chanduv23
04-08 07:18 PM
Look what really does not make sense about the "Consulting company" portion is that management consulting companies like BCG, Mckenzie or the Big 4 consulting firms have a business model where they "outsource" employees for projects to other companies. So, as it stands, these companies will not be able to hire anyone from top business schools. And we are not talking about desi consulting companies here (no pun intended).
Again, this bill embodies the basic principle that displaces US workers do not want to understand:
"What is good for the economy may not be good for an individual".
And I say that because I have been myself displaces 2 times in my life, and every time, I have fallen (or stumbled), I have walked an extra mile to get a better life.
I just feel sorry for people like me and many others who came to this country with a different mindset and now find themselves in the midst of the worst anti-immigrant clime that has existed in a long time.
That said, I feel obligated to remind everyone - "Do yourself a favor and do everything within your means to make a meaningful change, self-help is the best help you will get"
- Raj
What about professional services? Like IBM global services, Oracle consulting etc.... all these companies thrive on after sales customization and support based on professional services contract and there are thousands of h1b visa holders doing professional services. It is also outsourcing of a employee to a client implementing their system. Look at SAP, Siebel consultants, they are outsourced at client places for years together to finish implementations and their work locations are changed based on client's needs from time to time in between jobs - this is again a huge pool of H1bs.
I used to work fulltime for a company in their professional services group and travelled on the job to a lot of places. The company thrives on h1b resources for their high pressured jobs and they always bring in people from outside the country to do their jobs.
I think outsourcing employees to a different location is a part and parcel of H1b, and this bill is nailing exactly on that. It is aimed solely to purge out H1bs from the country.
So all said and done, we may now go down based on a racially motivated bill. I am not sure what it takes to educate the law makers, I would like to see the senior personnel at IV and more analysts to look into what can be done on this bill.
Again, this bill embodies the basic principle that displaces US workers do not want to understand:
"What is good for the economy may not be good for an individual".
And I say that because I have been myself displaces 2 times in my life, and every time, I have fallen (or stumbled), I have walked an extra mile to get a better life.
I just feel sorry for people like me and many others who came to this country with a different mindset and now find themselves in the midst of the worst anti-immigrant clime that has existed in a long time.
That said, I feel obligated to remind everyone - "Do yourself a favor and do everything within your means to make a meaningful change, self-help is the best help you will get"
- Raj
What about professional services? Like IBM global services, Oracle consulting etc.... all these companies thrive on after sales customization and support based on professional services contract and there are thousands of h1b visa holders doing professional services. It is also outsourcing of a employee to a client implementing their system. Look at SAP, Siebel consultants, they are outsourced at client places for years together to finish implementations and their work locations are changed based on client's needs from time to time in between jobs - this is again a huge pool of H1bs.
I used to work fulltime for a company in their professional services group and travelled on the job to a lot of places. The company thrives on h1b resources for their high pressured jobs and they always bring in people from outside the country to do their jobs.
I think outsourcing employees to a different location is a part and parcel of H1b, and this bill is nailing exactly on that. It is aimed solely to purge out H1bs from the country.
So all said and done, we may now go down based on a racially motivated bill. I am not sure what it takes to educate the law makers, I would like to see the senior personnel at IV and more analysts to look into what can be done on this bill.
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ohpdfeb2003
06-27 11:11 AM
hpandey,
Excellent points!
Hirala/puddonhead,
You guys are still going by popular news article and media hype. You fail to understand the ground reality. I bought my house last year in a great school district. I used to pay $1,250 rent for a single bedroom condo of 800 sq ft. I could have as well flushed that money down the toilet. My house now is 1600 sq ft living area + completed basement + garage + deck, all for $2,500 (mortgage + insurance + tax). I'm in the 30% tax bracket and I know I'll get a huge tax benefit. My quality of life has been great with the addition of space in my dwelling.
I'll have to reiterate - do not generalize your opinions. What's happening in Detriot is NOT happening everywhere!
EDIT: The rent in my area for my home is of course not $2,500 but between $1,800 to $1,900. After tax deduction I'll be paying the same amount (or a tiny bit more) as a renter. If my home apprecites, I gain, if it doesn't, I DON'T lose anything. But I were a renter, my loss is guaranteed!
Its not logical to think of rent as money flushed down the toilet. It is the money you pay for a service aka for a service that provides shelter without any maintanance involved.
