Law School Discussion

Home Ownership and Wealth Building

smujd2007

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Re: Home Ownership and Wealth Building
« Reply #260 on: July 13, 2005, 06:30:53 AM »
Let us know how things work out. Blk's right.  We do care.  :)

Thanks SMU and Blk, I appreciate the support.
I know I need to straighten some things out financially, but I really do want this to happen.

Re: Home Ownership and Wealth Building
« Reply #261 on: July 13, 2005, 07:16:30 AM »
Quote
First of all, quit calling her Ms. Faith.  That sounds like some condescending sh*t.

BP,

It's obvious that you and I are of two very, very different minds when it comes to the concept of reparations.  You're determined to look backwards - from your screen name, to sig pic, to views.  "Live in the past, die in the past" is how my pop raised me.  I'm just not gonna hold on to anger, sorry.  I could rebut your points, but it ultimately wouldn't change anything, so I'll spare myself the time.

As far as calling Faith, "Ms. Faith" - I was raised to call every sister I met Ms. or Mrs., regardless of the situation.  It's just a simple matter of respect, and you should try it sometime.  So I'll thank you not to decide for me what is or isn't condescending. 

Good luck rattling your mentals chains for some more government jack.

One Step Ahead

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Re: Home Ownership and Wealth Building
« Reply #262 on: July 13, 2005, 10:18:00 AM »
can't we all just get along?  :(

Re: Home Ownership and Wealth Building
« Reply #263 on: July 13, 2005, 11:21:01 AM »
In case anyone is concerned or interested ...
I'm going to try to buy a house out here in Oakland, CA.
I signed up for first-time homebuyers counseling and am going to go through "homebuying for dummies" training, at which point I'm sure they will tell me I can't afford a house  :(  (A ghetto house in Oakland is the price of a mansion somewhere else).
But, I really kind of have to move because I got my daughter into art school in Oakland, and we live 40 miles away right now (me and my brilliant ideas.)


dbgirl:

The market in CA, from what I read, is really hot, right? If you buy now, wouldn't you be buying at market peak? You've probably already considered this, but I just want to throw in a few words of caution...

Please do a cost-benefit analysis on buying now vrs renting in Oakland now with a plan to buy down the road. I know the feeling of being anxious to buy and being worried that you'll be left out of home ownership. Owning a home is a great wealth building tool and I'm not discouraging anyone from buying a home, but maybe buying a home right now in the SF area is not a great investment -- I don't know, but I have to wonder. I was thinking about buying a property in Washington DC (another hot market) and decided it would be better financially to rent for a while until the market cools.

It's hard to resist being swept up in the home buying frenzy... everyone is buying a house, everyone wants to buy a house, home repair shows are all over TV... but my brother is an investment banker, and he told me, "When you're on an airplane or something, and the random guy next to you is talking about buying stocks, that's a bad time to buy stocks." Meaning, buy low, sell high. When everyone wants to buy, prices are high. Supply and demand. Maybe there is a better way to invest your money right now rather than real estate? Just wondering. Good luck with it!

Re: Home Ownership and Wealth Building
« Reply #264 on: July 13, 2005, 11:24:24 AM »
Buy real estate in Houston.. it's affordable. . rent it out it'll pay some of your bills ;)

HBCU.EDU

Re: Home Ownership and Wealth Building
« Reply #265 on: July 13, 2005, 11:29:53 AM »
http://news.yahoo.com/s/ap/20050713/ap_on_bi_ge/worldcom_ebbers_48;_ylt=As_VIgn8zBLQtkby0Gpr8g_D_P0h;_ylu=X3oDMTBiMW04NW9mBHNlYwMlJVRPUCUl

Bernard Ebbers, who as the once-swaggering CEO of WorldCom oversaw the largest corporate fraud in U.S. history, wept in court Wednesday when a judge sentenced him to 25 years in prison

dbgirl

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Re: Home Ownership and Wealth Building
« Reply #266 on: July 13, 2005, 11:54:11 AM »
Hi angmill,

I appreciate the words of caution but I just don't see the market cooling off. From my experience, appreciation might slow down a little, but it is not going to stop and housing values are probably not going to decline around here no matter what.
I have lived in the Bay Area my entire life and housing just keeps going up, up, up.
Just an anectdotal example. My grandmother's modest house in a not-so-fabulous neighborhood was purchased for $75,000 in 1985.
By the late 1990s, houses in our neighborhood were selling at nearly $200,000. A house around the corner from us sold for $715,000 -- the same house that sold for about $200,000 seven or eight years ago.
I am concerned because housing is appreciating faster than my salary will. I don't want to be like my parents, who are in their 60s without a house.
Anyway, whatever I do I will be careful. I will definitely attend all the homebuyer seminars, etc., and not act hastily.
If I have to rent in Oakland for a year or two I will.

_BP_

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Re: Home Ownership and Wealth Building
« Reply #267 on: July 13, 2005, 12:32:45 PM »
can't we all just get along?  :(

haha, yeah we can E.  What's been up?  Did you decide on your hair?

Re: Home Ownership and Wealth Building
« Reply #268 on: July 13, 2005, 12:36:02 PM »
she needs to go natural.. make a statement at the Ivy :D

can't we all just get along?  :(

haha, yeah we can E.  What's been up?  Did you decide on your hair?

One Step Ahead

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Re: Home Ownership and Wealth Building
« Reply #269 on: July 13, 2005, 12:37:36 PM »
can't we all just get along?  :(

haha, yeah we can E.  What's been up?  Did you decide on your hair?

lmao.  no decisions yet.  how is the househunting?