05-07-2020, 01:34 AM
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#171 (permalink)
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Master EcoModder
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Quote:
Originally Posted by redpoint5
The vice president of the previous company I worked for would respond to my very well formed emails; k thx. Anyone typing with a keyboard has no excuse for k thx. Anyone with a flip phone has no excuse for k thx.
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Yeah?
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Today
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Other popular topics in this forum...
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05-07-2020, 02:22 AM
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#172 (permalink)
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Not Doug
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On behalf of everyone I would like to thank you for taking the time to write that.
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"Oh if you use math, reason, and logic you will be hated."--OilPan4
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05-07-2020, 12:27 PM
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#173 (permalink)
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AKA - Jason
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Quote:
Originally Posted by Xist
So yes, if I seriously want a house, I should apply for a mortgage...
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If you get serious about buying a house you should get preapproved for a mortgage. No realtor is going to take you seriously until you can show you have the capability of buying a house.
However, don't fall into the trap of asking the mortgage broker how much you can afford. They will approve you for mortgages way to high that can be difficult to repay. They don't care if you pay because they don't hold the mortgage they package it and sell it.
I remember when I purchased my first house I was making $45,000 a year. The bank wanted to preapprove me for $250,000! That would have been almost 45% of my gross pay going to the mortgage (+ PMI, Insurance, Property tax, etc)
Figure out what you can afford to pay and then get approved for that amount. (The old rule used to be 28% of gross pay)
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05-07-2020, 01:21 PM
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#174 (permalink)
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Human Environmentalist
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I thought the rule of thumb was 20% of gross pay is what should be spent on housing? 30% seems reasonable to me too.
I was approved for $220k mortgage with a ~$1250/mo payment on a 30 year fixed (includes taxes/insurance) on a $40k income. That was 38% of my gross, but I was putting 20% down and had 2 roommates, which entirely offset the mortgage, taxes, and insurance. The only money I've put into that house in the past 10 years was the initial 20% down ($45k). That averages out to $4,500 per year to own the house and build equity.
All that said, I need to replace 2 fences, a deck, reside the house, and replace the south facing windows. Probably $70k in expenses there if I had someone do all the work.
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05-07-2020, 01:44 PM
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#175 (permalink)
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Corporate imperialist
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Yeah I think the VA wants you spending a max of 37 or 38%.
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1984 chevy suburban, custom made 6.5L diesel turbocharged with a Garrett T76 and Holset HE351VE, 22:1 compression 13psi of intercooled boost.
1989 firebird mostly stock. Aside from the 6-speed manual trans, corvette gen 5 front brakes, 1LE drive shaft, 4th Gen disc brake fbody rear end.
2011 leaf SL, white, portable 240v CHAdeMO, trailer hitch, new batt as of 2014.
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05-07-2020, 01:56 PM
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#176 (permalink)
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Master EcoModder
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Regardless, you should get preapproved for a mortgage, and then go talk to a realtor. It's a potential bargaining chip that you are preapproved for "only" a certain amount, so I don't see it as an advantage to being preapproved for more than you can afford.
Definitely shop around. You can get preapproved from several companies, and then decide later which one to go with. Some will have more red tape, some will have lower rates, etc.
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05-07-2020, 02:28 PM
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#177 (permalink)
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Not Doug
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Zillow notified me the owner dropped the price of the blue house by $14,000, which is almost 18%.
It is still $125 per square foot. Another $14,000 and we can start negotiating?
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"Oh if you use math, reason, and logic you will be hated."--OilPan4
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05-07-2020, 03:42 PM
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#178 (permalink)
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Human Environmentalist
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Quote:
Originally Posted by Xist
Zillow notified me the owner dropped the price of the blue house by $14,000, which is almost 18%.
It is still $125 per square foot. Another $14,000 and we can start negotiating?
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I've brought this up before, but you don't start negotiating by waiting for someone else to reduce the price to what you want. You propose the terms, and they take it or leave it. I'll offer 50% of what someone is asking without blinking.
Effective negotiation requires coming from a solid place, which means you're able to quickly and easily fulfill the terms you propose with regards to price and payment. With real estate purchases, that means being pre-qualified at minimum.
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05-07-2020, 03:48 PM
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#179 (permalink)
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Not Doug
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What would it take to make any 520-square-foot house nice?
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"Oh if you use math, reason, and logic you will be hated."--OilPan4
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05-07-2020, 03:57 PM
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#180 (permalink)
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Corporate imperialist
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Offer 2/3 to 3/4 of what they want.
When I sell something and get offered 1/2 I will block or ignore that person because I have priced the item pretty close to what I want for it and that person doesn't have enough $ to play.
When I was selling solar panels. I had to sell them for $74 each to break even.
Selling solar panels taught me alot about the kinds of people who want solar panels.
About 95% fell into at least 1 of 3 categories:
They're broke
And/or
Don't have the first clue about solar powering anything.
Don't understand math.
And they just want free electricity.
Solar and real estate are very expensive addictions.
__________________
1984 chevy suburban, custom made 6.5L diesel turbocharged with a Garrett T76 and Holset HE351VE, 22:1 compression 13psi of intercooled boost.
1989 firebird mostly stock. Aside from the 6-speed manual trans, corvette gen 5 front brakes, 1LE drive shaft, 4th Gen disc brake fbody rear end.
2011 leaf SL, white, portable 240v CHAdeMO, trailer hitch, new batt as of 2014.
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