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Retrogression, priority dates and Visa bulletins Issues surrounding the retrogression of the priority dates for the various employment based categories

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  #31 (permalink)  
Old 03-25-2008, 12:13 AM
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Quote:
Originally Posted by zCool View Post
This is total BS.
Bashing Illegal immigrants for housing market crash and accusing entire race of being theives is nothing new among right wing anti-immigrant "Hatriots"
But there really isn't co-relation between illegal migration and housing crash.. if anything, migrants are also first time buyers and they support prices towards to lower end market and stop entire lower-middle class neighbourhoods from becoming what Detroit or Youngstown have become..
So no need to parrot hateful propoganda here.. lets stick to the point..
o.k. ..I had copied comments from other readers and I have removed the unnecessary remarks ..The only reason I am keeping the remaining portion is to show how many of the first time buyers (I guess Americans) feel. so if lot of people think like the above then housing will take longer to stabilize. (BTW I agree there is no relation between immi and housing crash - nor is it implied in the comments I had pasted). I guess sometimes it makes sense to read what other readers / natives feel about certain situations. a final thought (unless I have to respond to someone else's post) - everywhere I look (articles and in real life) - things are real bad in terms of real estate. will things improve - definitely but it may take long time for things to stabilize and hence it makes sense to do extra research before taking a plunge. for e.g at present I am staying in a rented town home - and I got the deal for $850 - the town homes are inside an apt complex in a good neighborhood. (you need to show income of atleast 3 times the rent to get a place here and many tenants are high tech guys). the same town home during boom time had rent of $1250 ..in other words - there are tons of deals due to excessive supply everywhere. one other important point was made by another person - this winter was harsh and hence people did everything to keep a roof above their head - wait till summer and you will see people literally walking away from their homes ...when u read posts like the above ..it makes sense to wait for some more time esp on H1 / EAD.

Last edited by mariner5555; 03-25-2008 at 12:46 AM.
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  #32 (permalink)  
Old 03-25-2008, 02:59 AM
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Originally Posted by insbaby View Post
If you want to buy a home after you get your green card, mostly you will get after your retirement.

I don't want to feel "my home" when I am 68 and after my kids are out on their own. So I decided, dump the H1B, H4, 485, 131, 761, 797, 999, 888, I94, EAD, AP... AAD, CCD etc crap in trash, and bought the home.

I am happy. Even if I am asked to leave the country tomorrow, I just lock the door, throw the keys in trash and take off.

Who cares when life matters.
Awesome piece of advice..I've got to meet ya!!
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  #33 (permalink)  
Old 03-25-2008, 07:56 AM
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Awesome piece of advice..I've got to meet ya!!
Because you Can't Leave America.
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  #34 (permalink)  
Old 03-25-2008, 08:05 AM
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Quote:
Originally Posted by somegchuh View Post
Ok, so everytime I see a rent vs buy discussion I see apartment living compared with living in a house. This may not apply to a lot of other places but here's how it goes in SF Bay Area:

Rental
Apartment: Decent sized 2 Bed/2 Bath --- $1600 pm
House : Decent sized 3 bed/2.5 bath --- $2000 pm

Mortgage:
House : Decent sized 3 bed/2.5 bath --- $3500 pm

So, is additional 1500 pm worth the money? Why not rent a house? What's the point of trying to get into a sliding market when even Greenspan can't say where the bottom is?

I am in a decent sized apartment right now and if I have to upgrade its a rental house. Buying in a sliding real estate market doesn't make sense to me.
35% to 40% of your 'take home' can be spent on the residential property. If the total monthly payment for home does not exceed that limit, if you really need, if you are willing and if you can, it is not a bad option to buy.
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  #35 (permalink)  
Old 03-25-2008, 09:11 AM
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Default I brought a house

I have brought a house 4 years back after 2 years in this country. It is $500K house. Forgot about your status, if you have a stable job. If husband and wife working, defenitly go for it. Shop around and find a good home. It is an investment. You can claim much for tax return. My I-485 pending. PD 2004 Jan. Eb2 -India.
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  #36 (permalink)  
Old 03-25-2008, 09:27 AM
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Quote:
Originally Posted by somegchuh View Post
Ok, so everytime I see a rent vs buy discussion I see apartment living compared with living in a house. This may not apply to a lot of other places but here's how it goes in SF Bay Area:

Rental
Apartment: Decent sized 2 Bed/2 Bath --- $1600 pm
House : Decent sized 3 bed/2.5 bath --- $2000 pm

Mortgage:
House : Decent sized 3 bed/2.5 bath --- $3500 pm

So, is additional 1500 pm worth the money? Why not rent a house? What's the point of trying to get into a sliding market when even Greenspan can't say where the bottom is?