Is the money that you are paying as interest for mortgage money flushed down the toilet???:rolleyes:
Taxdeduction is overrated, remember everyone gets a standard deduction, so even if you
dont have mortgage you get a break.
Excellent points!
Hirala/puddonhead,
You guys are still going by popular news article and media hype. You fail to understand the ground reality. I bought my house last year in a great school district. I used to pay $1,250 rent for a single bedroom condo of 800 sq ft. I could have as well flushed that money down the toilet. My house now is 1600 sq ft living area + completed basement + garage + deck, all for $2,500 (mortgage + insurance + tax). I'm in the 30% tax bracket and I know I'll get a huge tax benefit. My quality of life has been great with the addition of space in my dwelling.
I'll have to reiterate - do not generalize your opinions. What's happening in Detriot is NOT happening everywhere!
EDIT: The rent in my area for my home is of course not $2,500 but between $1,800 to $1,900. After tax deduction I'll be paying the same amount (or a tiny bit more) as a renter. If my home apprecites, I gain, if it doesn't, I DON'T lose anything. But I were a renter, my loss is guaranteed!
Its not logical to think of rent as money flushed down the toilet. It is the money you pay for a service aka for a service that provides shelter without any maintanance involved.
Is the money that you are paying as interest for mortgage money flushed down the toilet???:rolleyes:
Taxdeduction is overrated, remember everyone gets a standard deduction, so even if you
dont have mortgage you get a break.
sanju
05-17 10:15 AM
I am not saying everyone else are less skilled that me. Read my posts please. Nor am I saying everyone are less honest than me. I am saying that people applying for an H-1B without having a FULL-TIME JOB from day 1 are DISHONEST.
I am saying that people applying for an H-1B without having a FULL-TIME JOB from day 1 are DISHONEST.
Why do I know that you do not work for a consulting company?
Conventional wisdom says, if someone is not doing what I am doing OR if someone doesn't think the way I think OR if someone doesn't look the way I look then there is something wrong with the other person. So just because you have a full time job, every consultant in the world has done a huge crime by being a CONSULTANT. If it was for you, you would propose a bill that all H-1B folks who were ever being CONSULTANTS should be hanged until death. Maybe we could pass a law to make CONSULTANT synonymous to 'SERIAL KILLER'. How does that sound???
I am saying that people applying for an H-1B without having a FULL-TIME JOB from day 1 are DISHONEST.
Why do I know that you do not work for a consulting company?
Conventional wisdom says, if someone is not doing what I am doing OR if someone doesn't think the way I think OR if someone doesn't look the way I look then there is something wrong with the other person. So just because you have a full time job, every consultant in the world has done a huge crime by being a CONSULTANT. If it was for you, you would propose a bill that all H-1B folks who were ever being CONSULTANTS should be hanged until death. Maybe we could pass a law to make CONSULTANT synonymous to 'SERIAL KILLER'. How does that sound???
2011 walt disney world map 2011. down to Walt Disney World.
Sunx_2004
07-10 02:53 PM
Just follow the law. There are lots of protections in it for us.
UN, I am impressed by your knowledge of immigration laws. Can you point me in right direction as to where I find information regarding the current immigration laws and their interpretations.
UN, I am impressed by your knowledge of immigration laws. Can you point me in right direction as to where I find information regarding the current immigration laws and their interpretations.
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thakurrajiv
03-26 10:13 AM
These banks, Mortgage companies and realtors - The whole nexus of sharks have made refinance almost impossible since last week.. Any body else noticed that? What happened is as soon as FED cut down the rate this nexus dramatically reduces the price 10 - 15%. If you go to zillow, you would find at least 10% reduction published for almost every home with comparison to 5 days before... Something is cooking up.. I do not know what it may be...At least for VA, MD, DC based homes I see this pattern. It looks like, lenders do not want to invite refinances.. and that is scary. Even most sites shows the list of properties with less value under " property sold last in 6 months" and make the properties disappeared which wer sold with reasonable price. I noticed this pattern for many bank alerts as well. So now the real picture you can get from is the county database only to fight these sharks. Are they trying to divert all to government loans (FHA?)... watch out.
I posted a few messages in another thread on macroeconomic issues. As you found out, a lot of people don't understand the severity of credit crunch. If you have lot of cash, yes you have a big advantage, go and invest. Even if you get it wrong for next 5 years, you will be ok.
But for people who want to do this on borrowed money, credit crunch will hit you. The credit crunch will get worse. Whole mortgage industry will change, things will tighten. This just means something has to give up, which is house price.
