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educate me 401-k

  1. #2726

    Re: educate me 401-k


    Quote Originally Posted by butcher bergs View Post
    It does if you want to refinance or pull an equity loan
    Indeed. But with rates being low for so long I can’t imagine there will be much refinancing going.
    Def impacts equity loans. Personally I’m very against and I would never pull an equity loan, but I know I’m the exception not the rule.

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  2. #2727
    Changes come butcher bergs's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by tsorfas View Post
    Indeed. But with rates being low for so long I canít imagine there will be much refinancing going.
    Def impacts equity loans. Personally Iím very against and I would never pull an equity loan, but I know Iím the exception not the rule.
    I cannot gauge how common refi's are happening nowadays but I can say I have won several jobs this year from folks who did a refinance or equity loan of some kind.....obviously it's not in my place to pry but they hinted at doing something financial that involved their home value in some way.


    I think the bottom of all this blows out within 2 yrs. I also think that when it does blow out, it won't be nearly as catastrophic as the gov't bailout days. The big mistake there was all the 0 down, 0 interest nonsense.

    At least this time around the interest rates aren't zero so I don't believe the sting will hurt as bad.

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  3. #2728
    Lifer jimmycapp's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by csmutty View Post
    For selling investments and keeping them in the 401k account? Not last time I checked?
    I read cashing out, as cashing outÖ

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  4. #2729
    Your Father csmutty's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by jimmycapp View Post
    I read cashing out, as cashing out…
    That would be dumb lol.

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  5. #2730
    Burns retinas nhbubba's Avatar
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    Re: educate me 401-k

    I think using a cash-out refi to improve your property in the current real-estate and interest rate landscape is perfectly rational. Maybe even rational for paying for other necessities; cars, etc. In fact, I am a bit ashamed of myself for not leveraging that technique a bit more. I could use some new windows and siding. Missus wants to reno the kitchen. Right now borrowing is cheap and saving is expensive. Now sure seems like the time to spend!
    Definitely a great time to consolidate debt.

    I'm thankful that I am close enough to "FU" money that I'm not sweating a crash. If it happens it happens. I think I have enough to weather 6 months of unemployment with minimal set-back. Possibly more.

    Making this post I do really wish I'd paid someone to do the siding and windows this year.
    Wish I'd got more serious about that barn I'm dreaming of too.

    We shall see.

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  6. #2731
    (4) Try not to be a dick. PurplePackage's Avatar
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    Re: educate me 401-k

    I think K-recovery is happening for another 12-24 months. House prices continue to "just go up" in this pandemic. Welcome to the future.

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  7. #2732
    Lifer jimmycapp's Avatar
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    Re: educate me 401-k

    There will certainly be some affect if there are mass foreclosures but anyone trying to buy this year is competing with some very rich people. Paying cash, no inspection, 10k’s over asking. It’s not a bunch of “poor” people getting easy mortgages on their 3rd house. For the most part.

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  8. #2733
    Angry Gumball RandyO's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by PurplePackage View Post
    I think K-recovery is happening for another 12-24 months. House prices continue to "just go up" in this pandemic. Welcome to the future.
    with people working from home, they are willing to pay metropolitan Boston prices for secluded property in NH/VT

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    RandyO
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  9. #2734
    Angry Gumball RandyO's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by jimmycapp View Post
    Paying cash, no inspection, 10k’s over asking. .
    my nephew is doing exactly that, northern Vermont, $10k over asking, no inspection, others bid higher over asking, but did not waive inspection, my nephews was the one that was accepted. He anticipates putting in a new heating system as well after his own inspection, roof within 10 years, but it does have a reasonable amount of 20ac. land

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  10. #2735

    Re: educate me 401-k

    Quote Originally Posted by RandyO View Post
    with people working from home, they are willing to pay metropolitan Boston prices for secluded property in NH/VT
    Don’t put NH and VT as if they are the same.

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  11. #2736
    Fast is contagious JettaJayGLS's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by RandyO View Post
    with people working from home, they are willing to pay metropolitan Boston prices for secluded property in NH/VT
    This is one aspect of it, for sure.
    The other is that the rich are getting richer and the poor are getting poorer. The person who was doing everything they could to save up for a down-payment is now pretty screwed against the person that can pay cash or the person with parents who can pay cash.

    FYI, typical 2-3 bedroom homes in Marin county listed for $1.3-1.5M are selling $3-600k over asking as the norm. At this point list price means diddly squat out here.
    I have friends in the market now...for some reason. Those numbers terrify me. Getting locked into $6-8k a month terrifies me. However....that isn't the norm for most people. There is a lot of family money and over night millionaires that are likely paying cash. The typical, salary collecting human is more or less getting screwed....even if that salary is very, very good.

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  12. #2737
    Lifer gixxer72's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by nhbubba View Post

    I'm thankful that I am close enough to "FU" money that I'm not sweating a crash. If it happens it happens. I think I have enough to weather 6 months of unemployment with minimal set-back. Possibly more.
    Thatís an interesting definition of FU money.