I am in a decent sized apartment right now and if I have to upgrade its a rental house. Buying in a sliding real estate market doesn't make sense to me.
Buying a house is a long term move. Not a short term. The payment for house will remain (pretty much) the same for 30 years! Rental prices will go up every year. And after 30 years of payments, the house will be all yours.

You're also neglecting the tax savings. There'll be appx. $900 per month in tax saving (assuming 25% tax bracket).

Unless you can think and plan 5~10 years ahead (at least), real estate is not for you.
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  #37 (permalink)  
Old 03-25-2008, 12:58 PM
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Heres what we did, the key is to find a lot/ house that will sell ASAP:

a) Paid a little bit premium for a quickly selling house - in our case we paid extra for a lakefront lot.

b) Paid a little bit less on House itself (new construction - so we selected a less expensive floorplan)

c) combined House + Lot is still in the lower end of the subdivision range.

d) you should aim for the cheapest house in the most expensive community/ subdivision you can afford - on the other side, never buy the house which is more expensive than others around it ... u want other houses to increase ur value and not the other way around.

e) keep good paperwork for regular pest / termite treatments etc. just like it helps in selling the car

f) pay a bit extra for extra insulation - even upgrade insulation for garage door

If we have to sell the house in a rush, we have atleast done everything one could ... rest is umm beyond our hands with all this unpredictability

best of luck! nesting instincts need to be nurtured imho! and is very human ...
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  #38 (permalink)  
Old 03-25-2008, 01:59 PM
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I completely agree that buying a house is a long term move. But I disagree with some of the points:

1. Does rent always go up? No, my rent did not go up at all during the real estate boom as the number of ppl renting was low. Recently my rent has gone up only $75 pm. (love rent control!!!) So in 5 years, my monthly rent has gone up a total of $125 per month
2. I hear about tax rebate for homeowners. But what about property tax?
3. What about mortgage insurance payments?

It is a misconception that 5-10 years is the cycle for real estate.

Here's how in a sane real estate market the cycle should work:

No population influx in your area or there is no exodus from your area:
Your real estate ownership should be 25 years because that's when the next generation is ready to buy houses.

However, in places like SF Bay Area/new York/Boston where there is continuous influx of young working ppl this cycle can be reduced to 15-20 years.

Over the last few years, nobody thought of longevity required to make money in RE. Now that it is tanking ppl are talking about 5-10 years. Unless you are buying in a booming place, your ownership has to be 15+ years to turn a real profit.

This is purely the financial aspect of ownership. If you have a family I think its really nice to have a house but you don't have to really take on the liability. You can rent the same house for much less. But if you are clear in your mind that no matter what I am going to live in XYZ town/city for the next 20 years, go for it.

As a sidenote for Indians. We all have either aging or soon to start aging parents. The way I see it, caring for aging parents is a social debt that we must pay back. This will need me to go back to India. Therefore, if you feel you need to care for your parents, don't commit to a house.



Quote:
Originally Posted by Gravitation View Post
Buying a house is a long term move. Not a short term. The payment for house will remain (pretty much) the same for 30 years! Rental prices will go up every year. And after 30 years of payments, the house will be all yours.

You're also neglecting the tax savings. There'll be appx. $900 per month in tax saving (assuming 25% tax bracket).

Unless you can think and plan 5~10 years ahead (at least), real estate is not for you.
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  #39 (permalink)  
Old 03-25-2008, 02:25 PM
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Good Points. I like discussing real-estate; I'm deeply interested in it. So in that spirit of having a good conversation, here's my response:

Quote:
Originally Posted by somegchuh View Post
I completely agree that buying a house is a long term move. But I disagree with some of the points:

1. Does rent always go up? No, my rent did not go up at all during the real estate boom as the number of ppl renting was low. Recently my rent has gone up only $75 pm. (love rent control!!!) So in 5 years, my monthly rent has gone up a total of $125 per month
Real Estate market is always local. Unlike the market for -let's say- rice, which can be transported from one place where it's abundant to where it's scarce easily. Real Estate remains where it is. It's also subjected to a lot of local laws, municipal regulations etc. So, any discussion we have here will NOT apply to every single location. You have to research your own local regulations/market etc.

If you have rent control, it significantly changes the picture. It usually doesn't make sense to buy if you have rent control.