If you are already not in a house, wait as you might be able to buy at much lower prices. Jump into RE as investment now only if you have enough cash to sustain upto 30% drop in home prices !!
I posted a few messages in another thread on macroeconomic issues. As you found out, a lot of people don't understand the severity of credit crunch. If you have lot of cash, yes you have a big advantage, go and invest. Even if you get it wrong for next 5 years, you will be ok.
But for people who want to do this on borrowed money, credit crunch will hit you. The credit crunch will get worse. Whole mortgage industry will change, things will tighten. This just means something has to give up, which is house price.
If you are already not in a house, wait as you might be able to buy at much lower prices. Jump into RE as investment now only if you have enough cash to sustain upto 30% drop in home prices !!
gc4me
08-05 12:24 PM
I would like to compare Mrs. Rolling_Flood to Lou Dobbs who only initiates controversy and never dares to challenge.
And now Rolling_Flood is enjoying his forum which is growing exponentially!
C'mon Mrs. or Miss Rolling_Flood, post you qualification here. (honesty please! :D)
Originally Posted by gc4me
Mrs. Rolling_Flood,
Post you qualification here.
You can see flood of post from EB3 folks who has superior qualification (education wise as well as experience) compare to you. Either you are out of your mind from rigorous GC fever or a one eyed person with poor imagination or simply you did not get a chance to work in a big environment like fortune 10 or may be fortune 100 companies. Or else you would know how/why/when a company files under EB3 despite the fact that the candidate has more than required qualification for EB2. Position requirement, layoffs, HR policies, Company’s Attorney Firm’s policy etc. comes to picture when a big organization files LC/GC for a candidate.
I guess you are like me working with a small deshi consulting firm with 3 or 4 consultants (working C2C). They can make almost anyone eligible (on the paper) for EB2.
Then ask me why I am not EB2? According to my company's attorney, I-140 will be rejected due to the stand of
company's financials.
And now Rolling_Flood is enjoying his forum which is growing exponentially!
C'mon Mrs. or Miss Rolling_Flood, post you qualification here. (honesty please! :D)
Originally Posted by gc4me
Mrs. Rolling_Flood,
Post you qualification here.
You can see flood of post from EB3 folks who has superior qualification (education wise as well as experience) compare to you. Either you are out of your mind from rigorous GC fever or a one eyed person with poor imagination or simply you did not get a chance to work in a big environment like fortune 10 or may be fortune 100 companies. Or else you would know how/why/when a company files under EB3 despite the fact that the candidate has more than required qualification for EB2. Position requirement, layoffs, HR policies, Company’s Attorney Firm’s policy etc. comes to picture when a big organization files LC/GC for a candidate.
I guess you are like me working with a small deshi consulting firm with 3 or 4 consultants (working C2C). They can make almost anyone eligible (on the paper) for EB2.
Then ask me why I am not EB2? According to my company's attorney, I-140 will be rejected due to the stand of
company's financials.
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nogc_noproblem
08-06 06:34 PM
I recently picked a new primary care doctor. After two visits and exhaustive lab tests...
..., he said I was doing 'fairly well' for my age.
A little concerned about that comment, I couldn't resist asking him, 'Do you think I'll live to be 80?'
He asked, 'Do you smoke tobacco, or drink beer or wine?' 'Oh no,' I replied. 'I'm not doing drugs, either!'
Then he asked, 'Do you eat rib-eye steaks and barbecued ribs? 'I said, 'No, my former doctor said that all red meat is very unhealthy!'
Do you spend a lot of time in the sun, like playing golf, sailing, hiking, or bicycling?'
'No, I don't,' I said
He asked, 'Do you gamble, or drive fast cars?' 'No,' I said. He looked at me and said,....
'Then, why do you even care?'
..., he said I was doing 'fairly well' for my age.
A little concerned about that comment, I couldn't resist asking him, 'Do you think I'll live to be 80?'
He asked, 'Do you smoke tobacco, or drink beer or wine?' 'Oh no,' I replied. 'I'm not doing drugs, either!'
Then he asked, 'Do you eat rib-eye steaks and barbecued ribs? 'I said, 'No, my former doctor said that all red meat is very unhealthy!'
Do you spend a lot of time in the sun, like playing golf, sailing, hiking, or bicycling?'
'No, I don't,' I said
He asked, 'Do you gamble, or drive fast cars?' 'No,' I said. He looked at me and said,....
'Then, why do you even care?'
