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Interesting Topics This forum is to discuss any topic of interest to members and to gossip about anything that members prefer. All the terms of the forum and terms of use of the website do apply to this forum. |
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Truth: Harshly put. In the words of the famous Indian poet Mirza Ghalib:-> "Mar chuk kahin ki tu Gham-e-Hizran se chhoot Jaye, Kahte to hain bhale ki wo lekin buri tarah" Translation: "Kill yourself and you will get rid of your miseries! Well, what is said is for my good but the way it is said is very bad". |
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And if I get my GC, I will buy home paying down atleast 50-75%...Thats it
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__________________________________ PD March 2006 EB2-India I-140 Approved EAD/AP Approved I-485 RD July 12 2007, ND Aug 14 2007 FP Sept 14 2007 completed Service Center NSC Contributed so far $480. Contributing $20/month since Jan 2007 |
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I agree with above few posts.. I wouldnt recommend buying a house if you are working in technology field.. Most of the companies are sending tech jobs offshore and god forbid if you find yourself in a situation where you dont have a job for couple of months, at least you have an option to pack up and go back to own country... I myself bought a house in 2005, I dont regret the decision, but I would feel much safer otherwise.
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EB3, INDIA, NJ PD Nov 2004 I-485 RD 19-Jul-2007 I-485 ND 18-Sep-2007 I-485 Soft LUD 31-Mar-2009 I-485 RFERR 18-Aug-2015 GC Approved!! 1-Sep-2015 Contribution - $225 till date |
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I felt the same way before. I said to myself I wouldn't buy a house until I get my GC. That was until a builder offered me a nice offer. I was renting a two bedroom apartment for $1200 as I have a family with 3 small kids.
The builder offered me a 2,600 sq. ft., 4 bed-room home at $1450 per month, including taxes and insurance, fixed for 30 years. I guessed that the $250 difference from rent is nothing compared to the benefit of owning a home. The interest part of my first monthly amortization is about $800, $400 go to principal, and $250 go to taxes and insurance.
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_________ I am not a lawyer....all my comments are my own beliefs, please respect it. I do respect yours! |
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Yourself? or people who already bought houses or are planniing to buy houses.
Anyway. No offense but there are choices in life. 1. Work for small company or big company. 2. Job or do business 3. Use AC21 or not 4. Do contracting or full time 5. Come to US or stay in your country. 6. Buy house before GC or not 7. Invest in stock vs Money Market . . blah blah and blah We all make choices and take chances. It is called Risk. If you take Risk you have rewards. If you don't take Risk no rewards. Everybody who bought house including me are shaken by current market. Having said so, I would never even think twice to repeat the same thing again in today's market. If I have another 10% downpayment, I would buy another house and may be give on rent and become landlord. Any way that is me. The point is we all take risks in one way or other and sometimes we win sometimes not. But here is something that keeps me going. That is RISK. Life would be boring playing safe. So do what is right for you. Even if that means spending 2x rent. Any way. Good analysis. Thanks, USDream2Dust |
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to buy another house (if it is not distress property / from auction) just to put it on rent is stupidity ..risk is good if it is calculated ..to take foolish risk is foolishness ..anyway that is me. In this Country land is virtually unlimited !!! demand is low (see immigration ..they give majority GC's to people when they are 50 - 60 years old) and those who are young have smaller families because of high cost of living, way of living.
to buy a house to put it on rent is big loss as there are millions of houses already competing for renters ONE more reason for those who are on H1/ EAD is that 90% of then job postings on DICE and other places ask for only citizens or GC holders. |
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Buying a house at or around the same rent and availing the 8K credit doesn't seem like a bad deal to me. GC or no..most have EAD (at least Jul 07 filers)..so if we lose our job we would be in a similar situation as a GC holder..having a form of work permit so employer doesnt have to sponsor us.
Uncle Sam is never going to give u 8K in the next 10 years that we will be waiting for getting our GC. So buy now before the rates get back to 7-8%. |
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When it comes to house or condo or town house, it is always location location and location. If you think buying a house or condo just to put on rent is foolishness and not calculated risk, I cannot argue with you to fill up pages on forum and again I don't want to give you a lesson there. Like other things in life, you have discover your own way to make money may be in renting or may be owning a store or just doing your job.
