400k and still be broke?

[waggy]

If you drive a used m3 the maintenence itself is like 9k a year.

no man wasn't it like 30k a year? at least that's what i hear

 

[Hugo Drax]

no man wasn't it like 30k a year? at least that's what i hear

Would be nice if there is someone with experience in such exotic cars could chime in and clarify things.

 

[brianmanahan]

no man wasn't it like 30k a year? at least that's what i hear

you're thinking of the feral cats

 

[Mide]

Yeah, don't pay your own mortgage, pay somebody else's mortgage for them, and give them a profit on top of it! Do you think people just rent places to others for the fuck of it?

It's insane how stupid some people can be. I think this is even more stupid than the OP.

Nope you're just a fucktard who is too quick to throw out insults. I am looking at the video with 1 goal in mind: Minimize monthly expenses so that the 400K can go further. If you rent you will have more money in your pocket vs paying a mortgage, paying property tax, paying property insurance, and paying for annual housing maintenance.

I am NOT factoring in future housing price appreciation and housing-related tax itemization. If you're looking at end-game then yeah, buy the house and go that route.

 

[LegendKiller]

Nope you're just a fucktard who is too quick to throw out insults. I am looking at the video with 1 goal in mind: Minimize monthly expenses so that the 400K can go further. If you rent you will have more money in your pocket vs paying a mortgage, paying property tax, paying property insurance, and paying for annual housing maintenance.

I am NOT factoring in future housing price appreciation and housing-related tax itemization. If you're looking at end-game then yeah, buy the house and go that route.

Lol, no.

Only an utter fucking moron thinks they will have more money in their pocket, especially with a family.


Again, you aren't thinking that you are paying somebody else's mortgage, maintenance, and property tax. That is all included in rent, fucktard.


Excluding tax deduction from the equation is equally stupid. You're pretty much saying "nothing else being equal, it's better to rent" except for even "nothing else being equal" it's still not better to rent, once all else is equal, it is far better to own.

 

[Wuzup101]

Would be nice if there is someone with experience in such exotic cars could chime in and clarify things.

You would have to do retarded things to a used M3 to get yearly maintenance to cost 9k or (especially) 30k per year. Those figures aren't even in the ballpark. The number drops significantly for the enthusiast that can do basic maintenance himself.... but even if you take it to the stealership for EVERYTHING maintenance related you aren't going to hit 9k/year on average. You'd have to break something pretty substantial for that.

Most of the people that I know who purchased used M3's are car enthusiasts. While it's true that the M3 will be more expensive to repair because the cost of parts is higher, if you take it to a good private shop, the labor should be competitive with any other (non exotic) car. Basic work on them (brakes, oil change, etc...) isn't any more complicated than on any other car and most anyone with basic tools and a jack/jack stands can do it. It's a BMW... not a Ferrari.

 

[Engineer]

If you rent you will have more money in your pocket vs paying a mortgage, paying property tax, paying property insurance, and paying for annual housing maintenance.

So you think the rent doesn't include those same items for your landlord plus a monthly profit added on top? Really?

 

[waggy]

If you rent you will have more money in your pocket vs paying a mortgage, paying property tax, paying property insurance, and paying for annual housing maintenance.

I am NOT factoring in future housing price appreciation and housing-related tax itemization. If you're looking at end-game then yeah, buy the house and go that route.

what you say is not true in every case. I know a few people who pay less with a mortgage+tax+insurance then a lot of people pay in rent (wich btw still includes tax,mortgage, insurance and profit).

 

[Engineer]

what you say is not true in every case. I know a few people who pay less with a mortgage+tax+insurance then a lot of people pay in rent (wich btw still includes tax,mortgage, insurance and profit).

There are 3 houses in my neighborhood that have been or are on rent and every one of them has a rent payment much higher than you could get any of those homes for (including mortgage, property tax, insurance, maintenance, etc). The people living in them either can't get financing or need a short term place to stay (one man makes good money but is in the middle of a divorce for example).

 

[stlc8tr]

what you say is not true in every case. I know a few people who pay less with a mortgage+tax+insurance then a lot of people pay in rent (wich btw still includes tax,mortgage, insurance and profit).

Like you said, it depends. Some folks are in rent-controlled apartments so it wouldn't make sense for them to buy if they are looking to save money.

 

[waggy]

Like you said, it depends. Some folks are in rent-controlled apartments so it wouldn't make sense for them to buy if they are looking to save money.

true.

it depends on the house/apartment/where you live etc. nobody can say that one way or the other is better in every case

 

[Hugo Drax]

The average American would be broke even making 400k because the first thing they will do is leverage themselves to impress strangers.

 

[Attic]

Fuck the rent game. Pay off some assholes mortgage and line his pockets.


Yea, I rent, sometimes it's best option in non perfect world

 

[Attic]

The average American would be broke even making 400k because the first think they will do is leverage themselves to impress strangers.

This thread more fun if we spend the 400k.

Hookers, no blow, but lots of hookers for me. 1 a day, 5x a week.

If I stick to 8+ with a few 10's each week the 400k should get me bit past a year.

 

[Atomic Playboy]

This thread more fun if we spend the 400k.

Hookers, no blow, but lots of hookers for me. 1 a day, 5x a week.

If I stick to 8+ with a few 10's each week the 400k should get me bit past a year.

If you make $400k and you can't get anything but hookers, you have negative game.

 

[LegendKiller]

true.

it depends on the house/apartment/where you live etc. nobody can say that one way or the other is better in every case

On average, it is smarter to own a place than to rent, for almost all MSAs, unless prices are going down. Once you remove that, it's *always* more financially beneficial to own.