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NKR
03-25 03:12 PM
I have brought a house 4 years back after 2 years in this country. It is $500K house. Ss it really "Rent Apartment vs Buy House" ?
How about renting a home to provide something good to your family?
With the home values declining I think it makes way more sense to rent the same house (at least in the area I live). If your mortgage payment is only $500 above apartment rent I would say buy. But if you are looking at paying double as mortgage I think its really inflated.
I would like to read more about buying foreclosed properties. I hear there are some good deals out there.
It all depends on the situation, if a person who started this thread can afford to buy a house, wants to buy one, has found a good house in a good location, has got a good deal and if he thinks that not having a GC is the only hurdle, then my suggestion for him would be to buy the house.
Of course every people�s situation is not the same. If I was in CA, probably I would be living in an apartment now. If you can rent a home and think that makes more sense then buying a house, that�s fine too. If someone can buy a house and give it on rent, that�s even better :o)
How about renting a home to provide something good to your family?
With the home values declining I think it makes way more sense to rent the same house (at least in the area I live). If your mortgage payment is only $500 above apartment rent I would say buy. But if you are looking at paying double as mortgage I think its really inflated.
I would like to read more about buying foreclosed properties. I hear there are some good deals out there.
It all depends on the situation, if a person who started this thread can afford to buy a house, wants to buy one, has found a good house in a good location, has got a good deal and if he thinks that not having a GC is the only hurdle, then my suggestion for him would be to buy the house.
Of course every people�s situation is not the same. If I was in CA, probably I would be living in an apartment now. If you can rent a home and think that makes more sense then buying a house, that�s fine too. If someone can buy a house and give it on rent, that�s even better :o)
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senthil1
05-16 06:55 PM
Permanent lc for for the future job. Current job is different than future job though they are similar. H1B is for current job.
But it does not impact much if Skil bill comes. Most of the persons PD will become current and anyone who gets H1b will get GC within 1 or 2 years. So no need for H1b extension. If Skil bill comes with Durbin proposal then most of the negative issues will be resolved by increasing more gcs. Infact substitution elimination also not needed if Skil bill comes as PD will become current always.
You did not answer my question about why some one with permanent labor certificate has to go thru the process of advertisement process for H1B renewal?
In my case DOL labor took almost 3 years to certify my labor certificate which states that I am not displacing any american worker. I think 3 years is a good time to find whether I am displacing american worker or not.
This law simply goes too far in the name of preventing abuse. I just dont get why someone working for same company and whose GC petition is pending(GC labor approved) has to prove every year that he is not displacing an american worker.
But it does not impact much if Skil bill comes. Most of the persons PD will become current and anyone who gets H1b will get GC within 1 or 2 years. So no need for H1b extension. If Skil bill comes with Durbin proposal then most of the negative issues will be resolved by increasing more gcs. Infact substitution elimination also not needed if Skil bill comes as PD will become current always.
You did not answer my question about why some one with permanent labor certificate has to go thru the process of advertisement process for H1B renewal?
In my case DOL labor took almost 3 years to certify my labor certificate which states that I am not displacing any american worker. I think 3 years is a good time to find whether I am displacing american worker or not.
This law simply goes too far in the name of preventing abuse. I just dont get why someone working for same company and whose GC petition is pending(GC labor approved) has to prove every year that he is not displacing an american worker.
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psvk
08-05 11:42 AM
I have utmost respect for you Walking_Dude. Your leadership and ethusasm is phenomenal. But even in IV , I comes before We.
Personally, I don't think one necessary needs a immigration attorney for this. This is a public interest litigation. The task is definitly not easy but if 50 people can join hands and willing to shell out $500 dollars. It is doable. But I doubt that will happen.
We have approx 35K members and not even 2k people contributed to our cause if not 100 at least $5. Not sure how do u expect $500 -1000 for a failing cause. If you take the pain others will happily enjoy the fruit.
Most of us may agree with porting but not LC substitution as it is you are eating somebody's vomit.
You and OP joined the forum recently and not sure how much u have contributed to our cause, rather causing unnecessary stir.
By the way I have contributed $200 ( and more in line) and participated in phone and fax campaigns and got at least few more new members with contribution.
Personally, I don't think one necessary needs a immigration attorney for this. This is a public interest litigation. The task is definitly not easy but if 50 people can join hands and willing to shell out $500 dollars. It is doable. But I doubt that will happen.
