Vince Goodrum's "Fuck That Shit, I Got A Better Idea" Threads

[sync pulse]

 Le Corbusier:
 Une maison est une machine-à-habiter.

A house is a machine for living in.

Edit: 960 square feet is exactly my old condo's size...

[Princess L]

Yep....the home is not where the value is but the land under it to put whatever you wish there.  I am going with a singlewide so I can have a larger yard for the dog  but I'm going to have a very large deck with an outdoor hot tub.  I figure since I sell patio furniture and hot tubs, I may as well use my supplies

This also needs to be discussed.

[Straw Man]

Mortgage adviser: "Okay, Mr Goodrum, that's you all set. So, let's just quickly go through the numbers:

       Principal:  482.09
        Taxes:  18.84
        Homeowner's Insurance:  55.58
        Total Amount of Loan $50,412

        Interest Rate:  7.42%

Plus the extra 3% for being black, that gives us an Interest Rate of 10.42%.

Now, as a successful entrepreneur, I won't insult your intelligence by telling you how many years it will take for you to pay everything off, so all that's left your you to do is just sign here..."


Goodrum:

that "principal" payment would have to be Principal and Interest unless of course his interest rate is 0 (which it is not)

so if 482.09 is Principal and Interest and if the interest rate is 10.42% (still can't believe there isn't a better rate out there) then this represents a 23 year term (assuming it's a fully amortized payment)

Since Vince said he has a lump sum due at the end of the term we know the payment of 482.09 is not a fully amortized payment


Vince - do you have the disclosures from the lender.

They should have disclosed the term of the loan, lump sum payment at the and and the  total cost of interest over the life of the loan

Although it's certainly a good deal to get your house paid off in 5 years you're paying 10%+ every year on the outstanding principal balance so depending on how long you actually have this debt you could be paying much more in total interest than the value of the house (not uncommon - assuming no appreciation)

Just for some perspective, If you had gotten a VA loan at 3.75% that same payment (482.09) would have financed a loan amount of ~  104k.

[RJ DRIVER]

Fuck, goodrom seems like he trolls himself!  “Nice” neighborhood?? Sorry bud there aren’t trailers in nice neighborhoods.

[Kahn.N.Singh]

Mortgage adviser: "Okay, Mr Goodrum, that's you all set. So, let's just quickly go through the numbers:

        Principal:  482.09
        Taxes:  18.84
        Homeowner's Insurance:  55.58
        Total Amount of Loan $50,412

        Interest Rate:  7.42%

Plus the extra 3% for being black, that gives us an Interest Rate of 10.42%.

Now, as a successful entrepreneur, I won't insult your intelligence by telling you how many years it will take for you to pay everything off, so all that's left your you to do is just sign here..."


Goodrum:

Vincent Von Neumann has a very bootiful mind, and totally sympathetic to the Principiass of Alfred North Cockhead, CSN MFT.

[IronMagazine.com]

You do realize that I'm black right???  Of course my interest rate is going to be high and that's actually pretty good since I expected around 14% interest.  That's why I'm paying it off within 5 years.

LOL no its cause your credit score sucks ass, there is no color involved with that number.

[Vince G, CSN MFT]

that "principal" payment would have to be Principal and Interest unless of course his interest rate is 0 (which it is not)

so if 482.09 is Principal and Interest and if the interest rate is 10.42% (still can't believe there isn't a better rate out there) then this represents a 23 year term (assuming it's a fully amortized payment)

Since Vince said he has a lump sum due at the end of the term we know the payment of 482.09 is not a fully amortized payment


Vince - do you have the disclosures from the lender.

They should have disclosed the term of the loan, lump sum payment at the and and the  total cost of interest over the life of the loan

Although it's certainly a good deal to get your house paid off in 5 years you're paying 10%+ every year on the outstanding principal balance so depending on how long you actually have this debt you could be paying much more in total interest than the value of the house (not uncommon - assuming no appreciation)

Just for some perspective, If you had gotten a VA loan at 3.75% that same payment (482.09) would have financed a loan amount of ~  104k.

I said I was going to pay it off early with a lump sum after a few years.  So the 23 year rate doesn't matter.  Im leaving the papers as is.  I'd rather have flexibility in payments in the event something happens

[Ted SuperSet]

Thanks.  Honestly, I will be able to save a lot of money by eliminating shit that I pay for at my apartment.  I have to pay 50 a month for cable TV which I don't need...just internet and an antenna , I pay extra for yard care and pest control which I can do myself saving about 60 bucks, renter's insurance is a joke and that will be gone.  Apartments are a complete ripoff at this point and you get absolutely no value out of it and buying a house for 200k is insane and any money issues that arise such as job loss or disability will surely cause a foreclosure.


This is a home that cost $50,000 Getbiggers and my monthly payment to maintain it is $556.41 although I'll be doubling payment and making a lump sum at the end.  I can go out and flip burgers and still be able to afford it.  Why should I go out and buy a home that I have to work to death just to maintain??   Too many people spend beyond their means and I'm not planning to do that.

Smart moves are beeing made!

