S500 Man

Today i sold my car, im waiting for financing to go through for the person who is buying it, if that goes well ill be in good shape, i dont know what i want, i want to buy a two family house, so i dont know wether to buy a beater and buy the house, or buy a new car and then buy a house? and i dont know whether to buy an low low mileage 04-05 s500 sport, s600 sport, or an s55?

kchristos

It seems that you sold your car for a reason, so honor that reason and buy the house especially if you need it to provide a home to your family. You can always buy a car later on. Used cars go cheaper as the time goes by but once the real estate market turns around the house prices are going to be increasing again. This might be the best time to buy a house, a lot of people belive that the market is close to hitting rock bottom.

That's what I did, as the housing prices were plunging down I sold my C43 and got a Civic to make sure that I won't have financial problems with being able to keep my house. When I get in a better financial position I will go back and buy a better car. Just an opinion.

S500 Man

great sounds like a good idea, im thinking about an 80/20 loan on 30 yr fixed at 5.75 no down payment? buying a two family renting out both apartments , going to live in attic studio or basement studio for me.

da boss

go for the house.

Gondon

What was the year and Mileage on the car?

hadam

Please buy house, the prices look like close to bottom.

Car you find again. Actually W220's prices are coming down every day.

Addicted2Speed

Buy a house. But you don't have to buy a beater either, you can lease something like the new BMW 3-series for around $400 per month with no money down. Check out www.leasetrader.com , sometime you can find a really good deal there.

westcoast5

yeah I would def do the house, once you get one of those you can easily buy any benz in the future. Short term sacrifice and long term gain.
if the sale does not go through and you decide to part it out I have dins on the headlights!

K-A

How many Miles were on your S??

AH1W-COBRA

ill catch flack for this but,more house is more payment!.if you can make low ball offers and close an escrow in 10 days and are willing to sell it as soon as you are free of capital gains and then do it again.then in 4 years you will probably net $150 to $300k and cash out an S65.but if your wife is gonna nest and you are in it for the long haul then keep the house you are in and enjoy life!.big mortgage payments for 30 years are crippleing.keep real estate in perspective,if it isnt for profit than it's for simply a safe place to seek shelter.

my06clk

Well Cobra you asked for it..LOL

Where have you been the past 18 mos ?? Dude you live in CA. You should know better than to post a statement like that. First of all no where else in the country works like Ca as far as escrows go.. Secondly, today, no one is flippng houses like that anymore.. those days are finished.. Remember Stockton??
I live in Texas and my neighborhood is filled with CA transplants homes that they could not move into because they are -150+ on their CA homes that are still waiting for a buyer... Get real.

Keep real estate in perspective... And keep car buying in perspective as well. One brings immediate tax benefits, and assist in longterm wealth building. The other well.. just cost money and depreciates..

Buy or leasing a car for 5 or 6 terms is whats crippling.. that comes out to 30 years... and what do you have? Nothing. I know what I will have in 30 by keeping my house. Can you keep a car 5 or 10 years and make money? I think not.

S500.. you been saying this for a while.. just sell your car and do what you have to do... As previously stated you can always get a car... IF you play your cards right, you will be able to get it with what you make from home ownership.. trust me. If it came down to my car or my property, I'd get me a bike and peddle to my investment.

zam2000

I just check the calendar, and it's now 2008, no longer 2005.

It's often a good idea to buy a house, provide that you could afford the payment, and look for long term horizon (10+ years).

The way housing market go, it might be 7-10 years before you see any substantial gain on your house purchase (after adjust for inflation). I bought my first house for $220K in 96. It took another 3 years for it to gain another 10%, so I could remove the PMI. That was house price was failrly affordable and no massive bubble prior to that.