Is 15k enough of a downpayment for a first time buyer?

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  • sonofsam
    Too lazy to set a custom title
    • Dec 2004
    • 18642

    #1

    Is 15k enough of a downpayment for a first time buyer?

    is real estate really the best investment option?



    p.s. don't suggest launching a paysite/affiliate program
    Last edited by sonofsam; 08-31-2007, 01:47 PM.
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  • ridikuloz
    Confirmed User
    • Jun 2005
    • 2080

    #2
    $15k in new york will get a laugh at your face.
    Each persons' level of stupidity makes us different.

    Comment

    • zEn84
      Confirmed User
      • May 2004
      • 484

      #3
      Well seeing you are from Vancouver, with our prices right now, 15 wouldn't be enough. Yes Real Estate is a GREAT investment. Tough to jump in right now, I would hold off abit longer I think..

      Comment

      • crockett
        in a van by the river
        • May 2003
        • 76818

        #4
        Depends on the price of the house. Used to be 20% down, was pretty standard, now days, you can get away with 5%.
        In November, you can vote for America's next president or its first dictator.

        Comment

        • aico
          Moo Moo Cow
          • Mar 2004
          • 14748

          #5
          Short answer: no
          Long answer : fuck no

          Comment

          • baycouples
            Confirmed User
            • Mar 2004
            • 1341

            #6
            I just bought a rental property and it's tougher than ever to get a loan no matter how good your credit is and how much money you make. If you put $15K down - you'll still probably end up with like $5K in closing costs. It's insane right now.

            Comment

            • sonofsam
              Too lazy to set a custom title
              • Dec 2004
              • 18642

              #7
              what about buying into an apartment that won't be finished building for another 2 years?

              that way you don't have to make any payments till the building is finished, and it'll appreciate a shitload by then... right?
              I like turtles.

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              • StuartD
                Sofa King Band
                • Jul 2002
                • 29903

                #8
                Funny, I had put $45k down on my house... you are thinking $15k.
                Yup, you're definitely the one to judge me
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                • xNetworx
                  So Fucking What
                  • Jan 2004
                  • 14445

                  #9
                  Depends on what type of loan you can get. 15k for a 30 year won't get you much. On a 3 year arm loan (if you can find one), 15k could get you something better but its risky.

                  Comment

                  • minusonebit
                    So Fucking Banned
                    • Feb 2006
                    • 7391

                    #10
                    I would NOT buy real estate right now. You'd end up overpaying. Wait 3 to 6 months, maybe less, and snap up the bargains. The housing industry has been propped up with bullshit for so long that it was like Enron, eventually all the moisture was cooked out of the books and they caught on fire.

                    Comment

                    • BradM
                      Confirmed User
                      • Dec 2003
                      • 3397

                      #11
                      Originally posted by minusonebit
                      I would NOT buy real estate right now. You'd end up overpaying. Wait 3 to 6 months, maybe less, and snap up the bargains. The housing industry has been propped up with bullshit for so long that it was like Enron, eventually all the moisture was cooked out of the books and they caught on fire.
                      Bang on. The market is so fucked right now. Lenders won't talk to you if you have 15k in vancouver. Come back with 50.

                      Comment

                      • flashfire
                        ICQ 1 6 7 8 5 3 4 9 2
                        • Feb 2003
                        • 13098

                        #12
                        the real estate market is still strong in canada though....especially in calgary and vancouver

                        Comment

                        • StuartD
                          Sofa King Band
                          • Jul 2002
                          • 29903

                          #13
                          Originally posted by BradM
                          Bang on. The market is so fucked right now. Lenders won't talk to you if you have 15k in vancouver. Come back with 50.
                          Especially with the 2010 Olympics getting closer and closer.
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                          • tony299
                            lurker
                            • Aug 2002
                            • 57021

                            #14
                            I was reading in the wsj, a doc with a 800 credit score put 20 percent down on a 700k house and the bank pulled put at the last minute.

