Jordan can't spell or write that well and he drives a Lambo so that's not entirely true.
Beyond Bully
Jordan can't spell or write that well and he drives a Lambo so that's not entirely true.
I am user #49Originally posted by rage2
Shit, there's only 49 users here, I doubt we'll even break 100
Registered User
LOLOriginally posted by max_boost
Blue's just researching his options. In this day and age of $300-$500K HELOC's, no car is out of reach. It's all good because in order to use the LOC, you need the HE. It's still your money. You're richer than you think. ImRich.
Originally posted by max_boost
Jordan can't spell or write that well and he drives a Lambo so that's not entirely true.
Last edited by streethondas; 01-27-2012 at 07:34 PM.
Registered User
This is what I never understood, people saying HELOCs are "their money", how so?????? you go to a bank, they give you THEIR money to buy a house, then you basically remortgage your house and again take THEIR money to buy a car. I don't see the logic. so you have 200k left on your house to pay off and you HELOC a 50k car, and now you owe 250k. Ok fine, but now you say: well my house is valued at 400k and I only have 250k left on my mortgage so that means 150k of "my money" is magically buried in my house . Ok so "your money" is based on some mythical number that you may potentially have left over when you sell your house and have no where to live and can't afford a new house with what you have left, ok so where did "your money" go because now you have no house and every time the house goes up in value while someone else owns it you are losing out on potential equity, but you've got your 150k woooohooooo!!! Now lets assume nothing goes wrong, you still owe that 250k to the bank, so how the eff do you figure its "your money". You can't say you simultaneously own a house AND the money that you've paid off towards that house, that is a silly way of thinking. So when you pay 30k for car do you think at the moment you grab the keys (ignoring depreciation) that you own a car and have the 30k still??? No.....Originally posted by max_boost
Blue's just researching his options. In this day and age of $300-$500K HELOC's, no car is out of reach. It's all good because in order to use the LOC, you need the HE. It's still your money....
even if you paid off a 300k mortgage and your house was valued after at 500k, that doesn't mean you have 200k of your money in your house... if you took out a 200k HELOC and something went wrong and you had to sell your house to pay it off you are left with 300k and now you have to buy a house that is currently worth 300k which has a lot less value than your previous house which is now valued at 500k.
but now if you decide you want to have the same amount of home equity as before you STILL have to mortgage 200k of the banks money, so again, how the hell are people figuring its "their money" the bank doesn't just give you money, no matter what its THEIR money, you are just borrowing it (and for a price to!!)
Lets not forget HELOCs were a significant contributing factor to the subprime mortgage crisis in the US, so you are just contributing to your own potential downfall.
It seems today that "ballers" are just those that can hide their debt the best.
Last edited by J-hop; 01-27-2012 at 09:25 PM.
Beyond Bully
^^^
You mad brah?
Don't ruin it for me man. I love my HELOC!!!
I am user #49Originally posted by rage2
Shit, there's only 49 users here, I doubt we'll even break 100
Registered User
no not at all. Just trying to understand people's way of thinking that to me makes absolutely no sense.Originally posted by max_boost
^^^
You mad brah?
Don't ruin it for me man. I love my HELOC!!!
Registered User
aka Effective credit utilization.Originally posted by J-hop
It seems today that "ballers" are just those that can hide their debt the best.
Registered User
that I can understand but saying its "your money" is like saying "I have 30k in the bank and a 20k limit on my credit card so I have 50k" hahaha. that is nonsense if you ask me.Originally posted by Xtrema
aka Effective credit utilization.
Beyond Bully
That is non sense indeed.Originally posted by J-hop
that I can understand but saying its "your money" is like saying "I have 30k in the bank and a 20k limit on my credit card so I have 50k" hahaha. that is nonsense if you ask me.
But HELOC is still your money! It's secured bro!
I am user #49Originally posted by rage2
Shit, there's only 49 users here, I doubt we'll even break 100
Registered User
It's like $30K cash + $20K equity in the house which you unlock by HELOC at a low interest rate.Originally posted by J-hop
that I can understand but saying its "your money" is like saying "I have 30k in the bank and a 20k limit on my credit card so I have 50k" hahaha. that is nonsense if you ask me.
$20K credit card debt, you'll have to find $ to pay that.
$20 Heloc, they just take your house and it's paid.