We have approx 35K members and not even 2k people contributed to our cause if not 100 at least $5. Not sure how do u expect $500 -1000 for a failing cause. If you take the pain others will happily enjoy the fruit.
Most of us may agree with porting but not LC substitution as it is you are eating somebody's vomit.
You and OP joined the forum recently and not sure how much u have contributed to our cause, rather causing unnecessary stir.
By the way I have contributed $200 ( and more in line) and participated in phone and fax campaigns and got at least few more new members with contribution.
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Pineapple
12-26 09:39 PM
Thanks Macaca, for doing the hard work no one else will (or can!!), and unearthing articles/compiling/collating research papers on the broader issues... My hats off to you!
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texcan
08-05 01:27 PM
And if you feel your esteemed queue is getting bigger you are more than welcome to leave this place.
And Sir dontcareanymore, who are you to show people out.
Please calm down, its ok if someone has ideas that donot match 100% to your ideas; your decency is in letting people speak and hear them still.
friend.....Donot get angry, please.
what a pity, we donot let anyone talk, speak unless they agree with us and we call ourselves educated, democratic....voice of immigration....
may i dare say ...."we are not even close"..
lets not fight, please. I am not blaming you sir, but the action. so please
donot blast me, i know you are a wonderful person; i am blaming the action not you.
And Sir dontcareanymore, who are you to show people out.
Please calm down, its ok if someone has ideas that donot match 100% to your ideas; your decency is in letting people speak and hear them still.
friend.....Donot get angry, please.
what a pity, we donot let anyone talk, speak unless they agree with us and we call ourselves educated, democratic....voice of immigration....
may i dare say ...."we are not even close"..
lets not fight, please. I am not blaming you sir, but the action. so please
donot blast me, i know you are a wonderful person; i am blaming the action not you.
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hiralal
06-25 10:48 PM
Just as an example, this may be an anomaly, but I know this Australian Indian citizen, who has recently bought 2 houses in the LA Valley and is having no issues filling them with contractors so far (1 my friend), even in this economy. He works on SAP projects traveling on H1 , but is in Aussie land most of the time, with his family. The rent more than pays off his mortgage.
I have only one sentence to say ..watch the movie "pacific heights" ..I was watching it now and that is a perfect movie for those who intend to rent their homes.
(ofcourse it is just a movie ..but very interesting, worth watching for everyone and gives you some knowledge too. what you have mentioned is the best case scenario ..the movie is the worst case scenario. as always, reality is somewhere in between).
personally there are better ways to make money ..for me diversify is the key word ..(rather than everything in real estate or everything in stock ...and yes, you need to watch the money you have like a hawk (and that is difficult when you give your house on rent ..for eg how do you find out if only the tenant's family is living there - or whether he has sub leased to 2-3 families etc etc)
I have only one sentence to say ..watch the movie "pacific heights" ..I was watching it now and that is a perfect movie for those who intend to rent their homes.
(ofcourse it is just a movie ..but very interesting, worth watching for everyone and gives you some knowledge too. what you have mentioned is the best case scenario ..the movie is the worst case scenario. as always, reality is somewhere in between).
personally there are better ways to make money ..for me diversify is the key word ..(rather than everything in real estate or everything in stock ...and yes, you need to watch the money you have like a hawk (and that is difficult when you give your house on rent ..for eg how do you find out if only the tenant's family is living there - or whether he has sub leased to 2-3 families etc etc)
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knowDOL
07-15 12:40 PM
If you are that kind of person who was out of job and not got paid in bench, then go back to your country and don't go against law and get a bad name for all of us who are here legally on everyday for for last 7 -8 years and trying to get GC legally. There are many companies out there who want us in top positions. Just because of GC or EAD it is stalling. If you pay your attorny fee or H1B fee that is your status and do not attribute it to everyone. My company of 54 strength has 15-20 H1Bs and company runs on these individuals. Its been like that from 7 years. Companies hires people and concentrates on product because of the great billing rate H1B's get and because of the great work we do for clients, clients are ready to pay higher $ per hour. Give me your company name and we will make sure to destroy all these chota mota companies who make employees pay H1b fees and do not pay in bench. One fine day, it will anyway happen. In this country, no one can escape long not abiding law.
