puddonhead
06-05 04:42 PM
>> But going with the spirit of my original post, in the long run, the equity you build (15K/yr) will far out weigh the yearly savings you get by renting.
You are right in 90% of cases - where people will otherwise spend the money and not save it.
If you have a mortgage - you are "forced" to save because the monthly amortization automatically builds equity. If you are renting - you are not "forced" to save that amount - and hence would probably be spent (in my case) in a gaming machine with I7 processor (which has NO long term value).
However, in the hypothetical 10% scenario (in case of immigrants, specially Indians, my gut feel is that it is significantly more than 10%) - where the amount is saved in some sort of investment vehicle instead of being frittered away - you would come out ahead in the long term.
You are right in 90% of cases - where people will otherwise spend the money and not save it.
If you have a mortgage - you are "forced" to save because the monthly amortization automatically builds equity. If you are renting - you are not "forced" to save that amount - and hence would probably be spent (in my case) in a gaming machine with I7 processor (which has NO long term value).
However, in the hypothetical 10% scenario (in case of immigrants, specially Indians, my gut feel is that it is significantly more than 10%) - where the amount is saved in some sort of investment vehicle instead of being frittered away - you would come out ahead in the long term.
wallpaper simple interest form.
unitednations
07-08 04:47 PM
thanks UN..
we don't mean to bug you..!!
but sometimes these r so scary..it feels we r better off being illegal in this country..
all this is just plain BS..when we r paying so much in taxes and SS in this country..we r still chopped and diced like vegetables ...
btw..on the same note since you r here..does the 'out of status' count only after the last entry in to thr country..or it is still scrutinised right from the time you land into the US..
pls post..
Unlawful presence; overstaying i-94 card and not filing a timely extension before expiry of non immigrant status. Very serious issue; especially if someone overstays y more then six months.
Out of status; legally here (unexpired I-94 card) but not complying with terms and conditions of the I-94 card.
In both situations; everything is wiped out upon exit and re-entry. However; if someone has unlawful presence of more then six months then it is fatal if you leave as the 3 and 10 year bars apply to re-entry.
we don't mean to bug you..!!
but sometimes these r so scary..it feels we r better off being illegal in this country..
all this is just plain BS..when we r paying so much in taxes and SS in this country..we r still chopped and diced like vegetables ...
btw..on the same note since you r here..does the 'out of status' count only after the last entry in to thr country..or it is still scrutinised right from the time you land into the US..
pls post..
Unlawful presence; overstaying i-94 card and not filing a timely extension before expiry of non immigrant status. Very serious issue; especially if someone overstays y more then six months.
Out of status; legally here (unexpired I-94 card) but not complying with terms and conditions of the I-94 card.
In both situations; everything is wiped out upon exit and re-entry. However; if someone has unlawful presence of more then six months then it is fatal if you leave as the 3 and 10 year bars apply to re-entry.
bajrangbali
06-05 05:35 PM
Your analysis is so spot on except for item #8 and item # 9. I have a question though.. The example you have given suits my scenario so well. I am planning to buy a house (310k ) very soon. The loan offers I have from my lender has interest rates pretty much the same for both 10% down payment and 20% down payment, 5.0 with 20% and 5.25 with 10% down payment. I can down pay 10% right away and the other 10% is also available in a risk free(can withdraw without penalty) cd which yield me a return of 3.5% . So which is better for me 10% or 20% down pay. thanks in advance.
As for buying or renting..it is more of a personal choice - to me, buying a house has tangible benefits over renting.. like a sense of entitlement to call some place ur true home and most likely a good enviroment for raising the kids. Life has phases like education, marriage, kids, job, etc..Now that I am into my 30's, I would like to see
what it feels like to have owned a home.
If I were you..I would go with the 10% down payment option. Your monthly payment would not increase much and you would have more cash safe in CD for life events.
Consider the rent you are currently paying and make a choice...buying a home should not burden you with more than 10-20% of you current rent payment. In my case I am more conservative and going with a mortgage < my current rent payment.
If it helps, here are my details:
Condo cost: 300K
Down payment: 5% - 15K
Using fed stimulus: 8K towards down payment
Total payment: 7K+closing costs
Current rent: $2200
Mortgage: ~$1500-1600
Price trend in the past 5yrs: down <20% from peak prices
Estimate living time: 2yrs min
Even if house value drops after 2yrs by 10%, the tax savings, equity, happiness would compensate more than enough for it...
I agree everyone's situation is different, but please do not make the mistake of taking a huge burden of payment if you are buying. Always buy within/below your means...
As for buying or renting..it is more of a personal choice - to me, buying a house has tangible benefits over renting.. like a sense of entitlement to call some place ur true home and most likely a good enviroment for raising the kids. Life has phases like education, marriage, kids, job, etc..Now that I am into my 30's, I would like to see
what it feels like to have owned a home.
If I were you..I would go with the 10% down payment option. Your monthly payment would not increase much and you would have more cash safe in CD for life events.
Consider the rent you are currently paying and make a choice...buying a home should not burden you with more than 10-20% of you current rent payment. In my case I am more conservative and going with a mortgage < my current rent payment.
If it helps, here are my details:
Condo cost: 300K
Down payment: 5% - 15K
Using fed stimulus: 8K towards down payment
Total payment: 7K+closing costs
Current rent: $2200
Mortgage: ~$1500-1600
Price trend in the past 5yrs: down <20% from peak prices
Estimate living time: 2yrs min
Even if house value drops after 2yrs by 10%, the tax savings, equity, happiness would compensate more than enough for it...
I agree everyone's situation is different, but please do not make the mistake of taking a huge burden of payment if you are buying. Always buy within/below your means...
2011 going by simple interest
ssa
07-14 08:00 PM
That's exactly what I was wondering about! Did anybody get a rejection letter from *DOL* advising them to apply in EB3 instead? It's hard for me to believe DOL was ever that helpful!
And if they did not hear it from DOL and did this on their attorney's/employer's advise sending out this letter may spell trouble for the sender. You are basically sending out a signed letter stating that you tried to get labor approved for one category, failed and then applied in a lower category for exactly same job to work your way around the rejection. I'm not sure on how solid legal ground we will be if this be the case. Job requirements are supposed to be what they are and not what is "approvable". Remember recent Fragomen audit?
