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What else can be used to measure someone's ability and willingness to pay their bills like they're 'sposed to?
EVERYONE has a hard luck story, but that stuff 'aint gonna get the bills paid.
It has little to do with perception of "character" and "worth". If your friends, family, dog, neighbors, employer and everyone else thinks you're just swell yet you can't pay your bills on time why should anyone do business with you?
I have no problem with the use of credit scores in lending decisions. If I was lending money I would too. It's people on this forum and other places that attributes other non financial adjectives to people based on their credit score, good or bad.
A credit score is a pretty useless item to judge someone's credit-worthiness; a person's credit report, however, is where you can truly assess the risk of lending to someone. The report details out a person's complete history, so you can see if they've been delinquent on anything or not; a score, however, is a fairly arbitrary number derived from a formula that no one can understand.
When the fact that someone can be completely responsible with their money, to the point that that they don't have any consumer debt, and that actually harms your score? That alone should indicate how ridiculous the credit score number actually is; we penalize people for not having a credit card and spending above their means, which is the exact opposite of fiscal responsibility.
Because he was looking at homes below 75k and having someone he is much better aquanted with as a roommate. It's not about finding the nice home that he could stay in forever, it's about something for a few years to live in. Having a yard, lots of space, the neighborhood, etc doesn't really matter to him.
Yeah renting would be a reasonable alternative if it wasn't so expensive for practically anything there. Buying almost always beats out the rent in most places down there now and he's already jaded with renting after what his first apartment put him through.
This is exactly what renting is for. Owning a home is an investment, but it is NOT something you should just do for a place to live for a few years.
IF he doesn't have the money to put down a down payment, or to properly maintain his property, it is NOT an investment, it is a train wreck waiting to happen. If he isn't going to live there for 15 years, what is the point?
Renting may FEEL more expensive, but at his price range, he is looking at a cheap property in a cheap neighborhood...what is the guaranteed return on that kind of 'investment'? What kind of piece of crap can you buy in Atlanta for $75K???
Every post on this thread has tried to tell you that purchasing a home is not in his best interest and you keep shooting down all the advice.
This is exactly what renting is for. Owning a home is an investment, but it is NOT something you should just do for a place to live for a few years.
IF he doesn't have the money to put down a down payment, or to properly maintain his property, it is NOT an investment, it is a train wreck waiting to happen. If he isn't going to live there for 15 years, what is the point?
Renting may FEEL more expensive, but at his price range, he is looking at a cheap property in a cheap neighborhood...what is the guaranteed return on that kind of 'investment'? What kind of piece of crap can you buy in Atlanta for $75K???
Every post on this thread has tried to tell you that purchasing a home is not in his best interest and you keep shooting down all the advice.
Well we look at it from the standpoint that by the time he wants to move the area will grow so much demand will be way up and then by fixing up the house it will be worth more so ultimately yes it would be more of an investment. And the few years example is just that. He would most likely stay there until he's in a better financial point and can look for something more expensive if he wants. If he finds a 'cheap' apartment at 800 a month, that's 48,000 in 5 years with 0 to show for it.
Well we look at it from the standpoint that by the time he wants to move the area will grow so much demand will be way up and then by fixing up the house it will be worth more so ultimately yes it would be more of an investment. And the few years example is just that. He would most likely stay there until he's in a better financial point and can look for something more expensive if he wants. If he finds a 'cheap' apartment at 800 a month, that's 48,000 in 5 years with 0 to show for it.
You're assuming quite a lot regarding growth in property value. Ask anyone who purchased at the height of the bubble how that worked out for them. You're engaging in real estate speculation, which can lead you to lose your shirt if you don't know what you're doing. Plenty of studies have been shown that housing prices barely keep pace with the rate of inflation.
You're looking at the math the wrong way: your son is not throwing away $48,000 with nothing to show for it. He's not getting himself into crippling financial debt by taking on a house when he can't afford it, as well as preserving his flexibility to pursue career opportunities that can further enhance his earning power.
Well we look at it from the standpoint that by the time he wants to move the area will grow so much demand will be way up and then by fixing up the house it will be worth more so ultimately yes it would be more of an investment. And the few years example is just that. He would most likely stay there until he's in a better financial point and can look for something more expensive if he wants. If he finds a 'cheap' apartment at 800 a month, that's 48,000 in 5 years with 0 to show for it.
In the metro Atlanta area, there were 550 condo units that sold for less than $100,000 in the first quarter of 2014. That's 30% less than last year at this time, due to the fact that it's a sellers market in that segment, with an average sales time 1.6 months from date of listing. For single family homes, there were 1,362 sold -- again, in a seller's market. The question is: Are these homes being sold where your son would want to live? For the single family homes, in Fulton County, about 90% of the $100K or less were south of I-20, with a scattering in far west Atlanta inside the perimeter. In DeKalb, except for a small number of tear-downs around Chamblee, again, the vast majority of them were south of I-20. In Cobb County, the majority of the $100K or less homes were centered around Mableton or Austell. These are areas that are considered particular vulnerable to economic swings, and most of them would require significant commutes to employment centers such as downtown, midtown, Perimeter or the Cumberland area.
Who's going to fix this house up? Your son? Is he handy?
In the metro Atlanta area, there were 550 condo units that sold for less than $100,000 in the first quarter of 2014. That's 30% less than last year at this time, due to the fact that it's a sellers market in that segment, with an average sales time 1.6 months from date of listing. For single family homes, there were 1,362 sold -- again, in a seller's market. The question is: Are these homes being sold where your son would want to live? For the single family homes, in Fulton County, about 90% of the $100K or less were south of I-20, with a scattering in far west Atlanta inside the perimeter. In DeKalb, except for a small number of tear-downs around Chamblee, again, the vast majority of them were south of I-20. In Cobb County, the majority of the $100K or less homes were centered around Mableton or Austell. These are areas that are considered particular vulnerable to economic swings, and most of them would require significant commutes to employment centers such as downtown, midtown, Perimeter or the Cumberland area.
Who's going to fix this house up? Your son? Is he handy?
This actually sounds like the first post I've gotten that seems detailed to where and what we're trying to do. Yes, in fact he's looking for a home exactly where you pointed out in those intown neighborhoods. He does not want to work outside the perimeter or really in the Cumberland or Perimeter area if he can avoid it.
This actually sounds like the first post I've gotten that seems detailed to where and what we're trying to do. Yes, in fact he's looking for a home exactly where you pointed out in those intown neighborhoods. He does not want to work outside the perimeter or really in the Cumberland or Perimeter area if he can avoid it.
He can look . . . but I think he's going to find it extremely frustrating in his price bracket to find a home in a neighborhood that he feels safe coming home to at night.
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