Quote:
Originally Posted by Zeros and ones
I can afford a couple of M3s and re-purpose that money to Mortgage, that brings that total to $1387. ...But if you are as money savvy as you say you are, wouldn't it be better to buy a house that is even $600,000 and than rent it out to three attractive women?
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You can't buy a house in a major coastal city in the USA for 600K that is worth living in. 600K will buy you a seriously run down condo that needs work in LA or NYC. In DC you can buy a rowhome for 600K but at night the transitional neighborhood you've moved in turns into the Wire past 10PM. You have to move into the suburbs to make 600K workable, and IMO no reason to move to the country till you want a wife and land.
As I said, I live (rent) in a $3.5mm house which is walking distance to everything yet pay 1/10th of what the mortgage cost would be. To me renting makes much better financial sense than buying vis a vis my location. I would never spend more than 1mm on a house; I would much rather have a nice sailing yacht or multiple properties in the future.
I know a lot of people who immediately started saving and then bought homes out of college. Most of them live in shitty houses that they call "starter homes." In addition to living in the middle of nowhere, they pour tons of money into fixing up their homes and fixing all the crap that breaks. In the end they are still living in 1950s style tract homes that look like dumps. I have never and still do not see the point in buying a home till one is thoroughly financially established; especially when rent is so much cheaper than buying in places worth living for young people in the USA.
Quote:
Originally Posted by grimlock
What does anyone need 3 M3s for?
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I don't think anyone needs even one M3.
But:
2002 Coupe for HPDEs/shitty weather
2006 Vert for sunny days/weekend excursions/dating
2013 Coupe daily driver