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Old    RB (boardman74)      Join Date: Jul 2012       11-22-2012, 6:24 PM Reply   
I think you are doing it right Jay. I was there right with you when I was your age back in the late 90's. Enjoy it while you can if you plan to do the others(wife/kids). Because it will all go away. Wife and kids are expensive. More so than you can ever budget for. When you have kids your riding multiple times a week will stop. The first few years when they are little you won't do much. They just can't. If you have one it might take you out of it for a couple years. But if you do like many of us about the time one is a little bigger and ready for things you have another and it starts all over. I wouldn't change having my kids for the world, but it changes what you do and how you do it especially from baby to about 3. Heck price out what it costs to put a baby in kinder care for a week. Last I knew around here it was about $400/week until they are 1. That will kill alot of disposable income. Not saying you can't take a baby on the boat, but your sure not taking them all day, or when it's cooler, or too hot, etc.

So if you want to and you can afford it, do what makes you happy. It will all change someday when you have a family. Might as well enjoy it while you can.
Old    Joel McMath (King12)      Join Date: Jul 2012       11-22-2012, 6:56 PM Reply   
Just give me the lexus, and go buy a damn new CLS so you dont have too much money and nothing to do with it.

But really, by the car already, or just get a hummer if you're looking for something that gets worse gas milage and has more room.
Old    Joel McMath (King12)      Join Date: Jul 2012       11-22-2012, 6:58 PM Reply   
Also the simple "answer" to the original question -yes-
Old    Kody Oakes (chicksdigflips)      Join Date: Jul 2011       11-24-2012, 7:27 AM Reply   
Absolutely, you should get a new car if you want one.

You only live once
You can always make money you can't make time
Old    Rob Fullerton (Gotmods)      Join Date: Nov 2012       11-24-2012, 9:17 AM Reply   
Quote:
Originally Posted by boardman74 View Post
I think you are doing it right Jay. I was there right with you when I was your age back in the late 90's. Enjoy it while you can if you plan to do the others(wife/kids). Because it will all go away. Wife and kids are expensive. More so than you can ever budget for. When you have kids your riding multiple times a week will stop. The first few years when they are little you won't do much. They just can't. If you have one it might take you out of it for a couple years. But if you do like many of us about the time one is a little bigger and ready for things you have another and it starts all over. I wouldn't change having my kids for the world, but it changes what you do and how you do it especially from baby to about 3. Heck price out what it costs to put a baby in kinder care for a week. Last I knew around here it was about $400/week until they are 1. That will kill alot of disposable income. Not saying you can't take a baby on the boat, but your sure not taking them all day, or when it's cooler, or too hot, etc.

So if you want to and you can afford it, do what makes you happy. It will all change someday when you have a family. Might as well enjoy it while you can.
Exactly! Priorities will change and you can always go back to a Civic if need be, but for now, live life!
Old     (nitrousbird)      Join Date: Sep 2008       11-25-2012, 8:12 AM Reply   
Quote:
Originally Posted by boardman74 View Post
Wife and kids are expensive. More so than you can ever budget for. When you have kids your riding multiple times a week will stop. The first few years when they are little you won't do much. They just can't. If you have one it might take you out of it for a couple years. But if you do like many of us about the time one is a little bigger and ready for things you have another and it starts all over. I wouldn't change having my kids for the world, but it changes what you do and how you do it especially from baby to about 3. Heck price out what it costs to put a baby in kinder care for a week. Last I knew around here it was about $400/week until they are 1. That will kill alot of disposable income. Not saying you can't take a baby on the boat, but your sure not taking them all day, or when it's cooler, or too hot, etc.

So if you want to and you can afford it, do what makes you happy. It will all change someday when you have a family. Might as well enjoy it while you can.
I disagree on a number of these points:

"Wife is expensive" - get a wife that has her crap together so that she contributes to the family instead of being a drain. Mine paid for half of our boat (hence it being our boat, as opposed to my previous boat which I purchased before we were married).

"$400/week until they are 1" - that's not true for most folks. I live in a pretty nice area and pay $250/week for someone to come into our home and watch our daughter (now 23 months, started @ 3 months). We are about to put her into daycare so she can get more time with other children; found several very nice places between $200-250/week. Don't forget, you can also deduct a few thousand in childcare costs from your taxes and have money set back pre-tax for child care as well, which helps reduce that cost by a bit.

As for going out boating, our daughter has been doing that since 6 months and there has been only a couple times where the boat was out without her. She loves being on the boat and is good for a few hours...she also loves watching people ride.

Overall, having a kid hasn't taken away from me owning toys at all. It has taken away from going out to dinner, date nights, etc. but not boating. They do drain some of that spare cash and a good chunk of my sanity.
Old    RB (boardman74)      Join Date: Jul 2012       11-25-2012, 8:38 AM Reply   
You raise some good points. Mine was mostly that it changes things drastically. For the average person getting married is expensive. I am in a situation like you. My wife makes just a touch less than 6 figures. If anyones the burden it's me. I would never have bought new without her. She also has expensive taste and does cause me to buy more expensive things I wouldn't buy without her. Love her dearly but give her crap about it. Example we bought the RZR vs the R20. I would have bought the R20 as it's 10K cheaper and the same business parts(what makes the wakes). She liked the prettier RZR, so we own a RZR.

