(06-26-2019, 09:00 AM).RJ Wrote: If you buy a house you're not tethered to it, you can always rent it out, so its up to you if thats a commitment that you want to make in your 20's. 

(06-26-2019, 09:50 AM)JPolen01 Wrote:

(06-26-2019, 09:00 AM).RJ Wrote: If you buy a house you're not tethered to it, you can always rent it out, so its up to you if thats a commitment that you want to make in your 20's. 

Not a good idea for a first time home buyer IMO. Especially if you end up moving out of state. Who is going to manage the property? What happens when the fridge goes tits up in the middle of the night? Any profit you make on rent is going to the property manager. Not worth the hassle. 

I am also in the camp of keeping the Jeep. I assume the new long block is going to come with some kind of warranty on the parts and labor. You won't find another vehicle for $15k that is 'nearly' new as Jake said.

(06-26-2019, 09:50 AM)JPolen01 Wrote:

(06-26-2019, 09:00 AM).RJ Wrote: If you buy a house you're not tethered to it, you can always rent it out, so its up to you if thats a commitment that you want to make in your 20's. 

I am also in the camp of keeping the Jeep. I assume the new long block is going to come with some kind of warranty on the parts and labor. You won't find another vehicle for $15k that is 'nearly' new as Jake said.

(06-26-2019, 10:35 AM)D_Eclipse9916 Wrote:

(06-26-2019, 09:50 AM)JPolen01 Wrote:

(06-26-2019, 09:00 AM).RJ Wrote: If you buy a house you're not tethered to it, you can always rent it out, so its up to you if thats a commitment that you want to make in your 20's. 

I am also in the camp of keeping the Jeep. I assume the new long block is going to come with some kind of warranty on the parts and labor. You won't find another vehicle for $15k that is 'nearly' new as Jake said.

Is it just me or I think that he is saying he has a $15k loan, not that the Jeep is worth $15k.

(06-25-2019, 03:10 PM).RJ Wrote: If you flip it and sell it (or trade it in) now you'll probably take a big hit, losing sales tax/reg/etc fees at minimum.  Have to decide if its worth it to you.

As far as buying property, there are lots of first time buyer programs that get you into a house for 3% down so you dont need huge cash reserves.

(06-25-2019, 03:18 PM)Apoc Wrote:

(05-22-2019, 02:07 PM)Apoc Wrote:

(05-22-2019, 02:05 PM)Senor_Taylor Wrote: Lemon law requires multiple visits for the same issue, correct? Unless there's some part that applies to buying a used car that immediately blows up. I'm pretty sure used cars are always "as-is"

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A car can also be considered a lemon if it's out of service X days within Y timeframe of purchase.

Lemon laws can apply to used cars if there is a written warranty included with purchase... which there is in this case.

edit: Looks like Iowa's out of service condition is 30 days.

(06-25-2019, 03:35 PM)JPolen01 Wrote: Do not buy a house right out of school. Renting can seem like throwing money away, but it gives you the ability to drop everything and move somewhere else if you want to. We rented for about a year and then bought our house. Every once in a while both me and the wife kick ourselves for buying so quickly. The equity we have built is great, but we could have lived in a few places before settling down somewhere permanent.

Per the lemon law, the situation seems to have worked out better than any lemon law outcome would. Lemon law cases take a lot of time and they are not obligated to buy the car back. Most of the time companies settle out of court and send you a check leaving you with the car.

My father in law just settled with Volvo for 11 thousand fucking dollars because his XC90 has gone through 3 sets of rotors in 3 years, numerous wiper blade arms (how does this even break?) and some issues with the radar system. It took over a month for this and they still have the car. In his case all the rotors have been covered under warranty and the warranty still stands so it worked out for the better.

(06-25-2019, 03:47 PM)Deceus Wrote: Something I rarely see mentioned regarding buying property: you're still potentially throwing away an assload of money. I think of the $1800 I spend on my house a month, ~$425 goes to principal. When I first decided to buy, I imagined that number would be a lot higher. Interest is a bulk of the difference, then there's insurance and taxes to factor in.  The bank just takes your money instead of a landlord or apartment complex.

Also my water bill is absurd at $120+ for less than 3,000 gallons so that's money I'm pissing away every single month along with my HOA fees. Not to mention repairs. If you think the Jeep was rough, look up the cost to replace a roof.

My advice: focusing on your career is best thing for ROI in your 20s. The only way to get a decent raise these days is to move jobs. That's a lot easier without a mortgage anchoring you down.

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(06-26-2019, 11:39 AM)GTBrandon Wrote:

(06-25-2019, 03:35 PM)JPolen01 Wrote: Do not buy a house right out of school. Renting can seem like throwing money away, but it gives you the ability to drop everything and move somewhere else if you want to. We rented for about a year and then bought our house. Every once in a while both me and the wife kick ourselves for buying so quickly. The equity we have built is great, but we could have lived in a few places before settling down somewhere permanent.

Per the lemon law, the situation seems to have worked out better than any lemon law outcome would. Lemon law cases take a lot of time and they are not obligated to buy the car back. Most of the time companies settle out of court and send you a check leaving you with the car.

