Boy have I got a damned dilemna....what would you do? (Novel Inside)
Aug 14, 2006, 09:45 AM
#17
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Originally Posted by Ruri
I Stongly agree this house market is way over priced. It has started to adjust itself. The house supply is definately growing and so is the NOD (notice of defaut) or foreclosures. Oh btw I am a loan agent for Countrywide Homeloans. So have been seeing a trend, especially in all of the appraisals coming in.
Don't do it now unless you want to be under in a year.
Don't do it now unless you want to be under in a year.
Aug 14, 2006, 09:52 AM
#19
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House purchase
Originally Posted by Ruri
I Stongly agree this house market is way over priced. It has started to adjust itself. The house supply is definately growing and so is the NOD (notice of defaut) or foreclosures. Oh btw I am a loan agent for Countrywide Homeloans. So have been seeing a trend, especially in all of the appraisals coming in.
Don't do it now unless you want to be under in a year.
Don't do it now unless you want to be under in a year.
Aug 14, 2006, 09:54 AM
#20
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He lives in IL. It does snow and rain there. Reason enough not to keep the bike as a DD.
I agree with UFO on the hidden expenses of a house. There are tons of things that you don't think about if you never owned a home before that will cost a good bit of cash.
I agree with UFO on the hidden expenses of a house. There are tons of things that you don't think about if you never owned a home before that will cost a good bit of cash.
Aug 14, 2006, 10:01 AM
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well if you need money fast sell the Z...if oyu are upside down on the evo...try to put the evo on the house loan or something...but best senario for saving is sell evo and keep Z cause it will be cheaper month to month...
its your life man...in the end you will go with what you want to do and not what we tell you so just really think it over. good luck man i hope things work out
its your life man...in the end you will go with what you want to do and not what we tell you so just really think it over. good luck man i hope things work out
Aug 14, 2006, 10:04 AM
#23
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It sounds like you like the Z much more than your Evo which is what's making this a hard decision.
However, selling the Z gets you money in hand to pay for your emergency. Selling the Evo frees up @500 a month but, you will still have negative equity in it that you have to pay on and no cash in hand to pay for your emergency.
Also, If I read right the Z is halfway parted out and not drivable right now, right?
It looks like a pretty simple choice on paper.
However, selling the Z gets you money in hand to pay for your emergency. Selling the Evo frees up @500 a month but, you will still have negative equity in it that you have to pay on and no cash in hand to pay for your emergency.
Also, If I read right the Z is halfway parted out and not drivable right now, right?
It looks like a pretty simple choice on paper.
Aug 14, 2006, 10:11 AM
#24
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sell z and bike, because you are in a dire situation and you need the money right away and plus the evo is more practical (4dr 5psgr awd <insurance?). worst scenario sell all, buy civic or bicycle.
Aug 14, 2006, 10:15 AM
#25
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Originally Posted by KOEvo
Dude, you make a thread freaking out about how you don't have money, and ask us what to do. And when everyone tells you to do the same thing you sit there and fight us and tell us all you have the money? Why did you even make this thread then?
I am not sure where your negativity and/or information came from in this thread but i'll set you straight on a few things.
1. I am not freaking out.....I made this thread as a casual approach to asking what other people would do when in a situation like this.
2. Where did I say i didnt have money? .....I have money to afford all the things I have now, and obviously have enough money left over at the end of the month that I am going to purchase a house. My health problem was a one time emergency. i did what needed to be done to generate the funds and its over
3. I've never 'fought' anyone in this thread. I certainly hadnt disagreed with anyone up to this point
Aug 14, 2006, 10:18 AM
#26
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Originally Posted by UFO
Why can't you use the bike as a daily? That alone will save a fair bit of money in gas. Have a CarMax near you? Head over there and see what they will give you for the Evo and keep the Z.
Good luck with the house but, be warned, they are expensive things to have. Many people forget about the escrow payments needed and don't budget for that. On my 4 bedroom house (2,300 sq ft) my actual payment towards principal/interest was $800ish yet my actual mortgage payment was over $1,500. Make sure you do your research first. Also, my electricity bill was $400+ a month in the summer. Then you have gas bills, cable, phone, water, etc. and they're all much larger than apartment bills. You'll be surprised how empty your house will be if you're moving from an apartment and furniture ain't cheap.
Good luck with the house but, be warned, they are expensive things to have. Many people forget about the escrow payments needed and don't budget for that. On my 4 bedroom house (2,300 sq ft) my actual payment towards principal/interest was $800ish yet my actual mortgage payment was over $1,500. Make sure you do your research first. Also, my electricity bill was $400+ a month in the summer. Then you have gas bills, cable, phone, water, etc. and they're all much larger than apartment bills. You'll be surprised how empty your house will be if you're moving from an apartment and furniture ain't cheap.
