I drink your milkshake! a metaphor for capitalism

[Thebrownblob]

you bought when the market was 50% less than it currently is. its just lucky timing as you admit. congrats on your gamble it paid off.

Yeah, I bought one. The market was 50% less than everyone said don’t buy because you’re going to go bankrupt.

I didn’t listen to those people

Honestly, the only advantage I think I would’ve had over you is the interest rates were quite a bit lower. But I would have no problem purchasing a house now at eight or 9% if it appeared worth it.

 

[rickyb]

My 23-year-old son just recently bought his first home it was a repo and we put about 25K into he bought it for 79,000 put 30k down he was approved for the loan at 10% Current value is about 170k give or take.

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Just about movie in ready
He is approximately 30 minutes away from me.

He plans to live there a few years, pay the mortgage down or off if possible, and then use it as a rental and move elsewhere.

cool!

wonder if we have this here. im thinking if i send my wife to school, then lets live somewhere cheap and i can take care of everything better.

 

[Thebrownblob]

cool!

wonder if we have this here. im thinking if i send my wife to school, then lets live somewhere cheap and i can take care of everything better.

Now you’re talking! Live some place cheap temporarily save some money build some equity then move someplace better!

 

[rickyb]

Now you’re talking! Live some place cheap temporarily save some money build some equity then move someplace better!

edmonton is cheap you can buy a condo for 60,000

 

[Thebrownblob]

edmonton is cheap you can buy a condo for 60,000

Decent job there? You should look into it.

 

[rickyb]

Decent job there? You should look into it.

i lived there before it seemed like there was more jobs than where im from but idk

anyways its a good value. this year i started to realize how much a house is actually worth. i was always skeptical of housing prices here, i thought it was ferrari and youre getting camry. i looked at if i borrow 100,000 which would be on the high end, then i pay 20,000 back to the bank if i pay it off in 10 years. but we wouldnt be here that long, if she did nurse school in 4 years then were out of here. i was talking to her and we want to buy a place for 250k max.

 

[rickyb]

Decent job there? You should look into it.

i also looked at the history of the canadian housing bubble and it began around 2002 and we had a liberal for the first 3 years, then people probably thought their standards of living were falling, then a conservative for 10 years and the prices roughly doubled, then trudeau for 10 years and the prices doubled, and now the news is always talking about food banks and people being poor

 

[Thebrownblob]

i lived there before it seemed like there was more jobs than where im from but idk

anyways its a good value. this year i started to realize how much a house is actually worth. i was always skeptical of housing prices here, i thought it was ferrari and youre getting camry. i looked at if i borrow 100,000 which would be on the high end, then i pay 20,000 back to the bank if i pay it off in 10 years. but we wouldnt be here that long, if she did nurse school in 4 years then were out of here. i was talking to her and we want to buy a place for 250k max.

If you found a place for 100 K and lived there five years. And just basically took care of the place. It would probably be worth more when you sold it. No need to stay there forever if you don’t want to.

 

[rickyb]

If you found a place for 100 K and lived there five years. And just basically took care of the place. It would probably be worth more when you sold it. No need to stay there forever if you don’t want to.

no problem my wife is teh opposite of a drug addict

appreciate the advice

 

[Thebrownblob]

no problem my wife is teh opposite of a drug addict

appreciate the advice

Wait a minute….


Wife?

Are you married?

I don’t think I got an invitation!

 

[rickyb]

Wait a minute….


Wife?

Are you married?

I don’t think I got an invitation!

ahghagha pardon me gf. i get confused sometimes.

 

[Doublestandards]

Really the only help he got from me was I didn’t charge him rent while he lived to as long as he was working and saving.

That was nice of you. I was working full time and going to school while living with my parents and still paid rent, I heard about parents giving back the rent once they moved out and thought I might get that but it didn’t happen lol, still have great parents who have my back though

@rickyb i don’t know how close you are with your parents, but I always tell people if you’re close with them, live at home as long as you can and save up, you could put a decent dent in your down payment within a year or 2

 

[Doublestandards]

@rickyb also you can’t be so concerned about predicting when bubbles are going to crash or housing prices will go back down. Nobody knows. And even if you bought the day before a crash, if you keep at it and steadily invest you will still be better off in the long term

It’s just like the stock market, ive heard people say they won’t invest for dang near a decade because they’re so sure it would crash at any moment, but then they lost out on so much growth

 

[Thebrownblob]

@rickyb also you can’t be so concerned about predicting when bubbles are going to crash or housing prices will go back down. Nobody knows. And even if you bought the day before a crash, if you keep at it and steadily invest you will still be better off in the long term

It’s just like the stock market, ive heard people say they won’t invest for dang near a decade because they’re so sure it would crash at any moment, but then they lost out on so much growth

Exactly that’s the only point I was trying to make. Don’t live your life in fear. Nothing wrong with being cautious, but paralyzed with fear is bad.