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Some of you on here act like your way is the only way. If you like to pay cash for everything, great.
Many of us don't and are happy doing it our way.
But to infer that people who finance things aren't financially smart is ignorant in it's own right!
There's more than one way to live a happy and fun life. After all, we only get to ride this roller coaster once.
The Shop
DeCal Works Huge Plastic Inventory of UFO and Polisport kits.
Luxon 4-Post Bar Mounts
$189.95 - $239.95
Your new bike is going to be a "used bike" the moment you leave the show room so let someone else take that hit. Maybe it will have some cool mods too.
The only thing you should have financed is your house. Believe it or not, I am in the financial industry and I am telling you to not finance. Life changes in seconds, not years.
I think owning a dealership is much harder than people think. We are a bunch of tightwads.
People should do what makes them happy.
If they're doing ok financially and can afford a payment for something they would like to enjoy, buy it for gods sake.
You're right, life can change in a hurry. But that cuts both ways.
My mom enjoyed life but also saved well for her retirement. Problem is she got a rare form of cancer and died at 60. Never made it there.
Life's short, and I plan to live it to the fullest, but also be smart about it.
And btw you're right, being a motorcycle dealer ain't easy. My family has been a multi line dealer since 1974.
But at the same time it can be rewarding and fun.
If you want to feel pain, there isn't many greater than being upside down with monthly payments to make on your non-functional toy that now requires thousands in repairs.
If you can't afford to both buy and repair it - you can't afford it. You should only consider using leverage once you meet that threshold and can get favorable terms.
If my motor blows up i can afford to fix it. If I really needed to I could also pay the bike off. Your point isn't very clear
With 10% down so 30k. Mortgage alone will be around 1500 give or take a bit depending on interest rate.
Tax on a 300k house will be around 8-10k if you want to live in a decent town.
Add $250ish for insurance.
Right there we are at about $2600. We also have expensive oil (heat the house) and costly electricity.
Factor 200-300 for electricity. and 200ish for oil/gas to heat the house. way higher in the winter but less in the summer. Most towns also get a quarterly water and sewer bill but lets not add that.
Realistically We would be in the Low 3k range per month to live in said home. Lets shoot in the middle of 50-100k.
75k a year take home after 401k and medical is around 3700/ month. Trust me ive mad this amount before and the take home is accurate. This would leave about $500-700$ per month extra money. With that extra $700 you need to pay for your cars and utilities like cable and internet.
You literally could not afford that house making 75k a year. Even if you made 100k it would be a tight struggle.
Pit Row
Mortgage Rates are crazy low right now...no reason you should be paying above 3.375% or 3.5% (unless your credit sucks).
P&I payment at 3.5% is $1212
$10K/year in taxes: $833/month (that house here in Utah would cost you $125/month in property taxes)
Homeowners insurance: $60/month tops (unless you are paying earth quake/flood insurance...then maybe $120/month)....(out here on that home you'd probably be $40/month for great coverage, excluding earthquake and flood)
Mortgage Insurance: $67.50
TOTAL PAYMENT: $2172
Insurance can fluctuate depending on a lot of factors but in CT $200 is around the norm. Give or take 50 bucks.
If you do an FHA loan and have mortgage insurance plan on another 150-250 a month.
I can promise you my numbers are accurate for CT. We have been house shopping for around a year and are looking into the 250-300 range. My girlfriend makes decent money so its affordable.
If you don't believe me google the CT averages.
As for averages...the averages are for the average borrower...if you've got good credit you will be below the average...if you have bad credit you would be above it. I just looked online...no reason you can't find a 3.5% rate in CT. (Hopefully you aren't working with a big bank or credit union? If you are, that's why your rates are so high).
Anyway...do you're thing...but you may want to shop around a bit more if those are the numbers you are quoted.
(I've been in the mortgage loan officer for 17 years...)
We were pre approved under 3.8 no problem. We are working with a broker who is well known in CT who shops our loan through multiple lenders including credit unions.
I'm not here to argue but the guy who said 1700/ month for a 300k house wasn't even close to an accurate number for CT
$2500-3000 is an accurate number.
And the only numbers that should be off on my numbers was the homeowners insurance...and if you put $200/month for homeowners insurance, you'd be closer for $2300/month ($1212 P&I, $833 taxes, $200 Homeowners Insurance, $70 Mortgage Insurance).
Mathematically, the only way you are close to $3K/month for a $300K home with 10% down is if the interest rate is like 7.5% (for a $1900/month P&I Payment. Then $833 for taxes, $200 for Homeowners Insurance and $70 for mortgage insurance).
Unless you are looking at properties with HOA's? But even then...a $700/month for an HOA is steep!
Anyway...I don't want to argue either...but your numbers just don't add up is all...
$1300/ mortgage
$900 taxes
$200 insurance
$70 mortgage insurance.
$2470 right there. I said $2500-3000. How don't my numbers add up? Keep in mind like I said, also quarterly water, sewer and garbage. Add another $100 dollars a month for that.
Look at my previous post I added basic utilities to my figure. Cant not have electricity and heat(oil/gas). Add another 300-500 per month for those utilities.
To sustain living in a 300k home. Like I said 2500 to 3k per month.
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