Quote:
Originally Posted by somegchuh View Post
2. I hear about tax rebate for homeowners. But what about property tax?
Yep, you pay it when you own a house. And yes, you pay it when you rent (it's rolled into your rent). The difference is that when you own, it's tax-deductible; if you pay it as part of your rent, it's not.

Quote:
Originally Posted by somegchuh View Post
3. What about mortgage insurance payments?
You don't pay PMI, if you put down 20%. Not a bad idea to save that much. It forces one to learn financial planning and forward thinking.

Quote:
Originally Posted by somegchuh View Post
It is a misconception that 5-10 years is the cycle for real estate.

Here's how in a sane real estate market the cycle should work:

No population influx in your area or there is no exodus from your area:
Your real estate ownership should be 25 years because that's when the next generation is ready to buy houses.

However, in places like SF Bay Area/new York/Boston where there is continuous influx of young working ppl this cycle can be reduced to 15-20 years.

Over the last few years, nobody thought of longevity required to make money in RE. Now that it is tanking ppl are talking about 5-10 years. Unless you are buying in a booming place, your ownership has to be 15+ years to turn a real profit.
Profit/Loss is not what the primary residence is for.

Quote:
Originally Posted by somegchuh View Post
This is purely the financial aspect of ownership. If you have a family I think its really nice to have a house but you don't have to really take on the liability. You can rent the same house for much less. But if you are clear in your mind that no matter what I am going to live in XYZ town/city for the next 20 years, go for it.
You can rent for less, now, but how about later? You're assuming rents don't go up, but they do. One of my neighbors pays $250 per month in loan payment for a house he bought 20 years ago (property tax and insurance adds $550 more). It was a big payment then. Now it's almost live living for free. If he rented this he'd by paying $2500 at least. Again, if you don't plan to settle down, don't buy. But owning your primary residence is the first step towards prosperity.

Quote:
Originally Posted by somegchuh View Post
As a sidenote for Indians. We all have either aging or soon to start aging parents. The way I see it, caring for aging parents is a social debt that we must pay back. This will need me to go back to India. Therefore, if you feel you need to care for your parents, don't commit to a house.
Yes, if you're planning to go back... don't buy.

Last edited by Gravitation; 03-25-2008 at 02:32 PM.
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  #40 (permalink)  
Old 03-25-2008, 03:05 PM
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my 2 cents about real estate ......

Think these 3 things before buying a house

1. Location 2. Location and 3. Location

The same house in Queens, NY is 900K, In Bronx, NY 400K, In Edison, NJ 700K and in Detriot 200K. Do the math.

Also read this news.....I guess wait 6 more months before you buy a home
http://biz.yahoo.com/ap/080325/home_prices.html
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  #41 (permalink)  
Old 03-25-2008, 03:13 PM
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If you have found a nice house in a good locality and have got a good deal, and if you think that not having GC is the ONLY hurdle, then I suggest you to go ahead and buy the house.

I am on H1, I could not afford an independent house because of layers I have at work, so about 2 years ago, I went ahead and bought a town-home. I have a small kid now and we are happy. We might go for a bigger house after GC but I have not thought that far ahead.
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  #42 (permalink)  
Old 03-25-2008, 03:14 PM
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I am glad you see the spirit. I love hearing counter points.
Quote:
Originally Posted by Gravitation View Post
Good Points. I like discussing real-estate; I'm deeply interested in it. So in that spirit of having a good conversation, here's my response:
Couldn't agree more. Real estate is really local. IMHO, rela estate in SF Bay Area where I live, is still very inflated. It will slide for at least a few years before it starts stagnating. Off course even in Bay Area there are bright spots where the schools are really good.
Quote:
Originally Posted by Gravitation View Post
Real Estate market is always local. Unlike the market for -let's say- rice, which can be transported from one place where it's abundant to where it's scarce easily. Real Estate remains where it is. It's also subjected to a lot of local laws, municipal regulations etc. So, any discussion we have here will NOT apply to every single location. You have to research your own local regulations/market etc.

If you have rent control, it significantly changes the picture. It usually doesn't make sense to buy if you have rent control.
Could you explain property tax a little more? i.e. when you own it what % of your house is the tax? Is it a state tax? Is it fed deductible?
Quote:
Originally Posted by Gravitation View Post
Yep, you pay it when you own a house. And yes, you pay it when you rent (it's rolled into your rent). The difference is that when you own, it's tax-deductible; if you pay it as part of your rent, it's not.

