to sell the viper or not to sell the viper?? (waterfront house opportunity)
I LOVE my viper gts and have had a blast with it. I have a major opportunity to get into a waterfront house on horsetooth reso. in fort collins, colorado. The house has renters until April that covers the mortgage. I am currently stuck in an apartment least until May but make enough money to bail on it and get both...
Here is the view from the house
and heres the beloved viper next to the same body of water
You can always get another viper. Oppertunity may not knock on your door again anytime soon.
Home is home dude, If it will make your life better and you and yours happy go for the house.
IMHO
whats funny is my DAD of all people (hates my whole car hobby) told me to keep the car and just do a home equity loan or get some cash back on the mortgage to pay the car off and keep both... interesting idea
whats funny is my DAD of all people (hates my whole car hobby) told me to keep the car and just do a home equity loan or get some cash back on the mortgage to pay the car off and keep both... interesting idea
He might be on to something. IMHO there's alot of properties out there with a view like that.... there are'nt that many Vipers like that one!
If you are renting and own a Viper it is almost foolish. I am not saying this in a bad way. What I am saying is a home is a priority. A Viper is a luxury. You build equity in a house. A home is normally your single largest investment and source of equity. Your home is your future.
Save the home equity loan for an emergency and build equity.
but im never home, Im always driving the viper, lol
teach me how to keep both, lol
I probably could too.. I just need to nut up and drop the $35k cash I have (from previous real estate venture) on the downpayment for the house but the $750 a month I spend on the viper and insurance would sure be nice to have for other shit. If I did both, I wouldnt really MAKE anything at this point in my career, Id be breaking even. I am on pace to get promoted in January/Febuary which will add 10-15k per year to my earnings. That is also another factor I have to consider. Plus, that promotion COULD mean a transfer (upon my willingness to relocate) so it could be a longer commute to work (gas expense goes up as well). But the promotion after next (June/July) would mean a company car for commute (home to work) use and FREE gas for that commute as well....
Is the house a great deal? How does it compare to the comps? If it is a great deal and you like the place, it is a no brainer. Always invest money in an appreciating asset, not a car. Good luck with whatever you decide.
I am 110% with Richie on this one. In fact his post almost makes too much sense to believe he was the one who wrote it. (Jeanie write it Rich?)LOL. Seriously though, I remember you saying you bought your vehicle using a Capital One check, correct? I thought it was strange when you posted that because to me, I always viewed cars like these, toys. And toys should be paid for by cash. Not financed 100%. Eric you need some reality here. You pay 350 I believe to rent a place I doubt your very pleased with. Not really where you see yourself and a family for years to come. You build zero equity in a rental and also have ZERO tax savings which can really help maximize your take home pay. A house and a car should NEVER be a comparison to each other. If it is, you made the wrong choice going with the Viper. My honest advice is you sell the Viper and rid yourself of that high interest auto loan you took out getting the Viper. If you have 35k disposable income from another real estate venture you absolutely should use that as a down payment towards that home of your dreams. Pay the mortgage for a few years and build some equity in your home. Then, and only then, provided you can afford the home and a car like the Viper should you consider doing so. There are plenty of these cars around to pick from and I am sure a few years away isn't going to effect the prices as much as sitting on the sidelines as opposed to what prices historically have done in years past regarding the housing market prices. Get into the home the sooner the better. You can't ask for better mortgage rates then todays in what is also clearly a buyers market. Being you have no place to sell makes it all the more worthwhile to jump into faster.
Buy the house, it will be an appreciating asset. You could always do what your dad recommended if you absolutely have to have the Viper and it wouldn't be a financial burden on a monthly basis.
I am 110% with Richie on this one. In fact his post almost makes too much sense to believe he was the one who wrote it. (Jeanie write it Rich?)LOL. Seriously though, I remember you saying you bought your vehicle using a Capital One check, correct? I thought it was strange when you posted that because to me, I always viewed cars like these, toys. And toys should be paid for by cash. Not financed 100%. Eric you need some reality here. You pay 350 I believe to rent a place I doubt your very pleased with. Not really where you see yourself and a family for years to come. You build zero equity in a rental and also have ZERO tax savings which can really help maximize your take home pay. A house and a car should NEVER be a comparison to each other. If it is, you made the wrong choice going with the Viper. My honest advice is you sell the Viper and rid yourself of that high interest auto loan you took out getting the Viper. If you have 35k disposable income from another real estate venture you absolutely should use that as a down payment towards that home of your dreams. Pay the mortgage for a few years and build some equity in your home. Then, and only then, provided you can afford the home and a car like the Viper should you consider doing so. There are plenty of these cars around to pick from and I am sure a few years away isn't going to effect the prices as much as sitting on the sidelines as opposed to what prices historically have done in years past regarding the housing market prices. Get into the home the sooner the better. You can't ask for better mortgage rates then todays in what is also clearly a buyers market. Being you have no place to sell makes it all the more worthwhile to jump into faster.
I agree 100%. These things are TOYS. Definatly should be paid for in full. I also am about to buy a new house next year. I'm in no rush though. I have my Viper paid for and have a nice place to stay now. I'm just stacking my chips untill I can put a BIG down payment on a house, and still have plenty of money to not worry about much.
Just think if you kept the Viper, bought the house, then Got Layed off from your job. Now, your stuck with a high price car payment that wont sell to quick, and a expensive house payment, with NO MONEY coming in.....NOT GOOD.
Just my .02
Oh, and your doing the right thing by asking on here. 98% of the Senior members on here are VERY SUCCESSFUL in life. They definatly will have good advice.
Take it from experience! NEVER, NEVER, NEVER buy a car on credit.....depreciation, insurance, upkeep, fuel......all add up to NOW more than 50 cents per mile cost structure! Homes are STILL depreciating!!!! The market HAS NOT bottomed out yet! Might be at that point by March or April of next year with all the indicators that we know of. Do your best to purchase the home, obviously, at the ROCK bottom price, as the depreciation continues. My sources in Colorado (Longmont, Greeley, Loveland, and Ft. Collins) inform me that prices have DROPPED by up to 30% in the last 1 1/2 years......not unlike the rest of the country. Same thing is happening here in Phoenix. I am buying property for 30 to 35% less than the mortgage appraisals of 2 years ago! Yes....I am buying, (the latest home appraised for $208K 2 years ago, and I am purchasing for $127K......now that's a great deal......hope to turn it next year after the market recovers some.......even if it's only $12 to 15 K that's a great return.....please investigate the bottom dollar....then go from there. I am very much acquainted with the Ft. Collins area, as I lived in Longmont for 10 years, and Greeley for 18 before that...let me know if you need any help.
IMO you need to do your research the house. What's the true market value RIGHT NOW? What homes have actually sold recently, what was the past value, and projected value? What upgrades, maint, or repairs are needed?
What's the taxes? How about insurance on the water?
There are alot of questions before you decide on a home purchase. Many times, renting is a smart decision, truely depends on the situation.
I would need alot more information before I said Dump the Viper and buy the house that's for sure.
I have been buying up ranch property here in Texas for the past 7 years, some days you might say I am LAND POOR, but as long as I did my homework, didn't pay some stupid price I feel it is a good investment.
As a very old and wise gentlemen told me when I was choking at buying my first batch at $600/acre, he said THEY AIN'T MAKIN NO MORE OF IT!!!
Do your homework and you will make the right decision.