Now before labeling this as yet another FUD from EB2 please understand that I'm not saying that you should or shouldn't send out the letter. Just that we should consult someone qualified in immigration law to make sure we are not inviting more troubles than what we are already in.
pani,
This is what you have in the draft letter.
"Let me take you back to the situation in 2001-2003 when a lot of current (EB3) applicants were qualified under EB2 and RIR category(many of whom had masters degrees from Top US universities) our green card labors applications were sent back from DOL saying that the economy was slow and hence cant apply in EB-2. So we were forced to apply in EB3 NON- RIR categories, but when the economy improved in 04-05 you introduced the PERM system and most people applied in EB2 and got their Labors cleared in few months time while the folks who applied in 2001-2004 were stuck at the backlog centers for 3 plus years."
Do you have any evidence/reference to back this up?
And if they did not hear it from DOL and did this on their attorney's/employer's advise sending out this letter may spell trouble for the sender. You are basically sending out a signed letter stating that you tried to get labor approved for one category, failed and then applied in a lower category for exactly same job to work your way around the rejection. I'm not sure on how solid legal ground we will be if this be the case. Job requirements are supposed to be what they are and not what is "approvable". Remember recent Fragomen audit?
Now before labeling this as yet another FUD from EB2 please understand that I'm not saying that you should or shouldn't send out the letter. Just that we should consult someone qualified in immigration law to make sure we are not inviting more troubles than what we are already in.
pani,
This is what you have in the draft letter.
"Let me take you back to the situation in 2001-2003 when a lot of current (EB3) applicants were qualified under EB2 and RIR category(many of whom had masters degrees from Top US universities) our green card labors applications were sent back from DOL saying that the economy was slow and hence cant apply in EB-2. So we were forced to apply in EB3 NON- RIR categories, but when the economy improved in 04-05 you introduced the PERM system and most people applied in EB2 and got their Labors cleared in few months time while the folks who applied in 2001-2004 were stuck at the backlog centers for 3 plus years."
Do you have any evidence/reference to back this up?
more...
vallabhu
04-06 11:52 PM
My understanding H1 B employers (mostly desi companies) are root cause of this situation by abusing H1 b program, they have made enough money by sucking H1 employees blood, now hey are equally affected it is time for them to share some of it and fund all the efforts to curb these kind of Bills.
Please forward the text of this bill to all your employers and ask them to join hands with IV.
Please forward the text of this bill to all your employers and ask them to join hands with IV.
willwin
07-13 11:21 AM
Here is my 2 cents worth...
Pappu, are you saying that whatever initiative that IV has taken now to address recapturing (HR5882), per country limit removal and STEM are GOOD ENOUGH as long as we have mass support and no further effort required?
Well, If we are not having enough support, I am not sure how much of that we could change.
What EB3 I wants to accomplish here is to emphasize that we are retrogressed beyond logic, limits and reason.
What we could probably do is, write a letter describing our plight and also mention in the letter, the IV effort that is underway. By doing this, we can emphasize our situation and at the same time substantiate IV's effort.
We can come up with agreeable facts that should go in the letter that explains EB3 I plight. IV core can help with this and also proof read and approve final version of the doc. We should stress on date being stuck in 2001. And AC21 not giving a whole lot flexibility to change jobs even with EAD. Like a programmer with 7 years of experience would be eligible to become a PM (if the person has acquired right skills/knowledge/experience) but I am not sure if AC21 allows a person to do that.
Besides, EAD is not GC. If not, let them announce EAD as temp GC - meaning issuing EAD means GC is approved but the card is not issued owing to number availability - Makes sense? In other words, once EAD is issued the person's GC should not be disapproved. The clock for citizenship should start with I140 approval. That way the applicant will have the peace of mind! And then let DOS/USCIS issue GC at their own pace!!
Pappu, are you saying that whatever initiative that IV has taken now to address recapturing (HR5882), per country limit removal and STEM are GOOD ENOUGH as long as we have mass support and no further effort required?
Well, If we are not having enough support, I am not sure how much of that we could change.
What EB3 I wants to accomplish here is to emphasize that we are retrogressed beyond logic, limits and reason.
What we could probably do is, write a letter describing our plight and also mention in the letter, the IV effort that is underway. By doing this, we can emphasize our situation and at the same time substantiate IV's effort.
We can come up with agreeable facts that should go in the letter that explains EB3 I plight. IV core can help with this and also proof read and approve final version of the doc. We should stress on date being stuck in 2001. And AC21 not giving a whole lot flexibility to change jobs even with EAD. Like a programmer with 7 years of experience would be eligible to become a PM (if the person has acquired right skills/knowledge/experience) but I am not sure if AC21 allows a person to do that.
Besides, EAD is not GC. If not, let them announce EAD as temp GC - meaning issuing EAD means GC is approved but the card is not issued owing to number availability - Makes sense? In other words, once EAD is issued the person's GC should not be disapproved. The clock for citizenship should start with I140 approval. That way the applicant will have the peace of mind! And then let DOS/USCIS issue GC at their own pace!!
more...
gc28262
12-19 10:31 PM
sriramkalyan,
I find it irritating that every now and then, some tom dick and harry comes to these forms and say - "time to close down" whenever you see something that you don't like. Frankly, this shallow view and negative attitude is irritating.
Sanju,
Your posts are definitely interesting. Please start a blog. We all will be happy to read it there. We should not post non-immigration related stuff on IV (especially those that are controversial). As for IV, unity is more important than freedom of speech.
So I agree with sriramkalyan, threads such as these should be closed.
I find it irritating that every now and then, some tom dick and harry comes to these forms and say - "time to close down" whenever you see something that you don't like. Frankly, this shallow view and negative attitude is irritating.
Sanju,
Your posts are definitely interesting. Please start a blog. We all will be happy to read it there. We should not post non-immigration related stuff on IV (especially those that are controversial). As for IV, unity is more important than freedom of speech.
