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      12-06-2019, 11:20 PM   #177
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Where do these 130k houses exist? Just asking out of curiosity. I imagine it’s not an area with too many well paying jobs
I bought mine as a foreclosure for 20k, put about 30k in and is now worth $155k. We live in a rural area but only 15 mins from anything anyone could want. Have many Doctors, Lawyers, Scientists, etc living near us. Not to mention no crime! 15 mins away houses are min 500k up to the millions.

I would much rather not be house poor, I've seen many neighbors move away only to become dual income families or working two jobs. The wife and I have very expensive hobbies so it makes sense for us. We want something we just buy it. Oh and my taxes are only $900 per year and insurance is $850. Most of my clients pay that in tax every month at minimum and one pays over 60k a year on a 3mil house...he lives in that 15 mins away area...no thanks!
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      12-07-2019, 04:39 AM   #178
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Where do these 130k houses exist? Just asking out of curiosity. I imagine it’s not an area with too many well paying jobs
Greenville/Spartanburg SC. BMW is located here and all the businesses that support them. Greenville constantly makes lists as one of the faster growing cities in the country.

Numerous Chemical Plants. I'm an Engineer by trade, and have been an Engineering Manager for close to 8 years now.

That's what the thread was about. Ive made over 6 figures (not counting wife's income) for the last 10-12 years, but even now my house is only worth about $250K. But I bought it years ago in the $150K range. Could I had bought bigger/better......sure. But this fits me currently and I can afford to do things whenever I get the whim to do so. But I'm a tight ass so maybe that helps.

Now keep in mind...I'm talking starter homes. My daughter's is a small 1600 SF home bought about 20 minutes from downtown Greenville. So this area is like the perfect place to get into the housing market. Now it doesn't have a lot of high end features, but has pre-engineered hardwood, nice cabinets, 3 bedrooms.....perfect for a first home.

In 5 years, they could probably sell that home for $50K more.

For $250K-$300K here, you can build/ buy pretty much anything you want within 3K SF.

I don't need anything that big.... I would rather have the garage space.
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      12-07-2019, 04:47 AM   #179
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Originally Posted by Our03z4 View Post
I bought mine as a foreclosure for 20k, put about 30k in and is now worth $155k. We live in a rural area but only 15 mins from anything anyone could want. Have many Doctors, Lawyers, Scientists, etc living near us. Not to mention no crime! 15 mins away houses are min 500k up to the millions.

I would much rather not be house poor, I've seen many neighbors move away only to become dual income families or working two jobs. The wife and I have very expensive hobbies so it makes sense for us. We want something we just buy it. Oh and my taxes are only $900 per year and insurance is $850. Most of my clients pay that in tax every month at minimum and one pays over 60k a year on a 3mil house...he lives in that 15 mins away area...no thanks!

Kind of the same as what I described above. We have access to everything. 3 hours from the beach, 1 hour from snow skiing, nice restaurants.........hell the year Deshaun Watson got drafted, I got to meet him and Jadeveon Clowney in Halls Chophouse in Greenville.

So its not like we live in BFE here. Just happen to be in the right place at the right time. This area has exploded in the last 2 decades.
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      12-07-2019, 04:52 AM   #180
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Where do these 130k houses exist? Just asking out of curiosity. I imagine it’s not an area with too many well paying jobs
Also none of this was a jab at you. Fresh out of college, I felt the same way.

But it would surprise you the number of well paying jobs in this area.

My daughter is in the medical field and in graduate school. But she told me they have people working in the hospital with only 2 year degrees making almost $70K a year. Not too bad in my opinion for the investment.

And she said they can't keep them because demands are so high across the area.
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      12-08-2019, 01:47 AM   #181
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Well, I'm just in a wrong area, or Bay Area to be exact. Not sure if there are too many good software engineer jobs outside the expensive urban centers such as SF or maybe an NYC. But I also was trained as a chemist, so maybe managing something on a chemical plant could be the ticket, Idk.
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      12-08-2019, 05:23 AM   #182
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Well, I'm just in a wrong area, or Bay Area to be exact. Not sure if there are too many good software engineer jobs outside the expensive urban centers such as SF or maybe an NYC. But I also was trained as a chemist, so maybe managing something on a chemical plant could be the ticket, Idk.
Yeah.....I could see how that degree would lock you into a specific area where those companies are.... and you are in a much higher priced living area than I am.

A lot of companies in this area run "thin clients" and are using Terminal Services for all their needs such as SAP. I imagine you would do well in one of those environments, or got involved in stuff like ERP software setup.

I'm an Electrical Engineer and specialize in automation. So that gives me the flexibility of working in almost any field that has automated processes.
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      12-16-2019, 10:34 AM   #183
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Where do these 130k houses exist? Just asking out of curiosity. I imagine it’s not an area with too many well paying jobs
Southeast Michigan.
There are tons of great engineer jobs in mechanical, industrial, software etc. and housing is insanely cheap compared to income level. I am from VT where there is not a lot of engineering and housing is expensive. I now live in Michigan where its the opposite. For reference. Most starting engineers I know are around 70-80k and it isnt hard to find a house for 150k.
My house in a safe neighborhood with good schools nearby, and 20 minutes from downtown (which is actually great, don't believe what everything you hear) was 150k for a 3 bed 2.5 bath on an acre with a 3 car garage. Its a little older, but its a great house for me.