I personally have never paid $400 a week for childcare. But when we looked thats what the big centers wanted, kinder care and the like. So let me get this right you employ someone to watch your child? So do you take their taxes out of their pay check like they are an employee or 1099 them as a contractor? I also couldn't help but notice you aren't paying the federal minimum wage of $7.25. That would be $290 for 40 hours of work. I assume you work 40 hours a week so they must too, right? Are they licensed? Because if you can't answer yes to all those you shouldn't be taking the childcare credit on your taxes or using pretax flex spending to pay. If you get audited its going to be disallowed. Thats my income tax and payroll classes talking. Or maybe the IRS tax conference I was at Monday and Tuesday. The IRS is really looking for every way possible to close the tax gap(difference we pay and what they think we should pay) they know alot of people cheat and their trying to catch them. There are no more "random" audits, if you get audited you had a flag. But at only 2%, chances are low and people will take the chance. But I will share that childcare is being watch closer this season than ever before. Not busting your chops, but trying to help. Alot of people are doing things that are considered tax evasion and don't know or understand. If you are employing someone you either need to be taking out taxes or giving them a 1099 at the end of the year. You may not get caught if you pay with cash..but lets not go there. But then you also can't deduct it like you mentioned.

My kids all love the boat too. What I'm saying is little ones have limitations.

So what I was saying is the same as you, our lives do change. I'd say for the better. I would probably be an alcoholic if not for my kids. I used to love the bars and partying!! Totally agree about the sanity...some days they push push push!!
Old    RB (boardman74)      Join Date: Jul 2012       11-25-2012, 8:46 AM Reply   
Sorry for the Jack Nick!!!

If you want it and can afford it....why not!! Buy it!! Sound financial advice, no but you know and understand that. You only live once and your certainly only young and single once!! At least young!!
Old    Greg Smith (greg_smith)      Join Date: Sep 2006       11-25-2012, 2:07 PM Reply   
do whatever makes you happy, and get what you want! you're gonna be the one driving it.

if you decide on a new car, do your research and make sure you know what your getting yourself into. know the pros and cons of your decision too.
Old    Kahunacraft            11-25-2012, 2:48 PM Reply   
What should you do?

In order to change your mind...

1. Call a MB or repair shop and ask for an estimate for a brake job and/or a head gasket or major service. Better yet, buy 2 dozen doughnuts and go visit them, tell them your looking to better understand the cost of ownership. I think you'll find that maintenance is often and it's expensive. Also be prepared to have a second car, because sometimes they are in the shop for a few days. Your Lexus is one of the most reliable vehicles on the market, the MB is at the other end of the spectrum. Lexus has the highest rate of repeat customers for many reasons...

2. Test drive 10 cars in the same price range. The MB will be one of the most comfortable rides, no doubt they are a high luxury car. But pick 9 others so you sample the menu. Then narrow down to a few and repeat step 1 with the others. For kicks and giggles, test the GS 430 from Lexus, the BMW 535/545 and Infinit G37x.

3. Go to Edmonds.com and read up on the reviews of your short list.

Finally if you make the decision to go with the CLS, at least you'll know what you're getting into. Good luck.

My vote is to buy rims for the IS, change the air filter and maybe put on a sport exhaust.
Old    RB (boardman74)      Join Date: Jul 2012       11-25-2012, 4:11 PM Reply   
I always thought MB was the high end of luxury, performance, and quality. The cost of ownership isn't a surprise, but so many people saying they have quality/ reliability issues is a surprise. Quality as in the drive line durability. I always thought they ran like a swiss watch and needed nothing but oil changes and routine stuff. My wife has had VW's for years and those German cars are far better reliability wise than the same american ones I owned in the same time frame.
Old    DC (durty_curt)      Join Date: Apr 2008       11-25-2012, 4:52 PM Reply   
your wife must be lucky with her VWs cuz my wives VWs crapped out on her. all 3 of them!
Old    RB (boardman74)      Join Date: Jul 2012       11-25-2012, 5:02 PM Reply   
She really has. All Jetta's with the non turbo inline 4's. The worst one was a A/c compressor and a electric radiator fan. Otherwise they have been pretty well bullet proof. We run them for about 4 years and 60K-80K miles.
Old    Tim Lata (Michigantim22)      Join Date: Nov 2011       11-25-2012, 5:19 PM Reply   
My boys are 22 months apart and between their ages of 2 and 6, we were able to put a grand total of about 10 hours on the boat. Not 10 hours per year mind you, but 10 hours total in all of those years. The challenges were as follows:
-potty training. Hard to be out on the water in a ski/wakeboard boat with a porta-potty.
- they could sit still in increments of 90 seconds.....on a good day.
-our lake doesn't have a good beach area, which leaves us swimming off the swim platform. Scary with little ones who want their independence and want to swim without a jacket. Translation- no jacket, no swimming. Thus, no swimming and crying wanting to go in.
-the patience of them not wanting to watch anyone doing anything.
-bringing friends on board who also had kids of the same age. After all who in their right mind without kids, would want to hang with my wife and I with the little ones in tow. (cute infants and toddlers much different that stubborn per-schoolers).
-did I mention that one of these friends brought their three kids one day and 2 of them got motion sick all over my boat!
Wow, glad those years have passed. Now my boys are 11 and 9 and like to shred every chance they get. Unfortunately, they still enjoy tubing every bit as much as boarding.
-did I mention they cannot drive the boat, so all activities are very one sided.

