patrick.net
An Antidote to Corporate Media
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Strategist
2017 Sep 23, 8:10am
A lot of people are doing their own calculations / spreadsheets in this thread. Why? Do you feel your own calcs are better than the popular established ones like Patrick linked?
The NY Times calculator is pretty good. Like all such calculators they are only as good as the assumptions you put in. The results can easily lead you astray for one of the most important financial decisions you will be making.
Bellingham Bill
2017 Sep 23, 8:55am
A lot of people are doing their own calculations / spreadsheets in this thread. Why?
the NYT calculator and my spreadsheet return similar results -- for my situation it's saying if rent is more than $650/mo I should buy, while my model says ~$800.
I just like being able to twiddle the variables directly, the NYT's GUI doesn't do much for me.
Hircus
2017 Sep 23, 10:23am
I just like being able to twiddle the variables directly,
Well, I can definitely understand that. I cant count the number of calculators I've coded over the years.
With that said, I do think the NYT calc is superb, for what it does do.
SFace
2017 Oct 11, 7:29pm
Buy buy buy, - in the ghetto.
Avoid, no buy - in prime areas.
Which is the opposite of reality. Price appreciates the most in places people covet.
SFace
2017 Oct 11, 7:32pm
Based on his discipline. He would have the home and even more stocks. You know, when you have a fixed mortgage which depreciate over the year. Savings rate. go through the roof eventually. Patrick would have had a peanut size mortgage had he bought the Berkeley place and saving like a mxfx all the same.
You know what's it like to have no mortgage and own a home in the sfba prime. Rich ass mxfx.
Strategist
2017 Oct 11, 7:40pm
Price appreciates the most in places people covet.
And where they covet now, is where they will always covet. It's as simple as that.
SFace
2017 Oct 11, 7:51pm
Location location location will be location location location location location.
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I'm a little new to this site and didn't realize that Patrick was a minor celebrity. I read Patrick's profile on ABC News and the thing that caught my eye was: "In 1999, he tried to buy a house there but ended up outbid, angry and convinced the system is fixed and that real estate agents are dishonest" .. "He decided not to buy and thinks he ended up on top, even though the house has gone up nearly a half million dollars. Killelea said that even people whose homes increased in value by hundreds of thousands of dollars 'would have done better in the stock market.' "
http://abcnews.go.com/Nightline/story?id=3731415&page=1
You were spot on in 2007, but do you have any regrets about not buying in 1999?
I get it, rents were cheaper than PITI in 1999 so it was a tough choice to buy, but on the flip side if you would have taken out a 15 year mortgage you'd be a couple years short of paying it off. Or you could have refinanced a 30 year today, and I'm guessing you'd be paying substantially less in PITI than your current rent.
Just curious about your thoughts..
#housing