patrick.net

James is a loser:
"But I will qualify: if someone wants to own a home, own one. There should never be a judgment. I'm the last to judge. I've owned two homes. And lost two homes.
If were to write an autobiography called: "My life - 10 Miserable moments" owning a home would be two of them."

A miserable loser giving financial advise to others. LOL

I guess the teachable material here is "don't do homeowning like I did."

I'm no paragon of real estate wisdom, but I did manage to save a sizable down payment whilst waiting for the housing bubble to pop, then bought on the way back up. It's not hard to do things right if you pay attention and have some self discipline. And it really helps to have a wife who is on board with the sacrifices necessary to do things correctly.

Quigley says

I'm no paragon of real estate wisdom, but I did manage to save a sizable down payment whilst waiting for the housing bubble to pop, then bought on the way back up. It's not hard to do things right if you pay attention and have some self discipline. And it really helps to have a wife who is on board with the sacrifices necessary to do things correctly.

"Behind every successful man is a woman" I'm sure it applies to losers too.
James could have gone through some bad luck, which changed his thinking. Kind of like people who lost money in the stock market during the great depression, and never considered buying stocks again.

Ironman says

People who have bought houses think they're the smartest person in the room. Very few will sit down with a calculator and figure out ALL the costs of ownership. I would bet maybe 5% truly know all the costs (and have added them up).

Most home owners have "investment bias" and will just bask in the "glow" that they "think" they own a house. When in reality, the bank (mortgage) and the town (property taxes) own the house....

I would never buy an investment home in the Mid West. The numbers just don't pencil out.
You are right about most people not able to figure out what they can really afford. I myself have never done a budget or even added up my monthly expenses. But I know what lifestyle I can afford. I can afford a simple lifestyle. The rest takes care of itself.

How does he come up with 0.2% housing increases for the last century?
6% mortgages?
Who has 200,000 to put down?
Qoute- "you can take freelance jobs making $5000 a month" ?
"I know 14 year olds doing that" Yea right

LOL

NO it's suicide to buy Tom Cruises house.

beershrine says

How does he come up with 0.2% housing increases for the last century?

6% mortgages?

Who has 200,000 to put down?

Qoute- "you can take freelance jobs making $5000 a month" ?

"I know 14 year olds doing that" Yea right

LOL

James is also stupid.

There I fixed it for you...

Strategist says

"Behind every successful man woman is a woman successful man."

You're both wrong.

Behind every successful man is a woman, and behind her is his wife.

Strategist says

I would never buy an investment home in the Mid West. The numbers just don't pencil out.

Where in the Midwest have you looked? That's where the numbers will usually work out much better than on either coast.

people who bought in Socal 3 years ago lost 7% this year. now they only have 25% gain :(

lesson learned.

tatupu70 says

Strategist says

I would never buy an investment home in the Mid West. The numbers just don't pencil out.

Where in the Midwest have you looked? That's where the numbers will usually work out much better than on either coast.

Only if you ignore appreciation. If you factor in appreciation, the coastlines win .