Love being a parent, I really do, but lots and lots of sacrifice, both emotionally and financially. I make very good money, but there never seems to be enough. College funding....never too early to think about.

Bottom line, get the car you want now, as their will be years when you will get the car that makes the most sense and is the mot practical.
Old    RB (boardman74)      Join Date: Jul 2012       11-25-2012, 5:27 PM Reply   
I am right with you. You matched my post exactly in different words. You just can't do it with kids that age or won't want too. Not even to mention what it does to your disposable/ discretionary income. Mine are 11, 10, and 8 now and love it. Your right about the one-sided.

Tim is right on...do it while you can if thats your desire.
Old    J D (jeff_mn)      Join Date: Jul 2009       11-26-2012, 6:35 AM Reply   
Quote:
Originally Posted by Michigantim22 View Post
My boys are 22 months apart and between their ages of 2 and 6, we were able to put a grand total of about 10 hours on the boat. Not 10 hours per year mind you, but 10 hours total in all of those years. The challenges were as follows:
-potty training. Hard to be out on the water in a ski/wakeboard boat with a porta-potty.
- they could sit still in increments of 90 seconds.....on a good day.
-our lake doesn't have a good beach area, which leaves us swimming off the swim platform. Scary with little ones who want their independence and want to swim without a jacket. Translation- no jacket, no swimming. Thus, no swimming and crying wanting to go in.
-the patience of them not wanting to watch anyone doing anything.
-bringing friends on board who also had kids of the same age. After all who in their right mind without kids, would want to hang with my wife and I with the little ones in tow. (cute infants and toddlers much different that stubborn per-schoolers).
-did I mention that one of these friends brought their three kids one day and 2 of them got motion sick all over my boat!
Wow, glad those years have passed. Now my boys are 11 and 9 and like to shred every chance they get. Unfortunately, they still enjoy tubing every bit as much as boarding.
-did I mention they cannot drive the boat, so all activities are very one sided.

Love being a parent, I really do, but lots and lots of sacrifice, both emotionally and financially. I make very good money, but there never seems to be enough. College funding....never too early to think about.

Bottom line, get the car you want now, as their will be years when you will get the car that makes the most sense and is the mot practical.
This is much more common than the guy up above
Old    Tim (srock)      Join Date: Mar 2002       11-26-2012, 8:59 AM Reply   
Its almost been a couple weeks what is the decision?...those hot deals go fast did you snap it up?
Old    Nick Tomsyck (sidekicknicholas)      Join Date: Mar 2007       11-26-2012, 9:18 AM Reply   
I posted a while back, the car that was in question (great deal) has sold.
Old    J D (jeff_mn)      Join Date: Jul 2009       11-26-2012, 12:00 PM Reply   
This thread is eerily similar to your "so serious" house thread you made earlier in the year..

big talk.
Old    Nick Tomsyck (sidekicknicholas)      Join Date: Mar 2007       11-26-2012, 2:10 PM Reply   
Quote:
This thread is eerily similar to your "so serious" house thread you made earlier in the year...
I made two offers last year, one was accepted but the home inspection came back less than favorable... I got out.

There will probably be a similar "where to buy property" in the twin cities thread coming up in around 8 months, get ready.
Old    MICAH HARPER (MICAH_HARPER)      Join Date: Apr 2010       11-26-2012, 4:04 PM Reply   
you must be that james kids (from the other stupid thread) older brother....just buy a freaking car already....no one on here cares what you drive so just get what you want for cryin out loud
Old    Bryce (brycejb328)      Join Date: Aug 2009       11-26-2012, 4:28 PM Reply   
Quote:
Originally Posted by sidekicknicholas View Post
I made two offers last year, one was accepted but the home inspection came back less than favorable... I got out.

There will probably be a similar "where to buy property" in the twin cities thread coming up in around 8 months, get ready.
"where to buy property" thread, will be immediately followed by, "New commute... need a car with better MPG than CLS" thread
Old    RB (boardman74)      Join Date: Jul 2012       11-26-2012, 6:11 PM Reply   
Your probably spot on because I think he said he is living downtown. Sure not buying a house anywhere around there!!
Old    Jay (ironj32)      Join Date: Jan 2007       11-27-2012, 5:21 AM Reply   
Nick, I'll answer your question about where to purchase a home - the West side. My home searches have always been and always will be West of 494 south of County Rd 9 and North of Hwy 5...tons of lakes in this region! There is basically a lake good for any wind direction within a 10 minute drive.
Old    J D (jeff_mn)      Join Date: Jul 2009       11-27-2012, 7:13 AM Reply   
Probably 1:1,000,000,000 buys a home based on what direction the wind blows for wakeboarding.
Old    J D (jeff_mn)      Join Date: Jul 2009       11-27-2012, 7:14 AM Reply   
Quote:
Originally Posted by brycejb328 View Post
"where to buy property" thread, will be immediately followed by, "New commute... need a car with better MPG than CLS" thread
winning
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Old    Nick Tomsyck (sidekicknicholas)      Join Date: Mar 2007       11-27-2012, 7:23 AM Reply   
Quote:
"where to buy property" thread, will be immediately followed by, "New commute... need a car with better MPG than CLS" thread
Haha, is that so wrong? .... if nothing else I've given many of you an escape from you job reading through this thread.... you're welcome.


