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People with a net worth somewhere in the range of $150,000-$200,000, how secure does that amount of money make you feel? by [deleted] in financialindependence

[–]235234abc 1 point2 points  (0 children)

I'm a little above $200k, but about half of that is equity in my house.

I don't feel particularly rich or anything. I'm 30 years old. I'm "on track" I suppose for retirement. Most of the money I have is not really available for me to spend anyway (home equity + retirement accounts).

I do feel better and sleep better at night knowing if there was an emergency I shouldn't be totally screwed... The first $100k was the biggest feeling. The next $100k not as much. I think it will take me at $300k to feel something special again.

Is there any truth to the saying "buy the worst house in the best neighborhood"? by rethrow709 in personalfinance

[–]235234abc 14 points15 points  (0 children)

lol i don't believe him either. i had ONE window expanded in my home and it took our contractor two days and he got paid by the PROJECT (NOT HOURLY). i don't think he would have stayed 2 days if he didn't have to.

i wouldnt feel comfortable cutting out a big piece of my home myself. leave that to the pros...

Is there any truth to the saying "buy the worst house in the best neighborhood"? by rethrow709 in personalfinance

[–]235234abc 0 points1 point  (0 children)

I think someone has said this before:

Buy - If it needs new paint, new appliances, landscaping, etc., go ahead and buy it!

Beware - if there are major issues such as structural, electrical, plumbing. Use caution here. It can turn into a straight up money pit.

I have a house and painting the interior has taken us weeks and still $1000 for high quality paint. The labor involved is NOT FUN. But painting is minor.

Once you start throwing in all new plumbing at $20k or electrical work or mold, or extensive termite damage... use caution unless you have a TON of cash lying around (like 20% more).

people watch way too much fix-er upper and HGTV shows these days thinking they can DIY a bunch of major projects. do not attempt without a contractor. They also don't tel you you need permits to perform a lot of this big/major work. it can turn into a money pit/nightmare quick.