Yes, debt tolerance is quite individual. I hate debt unless it's a mortgage. But AB has one of the highest debt to income ratio, 1.5:1. So there are quite a bit of over-leverage out there that probably would respond well to a real estate crash.
Registered User
yea I understand that, but at the end of the day claiming that a HELOC is "your money" is trying to claim equity twice. You can't claim that if you've paid 200k into a 500k mortgage and then HELOC that 200k that your overall equity is 700k. Which is what you are saying by trying to claim its your money.Originally posted by Xtrema
It's like $30K cash + $20K equity in the house which you unlock by HELOC at a low interest rate.
$20K credit card debt, you'll have to find $ to pay that.
$20 Heloc, they just take your house and it's paid.
Yes, debt tolerance is quite individual. I hate debt unless it's a mortgage. But AB has one of the highest debt to income ratio, 1.5:1. So there are quite a bit of over-leverage out there that probably would respond well to a real estate crash.
And what do you (max) mean by secured? secured by your home??? ie: the real estate market, there is no security in that (yes I know what a secured loan is, but i'm talking about what exactly that means in a heloc situation). A house 3 blocks away from ours that my friend was looking at buying (and thankfully passed), lost 20k on what the owners had bought it for......and they had put about 100k in to renovations. So they lost 120k on that house in about 10 years.
Doesn't the so called "security" depend completely on the market value of the house, which is far from secure?
LOL sorry for completely derailing this thread OP
Last edited by J-hop; 01-28-2012 at 12:06 AM.
Tunerworks Guru (E36S50B32)
Back on topic...
R35 GT-R maintenance isn't that bad considering the cars cost $100k+ when new and perform (or outperform) cars that cost twice as much to purchase and maintain. That being said, if you are coming out of a sub-$40k "normal" car you will have a shit when you have to pay for brakes, tires or a trans fluid change on a GT-R. Of course the costs are far less through the aftermarket (Tunerworks) vs the dealer!
Hope that helps
Rob aka A Happy GT-R driver
Beyond Bully
No one is claiming equity twice. I'm claiming it once. Does that work for you?Originally posted by J-hop
yea I understand that, but at the end of the day claiming that a HELOC is "your money" is trying to claim equity twice. You can't claim that if you've paid 200k into a 500k mortgage and then HELOC that 200k that your overall equity is 700k. Which is what you are saying by trying to claim its your money.
And what do you (max) mean by secured? secured by your home??? ie: the real estate market, there is no security in that (yes I know what a secured loan is, but i'm talking about what exactly that means in a heloc situation). A house 3 blocks away from ours that my friend was looking at buying (and thankfully passed), lost 20k on what the owners had bought it for......and they had put about 100k in to renovations. So they lost 120k on that house in about 10 years.
Doesn't the so called "security" depend completely on the market value of the house, which is far from secure?
LOL sorry for completely derailing this thread OP
And I bought my house in 2005 Thanks very much. It would have to drop 40% to get to that 05 price.
I also have no mortgage and just a HELOC at 65% of my home's value so if that's considered debt to you, so be it.
I am user #49Originally posted by rage2
Shit, there's only 49 users here, I doubt we'll even break 100
REAL Pedophile
why do people argue with max boost? We all know that he is beyond's original baller
First Gear
Originally posted by Sorath
why do people argue with max boost? We all know that he is beyond's original baller
sig deleted by moderator, click here for info
Third Gear
Originally posted by max_debt
I also have no mortgage and just a HELOC at 65% of my home's value so if that's considered debt to you, so be it.
Registered User
^^I see what you did there
Beyond Bully
Originally posted by streethondas
^^I see what you did there
So I heard Sunridge Nissan got a 2011 GTR as trade in. I wonder how much they'll give me for my NSX on trade.
I am user #49Originally posted by rage2
Shit, there's only 49 users here, I doubt we'll even break 100
Registered User
Nothing keep the nsxOriginally posted by max_boost
So I heard Sunridge Nissan got a 2011 GTR as trade in. I wonder how much they'll give me for my NSX on trade.
REAL Pedophile
naw you baller sam, get the brand new 2012 black edition we have here....
Registered User
WTF IS A HELOC
but in any case, if i owned a GTR i would probably want to do most of the maintenance myself, aside from the tranny-related stuff.
on second thought, that probably voids the warranty doesn't it
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