                            Comment

                            • sonofsam
                              Too lazy to set a custom title
                              • Dec 2004
                              • 18642

                              #15
                              Originally posted by StuartD
                              Funny, I had put $45k down on my house... you are thinking $15k.
                              Yup, you're definitely the one to judge me
                              Funny.. i would have had 30-35k if i didn't fuck up in adult... but that's okay, i'm back on my feet and earning again.... i actually have a bit more then 15 to invest... but i have left money aside for a cloudy day.. enough to cover my rent/car payments/bike payments etc for some months


                              how old are you again bragging about 45k? get a life.. that aint shit.. i'll pass your worth within a year or two.. you can take that to the bank, idiot
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                              Comment

                              • StuartD
                                Sofa King Band
                                • Jul 2002
                                • 29903

                                #16
                                Originally posted by sonofsam
                                Funny.. i would have had 30-35k if i didn't fuck up in adult... but that's okay, i'm back on my feet and earning again.... i actually have a bit more then 15 to invest... but i have left money aside for a cloudy day.. enough to cover my rent/car payments/bike payments etc for some months


                                how old are you again bragging about 45k? get a life.. that aint shit.. i'll pass your worth within a year or two.. you can take that to the bank, idiot
                                You're seriously still using your age as an excuse? How many years can you keep that up?
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                                • sonofsam
                                  Too lazy to set a custom title
                                  • Dec 2004
                                  • 18642

                                  #17
                                  Originally posted by BradM
                                  Bang on. The market is so fucked right now. Lenders won't talk to you if you have 15k in vancouver. Come back with 50.
                                  are you sure? even a first time buyer?
                                  I like turtles.

                                  Comment

                                  • sonofsam
                                    Too lazy to set a custom title
                                    • Dec 2004
                                    • 18642

                                    #18
                                    Originally posted by StuartD
                                    You're seriously still using your age as an excuse? How many years can you keep that up?
                                    What i am saying, is that you are talking shit about me.. even though i am probably doing 300x better then what you were doing at my age..

                                    and that you should shut the fuck up, because soon a "21 year old punk kid" will have more shit to show for himself then your 40+ year old ass with your walrus wife and shitty house.. get it?
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                                    Comment

                                    • Violetta
                                      Affiliate
                                      • Jul 2004
                                      • 28735

                                      #19
                                      I invested in an apartement 1 year ago. Was the best investment I have ever made. But I dont know anything about the canadian market. Anyway, houses and apartments are always a good investment in the long run if you ask me
                                      M&A Queen

                                      Comment

                                      • StuartD
                                        Sofa King Band
                                        • Jul 2002
                                        • 29903

                                        #20
                                        Originally posted by sonofsam
                                        What i am saying, is that you are talking shit about me.. even though i am probably doing 300x better then what you were doing at my age..

                                        and that you should shut the fuck up, because soon a "21 year old punk kid" will have more shit to show for himself then your 40+ year old ass with your walrus wife and shitty house.. get it?
                                        Wrong.
                                        You returned to this board taking shots at my wife right out of the gate. I didn't even know you were back. Your very first comment was at her... not even at me.

                                        Therefore, you are "talking shit about me" even though you "probably" don't know jack about what I was doing at your age... in fact, you don't even know how old I am! 40+?? Not even close.

                                        My "shitty house" was acquired with 3 times the down you are thinking of going with. Get it?

                                        Grow up. THEN consider buying real estate. Until then, you'll get the same results as your affiliate program.
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                                        • sonofsam
                                          Too lazy to set a custom title
                                          • Dec 2004
                                          • 18642

                                          #21
                                          okay thanks for your concern, you and your culdesac on your head can see your way out of the thread... bye
                                          I like turtles.

                                          Comment

                                          • StuartD
                                            Sofa King Band
                                            • Jul 2002
                                            • 29903

                                            #22
                                            Originally posted by sonofsam
                                            okay thanks for your concern, you and your culdesac on your head can see your way out of the thread... bye
                                            I know you're not an adult webmaster and really shouldn't even be here at all... but please do stick around and keep posting.
                                            I look forward to hearing about all the new stuff that you fail at.
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                                            • sonofsam
                                              Too lazy to set a custom title
                                              • Dec 2004
                                              • 18642

                                              #23
                                              Originally posted by StuartD
                                              I know you're not an adult webmaster and really shouldn't even be here at all... but please do stick around and keep posting.
                                              I look forward to hearing about all the new stuff that you fail at.
                                              Yeah.. maybe i can find a lucrative possition like you being a rep...
                                              I like turtles.

                                              Comment

                                              • StuartD
                                                Sofa King Band
                                                • Jul 2002
                                                • 29903

                                                #24
                                                Originally posted by sonofsam
                                                Yeah.. maybe i can find a lucrative possition like you being a rep...
                                                Maybe, I wouldn't know. I've never been a rep in my life.
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                                                • sonofsam
                                                  Too lazy to set a custom title
                                                  • Dec 2004
                                                  • 18642

                                                  #25
                                                  Shitty.. so you try this hard to be a player, and i don't even know what it is exactly that you do...

                                                  you've done a great job..

                                                  you seem to know every detail about my life and business dealings.. so maybe i did something right :thumsup

                                                  either i did something right, or you have a thing for younger guys

                                                  either way, you can go get fucked now
                                                  I like turtles.

