Goodbye Land Cruiser fund -- again.

"Dr. Zoidberg - RIP Oppo" (thetomselleck) 11/08/2019 at 20:31 • Filed to: financialopnik

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After a several-month process, I’ve officially refinanced my home loan. It will pay for itself very quickly.

It was somehow an incredibly difficult decision to make. Are we gonna live here as long as we think, would we rather have the cash in hand and fix something, do we invest in some other thing, when do we do it, should we do it at all, why are we doing it... You know. The adult stuff!

I feel like I did the responsible thing.

Forbidden fruit for Americans

I could have bought most of a nice high-mileage 1 00-series Land Cruiser that we all know I wasn’t going to buy anyway.

I’m also weighing whether or not to focus on obliterating our student loans soon... 2020 is going to be a boring, responsible year.

Tristan > Dr. Zoidberg - RIP Oppo 11/08/2019 at 20:34

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My Mrs. and I obliterated our student loans a few years back. 11/10 would recommend.

CB > Dr. Zoidberg - RIP Oppo 11/08/2019 at 20:36

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Boring but responsible is unfortunately the best decision to make. You’re doing the right thing. I think.

I all of a sudden have a steady cash flow, and while I want to blow it all, I should really save it and pay off my car, start saving for a house when I leave this desolate wasteland, et cetera.

Dr. Zoidberg - RIP Oppo > Tristan 11/08/2019 at 20:45

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But muh savings T_T

CarsofFortLangley - Oppo Forever > Dr. Zoidberg - RIP Oppo 11/08/2019 at 20:50

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Good for you man.

We’re at a similar junction. There is a place we love that is... expensive. I feel like if we buy in that area , we’ll be housepoor but happy. If we don’t, we will be better off financially..but will we regret it?

SilentButNotReallyDeadly...killed by G/O Media > Dr. Zoidberg - RIP Oppo 11/08/2019 at 20:51

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Saving money is easier when you aren't paying anyone interest. And since saving money at the moment doesn't get you any interest...pay off the loans

Dr. Zoidberg - RIP Oppo > CarsofFortLangley - Oppo Forever 11/08/2019 at 20:52

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oooooooh now that I have your email, I can assault you with my... SAAAAAAAAGE wisdom because we were in exactly the same crossroads two years ago!

CarsofFortLangley - Oppo Forever > Dr. Zoidberg - RIP Oppo 11/08/2019 at 20:54

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Ha! wisdom would be great. I deep down know the answer (buy it) but fear what that means for me.

Increased stress around money, no truck insurance, no fiesta insurance are all possibilities.

LimitedTimeOnly @ opposite-lock.com > CB 11/08/2019 at 20:55

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But *whispers* neeeeew caaaaaaar.

CB > LimitedTimeOnly @ opposite-lock.com 11/08/2019 at 20:57

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!!! UNKNOWN CONTENT TYPE !!!

facw > Dr. Zoidberg - RIP Oppo 11/08/2019 at 20:58

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I mean if your loans are low interest, you could invest that money instead and hope to make back more on your investment than you are paying out in interest . But Land Cruisers are probably not great investments (granted you could do far worse, but more traditional investments would likely be more profitable)

Dr. Zoidberg - RIP Oppo > CarsofFortLangley - Oppo Forever 11/08/2019 at 20:59

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Say you stay where you are and save more money. Three years pass. Now what? What does that money do? Have prices left you with no higher purchasing power than three years ago? How happy are you where you are at now? Would a nicer home/neighborhood potentially improve other aspects of life that go beyond the value of a dollar? What if you want to start a family?

Nooooooo pressure.

CarsofFortLangley - Oppo Forever > Dr. Zoidberg - RIP Oppo 11/08/2019 at 21:03

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Ugh, I know. Also, there is the threat of a $10K special assessment in the future.  I already paid $20K a couple years ago and that nearly killed me.

Dr. Zoidberg - RIP Oppo > CarsofFortLangley - Oppo Forever 11/08/2019 at 21:05

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What in the name of Kanucks is a special assessment?!

CarsofFortLangley - Oppo Forever > Dr. Zoidberg - RIP Oppo 11/08/2019 at 21:08

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Like, condo association charges. For repairs to the strata (HOA) property.

We did balconies this past year ($20K per unit x 80 units) and then its replacing our water pipes.

:(

Eric @ opposite-lock.com > Dr. Zoidberg - RIP Oppo 11/08/2019 at 21:10

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HOA thing. It’s for capital expenditures when the funds collected by the HOA are insufficient for some major expense and they didn’t plan for it. A well-run HOA (hint: most are garbage) will have budgeted for it over an extended period. I’ve only lived in one condo with a well-run HOA that has never made a special assessment, but it was run by bunch of retirees that all owned/managed/maintained houses before moving there.

Dr. Zoidberg - RIP Oppo > CarsofFortLangley - Oppo Forever 11/08/2019 at 21:10

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10k in one calendar year!??! That’s an absolute crime.

Dr. Zoidberg - RIP Oppo > Eric @ opposite-lock.com 11/08/2019 at 21:11

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So at any time, potentially, someone could knocking on your door with a collection plate for major expenses that the HOA managed to not correctly plan for with their existing funds?!

Neat.

smobgirl > Dr. Zoidberg - RIP Oppo 11/08/2019 at 21:12

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I went to try and refinance the other day. Despite the fact that I would be paying less per month than I currently do, it’s apparently too risky for someone without a paycheck.

I spent the afternoon crying and eating cookies because I’m apparently a loser who can’t adult. 

Dr. Zoidberg - RIP Oppo > smobgirl 11/08/2019 at 21:13

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:(

Well I don’t think you’re a loser!

