Not in an environment of a rising real estate market and low interest rates.

The value of my house has more than doubled in the last six years.

I call them $30,000 a year millionaires. Many idiots around here drive nice BMW's yet make $30k a year.

Real estat is cyclical and has shown to underperform the stock market in the long term. In fact, smart money, says to never hold more than 15% of your assets in real estate.

Forest is now looking for you

I own a house and 2 rental units. I also own a piece of shit car.

For me a car is just transportation to get me from point a to point b and the cheaper the better. I just get cheap ass cars that I can run into the ground and throw away instead of fix. The insurance is dirt cheap, almost zero upkeep costs, and some "status" means jack shit to me.

Hell the cost of a luxury car would buy me 20 to 30 throw away cars at least.

heh ...

Whoever made enough $ to buy bmw shouldn't have a huge problem buying a house later on in future...

like they say if you made 1 million dollars you will know how to make another mill...

I fucking hate haters, let people do what the fuck they want with their money.

Who is "smart money"?

Dark Jedi,

You are so right .. people are fucking morons with their money!

I own a mortgage company so I see lots of people's personal finances. You wouldn't believe how many people with good incomes have NO MONEY because they piss it away on fancy cars and stuff.

What's even worse is guys who make very little money but put it all into a new car, like that BMW guy you were talking about it.

This thread is filled with big sigs

betcha most of um are butt ugly, how else ya expect guys like qwe to get girls? by themselves? c'moff of it. they need money, its the only attractive quality they have to depend on

1200 sqft apartment w/ garage.. and i drive a 33k car.. I wub my STi cost of living effects houses and such too.. nice houses here are around 200k.. same house that would go for 450k back in northern va.. god love NY

For 200k you can buy a studio appartment here if you're lucky.

I Believe Ross was talking about house prices in Scotland

You don't think world goes round according to what "smart money" says now do you? I have a cousin that owns 80 apartments and a relative that buys and sells houses and both got about 100% of their assets in real estate. Each of 'em got more than 1 fancy car but bought 'em long after they bought their first houses.. and oh if you tell them about smart money they'd prolly say.. well.. prolly won't say anything but just laugh out loud that's all :1orglaugh

My father is much stronger than yours !



:1orglaugh :1orglaugh :1orglaugh

The moment you drive your $60k car off the lot you've lost $10k.

Two months after you move into your new house you've already made $10k.

I moved into my house exactly a year ago. The house next to me, which is smaller, just sold for $100k more than I paid for my house.

Do the math. Buy a house.

awh.. so you know nothing about millionaires claiming bankruptcy huh? FYI, it was pretty easy to make money off porn in 1996.. today it's not so easy. The way things are going for adult webmasters it's only gonna get harder. Besides millionaire? These show off beemer owners are mostly barely thousandnaire, may soon feel lucky to become hundrednaire lol.

Around here you can buy a house and your total monthly payments will be the same or less as if you were renting, so that isn't going to work in many areas.

i hope you are being sarcastic

100 :glugglug

Sounds Like you hate me LoL

I agree. Bought a house in '97. CPA told me I needed the interest for a write-off so I didn't pay cash, but since then he's decided the interest isn't doing as much good as paying the house off does. I'll be paid off in February...yehaaww.. then I can sit back and watch it increase in value every year.

As for the 400 square feet. My bedroom is way bigger than that. I think my first apartment was 700 sq feet.

As for a 1300 square foot apartment..why pay in rent what you could be paying on a house payment?

Mine's 850 sqaure feet!

I have been advising bankers, investment firms and individuals about real estate matters for the past 8 years on a daily basis so I think I know a thing or two about real estate:winkwink:

I'm sure most people don't need smart money to tell them that tying up all your assets in real estate is simply crazy no matter how poor or rich you are.

That's one of the smartest things ever posted on GFY

A friend of mine bought a house a couple of years ago. 300 thousand australian dollars. Paid for it cash. He has driven a 1979 holden commodore since the early 80's, and only recently bought a '95 model i think (which at the time he bought it, would have only set him back about AU$12 thousand).

It's funny. He'll tell me about all the people he knows, driving 50 thousand, 100 thousand dollar cars, complaining about their mortgage payments and their car payments. Ahh yes. I laugh at them too.

rent in florida is damn cheap what would you expect people to do with their money

Car payments.....baahh....haven't had monthly car payments since the early '90s. Cars cost enough already and start depreciating the moment you drive off the lot.. why make monthly payments plus interest on top of all that.

Hey, I posted this troll on fuckedcompany this morning! :sadbanana:

Thanks :)

welcome to new york city

Ding ding ding!

In some places, real estate is just rediculous.. example: here in San Diego, prices are just out of control. To "own" my condo, mortgage+homeowners+insurance would be about $7500/month. Rent is less than half that. I can earn much more on my money by investing.

Nothing is applicable 100% of the time..

My point exactly.

The status car / house was one of the examples.

Everyday I see people who spend thosands of dollars on brand clothes, buy 10k watches etc, but live in real shitty appartments and constantly borrow money from someone else.

I find it extremely stupid.

I still say housing in the best indicator of wealth, only because it's the hardest to "fake". Paying $10k for a watch is a lot easier than spending $3000-4000/month on a housing payment (rent or mortgage).

Agree with Dark Jedi on this one. Best thing I ever done was to buy my fucking house.

Property in the UK has rocketed the past few years.
My house has nearly doubled in value in the 2 1/2 years I have lived there.
:2 cents:

lots of asians are like that here in Toronto...they drive these "souped" up (I dunno how to spell it) cars and you go to their houses and they either live at home still or live at jane/finch (our ghetto) in a roach infested apartment..:1orglaugh

personally I'm saving for a house, equity is much more valuable here in toronto...especially the location...

I live in this 700 sq feet apartment (rented) and I don't have any car. I'll buy one next year for around $10k.

same here

if you buy a $100k car and have to struggle to make they payments -> you = idiot