So I agree with sriramkalyan, threads such as these should be closed.
2010 $3150 in simple interest.
smisachu
12-27 11:35 PM
As someone who comes from an army family and who has been trained as a reserve, I want to assure you guys who think that an Indo-Pak war will linger; that it will not. It will take Indian army 15-20 days to reach Islamabad if the full force is deployed and the army is in charge of the war and not our politicians.
Pak has nukes, but their delivery mechanism is not sound and before Pak launches any nukes, US will disarm them and even if a few are launched India had a very good anti missile shield which will intercept and destroy all warheads before it enters Indian air.
Now to actual strategies that India should follow-
1. The civilian government in Pak is not at fault, previously they were responsible for terrorist attacks on India but now they are suffering at the hands of a monster of their own making. Terrorism and ISI.
2. India should use air and missile power to strike out and wipe out a 500km radius around each terrorist camps while offering an olive branch to the Pak govt. What this does is it will kill with certainty all terrorists and will also wipe out surrounding villages.
3. These are casualties of war and are a necessary evil, it will strike fear in the hearts of villagers and when ever a terrorist camp is set up; the surrounding villagers will chase them out in fear of India's wrath.
4. India should send RAW analysts to assassinate all rouge ISI officers, if needed Mossad of Israel can help India.
5. Finally the only way to deal with the problem of Pakistan longtime is to either socially cleanse Pakistan for the civilian government and bring in more modernism or carve out pakistan into several independent states. This is a long term goal which has to be thought about.
If anyone is interested I can post the actual army strengths of India and Pak, its an interesting statistic and I am sure the Pak government knows about it in more detail than me. And it beats me that in spite of knowing the facts they are doing all this war posing. Just a tit bit from it, Indian army (only) is 1.3mil + 450K (reserves) strong. The combined Pak armed forces are 450K active + 500K reserves. India outnumbers Pak in almost every aspect 1:5 on an average. We have fought 4 wars and India has won all 4 times, why should the 5th time be any different? Lets finish this and move on, we have to become an economic superpower and we cannot be bothered by such trivial things like terrorism and pakistan. Lets take terror to the terrorists, like the song from the Hindi movie Arjun goes
" Dushman ko yeh dikadho dushmani hai kya...":cool:
Pak has nukes, but their delivery mechanism is not sound and before Pak launches any nukes, US will disarm them and even if a few are launched India had a very good anti missile shield which will intercept and destroy all warheads before it enters Indian air.
Now to actual strategies that India should follow-
1. The civilian government in Pak is not at fault, previously they were responsible for terrorist attacks on India but now they are suffering at the hands of a monster of their own making. Terrorism and ISI.
2. India should use air and missile power to strike out and wipe out a 500km radius around each terrorist camps while offering an olive branch to the Pak govt. What this does is it will kill with certainty all terrorists and will also wipe out surrounding villages.
3. These are casualties of war and are a necessary evil, it will strike fear in the hearts of villagers and when ever a terrorist camp is set up; the surrounding villagers will chase them out in fear of India's wrath.
4. India should send RAW analysts to assassinate all rouge ISI officers, if needed Mossad of Israel can help India.
5. Finally the only way to deal with the problem of Pakistan longtime is to either socially cleanse Pakistan for the civilian government and bring in more modernism or carve out pakistan into several independent states. This is a long term goal which has to be thought about.
If anyone is interested I can post the actual army strengths of India and Pak, its an interesting statistic and I am sure the Pak government knows about it in more detail than me. And it beats me that in spite of knowing the facts they are doing all this war posing. Just a tit bit from it, Indian army (only) is 1.3mil + 450K (reserves) strong. The combined Pak armed forces are 450K active + 500K reserves. India outnumbers Pak in almost every aspect 1:5 on an average. We have fought 4 wars and India has won all 4 times, why should the 5th time be any different? Lets finish this and move on, we have to become an economic superpower and we cannot be bothered by such trivial things like terrorism and pakistan. Lets take terror to the terrorists, like the song from the Hindi movie Arjun goes
" Dushman ko yeh dikadho dushmani hai kya...":cool:
more...
485Mbe4001
09-26 03:50 PM
For arguments sake :)
if Barak wins the skies will part, unemployment will disappear, GCs will rain from the sky. Americans will hug Iran and peace will prevail....it is insane arguments like the one below that obamaphiles make, scares me about what will happen when he becomes the president. No legislative experience that is ok for him but not ok for Republican VP choice. Trashy ads from him are ok but no..no from the republicans. not a single major newspaper talks about his dealings with rezko or the 100k allocated to be spent on the garden. No major deatails on a single concrete proposal...reason being that public is not interested in the finer details. In the tank with major unions, look at the promises being made to them...anyways i dont get to vote i can look at all this dispassionately and watch it from far. He has a slick marketing campaing and the media loves him. Either ways my EB is so screwed i dont think either can help us out.
as you say 'lets take it EZ'
Here is my Point if we educated legal immigrant community support Barack or John ( though its a virtual support because we are not eligible to vote:))
If Barack doesn't win this 08 election economy is going to go further down , unemployment rates will spike , DOW will further nose dive , more banks will be bankrupt ( today morning WAMU broke 9/26/08) and there will be NO EMPLOYMENT BASED REFORM in such a Turbulent Job Market Situation.
Anti Immigrant Groups will scorch the phone lines and will probably gather support from neutral peoples as well and scuttle any EB REFORM if the economy is bad. Their point is Americans are Jobless and you are giving Permanent Job Permit to Foreigners and any one will buy it - how much we SCREAM and SHOUT that we already have a Job, you know !
