[QUOTE=Drumhawk]
Thats pretty much what I think.

 

doesnt matter what you think, youll pretty much kick yourself in the *** for gettign rid of your car no matter what you get for it.

 

Once you own a house you can take out a loan using your property as collateral and buy another sweet ride. Rent out a room and that will pay for the loan payment. GMAC approved me to borrow 40 grand at 0% interest cause I'm a home owner. Do the math, any financial expert will say buy a home asap before anything else. I wish I knew this fact when I was in my young 20's. Now I'm looking at new homes in Maple Ridge, very reasonably priced compared to other areas, new and updated crossings will mean increased values in the next few years. Some might call Maple Ridge the "boonies" but it's only 30 minutes to downtown Vancouver. Living on the south side of the Fraser River is way to conjested for me. The market has peaked but homes will hold value as long as rates don't go through the roof which will never happen again cause the bubble would burst and banks don't want to forclose like they did 25 years ago and risk going under.

 

its not just another sweet ride in matts case, i dont know if youve seen his car or not, but that thing is pretty mint inside and out, underneath and everywhere else in between. the guy even went underneath his car and cleaned it with a rag. and to have a lt1 with that much HP on a stock shortblock is unseen around here. anything short of a brand new car wont do it justice. aside from twitch i dont thing anyone else is as **** about keeping their cars clean working properly. every minor noise that arises must imeadiatly be taken care of by this guy. houses are deffinatly nice, but in matts case id hold on to that car if i were him.

 

May I suggest that Payam and Matt buy a house together? You guys are friends and have a commen interest in cars. With a student or any loan you wont qualify for much on your own. The bank takes your yearly gross earnings and qualify's you at 39% of that minus any monthly loan payments or credit card debt. The best way to purchase a home is to have a good credit rating, this is important to get the best rates, then pay off any loans and come up with your down payment, 1st time buyers can get in with as little as 5% down. My 1st home purchase was with a buddy, worked out much better than buying a leaky condo on my own.

 

My thoughts exactly!!! Matt has put way too much personal touch into this car to get rid of it.

I just built my house and minus the lot value it cost me $300k. The lot was "free" with a equity of $200k when I went to mortgage. My mortgage is variable and and currently my mortgage payments are ~$1850. Once my parents house is built and they move out, I'm throwing the surrey special basement suites in.. 1 - one bedroom suite, and 1 - two bedroom suite. The going rates in my area for brand new suites/houses, is $600 for 1 bedroom (everything included, except cable/internet) and $750 for the two bedroom. If I get them both rented, I pay $500 a month for 3000 square foot house and two car garage, while the other 1300 square feet pays off ~75% of my mortgage. Including food, hydro, mortgage etc, I'm looking at ~$1200 a month in expenses for 5 adults and 1 little baby. And that should drop as soon as my parents and sister move out. There should be enough money left over for extraordinary expenses, or for modding the car.

You just have to be smart about it. Instead of looking for the perfect house, I would at your age, look for a house with investment potential. Get a house that may be a "bit" of a fixer upper, but it's main attraction should be rental ability and not the view or all the cool parties you could have. Let someone else pay your mortgage, while your equity and capital grows. Then when you have enough saved up, you can move on to a better house, keep the existing one and repeat a couple of times. Next thing you know, your personal wealth ends up being over a million dollars. With house prices around 3-500K on average, you could technically be a millionare in 2-3 years if you don't get selfish, sacrifice a bit and put your money in the right places. And then you will not only have you employment income coming in, but you can have rental income coming in, which for tax purposes ususally ends up being at a loss because of all the "extra costs" that you "had to spend" to repair the rental properties and which ends up reducing the amount of tax that you end up paying to approxi.~$0 . And don't limit yourself to only certain areas, look at the stats and see where the most money is to be made, and where most people who rent are likely to stay.
If you guys need any help, let me know. I can point you towards some good people, ie a Real Estate agent and a Mortgage Broker that will work for you and not for commision.

 

I just think buying a house is the next step in life .. sure cars are fun .. but at the end of the day their a money pit ..

Matt, I hope you find someone who'd want your car the way it is.. cuz we both know really well that putting a car back to stock is 10x the headache and costs a load of money ... but when you sell all ur parts u'll get all ur money back .. thats the only good thing about cars and parts .. they always return back close to their value if your patient ..

 

keep your cars.....U will always want them,.....I went maybe 4 months without one.....and then just bought one to tide me over for now...I could not wait any longer...the cars not exactly what I wanted....but it gives me a little hp to play with for now

 

UHH UMM!! I think you're forgetting someone

 

and me... cleanning underneath today

 

[QUOTE=SBainsTA]I'm throwing the surrey special basement suites in.. 1 - one bedroom suite, and 1 - two bedroom suite. The going rates in my area for brand new suites/houses, is $600 for 1 bedroom (everything included, except cable/internet) and $750 for the two bedroom. If I get them both rented, I pay $500 a month for 3000 square foot house and two car garage,
QUOTE]This is a great way to go, I keep considering buying a Surrey house with 2 suites. I need a suite for my mom anyways, you can't beat being a landlord immediately and benefiting from the rental income. These types of homes in Surrey cost around 400 g's. Oh, ask your realtor to pay your legal fees. If I can't get into a nice new or near new home with a in-law suite in Maple Ridge I'll move to Surrey with a 2 suite home. Surrey by-laws aren't inforced like other communities.

 

lol It's because they wouldn't get re-elected if they inforced it.

 

Ha-ha, Surrey has too many illegal suites in homes to inforce any by-law. Besides, Surrey is too busy chasing down all the grow-ops. My last bit of advice is get pre-approved and view your homes at mls.ca, just punch in the community and price range and check out your dream. Good luck you guys, I'm done whoring this thread now.

 

Nobody cares about illegal suites in the lower mainland....They only start to care if there are complaints about noise/parties ...that sorta thing

 

300k for a starter home....thats gotta hurt. Good luck to you guys. I bought my house 8.5 years ago, a starter home that needed work. Its hard to believe Ive been here for this long now and in another 2.5 years, Itll be paid off. Thats one of the benefits of, as Chris would say, living in "hickville". 300k in my part of the world would buy you one of the finest homes in the city, with the average home being 150K.