Oh and a car loan for 69 months is nuts.
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      12-16-2019, 10:37 AM   #184
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Originally Posted by Ngilbe36 View Post
Southeast Michigan.
There are tons of great engineer jobs in mechanical, industrial, software etc. and housing is insanely cheap compared to income level. I am from VT where there is not a lot of engineering and housing is expensive. I now live in Michigan where its the opposite. For reference. Most starting engineers I know are around 70-80k and it isnt hard to find a house for 150k.
My house in a safe neighborhood with good schools nearby, and 20 minutes from downtown (which is actually great, don't believe what everything you hear) was 150k for a 3 bed 2.5 bath on an acre with a 3 car garage. Its a little older, but its a great house for me.

Oh and a car loan for 69 months is nuts.
But those winters, oof. I've had enough snow for a lifetime. I gotta move somewhere warm
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      12-16-2019, 11:04 AM   #185
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Originally Posted by Ngilbe36 View Post
Southeast Michigan.
There are tons of great engineer jobs in mechanical, industrial, software etc. and housing is insanely cheap compared to income level. I am from VT where there is not a lot of engineering and housing is expensive. I now live in Michigan where its the opposite. For reference. Most starting engineers I know are around 70-80k and it isnt hard to find a house for 150k.
My house in a safe neighborhood with good schools nearby, and 20 minutes from downtown (which is actually great, don't believe what everything you hear) was 150k for a 3 bed 2.5 bath on an acre with a 3 car garage. Its a little older, but its a great house for me.

Oh and a car loan for 69 months is nuts.
Years ago, I did a ton of work in a chemical plant in Adrian.
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      12-20-2019, 05:40 PM   #186
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Originally Posted by Our03z4 View Post
I bought mine as a foreclosure for 20k, put about 30k in and is now worth $155k. We live in a rural area but only 15 mins from anything anyone could want. Have many Doctors, Lawyers, Scientists, etc living near us. Not to mention no crime! 15 mins away houses are min 500k up to the millions.

$20k house? That's the cost of a bathroom remodel here. And by bathroom, I mean the guest bathroom. Makes me wonder how houses are so inexpensive. Maybe labor is cheaper there but the price of a slab of quartz has got to be the same right? Or even more being that it's not as readily available.


I want a nice car. They should give us lower rates that longer we have the loan. bring back <1% loans on terms over 10 years. Here I come nice car!
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      12-20-2019, 06:18 PM   #187
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$20k house? That's the cost of a bathroom remodel here. And by bathroom, I mean the guest bathroom. Makes me wonder how houses are so inexpensive. Maybe labor is cheaper there but the price of a slab of quartz has got to be the same right? Or even more being that it's not as readily available.


I want a nice car. They should give us lower rates that longer we have the loan. bring back <1% loans on terms over 10 years. Here I come nice car!

This was bought during the 2008 collapse. 3 bed 1 bath 1/2 acre lot 2 car garage. Oh trust me it's nothing to do with labor here. I charge $90 per man hour, plus mark up, to change light bulbs. One of our accounts we just made $130 per man hour. Like I said down the road houses are insane. 400k for a starter house and 600-800 for a normal house. People are just too lazy to drive the extra 15 mins, that's it, same school district even. I could care less about keeping up with Jones's, I prefer freedom to do what we want when we want.
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      12-20-2019, 06:19 PM   #188
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So long as you can earn more on your investments than the interest rate on your loan, academically you’re in a good place. In reality it comes down to your cash flow needs.

I personally financed < 50% on my car but chose to go for the 72mo option because the payments are hella low. I will pay it off before the loan is up like I did my last vehicle, but having lower monthly payments leaves me with more money for booze.

All about priorities.
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      12-23-2019, 10:28 PM   #189
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There are so many financial geniuses in here that aren't billionaires. What are the chances?!
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      12-23-2019, 11:34 PM   #190
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There are so many financial geniuses in here that aren't billionaires. What are the chances?!
That’s pretty cynical - following basic investment and financial advice isn’t likely to get you to a billion. You’ve gotta do a whole lot more than anything mentioned here to get to that level, like starting a business or taking some serious long term investments in a new sector/company/technology. Even then, you’d have to have some serious funds to put down.

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      12-23-2019, 11:45 PM   #191
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There are so many financial geniuses in here that aren't billionaires. What are the chances?!
lmaoo. someone reads some random investing article on the internet. proceeds to tell me investment strategy while drinking/partying
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      12-24-2019, 12:54 AM   #192
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Quote:
Originally Posted by jmg View Post
There are so many financial geniuses in here that aren't billionaires. What are the chances?!
That's pretty cynical - following basic investment and financial advice isn't likely to get you to a billion. You've gotta do a whole lot more than anything mentioned here to get to that level, like starting a business or taking some serious long term investments in a new sector/company/technology. Even then, you'd have to have some serious funds to put down.
No more cynical than assuming the different situations people are in are attributed to only financial stupidity.

Not everyone can be a billionaire and not being one is not a failure. In turn, not everyone can be 100% financial saints and they aren't failures for not being so.
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