Now tell me if you want to support Barack Obama OR John McCain - take it EZ
if Barak wins the skies will part, unemployment will disappear, GCs will rain from the sky. Americans will hug Iran and peace will prevail....it is insane arguments like the one below that obamaphiles make, scares me about what will happen when he becomes the president. No legislative experience that is ok for him but not ok for Republican VP choice. Trashy ads from him are ok but no..no from the republicans. not a single major newspaper talks about his dealings with rezko or the 100k allocated to be spent on the garden. No major deatails on a single concrete proposal...reason being that public is not interested in the finer details. In the tank with major unions, look at the promises being made to them...anyways i dont get to vote i can look at all this dispassionately and watch it from far. He has a slick marketing campaing and the media loves him. Either ways my EB is so screwed i dont think either can help us out.
as you say 'lets take it EZ'
Here is my Point if we educated legal immigrant community support Barack or John ( though its a virtual support because we are not eligible to vote:))
If Barack doesn't win this 08 election economy is going to go further down , unemployment rates will spike , DOW will further nose dive , more banks will be bankrupt ( today morning WAMU broke 9/26/08) and there will be NO EMPLOYMENT BASED REFORM in such a Turbulent Job Market Situation.
Anti Immigrant Groups will scorch the phone lines and will probably gather support from neutral peoples as well and scuttle any EB REFORM if the economy is bad. Their point is Americans are Jobless and you are giving Permanent Job Permit to Foreigners and any one will buy it - how much we SCREAM and SHOUT that we already have a Job, you know !
Now tell me if you want to support Barack Obama OR John McCain - take it EZ
hair **FIXED RATE, SIMPLE INTEREST!
validIV
06-08 10:41 AM
Your common sense tells you to abandon your GC because it is taking too long? Then with your defeatist mentality, you should leave the country now. In case you didn't read a word of what I said, the interest you pay is tax deductible.
What is the difference if you had your GC or not? If you had it would you still be renting? The ONE and ONLY reason I would ever rent is if it was a rent stabilised apartment in a good location in Manhattan, or when I am saving up enough money to buy.
It's not rocket science, just common sense. In case you are aware, lot of people on this forum don't have gc in hand. What will they do if they decide to leave due to gc taking too long to come through. Ask they bank to give back the money they spend on stupid interest for 10 years for a house upside down ?
Common sense is to rent until you are sure you're staying for good.
What is the difference if you had your GC or not? If you had it would you still be renting? The ONE and ONLY reason I would ever rent is if it was a rent stabilised apartment in a good location in Manhattan, or when I am saving up enough money to buy.
It's not rocket science, just common sense. In case you are aware, lot of people on this forum don't have gc in hand. What will they do if they decide to leave due to gc taking too long to come through. Ask they bank to give back the money they spend on stupid interest for 10 years for a house upside down ?
Common sense is to rent until you are sure you're staying for good.
more...
SunnySurya
12-22 03:43 PM
With all due respect XYZGC, I never said Kashmir should be gifted to Pakistan. What I have said is for a UN supervised solution. And I did not change my mind on that. We have fought three major wars and spending crores to maintain the status quo but to what end. It just a pain in @$$.
I share you concerns about Hindu minority in Pakistan and other Islamic society. But to make it clear neither I am against Islam (Though I DO NOT support the present Islamic Leadership structure) nor I beleive that it is not even remotely possible to covert India into a Islamic Society. But one should be prepared just in case.
On the other hand , I do beleive that by declaring Pakistan a terrorist nation it will force them to take some drastic steps.
I think SunnySurya changed his mind. People and their opinions change. Let's ignore what he said in earlier posts.
Gifting Kashmir will not solve anything. Now they want Kashmir, tomorrow they will want South India. Before long, we may all be converted to islam because Pakistan is an islamic republic not a secular democracy and the country is ruled by military dictators and hardliners.
Yes, in India, there have been attacks by Hindus on innocent muslims but imagine the plight of Hindus, if it had been a muslim majority and an islamic republic of india!
There are many good thinkers and hard-working folks in Pakistan but you can never trust the hardliners there and these hardliners seem to be grabbing power in the country all the time.
Did you know that the original demand for Pakistan 1947 was a long stretch of corridor stretching the north and the south and the east and the west, connecting different muslim dominated pockets together?
Which meant India was to be divided into 4 quadrants and to get from one quadrant to another, an Indian had to cross Pakistan...it was simply ridiculous!!
I share you concerns about Hindu minority in Pakistan and other Islamic society. But to make it clear neither I am against Islam (Though I DO NOT support the present Islamic Leadership structure) nor I beleive that it is not even remotely possible to covert India into a Islamic Society. But one should be prepared just in case.
On the other hand , I do beleive that by declaring Pakistan a terrorist nation it will force them to take some drastic steps.
I think SunnySurya changed his mind. People and their opinions change. Let's ignore what he said in earlier posts.
Gifting Kashmir will not solve anything. Now they want Kashmir, tomorrow they will want South India. Before long, we may all be converted to islam because Pakistan is an islamic republic not a secular democracy and the country is ruled by military dictators and hardliners.
Yes, in India, there have been attacks by Hindus on innocent muslims but imagine the plight of Hindus, if it had been a muslim majority and an islamic republic of india!
There are many good thinkers and hard-working folks in Pakistan but you can never trust the hardliners there and these hardliners seem to be grabbing power in the country all the time.
Did you know that the original demand for Pakistan 1947 was a long stretch of corridor stretching the north and the south and the east and the west, connecting different muslim dominated pockets together?
Which meant India was to be divided into 4 quadrants and to get from one quadrant to another, an Indian had to cross Pakistan...it was simply ridiculous!!
hot When interest rate down,
validIV
06-05 02:01 PM
This is your justification for renting? Your 1300 goes to that owners mortgage. You are paying so that he can own the property you live in. I would not be surprised if he has multiple condos renting to others like you.
Since you cite an example, let me cite one of mine.
Co-op bought in 2004, Queens NY 2 bedroom: $155,000
Rented now for $1,350 / month (Wife and I live in another home we also own also in queens)
Appraised value (Feb 2009) $195,000, Peak market value (my opinion) ~230,000 in 2006 but it seems to be worth more now which is clueless to me.
Outstanding balance: 60,000
Current mortgage (15y fixed@4.25): 452 / month (+525 maintenance)
Monthly cost total: ~1,000
Comps in area: See for yourself: http://newyork.craigslist.org/search/rea?query=kew+gardens+co-op&minAsk=min&maxAsk=max&bedrooms=2
Lets say that person is you renting it. You are paying to stay in my unit, pay my mortgage, pay my monthly, allow me to build equity which i just used to buy another property (thank you) and using standard deductions, allowing me to have a healthy tax return from interest paid based on your money. I dont even need to do any math here to prove I am making money from your rent because believe me I am.
