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      10-24-2008, 09:25 PM   #1
White_Pearl
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Thumbs down hey guys I sold....

hey guys i sold my car ... looking to buy a house there for needed to loose the toys. i will get a nother one later on down the road may be a M3 or somthing but for now im about to get a audi somthing cheap and somthing that will take me to the slopes... so you wont see me on the white pearl...
it sux cuz i miss it all ready. the only car i had that i did not regret buying but am sad to let go
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      10-24-2008, 09:27 PM   #2
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i do have the HID fogs new in a box never installed if any one wants them... 4300k to match the headlights
PM offer
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      10-25-2008, 01:58 AM   #3
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lol... dude arent you in college? Just live with your fam for free..... I don't understand why you need a house NOW. :/
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      10-25-2008, 02:03 AM   #4
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Originally Posted by asdflkijd View Post
lol... dude arent you in college? Just live with your fam for free..... I don't understand why you need a house NOW. :/
NOW is the time to buy! Well, I'd actually say another month or two, but housing prices are way down right now. Buying a house near the bottom of the market is perfect timing. Are we at the bottom in the Seattle area yet? No, I don't think so, but we are getting close.

Sucks the car had to go. I saw a nice looking '95 E36 M3 over on BF.com for $9,500. Dakar yellow, some decent mods (PSS9 coilovers) and local too! Redmond I think it was.
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      10-25-2008, 05:48 AM   #5
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wait till i get my real estate license and ill find a house for you im sellilng my parents house for them in spring and finding them a new house and hopefully the commission plus my cars trade in value will get me a new m3 by summer
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      10-25-2008, 09:42 AM   #6
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Originally Posted by Mystic_blue View Post
Be aware that the real cost of ownership of a home is the stuff above and beyond the mortgage. You need some serious cash flow to buy and maintain a home. As many Americans are finding out the hard way.
ya i know but its not for me its to buy and rent out for now. for investment
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      10-25-2008, 09:44 AM   #7
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lol... dude arent you in college? Just live with your fam for free..... I don't understand why you need a house NOW. :/
ya i know but its not for me its for investment. i want to ether rent it out or get room mates. nothing fancy ether a condo or a small town home...
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      10-25-2008, 09:44 AM   #8
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wait till i get my real estate license and ill find a house for you im sellilng my parents house for them in spring and finding them a new house and hopefully the commission plus my cars trade in value will get me a new m3 by summer
ya bro im thinking of buying one in about 3-6 months. need to save for a down payment first...
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      10-25-2008, 12:55 PM   #9
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awesome if i get my license by then you can be my first client hahah lol
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      10-25-2008, 12:58 PM   #10
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... your investing in a house lol :/, if your renting to buy, I call bad idea.... why not just work and pay off the rent.... I still don't understand why you needed to sell the car.. lol if you said it was towards buying a house I would have been less shocked.
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      10-25-2008, 02:27 PM   #11
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Quote:
Originally Posted by scollins View Post
NOW is the time to buy! Well, I'd actually say another month or two, but housing prices are way down right now. Buying a house near the bottom of the market is perfect timing. Are we at the bottom in the Seattle area yet? No, I don't think so, but we are getting close.

Sucks the car had to go. I saw a nice looking '95 E36 M3 over on BF.com for $9,500. Dakar yellow, some decent mods (PSS9 coilovers) and local too! Redmond I think it was.
Yes I'd wait actually alittle more then just a couple of months. The market hasn't bottomed yet and no one really knows when. Judging by the stock market it seems like we are still going to go down.

If you take out a loan right now, your rate will be very high as banks are still uptight about lending money to empty credits.
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      10-25-2008, 09:02 PM   #12
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Yes I'd wait actually alittle more then just a couple of months. The market hasn't bottomed yet and no one really knows when. Judging by the stock market it seems like we are still going to go down.

If you take out a loan right now, your rate will be very high as banks are still uptight about lending money to empty credits.
Not true at all, rates are very good right now. ~6% for a 30 year fixed and ~5.5% for a 5/1 ARM. Now is an excellent time to buy with lots of inventory and lots of eager sellers. Pending sales are up in this area and new inventory is coming on at a slower rate. Things are looking up. You can't time the real estate market month-by-month, that's silly. If you're looking for a home for yourself, finding a home that you truly like and can see yourself living in for a few years is more important than hoping the price drops another 2% before someone else buys it. Since he is looking for an investment property, it's even simpler - rents are increasing a lot in the Seattle area and vacancies are low. There aren't many new apartment complexes being built now which indicates that it's a good time to purchase rental properties. If you can purchase a rental home and and charge somewhat close to what the mortgage would cost you, then you'll likely turn it into a profitable asset in a few years and be able to supplement your income for a few decades during which time you'll also enjoy the appreciation in the home price and the mortgage paydown. I'm also looking for rental properties in the area at the moment.
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      10-25-2008, 09:17 PM   #13
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argh... di... shoulda told me earlier so that i can trade exhaust and stuff from you...
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      10-26-2008, 03:14 AM   #14
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how much for the fogs?
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      10-27-2008, 02:05 PM   #15
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Quote:
Originally Posted by skibbs View Post
Not true at all, rates are very good right now. ~6% for a 30 year fixed and ~5.5% for a 5/1 ARM. Now is an excellent time to buy with lots of inventory and lots of eager sellers. Pending sales are up in this area and new inventory is coming on at a slower rate. Things are looking up. You can't time the real estate market month-by-month, that's silly. If you're looking for a home for yourself, finding a home that you truly like and can see yourself living in for a few years is more important than hoping the price drops another 2% before someone else buys it. Since he is looking for an investment property, it's even simpler - rents are increasing a lot in the Seattle area and vacancies are low. There aren't many new apartment complexes being built now which indicates that it's a good time to purchase rental properties. If you can purchase a rental home and and charge somewhat close to what the mortgage would cost you, then you'll likely turn it into a profitable asset in a few years and be able to supplement your income for a few decades during which time you'll also enjoy the appreciation in the home price and the mortgage paydown. I'm also looking for rental properties in the area at the moment.
+1

I'm an agent and can attest to all that. The interest rates are very good right now (for qualified buyers of course) and sellers are definitely willing to negotiate.

