on here don't believe you can make money buying positive cash-flow properties in the Bay Area. We've been buying rental properties in the South Bay for 8 times multiple. We don't have to go to Texas to get that while it is totally achievable in the beautiful State of California. :)

24. hanera Follow Befriend (3) 124 comments

    92   2:42pm Sat 28 Apr 2012   Share   Quote   Permalink   Like   Dislike   fizbin says That's what RE leverage does brilliantly: you have both the inflating asset, and the depreciating mortgage. Is one of the reason why I bought another RE in addition to the mortgage-free owner-occupied SFH.

25. RentingForHalfTheCost Follow Befriend (8) 40 threads 2,062 comments Pleasanton, CA Premium

    93   10:08am Sun 29 Apr 2012   Share   Quote   Permalink   Like   Dislike   Protected   hanera says fizbin says That's what RE leverage does brilliantly: you have both the inflating asset, and the depreciating mortgage. Is one of the reason why I bought another RE in addition to the mortgage-free owner-occupied SFH. Leverage is great when it works in your favor. Stings like a bugger when it flows against you though. Careful out there.

26. zesta Follow Befriend 1 threads 210 comments

    94   12:31pm Tue 1 May 2012   Share   Quote   Permalink   Like   Dislike   RentingForHalfTheCost says I never bought in the BA, I bought in the surrounding area where prices/rents/income made sense at the time. It was just a weekend home on my way to Tahoe. Thanks for sharing. I'm interested because you're one of the bigger bears on this board (and that's saying something) but yet you jumped in 2003, but didn't get out until 2008. What areas of CA made so much sense to buy in 2003? and seeing the disconnect between rents/prices why didn't you sell earlier? I confess I thought CA real estate was overpriced in 2002.

27. hanera Follow Befriend (3) 124 comments

    95   1:25pm Tue 1 May 2012   Share   Quote   Permalink   Like   Dislike   Bought a condo in 2003 (just like RFHTC did), sold it in mid 2007 and bought a SFH in early 2011. So just like zesta, is interested to know why RFHTC is so bearish. With Fed printing monies like crazy, is a matter of time before hyperinflation catches fire. Real worth of SFH might decline because of unfavorable economic conditions but nominal value is likely to be up because of Fed's action. Many folks buy precious metals to hedge but I prefer SFH because can rent it out so cost of hedging is lower.

28. FortWayne Follow Befriend (13) 106 threads 3,860 comments

    96   1:34pm Tue 1 May 2012   Share   Quote   Permalink   Like   Dislike   hanera says Bought a condo in 2003 (just like RFHTC did), sold it in mid 2007 and bought a SFH in early 2011. So just like zesta, is interested to know why RFHTC is so bearish. With Fed printing monies like crazy, is a matter of time before hyperinflation catches fire. Real worth of SFH might decline because of unfavorable economic conditions but nominal value is likely to be up because of Fed's action. Many folks buy precious metals to hedge but I prefer SFH because can rent it out so cost of hedging is lower. Don't bet on inflation, there are plenty of instruments to absorb all that liquidity without any trickling down to create any inflation that you will feel. It isn't going to come to the main street. Rather expect deflation in US for several years due to global labor competition intermixed with consumer deflation arising from that.

29. RentingForHalfTheCost Follow Befriend (8) 40 threads 2,062 comments Pleasanton, CA Premium

    97   6:24pm Tue 1 May 2012   Share   Quote   Permalink   Like   Dislike   Protected   zesta says Thanks for sharing. I'm interested because you're one of the bigger bears on this board (and that's saying something) but yet you jumped in 2003, but didn't get out until 2008. What areas of CA made so much sense to buy in 2003? and seeing the disconnect between rents/prices why didn't you sell earlier? In 2003 I bought a new home in Folsom for $127/sqft which when I crunched the numbers for construction costs, land value, property taxes, it wasn't that bad. I was able to take out only a small mortgage on it. The monthly was less than $800/mth at a 4.25% 5/1 ARM. I planned and did pay it off in the 5 years so never needed the readjustment. Part of me wanted to completely pay off the house before contemplating selling. I know, I should have sold in 2007, but still selling in 2008 wasn't that bad either. As far as being bearish, I don't think there is any other way to be. Believe me, if there were signs that pointed to being a bull or even on the fence I would. I actually want to buy a house NOW, just don't want to throw away any of my money. As long as I thought the prices would be stable I would buy. However, hearing all the realtors and housing bulls misinterpret the data over and over really makes me a skeptic. I look at data each and every day, it is my job to crunch through and interpret it. This last year I have used my work skill to do the same for housing and I don't see any good indicators. The momentum has been down and like the housing boom, once momentum starts it really needs something to turn it around. Many have said it here, it is related to jobs and incomes. These both are not good and then add in the shadow inventory and the picture gets worse. Enter the foreign buyer that is suppose to save the US housing market. I don't think so.