My license plate (just the back) either fell off at the carwash or was stolen.... so looks like today I'll make it official that I am here with MN plates.... can't wait for the DMV.......

Quote:
Nick, I'll answer your question about where to purchase a home - the West side.
If I get my way, we'll live downtown until we have kids that are 3+ (so for another 8 years or so) .... my drive is so easy and the fact that the current place allows for the Mrs. to walk to work is awesome, I want to keep that going as long as possible. My guess is kids will push us to the burbs, but I don't want to have one until I am at least 30, anything before that will have been a whoopsie-baby.

It looks like the downtown housing market (condos mainly) has been hammered even more-so than other real estate markets, so hopefully pick up something reasonable and not lose our ass over 5-10 years, and if nothing else, they seem fairly easy to rent.

@Jeff - where by us did you work?.... I believe you said it was pretty darn close to our place
Old    Rob Fullerton (Gotmods)      Join Date: Nov 2012       11-27-2012, 8:31 AM Reply   
Saw this choice 335 X drive with staggered BBS wheels this morning and thought of this thread.

Old    RB (boardman74)      Join Date: Jul 2012       11-27-2012, 10:58 AM Reply   
I wouldn't buy a Condo/ Townhouse/ Multifamily property in the Twin Cities Metro Market with your money!! Continue to rent if you want to be downtown. Multifamily properties are still depreciating here and sitting on the market unless your giving them away. You may get a good deal but that segment of the market is expected to take 7-10 years to come back so since you would be reselling in that time frame it would be a bad move. You'll be lucky to break even with the commissions and fees. Hard to sell and you could be stuck there or have to become a landlord like we are considering. My wife bought a townhouse 7 years ago for 160K which was a good deal at the time. Now they are selling for around 100-110K. So with a good down payment and paying for 7 years she(now we) is still upside down. Looking at converting it to a rental(kids need more room), but we won't make much more than covering the mortgage and then have the headache of renters. You really don't want to purchase a multifamily in this market. IMO!
Old    Jay (ironj32)      Join Date: Jan 2007       11-27-2012, 10:59 AM Reply   
Quote:
Originally Posted by jeff_mn View Post
Probably 1:1,000,000,000 buys a home based on what direction the wind blows for wakeboarding.
So you're telling me there's a chance

There are numerous reasons (schools, ease of commute to downtown, shops, restaurants, etc) I have for my desired locale, but lake options is numero uno.
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Old    Nick Tomsyck (sidekicknicholas)      Join Date: Mar 2007       11-27-2012, 11:14 AM Reply   
Quote:
You may get a good deal but that segment of the market is expected to take 7-10 years to come back so since you would be reselling in that time frame it would be a bad move. You'll be lucky to break even with the commissions and fees.
So lets say I am lucky and break even... how is that worse than spending $1600/mo. on rent... which I am 100% sure to lose?

Renting the same apartment for the next seven years would mean $135,000 .....Poof, gone.
My guess is if I buy a condo from $175-$225k losing 135k off of that in 5 years will be very difficult.... and if I happen to break even, I'll be a happy camper.
Old    Nick Tomsyck (sidekicknicholas)      Join Date: Mar 2007       11-27-2012, 11:15 AM Reply   
Quote:
but lake options is numero uno.
I'm not really missing it now... but come spring I think I'll start to get the itch again, I think looking out the window to a glassy lake adds years to your life, I just don't have the science to prove it.
Old    RB (boardman74)      Join Date: Jul 2012       11-27-2012, 11:33 AM Reply   
Did you miss the part about about the values dropping. My wife thought the same thing. Every payment she has made in the last 7 years is gone...POOF. Her down payment...POOF and we still owe 10K more than market value. It would be awesome if we could just finish a lease and go buy a house. We'd be 1000's ahead. First 5 years of a mortgage your not paying hardly anything towards principle, then add the depreciation and then 10% in sellers fees. Break even how? Maybe Minneapolis proper is better, but in the suburbs you'd be lucky to break even in that senario. So it's better renting to me as you are in control of moving. If you have a kid 18 months from now and the GF says your getting a house are you going to break even? When you can't sell your kind of stuck.

Just a suggestion. I know this market and multi families are unstable and the last segment still depreciating. Just putting it out there. Remember MN has a renters credit on your taxes. Not many agents locally that will tell you a condo is a good short term idea.
Old    Nicolas Kohler (monkey_butt)      Join Date: Sep 2011       11-27-2012, 12:58 PM Reply   
reading this thread for a while ... laughing at times ... and as we have moved away from cars - let me say this: We just purchased a house on Long Lake in New Brighton and based on the current interest rates - we could have bought 2x the value of the home we left due the difference in rates. So if Nick is buying a condo in a distressed market at an interest rate of 3% or less (if you close on a 15 year mortgage) - you're coming out ahead of renting in no time but you do need to factor in the associaton fees and the more amenities the complex provides the longer that wait will be.

For us the most important part was to have access to both cities and keeping a commute as short as possible so going out west past 494 = crappy commute - same thing going south towards Prior Lake etc. If quality time is supposedly being on the lake then getting to the lake is what you dread ...

