Re: Cat's Out of the Bag

On Mar 10, 2011, at 12:51 PM, Peter T. Chattaway wrote:

> On Thu, 10 Mar 2011, Lance McLain wrote:
>
>>> Man, when I think of the tens of thousands of dollars I squandered  
>>> on rent in the five years between moving out of my parents' place  
>>> for good and getting married ...
>>
>> Yeah...that's what everybody said down here, BEFORE the bubble  
>> burst. Now, not so much.
>
> Well, as previously noted, the bubble didn't burst here to quite the  
> same degree that it did in your neck of the woods.  But even if it  
> had ... owning your own home is preferable to just about anything  
> else, yes?  And of course, the sooner you start paying to own your  
> own home, the sooner you will truly *be* the owner (as opposed to  
> sharing ownership with the bank).  (And, as also previously noted,  
> if I had started owning my own home back in 1999, I would have quite  
> a bit more equity now, even *after* taking into account the capital  
> loss since the crash of 2008.)

Did you look at the number of how much you would actually be paying  
for your home including interest after the 30 year note is paid off?

Now how long would it take you to save up for enough to buy that home  
if you were renting.  I would suspect it would take less than 30  
years.  Especially if you count the other costs you have to pay as  
homeowner.

>> FYI, got a call from my landlord.  He is selling the house because  
>> his mortgage is resetting and he is deep underwater and can't  
>> refinance. Going to be a short sale.  Looks like we will be moving.
>
> Any chance you'll figure out where you're working before you move?

God I hope so.  I'm in 2nd and 3rd interviews at 2 places.  Hoping one  
of those lands.

And I'm getting new opportunities showing up in my inbox all the  
time!  It's nice to have friends.

regards,
-Lance

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