Let us be honest. A lot of us who came through body shops had to pay lawyer fee or had to take a cut in pay. Many of us had to sit in the bench for a long time with out pay. At the end of the day, not all of us are the best and the brightest but we are ready to work harder than the average Joe. With or without us this country will go forward. We are here to get a greencard and to become part of the melting pot. Please admit it my friends. I fully understands why many Americans are against us. We simply take their job. Then we insult them. Then we say, if we go back the American economy will go to hell. The companies are here for cheap labor. The congressmen who support them are the biggest receivers of their contribution. That is the reality. Let us not forget that. :D
Let us be honest. A lot of us who came through body shops had to pay lawyer fee or had to take a cut in pay. Many of us had to sit in the bench for a long time with out pay. At the end of the day, not all of us are the best and the brightest but we are ready to work harder than the average Joe. With or without us this country will go forward. We are here to get a greencard and to become part of the melting pot. Please admit it my friends. I fully understands why many Americans are against us. We simply take their job. Then we insult them. Then we say, if we go back the American economy will go to hell. The companies are here for cheap labor. The congressmen who support them are the biggest receivers of their contribution. That is the reality. Let us not forget that. :D
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hpandey
06-26 02:47 PM
If you buy - and take a mortgate - you end up losing (the same way you "lose" your rent)
1. Interest you pay
2. Property taxes you will pay forever.
3. Maintenance you will pay forever.
On the other hand - if you rent and,
A. IF you pay less in rent than #1 + #2 + #3,
B. IF you invest the remainder plus your mortgage principal amount in some other investment vehicle with superior investment returns than real estate.
.... Then you will come out ahead renting.
The tipping point is whether your rent equals interest + property taxes + maintenance. Based on which side is higher - either renting or buying could be good for you. I don't think there is a clear cut answer. This does not take into account the flexibility associated with renting - which is important for non-GC holders. If you assign a non-zero dollar value of $X with that flexibility, then your rent needs to be interest + tax + maintanance + $X to get to the tipping point. On the other hand, if you are not forced to save (in the form of mortgage principal payment every month) - you may just spend that money instead of investing that. If you assign a dollar value of $Y with that (probability multiplied by actual dollar value) - then the tipping point is at
$rent = $interest + $tax + $maintenance + $X(dollar value for flexibility) - $Y(dollar value for probability of spending money instead of saving).
Now as soon as you plug in the numbers in this equation - it will give you your tipping point and will tell you whether it is right for you to rent or to buy.
Think about it. It is not as clear cut as you think it is. :-) Based on your earlier posts - you got an absolutely faboulous deal on your house (maybe because of your timing) and the tipping point equation would probably highly favor buying in your case. For many other (specially for those without a GC) - it may not be so clear cut.
Yes its not clear cut but lets replace your X, Y and others with numbers
Suppose your rent is 1500$ a month
You pay 540,000 $ in 30 years
so your point 1 - the interest payment is always going to be less than rent if you look over the 30 year term of mortgage since there is no way to pay 540,000 dollars in interest in 30 years looking at the amortization table unless you are buying a million dollar plus house. ( I assumed 5 % rate of interest )
2. Property taxes - these we write off from our income which again becomes pointless more or less
3. Maintainence - Now that is a personal thing - I lived in rented apartments for many years until last year end - The property admins don't replace things on demand - so you have to live with the same old appliances , carpets etc etc until they really die off since no one is going to replace them on demand . Things break so many times as they reach the end of their life and you call the property office each time and so on.
I would rather that I maintain my own things and have best of the market stuff rather than not.
Some people might say there are rented places where they have top of the line stuff but remember that the rent goes higher too. So that negates that point.
And coming to what you say in the end - my mortgage is the same as I paid for rent so renting doesn't make any sense to me. The only thing is that if I have to move back to India I will have to sell the house which I am not worried about since I live in a very good area and two houses in my lane got sold within a month last month at more than the price which I paid for my house.
As someone said real estate is highly local. Not all places in US are losing values . There are a lot of good areas which have reached bottom. The house I bought was 20% off from the price the person whom I bought it from paid in 2005. So that is already priced in.
1. Interest you pay
2. Property taxes you will pay forever.
3. Maintenance you will pay forever.
On the other hand - if you rent and,
A. IF you pay less in rent than #1 + #2 + #3,
B. IF you invest the remainder plus your mortgage principal amount in some other investment vehicle with superior investment returns than real estate.
.... Then you will come out ahead renting.