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  13. #2738
    (4) Try not to be a dick. PurplePackage's Avatar
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    Re: educate me 401-k

    The problem is they stopped making land a very long time ago and stealing it from the locals became illegal 200 years ago. Are we still talking about 401k?

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  14. #2739

    Re: educate me 401-k

    Something else to consider depending what kind of crash may happen in real estate and if we use some historical interest rates.
    A house that currently costs $350k and letís say you can get it with 2.5% rate. Your payment would be just under $1400/month.
    A 10% correction would drop that house to $315k. Letís just call it $300k for easier math (almost 15% correction). But letís assume interest rates now become 4.5% (still reasonable). The same payment would be just over $1500/month.

    One of the big changes I guess is that not only the market has been going up for a long time but the % it jumps up are insane.
    We would have to see a correction bigger than has ever happened to go back to a ďcheapĒ market. Shits wild no matter how you think about it.

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  15. #2740
    Lifer gixxer72's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by tsorfas View Post
    Something else to consider depending what kind of crash may happen in real estate and if we use some historical interest rates.
    A house that currently costs $350k and letís say you can get it with 2.5% rate. Your payment would be just under $1400/month.
    A 10% correction would drop that house to $315k. Letís just call it $300k for easier math (almost 15% correction). But letís assume interest rates now become 4.5% (still reasonable). The same payment would be just over $1500/month.

    One of the big changes I guess is that not only the market has been going up for a long time but the % it jumps up are insane.
    We would have to see a correction bigger than has ever happened to go back to a ďcheapĒ market. Shits wild no matter how you think about it.
    Amortize your two examples out to full term and look at the delta in total interest paid. Its substantial. If you really want to get spooky look at something like an 8.5% rate.

    Dealer/Agent ďwhere do need your payment to be?Ē Lol.

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  16. #2741

    Re: educate me 401-k

    Not to derail this thread further but a little bit of devils advocate in regards to all the real estate talk.

    Everybody talks about a bubble and correction... but that's a very one sided way to look at things.

    THIS could actually be the bubble and the correction to the true market value that has been too low and essentially subsidized. With minimum wage going up across the country closer to what it should be if you adjust a set rate to inflation and the pandemic grants giving people some more money who might not have been able to save that up before, more and more people are in a position to buy and now the demand and pricing is where it should have been all along if the wages weren't stagnant.

    I say that from the side that I don't truly believe that this is a "bubble" that will burst, nor that there will be a correction. I'm quite certain that these are new normal prices.

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  17. #2742

    Re: educate me 401-k

    Quote Originally Posted by gixxer72 View Post
    Amortize your two examples out to full term and look at the delta in total interest paid. Its substantial. If you really want to get spooky look at something like an 8.5% rate.

    Dealer/Agent “where do need your payment to be?” Lol.
    Yup. that is another good point. I was going to say, I dont want to imagine rates at 5%+ again, 8.5% sounds terrifying. That being said, I miss going to houses and offering $50k below asking LOL or buying used vehicles in great shape for like $5000, good times.

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  18. #2743
    Lifer gixxer72's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by tsorfas View Post
    Yup. that is another good point. I was going to say, I dont want to imagine rates at 5%+ again, 8.5% sounds terrifying. That being said, I miss going to houses and offering $50k below asking LOL or buying used vehicles in great shape for like $5000, good times.
    I hate not having the low ball option at peak effectiveness!!

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  19. #2744

    Re: educate me 401-k

    I do agree that this is NOT a bubble. I think we will see a stabilization in the near future, houses maybe stay on the market longer start selling 2% below asking. If we see a crash/correction I predict it would be 5-7%.
    That being said, I am young enough and in a position that I sort of hope for a crash that we have never seen before and a long recover (longer than 08).

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  20. #2745
    Angry Gumball RandyO's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by gixxer72 View Post
    Amortize your two examples out to full term and look at the delta in total interest paid. Its substantial. If you really want to get spooky look at something like an 8.5% rate.

    Dealer/Agent “where do need your payment to be?” Lol.
    8.5% spooky, think more 18%-19%, I see it coming, Biden will be a repeat of the Carter Administration, I purchased my house in 1982, prime rates on mortgages were 18-19%, in the rural area I lived, I managed a Farmers Home mortgage @ 14Ĺ% I was happy to refinance 3 years later @ 8.5% into the Reagan Adminstration when interest rates started to come down

    before Carter, morgage rates were 5-8% and savings accounts got 4-5 %, none of this 0.25% bullshit

    hold on to your cheap/nearly free money as long as you can

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    RandyO
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  21. #2746
    Super Moderator TheIglu's Avatar
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    Re: educate me 401-k

    The Biden boogeyman strikes again!

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  22. #2747

    Re: educate me 401-k

    Quote Originally Posted by TheIglu View Post
    The Biden boogeyman strikes again!
    What happened ?

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  23. #2748
    Super Moderator TheIglu's Avatar
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    Re: educate me 401-k

    Randy happened.

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  24. #2749
    Lifer gixxer72's Avatar
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    Re: educate me 401-k

    Anyone capitalize on the Dutch Bros (BROS) IPO today? Awesome gains on a quick in and out, well over 50%!

    Might be one to watch as they expand eastward.

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