What MM mistakes have you ALMOST made

[irene adler]

Dh and I were thisclose to buying a houseboat three years ago (the year we had a lot of rain/snowpack)

lololololol.  So glad we didn't. 

What about you? 

[pattieice]

At this time last year my DH received a large bonus from work. We had planned to use the money to buy a new SUV for me or to buy a lot to start building a new house.

Thank god I did none of those things because DH lost his job, we separated, and I am essentially living off of the bonus money.

[sweetiesparkles]

We almost bought a $10K tub of water (deluxe hot tub) in 2007. A month later I lost my job, we regrouped, I got pregnant, and then was fortunate to be able to stay home for a few years with DD based on frugality. We still are extremely frugal today and never finance anything except our 15 year mortgage.

[my3bears]

I've said this one a million times - My dad talked me out of buying a condo in 2007. I never got close to doing it, but was in the researching stage. Who knows if I even would have been approved for a mortgage with 1 year of self-employment under my belt. But giving mortgages to unqualified people was how we got into that mess so who knows!

DH's boss got talked into buying a timeshare at his spring break vacation. When he got home he realized it was a mistake and overnighted the paperwork to get out of it before the "if you change your mind" window closed.

[Pom]

Ours seems more like dumb luck:

-The house we built in SA failed appraisal by $40k plus we had wanted to put in a pool. We walked even though it was hard to do at the time because our apartment was in the airport flight path. This house was a MUCH better deal and we love it and the location. It's perfect for us.

-Mr. Pom was getting offers coming out his his ears for VP positions at start up O&G companies within his area of expertise. He decided to stay with his current employer, larger, more stable but his area is only a small part. The security seemed worth the smaller piece of the pie. 10 months later oil crashed and those other companies are being dismantled or are already out of business. I get anxiety when I think about that.

[moolarkey]

Apr 12, 2015 8:28:49 GMT -5 my3bears said:

I've said this one a million times - My dad talked me out of buying a condo in 2007. I never got close to doing it, but was in the researching stage. Who knows if I even would have been approved for a mortgage with 1 year of self-employment under my belt. But giving mortgages to unqualified people was how we got into that mess so who knows!

DH's boss got talked into buying a timeshare at his spring break vacation. When he got home he realized it was a mistake and overnighted the paperwork to get out of it before the "if you change your mind" window closed.

I have friends that own 3 time-shares. They are now divorcing and need to sell the time-shares for the divorce but haven't sold any of the 3. They've been on the market for over a year now.

[savan]

Mine is dumb luck. I went to a very expensive private college for no other reason than I wanted to go there. Tuition at the time was $35k a year. (Now I think it's over $40k!). I managed to get over $100k in scholarships to help offset the cost. Then I took a great summer internship before my senior year. My employer decided to hire me on full time and have me go on leave for my senior year. They paid tuition and books for that year. I somehow walked away with just $12k in loans which were paid off in 2 years due to more dumb luck.

[moolarkey]

DD graduated from college the first week of May '08. She asked if we could do a week long trip, the week after graduation, on Lake Erie on our boat since she'd be starting work and she didn't know when she'd get to do that again. We just did Kelley's Island and South Bass Island but while there we were seriously looking at property to buy on either island for us to build a retirement home.

We didn't actually plunk down any money and it was a good thing. When H went back to work the Monday after our trip he was laid off. It took 5 years for him to land a permanent full-time job. We were so thankful we didn't have that second mortgage to deal with. He has a great job now and we're again starting to look at property on the lakefront and on both islands as potential retirement locations for us.

[whitemerlot]

We almost bought a house that was about 100k more than the one we ended up with. The house we are in in so much better in so many ways. I don't think I would have been happy with the other one.

[gt7301b]

I was miserable in my last job and almost quit before I found this one. That was in 2008, I am thankful I stuck it out even though it sucked.

[mskitkat]

I almost bought a money pit of a house because I was seduced by having an incredibly low mortgage and sure, we could live with those renos. DH and I are not handy at all. It would have been a disaster. Thank goodness we had to walk away because of termite issues.

We also almost bought a time share from my mom to help her out. Mom couldn't afford the time share anymore, but she wanted it to stay in the family for reasons. DH and I would never have used it (not our preferred vacation area), and we basically would have been subsidizing my mom's vacations. At the last minute, mom decided she wanted to try and keep it.

[imojoebunny]

I almost kept my first house as a rental. I didn't because I really liked my neighbors, and didn't want them to have any problems from renters not being good. I sold at what ended up being the very top of the market. 10 years later, the guy who bought it still cannot get out, though I do not think he wants to (he is friends with my old neighbors who I am still friends with, so I actually know him).

[rubytue]

Apr 12, 2015 10:02:34 GMT -5 mskitkat said:

I almost bought a money pit of a house because I was seduced by having an incredibly low mortgage and sure, we could live with those renos. DH and I are not handy at all. It would have been a disaster. Thank goodness we had to walk away because of termite issues.
.

