College.....

[jeffie7]

Originally posted by Slammed89Integra@Sep 9 2005, 07:46 PM



My dad did a house recently for a 29 year old dude with the same degree I'm going after. The house cost 500k before they started renovating, bull dozed it, put another 500k into it, and sold it for 1.5million in 6 months. The 29 year old that put the 500k into it initially doubled his money in 6 months.

[post=552139]Quoted post[/post]​

Sounds like he got lucky and did things when the market was in his favor... it doesnt always work that way.

Depending on where you live..... there's a lot of new people jumping into the real estate field becuase of the market over the last 4 years. I've had a few job offers to work for mortgage companies making (so they say) BIG money 80K+ a year. I truly do believe that type of money can be had easily at this current time. however, it will die off soon and with that hundreds of jobs.

the market is still booming in the DC/MD/VA area. Just keep in mind after something like what we've just had happen, when the market does take a crash, and trust me it will, house values will sit still if lucky if not they will take a loss.

$200K house at 6% cost about 1300-1400 a month. 200K house at 8-10%.... you do the math. it WILL happen it's just a matter of time, and when that does happen people like house builders will make AVG money at best. however in 10-15 years when the market takes another major jump you will make money out the ass.

As of right now real estate is the last thing on my list of things to get into. Even if I could make an easy 80K over the next 12 months, it's not worth it just to start over again with a new job after I'm laid off.

BTW in some cities in TX it's smarter to buy a new house then an old one because the values are standing so still that there's no point in buying a used house. It use to be like that in Maryland back in the late 80s.....

 

[tab]

Jeffie, you are a smart man for your years.

Real estate will settle down, at least for a short time. It has to. I have a good job, and in today's market, I can't afford a house. Supply and demand. Demand is high for the short term, but those without good jobs will have to wait, which will draw demand back down. Low interest drew demand, and now that is gone........

BTW: I liked your music you posted last year. It may not be MTV, but it was original, and I can appreciate your talent. I know like most artists, you do it for yourself, which is great. Good job.

 

[jeffie7]

Originally posted by tab@Sep 10 2005, 04:45 AM
Jeffie, you are a smart man for your years.

Real estate will settle down, at least for a short time. It has to. I have a good job, and in today's market, I can't afford a house. Supply and demand. Demand is high for the short term, but those without good jobs will have to wait, which will draw demand back down. Low interest drew demand, and now that is gone........

[post=552242]Quoted post[/post]​

A lot and I mean A LOT, of younger people and even some older people are doing interest only loans. The idea is you do a interest only loan for 2 years then by that time your house will gain at least 20% and you can refinance using that 20% equity for your 20% down so you can save on insurance and get a better rate.

Too bad it doesnt work so well if the rates go up.

In short. there will be a lot of HUD homes on the market when the rates go up.

People think you make tons of money by owning a house. the values will ALWAYS go up, or so they're told. but, that's not true, over 10 years chances are it will, but over a short term 2-3 years not always. People who buy with low rates/high prices are HOPING the market jumps so they can sell before the market crashes, they're working off luck. People who wait it out and buy a house after a crash with lower prices, will spend more on their APR (tax write off) but will spend less on the over all house. Once the market jumps up again, then you can refiance and WTFO so you can make your profit.

No one should ever get into the real estate market becuase of current times/trends. You will just end up hating your job, and when it slows down IF you're not laid off you will end up making jack shit.

 

[BigJ]

Originally posted by jeffie7@Sep 10 2005, 06:43 AM

A lot and I mean A LOT, of younger people and even some older people are doing interest only loans. The idea is you do a interest only loan for 2 years then by that time your house will gain at least 20% and you can refinance using that 20% equity for your 20% down so you can save on insurance and get a better rate.

Too bad it doesnt work so well if the rates go up.

In short. there will be a lot of HUD homes on the market when the rates go up.

People think you make tons of money by owning a house. the values will ALWAYS go up, or so they're told. but, that's not true, over 10 years chances are it will, but over a short term 2-3 years not always. People who buy with low rates/high prices are HOPING the market jumps so they can sell before the market crashes, they're working off luck. People who wait it out and buy a house after a crash with lower prices, will spend more on their APR (tax write off) but will spend less on the over all house. Once the market jumps up again, then you can refiance and WTFO so you can make your profit.