Renters will never understand why owning a home is better than renting as thus they will continue to make arguments to continue doing so. And I'm sure that giving 1 example or 100 examples will not change your mind in the slightest. Which is why you will always be paying owners like me for a roof to live under.
I doubt it is as clear cut as you make it to be. Rent vs. buy has two components in each option - the monthly cost and the long term saving/investment. Let me take the example of the apartment I live in. It would cost about 360k (I am not considering the closing cost, the cost to buy new appliances and so on when you move in etc) if we were to buy it as a condo in the market. We rent it for $1300.
Buy:
Monthly Cost:
Interest (very simplistic calculation): 5% on 180k on average over 30 years. i.e. $750 per month. After Tax deduction cost ~$700 (you lose on standard deduction if you take property tax deduction - so effective saving is wayyy lower than the marginal tax rate).
Property Tax: $400 per month.
Maintenance/depreciation of appliances: assume $200 per month (easily could be more).
Total: 1300.
Long term investment: $360k at 3% per annum (long term housing price increase trend).
You pay for this saving with leverage and $1000 amortization every month for the loan principal.
Loss of flexibility/Risk : Not sure how to quantify.
Rent:
Monthly cost = $1300.
Long Term Saving (assuming you put the same $1000 every month in a normal high yeild savings account - a Reward Checking maybe) - you will get a risk free 5%.
So in this case you are paying the same monthly cost for house purchase vs rent. but you are losing out on the additional 2% per month in investment return.
Plus - buying gets you into a lot riskier position.
I have seen the proponents of buying fails to take a couple of factors into account:
1. Real Estate, historically, is not a good investment. It is even worse than the best savings accounts available. And you could easily save your monthly amortization in better savings vehicles.
2. Tax deduction from interest means you lose on standard deduction. In the above example - a family of 3 with 1 earner will have NO saving from housing tax deduction. They would be better off using the standard deduction. If there are 2 earners - they could try to work around this by filing separately and one taking deduction for housing interest and the other taking the standard deduction. But even that will probably not save you any money since many other tax rates are stacked up against single filers.
Since you cite an example, let me cite one of mine.
Co-op bought in 2004, Queens NY 2 bedroom: $155,000
Rented now for $1,350 / month (Wife and I live in another home we also own also in queens)
Appraised value (Feb 2009) $195,000, Peak market value (my opinion) ~230,000 in 2006 but it seems to be worth more now which is clueless to me.
Outstanding balance: 60,000
Current mortgage (15y fixed@4.25): 452 / month (+525 maintenance)
Monthly cost total: ~1,000
Comps in area: See for yourself: http://newyork.craigslist.org/search/rea?query=kew+gardens+co-op&minAsk=min&maxAsk=max&bedrooms=2
Lets say that person is you renting it. You are paying to stay in my unit, pay my mortgage, pay my monthly, allow me to build equity which i just used to buy another property (thank you) and using standard deductions, allowing me to have a healthy tax return from interest paid based on your money. I dont even need to do any math here to prove I am making money from your rent because believe me I am.
Renters will never understand why owning a home is better than renting as thus they will continue to make arguments to continue doing so. And I'm sure that giving 1 example or 100 examples will not change your mind in the slightest. Which is why you will always be paying owners like me for a roof to live under.
I doubt it is as clear cut as you make it to be. Rent vs. buy has two components in each option - the monthly cost and the long term saving/investment. Let me take the example of the apartment I live in. It would cost about 360k (I am not considering the closing cost, the cost to buy new appliances and so on when you move in etc) if we were to buy it as a condo in the market. We rent it for $1300.
Buy:
Monthly Cost:
Interest (very simplistic calculation): 5% on 180k on average over 30 years. i.e. $750 per month. After Tax deduction cost ~$700 (you lose on standard deduction if you take property tax deduction - so effective saving is wayyy lower than the marginal tax rate).
Property Tax: $400 per month.
Maintenance/depreciation of appliances: assume $200 per month (easily could be more).
Total: 1300.
Long term investment: $360k at 3% per annum (long term housing price increase trend).
You pay for this saving with leverage and $1000 amortization every month for the loan principal.
Loss of flexibility/Risk : Not sure how to quantify.
Rent:
Monthly cost = $1300.
Long Term Saving (assuming you put the same $1000 every month in a normal high yeild savings account - a Reward Checking maybe) - you will get a risk free 5%.
So in this case you are paying the same monthly cost for house purchase vs rent. but you are losing out on the additional 2% per month in investment return.
Plus - buying gets you into a lot riskier position.
I have seen the proponents of buying fails to take a couple of factors into account:
1. Real Estate, historically, is not a good investment. It is even worse than the best savings accounts available. And you could easily save your monthly amortization in better savings vehicles.
2. Tax deduction from interest means you lose on standard deduction. In the above example - a family of 3 with 1 earner will have NO saving from housing tax deduction. They would be better off using the standard deduction. If there are 2 earners - they could try to work around this by filing separately and one taking deduction for housing interest and the other taking the standard deduction. But even that will probably not save you any money since many other tax rates are stacked up against single filers.
more...
house Interest Rate Impact on Home
bondgoli007
01-06 05:34 PM
My point is, they keep the spotlight on Hamas and go kill as many innocent civilians as possible.
Even when they kill school kids, we still blame Hamas. We don't blame the killer and try to stop their mad actions. Thats my point.
:-) your argument or your feeble attempt at it is quite pathetic.
No one on this forum feels any less sad on the happenings in Gaza as you but at the same time no one is demanding sympathy the way you are....not to mention the bare display of your own rage and hypocrisy on discussions on Islamic terrorism which everyone except you feels is a major cause of the tragedy in Gaza.
If you want to do something constructive, put is in proper language...on the contrary you ignited a war of words between you and the rest of the member all of whom you reckon are "muslim haters"....
I will concede one point to you...you do know the meaning of hate...and you know it well..