The tipping point is whether your rent equals interest + property taxes + maintenance. Based on which side is higher - either renting or buying could be good for you. I don't think there is a clear cut answer. This does not take into account the flexibility associated with renting - which is important for non-GC holders. If you assign a non-zero dollar value of $X with that flexibility, then your rent needs to be interest + tax + maintanance + $X to get to the tipping point. On the other hand, if you are not forced to save (in the form of mortgage principal payment every month) - you may just spend that money instead of investing that. If you assign a dollar value of $Y with that (probability multiplied by actual dollar value) - then the tipping point is at
$rent = $interest + $tax + $maintenance + $X(dollar value for flexibility) - $Y(dollar value for probability of spending money instead of saving).
Now as soon as you plug in the numbers in this equation - it will give you your tipping point and will tell you whether it is right for you to rent or to buy.
Think about it. It is not as clear cut as you think it is. :-) Based on your earlier posts - you got an absolutely faboulous deal on your house (maybe because of your timing) and the tipping point equation would probably highly favor buying in your case. For many other (specially for those without a GC) - it may not be so clear cut.
Yes its not clear cut but lets replace your X, Y and others with numbers
Suppose your rent is 1500$ a month
You pay 540,000 $ in 30 years
so your point 1 - the interest payment is always going to be less than rent if you look over the 30 year term of mortgage since there is no way to pay 540,000 dollars in interest in 30 years looking at the amortization table unless you are buying a million dollar plus house. ( I assumed 5 % rate of interest )
2. Property taxes - these we write off from our income which again becomes pointless more or less
3. Maintainence - Now that is a personal thing - I lived in rented apartments for many years until last year end - The property admins don't replace things on demand - so you have to live with the same old appliances , carpets etc etc until they really die off since no one is going to replace them on demand . Things break so many times as they reach the end of their life and you call the property office each time and so on.
I would rather that I maintain my own things and have best of the market stuff rather than not.
Some people might say there are rented places where they have top of the line stuff but remember that the rent goes higher too. So that negates that point.
And coming to what you say in the end - my mortgage is the same as I paid for rent so renting doesn't make any sense to me. The only thing is that if I have to move back to India I will have to sell the house which I am not worried about since I live in a very good area and two houses in my lane got sold within a month last month at more than the price which I paid for my house.
As someone said real estate is highly local. Not all places in US are losing values . There are a lot of good areas which have reached bottom. The house I bought was 20% off from the price the person whom I bought it from paid in 2005. So that is already priced in.
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kak1978
06-05 10:46 AM
http://seattlebubble.com/blog/wp-content/uploads/2009/04/home-price-to-rent_2009-01.png
Althought this is just for seattle area, this trend is more or less the same nationwide.
According to this graph we need to wait out atleast one more year for the Rent - to- Price ratio to come down to the historical averages. But you get the Federal first -time home owner credit of $8000 (more in CA) only if you buy before the end of this year. So in my opinion, a good time to buy a house is in the month of december this year, if not the best time to buy. Now this is with an assumsion that mortgage rates don't rise substantially.
Althought this is just for seattle area, this trend is more or less the same nationwide.
According to this graph we need to wait out atleast one more year for the Rent - to- Price ratio to come down to the historical averages. But you get the Federal first -time home owner credit of $8000 (more in CA) only if you buy before the end of this year. So in my opinion, a good time to buy a house is in the month of december this year, if not the best time to buy. Now this is with an assumsion that mortgage rates don't rise substantially.
more...
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nojoke
04-15 11:59 AM
Agreed, but then you have no way of knowing if you would have been less happier growing up in a bigger home. For all you know, you may have been more happier.
That is the general line of thinking everyone has including all the people who are posting on this forum. If more money does not equate to a better life, then why are all these people taking the trouble to desert their home land and live in a foreign country? If more money => better lifestyle, then it follows a home can provide a relatively better environment to a child than an apartment.
If all Americans live in rented apartments, drive only used Japanese cars (resale value), furnished their homes with scant used furniture and were focussed on investing their money than spending it, then the American economy will go down to the level of a third world country in less than 10 years.
This does not mean everyone has to run out and buy a home. The point as I said earlier is to see a home as a home and not as an investment.
No. It is not the general line of thinking. Let it go and don't defend the indefensible. You don't buy everything your kid wants. You get what you can and what you think is best for your kid.
I have lived in apartment when I was a kid and so has so many others here. We were happy and never regretted living in apartments. More money doesn't always imply happy life. Less money doesn't mean sad life. This year alone 6 of my friends are going back to India because they choose to live in their homeland. They have greencard etc.