Epic is put away for the winter but my view is still pretty cool - and Long Lake park a few houses down are an added bonus - the dogs love it and I do too.

So having that said - putting the money into a car ... hmmm ... buying instead of renting at current interest rates ... prolly the wiser choice. Buying lake shore property now instead of in 5 - 10 years ... likely the cheapest time to get into it based on interest rates and property values within close proximity to the city. But as you said yourself - this is likely too far down the road so I would enjoy the twenty-something life with your soon-to-be wifey ...
Old    Bryce (brycejb328)      Join Date: Aug 2009       11-27-2012, 1:00 PM Reply   
Todd - save it for his thread on buying property in MInneapolis

Nick - get this thread back on track. And tell us about your new car leads. I'm bored
Old    RB (boardman74)      Join Date: Jul 2012       11-27-2012, 1:12 PM Reply   
Right On!!!!
Old     (simplej)      Join Date: Sep 2011       11-27-2012, 1:13 PM Reply   
if i were 25, and if I had extra cash to toss around, I certainly wouldn't be looking at midlife crisis mercedes sedan that i only bought cause my wife told me I couldn't have coupe...let alone a used one. Great just what I want, I'm 25, don't own a home. Don't have kids but look at my 100,000$$$ mercedes saloon car... Just skip it. If you're bored buy an e36 m3 and tune the balls out of it with the extra 10k. It'll be faster, more fun to drive. And people won't be looking for an old man behind the wheel... Besides a 100k Benz is a status symbol... If you didn't pay 100k for it, it's just another used car
Old    J D (jeff_mn)      Join Date: Jul 2009       11-27-2012, 2:13 PM Reply   
Quote:
Originally Posted by boardman74 View Post
Did you miss the part about about the values dropping. My wife thought the same thing. Every payment she has made in the last 7 years is gone...POOF. Her down payment...POOF and we still owe 10K more than market value. It would be awesome if we could just finish a lease and go buy a house. We'd be 1000's ahead. First 5 years of a mortgage your not paying hardly anything towards principle, then add the depreciation and then 10% in sellers fees. Break even how? Maybe Minneapolis proper is better, but in the suburbs you'd be lucky to break even in that senario. So it's better renting to me as you are in control of moving. If you have a kid 18 months from now and the GF says your getting a house are you going to break even? When you can't sell your kind of stuck.

Just a suggestion. I know this market and multi families are unstable and the last segment still depreciating. Just putting it out there. Remember MN has a renters credit on your taxes. Not many agents locally that will tell you a condo is a good short term idea.
Values aren't dropping anymore Boss.
Old    J D (jeff_mn)      Join Date: Jul 2009       11-27-2012, 2:14 PM Reply   
I work on 8th and Washington. I'm literally half a block east of your place. The same building as Bewitched, North Loop Fitness and Bar La Grasse.
Old    J D (jeff_mn)      Join Date: Jul 2009       11-27-2012, 2:23 PM Reply   
Quote:
Originally Posted by boardman74 View Post
I wouldn't buy a Condo/ Townhouse/ Multifamily property in the Twin Cities Metro Market with your money!! Continue to rent if you want to be downtown. Multifamily properties are still depreciating here and sitting on the market unless your giving them away. You may get a good deal but that segment of the market is expected to take 7-10 years to come back so since you would be reselling in that time frame it would be a bad move. You'll be lucky to break even with the commissions and fees. Hard to sell and you could be stuck there or have to become a landlord like we are considering. My wife bought a townhouse 7 years ago for 160K which was a good deal at the time. Now they are selling for around 100-110K. So with a good down payment and paying for 7 years she(now we) is still upside down. Looking at converting it to a rental(kids need more room), but we won't make much more than covering the mortgage and then have the headache of renters. You really don't want to purchase a multifamily in this market. IMO!
Didn't you just buy a $65k boat? You could have easily moved on from your townhouse. It's all about decisions.

Now is a great time to buy. Interest rates are bananas and prices are at rock bottom. The market is coming around (thousand articles in the past weeks confirming) and prices are on the rise.

Warren Buffet saying about when everyone is buying, sell and everyone selling, buy.. Great time to buy!
Old    RB (boardman74)      Join Date: Jul 2012       11-27-2012, 3:06 PM Reply   
"Didn't you just buy a $65k boat? You could have easily moved on from your townhouse. It's all about decisions."

Didn't pay anywhere close to that.

We probably could sell and move, but I would have to write a rather large check at closing. That money is making far more in other places than wasting it because my wife made a marginal buying decision before I knew her. We aren't suffering here everyone would just like more space. Hopefully you are right and the market is rising. I know the single family market is, but as of last week multi family were steady to still falling. Rates are nuts for sure. We just refi'd at 3.25% which dropped the payment almost $300 a month which makes the move to renting better. He's talking a condo. I have not heard of anywhere in the area that those prices are rising, not noticeably anyway. Single family yes, and good inventory is down so thats pushing prices. I have the advantage of having one of the best real estate agents in the area as a accounting instructor. Get the scoop everyday!!

Your right though, all about decisions. Great time to buy a house, not a condo or a town home just yet. Wish it was so my value would come up the 15-20K I'd like.

Last edited by boardman74; 11-27-2012 at 3:08 PM.
Old    J D (jeff_mn)      Join Date: Jul 2009       11-27-2012, 6:50 PM Reply   
Quote:
Originally Posted by boardman74 View Post
"Didn't you just buy a $65k boat? You could have easily moved on from your townhouse. It's all about decisions."

