BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read
BIMMERPOST Universal Forums General Automotive (non-BMW) Talk + Photos/Videos The average car loan length is 69 months

Post Reply
 
Thread Tools Search this Thread
      12-06-2019, 11:20 PM   #177
Our03z4
First Lieutenant
326
Rep
319
Posts

Drives: 2008 BMW Z4 3.0si Coupe
Join Date: Nov 2016
Location: USA

iTrader: (0)

Quote:
Originally Posted by fastboatster View Post
Where do these 130k houses exist? Just asking out of curiosity. I imagine itís 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!
Appreciate 3
Rmtt7017.00
vreihen162048.50
Humdizzle1242.50

      12-07-2019, 04:39 AM   #178
Rmtt
Colonel
Rmtt's Avatar
United_States
7017
Rep
2,078
Posts

Drives: 2011 BMW 128i, 2008 LS3 C6
Join Date: Jan 2019
Location: South Carolina

iTrader: (3)

Quote:
Originally Posted by fastboatster View Post
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.
__________________
Everybody has a gameplan....until they get punched in the mouth.

Last edited by Rmtt; 12-07-2019 at 06:31 AM..
Appreciate 1
Run Silent13710.00

      12-07-2019, 04:47 AM   #179
Rmtt
Colonel
Rmtt's Avatar
United_States
7017
Rep
2,078
Posts

Drives: 2011 BMW 128i, 2008 LS3 C6
Join Date: Jan 2019
Location: South Carolina

iTrader: (3)

Quote:
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.
__________________
Everybody has a gameplan....until they get punched in the mouth.
Appreciate 0
      12-07-2019, 04:52 AM   #180
Rmtt
Colonel
Rmtt's Avatar
United_States
7017
Rep
2,078
Posts

Drives: 2011 BMW 128i, 2008 LS3 C6
Join Date: Jan 2019
Location: South Carolina

iTrader: (3)

Quote:
Originally Posted by fastboatster View Post
Where do these 130k houses exist? Just asking out of curiosity. I imagine itís 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.
__________________
Everybody has a gameplan....until they get punched in the mouth.
Appreciate 0
      12-08-2019, 01:47 AM   #181
fastboatster
Lieutenant
118
Rep
436
Posts

Drives: 2009 bmw 328i
Join Date: May 2019
Location: CA

iTrader: (0)

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.
Appreciate 0
      12-08-2019, 05:23 AM   #182
Rmtt
Colonel
Rmtt's Avatar
United_States
7017
Rep
2,078
Posts

Drives: 2011 BMW 128i, 2008 LS3 C6
Join Date: Jan 2019
Location: South Carolina

iTrader: (3)

Quote:
Originally Posted by fastboatster View Post
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.
__________________
Everybody has a gameplan....until they get punched in the mouth.

Last edited by Rmtt; 12-09-2019 at 05:30 AM..
Appreciate 0
      12-16-2019, 10:34 AM   #183
Ngilbe36
Lieutenant
Ngilbe36's Avatar
United_States
533
Rep
528
Posts

Drives: 2011 E90 M3 IB
Join Date: Mar 2017
Location: MI

iTrader: (0)

Garage List
2011 BMW E90 M3  [0.00]
Quote:
Originally Posted by fastboatster View Post
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.
Appreciate 1
Rmtt7017.00

      12-16-2019, 10:37 AM   #184
FuriouslyFast
Banned
United_States
812
Rep
378
Posts

Drives: Miss Daisy
Join Date: Jul 2019
Location: PA

iTrader: (0)

Garage List
Quote:
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
Appreciate 0
      12-16-2019, 11:04 AM   #185
Rmtt
Colonel
Rmtt's Avatar
United_States
7017
Rep
2,078
Posts

Drives: 2011 BMW 128i, 2008 LS3 C6
Join Date: Jan 2019
Location: South Carolina

iTrader: (3)

Quote:
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.
__________________
Everybody has a gameplan....until they get punched in the mouth.
Appreciate 0
      12-20-2019, 05:40 PM   #186
PoorLurker
Custom User Title
PoorLurker's Avatar
No_Country
1140
Rep
637
Posts

Drives: a bicycle
Join Date: May 2015
Location: Orange County, CA

iTrader: (0)

Quote:
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!
Appreciate 0
      12-20-2019, 06:18 PM   #187
Our03z4
First Lieutenant
326
Rep
319
Posts

Drives: 2008 BMW Z4 3.0si Coupe
Join Date: Nov 2016
Location: USA

iTrader: (0)

Quote:
Originally Posted by PoorLurker View Post
$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.
Appreciate 2
Rmtt7017.00
PoorLurker1140.00

      12-20-2019, 06:19 PM   #188
SenorRoadRage
Private First Class
SenorRoadRage's Avatar
United_States
183
Rep
181
Posts

Drives: '15 BSM F82
Join Date: Nov 2019
Location: Austin

iTrader: (0)

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.
Appreciate 0
      12-23-2019, 10:28 PM   #189
jmg
Major General
jmg's Avatar
United_States
8540
Rep
9,649
Posts

Drives: F80 M3 CS, I01 i3 REx LCI
Join Date: Mar 2013
Location: Orange County, CA

iTrader: (0)

Garage List
There are so many financial geniuses in here that aren't billionaires. What are the chances?!
__________________
2018 F80 ///M3 CS - Lime Rock Grey Metallic | MPHAS | GC Camber Plates
2019 I01 i3 BEV - Giga World
Previous: F80 M3 | I01 i3 Rex LCI | I01 i3 REx | F30 340i M Sport ZTR | F30 328i Sport | Audi B7 S4 25Quattro #33 of 250 | E21 320i
Appreciate 1
      12-23-2019, 11:34 PM   #190
AlpineWhite_SJ
Captain
AlpineWhite_SJ's Avatar
United_States
903
Rep
657
Posts

Drives: 2018 F80 M3 ZCP, 2020 F97 X3MC
Join Date: Sep 2017
Location: Bay Area, CA

iTrader: (0)

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.
__________________
/// 2018 Alpine White on Black F80 M3 - 6MT ZCP ZEP / 3D Design billet handbrake lever, pedals, CF side skirts & rear diffuser / Sterckenn gloss black lip / IND alpine white front reflectors /// 2020 Donnington Grey on Black F97 X3MC ///

Last edited by AlpineWhite_SJ; 12-23-2019 at 11:34 PM.. Reason: Spelling
Appreciate 0
      12-23-2019, 11:45 PM   #191
G35POPPEDMYCHERRY
Colonel
G35POPPEDMYCHERRY's Avatar
No_Country
2506
Rep
2,771
Posts

Drives: Totaled Toyota Celica :((
Join Date: Dec 2015
Location: Trenton, NJ

iTrader: (1)

Quote:
Originally Posted by jmg View Post
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
Appreciate 1
jmg8539.50

      12-24-2019, 12:54 AM   #192
jmg
Major General
jmg's Avatar
United_States
8540
Rep
9,649
Posts

Drives: F80 M3 CS, I01 i3 REx LCI
Join Date: Mar 2013
Location: Orange County, CA

iTrader: (0)

Garage List
Quote:
Originally Posted by AlpineWhite_SJ View Post
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.
__________________
2018 F80 ///M3 CS - Lime Rock Grey Metallic | MPHAS | GC Camber Plates
2019 I01 i3 BEV - Giga World
Previous: F80 M3 | I01 i3 Rex LCI | I01 i3 REx | F30 340i M Sport ZTR | F30 328i Sport | Audi B7 S4 25Quattro #33 of 250 | E21 320i
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 11:08 PM.




bmw
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2020, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST