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ChiChat16:Race For 10K Posts - Will Achieve Oct 2019

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jay745

jay745

What Would Glenn Danzig Do
OmniGLH said:
Yeah - court supervised phone calls, once a week. He hasn't attempted a call in months. Hasn't physically SEEN him since Halloween of 2008.



Eh.... the tax deduction is worth it. The ability to mod it is nice.

Downside is you're kinda "locked in" to the location.

I *do* wish we'd rented for a year before buying when we relocated back here from Seattle. Probably would have wound up buying somewhere else. That said, it's not bad where we're at.



Aaaaaaand there goes the trackday budget your financee promised you. That was fast. 5 minutes.
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I guess I just have literally never lived in a place that I would want to own for 30 years. Every place has something wrong with it that I want out after a few years. The first place I moved to in chicago was perfect, until the drug dealers moved in. You can't anticipate things like that happening that really do ruin the living experience. I would be so pissed if I owned that place and was stuck there.

dubbinit2 said:
does anyone hear from Jawn anymore?
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I talk to him kinda often, he doesn't come on here much though.
 
BoostedVW11

BoostedVW11

Drag Racing Champion
jay745 said:
I've rented my whole life. I honestly think it's much better than owning. Hardly anyone stays in their house long enough to make owning worth it.
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Depends, if you dont plan on staying there for at least 3-5 years generally i wouldnt say worth it. Depends on your credit, if its bought under market value or what not . its definitely riskier than renting for sure...ideally being able to flip it and sell it for more money down the road is what everyone wants. that or a rental property .

BRRR method
OmniGLH said:
Yeah - court supervised phone calls, once a week. He hasn't attempted a call in months. Hasn't physically SEEN him since Halloween of 2008..
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Older kid i see, goodluck with everything. Im all for taking a kid out of a bad situation . :thumbsup:
dubbinit2 said:
oh man...this should be thread title.
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blackhawks ftw though, except maybe this year.
dubbinit2 said:
does anyone hear from Jawn anymore?
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hes living the dad life tbh
DASVDUB said:
There's some truth there. Got approval to order tires, helmet, stud conversion kit, and possibly cage. We'll see lol.
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So how far are from grattan and gingerman right now?
jay745 said:
I guess I just have literally never lived in a place that I would want to own for 30 years. Every place has something wrong with it that I want out after a few years. The first place I moved to in chicago was perfect, until the drug dealers moved in. You can't anticipate things like that happening that really do ruin the living experience. I would be so pissed if I owned that place and was stuck there.
I talk to him kinda often, he doesn't come on here much though.
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in that situation renting ftw.
jay745 said:
cage wtf? Isn't this still your daily?
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shouldnt daily with a cage iirc
 
DASVDUB

DASVDUB

Drag Racing Champion
jay745 said:
cage wtf? Isn't this still your daily?
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Yeah, not full cage doe, just from the back to behind the seats. Not full racecar. Still my daily til it's paid off. Then some $1000 daily beater something lol. Fiancee needs car before I do though. She is interested in Tiguans.
 
DASVDUB

DASVDUB

Drag Racing Champion
BoostedVW11 said:
Depends, if you dont plan on staying there for at least 3-5 years generally i wouldnt say worth it. Depends on your credit, if its bought under market value or what not . its definitely riskier than renting for sure...ideally being able to flip it and sell it for more money down the road is what everyone wants. that or a rental property .

BRRR method

Older kid i see, goodluck with everything. Im all for taking a kid out of a bad situation . :thumbsup:

blackhawks ftw though, except maybe this year.

hes living the dad life tbh

So how far are from grattan and gingerman right now?

in that situation renting ftw.

shouldnt daily with a cage iirc
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Like 30 minutes from Grattan and 1hr from Gingerman.

Not full cage, but something to consider i guess lol.
 
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RoyB1

Go Kart Champion
Anyone that bought in 2006-2010 wished they had rented (me). After 11 years, my house is finally valued what I paid for it. Thank god. However, after 11 years, I have quite a bit of equity in the house even though it's not worth much more than I paid.

Between buying and renting, renting is obviously the cheaper short term solution. However, it's more of a savings program than anything.