No one should ever get into the real estate market becuase of current times/trends. You will just end up hating your job, and when it slows down IF you're not laid off you will end up making jack shit.

[post=552270]Quoted post[/post]​

That's exactly what they're doing around me here. They're buying a half-million home right out of college and paying only the interest for the first 3yaers, and the payments are stupid cheap, like 900 a month. Then after the 3years, they'll be paying the real payment of like 3k a month, but they hope that at that time, they'll have moved and sold the house for a profit....

My market's inflation this past year was 9%. It's quite rediculous. Our old house went from 216k to 520k in the last 6 years, just because it sat there and its just for the 16k sf lot. I can't wait until this bubble bursts and our market plummets. I should be well out of college and establishing myself in the business.


And that's where I come in. Houses forclose, banks take them, city takes them, whatever. I'm going to buy them for their land, bull doze em', build em', then rent em, and sit on them until the market goes up again, which it will. As it does every 8 or so years in our area.


I love how people are brain washed into thinking houses are assets.They're a liability.

 

[jeffie7]

Originally posted by Slammed89Integra@Sep 10 2005, 08:22 PM



My market's inflation this past year was 9%. It's quite rediculous.

I love how people are brain washed into thinking houses are assets.They're a liability.

[post=552481]Quoted post[/post]​

Try 26%

My brother bought his townhouse for 182K and not even two years later sold it the very first day he listed it for 340K

 

[BigJ]

That's an amazing market............ Seriously a builder's dream.

 

[chestercheeto48]

hey pissedoffsol, how can you say teacher don't make money. I am one and can honestly say you are wrong. we might not make +100k a year but here are the facts.

36,xxx for 189 days of work

full medical, dental and life insurance paid for by the district

state retirement plan

matching contributions into our TSA (tax sheltered annunity)

oppurtunity to take on more responsibility + $6000
(i teach night class and advise two club)

4 months of vacation during which i have a second career i work construction.

If you add it up i am making 60k or so a year. I think that it is not that bad for living in wisconsin. besides the fact that most of us that come to the teaching profession by choice from the start we don't expect to make six figures. for those people that teaching finds them as a last resort and expect to make six figures i will make it simple. don't waste your time, don't waste your students time, you will not get rich monatarily.

 

[endlesszeal]

the university professors actually get paid handsomely, even community college level. the jc professors start around 40 and it goes up from there. my english teacher taught at our local jc for 7 years and recieved his tenor. he didnt say exactly how much, but said something over 70. i guess having a ph.d helped too.

 

[Guy]

Is college worh it? As has been said before, it usually depends on the field. A degree is always helpful, as it will at least give you an advantage above those who do not possess one. I think, though, that a big part of whether or not it will be worth it depends on who serious you are about it. Depending on your major, there can be tons of work. Both this and last semester I've taken 16 units and the workload has been oppressive. If you cannot commit yourself to doing all thats required of you, it may not be worth it to get your degree at all, as it will also be associated with your gpa.
My mother is a county supervisor, so I've seen the hiring process that city and county employees go through, and having a stellar GPA on your application can make a huge difference with regards to consideration for employment.

 

[blackice90HB]

well, im in my last year of school and im wondering the same thing. my ultimate goal is to have my own shop, building custom cars ( show cars, import cars, trucks, etc.) and mainting them. this will be some time down the road, but i still want to make a career of being a mechanic. what do i got to school for to learn how to run a business? is J.C. good enough? 4 years or school seems pointless cause i wont always be doing that. what do i exactly do i major in anyways? its very confusing cause its a lot of choices and decisions that i have to make like now. what do yall think?

 

[convertedstangbanger]

go to school man. i am and i am glad i did.

 

[jeffie7]

Originally posted by convertedstangbanger@Sep 12 2005, 06:59 PM
go to school man. i am and i am glad i did.

[post=553313]Quoted post[/post]​

Um..... did you not read any of the post before you?

what are you going to school for and why are you glad? do you feel good about yourself or something?