[QuietYou]

I said I was going to pay it off early with a lump sum after a few years.  So the 23 year rate doesn't matter.  Im leaving the papers as is.  I'd rather have flexibility in payments in the event something happens

But are you richer than Dexter Jackson?

[Vince B]

Several years ago during the last financial crisis we urged Melvin to acquire one of those houses for almost free. He declined the suggestion.

Then he was going to live off the grid. Then buy a Jaguar.

Melvin boasted that he doesn't have a credit card. Guess his credit rating is low and now his interest rate is higher.

This dude doesn't think clearly and bullshits all day long.

[calfzilla]

Another poor financial decision but it's his life and his decision. He's fee to buy whatever home he wants.

[FitnessFrenzy]

[Straw Man]

I said I was going to pay it off early with a lump sum after a few years.  So the 23 year rate doesn't matter.  Im leaving the papers as is.  I'd rather have flexibility in payments in the event something happens

I never said "23 year rate"

If you're happy with the property and you pay if off ASAP that's is all that matters.
You should try to prepay each month (to reduce principal ASAP) rather than a big lump sum at the end of year 5 otherwise you're paying a boatload of interest during the 5 years you have the loan

For example, if your loan has an amortization period of 30 years (let's say with a balloon payment at the end of the 23 year) and you choose to make the regular monthly payment each month and intend the pay the balance off at the end of the 5th year you'll wind up paying a bit less than 26k in interest during that 5 year period.

I think you said you intended to pay 1k or more per month and that would definitely be the way to go.
Get a copy of the note and make sure they apply prepayments to principal reduction (I assume they would be always better to check) and that you can make prepayments without any penalties

Still hard to fathom why your rate is so high

VA loans (even with poor credit and I think you said yours was good) appear in to be in the mid 3% range (and that's with 100% financing)

[Vince G, CSN MFT]

Several years ago during the last financial crisis we urged Melvin to acquire one of those houses for almost free. He declined the suggestion.

Then he was going to live off the grid. Then buy a Jaguar.

Melvin boasted that he doesn't have a credit card. Guess his credit rating is low and now his interest rate is higher.

This dude doesn't think clearly and bullshits all day long.

You fucking moron....those houses were shit

[Primemuscle]

I'm now all set.  Purchased the Clayton Eclipse 60 with an Energy Smart Package instead of the original one.  960 square feet, 2 bedrooms and 2 bathrooms.



So here's the breakdown although I'll have it paid off entirely in 5 years:



Principal:  482.09
Taxes:  18.84
Homeowner's Insurance:  55.58

Total Monthly:  556.61


Total Amount of Loan $50,412

Interest Rate:  10.42%


Here's some pictures of the place.  It will look exactly like this because I don't get a choice in colors or design.  

I have a couple of questions for you.

Why is the interest rate so high? Current rates on home mortgages are somewhere between 3 and 4 percent.

Less than $240 in annual taxes is crazy low. I imaging this does include tax on the land.

How do you figure you'll have this place paid for in 5 years when you're only paying a little over $500 a month and the interest rate exceeds that per month? You're "balloon payment" will be as much or more than you bought the place for. Do you plan on making extra principle payments?

The place looks pretty nice. It's a lot better than many people have.  Too bad about not being able to upgrade.

[SF1900]

Vince, we can solve this dilemma if I move in. We can split your mortgage.

[polychronopolous]

Vince, we can solve this dilemma if I move in. We can split your mortgage.

We could have our very own getbig reality series!

[Primemuscle]

Vince, we can solve this dilemma if I move in. We can split your mortgage.

Pick whichever bedroom you want....meet in the middle for meals. Where's the gym?  Gotta have a gym!

[SF1900]

We could have our very own getbig reality series!

The life of Vince Goodrum and SF1900 

[SF1900]

Pick whichever bedroom you want....meet in the middle for meals. Where's the gym?  Gotta have a gym!

we are going to build an outside gym.

[Primemuscle]

we are going to build an outside gym.

Maybe you could talk him up a little. The Glide House has a detached pod, which could be used as a gym....and....it even has it's own locker room/bath.

https://inhabitat.com/blu-homes-unfolds-a-glidehouse-prefab-on-vashon-island-in-washington/





Imagine this overlooking the gulf in Florida.



Man...everytime I see this place, I want to sell my "money pit" and build it (assemble it), (have it assembled), whatever.

[Primemuscle]

My money pit: looking to get out the front door.

[Vince B]

You fucking moron....those houses were shit

Who is the dope? Imagine what you could buy now if you owned that shit?

[NelsonMuntz]

The back housewarming party

[NelsonMuntz]

Sang along to this video

Vince is movin on up, To the east side.
To a deluxe Mobile home doublewiiide.
Movin on up
In a doublewide.
He finally cashed some bitcoin on the sly.
Low carb chili in the  kitchen;
Cayenne peppers burn on the grill.
Sold a whole lotta bee pollen'
Just to get up that hill.
Now we're up in youtube views
Gettin' our turn ad sense.
As long as we live, it's no more you and me Vissy
There ain't nothin wrong with that.
Vince is movin on up,
To the east side.
To a deluxe mobile home doublewiiide.
Movin on up
In a double wide
He finally cashed those bitcoin
On the sly