Peace be with you...if it can.
Even when they kill school kids, we still blame Hamas. We don't blame the killer and try to stop their mad actions. Thats my point.
:-) your argument or your feeble attempt at it is quite pathetic.
No one on this forum feels any less sad on the happenings in Gaza as you but at the same time no one is demanding sympathy the way you are....not to mention the bare display of your own rage and hypocrisy on discussions on Islamic terrorism which everyone except you feels is a major cause of the tragedy in Gaza.
If you want to do something constructive, put is in proper language...on the contrary you ignited a war of words between you and the rest of the member all of whom you reckon are "muslim haters"....
I will concede one point to you...you do know the meaning of hate...and you know it well..
Peace be with you...if it can.
tattoo with bond interest rate,
whoever
04-07 06:51 PM
yeah i think so it wont get through because i will tell you currently i work as a consultant for a very big company, fortune 500 company and they even work on projects for US govt. what does it make them -- not consulting company? they cant be prohibited from hiring ppl on H1 or hiring consultants on H1? the bill wont see the light of the day -- i am sure.
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pictures Accounts Interest Rate
sumanitha
12-29 05:03 PM
This thread didnt had activity for the past 4 days.
Why did you bring it into limelight by asking it to delete? :D
It has no relevance in an immigration related forum
kris
Why did you bring it into limelight by asking it to delete? :D
It has no relevance in an immigration related forum
kris
dresses T-Note interest rate is
bfadlia
01-07 02:44 PM
You say romans converted egyptions to christianity. If it is true, romans follow catholic church. Coptic is Othodox christians, started during the period of apostole. Romans may ruled them, but every one is coptic. Not changed the religion by force. You contradit your statement.
Mohamed copy bible and make his own version and misled the people. It is like a cult. Like Mormon in USA. It is written in the bible. 'Those who change any word from the bible will be punished'. Mohamed's fate decided by God.
Buddy.. I'm not trying to argue with you.. just hope you get more information about what you are talking about.
1- Coptic tradition claims that St. Mark brought Christianity to Egypt around 50 CE. A small community of Christians developed in Alexandria in the late first century, and became more numerous by the end of the second century. Some similarities in beliefs helped Christianity to be accepted by Egyptians, including the beliefs that the Egyptian god Osiris was both human and god, the resurrection of Osiris, and the godly triad of Osiris, Isis, and Horus.
During the third and fourth centuries, the Romans persecuted various religious dissidents, especially Christians. The emperor Diocletian attempted to restructure and unify the Empire, and instigated some harsh reforms which led to rebellion among the Egyptians. Diocletian then began extensive persecutions of Christians, which was referred to by Copts as the Era of Martyrs. The year of Diocletian's accession (284 CE) was designated Year One in the Coptic Christian calendar in order to observe the tragedies. Christianity was threatening to the Roman Empire because its strong monotheistic belief "made it impossible for its serious adherents to acknowledge the Roman emperor as a deity" (Carroll 1988). Also, many important leadership positions in Egyptian society and the military were held by Christians.
2- According to Jews, god would never change the commandments of the old testament which jesus did.. so for them he was blasphemous.. you just shrug this off as a christian.. by the same token why do u think muslims would care what u think of Mohamed?
Speak for yourself and stop talking on behalf of god.
Mohamed copy bible and make his own version and misled the people. It is like a cult. Like Mormon in USA. It is written in the bible. 'Those who change any word from the bible will be punished'. Mohamed's fate decided by God.
Buddy.. I'm not trying to argue with you.. just hope you get more information about what you are talking about.
1- Coptic tradition claims that St. Mark brought Christianity to Egypt around 50 CE. A small community of Christians developed in Alexandria in the late first century, and became more numerous by the end of the second century. Some similarities in beliefs helped Christianity to be accepted by Egyptians, including the beliefs that the Egyptian god Osiris was both human and god, the resurrection of Osiris, and the godly triad of Osiris, Isis, and Horus.
During the third and fourth centuries, the Romans persecuted various religious dissidents, especially Christians. The emperor Diocletian attempted to restructure and unify the Empire, and instigated some harsh reforms which led to rebellion among the Egyptians. Diocletian then began extensive persecutions of Christians, which was referred to by Copts as the Era of Martyrs. The year of Diocletian's accession (284 CE) was designated Year One in the Coptic Christian calendar in order to observe the tragedies. Christianity was threatening to the Roman Empire because its strong monotheistic belief "made it impossible for its serious adherents to acknowledge the Roman emperor as a deity" (Carroll 1988). Also, many important leadership positions in Egyptian society and the military were held by Christians.
2- According to Jews, god would never change the commandments of the old testament which jesus did.. so for them he was blasphemous.. you just shrug this off as a christian.. by the same token why do u think muslims would care what u think of Mohamed?
Speak for yourself and stop talking on behalf of god.
more...
makeup by the simple interest
shantanup
09-29 02:33 PM
By the next Presidential Election I will have mostly gotten my green card. I know I won't be eligible to vote then, but I will still be eligible to donate to the election campaigns. I have decided right now that whatever may happen I will donate to that party which makes my journey to the green card easier and faster.
I also have a plan B if I don't get my green card in next 24 months. I am a chemical engineer by education and profession with a US graduate degree in chemical engineering and more than 7 years of work experience in a premium organization in the oil, gas & chemicals industry. Everyone is more than aware how good the oil, gas & chemicals industry is doing worldwide. I very well know that I am a hot commodity in the job market in the whole world. Those who have traveled on Singapore Airlines must have seen advertisements in the Singapore airport displaying that oil and gas is their largest (next to Singapore Airlines) revenue making industry and they need qualified and experienced personnel. Job advertisements in the airport? Wow! Think why Alberta is the hottest place these days. I got an invitation from Canadian Government to apply for Canadian green card, citing my occupation. Australian Government has declared Chemical Engineering as the occupation with the highest demand in Australia due to their conventional mining and metals business and now the newly found gas reserves in north and west parts of that continent. This is my plan B. I have already secured an Australian Permanent Residency and that too in 6 months time. Hats off to the highly efficient immigration department of the Australian Government. In addition I already have 3 job offers there - one each in Brisbane, Melbourne and Perth.