We almost did the same thing. Run down foreclosure on the waterfront. It could have been brilliant, with a ton of work and money. We ended up in a townhouse in a waterfront community, complete with marina. All the benefits of waterfront, no waterfront taxes, no bulkhead maintenance, no renovations (well, H and I have been in negotiations about the kitchen for 3 years lol)

My other big almost MM mistake - I had a fellowship to pay for my PhD. All I had to do was quit my job and go. I chicken out, and then ended up getting diagnosed with a major medical issue. I was so lucky I was still employed with good insurance, bc I would have been uninsured as a grad student (pre most school offering good insurance to grad students and way pre ACA)

[Deleted]

Not writing my husband back on Match.com.

[crashgizmo]

DH and I were seriously entertaining the idea of buying a boat last year. We thought we would be in the house we were renting and in the same jobs for at least a few more years, so it would have been doable.

Instead, I got a great new job 2 hours away and we bought a house in a HCOL area. A boat would have been a huge hindrance.

[AAM2012]

DH almost bought a townhouse before we met in 2005-2006 timeframe. The ones he was looking at we're going for $220-250k and dropped to $80-100k after the collapse.

I occasionally bring it up and he always says he's so glad he met me when he did. <3

[livinitup]

Years ago, I got a lease on a new car and because I was young and poor, I rolled ALL of the costs into the monthly fee. I put zero down - which is MM dumb because you end-up paying more $$ in the long run. Within a week, the car was in a major accident and it was totaled. I walked away and gap insurance covered everything I owed on the car -100% if I had put any money down, I would have lost it. With nothing down, I lost nothing.

[M]

Not me but back when we were really good friends in college (before dating), H really wanted to trade in his old jaguar for brand new. He did some budgeting and figured out that his pretty good paying valet job could actually afford the payments. He actually asked ME what I thought. I've always been financially conservative, a penny pincher, so of course I said no. Months later we started dating. Not long after he lost his valet job which I see as a blessing in disguise because he was making too much money and wasn't serious about school.

[M]

@livinitup - when you lease a car, one of the main things IS to put nothing down just in case something like that happens. You are lucky...both financially and because you were able to walk away without getting hurting.

[steph96]

A few months ago my husband found out that a oilfield housing company was going out of business and selling barely used campers for 10% of MSRP. We were thisclose to buying one. Fortunately I ended up putting it off a few days because I was so busy. They ended up selling all of them before we made it to go look. A few days later, my husband's company had their first round of layoffs. Now I'm very thankful that we didn't spend that money!!

[miniroller]

Apr 12, 2015 11:50:23 GMT -5 crashgizmo said:

DH and I were seriously entertaining the idea of buying a boat last year. We thought we would be in the house we were renting and in the same jobs for at least a few more years, so it would have been doable.

Instead, I got a great new job 2 hours away and we bought a house in a HCOL area. A boat would have been a huge hindrance.

We have a couple friends with boats. Almost all unanimously agree the two best days of a boat owner's life are the day you buy the boat & the day you sell the boat. SO much better to be friends w/ boat owners!! (Having said that, I promise we cover gas, drinks, snacks, & usually a dinner out as payback!)
Even despite your location change, hopefully that might make you feel even better

[gibbinator]

We almost bought a house before dh's job contract was renewed

[phunluvin82]

Sadly, when I think of possible mistakes averted, almost nothing comes to mind. I think we basically made all of them! I mean, I guess we never bought a house at the top of the market...but only because it wasn't even financially an option at the time. Not b/c we were savvy enough to avoid it, lol.

[Deleted]

I can't think of anything. We don't half ass anything, not even major financial mistakes. :/

[Deleted]

OMG I think about this a lot because this house still comes up for sale sometimes.  I almost bought it in 2007.  I was only a few months out of law school and my rent had just increased and I was all "I should just buy a house."  I got prequalified for only $80k and was all discouraged that it wasn't more but even pre-crash I didn't have enough of a job history plus my student loans to finance any more. I didn't have a realtor but I toured two homes and this was the one I was considering.  A two family home in a crappy neighborhood right behind McDonalds.





I was going to live in half of it for practically nothing and then flip it for a profit.

Luckily I sort of lost interest in that plan and met DH a few months later.

[bostonmichelle]

We almost bought a house in a really nice town next to a college 3 years ago. We did all the research and the college said they weren't planning on expanding the dorms to what would have been across the street. Dorm construction started this past fall, so glad I refused to go any higher and didn't buy that house.

[Emerald1486]

XH wanted to get a truck when I was pregnant because he needed a vehicle (we were a one car family). We agreed to wait till after DS was born, and we separated shortly after. Only one I can think of

[Awkward]

I remember posting about mine! DH (then just BF) and I looked into buying his family's run down, railroad track abutting, usually inhabited by relatives who pay rent when they feel like it apartment building in a crappy town after his grandparents died. Because that's what a mid 20s couple with less than 2x minimum wage jobs needs right? We were talking about how we were going to fix it up, live in half, and make all this money by renting it out. Hahahaha. Ha. I'm soooooo glad that we didn't go any further in pursuing it, but DH still brings it up sometimes.

[krystee]

I don't have anything to contribute because I actually did make them all.

[simpsongal]

We almost bought a house even father out. We were about to make an offer and I decided to try the commute - NEWP. It's amazing, it doesn't seem that much farther than our current home but it's in a more congested area that just makes getting places a complete PITA.