Didn't pay anywhere close to that.

We probably could sell and move, but I would have to write a rather large check at closing. That money is making far more in other places than wasting it because my wife made a marginal buying decision before I knew her. We aren't suffering here everyone would just like more space. Hopefully you are right and the market is rising. I know the single family market is, but as of last week multi family were steady to still falling. Rates are nuts for sure. We just refi'd at 3.25% which dropped the payment almost $300 a month which makes the move to renting better. He's talking a condo. I have not heard of anywhere in the area that those prices are rising, not noticeably anyway. Single family yes, and good inventory is down so thats pushing prices. I have the advantage of having one of the best real estate agents in the area as a accounting instructor. Get the scoop everyday!!

Your right though, all about decisions. Great time to buy a house, not a condo or a town home just yet. Wish it was so my value would come up the 15-20K I'd like.
Great advice!!

No.
Old    RB (boardman74)      Join Date: Jul 2012       11-27-2012, 7:01 PM Reply   
You are certainly entitled to your opinion. I may very well be wrong. I am starting to feel like you have some issue with me as you seem to jump on every post I make. I don't recall doing anything to offend you, but if i did I didn't mean to. Sorry for what ever I did to ruin your day.
Old    J D (jeff_mn)      Join Date: Jul 2009       11-27-2012, 7:56 PM Reply   
Nothing you could say on WakeWorld would ruin my day.

You have proven my point exactly in this thread. You have made it clear that multi family housing has taken the hardest hit on pricing. Price are at or near the bottom on mutli family and already starting to rise on single families. The last piece of advice I would give would be to NOT buy at the lowest price point when the mortgage rates are at historic lows. Never in history have we seen 2.5-3.5% mortgage rates and not in the past 30 years have we seen housing prices this low, especially on multi families. Your advice to "not buy because you'll never get back out of it" couldn't be further from accurate. That may be the case for you and your wife when you bought during the "boom" (as did many of us) - but when both the prices and the rates are at rock bottom - that is precisely the time to buy, especially for a young family like Nick with no kids and nothing on the 5 year horizon.

As I mentioned in my PM - I don't have any "issue" with you. It's WakeWorld and it's winter in Minnesota - we razz each other and I'm almost always guilty of trolling to get a rise out of folks (mission accomplished!). I simply agree to disagree with your advice, rockstar realtor instructor in your back pocket or not.

Carry on with the Mercedes CLS discussion.
Old    Jason Smith (snowslider76)      Join Date: Mar 2002       11-27-2012, 8:00 PM Reply   
Haven't been on WW for awhile but good to see the MN boys at it.

If Jay is 1:1,000,000,000 for buying a house based on wind direction I'm like 1:1,000,000,000,000,000,000 for buying my house based on closeness to my homie with a G23 who bought his house based on wind direction. Seriously though west side is the best side. I'm 3/4 of a mile from 3 launches on 2 different lakes and 2 different bays. Just need to buy a boat again.

Buy the damn car that thing is legit, there are a lot worse things you could do to look like a DB, skinny jeans and hippest glasses come to mind. I'd just advise against going to fill it up at the beehive gas station anytime after dark in your neighborhood as a 20 something white dude.

Don't buy a condo, I don't care what interest rates are or where the housing market is now just look at historic sales figures and cost of ownership on condos and townhomes, not saying they are money pits but they aren't really any different then renting. Get your one year lease under your belt and then go month to month even if it's more, life changes fast it'll save you money in the long run.

Just an FYI housing princes are up 11% in MN.

Mine as well thread jack like everybody else. Hate the packers! Anybody been snowboarding locally?

King Troll I look forward to your rebuttal.
Old    J D (jeff_mn)      Join Date: Jul 2009       11-27-2012, 8:04 PM Reply   
Take your housing advice from this guy ^^^^^

lol
Old    Jason Smith (snowslider76)      Join Date: Mar 2002       11-27-2012, 8:07 PM Reply   
More so then advice, look at my historic cost of ownership and buying history and do exactly the opposite. LOL

Last edited by snowslider76; 11-27-2012 at 8:07 PM. Reason: typo
Old    J D (jeff_mn)      Join Date: Jul 2009       11-27-2012, 8:10 PM Reply   
Agree. Buy a cheap condo when the rates are low, not an expensive home when the rates are high.

Iron is hot - strike.

Remember the condo boom 6 years ago when 800 sq ft lofts were settling for $500k downtown? That will happen again.
Old     (simplej)      Join Date: Sep 2011       11-27-2012, 8:25 PM Reply   
Quote:
Originally Posted by jeff_mn View Post
Remember the condo boom 6 years ago when 800 sq ft lofts were settling for $500k downtown? .
Remember that time this thread was about buying a used car?
can we please discuss 1 financial mistake per thread...
Old    Jason Smith (snowslider76)      Join Date: Mar 2002       11-27-2012, 8:27 PM Reply   
No doubt condo's will be stupid expensive again because people are stupid. Historically you just don't make jack they are flat, problem is 99% of people fall into the housing trap. Houses/condos/townhomes are just commodities, no different then stocks, buy low sell high it's no secret. People get emotional with their property "American dream home ownership, dream house, wait til the kids are older, don't wanna take them out of their school" all the blah blah blah BS nonsense. If it's booming sell it, all bubbles burst take the emotion out of it you are not a girl. If your commodity is failing get the f out, you don't dump more of your money into stocks of failing companies don't do it to your house either. In the end it's just a roof over your head and it costs money to keep the rain off, treat it like that or play the game without emotion.
Old    Bryce (brycejb328)      Join Date: Aug 2009       11-27-2012, 9:13 PM Reply   
Men only have 2 emotions...

