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Old 03-09-2015, 09:23 AM
 
1,980 posts, read 1,307,003 times
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I don't think its a bad idea with the interest rates as low as they are. The home prices are so close which is giving people pause, but if you for instance had a $500,000 home and downsized to $120,000, it sounds like a great idea. I'd rather have cash in hand.
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Old 03-09-2015, 09:40 AM
 
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I am in my sixties and plan on buying an expensive new home this year. But I can afford it. I will put a large down payment down but still have a mortgage most likely a thirty year. I plan on living in the house at least ten years and will re evaluate after that.
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Old 03-09-2015, 08:47 PM
 
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Here are my thoughts on taking a 30 year mortgage ... when you are 30 (let alone 70). It stinks.

I and my partner had to take one when I was the ripe old age of 35. That really stank to high heaven. Thankfully, when rates fell really low, we refi'd to a 15 and then went into a discipline of paying it off as if it were a 10. Now counting down the final months. Yeeeeee haaaaaa!
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Old 03-09-2015, 09:29 PM
 
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One more thing...if the buyers have any credit card debt or any other loans at all in the five percent or higher range, that is where the cash needs to go first!
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Old 03-10-2015, 12:12 AM
 
Location: Manhattan
664 posts, read 640,262 times
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Quote:
Originally Posted by Escort Rider View Post
Where do you live that there are homes selling for $70,000? That is just mind-blowing.
Just about anyplace that's NOT in NYC, LA, or San Francisco.
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Old 03-10-2015, 01:08 AM
 
1,372 posts, read 1,378,682 times
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Sell the house and buy an RV and go see America
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Old 03-10-2015, 07:32 PM
 
Location: Los Angeles area
14,018 posts, read 17,737,509 times
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Quote:
Originally Posted by Escort Rider View Post
Where do you live that there are homes selling for $70,000? That is just mind-blowing.
Quote:
Originally Posted by NYCTelevisionWriter View Post
Just about anyplace that's NOT in NYC, LA, or San Francisco.
TelevisionWriter, that's a hell of an exaggeration. In addition to the three metro areas you listed, you would have to add probably a couple of dozen more before your answer would even begin to make sense. The three most expensive places to live in the United States are Honolulu, New York City, and San Francisco. Los Angeles is down the list about 8th or 9th. (And housing costs drive most of "cost of living"). No one is going to believe that $70,000 homes are available in Boston, Washington D.C., San Diego, Chicago, most parts of New Jersey, or in fact in any major urban area - think Seattle, Atlanta, and on and on.
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Old 03-11-2015, 01:57 AM
 
71,578 posts, read 71,730,589 times
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renovations today can cost more than 70k in most areas alone . even in depressed areas in pa you couldn't get a 70k home. but there are some parts of the country you could find something . whether you want to live there is another thing. low home prices like that go hand in hand with low pay so it can be just as hard buying a 70k home on min wage.

Last edited by mathjak107; 03-11-2015 at 02:27 AM..
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Old 03-11-2015, 02:23 AM
 
5,619 posts, read 8,552,148 times
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Quote:
Originally Posted by Escort Rider View Post
Where do you live that there are homes selling for $70,000? That is just mind-blowing.
Buddy of mine bought a (already renovated) NICE 1920's era house (MUCH better construction than modern house, and VERY tight.... Heating/cooling are very inexpensive) house outside Oxford Misissippi for $67k
On an acre and a half.

He COULD commute to Memphis if he didn't mind a commute like some people do in larger cities...

Plenty of houses similarly priced (or less) in rural areas.
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Old 03-11-2015, 02:32 AM
 
Location: Somewhere below Mason/Dixon
6,523 posts, read 7,463,600 times
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Quote:
Originally Posted by nicet4 View Post
Cash is King. I am sure we have all seen retired people living in a very nice housing while driving very nice cars but devoid of an cash there wasn't a lot they could do.

I like the idea of a condo but my psychological makeup would not fit well. I like owning my patch of dirt and if I want to hang pink curtains on my window I wouldn't tolerate someone telling me I couldn't. Nah, condo is out and I wouldn't like pink curtains anyway.

Leaving something for the kids? No way, I already did that. I raised them with everything they wanted and paid nearly everything it took for four years of college so they could live on their own and support themselves well. The only thing I made them do was take out a $1,250 student loan every semester so they would have some skin in the game. Other than that I paid for it all; tuition, books, apartment rental and even $100/week cash allowance all the way through four years so I owe them nothing and I've told them to expect nothing at my end.


I cannot think like this when it comes to leaving something behind for my child. I don't believe I owe anyone an inheritance, but I really hope I can leave something for my kid. At the very least the goal should be to leave a house, even if the cash gets spent. Todays economy stinks, and it wont be getting better as the jobs of the old days are now in China. If I can leave something it may help offset that ugly reality.
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