STiAlain

iTrader: (8)

well i have been thinking about for a couple of weeks now because i am starting to save up for a down payment on a house and i want to start while i'm still young (21).

My car payment isnt bad i can deal with that but my insurance is out of control i pay 300 (with a clean record) a month to drive it. I love my car but i have to put my priorities first so the house wins plus I also plan to get out of the military so I want to keep all my bills to a minimum while I wait to get picked up for LAPD...then once I’m settled I can pick up another subaru in the near future

I want to sell it for 31 the car has a little of 5k ( 2006 Black) with the few mods that it does have ( AP, JIC full ti cat-bak, Apexi turbo timer )

enzo350

iTrader: (1)

Sorry to hear that you might need to part with your STI. It's always good to think about your finances and your future. Buying a house is probably one of the best things to do with your money. At the same time, you have already sunk money into buying your car including the aftermarket parts, all of which you will probably take a lost on when you sell it. Weighing this lost money in your "investment" with what you can do with your monthly payments (car + insurance) would be one of the factors you'd need to decide on.

At the same time, you need to consider the housing market is still pretty hot and now is probably not the best time to buy. If you could afford say $1500 per month on a mortgage, you can buy approximately a $200,000 home which is a small apartment in town somewhere. Not to mention the required 20% of the home's value that your mortgage company wants for downpayment ($40,000) to avoid mortgage insurance or a second mortgage. Honolulu and LA's home market is probably similar.

Just some things to consider as you decide. Good luck!

gdogg

iTrader: (38)

i commend you highly!

me and my wife have had the opportunity to be blessed by being around real estate investors... my aunty, my parents... all played a role in helping me and my wife get started in the real estate market-

i'll tell you this... i never listen to what everyone else says about "the market"
i do listen to investors who have been doing this for 30 years and have seen the trends of the market- which involves 2 key factors.... lows and highs- if you are smart you will see that investing during both times... will prove to be successful- just make sure that your angle on the market is appropiate-


dude if you wanna start looking at some properties(if you haven't already) give me a call- 387-5647 i can definitely share some stuff with you- BTW, i'm not a real estate agent we just have a very good one who finds the properties for us... now that i am done with that... dude, you definitely have some serious success headed your way!





aloha from the summit of *-^-mauna kea-^-*

Bran808

iTrader: (58)

+1 on looking for a bigger and better investment. I bought my first house when I was 25. Believe me, I struggled to make the payments, but I'm so glad I did, because my townhouse is now worth almost double what I bought it for like 6 years ago. When do you think you could ever sell your STi for like $60k? Anyways, look around and see what's available. In my opinion, everything is relative. The market may be down later, but usually the rates are up when that happens. Just look for a place you feel comfortable with and just know that you're buying it for the future. Big props on your mentality and maturity.

gdogg

iTrader: (38)

a small cliffs notes on "bad market" - most successful investors know that a bad real estate market is one of the best times to stack up on properties!!! if interest rates are high and the market is slow... all that means is that there is less competition-

one thing i learned is that you will have 2 options- buy/flip, or buy/rent=passive income- with todays crazy loan programs you can literally buy as many homes as you want based on your credit score and a "stated income" loan- of course i don't preach to anyone about buying tons of homes with no exit strategy either! plus have a plan in hand before buying(renters/flip etc)

i know this is a car forum... but just imagine finding the right property.... dropping 10-15K dollars into it- selling and net a profit around 100K... pay the capital gains tax(not recommended..but just a possibility), go and buy yourself another STi cash!

enough of my sermon...i'm no expert... just a student of the game and fired up when i see young people jump in the game!




aloha from the summit of *-^-mauna kea-^-*

bpang1

iTrader: (25)

Word to yo momma!

Hopefully soon Carissa and I will get to start our own real estate invesments. Had to sell the WRX for it but it is for a much better long term goal.

outlaw23

iTrader: (2)

Catch 22. If you sell it you wish you didn't and if you don't you will hate yourself for not doing it. The real question should be how much are you willing to lose like enzo 350 said. I see you want 31k, i paid 31 OTD for a brand new 06 so i don't think you will get that. As for aftermarket parts on your car. It is always better to part it out. In my opinion, keep the car for at least a year and if after a year you feel the same way then sell it.

outlaw23

iTrader: (2)

Exactly what i did. My wife and I invested about 15k into a home and a year later we made a little more than that number above. The market is crazy hot here in Northern Va. In 2002 a friend of ours (she's 28) bought a house for 238K and sold two weeks ago for 525K (amazing).

STiAlain

iTrader: (8)

hey thank you guys for all the info.

GDOGG one of these days i would like to kick it with you so i can pick at your brain if its ok with you.

STiAlain

iTrader: (8)

well the way i see it is most ppl on this island wont get a brand new sti for 31 otd i paid invoice on my car but i also have a friend that just picked one up for 35k...but who knows anything can happen....tell your friends its for sale though..lol

gdogg

iTrader: (38)

put it this way.... what pains me the most... is to see sooooo many people "investing" parts into their cars and years later wonder why they are experiencing slow momentum financially... i'm not here to preach too much about financial responsibilty because i kno there are many well grounded people in here... but the key word that me and my wife have been adopting lately is delayed gratification.

i sacrificed a lot for building crazy income that will be able to buy me many more STi's and eventually a much different pedigree of a car---- i pained from some decisions...but never regretted any decision i made.

there are 2 pains that i had to deal with. one is the pain of discipline and the other is the pain of regret-

i tell you this... for you to "sacrifice" your STi for something that actually goes up in value... best decision ever! plus you are so young dude. if i had taken the opportunity when i was your age... i literally would have been retired by now.

the STi is a GREAT car...but not at the expense of your journey to financial independence-





aloha from the summit of *-^-mauna kea-^-*

keirnna

iTrader: (8)

The thing is you can't look at a house as an asset if you are the one paying the monthly payments on it. The Hawaii housing market right now is great, but most of the rest of the US is not. Indiana has 0% growth on houses, so if you bought a house ten years ago for $100,000 it is still worth only $100,000. People are going bankrupt left and right because after their 5-8% interest and realator fees they are finding they can't get within $20,000 of what they owe. I am aquiring rental properties all over Indiana for less than $20,000! It is a great market for me.

DTO808

damn this seems to be more of a realistic view amongst car enthusiasts but good point here, maybe i should reconsider my priorities towards my car.

enzo350

iTrader: (1)

Although your statements are true, houses are still investments and the theory is over time, the value will appreciate. How it appreciates is all market driven.

Generally, a car on the other hand depreciates regardless of how much the owner spent to modify it. In some cases, heavily modified cars could depreciate more than cars left stock. Old muscle cars and exotics will appreciate in value though.

sponge

iTrader: (10)

OOHHH, MY BRAIN!!! love learning though!