Nick... pics of the new car please
Old    Steven Pederson (sppeders)      Join Date: Jul 2011       11-28-2012, 6:32 AM Reply   
Quote:
Originally Posted by sidekicknicholas View Post
So lets say I am lucky and break even... how is that worse than spending $1600/mo. on rent... which I am 100% sure to lose?

Renting the same apartment for the next seven years would mean $135,000 .....Poof, gone.
My guess is if I buy a condo from $175-$225k losing 135k off of that in 5 years will be very difficult.... and if I happen to break even, I'll be a happy camper.
By my math you will spend about $84K on interest/taxes/insurance. So buying is cheaper for you, however i rented a lake home in the west metro for $1K/month the last two years. For me the only logical reason to buy a home is because of my wife.

Anyhow, i'm out by Jay, actually i couldn't find any homes i liked, so i ended up building in the Wayzata/Minnetrista area.
Old    J D (jeff_mn)      Join Date: Jul 2009       11-28-2012, 7:10 AM Reply   
Quote:
Originally Posted by snowslider76 View Post
No doubt condo's will be stupid expensive again because people are stupid. Historically you just don't make jack they are flat, problem is 99% of people fall into the housing trap. Houses/condos/townhomes are just commodities, no different then stocks, buy low sell high it's no secret. People get emotional with their property "American dream home ownership, dream house, wait til the kids are older, don't wanna take them out of their school" all the blah blah blah BS nonsense. If it's booming sell it, all bubbles burst take the emotion out of it you are not a girl. If your commodity is failing get the f out, you don't dump more of your money into stocks of failing companies don't do it to your house either. In the end it's just a roof over your head and it costs money to keep the rain off, treat it like that or play the game without emotion.
Spoken like someone who got burned by the real estate bubble.
Old     (will5150)      Join Date: Oct 2002       11-28-2012, 7:28 AM Reply   
This thread cracks me up... JASON! When did you close on the house- congrats! We need a MN Riders-night out soon. I liked the Hibatchi thing last year- anyone up for that again? Maybe Nick will join us in his new car.
Old    J D (jeff_mn)      Join Date: Jul 2009       11-28-2012, 7:41 AM Reply   
Lets do it Will!

Nick can drive us all in his CLS and Warren "Jason Smith" Buffet can show us his watches and x-star and give a personal finnace seminar!

Maybe the Saturday before Xmas?
Old    Jay (ironj32)      Join Date: Jan 2007       11-28-2012, 7:56 AM Reply   
Quote:
Originally Posted by jeff_mn View Post

Nick can drive us all in his CLS and Warren "Jason Smith" Buffet can show us his watches and x-star and give a personal finnace seminar!
LMAO

Can I be invited to this years event?
Old    J D (jeff_mn)      Join Date: Jul 2009       11-28-2012, 7:59 AM Reply   
Quote:
Originally Posted by ironj32 View Post
LMAO

Can I be invited to this years event?
You have a house, new truck and G23. You would not benefit from Dave "Jason Smith" Ramsey seminars - but if you like sushi/hibachi, you're in!
Old     (will5150)      Join Date: Oct 2002       11-28-2012, 7:59 AM Reply   
Perfect! Let's get something on the calendar ! Any yes Jay, you're invited!
Old    J D (jeff_mn)      Join Date: Jul 2009       11-28-2012, 8:06 AM Reply   
Sounds good. Promise not to troll you guys at dinner.. Just talk big on WakeWorld.

I'll send out a group e mail for our ww xmas for 2012.
Old    Nick Tomsyck (sidekicknicholas)      Join Date: Mar 2007       11-28-2012, 8:50 AM Reply   
Quote:
Perfect! Let's get something on the calendar ! Any yes Jay, you're invited!
I'm in too!

Quote:
Maybe Nick will join us in his new car.
No new car til spring, the CLS I had my eye on sold, the IS2 has room for two others though.... I also just got MN plates and learned they stay with the car, not the driver (stupid) and are like 4x more expensive than Wisconsin plates, oh well.



Quote:
Remember the condo boom 6 years ago when 800 sq ft lofts were settling for $500k downtown? That will happen again.
My logic is based on Wisco sales trends - homes were going for 3-8% less than assessed on average where I came from
I was looking at assessed value (not that it is worth much today) of some in the Mill District area and in the last 6 or so yours they have gone from a ~450k assessed value to under 150k assessed. These people are asking like 200k for the places, I figure I ask assessed and not a penny more (or less if that is what MN trends are showing), if they take it, awesome, if not oh well, I keep looking.