My father in law just settled with Volvo for 11 thousand fucking dollars because his XC90 has gone through 3 sets of rotors in 3 years, numerous wiper blade arms (how does this even break?) and some issues with the radar system. It took over a month for this and they still have the car. In his case all the rotors have been covered under warranty and the warranty still stands so it worked out for the better.

I guess my thought is that this property will be my "home base", but I also will have the ability to travel with the advent of RedDoor or AirBNB to rent out the property while I'm traveling either long term or short term. 

Also, if that's the case with the lemon law where he got a check and a to keep the car, that sounds um...amazing?

(06-26-2019, 08:34 AM)Jake Wrote: I'm with everyone else who says to NOT buy a house. You are young both in age and career, you want the flexibility to move around with ease. If you buy a home and don't stay in it for 5ish years, you'll be likely to lose your ass on it when you sell.

As far as the Jeep. You have a brand new longblock going in and the loan is only $15k? What else can you buy for $15k that will have a zero-miles engine and be a nice place to spend time? UConnect has proven reliable (check to see if yours needs a software update, yes that is a thing now) and the transmission is just a ZF box like everything else these days.

I spent my first few years out of college driving beaters that didn't have AC or heat and occasionally provided concern that I wouldn't get to work that day. Buying my Focus ST was a bit of a stretch but the benefits were worth it. You are in a pretty good spot right now and if you can afford the monthly payment, I think it's best to keep the Grand Cherokee for a bit and have newish reliableish transportation to get to your new job and out for fun on the weekends. The allure of a cheap beater-y car goes away when you can't network, see friends, or travel because you have to work on your daily.

Granted, I graduated college and drove a $2,000 535i with no heat so you could totally go down that route if you want.

(06-26-2019, 09:48 AM)D_Eclipse9916 Wrote:

(06-26-2019, 09:00 AM).RJ Wrote:

(06-26-2019, 08:34 AM)Jake Wrote: Granted, I graduated college and drove a $2,000 535i with no heat so you could totally go down that route if you want.

And now you have an X5 with... limp mode?  Look how far you've come 

If you buy a house you're not tethered to it, you can always rent it out, so its up to you if thats a commitment that you want to make in your 20's.  I might argue that any extra income is probably better served in aggressive index funds, though, for future value/retirement.  I wish I'd bought a house earlier than in my 30's, FWIW.

With the change in tax law; its also made renting out your primary home (that you are still living in) less of an investment as well.  If this was 2009/10/11 when housing prices were depressed; I would say it was worth it.  We may not be at peak, but we are certainly not at the bottom.  It's not worth the risk.  You can't hang onto a car more than 2 years and you want a house? 

So is the Jeep registered or under Temp plates?  If it's not registered/titled; I think you can get away with not paying that sales tax (due at titling) if you dump it now.  Of course; if they already signed the title its a lot trickier.  I wouldn't keep the car; but that's me.

(06-26-2019, 11:44 AM)GTBrandon Wrote:

(06-25-2019, 03:47 PM)Deceus Wrote: Something I rarely see mentioned regarding buying property: you're still potentially throwing away an assload of money. I think of the $1800 I spend on my house a month, ~$425 goes to principal. When I first decided to buy, I imagined that number would be a lot higher. Interest is a bulk of the difference, then there's insurance and taxes to factor in.  The bank just takes your money instead of a landlord or apartment complex.

Also my water bill is absurd at $120+ for less than 3,000 gallons so that's money I'm pissing away every single month along with my HOA fees. Not to mention repairs. If you think the Jeep was rough, look up the cost to replace a roof.

My advice: focusing on your career is best thing for ROI in your 20s. The only way to get a decent raise these days is to move jobs. That's a lot easier without a mortgage anchoring you down.

Sent from my XT1635-01 using Tapatalk

I guess I just see the rent that some people pay as absurd when a mortgage could cost less. Also, those bills like water, electric, etc. all still have to be paid when you're renting. The only advantage I see to renting would be avoiding the liability of repairs for water heater, appliances, roof, etc.. 

But you make a good point, being flexible with moving around in order to advance my career is probably the best thing for ROI in my early 20's. I guess I just have to see the feasibility of owning property while also renting it out if I need to move. This is my overall goal, not to be in that same house/condo for 10+ years. My thought process was to buy property now, starting paying off the principle, then in a few years, I can move somewhere while now renting out that property to supplement the mortgage and repairs; all while the value of the housing market hopefully rises due to the area.

(06-26-2019, 11:35 AM)GTBrandon Wrote:

(06-25-2019, 03:10 PM).RJ Wrote: If you flip it and sell it (or trade it in) now you'll probably take a big hit, losing sales tax/reg/etc fees at minimum.  Have to decide if its worth it to you.

As far as buying property, there are lots of first time buyer programs that get you into a house for 3% down so you dont need huge cash reserves.

Like mentioned above, I still have not paid taxes on this vehicle, leading me to believe I could sell it before ever paying said taxes. Also I have to call DMV to confirm, but if I pay taxes and then say sell the car one month later then I think I get refunded for the 11months of time that I paid for but didn't actually own the vehicle.