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Discussion Starter #1
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I GAVE them all my info, they SAID I was approved, they PROMISED I would get approved if all my documents backed up what I told them over the phone, which they DID!

WHAT THE FUCK!!!!!11ONE11ONETWO!!!

Now what the hell am I supposed to do with the 20G I had saved up for the downpayment? I KNOW I'm going to blow the money if I don't invest it in something.
 

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Discussion Starter #5
system_V said:
put 10g's down on a rental property and rent it out. 6 months later, do the same thing to another house and keep doing this until you are a trillionaire.
Yes yes, but you see, my little furry frump, I am not being approved for the loan right now! How do I put 10G down towards a loan I can't have?!
 

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Discussion Starter #8
Can I be approved for a $100,000 loan so soon after being turned down for a $160,000 loan? I doubt I'll find anything rent-able in Chicago for 100G.
 

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Ugh man, i'm sorry to hear :(

Why did they not approve you? Fix whatever is stopping you. Keep the money in the bank for now while you get whatever sorted out. It sucks to have to wait, but owning a house will be worth it in the end.
 

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Discussion Starter #11
I don't have a work history for the past two years. I only got out of school last year. I don't make enough. I owe too much (also because of school). I could fix the owing too much part easily, but then I won't have the money for the downpayment anymore.

I wish I could find a rental property for 50G. To be quite honest, I've never looked for something that cheap, so I don't know if it even exists.

I'm contemplating the stock market.
 

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"A bank is a place that will lend you money, if you can prove that you don't need it." Bob Hope



Sorry to hear rev. Co signer might not be a bad idea...
 

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www.vanguard.com

2004 Roth IRA for you and your wife is $6000. Or if you want your money to be more liquid, put it in a money market account. You will pay taxes on the interest, but the money will grow faster then in the bank. But don't put it in your local banks CD, it is most likely a rip-off.

Rev, do you not have student loan debt still? Sounds like that may be a stopper for your credit. Pay off $14k of it, and put $6000 in a '04 Roth. Or pay off $6k of it, and put $6k in the '04 Roth, and $8k (I think it goes up next year :dunno: ) in a 05' Roth.
 

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Rev...do you also know about the "middle-class income trap" as well? Not buying a house right now may be a good thing.

I would either pay off debt and invest like I said earlier or, just put the $20k in a money market, and use it only on a "rainy day" situation. $20k sounds like a nice chunk of money to use as a 6 month emergency fund, stored in a money market account. Seriously consider it please.
 

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Discussion Starter #19
The thing is, I feel like I'm at a glass ceiling. My bachelor's degree is good for nothing. I have an OK income (~2.5K/month) and my wife's is better (~3K/month, but is ending soon). 5K a month is sad. Really. I wanted to start flipping houses to make more money on the side, but it seems like that won't work. I'm stuck. I don't mean to offend people on this board making middle-class income, but this is not where I envision myself. Granted, I'm only 21, but I should be doing better than this.

No, I don't know what the "middle-class income trap" is. And please tell me how not buying something that appreciates almost exponentially in value may be a good thing. I need the boost.
 

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rEvVoMaNiAc said:
The thing is, I feel like I'm at a glass ceiling. My bachelor's degree is good for nothing. I have an OK income (~2.5K/month) and my wife's is better (~3K/month, but is ending soon). 5K a month is sad. Really. I wanted to start flipping houses to make more money on the side, but it seems like that won't work. I'm stuck. I don't mean to offend people on this board making middle-class income, but this is not where I envision myself. Granted, I'm only 21, but I should be doing better than this.

No, I don't know what the "middle-class income trap" is. And please tell me how not buying something that appreciates almost exponentially in value may be a good thing. I need the boost.
One of the traps of the middle class is buying to much home, and then a baby comes along in the family, and the family is stuck with two parents working and paying for day care or one parent working and the other staying home and taking care of the child, ALL OF THIS, just to pay for a mortgage.

The housing market is kind of a joke in my opinion. I deal with it all the time. People think that a home is a great investment b/c its value has gone up 3% to 10% every year. Ask some one to show you the money they earn on thier house every year. Not one person can do it without pointing at thier house, which is not money. IMO, the housing market will cave to an over-abundance of housing and not enough buyers, plus to many people claiming bankruptcy b/c they buy a huge house, with a huge mortgage and eventually cannot afford it (most likely b/c they had a kid).

Also, don't even get me started on the "its a tax write-off/break issue". Or the "mortgage rates are really low, you should buy" statements. How about insurance? Are you going to be able to make the 20% downpayment for insurance charges to be waived by the bank? How much is that going to be a month?

Another thing to consider. How much stuff are you going to buy for your home? And I don't mean, money to make improvements. I mean furniture, appliances, etc. etc... It is best to predict it will be 5%-15% of the houses value. And little do people know, once you buy a product from the store, and hold onto it past the time you have to return it, its value is about 1/3 of its original. So that new $900 leather chair will be $300 in about 3 months.
 
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