                                                  Comment

                                                  • StuartD
                                                    Sofa King Band
                                                    • Jul 2002
                                                    • 29903

                                                    #26
                                                    Originally posted by sonofsam
                                                    Shitty.. so you try this hard to be a player, and i don't even know what it is exactly that you do...

                                                    you've done a great job..

                                                    you seem to know every detail about my life and business dealings.. so maybe i did something right :thumsup

                                                    either i did something right, or you have a thing for younger guys

                                                    either way, you can go get fucked now
                                                    How am I trying to be a player? You don't even know who the real players are, so your statement really proves nothing anyhow.

                                                    And I don't know every detail... unlike you, I go by the details you share here. You, on the other hand, go by assumptions and pulling BS out of your ass. You'd rather just make up things like "baddog's trailer" and "pics of my house" that you've never seen.

                                                    Oh, and judging by the things I do know about you... you've never done anything right.
                                                    Bought any new content lately?
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                                                    • minniesoporno
                                                      Confirmed User
                                                      • Nov 2004
                                                      • 1150

                                                      #27
                                                      well in canada it is, with the first time buyer plan.

                                                      Comment

                                                      • Snake Doctor
                                                        I'm Lenny2 Bitch
                                                        • Mar 2001
                                                        • 13449

                                                        #28
                                                        Sure, get a subprime mortgage that you can't afford, then the president will use my money to bail you out so his hedge fund buddies don't go bankrupt.
                                                        sig too big

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                                                        • PantiesDropped
                                                          Confirmed User
                                                          • Aug 2007
                                                          • 321

                                                          #29
                                                          Yeah.. here in Cali house you need at least 10% of the loan as a down payments
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                                                          • sonofsam
                                                            Too lazy to set a custom title
                                                            • Dec 2004
                                                            • 18642

                                                            #30
                                                            Originally posted by Lenny2
                                                            Sure, get a subprime mortgage that you can't afford, then the president will use my money to bail you out so his hedge fund buddies don't go bankrupt.
                                                            I don't live in the states
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                                                            • Star 69
                                                              Confirmed User
                                                              • Nov 2005
                                                              • 8602

                                                              #31
                                                              Such amount is not enough for a downpayment in Kiev.
                                                              e-mail star69

                                                              Comment

                                                              • MikesTraffic
                                                                Confirmed User
                                                                • Jan 2006
                                                                • 1992

                                                                #32
                                                                Originally posted by sonofsam
                                                                Shitty.. so you try this hard to be a player, and i don't even know what it is exactly that you do...

                                                                you've done a great job..

                                                                you seem to know every detail about my life and business dealings.. so maybe i did something right :thumsup

                                                                either i did something right, or you have a thing for younger guys

                                                                either way, you can go get fucked now
                                                                not trying to brag or anything, but I'm 21 and house shopping. I'll be putting about 50% down......so age doesn't mean a thing playas. Just work harder!
                                                                Fortinet GURU

                                                                Comment

                                                                • Star 69
                                                                  Confirmed User
                                                                  • Nov 2005
                                                                  • 8602

                                                                  #33
                                                                  Such amount is not enough for a downpayment in Kiev.
                                                                  e-mail star69

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                                                                  • baddog
                                                                    So Fucking Banned
                                                                    • Apr 2001
                                                                    • 107089

                                                                    #34
                                                                    Should be a pretty nice trailer. Now he just needs to find a place to park it.

                                                                    Comment

                                                                    • candyflip
                                                                      Carpe Visio
                                                                      • Jul 2002
                                                                      • 43069

                                                                      #35
                                                                      Originally posted by ridikuloz
                                                                      $15k in new york will get a laugh at your face.
                                                                      Maybe in NYC or any place surrounding it by about 60 miles. There are plenty of places in NY that $15k could buy you a house.

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                                                                      • fris
                                                                        Too lazy to set a custom title
                                                                        • Aug 2002
                                                                        • 55679

                                                                        #36
                                                                        buy a condo, good investment, down payment is less. i only had to put 5000$ down, and i charge 1500$ a month rent + condo fees.
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                                                                        • baddog
                                                                          So Fucking Banned
                                                                          • Apr 2001
                                                                          • 107089

                                                                          #37
                                                                          Originally posted by candyflip
                                                                          Maybe in NYC or any place surrounding it by about 60 miles. There are plenty of places in NY that $15k could buy you a house.
                                                                          really? examples with links?

                                                                          Comment

                                                                          • Juicy D. Links
                                                                            So Fucking Banned
                                                                            • Apr 2001
                                                                            • 122992

                                                                            #38
                                                                            Originally posted by baddog
                                                                            really? examples with links?