30. SubOink Follow Befriend (3) 9 threads 716 comments Los Angeles, CA

    98   10:45pm Tue 1 May 2012   Share   Quote   Permalink   Like (1)   Dislike   FortWayne says Rather expect deflation in US for several years due to global labor competition intermixed with consumer deflation arising from that. Yes. - Just go to the grocery store, things are so much cheaper now than 2 years ago...NOT. - Go to the gas station...Man, gas has never been cheaper...NOT - Check your electric bill...notice the decrease?...NOT. - Health Care Costs...Lower?...NOT - Insurance premiums on anything...Lower?...NOT - Rents...Lower??...NOT We are clearly on our way to deflation...NOT

31. E-man Follow Befriend (31) 34 threads 2,608 comments San Jose, CA Premium

    99   11:22pm Tue 1 May 2012   Share   Quote   Permalink   Like   Dislike   Protected   RentingForHalfTheCost says Leverage is great when it works in your favor. Stings like a bugger when it flows against you though. Yep. Leverage is definitely a double-edge sword. It cuts both ways. Definitely great if you're on the right side of the trade. :)

32. RentingForHalfTheCost Follow Befriend (8) 40 threads 2,062 comments Pleasanton, CA Premium

    100   9:50am Wed 2 May 2012   Share   Quote   Permalink   Like   Dislike   Protected   SubOink says FortWayne says Rather expect deflation in US for several years due to global labor competition intermixed with consumer deflation arising from that. Yes. - Just go to the grocery store, things are so much cheaper now than 2 years ago...NOT. - Go to the gas station...Man, gas has never been cheaper...NOT - Check your electric bill...notice the decrease?...NOT. - Health Care Costs...Lower?...NOT - Insurance premiums on anything...Lower?...NOT - Rents...Lower??...NOT We are clearly on our way to deflation...NOT Because we seem to differ on many points in other threads, I think it is only fair to say that I am in full agreement with you here. Inflation is alive and well. Print print print print ... I'm just a full of crap armchair economists, so take it for what it is worth. ;)

33. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

    101   10:00am Wed 2 May 2012   Share   Quote   Permalink   Like   Dislike   Protected   SubOink, We agree for once.

34. FunTime Follow Befriend (3) 41 threads 835 comments San Francisco, CA

    102   4:35pm Wed 2 May 2012   Share   Quote   Permalink   Like   Dislike   SubOink says It also doesn't include that the landlord keeps security deposit at the end of the lease for those repairs, or a portion of it because your dog peeed on the carpet and your son threw up at the walls :) I don't think it factors in the interest earned on security deposits either. In San Francisco, renters earn interest on their security deposits.

35. FunTime Follow Befriend (3) 41 threads 835 comments San Francisco, CA

    103   4:43pm Wed 2 May 2012   Share   Quote   Permalink   Like   Dislike   If you're struggling with whether to buy versus rent, consider these 10 reasons to take the plunge into homeownership: A friend of mine and I often joke about the phrases used to describe buying a house. "Take the plunge!" Sounds so inviting.

36. FunTime Follow Befriend (3) 41 threads 835 comments San Francisco, CA

    104   4:46pm Wed 2 May 2012   Share   Quote   Permalink   Like   Dislike   SubOink says Keep renting...even though you are the best proof that it does work because somebody out there is renting out THEIR house to you :) A logical component of your comment is that the person renting the house is a competent, or careful, accountant or manager of their money. Most clearly are not as I understand most people to manage money to clear their costs slightly each month rather than building their net worth each ten years.

37. SubOink Follow Befriend (3) 9 threads 716 comments Los Angeles, CA

    105   5:38pm Wed 2 May 2012   Share   Quote   Permalink   Like   Dislike   RentingForHalfTheCost says Because we seem to differ on many points in other threads, I think it is only fair to say that I am in full agreement with you here wthrfrk80 says SubOink, We agree for once. Ok, guys! DRINKS ON ME!

38. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

    106   10:21am Thu 3 May 2012   Share   Quote   Permalink   Like   Dislike   Protected   I'll take a scotch on the rocks... It's past noon here. ;-)

39. zesta Follow Befriend 1 threads 210 comments

    107   4:18pm Thu 3 May 2012   Share   Quote   Permalink   Like   Dislike   RentingForHalfTheCost says In 2003 I bought a new home in Folsom for $127/sqft which when I crunched the numbers for construction costs, land value, property taxes, it wasn't that bad. I was able to take out only a small mortgage on it. The monthly was less than $800/mth at a 4.25% 5/1 ARM. I planned and did pay it off in the 5 years so never needed the readjustment. Part of me wanted to completely pay off the house before contemplating selling. I know, I should have sold in 2007, but still selling in 2008 wasn't that bad eithe I have no idea what home prices are like in Folsom, but if they're back 2002/2003 territory would you recommend someone who's looking in that area to buy? Especially since their monthly nut would be less than it was '03 with a 30 year fixed.

40. CaptainShuddup Follow Befriend (1) 294 threads 5,232 comments

    108   4:20pm Thu 3 May 2012   Share   Quote   Permalink   Like   Dislike (1)   Zestimate $149,400 $109K – $202K -$3,400 $67 05/01/2012 Rent Zestimate $1,690/mo $1.3K – $2K/mo +$23 $0.77 05/02/2012 Nuff said!

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