I have 2 burning innovative ideas in my mind - one related to biogas and carbon credits and the other related to water desalination. I have kept both of them on hold right now until I get the US green card. I know I will work on them but not sure which country gets the benefit - USA or Australia.
Then why am I sticking around here in the US? 1. I have a US graduate degree, 2. Both my daughters are born here and are US citizens and 3. I can't deny that I have started to put down my roots here. 24 more months and will not hesitate to quit USA and settle in Australia. It will be tough, but can't help it being forced to do it.
P.S. Two of my friends with similar background as mine, have left for Australia for good in August this year. They have settled in Sydney. Another acquaintance with occupation related to oil & gas, has migrated to Perth.
I also have a plan B if I don't get my green card in next 24 months. I am a chemical engineer by education and profession with a US graduate degree in chemical engineering and more than 7 years of work experience in a premium organization in the oil, gas & chemicals industry. Everyone is more than aware how good the oil, gas & chemicals industry is doing worldwide. I very well know that I am a hot commodity in the job market in the whole world. Those who have traveled on Singapore Airlines must have seen advertisements in the Singapore airport displaying that oil and gas is their largest (next to Singapore Airlines) revenue making industry and they need qualified and experienced personnel. Job advertisements in the airport? Wow! Think why Alberta is the hottest place these days. I got an invitation from Canadian Government to apply for Canadian green card, citing my occupation. Australian Government has declared Chemical Engineering as the occupation with the highest demand in Australia due to their conventional mining and metals business and now the newly found gas reserves in north and west parts of that continent. This is my plan B. I have already secured an Australian Permanent Residency and that too in 6 months time. Hats off to the highly efficient immigration department of the Australian Government. In addition I already have 3 job offers there - one each in Brisbane, Melbourne and Perth.
I have 2 burning innovative ideas in my mind - one related to biogas and carbon credits and the other related to water desalination. I have kept both of them on hold right now until I get the US green card. I know I will work on them but not sure which country gets the benefit - USA or Australia.
Then why am I sticking around here in the US? 1. I have a US graduate degree, 2. Both my daughters are born here and are US citizens and 3. I can't deny that I have started to put down my roots here. 24 more months and will not hesitate to quit USA and settle in Australia. It will be tough, but can't help it being forced to do it.
P.S. Two of my friends with similar background as mine, have left for Australia for good in August this year. They have settled in Sydney. Another acquaintance with occupation related to oil & gas, has migrated to Perth.
girlfriend the simple interest of an
sledge_hammer
06-05 04:01 PM
A very simple, dumbed down calculation to see which one trumps the other, buying or renting:
1. Home Cost: $300,000
2. Down: $ 30,000 (10% of 300k)
3. Mortgage: $270,000
4. Mortgage Interest/yr: $ 13,500 (5% of 270K)
5. Tax, Insurance, Maintenance /yr: $ 9,000 (3% of 300K)
6. Returns on Downpayment otherwise/yr: $ 3,000 (10% of 30K)
7. Rent on a similar home/yr: $ 18,000 (1.5K/month)
8. Equity/yr: $ 15,000 (5% of 300K)
9. Savings on tax deductions/yr: $ 4,050 (30% bracket, $13.5K interest)
I'll take a home appraised and bought for 300K for my example. The numbers are basically self explanatory. Contrary to popular claim among those who are pro renting, I don't think I pay more than 3% for tax, insurance and maintenance combined (item# 5). Of course, I was wise enough to buy a home in good condition. But that number will change as the home gets older. Maintenance should not include any upgrades that you do, which is basically only "gravy" and based on owner's discretion. Item# 6; I am going with the average returns if you invested in S&P 500. Item# 7; is what a similar 300K home costs to rent. Item# 8; I have only taken 5% growth which is I think under normal market conditions is the growth you would see on your home. The principal payment has not been accounted for yet. I'll do it later.
Situation Rent:
If you rent, then your expense per year is item# 7 minus item# 6 = $15,000.
Of course, your capital of $30,000 is still earning compounded returns.
Situation Own:
Your expense is item# 4 + item# 5 - item# 9 - item# 8 = $3,450.
As I mentioned in the first line, this is a dumbed down cost comparator. There are many loopholes that can be plugged. All comments are welcome.
1. Home Cost: $300,000
2. Down: $ 30,000 (10% of 300k)
3. Mortgage: $270,000
4. Mortgage Interest/yr: $ 13,500 (5% of 270K)
5. Tax, Insurance, Maintenance /yr: $ 9,000 (3% of 300K)
6. Returns on Downpayment otherwise/yr: $ 3,000 (10% of 30K)
7. Rent on a similar home/yr: $ 18,000 (1.5K/month)
8. Equity/yr: $ 15,000 (5% of 300K)
9. Savings on tax deductions/yr: $ 4,050 (30% bracket, $13.5K interest)
I'll take a home appraised and bought for 300K for my example. The numbers are basically self explanatory. Contrary to popular claim among those who are pro renting, I don't think I pay more than 3% for tax, insurance and maintenance combined (item# 5). Of course, I was wise enough to buy a home in good condition. But that number will change as the home gets older. Maintenance should not include any upgrades that you do, which is basically only "gravy" and based on owner's discretion. Item# 6; I am going with the average returns if you invested in S&P 500. Item# 7; is what a similar 300K home costs to rent. Item# 8; I have only taken 5% growth which is I think under normal market conditions is the growth you would see on your home. The principal payment has not been accounted for yet. I'll do it later.
Situation Rent:
If you rent, then your expense per year is item# 7 minus item# 6 = $15,000.
Of course, your capital of $30,000 is still earning compounded returns.
Situation Own:
Your expense is item# 4 + item# 5 - item# 9 - item# 8 = $3,450.