As others have said, I am in the midwest. I DD the bike as much as possible (trips to work, etc) but there are just sometimes it cant be driven (inclement weather, grocery shopping, etc)
I am fully aware there are a bunhc of things that will populate when purchasing a house. I have done as much research as possible. Where I live in IL you can get a decent 2-3 Bedroom house for 100k. Typically property taxes are from 1500-2500 annually. I would have this escrowed into my payment. I have had my own apartment since I was 18 and have never made any late payments, and typically i was on my own, so I have grown accustomed to fronting all the bills (water, power, garbage, etc) Thanks for the tips however.
Aug 14, 2006, 10:21 AM
#27
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Originally Posted by hotrod2448
It sounds like you like the Z much more than your Evo which is what's making this a hard decision.
However, selling the Z gets you money in hand to pay for your emergency. Selling the Evo frees up @500 a month but, you will still have negative equity in it that you have to pay on and no cash in hand to pay for your emergency.
Also, If I read right the Z is halfway parted out and not drivable right now, right?
It looks like a pretty simple choice on paper.
However, selling the Z gets you money in hand to pay for your emergency. Selling the Evo frees up @500 a month but, you will still have negative equity in it that you have to pay on and no cash in hand to pay for your emergency.
Also, If I read right the Z is halfway parted out and not drivable right now, right?
It looks like a pretty simple choice on paper.
I should probably make this a bit clearer, because it seems some of you are interpreting it the wrong way
I have already paid for the emergency, I no longer need any money for it. The money I made off teh Z by selling it would strictly go in my pocket.
Yes, you are correct, The z is in non-driveable condition right now. It would take 2-3 thousand to get it back into a 'selling' condition. I also have a few thousand in aftermarket stuff still sitting around for it. Ideally I would make about 10 grand on the Z. I suppose I could take that cash, apply it to the loan for the evo and refinance, thus lowering the payments and making it even easier to keep ahold of
Aug 14, 2006, 10:24 AM
#28
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Originally Posted by KawRider
#1- Get out of debt. Sell the Evo and the bike on Ebay or Auto Trader, even if you have to take a small loan to pay the Evo off. Drive the 300 stock and save money. Save up an emergency fund for emergencys like this one. Keep the emergency fund seperate and do not spend it on turbos, coilovers, clutches, etc.. Save money and pay cash for things. High Debt to income ratio is one of the downfalls of our great country. You are young and I reccomend you take this as a valuble lesson. The mistake of getting in debt is a very big mistake (I've made it before). I learned the hard way, and now I finally (at age 40) have no debt besides my house. When you live a while debt free, it is amazing how fast your money grows. I just paid cash for an 11,000 2006 ZX-14. Not trying to brag, just show you how being out of debt is awesome! You asked for advise, and I would not give it if you didn't ask. A great book to help you with money management is Dave Ramsey's Total Money Makeover: www.DaveRamsey.com. The book is cheap, and offers great, common sense advise for getting out of debt, bugeting and investing. BTW he will NOT take credit cards to pay for the book. At your age if you get out of debt NOW and invest aggressively, you can be a Millionaire when you retire, easily. There will be many more Evos and bikes for you down the road. I wish I knew what I do now when I was your age. Good luck and keep us posted.
I totally agree with you on the debt thing. I had some CC debt a few years ago when i didnt have as good of a job and it took alot of work to get it paid off, but it sure felt alot better at the end of the day knowing I didnt have to send my money to them......
Aug 14, 2006, 10:24 AM
#29
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Enough advice, but room for more. Sell the Evo for what you can. Drive the Z and buy your house. It's a buyers market where you are, right? Anyways, once you get into your house, start planning on buying a new Evo X in 2008. This way you will have something to look forward too, right?
I imagine as young as you are you will be probably buying a "starter" home. Think about how this home will appreciate over the average of 7 years that you will stay there. As an example, my starter home in 1992 was $67k. Sold in 99 for $97k and put that equity into a larger house. And so on. Best to get started early vs. later, as stated by a previous poster.
Enjoy the ride,
I imagine as young as you are you will be probably buying a "starter" home. Think about how this home will appreciate over the average of 7 years that you will stay there. As an example, my starter home in 1992 was $67k. Sold in 99 for $97k and put that equity into a larger house. And so on. Best to get started early vs. later, as stated by a previous poster.
Enjoy the ride,
Aug 14, 2006, 10:31 AM
#30
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i had a 93 tt z32, until i got hit by a flood in northern cali at the end of '05, the z was a great car, too many fuel leaks and the parts are discontinuing left and right, and to give an idea of an estimate to repair my flooded z, $17,995, using factory oem of course, not including labor, (i would have done it cause im a mechanic), that was for longlbock, two turbos, sensors, intercooler, injectors, and a couple of other things in the engine alone..... i still woulda done it if the insurance didnt salvage it...... but now i got the evo and could not be happier, cheaper parts, more sourcable, and only one turbo (they're expensive)..... but if you love your z you'd do it! i still miss mine now and then............