As a standard practice coming up with 20% down payment should be the right practice. But in Bay Area where an average house is 700K, coming up with 140K just for down payment is not easy. Again, this is really local. In ohter places coming with up with 20% makes it really easy. But in Bay Area ppl end up paying 5-10% as down payment and then pay monthly PMI.
Quote:
Originally Posted by Gravitation View Post
You don't pay PMI, if you put down 20%. Not a bad idea to save that much. It forces one to learn financial planning and forward thinking.
Completely agree. Primary residence is for living but you don't want to buy something for .5 mil and realize you got sucked into a bad deal.
Quote:
Originally Posted by Gravitation View Post
Profit/Loss is not what the primary residence is for.
Well, rents in the longer eventually do go up.
Quote:
Originally Posted by Gravitation View Post
You can rent for less, now, but how about later? You're assuming rents don't go up, but they do. One of my neighbors pays $250 per month in loan payment for a house he bought 20 years ago (property tax and insurance adds $550 more). It was a big payment then. Now it's almost live living for free. If he rented this he'd by paying $2500 at least. Again, if you don't plan to settle down, don't buy.

Last edited by somegchuh; 03-25-2008 at 03:22 PM.
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  #43 (permalink)  
Old 03-25-2008, 03:32 PM
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Quote:
Originally Posted by somegchuh View Post
I completely agree that buying a house is a long term move. But I disagree with some of the points:

1. Does rent always go up? No, my rent did not go up at all during the real estate boom as the number of ppl renting was low. Recently my rent has gone up only $75 pm. (love rent control!!!) So in 5 years, my monthly rent has gone up a total of $125 per month
2. I hear about tax rebate for homeowners. But what about property tax?
3. What about mortgage insurance payments?

It is a misconception that 5-10 years is the cycle for real estate.

Here's how in a sane real estate market the cycle should work:

No population influx in your area or there is no exodus from your area:
Your real estate ownership should be 25 years because that's when the next generation is ready to buy houses.

However, in places like SF Bay Area/new York/Boston where there is continuous influx of young working ppl this cycle can be reduced to 15-20 years.

Over the last few years, nobody thought of longevity required to make money in RE. Now that it is tanking ppl are talking about 5-10 years. Unless you are buying in a booming place, your ownership has to be 15+ years to turn a real profit.

This is purely the financial aspect of ownership. If you have a family I think its really nice to have a house but you don't have to really take on the liability. You can rent the same house for much less. But if you are clear in your mind that no matter what I am going to live in XYZ town/city for the next 20 years, go for it.

As a sidenote for Indians. We all have either aging or soon to start aging parents. The way I see it, caring for aging parents is a social debt that we must pay back. This will need me to go back to India. Therefore, if you feel you need to care for your parents, don't commit to a house.
When you sell, you need to pay 3% as commission to both the seller and buyer agent. You will break even as soon as the house appreciates 6% plus your closing costs, anything above that would be your profit.

Now with the market going down, my guess as to when the house appreciates is as good as anybody else’s.

As far as Rent vs Mortgage goes, I would go with owning a house and paying mortgage than being on rent, I just cannot live in an apartment anymore. Caring for aging parents is our duty and responsibility as much as providing a decent home to our children and giving them a life. If I can strike a balance and fulfill my duties to both, I am happy. Coming to think of it, sometimes I wonder why I did not buy the small house I am in a couple of years ago.
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  #44 (permalink)  
Old 03-25-2008, 03:53 PM
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Ss it really "Rent Apartment vs Buy House" ?
How about renting a home to provide something good to your family?

With the home values declining I think it makes way more sense to rent the same house (at least in the area I live). If your mortgage payment is only $500 above apartment rent I would say buy. But if you are looking at paying double as mortgage I think its really inflated.

I would like to read more about buying foreclosed properties. I hear there are some good deals out there


Quote:
Originally Posted by NKR View Post
When you sell, you need to pay 3% as commission to both the seller and buyer agent. You will break even as soon as the house appreciates 6% plus your closing costs, anything above that would be your profit.

Now with the market going down, my guess as to when the house appreciates is as good as anybody else’s.

As far as Rent vs Mortgage goes, I would go with owning a house and paying mortgage than being on rent, I just cannot live in an apartment anymore. Caring for aging parents is our duty and responsibility as much as providing a decent home to our children and giving them a life. If I can strike a balance and fulfill my duties to both, I am happy. Coming to think of it, sometimes I wonder why I did not buy the small house I am in a couple of years ago.
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  #45 (permalink)  
Old 03-25-2008, 03:56 PM
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I140 Mailed Date
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India
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I-140
I485 Mailed Date
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11/03/2011
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Join Date: Jul 2007
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is there a website/magazine where i can get list of foreclosed properties?
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