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

  1. #61
    FLAC IntellaWorks's Avatar
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    dept

    can't live with it can't live w/o it... Believe it or not someitmes there is a benefit to being in debt.. for example TAXES if you payed off your 30k debt now all of a sudden the gov't is going to tax you (depending on your salery) I live in NH and property tax is outragiously high... I'm looking to buy a home (180,000 - 215,000) and my property tax will be about 4,500 a year !!!! Wonderful thing is that I can claim some of that and get some money back.. almost enough to pay state taxes... If I had paid the house cash... granted I wouldnt have monthly payments but i'd still have to pay about 333 a mo. just to pay state taxes !!!!

    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 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 !!
    Progress [I will seriously never be done!]
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    1GB Extreme III CF card
    Carnetix 1260 startup/ DC-DC regulator
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  2. #62
    Maximum Bitrate R32 JUhl's Avatar
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    Quote 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!
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    PM me if you're interested in a monitor faceplate for your '99-'04 Golf or Jetta. My Vortex ID is NorthAtlR32 - you can IM me there, too. Go here for more information.

  3. #63
    Raw Wave wizardPC's Avatar
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    Quote 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.....

    Quote 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!
    Debt as of 1/1/05: $34,354.48
    Debt as of July 4, 2007: $0.00 explanation
    I'M DEBT FREE!!
    I'm now a reasonably successful gunblogger.

  4. #64
    FLAC IntellaWorks's Avatar
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    .

    You have your masters in IT and you only make 24k a year ???
    Progress [I will seriously never be done!]
    Via EPIA MII
    512MB RAM
    OEM GPS (embedded)
    nLite WinXP pro on
    1GB Extreme III CF card
    Carnetix 1260 startup/ DC-DC regulator
    Software: Still, re-Writing my existing front end in .Net

  5. #65
    FLAC shakes's Avatar
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    Quote Originally Posted by IntellaWorks
    You have your masters in IT and you only make 24k a year ???
    we've already been down that path
    My JeepPC Install

    "there are no stupid questions, just stupid people."

    "it's been agreed the whole world stinks so no one's taking showers anymore"

  6. #66
    FLAC shakes's Avatar
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    Quote 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
    My JeepPC Install

    "there are no stupid questions, just stupid people."

    "it's been agreed the whole world stinks so no one's taking showers anymore"

  7. #67
    FLAC shakes's Avatar
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    P.S. what does "(attack on hold)" in your sig mean?
    My JeepPC Install

    "there are no stupid questions, just stupid people."

    "it's been agreed the whole world stinks so no one's taking showers anymore"

  8. #68
    Raw Wave wizardPC's Avatar
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    Quote 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.........
    Debt as of 1/1/05: $34,354.48
    Debt as of July 4, 2007: $0.00 explanation
    I'M DEBT FREE!!
    I'm now a reasonably successful gunblogger.

  9. #69
    Raw Wave wizardPC's Avatar
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    Quote 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
    Debt as of 1/1/05: $34,354.48
    Debt as of July 4, 2007: $0.00 explanation
    I'M DEBT FREE!!
    I'm now a reasonably successful gunblogger.

  10. #70
    FLAC IntellaWorks's Avatar
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    ok

    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 !
    Progress [I will seriously never be done!]
    Via EPIA MII
    512MB RAM
    OEM GPS (embedded)
    nLite WinXP pro on
    1GB Extreme III CF card
    Carnetix 1260 startup/ DC-DC regulator
    Software: Still, re-Writing my existing front end in .Net

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