As I mentioned in the first line, this is a dumbed down cost comparator. There are many loopholes that can be plugged. All comments are welcome.
hairstyles a bank#39;s interest rate,
pmpforgc
04-14 10:35 AM
Atleast you are being honest and telling that the price now is somewhere around 350K. also the main point is that you bought it in 2004 so you are somewhat lucky. the situation now is such that prices are still very high in the correct location. I will give my example ..if I buy a house now ... for the good deals ..I have to buy one which is 14 miles away from work and another 22 miles away from city / airport (atlanta). and ofcourse if I buy at so far away it will not appreciate for another 10 years (many places have single roads ..and atlanta traffic is famous). there is still a bubble at better locations ..as sellers / builders are not lowering enough ..lots of for sale signs though.
now by renting ..I am closer to work / family ..so atleast 250 $ saved in gas plus vehicle maintenance ..add another 300 in maint + hoa for new house plu 300 - 400 in prop tax etc. with this money itself --I get good deals on renting a townhome with good apartment companies (hence no HOA).
so renting is not throwing money away ..you get a place to stay (with no maintenance) ..maybe smaller in size ..so you need to ask another question ,...do I need extra space (And maintenance ..) ..before you decide to buy especially now.
Hi
I am moving to Atlanta (Meritta) soon. I got new job there.
I need some advise regarding housing situation in regards to buying home. Currently I dont own home. I went to buy home last spring at my current location ( south carolina) but luckily I didnt buy it as some one advised me not to proceed unless I plan to stay for atleast five years. So that was good for me.
Any way what are the good developing suburbun areas where we have good schools and property prices are reasonable in atlanta area?
What is the trend of house price in atlanta area?
Also regarding renting apratments, my son is in high school and I will be working in the Meritta area. I was looking for highshools and I found that Walton highschool, Pope Highschool and Roswell Highschools may be good choices nearby.
Let me know your experiences in regards to any of those schools and nearby renatl apartments at low cost. I currently rent twobed room apartment and similar mightbe sufficient for me.
Also please give links where I can see more info regarding atlanta housing, shcools transport etc.
thanks
now by renting ..I am closer to work / family ..so atleast 250 $ saved in gas plus vehicle maintenance ..add another 300 in maint + hoa for new house plu 300 - 400 in prop tax etc. with this money itself --I get good deals on renting a townhome with good apartment companies (hence no HOA).
so renting is not throwing money away ..you get a place to stay (with no maintenance) ..maybe smaller in size ..so you need to ask another question ,...do I need extra space (And maintenance ..) ..before you decide to buy especially now.
Hi
I am moving to Atlanta (Meritta) soon. I got new job there.
I need some advise regarding housing situation in regards to buying home. Currently I dont own home. I went to buy home last spring at my current location ( south carolina) but luckily I didnt buy it as some one advised me not to proceed unless I plan to stay for atleast five years. So that was good for me.
Any way what are the good developing suburbun areas where we have good schools and property prices are reasonable in atlanta area?
What is the trend of house price in atlanta area?
Also regarding renting apratments, my son is in high school and I will be working in the Meritta area. I was looking for highshools and I found that Walton highschool, Pope Highschool and Roswell Highschools may be good choices nearby.
Let me know your experiences in regards to any of those schools and nearby renatl apartments at low cost. I currently rent twobed room apartment and similar mightbe sufficient for me.
Also please give links where I can see more info regarding atlanta housing, shcools transport etc.
thanks
ThinkTwice
09-26 02:20 PM
The kind of delay in the GC process, the uncertainity involved and now added to this is the possibility of the Obama administration if elected making it difficult for EB GC applicants.
We have already anticipated this and had applied for the UK Highly Skilled Migrant Program (HSMP). We will most likely move to UK soon.. as soon as the elections are over.. a matter of few weeks. Unfortunate that after staying in this country for 12 years, having graduated from one of the best schools and having worked and having been a part of this great nation this is where it may all end for us. Whats even worse is that our son who is a US citizen will grow up in some other nation.
Well.. time to move on.
We have already anticipated this and had applied for the UK Highly Skilled Migrant Program (HSMP). We will most likely move to UK soon.. as soon as the elections are over.. a matter of few weeks. Unfortunate that after staying in this country for 12 years, having graduated from one of the best schools and having worked and having been a part of this great nation this is where it may all end for us. Whats even worse is that our son who is a US citizen will grow up in some other nation.
Well.. time to move on.
nk2006
09-30 02:54 PM
Yes, you are right, the recent 485 denials for people using AC-21 have nothing to do with Obama/Durbin immigtaion policy. But I kind of remember there were some harsh provisions for people using AC 21 in CIR 2007 version. I am trying to find out the details about it.
Correct me if I am wrong.
I dont think there were any provisions in 2007 CIR that curtail job movement using AC21 for greencard holders. I think we are over-analyzing this - that Sen.Durbin is against lot of H1B provisions is evident. Also he may not be in favor of visa-recapture for EB immigrants - but I dont think he will single handedly drive immigration rules and make the life of all EB immigrants tough. He may have some support in changing the rules in H1B - but I dont think even he is not that negative regarding GC aspects - even if he is, may not get widespread support for it in congress.
Also Obama has shown his governing style (from the campaign, debate etc) - which is very level headed based on a bunch of things and discussions rather than following "one" ideological path blindly. If at all I think his administration will be more favorable to EB GC reform and somewhat unfavorable H1B reform (and completely pro-undocumented reform just like McCain). This is based on my interpretation of his immigration policies on his site and based on his general campaign.
Correct me if I am wrong.
I dont think there were any provisions in 2007 CIR that curtail job movement using AC21 for greencard holders. I think we are over-analyzing this - that Sen.Durbin is against lot of H1B provisions is evident. Also he may not be in favor of visa-recapture for EB immigrants - but I dont think he will single handedly drive immigration rules and make the life of all EB immigrants tough. He may have some support in changing the rules in H1B - but I dont think even he is not that negative regarding GC aspects - even if he is, may not get widespread support for it in congress.
Also Obama has shown his governing style (from the campaign, debate etc) - which is very level headed based on a bunch of things and discussions rather than following "one" ideological path blindly. If at all I think his administration will be more favorable to EB GC reform and somewhat unfavorable H1B reform (and completely pro-undocumented reform just like McCain). This is based on my interpretation of his immigration policies on his site and based on his general campaign.