Do you think that rental REITs like Avalon Bay buy dozens, if not hundreds, of buildings around the country just to rent them at an overall loss?

 

[LegendKiller]

Fuck the rent game. Pay off some assholes mortgage and line his pockets.


Yea, I rent, sometimes it's best option in non perfect world

I rented from 2000-2013. In NYC I was paying $3,700/mo and in CT 2,400/mo. I lined plenty of pockets. I am done with that shit.

 

[jagec]

Like you said, it depends. Some folks are in rent-controlled apartments so it wouldn't make sense for them to buy if they are looking to save money.

The problem with rent-controlled apartments is that the better of a deal they become, the more incentive the landlord has to try and make you move. Sure, there are laws to try to protect tenants...but a lot of rent controlled apartments seem to put off necessary maintenance, take forever to make repairs, remain un-updated for decades, or just plain burn down.

Sometimes it's worth paying a bit more not to have to deal with that kind of hassle.

 

[Hugo Drax]

The trick to buying property is not buying some overpriced McMansion in some suburb neighborhood. But to buy an older home in a metro area, especially if the area is gonna become gentrified in a few years. I added some property to the investment portfolio in 2011 and it has done very well, beyond my expectations.

Rental prices are jumping in places like Miami and New York.

 

[stlc8tr]

The problem with rent-controlled apartments is that the better of a deal they become, the more incentive the landlord has to try and make you move. Sure, there are laws to try to protect tenants...but a lot of rent controlled apartments seem to put off necessary maintenance, take forever to make repairs, remain un-updated for decades, or just plain burn down.

Sometimes it's worth paying a bit more not to have to deal with that kind of hassle.

Depends on what your goals are. If you just want to save as much money as possible, it's probably worthwhile to deal with the hassle.

Just like some folks who drive crappy cars instead of buying a nice ride.

 

[darkswordsman17]

You would have to do retarded things to a used M3 to get yearly maintenance to cost 9k or (especially) 30k per year. Those figures aren't even in the ballpark. The number drops significantly for the enthusiast that can do basic maintenance himself.... but even if you take it to the stealership for EVERYTHING maintenance related you aren't going to hit 9k/year on average. You'd have to break something pretty substantial for that.

Most of the people that I know who purchased used M3's are car enthusiasts. While it's true that the M3 will be more expensive to repair because the cost of parts is higher, if you take it to a good private shop, the labor should be competitive with any other (non exotic) car. Basic work on them (brakes, oil change, etc...) isn't any more complicated than on any other car and most anyone with basic tools and a jack/jack stands can do it. It's a BMW... not a Ferrari.

(Psst...it's an inside joke. You didn't get it. )

 

[purbeast0]

what a stupid fucking video. 90% of those expenses are non-necessities.

 

[alkemyst]

Pretty much.

$30k for groceries is where I get off the bus.

$575 per week probably includes alcohol and nice things for get togethers and the like.

Just dog/cat food costs me about $150 a week.

A bottle of wine to split each night (2 drinks each) is another $70-150.

This is just simple stuff.

However; someone making $400k, is more closer to a $1MM home than $1.2MM and taxes and insurance can break that.

Here there is a very nice community inland that has 1/3 the taxes and 1/2 the insurance of the coastal properties of the same size/quality.

 

[alkemyst]

You would have to do retarded things to a used M3 to get yearly maintenance to cost 9k or (especially) 30k per year. Those figures aren't even in the ballpark. The number drops significantly for the enthusiast that can do basic maintenance himself.... but even if you take it to the stealership for EVERYTHING maintenance related you aren't going to hit 9k/year on average. You'd have to break something pretty substantial for that.

Most of the people that I know who purchased used M3's are car enthusiasts. While it's true that the M3 will be more expensive to repair because the cost of parts is higher, if you take it to a good private shop, the labor should be competitive with any other (non exotic) car. Basic work on them (brakes, oil change, etc...) isn't any more complicated than on any other car and most anyone with basic tools and a jack/jack stands can do it. It's a BMW... not a Ferrari.

12/17/2011 26521 BMW 2011 Navigation Maps 209.95
12/17/2011 26723 Ernie Bello Motorsport Alignment 169.00
01/06/2012 27869 Vista BMW Oil Change and Inspection for warranty 217.08
05/09/2012 34212 eBay ZCP Steering Trim (NIB) 187.00
05/09/2012 34212 ECSTuning misc fasteners, ashtray 175.77
07/18/2012 38071 Foreign Affairs Motorsport
Inspection I plus plugs, sunroof felt, CDV remove, seal rearend, PS expansion hose 2690.43
07/18/2012 38071 Enterprise Rental Rental Car for Inspection I, five days 225.99
07/25/2012 38119 ECSTuning M3 Driver Door Sill, Inner Sill Covers, Driver's Seat Track Trim, B Pillars, Dead Pedal 304.26
08/02/2012 38660 Foreign Affairs Motorsport Front Brake Rotors, Front and Rear Pads (Textar ePAD), Front and Rear Sensors 1057.46


I drove a lot, 2006 M3 ZCP purchased with about 26400 on the clock and saw BMW every 2-4k of it's life prior to me buying it for simple inspections and the like.

 

[Hayabusa Rider]

i still want to know how someone would be spending 25k a year on house maintenance, not counting some capital improvement or renovation

also the food is just stupid, thats like 600$ a week

House maintenance probably includes someone cleaning and lawn/garden. In a big place I can see that much being spent. 24k property taxes is pretty cheap. A 300-350K house can hit that in my county.