Any way, coming back to first time home buyers, it is once in lifetime opportunity to get houses in high demand areas, and if people have good solid job (or multiple income sources with working spouse) and credit, with plans to live there for atleast 3-5 years, I don't think there should be any reason not to buy it. There has always been more land and if there wasn't more land in US, it may start occupying ocean to build houses. So I don't think there was ever in history a question whether people would occupy every inch of land. But still there was a boom and people were buying 4-5 houses when they can only afford one. Everybody knows what happened after that. But yes in Good location, there is always shortage and there is shortage right now too. Now good location is a subjectable term. You can go 40 miles off any major city and live in woods and consider it as a good location. So we have to be careful there. But yes prices are low compared to boom time and interest rates have been historically low. If the above two are not good point to take risk, then you are not in right business of taking risk. Hey nobody can predict tomorrow. You can get hit by a bus and then who cares about money and house ![]() Life life king size ![]() Chill out and have a good night Last edited by USDream2Dust; 06-07-2009 at 01:42 AM. |
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I agree the above sounds good on paper and believe me I have a friend who lived like that from 2002 till 2008 ... he is not in IT but is / was a business man (now he does not have any business). he bought a house for 750 to 800K (it was worth a million during the boom - but no buyers and hence he got it for 750). now he has lost his business and house is in foreclosure. the trouble for him is that he is having a tough time trying to live a life within his means ... needless to say, he had a tough time trying to make payments and he even tried to cut costs by not switching on a/c during hot hot months or by shivering during cold months ..on the contrary, myself in my modest rental ..I never worried about a/c costs and never worried about rental payments (he and his family spent sleepless nights). also because of his high cost of living ..he had to do desperate things (don't want to get into details here)
I would rather stay in a modest place and spend the remainder money in good life. just buying a big house is not high standard of living ..it is how you live your life and you can live life king size in apartment too (or a rented house) !! and hence posts like the above sound good in paper and in movies ..reality is tough and rotten !! I have a quick question though ..say your EAD is approved for 2 years and 3 months from now, 485 is denied for whatever reason ..can you stay till the EAD expiration ? (I guess no) ...if no, then how long can you stay ?? Last edited by hiralal; 06-07-2009 at 01:40 AM. |
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Whereas i agree with you that you can live good life anywhere, even with no house and no place to live you can live a good life.
But just because your friend got Grilled, shouldn't prevent you from taking risk. It is like, if somebody got run down by bus while crossing street, you would never cross that street. That is not a good example. Like I said. everybody takes chances, some win and some don't. Chances of loosing right now, is very slim, since everything is lost and if you still have a good healthy job, chances are you would have it, and if you have backup like double income, you are running in no probability zone. After your i485 gets denied, I am assuming you can file MTR and wait for it. More senior members may throw light but I am guessing you would have 2-3 months time to leave the country. On a complete side note, who gives a damn of overstaying if your GC is denied after 10 years of legal staying in US. Stay another year or so and setlle down stuff before you go home. Even better, stay as illegal in this country and join millions other, and chances are that you would get GC before other IV members ![]() The above is not my theory but a very well known attorney in NYC told me and my wife, when my wife was little bit out of status. Strange but true. |
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No one will argue with you about buying a house for yours kids pleasure though. |
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As per Zillow estimate, the value of the house I bought already appreciated by $10k above the purchase price. For the sake of discussion that it did not appreciate in the next 10 years (which I doubt because there's no other way to go but up) but the value stayed at purchase price, as per my amortization schedule, my loan would be at 75% of the purchase value. It means therefore that I already have a 25% equity of the house, which is $60k. If I saved the $250 per month at zero interest, I would have $30k. I don't know where you can find 5% interest p.a. investment today but for the sake of argument that I found one, I think I can't get the $60k at the end of 10th yr.
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_________ I am not a lawyer....all my comments are my own beliefs, please respect it. I do respect yours! |
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99% of all Houses built after 2000 (i.e. during the boom time) are notorious for bad build quality. Chinese Drywall anyone? |
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