... I’m sorry, but I can’t do loans stuff to offer you

BrianGriffin thinks “reliable” is just a state of mind > CarsofFortLangley - Oppo Forever 11/08/2019 at 21:14

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I was just looking at condos in Waikiki today as a lark.  For $250k you can get a 2 bedroom and now I’m reevaluating my previous life choices and what “happy” means.

CarsofFortLangley - Oppo Forever > Dr. Zoidberg - RIP Oppo 11/08/2019 at 21:16

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Fun right? Mmmmm home ownership

Dr. Zoidberg - RIP Oppo > CarsofFortLangley - Oppo Forever 11/08/2019 at 21:17

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[basks in non-HOA lyfe]

CarsofFortLangley - Oppo Forever > Dr. Zoidberg - RIP Oppo 11/08/2019 at 21:18

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I'd literally need a million dollar mortgage

smobgirl > Dr. Zoidberg - RIP Oppo 11/08/2019 at 21:19

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Hah. It’s fine, I halfway expected it, but I happened to get a loan consultant who was an absolute jerk so now I’m looking for a new bank instead. Screw them and their high-falutin expectations.

AestheticsInMotion > Dr. Zoidberg - RIP Oppo 11/08/2019 at 21:21

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Ooof. This blog needs an injection of bad ideas and questionable decisions asap

CB > CarsofFortLangley - Oppo Forever 11/08/2019 at 21:24

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Unless you move east.

But not Toronto east. You know, east  east.

CarsofFortLangley - Oppo Forever > CB 11/08/2019 at 21:26

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Halifax is my dream. But #reallifefacts mean no

CB > CarsofFortLangley - Oppo Forever 11/08/2019 at 21:28

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Real life sucks sometimes.

CarsofFortLangley - Oppo Forever > CB 11/08/2019 at 21:37

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Yep. Although, I know my current situation is pretty good compared to lots of people in society , so saying it “sucks” is probably not a good thing to say.

I admire that you left Toronto (although, I realize your employer had a lot to do with that).

Grindintosecond > Dr. Zoidberg - RIP Oppo 11/08/2019 at 21:38

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2020 is going to be that, plus economically uncertain. shore up yourself now.

CB > CarsofFortLangley - Oppo Forever 11/08/2019 at 21:39

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Still, nothing wrong with being unhappy and wanting to improve/change your situation.

I mean, I left for love first, and work just kept me out here. 

Grindintosecond > smobgirl 11/08/2019 at 21:39

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find a nice credit union that keeps their home loans....works for me up north with Elevations.

MrDakka > BrianGriffin thinks “reliable” is just a state of mind 11/08/2019 at 21:44

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* Cries in LA condo prices*

Eric @ opposite-lock.com > Dr. Zoidberg - RIP Oppo 11/08/2019 at 21:45

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Yeah. It’s not unlike being an SFH owner and having a big unexpected expense, though. Like a roof that you didn’t realize needed replacement starts leaking and you have to replace it immediately, or like a water heater or HVAC equipment going unexpectedly, except it tends to be bigger numbers.

RallyDarkstrike - Fan of 2-cyl FIATs, Eastern Bloc & Kei cars > Dr. Zoidberg - RIP Oppo 11/08/2019 at 21:48

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I’ve managed to get my student loans paid off already....thank God, and kudos to mom for letting my brother and I still live at home for the time being. Sucks considering I’m in my early 30's and would love to be out on my own, but it is letting me save up a lot of money towards a house quite quickly...

MrDakka > smobgirl 11/08/2019 at 21:53

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Cookie eaters are risks financial institutions just cannot take.

Exhibit A:

MrDakka > Dr. Zoidberg - RIP Oppo 11/08/2019 at 21:55

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Incorrect, this is the real forbidden fruit

Future Heap Owner > smobgirl 11/08/2019 at 21:58

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If there’s enough dumb money floating around looking for something to do that stuff like WeWork gets billions poured into it... why is capita l access for normal people so tough?

I bet you’ll find somebody willing to work with you.

BrianGriffin thinks “reliable” is just a state of mind > MrDakka 11/08/2019 at 22:00

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A coworker’s dad was getting into his 70s and sold his just-outside-of-LA ranch in 2010 (!) for like 350k (! !). I can’t fathom what it would be worth now, had he waited.

The Crazy Kanuck; RIP Oppositelock > CB 11/08/2019 at 22:05

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Toyota Tacoma

MrDakka > BrianGriffin thinks “reliable” is just a state of mind 11/08/2019 at 22:16

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Pr obably a million. 

lone_liberal > Dr. Zoidberg - RIP Oppo 11/08/2019 at 22:19

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We’re refinancing too, but because it’s a VA loan there is a streamlined refi that has very little out of pocket which made the decision a lot easier. Saving a few hundred bucks a month will be nice.

Chariotoflove > Eric @ opposite-lock.com 11/08/2019 at 22:34

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Ours has never had a special assessment because it would take a two thirds majority vote and that would never pass in our neighborhood. We can’t get that many people to agree on anything. 

smobgirl > Future Heap Owner 11/08/2019 at 23:05

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I appreciate the support!

Yeah, people will loan 18-year-olds hundreds of thousands for education but I can’t refi a house that’s worth a couple hundred thousand more than I owe. Their loss. 

Highlander-Datsuns are Forever > Dr. Zoidberg - RIP Oppo 11/08/2019 at 23:20

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I plan on dying broke and enjoying every minute until then.

CACressida > Dr. Zoidberg - RIP Oppo 11/09/2019 at 00:32

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I wanted to build a bad ass 2007 100 series but they're rare and expensive so I settled for the lesser Cruise. I'll always want a last series 100 but I'm very satisfied with my mountain goat.