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View Full Version : Re: Buying In A RE Bubble or Continuing to Rent


Larisa
July 1st 03, 12:04 AM
wrote in message >...
> Larisa,
>
> I'm sorry to hear of your situation - and what you're going through is
> what concerns me the most, and it's why having ample emergency fund
> savings is so important - I'd like to have a years worth of mortgage
> payments in the bank after buying a house.

Good idea. Better yet, in addition, to have a steady, stable source
of income - which is what I'm trying to set up for myself. The little
tutoring business I've got is almost there, and there will always be
kids in need of tutoring.

But the main lesson I learned is that debt in any form - even in
mortgage form - is not a good idea. I've known this about credit
cards, but I didn't think of mortgages the same way (I still had this
distinction between "good" debt and "bad" debt). No way will I ever
do anything quite that careless again - at least, not on only one
income.

> Having two incomes certainly helps. You should definitely consider a
> roomate if at all possible. Or maybe you could consider renting the
> house out too.

Had a roommate. Then the roommate lost her job. Yes, I know; it's
almost comic. Makes for good melodrama, if nothing else.


> Prayer can help, so I'm praying for you. Best wishes.

Thank you.

LM

>
> On 26 Jun 2003 17:51:51 -0700, (Larisa) wrote:
>
> wrote in message
> >
> >> My choices:
> >> a) Stay put with Current Rent: 10K a year (a good deal for a nice
> >> 2br/2ba place)
> >> b) Buy ideal home: 30K a year
> >
> >Based on my own bitter experience, go with a). I chose b). My
> >finances were actually rather similar (similar salary, similar
> >mortgage payment). Everything was fine, I was enjoying being a
> >homeowner, blah blah. And then I lost my job. And I had very little
> >savings because of that mortgage, and the savings went really fast.
> >And now I'm $10,000 in credit-card debt because of the mortgage, and
> >I'm desperately trying to sell the place and no one's buying. I'm
> >earning a little now, so I can hold out for another few months if I
> >live on rice and beans and creditcards, but this is not a situation I
> >would recommend. If I were living in an apartment, I could just find
> >someone to take over my lease and go stay with a friend; but here, if
> >I can't pay anymore, my credit will be ruined. So I pay.
> >
> >Your situation may be different. Perhaps, you will go with a) and
> >then kick yourself 10 years later when the home values go up.
> >Perhaps. But it's less traumatic than the kind of kicking myself that
> >I'm doing now.
> >
> >LM

Larisa
July 1st 03, 02:40 AM
IleneB > wrote in message >...
> In article >,
> > wrote:
>
> > Larisa,
> >
> > I'm sorry to hear of your situation
>
>
> I add my thoughts to Larisa. I know she's tried to do everything
> "right," both financially and ethically, and it's a shame her talents
> aren't fully employed.
>
> Ilene B

Thanks, Ilene. I'm still trying. Who was it that said that if you
can't be a good example, strive to be a horrible warning?

The good news is that I finally (as of today) have an offer on the
place, so it may yet sell. I'm not yet daring to look at cheapo
apartments, but I'm thinking about them, at least.

LM

Larisa
July 1st 03, 02:40 AM
IleneB > wrote in message >...
> In article >,
> > wrote:
>
> > Larisa,
> >
> > I'm sorry to hear of your situation
>
>
> I add my thoughts to Larisa. I know she's tried to do everything
> "right," both financially and ethically, and it's a shame her talents
> aren't fully employed.
>
> Ilene B

Thanks, Ilene. I'm still trying. Who was it that said that if you
can't be a good example, strive to be a horrible warning?

The good news is that I finally (as of today) have an offer on the
place, so it may yet sell. I'm not yet daring to look at cheapo
apartments, but I'm thinking about them, at least.

LM

July 1st 03, 03:18 AM
In article >,
(Larisa) wrote:

> if you can't be a good example, strive to be a horrible warning?

Geez, that's pretty good. I know some folks who should have it tattooed
on their foreheads.

July 1st 03, 03:18 AM
In article >,
(Larisa) wrote:

> if you can't be a good example, strive to be a horrible warning?

Geez, that's pretty good. I know some folks who should have it tattooed
on their foreheads.

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