The real benefit is when you get into your 50s/60s. At that point, all your mortgage payments should hopefully be done and you just get left paying the property tax/maintenance. Even if you don't stay put for 30 years, after 10 years you should have enough equity that should you decide to move, you could put a nice downpayment on your new property.

Come age 60, you really only need to worry about property tax. Who wants to worry about mortgage payments when they are over 50 and not being able to retired because you have that large payment every month to worry about.
 
OmniGLH

OmniGLH

Autocross Newbie
RoyB said:
Anyone that bought in 2006-2010 wished they had rented (me). After 11 years, my house is finally valued what I paid for it. Thank god. However, after 11 years, I have quite a bit of equity in the house even though it's not worth much more than I paid.

Between buying and renting, renting is obviously the cheaper short term solution. However, it's more of a savings program than anything.

The real benefit is when you get into your 50s/60s. At that point, all your mortgage payments should hopefully be done and you just get left paying the property tax/maintenance. Even if you don't stay put for 30 years, after 10 years you should have enough equity that should you decide to move, you could put a nice downpayment on your new property.

Come age 60, you really only need to worry about property tax. Who wants to worry about mortgage payments when they are over 50 and not being able to retired because you have that large payment every month to worry about.
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Except when, in Illinois, the property tax escrow portion makes up more than half of your overall total monthly payment....

I could pay off my house... and cut my monthly housing payment down by... 40%?
 
BoostedVW11

BoostedVW11

Drag Racing Champion
DASVDUB said:
Yeah, not full cage doe, just from the back to behind the seats. Not full racecar. Still my daily til it's paid off. Then some $1000 daily beater something lol. Fiancee needs car before I do though. She is interested in Tiguans.
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Heres what you do, skip the tiquan. Pay off the GTI and mod it just slightly more....

then get a toureg which is capable of trailering GTI to track days . :thumbsup:

DASVDUB said:
Like 30 minutes from Grattan and 1hr from Gingerman.

Not full cage, but something to consider i guess lol.
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thats pretty nice yeah. i still hate the midwest though.

OmniGLH said:
I could pay off my house... and cut my monthly housing payment down by... 40%?
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Bingo^, nailed the number on the nose.
 
Cadubya

Cadubya

Autocross Newbie
OmniGLH said:
Eh.... the tax deduction is worth it. The ability to mod it is nice.
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I think when you factor in the property tax, maintenance and upkeep it’s probably a wash. Of course that depends on what the rents are like in the area. They vary wildly. The real advantage to a house is the ability to do what you want with it. Make it your own and such.
 
flying_solo

flying_solo

Go Kart Champion
Problem is with IL, property tax is too high and keeps going up. Too much for a pensioner to stay. You gotta sell and move somewhere else at that point and that’s BS.

In other news, it looks like I’ll be rebuilding my RX7 engine for a second time. I basically screwed it up last year and blew a coolant seal being absent minded when I installed the V Mount, I did the one unforgivable sin to a rotary. I over heated it. :(.

I’ll have it ported and studded to prepare for the single turbo EFR swap I have waiting for it in the basement. But she will stay 99 spec twins for the year and just get out and drive it.
 
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RoyB1

Go Kart Champion
Wherever you rent, you are still paying property tax, just indirectly.

For giggles because I like numbers

$300K house with 20% down= $240K loan @ 3.5% & $8K a year taxes.

Loan is $1,080mo, taxes =$666/mo total of $1746/mo. Most modest houses I know rent for around $1600-1900/mo

After 30 years you will have paid $150K in interest and $240K to the bank and $60K down.

All in $450K. Taxes amount to $240K over 30 years.

Grand total after 30 years: $690K.

If you take the last 20 year housing appreciation (2.3%) and apply it to your $300,000 investment, your home should now be worth $593,000.

SO, after 30 years, your total NET (not including maint/tax deductions which might as well be a wash for arguments sake) is $97,000, or $270/mo.

Tell me where you can rent for $270/mo. And should you decide to continue living after 30 years in the same house, for arguments sake, your rent is essentially just the property tax amount, which is still less than you can rent a house for.

If you care about your future, buying a house is a no-brainer. It's basically a savings program with a place to live.
 
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RoyB1

Go Kart Champion
Why do you have to live in the same house for 30 years? Take your 2.3% per year equity and reinvest into another property when you feel like moving.
 
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