Looking for advice from prime

[xtter]

Ok, I have been wrecking my brain over this for the last few days. So I thought maybe some of you may have gone through this situation already. Here's the deal; there is a property I have been looking at for a while in a area that I would much rather be in. With the housing market down the way it is right now I can buy at a pretty good price. The downside of that is it will most likely take a while to move my house that I own now. That means carrying two mortgages for a while which is a bit expensive. I think you know where I am going with this.....I just purchased my NSX in beginning of summer after wanting one forever, plus dropped quite a bit of money in it to have everything the way I wanted it. So, for those of you who have had to do something like this, did you totally regret it later? I have asked other people outside of Prime, but if you don't own/want a NSX it would be a easier question to answer. thanks

http://i76.photobucket.com/albums/j7/shaenicely/nsx029.jpg

 

[ChopsJazz]

Re: Looking for advice from prime ...........

First, I hope you have been "racking you brain", and not wrecking. The idiom is "rack one's brains". The root meaning of rack is to stretch, hence to torture by stretching. A wrecked brain would be bad.

Next, I am in favor of doing all you can to make the house purchase work for you. The house is a better investment, by far, than the NSX. And when you have adequate equity in the house, you can revisit the idea of owning the NSX again.

My 2 cents.

 

[xtter]

Re: Looking for advice from prime ...........

hahaha... "wrecking my brain" is when you're REALLY thinking hard.:wink:

 

[Wick]

Re: Looking for advice from prime ...........

First, Keep the NSX.

Second, never carry two 1st mortgages (unless one is a vacation home, and you can afford it).

Third, put in a contigency offer on the property you now covet, and put your house on the market. Maybe you'll get lucky and sell it before the other one gets a non-contigent offer from someone else (at that time, you will be given the opportunity to remove the contingency or drop your off all together)

Fourth, the housing market is heading South... perhaps sitting tight and being patient would be the best approach. Or, you may want to try to sell your first and then go find something you like better.

Either way, I 'd try to hang on to the NSX...at least for now.

 

[xtter]

Re: Looking for advice from prime ...........

^ I already have the vacation home mortgage too. So actually 3 mortgages. thanks for the advice though. Some valid points.

 

[BioBanker]

Re: Looking for advice from prime ...........

If you believe that the housing market will continue to see pressure, or if you believe that pressure could continue, I would be trying to figure out if now is the time to increase your overall exposure or not.

You could hit them with stink bids or you could do what Wick said, make the offer conditional. I would do everything I could to minimize my risk under a similar situation, no matter how amazing the place is.

 

[steveny]

Re: Looking for advice from prime ...........

I am a huge fan of smaller house more nice cars. :biggrin: I spend a lot of money on nice cars because they make me happy. A house any bigger than the one I currently have(~4000sqft) would not make me as happy as high HP cars do.
If I were in your shoes I would stay put buy a rental house that makes the payment on a nice NSX. When all is said and done you have the NSX and additional income property that pays for itself.