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Old 01-29-2008, 12:01 PM   #21
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What do you do at Rasmussen?
I am a computer and IT assistant here. My supervisor is head of the IT part of the business. but i will not be here any more than another year. I do not know where i will go after Rasmussen. Maybe IBM or the State for a while.
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Old 01-29-2008, 12:01 PM   #22
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LOL i was afraid someone was going to say that. If i HAD to move i would go to VA because they have awesome summers i have heard.
Well, that's true if you like 95 degrees of heat with 95% humidity. Personally, I can't stand it.
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Old 01-29-2008, 12:03 PM   #23
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Don't you mean a little worse?

I'd suggest moving, if you can.

Also, being single (or newly married) there is no way you need "at least a 5 br, 2 bath" home. Space is nice, but it's expensive to buy and maintain.

A better strategy is to buy something smaller, build up the equity in your investment, and then use the equity to buy something larger when/if you need it.
thats a dang good point. maybe i should be thinking of a 2 bedroom condo or house somewhere then sale when we need to. Im always jumping in the deep end before i see how safe the water is. LOL
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Old 01-29-2008, 12:04 PM   #24
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Well, not always. With the economy we're in now, lots of people can't get loans so people who want or need to sell their homes can't find sellers, so they have to lower the price in order to sell. I know over the last year, I've seen many houses on the market for many months just in my neighborhood alone, whereas two years ago they would have sold fast, for $300k or more. An important principle of economics is that when supply goes up, the price goes down. It works for houses, too.

I would expect home values to decline significantly in Utah in the next couple of years. A lot of those expensive homes were bought by California real estate investors, aka speculators, who will eventually sell at a loss so they won't have to pay property taxes and insurance anymore. The housing bubble has burst.
GG, no matter what real estate goes UP in value. You can't look at it as a short term investment. If a house is worth 100k in 2008, then lets say 80k in 2010, in 2015 it will probobly go up to 140k.

It always goes up. For an investment, the trick is to have a good idea when the market goes up. That's the real estate "gamble".

Also, a realtor does not force a buyer into spending more money. The buyers are the ones who stretch themselves to the max. Either way, the lending institution knows how much extra money you need to pay bills and such, so if you make 4k a month, you're not going to get a 3k mortgage. A realtor has absolutely nothing to do with the money end of things.
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Old 01-29-2008, 12:06 PM   #25
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Well, that's true if you like 95 degrees of heat with 95% humidity. Personally, I can't stand it.
our summers here are usually 95 to 102 on average. last year our record was 112 BUT our humidity is like 45% at the most unless its a rainy day. i LOVE to bike ride in the heat especialy in our mountains
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Old 01-29-2008, 12:10 PM   #26
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man i appreciate all your feed back. so far i have learned

get a financial advisor
start out small then increase when needed
housing is expensive but worth it
having a house of your own allows jeenkins to do what ever the __________ he wants
VA is hot and really humid
California realators bought houses in Draper and other parts of Utah
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Old 01-29-2008, 12:14 PM   #27
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Its expensive not counting insurance, utilities, property taxes, maintenance etc. What might be a good bet is to invest in a little bit of land let it appreciate a few years then you can sell it and take the profits for a nice down payment.Its really expensive here in New Mexico as well.
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Old 01-29-2008, 12:18 PM   #28
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VA is a nice place. You can literally go from the mountains to the beach in about 3 hours! You can start at a bank or credit union for financial advise. Also ask around to friends, coworkers, bosses. Who advises them? You need to find someone you trust. You are young so if you start your investing now you will be able to retire comfortably. We found ours through our church. We started the invest game a bit late but she came up with a plan that has helped us increase our retirement accounts as well as helping to pay for our kids college. When we bought this house, she helped us figure out the amount we could spend on a house figuring the equity we had in our previous house and still meet our retirement and college tuition goals. I don't think we would have bought this house if she hadn't gone over the finacials with us to show is that we really could afford this home and still do everything we wanted. It was about $50,000 more than the top of the limit we thought we spend. We still ended up with about $30,000 in profit from the sale of our old home that was then put into investment accounts and is paying for son #2 college tuition now! We would have not had that if we had done things without her input. Watch out for advisors that want you to pay for each visit though. Ours gets paid a yearly fee for managing our accounts and is paid from the profits of our accounts. We don't have to write a check each time we see her. We get one statement at the end of the year saying $X was paid and it is a set yearly fee. I think it ends up less than $200 a year for our 5 accounts she handles. Check into companies like Charles Scwab, UBS. Both of those companies have good reputations. Ours used to work for UBS but then took a job with a local company to allow her more time with her young children. We moved with her since she had done such a good job helping us out.
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Old 01-29-2008, 12:27 PM   #29
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Actually, vacant land is the worst investment. Say you bought an acre of buildable land and decided to sit on it. The township can change their zoning laws to only allow 3+ acre lots buildable. (happened in a town near me) Now, all those people with those lots cant to a thing with them if they want to sell, other than offer it to a neighboring homeowner. There are tons of other scenarios.

Find a duplex handyman's special. Live in the best side and fix up the other side to rent out. Or find a single family that needs some TLC. Those are the bargains, but you have to get your hands dirty and read some books on home repairs and rebuilding. I laid my own hardwood floor in my kitchen which cost $1000, if I had a company install it the cost would probobly triple and I would have no return on the improvement.

Oh, and a tip on mortgages: See if your lender offers different payment schedules. I electronicly pay my 30 year mortgage every week instead of every month. The house will be paid off in 23 years and I will have saved $121,000.
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Old 01-29-2008, 12:35 PM   #30
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Jabbur. ok i will look into some financial advisory places. Ill start by asking my mom to see who she trusts.

jeekins

your payment plan to me would seem a little tough because more money is taken out at once thus leaving less for food and other things.
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