I think the same way as what was posted above.... these downtown places will be back up to a premium, there is only so much space down there. Also assuming I get a place for ~150k, based on our rent now plus what we're putting away for a downpayment (rolling both of that towards a mortgage) we could have something worth ~150k paid off within five years (not that it is necessarily smart with a ~3% interest rate).... The biggest draw to downtown is the fact that my commute has zero traffic and my fiance' can walk/bus/bike/train to work... that is a pretty big plus for us right now.
Old    DBC (ixfe)      Join Date: Aug 2008       11-28-2012, 9:22 AM Reply   
Quote:
Originally Posted by snowslider76 View Post
No doubt condo's will be stupid expensive again because people are stupid. Historically you just don't make jack they are flat, problem is 99% of people fall into the housing trap. Houses/condos/townhomes are just commodities, no different then stocks, buy low sell high it's no secret. People get emotional with their property "American dream home ownership, dream house, wait til the kids are older, don't wanna take them out of their school" all the blah blah blah BS nonsense. If it's booming sell it, all bubbles burst take the emotion out of it you are not a girl. If your commodity is failing get the f out, you don't dump more of your money into stocks of failing companies don't do it to your house either. In the end it's just a roof over your head and it costs money to keep the rain off, treat it like that or play the game without emotion.
Lemme guess... You're not married and you have no kids, right?
Old    DBC (ixfe)      Join Date: Aug 2008       11-28-2012, 9:25 AM Reply   
Quote:
Originally Posted by sidekicknicholas View Post
No new car til spring, the CLS I had my eye on sold...
Oh no! Does that mean this thread is over?
Old    RB (boardman74)      Join Date: Jul 2012       11-28-2012, 10:43 AM Reply   
You guys make me laugh and like JD reminded me it is winter in MN. I'm as busy in the winter as the summer, but sounds like thats not the case for all.

A get together would be cool. Maybe something on the water in the spring too.
Old    J D (jeff_mn)      Join Date: Jul 2009       11-28-2012, 11:14 AM Reply   
Quote:
Originally Posted by ixfe View Post
Lemme guess... You're not married and you have no kids, right?
ding/ding/ding
Old    Tim (srock)      Join Date: Mar 2002       11-28-2012, 1:23 PM Reply   
Quote:
Originally Posted by simplej View Post
Remember that time this thread was about buying a used car?
can we please discuss 1 financial mistake per thread...
discuss 1 financial mistake per thread, my administrator just walked in as asked what is so funny....
Old    Jay (ironj32)      Join Date: Jan 2007       11-28-2012, 5:15 PM Reply   
Quote:
Originally Posted by boardman74 View Post
A get together would be cool. Maybe something on the water in the spring too.
That's called the MN Spring Ride....2013 is setting up to be bigger and better than the last two!
Old    RB (boardman74)      Join Date: Jul 2012       11-28-2012, 5:21 PM Reply   
Cool, when and where.
Old    J D (jeff_mn)      Join Date: Jul 2009       11-29-2012, 5:22 AM Reply   
Quote:
Originally Posted by boardman74 View Post
Cool, when and where.
Sorry - we dont allow accountants.
Old    RB (boardman74)      Join Date: Jul 2012       11-29-2012, 10:40 AM Reply   
Oh ok. Sorry for the bother then.
Old    LR3w8kbrdr            11-29-2012, 10:55 AM Reply   
You guys really need spring to get here fast. Your girlfriends or wives not giving you any? Its going to be a long winter for y'all on this forum going at each other so much.

Feel free to join me down here, its 79 out now and 81 this weekend. I might even get into this frigid 68 degree water.
Old    RB (boardman74)      Join Date: Jul 2012       11-29-2012, 11:13 AM Reply   
It's cool, really.
Old    Jay (ironj32)      Join Date: Jan 2007       11-29-2012, 5:41 PM Reply   
Quote:
Originally Posted by boardman74 View Post
Oh ok. Sorry for the bother then.
Tough love on this site, lol. As far as MN Spring Ride goes...anyone and everyone is welcome. I can't share the specifics quite yet as there are just a few loose ends to tie up before making the announcement.

It will most likely be in Northern MN, in late May - early June. I had two really good conversations this evening...if things shape up the way I hope, 2013 is gonna be awesome!
Old    J D (jeff_mn)      Join Date: Jul 2009       11-30-2012, 6:03 AM Reply   
Quote:
Originally Posted by ironj32 View Post
Tough love on this site, lol. As far as MN Spring Ride goes...anyone and everyone is welcome. I can't share the specifics quite yet as there are just a few loose ends to tie up before making the announcement.

It will most likely be in Northern MN, in late May - early June. I had two really good conversations this evening...if things shape up the way I hope, 2013 is gonna be awesome!
Ugh... We wont make it this year

Boardman will go in our place!
Old    Bryce (brycejb328)      Join Date: Aug 2009       11-30-2012, 6:23 AM Reply   
Quote:
Originally Posted by boardman74 View Post
It's cool, really.
Bring your boat... your wife and your girlfriend. Not a bad time was had last year or the previous year.
Old    J D (jeff_mn)      Join Date: Jul 2009       11-30-2012, 7:37 AM Reply   
Quote:
Originally Posted by brycejb328 View Post
Bring your boat... your wife and your girlfriend. Not a bad time was had last year or the previous year.
Previous....

Debateable
Old    RB (boardman74)      Join Date: Jul 2012       11-30-2012, 10:49 AM Reply   
Oh I don't want to go in anyones place. I would rather show up late and crash the party!!!

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