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Wednesday, August 25, 2010

You buying a home because it will make you rich?

Or are you buying a home to live in? With existing home sales drying up there goes the notion that you can make a buck off your home. So I guess that means that you all don't need a house. Not a good attitude.

The reason you buy a home is to live in. Frankly buying a home as a means of investment is still viable. Just start small and make it modular in design so that you can add on too later.....when you can afford..... or buy junk and refurbish or rebuild. BTW I bet flipping is a little harder right now. Above all pay cash, that way you won't lose your investment lest the money you would earn in equity would go to interest paid to a bank or mortgage company. Remember a ten percent straight rate 20 year mortgage will double the cost of the home over the life of the loan. Means that you would pay a half a million dollars for a quarter million dollar house. A five percent loan with balloon payment variable interest 30 year gets about the same. Double the cost or worse.

Huh. How about that. A brand knew oil eating microbe found eating oil in the gulf.

Here's one...Day trader gets IRS bill for 172 million.....Problem is the guy lives in Spain....Soooohows the IRS going to collect..... The rest of the story is here and from the sounds of it though the guy owes nothing. However it does expose a glaring unconstitutional weakness in the IRS.... Sending bills on ASS-umptions. There is one other thing it exposes....Global economy the whole thing ain't worth a crap it was thought up on.

Hah. What goes up must come down.....sometimes people have way to much fun.

Snakes and vipers and scorpions oh my....

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