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Old 07-07-2016, 03:35 PM
 
Location: Denver, CO
760 posts, read 592,641 times
Reputation: 1482

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There could be some sort of investment tax. Targeted to those who are over sea investors or those who own more than X amount of properties. I'm an normally NOT for something like that, but if it's for the greater good, I wouldn't be opposed.

The Fed could also raise the interest rates instead of lowering them ever more.

It seems like the market is being manipulated to make up for those who lost during the housing crash...in my opinion, if you were too stupid to buy at those prices, you should have to live with your decision. People are viewing prices of the peak bubble as a benchmark towards "recovery", which is ridiculous.
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Old 07-07-2016, 03:39 PM
 
Location: Just south of Denver since 1989
10,920 posts, read 29,439,535 times
Reputation: 7153
The government controls the cost of money.

27 years ago a mortgage was 10% or more. I bought my first house for $132,000 with a 9% ARM.
For a $150,000 loan the payment would have been $1316 - now a $350,000 loan at 3.14% would be $1502.
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Old 07-07-2016, 03:42 PM
SQL
 
Location: The State of Delusion - Colorado
1,337 posts, read 851,049 times
Reputation: 1492
Quote:
Originally Posted by MN_Ski View Post
There could be some sort of investment tax. Targeted to those who are over sea investors or those who own more than X amount of properties. I'm an normally NOT for something like that, but if it's for the greater good, I wouldn't be opposed.

The Fed could also raise the interest rates instead of lowering them ever more.

It seems like the market is being manipulated to make up for those who lost during the housing crash...in my opinion, if you were too stupid to buy at those prices, you should have to live with your decision. People are viewing prices of the peak bubble as a benchmark towards "recovery", which is ridiculous.
And in addition, people here are all worried about stripping value from their homes because they like the idea that they can sit on their property, literally do nothing to it, and watch it rise in value. After all, it's the American Dream to put in the least amount of work and proclaim that you earned it with all your hard work, when in reality you were simply born at the right time and bought at the right time with little knowledge about how the markets would shift dramatically in your favor.

It's literally the Beverly Hills Hillbillies story.

Last edited by SQL; 07-07-2016 at 04:08 PM..
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Old 07-07-2016, 03:45 PM
SQL
 
Location: The State of Delusion - Colorado
1,337 posts, read 851,049 times
Reputation: 1492
Quote:
Originally Posted by 2bindenver View Post
The government controls the cost of money.

27 years ago a mortgage was 10% or more. I bought my first house for $132,000 with a 9% ARM.
For a $150,000 loan the payment would have been $1316 - now a $350,000 loan at 3.14% would be $1502.
3.14% is a very prime rate, and they're not just handing those out. My rate was 4.25% last year, with a 800 credit score, before the fed rates went up. I'd love to see who's handing out 3.14% rates for anyone who's not swimming in equity from a previously sold home. Even Quicken couldn't get me below 4.5%.
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Old 07-07-2016, 04:55 PM
 
2,652 posts, read 7,806,983 times
Reputation: 1882
Quote:
Originally Posted by varanj_16 View Post
Hey Folks, i have never been to Colorado state, but i am planning on picking up a single family home in there for investment purposes especially in Denver area where all the IT companies and the tech hub apparently is, however i am not sure if 2016 is the right time anymore as the markets are at peak (210k lowest in 2011 to 323k in 2016 for single family homes in Denver).

I just bought a condo in Irvine CA in Jan for 550k, so i am not sure if i can squeeze in a 323k blow right now (considering i need to make sure someone else should pay my new mortgage in Denver i.e. its rental value MUST be higher than what i will shell out to a bank).

Folks, who have been in my shoes, please advice...
My advice is to take that money to the casino and put it all on black. You don't know what you're doing and are going to take a bloodbath in the end.

Investors don't come to chat boards to ask them how to invest...
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Old 07-07-2016, 08:55 PM
 
Location: Just south of Denver since 1989
10,920 posts, read 29,439,535 times
Reputation: 7153
Quote:
Originally Posted by SQL View Post
I'd love to see who's handing out 3.14% rates for anyone who's not swimming in equity from a previously sold home. Even Quicken couldn't get me below 4.5%.
First, quicken is terrible. Second, rates change several times a week. Third, maybe you should investigate a refi. Fourth, we closed yesterday at 3.15.
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Old 07-07-2016, 09:59 PM
 
Location: Denver CO
21,222 posts, read 11,850,969 times
Reputation: 32281
Quote:
Originally Posted by 2bindenver View Post
First, quicken is terrible. Second, rates change several times a week. Third, maybe you should investigate a refi. Fourth, we closed yesterday at 3.15.
I'm guessing that is for a 15 year loan?
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Old 07-08-2016, 07:33 AM
SQL
 
Location: The State of Delusion - Colorado
1,337 posts, read 851,049 times
Reputation: 1492
Quote:
Originally Posted by 2bindenver View Post
First, quicken is terrible. Second, rates change several times a week. Third, maybe you should investigate a refi. Fourth, we closed yesterday at 3.15.
I shopped around a great deal. Even the local lenders couldn't get me below 4.5%. And I closed less than a year ago. Who's going to re-fi my mortgage?

You side stepped some of my previous questions, so I'll ask again. How much equity did you have going into this new purchase? What is the term of your loan?

I think that it's pretty sad that if you're an average income earner, you can't really afford an average home in Denver. That, to me, indicates an artificially inflated market with outside moneys propping it up. What happens when those moneys are pulled out and invested in the next boom town? Furthermore, I think it's pretty pathetic that our public servants (teachers, police, firemen, etc.) can't even afford to live on their own in the city that they so selflessly serve. My GF teaches in one of the richest counties in the state, in a hard science, and even she can't afford to live on her own. But as long as we can all sit on our arses and do nothing while our home values go up, what do we all care? Nobody's gonna complain about easy, effortless money. Amirite?

Last edited by SQL; 07-08-2016 at 08:00 AM..
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Old 07-08-2016, 08:52 AM
 
Location: In The Thin Air
12,300 posts, read 8,116,221 times
Reputation: 8943
Quote:
Originally Posted by SQL View Post
3.14% is a very prime rate, and they're not just handing those out. My rate was 4.25% last year, with a 800 credit score, before the fed rates went up. I'd love to see who's handing out 3.14% rates for anyone who's not swimming in equity from a previously sold home. Even Quicken couldn't get me below 4.5%.
Last year I refinanced with Quicken at 3.6% for 15 years. I am not touching that unless I can get a 10 year for a much lower rate at or below the payment I currently have.
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Old 07-08-2016, 08:53 AM
 
Location: In The Thin Air
12,300 posts, read 8,116,221 times
Reputation: 8943
Quote:
Originally Posted by 2bindenver View Post
First, quicken is terrible. Second, rates change several times a week. Third, maybe you should investigate a refi. Fourth, we closed yesterday at 3.15.
Why is Quicken terrible? I have never had a problem with them.

I would say some of the bigger banks are terrible such as Wells Fargo.
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