I'd love to help any fellow board members if they have any questions.
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      10-27-2008, 05:15 PM   #16
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sorry to see ya go
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      10-28-2008, 04:47 AM   #17
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Quote:
Originally Posted by skibbs View Post
Not true at all, rates are very good right now. ~6% for a 30 year fixed and ~5.5% for a 5/1 ARM. Now is an excellent time to buy with lots of inventory and lots of eager sellers. Pending sales are up in this area and new inventory is coming on at a slower rate. Things are looking up. You can't time the real estate market month-by-month, that's silly. If you're looking for a home for yourself, finding a home that you truly like and can see yourself living in for a few years is more important than hoping the price drops another 2% before someone else buys it. Since he is looking for an investment property, it's even simpler - rents are increasing a lot in the Seattle area and vacancies are low. There aren't many new apartment complexes being built now which indicates that it's a good time to purchase rental properties. If you can purchase a rental home and and charge somewhat close to what the mortgage would cost you, then you'll likely turn it into a profitable asset in a few years and be able to supplement your income for a few decades during which time you'll also enjoy the appreciation in the home price and the mortgage paydown. I'm also looking for rental properties in the area at the moment.
http://seattlebubble.com/blog/tag/statistics/

From just July of this year to September houses in King County have dropped over an average of $40k in value and is still in a downward trend.

Rumors are already flying around today about another rate cut.

All these factors just make it too damn volatile to invest in any homes right now.

Sure you can go ahead and buy a rental property right now, but what if the average price of homes drop another $40k in King County? Thats another $40k that you don't have to finance or about $87k (6%) after 30 years! That's not including potential rate drops that might happen in these next couple of months.

The best play right now is to WAIT.

Last edited by vAnt826; 10-28-2008 at 05:04 AM.
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      10-28-2008, 09:44 AM   #18
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argh... di... shoulda told me earlier so that i can trade exhaust and stuff from you...
i know the guy who has it i can may be work somthing out with you on that. he dont really care if its stock or custom... ill talk to him and get back to you with that
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      10-28-2008, 09:46 AM   #19
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sorry to see ya go
im not going any were.. lol just for now lol hopfully by next year ill be in a e92 M3 besides werent you selling ur car to get a porshe?
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      10-28-2008, 09:48 AM   #20
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and i know about the stock and stuff it is a good time to buy but i think it can get better thats why im still waoting for now and i will see wat happens. thanks for all the advise i will still be at some of the bbqs hopfully and maybe set up rides for you all.. lol since not much do and the ones that i end up setting up people show up to...
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      10-31-2008, 01:07 AM   #21
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Quote:
Originally Posted by vAnt826 View Post
http://seattlebubble.com/blog/tag/statistics/

From just July of this year to September houses in King County have dropped over an average of $40k in value and is still in a downward trend.

Rumors are already flying around today about another rate cut.

All these factors just make it too damn volatile to invest in any homes right now.

Sure you can go ahead and buy a rental property right now, but what if the average price of homes drop another $40k in King County? Thats another $40k that you don't have to finance or about $87k (6%) after 30 years! That's not including potential rate drops that might happen in these next couple of months.

The best play right now is to WAIT.
It doesn't matter if the price drops another $40k - you might miss an opportunity on a good rental property today. Nobody is disputing that purchasing a rental property today will be a profitable decision - you're just trying to time it to maximize the profit, which may or may not work out. Just find a good property at a good price, invest in it and manage it for a few years at a loss before turning it into a profitable asset. Rates are fine today! You can always refinance if they drop even lower... I refinanced my current home 6 months after I purchased it when rates dropped from 5.875% (5/1 ARM) to 5.125% (5/5 ARM). With the refinancing costs, the break-even point was 10 months. After that, it results in a savings of $200/month. Am I kicking myself over purchasing when I did? Nah, long term it doesn't really matter since I'll be renting it out in a few years and holding onto it. It's not like we're not going to get some real estate booms in the coming decades, it's cyclical. You should be even less worried about purchasing a rental property today than a home for yourself, since you'll probably hold on to it for a longer time and the rental market is booming right now because people with crap credit and crap incomes can't (thankfully) buy houses anymore and so they need to rent.
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      10-31-2008, 11:24 AM   #22
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Originally Posted by skibbs View Post
It doesn't matter if the price drops another $40k - you might miss an opportunity on a good rental property today. Nobody is disputing that purchasing a rental property today will be a profitable decision - you're just trying to time it to maximize the profit, which may or may not work out. Just find a good property at a good price, invest in it and manage it for a few years at a loss before turning it into a profitable asset. Rates are fine today! You can always refinance if they drop even lower... I refinanced my current home 6 months after I purchased it when rates dropped from 5.875% (5/1 ARM) to 5.125% (5/5 ARM). With the refinancing costs, the break-even point was 10 months. After that, it results in a savings of $200/month. Am I kicking myself over purchasing when I did? Nah, long term it doesn't really matter since I'll be renting it out in a few years and holding onto it. It's not like we're not going to get some real estate booms in the coming decades, it's cyclical. You should be even less worried about purchasing a rental property today than a home for yourself, since you'll probably hold on to it for a longer time and the rental market is booming right now because people with crap credit and crap incomes can't (thankfully) buy houses anymore and so they need to rent.


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