Thread: My sig explained (finally..and it's a fricken' novel)

Originally Posted by IntellaWorks

My idea in this crazy circle is to buy a multi fam. home so that the rent from tennants will help pay off the mortgage... and because I can get a few tax breaks hopefully pay some of the state property taxes...hopefully.. I can sell the multi in a few years and make a good down payment for a real home (lets hope for inflation here on property values !!!)

Eureka!

Originally Posted by IntellaWorks

...My idea in this crazy circle is to buy a multi fam. home so that the rent from tennants will help pay off the mortgage... and because I can get a few tax breaks hopefully pay some of the state property taxes...hopefully.. I can sell the multi in a few years and make a good down payment for a real home (lets hope for inflation here on property values !!!)

The thing about living in a situation like that is that you have to VERY carefully screen your tenants--because you live right next to them. You wouldn't want someone who blasts music 24/7, nor would you want someone who is going to complain about every little thing--because you live right next door to them. Then there is the question of whether or not the tenant actually pays.....

Originally Posted by IntellaWorks

The bad thing about having no debt is that credit companies sometimes think thats a bad thing.. and you may not be able to get loans.. CC bills really dont make a difference but houses and cars sure do !!

What the heck would I need credit for, eh? If I dont want to borrow money, why would I care what Equifax and TransUnion think of my "credit." I realize that most people would argue that you need a 9,863 credit score to get a good interest rate on a house, but buying a house is a super big deal and if a lender doesnt like the fact that I don't owe everyone in town money, he can go **** himself and I'll go somewhere else. I guarantee you there are more than a few mortgage lenders who would jump at a customer who owes no one else money--that means I can afford to pay THEM.

Oh, and saying that credit companies think not having credit is a bad thing is a lot like saying drug dealers think that not having a cocaine addiction is a bad thing. Credit is what those people sell--OF COURSE they want you to have as much debt as possible!

You have your masters in IT and you only make 24k a year ???

Originally Posted by IntellaWorks

You have your masters in IT and you only make 24k a year ???

we've already been down that path

Originally Posted by wizardPC

What the heck would I need credit for, eh? If I dont want to borrow money, why would I care what Equifax and TransUnion think of my "credit." I realize that most people would argue that you need a 9,863 credit score to get a good interest rate on a house, but buying a house is a super big deal and if a lender doesnt like the fact that I don't owe everyone in town money, he can go **** himself and I'll go somewhere else. I guarantee you there are more than a few mortgage lenders who would jump at a customer who owes no one else money--that means I can afford to pay THEM.

Oh, and saying that credit companies think not having credit is a bad thing is a lot like saying drug dealers think that not having a cocaine addiction is a bad thing. Credit is what those people sell--OF COURSE they want you to have as much debt as possible!

All that sounds good in theory ... but I guarantee getting a mortgage is 100x harder without a good credit score. Compare the deal I got (and how easy it was) to that guy I told you about who has all the debt (he bought a house about the same time I did). He had a much worse time and got royally screwed in his deal.

Having good credit doesn't mean you owe money all over town ... good credit means you have a strong credit history (i.e. you pay off your debts) and a low debt to income ratio.

I have very good credit but very little debt (if you don't count the house).

Jake

P.S. what does "(attack on hold)" in your sig mean?

Originally Posted by IntellaWorks

You have your masters in IT and you only make 24k a year ???

My take home pay is $24k. Before taxes and insurance (which is taken out of my check) I make $33k. But that is neither here nor there because I won't be here much longer---because $33K totally sucks.

@shakes, My credit score is continually falling now because I am paying off cards and cancelling them. My credit history is perfect, because I have never been late on a payment for anything in my life. As far as the debt to income ratio, if debt = zero.........

Originally Posted by shakes

P.S. what does "(attack on hold)" in your sig mean?

moving soon to make more than $33k. Need cash for moving expenses, this is Ramsey approved

AHh ok that salary makes more sense, Hope that when you move you find a better place to work for or a place that is willing to pay you a bit more !