                                                                            i think like places in the middle of the state where they have cows and farms

                                                                            Comment

                                                                            • JasonSmokes
                                                                              Confirmed User
                                                                              • Aug 2007
                                                                              • 364

                                                                              #39
                                                                              15k on a hundred thousand dollar property maybe.
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                                                                              • Forest
                                                                                Confirmed User
                                                                                • Aug 2001
                                                                                • 9135

                                                                                #40
                                                                                Originally posted by crockett
                                                                                Depends on the price of the house. Used to be 20% down, was pretty standard, now days, you can get away with 5%.
                                                                                huh?

                                                                                show me a bank that will finance u with 5% down in today mortgage climate unless they are financing you for other properties

                                                                                15% or more is closer to the mark especially with first time buyers

                                                                                Comment

                                                                                • BlueDesignStudios
                                                                                  Confirmed User
                                                                                  • Feb 2003
                                                                                  • 9492

                                                                                  #41
                                                                                  depends on where you live entirely

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                                                                                  • sonofsam
                                                                                    Too lazy to set a custom title
                                                                                    • Dec 2004
                                                                                    • 18642

                                                                                    #42
                                                                                    Originally posted by baddog
                                                                                    Should be a pretty nice trailer. Now he just needs to find a place to park it.
                                                                                    Coming from someone who has woodgrain walls? Look whos talking
                                                                                    I like turtles.

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                                                                                    • AllStar
                                                                                      Confirmed User
                                                                                      • Feb 2006
                                                                                      • 461

                                                                                      #43
                                                                                      what were your sites? how come they didn't work?
                                                                                      15k is plenty, however the market in Van is gonna tank. look at its history.

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                                                                                      • Snake Doctor
                                                                                        I'm Lenny2 Bitch
                                                                                        • Mar 2001
                                                                                        • 13449

                                                                                        #44
                                                                                        Originally posted by Forest
                                                                                        huh?

                                                                                        show me a bank that will finance u with 5% down in today mortgage climate unless they are financing you for other properties

                                                                                        15% or more is closer to the mark especially with first time buyers
                                                                                        There are plenty who will do 5% down, if you have the credit score and income verification to go along with it.

                                                                                        Having a 1st and 2nd mortgage on a new purchase isn't the same as a subprime loan.
                                                                                        sig too big

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                                                                                        • woj
                                                                                          <&(©¿©)&>
                                                                                          • Jul 2002
                                                                                          • 47882

                                                                                          #45
                                                                                          now a days with 15k I don't think you will be able to get anything decent, except maybe some condo in some ghetto part of town...
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                                                                                          • PSSuperstars
                                                                                            Confirmed User
                                                                                            • Jan 2006
                                                                                            • 1477

                                                                                            #46
                                                                                            I just financed 240,000 with zero down here in Houston TX... 30 year mortgage.. 7.1% rate... 2700 sq ft single story.... 23 year old female, self employed.. credit score 700....

                                                                                            had zero problems with closing or anything..

                                                                                            I think it depends on the area..

                                                                                            I'm going to be financing 50k more to put in a pool in the next few months too.
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                                                                                            • DaddyHalbucks
                                                                                              A freakin' legend!
                                                                                              • Feb 2004
                                                                                              • 18975

                                                                                              #47
                                                                                              Real estate is a rich man's game.

                                                                                              If you are under capitalized, you will get stomped.
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                                                                                              • emichele20
                                                                                                Confirmed User
                                                                                                • Apr 2007
                                                                                                • 574

                                                                                                #48
                                                                                                Originally posted by JasonSmokes
                                                                                                15k on a hundred thousand dollar property maybe.
                                                                                                correcto... you need atleast 10% of the purchasing price. Otherwise you will end up with a high mortgage. We just brought our second house and put down 10% but had closing costs of about 8000k. We are in Philly and the property around here is pretty reasonable until you hit the historic areas and near the universities(anywhere from about 400k to 3 mill).
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                                                                                                • sweetcuties
                                                                                                  Confirmed User
                                                                                                  • Feb 2002
                                                                                                  • 5859

                                                                                                  #49
                                                                                                  Depends on where you live and the total cost of your house. Not sure if you know about the MLS (Multiple Listing Service) ... try to get access to it and look at HUD and/or Bank Reo's

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                                                                                                  • collegeboobies
                                                                                                    So Fucking Banned
                                                                                                    • Jul 2004
                                                                                                    • 3644

                                                                                                    #50
                                                                                                    hmm i put $0 down on my house 3 years ago. just paid closing cost.

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