Post Your Stupid Coronavirus Takes Here

Discussion in 'Non Sports' started by bmradio99, Mar 10, 2020.

  1. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    Honestly at that rate I should just buy a bunch of places and rent them out.

    Free use to the condo in Big Sky for all those who advise me here :)
     
    estar20dawg likes this.
  2. Hinkle

    Hinkle Well-Known Member

    Money:
    $10,465
    If WFH is a permanent fixture of the economy from here on, it’s going to be awfully tough to convince me it makes any sense at all to spend that kind of money on a place like that (the NJ example).
     
    godogs91 and PSUButlerFan like this.
  3. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    I’m currently looking around to take the next step in the career, and I’m 100% with you. Begging ppl to let me WFH.

    The problem is you can only do venture capital in like 10 cities, and all of them are insanely expensive.

    But maybe I’ll get lucky and will be able to find a gig that doesn’t care where I work, in which case it’s SLC or Denver. Id love to move somewhere more in the mountains, but one requirement is access to a good airport. Denver is excellent; SLC is decent.

    Oh, Calgary too, but Canada is super expensive and they don’t do “space” like Americans, despite having a ton of it, so the house value isn’t as good.
     
  4. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    One of my best friends from college is a banker in NYC. He makes about 450k per year (FYI Willis - he’s voting for Biden, and he’s from rural PA originally).

    He just bought a brand new condo in Hoboken for $1.2M. It is 1200 sq ft.

    Let’s see what that buys us in SLC:

    FA808A83-B1DD-4BE9-8707-1CCF7AF6459B.png
     
  5. dawgs2014

    dawgs2014 Well-Known Member

    Money:
    $5,078
    Send pics of what you could buy for $1.2 million in pre Vesuvius eruption Pompeii.


    Sent from my iPhone using Butler Hoops
     
  6. Ignatius J. Reilly

    Ignatius J. Reilly Well-Known Member

    Money:
    $5,881
    Yes but what if you have tens of thousands of dollars of student loan debt and work for a non-profit that specializes in health policy. Can one of you finance wizards find me a sweet pad?
     
    ConnersvilleBulldog and NCJon like this.
  7. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    You gotta move out of the dump that is Brooklyn.

    In my searches, the best values are Houston area and Dallas area or places no one wants to live - Wichita, KS, Peoria, IL, etc.

    There are some beautiful starter homes that are just being built for like 250k in the Dallas and Houston suburbs. Great value.
     
  8. willisbrown

    willisbrown Well-Known Member

    Money:
    $9,812
    No. You'll be quoted on the LTV of the sales price and the more you put down...the better "grade" you will have on a conventional loan. In the price range you talking about. My main question when you're ready would be to ask your lender what "jumbo" territory is in that area. Jumbos are considered non conforming so you do take a rate hit there. It's not the end of the world and you have the coin to do it, but you'd be looking more so middle 3s vs under 3.
     
  9. Ignatius J. Reilly

    Ignatius J. Reilly Well-Known Member

    Money:
    $5,881
    Brooklyn rules though. Long term if I move, then my partner and I may move to her hometown to be closer to her family. Which is...checks notes...San Francisco. So....nothing cheap!
     
    #60 and dawgs2014 like this.
  10. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    You had to pick the one place worse than Brooklyn. ugh.

    SF rents are down like 31%, however. Now is the time.
     
  11. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    What is jumbo, in this case? Like is that houses over a certain value?
     
  12. Hinkle

    Hinkle Well-Known Member

    Money:
    $10,465
    I understand the appeal of Denver generally, and the airport (outside of being far from the city/basically in Kansas) is indeed great, being a hub and all. But Denver housing has gotten expensive. Isn't it now just about the most expensive non-coastal city for housing?
     
  13. Ignatius J. Reilly

    Ignatius J. Reilly Well-Known Member

    Money:
    $5,881
    I think the dream is to move to like Laramie or Bozeman or some other college town out west. We met in Portland and that's ideally where I'd want to go. They have: bookstores! donuts! hiking!
     
    NCJon likes this.
  14. willisbrown

    willisbrown Well-Known Member

    Money:
    $9,812
    Yeah...for instance around here it's anything 500K+. So someone would buy a 600K house and want to put at least 100K in if they have it to take advantage of the best rate they can get. So like let's say you bought for 850K and had 200K to toss at it...you'd most likely be in jumbo territory. But geographically it changes depending on median income and median sales price. When I was in TN and MS anything over 400K was a jumbo. And again they are fine loans, you just will take a bit of a rate hit.
     
  15. DawgsMD

    DawgsMD Forum Psychiatrist VIP Member

    Money:
    $3,987
    I just got my student loans under $300k and refinanced to 4.0% at 15 years. I should be able to pay it off by time oldest gets to HS (11 years).
    And I bought my house for 80k (1600 sqft) and now comps in neighborhood are going for 180k. So I’m happy.

    Sent from my iPhone using Butler Hoops mobile app
     
    ConnersvilleBulldog likes this.
  16. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    Not sure about “most expensive”, but it is quite expensive. So you live out a bit in Aurora or Thornton or Commerce City.

    The problem is traffic and time - I70 is god awful, and you’re 1:15 from RMNP to hike or 1:20 from the closest ski area (Loveland) and further from any of the better areas. You have to leave at 5/6am to avoid the I70 parking lot.

    SLC by comparison is under 1 hour to like 12 ski resorts, can be 30 min to 4 world class ones depending on where you live, but the hiking isn’t as good, Utah is a red state, and I’m not sure how it will be raising non-Mormon kids in a Mormon area. I don’t care if I am left out of a social gathering, but my hypothetical kid won’t understand not being invited to a birthday party Bc of his religion.
     
  17. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    The rate hit being because the total loan size is bigger and therefore more capital out = more risk to the lender? One of my blowups = 2 blowups of smaller houses?

    What if I bought an 850k house and put 400k down so my loan is only 450? I’d have to model this in excel, but I doubt it’s worth it. Dumping that much cash isn’t worth putting it to work in the market at a slightly smaller margin due to this rate hit.

    Hmmm
     
  18. PSUButlerFan

    PSUButlerFan Well-Known Member

    Money:
    $13,703
    Only place to go in Wyoming is Jackson Hole! But you better have a ton of money.

    Bozeman is 1 hour from Big Sky, so that is an excellent choice. But it’s NOT cheap there.
     
  19. willisbrown

    willisbrown Well-Known Member

    Money:
    $9,812
    I mean it's like anything else...playing the market with your asset. Jumbo no matter what requires at least 10% down (I'm sure there are private lenders out there that may do 5% down) and no, I would not, in this climate, drop 400K on a down payment. Hold onto it and just go jumbo. It's not that big of a difference but it's considered non conforming so that's why the rate hit, plus there just aren't a lot of companies that do it (at least around here). It's not too much different than conventional guidelines. It's about finding the best lender to do it.

    And yes anything non conforming is considered a higher risk. But with your credit you should skate right through and get the best rate a jumbo offers. Personally I'd hold onto my cash and just roll that way.
     
  20. BURph92

    BURph92 Well-Known Member

    Money:
    $1,726
    Both Jackson(close to Grand Tetons NP) & Bozeman(close to Yellowstone NP) are great places but you are correct.....very pricey.


    Sent from my iPhone using Butler Hoops
     
    PSUButlerFan likes this.

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