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So what do you guys think?
It's a nice shade of red. Has a salvage title, 2.0 S motor, has a dead spot between 3-4k, oil leaks between the heads and cylinders (head studs???). I'm going to see if I can take a look at it this weekend with Aaron.

That car, or the options above?

All that 'glass go fast stuff and a wheezing 2.0S? Hmmm I'd say pass on it unless you have a 3.0 hanging around to swap in...

My best,
Mike D.

Salvage title, obscenely wide body, 2.0 motor?? Run away, run away.

Looks like it burns a bit of oil from the exaust pic.

SBC conversion material?

The longer you wait to buy a house the more they cost.
Joe

QUOTE (Joe Sharp @ Apr 5 2005, 08:03 AM)

The longer you wait to buy a house the more they cost. Joe

Joe is right...
Buy a house NOW!
I don't know what houses run in Riverside, but if you have good credit, you should be able to get in a house for what it would cost to buy that car... IF you have a mortgage person who knows how to structure transactions... and IF your not talking about jumbo loans...

Thom

Look to the future, not the moment. By a house now!! In a few years you will have some equity in the home and be able to buy what ever car you want.

I knew my response before I read the others. Do whatever you can to buy a house first. I am assuming that you don't own any property. If you can get into a condo/townhouse earlier than 2 years, do it. You will not regret it.

I bought my first house when I was 19 and lost each one for variuos reasons. My wife and I are on our 3rd house now. had I not F'd around buying and selling cars so much, I could've owned all 3 houses outright and been collecting rent and not have a job ect.

Buy a house man, stretch to get one until it hurts.

QUOTE (Root_Werks @ Apr 5 2005, 07:44 AM)

I could've owned all 3 houses outright and been collecting rent and not have a job ect. Buy a house man, stretch to get one until it hurts.

And if you are thinking rentals....I will never own another unless I live next door....mfers.

Old adage: Never wait to buy real estate. Buy real estate and wait.

I hear you guys

Problem I have is I don't qualify for anything -- not even 180k for a condo/townhome. To top it off, I can't afford a $1k/month mortgage even.

QUOTE (Brando @ Apr 5 2005, 08:47 AM)

...not even 180k for a condo/townhome.

Unbelievable. Only in CA....

If you're GF has a real job, talk her into buying it with you.....

QUOTE

So what do you guys think? It's a nice shade of red. Has a salvage title, 2.0 S motor, has a dead spot between 3-4k, oil leaks between the heads and cylinders (head studs???). I'm going to see if I can take a look at it this weekend with Aaron. That car, or the options above?

Wait a minute, the car is 2500? I'd buy the car, sell the 2.0 broken head studs and Solex carbs for 1-2 grand, toss on another 1-3grand for a nice 3.0. And have a widebody for a total of 6 grand?

And I'd buy the house. I'm in the process of buying a house, and I did have the option of doing it no money down.

QUOTE (Brando @ Apr 5 2005, 07:47 AM)

I hear you guys Problem I have is I don't qualify for anything -- not even 180k for a condo/townhome. To top it off, I can't afford a $1k/month mortgage even.

Thats insane.

The GF and i are looking just in the 120-130 range, and I've refused to look at any houses under 2Ksqf, that don't have a 2 car garage, and we have a list of over 35 houses we are going through.

180 here is a nice-to-modest house... only condos or townhomes in that price range is in the trendy parts of downtown...

a buddy just bought a 3 BR 2 Bath w/ 2 car garage with a .25 acre back yard for under 100k, it only takes him 10 minutes more than me to get to work, and I am CLOSE(<5 miles) to work(we work in the same place) and he's about 20 miles away...

In my neighborhood a 35 year old 1200 square foot home with termites will sell in less than 3 weeks for over $750k.

Where the heck am I supposed to buy property? <- that is the question.

Brandon: Lie, cheat, steal do what ever it takes to get in the door. I'm going to have a very nice retirement because I can sell and go to somewhere people go to vacation, and live like a king. DO IT NOW.......
Joe

Try 700k for a 2 bedroom 1 bath structurally fucked house in the 'burbs. I love so cal


Brando, with your 914 knowledge you could probably get a roller, transfer stuff over (running engine) and keep it on a budget and not mess with a six. They're expensive and not meant for 20 year old "kids". Im happy with a four to get me around.

This is an interesting blog. It applies mostly to NoCal, but there are some areas where the logic applies to SoCal as well.

HousingMarket

It's fairly well documented and current, but it is one persons opinions.

Basically, as interest rates creep up, a lot of California home buyers will be SOL. As their ARMs increase, the value of the property will go down. They will be upside-down and there will be foreclosures. How soon is anyones guess, but a lot of people are looking short right now. Just my 2 cents.

Housing in Riverside is cheaper than Orange County and San Bernardino.

Homes here (2-3k sqare feet) sell in my area between $300k and $425k. My boss just bought a 4bed, 3 bath with a separate 2 car garage for $425k.

I've talked to lenders and the only option i have is FHA loans (if i qualify)... Then I'm still stuck with an interest-only loan for like 15-20 years, need 5% down (silent second?). But the main problem is... I can't qualify for jack shit

These lenders are getting in their requirements for buyers. Someone else told me they base it primarily on their ability to re-sale your mortgage, but there's so much involved I'm going insane just trying to qualify.

Girlfriend makes a few thousand less a year than I do, plus, I don't want to be stuck in a house with her if things ever go sour in the future.

What other options are there in buying a home?

BTW, thanks for the votes guys. I think I've decided what I will do. that 912 isn't going to be added to the collection (guy wants $5000 or an offer).

I'm hesitant to buy right now. Interest rates are going up, mortgage rates are starting to go up. Just read an article today that for a mortgage on a 250k house, the recent increase (on an ARM) is something like $300 a month. A lot of people are/were on the edge already or buying with interest only loans. The market has slowed down a LOT recently and its possible that there will be a small dip in prices. The fact that housing prices went up 30% in a year in many areas is unrealistic. There will be a correction to the recent years' skyrocketing housing prices. Question is, do you want to get stuck in a house that you can barely afford now, have rates go up, not be able to afford it, and maybe want to get out, but not be able to? I personally think this is a risky time to buy. The correction has already started, my guess is it will continue. But like any investment its a bit of a gamble.

-Tony (also a non-homeowner)

Brando, I don't have an answer on the home buying. I live in Riverside. If I wanted to move I would get 200000.00 pofit out of my house. But where would I move? the same house would cost me 500000.00 or more. I don't know how any one can afford to buy a house in So Cal. Maybe look at the High Desert, Hemet or Banning. Just some Ideas. Good luck Mark.

A neighbor bought a house in old town Riverside several years ago.......when no one wanted them. Over the couse of the 6 years he lived there, the neighborhood became a "historic neighborhood." He doubled his money, and moved back to Santa Clarita.

Wife sells real estate. It is inconceivable to me what people are doing to over extend themselves just to "get in." I'm not sure what the answer is. The affordability index is the lowest it's been since '89, and Cali's know what happened then.

Andy

I'm going to throw half in a savings account, the other half will go towards cars.

QUOTE

-Get the bodywork done, new windshield and paint it.

So as far as the Pole goes is this the one that fits your decision best ?

QUOTE (sixnotfour @ Apr 6 2005, 10:10 AM)

QUOTE -Get the bodywork done, new windshield and paint it. So as far as the Pole goes is this the one that fits your decision best ?

nope. he needs a driver while the motor is getting built.....

QUOTE (Brando @ Apr 5 2005, 08:55 PM)

I'm going to throw half in a savings account, the other half will go towards cars.

good choice!!

Heh heh... i need a new engine, BAD.