And renting people are not poor either. They choose to rent for various reasons. The question is - is it a good time to buy? Having 485 or green card has less significance in this economy. The housing market is crashing and will fall for another 2 years. So rent save money and when time is right buy a house. For those of you who are not convinced then atleast hold on till you get greencard, so that you will atleast be able to comeback when you visit your parents. We are talking about recession and depression and you never know when your company is going out of business and when there is going to be a layoff.
If you disagree and think it is a good time to buy, then show me the reason.
That is the general line of thinking everyone has including all the people who are posting on this forum. If more money does not equate to a better life, then why are all these people taking the trouble to desert their home land and live in a foreign country? If more money => better lifestyle, then it follows a home can provide a relatively better environment to a child than an apartment.
If all Americans live in rented apartments, drive only used Japanese cars (resale value), furnished their homes with scant used furniture and were focussed on investing their money than spending it, then the American economy will go down to the level of a third world country in less than 10 years.
This does not mean everyone has to run out and buy a home. The point as I said earlier is to see a home as a home and not as an investment.
No. It is not the general line of thinking. Let it go and don't defend the indefensible. You don't buy everything your kid wants. You get what you can and what you think is best for your kid.
I have lived in apartment when I was a kid and so has so many others here. We were happy and never regretted living in apartments. More money doesn't always imply happy life. Less money doesn't mean sad life. This year alone 6 of my friends are going back to India because they choose to live in their homeland. They have greencard etc.
And renting people are not poor either. They choose to rent for various reasons. The question is - is it a good time to buy? Having 485 or green card has less significance in this economy. The housing market is crashing and will fall for another 2 years. So rent save money and when time is right buy a house. For those of you who are not convinced then atleast hold on till you get greencard, so that you will atleast be able to comeback when you visit your parents. We are talking about recession and depression and you never know when your company is going out of business and when there is going to be a layoff.
If you disagree and think it is a good time to buy, then show me the reason.
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nojoke
04-08 02:54 PM
Who said that if you buy a house today you will lose 100k this year and the in the next?. Where does it say so?. How did you come up with that figure?. Which fruit picker earning 20k bought a house worth 500k without a down payment?. Giving analogies and examples are fine, but try to make it more realistic. You are accusing somebody of misleading people, but look at what you are saying. Don’t try to scare people.
This might not be the right time to buy a house. After a couple of years when things start to look bright, then again you will come up with an excuse to not buy a house. Looks like you and alberto pinto might want to spend the rest of your lives in an apartment. That is fine too if that is what you guys want.
Keeping this thread alive has become Mr Pinto’s mission, it doesn’t matter if the person who opened this thread has already made a decision and moved on...
I am sorry, the housing will fall by 99K every year and not 100K. So you can predict how much the housing will fall and not us. If you can predict that housing will not fall down why shouldn't I. 100K is just a round figure. It can be 60K or 160K per year.
You asked for which fruit picker. Here is one---And before you accuse me of making up the story here is the link
http://hollisterfreelance.com/news/contentview.asp?c=213141. Google and you will find more such cases.
---------------------------
"Despite making only $14,000 a year, strawberry picker Alberto Ramirez managed to buy his own slice of the American Dream. But his Hollister home came with a hefty price tag - $720,000.
A year and a half later, Ramirez has defaulted on his loan, and he's hoping to sell the house before it's repossessed. And according to many housing advocates and civil rights groups, Ramirez is not alone. As mortgage foreclosures rise, many minorities are suffering.
Brown said the language barrier (Ramirez, a native Spanish speaker, is not fluent in English, and spoke to the Free Lance through a translator) can also play a big role.
"When you go into Washington Mutual ... you can't always get someone to speak your language," she said.
"The real estate boom covered a multitude of sins," Simmons said. "Once the market started depreciating, the rug was pulled back to show the rot underneath.""
-------------------------------
This might not be the right time to buy a house. After a couple of years when things start to look bright, then again you will come up with an excuse to not buy a house. Looks like you and alberto pinto might want to spend the rest of your lives in an apartment. That is fine too if that is what you guys want.
Keeping this thread alive has become Mr Pinto’s mission, it doesn’t matter if the person who opened this thread has already made a decision and moved on...
I am sorry, the housing will fall by 99K every year and not 100K. So you can predict how much the housing will fall and not us. If you can predict that housing will not fall down why shouldn't I. 100K is just a round figure. It can be 60K or 160K per year.
You asked for which fruit picker. Here is one---And before you accuse me of making up the story here is the link
http://hollisterfreelance.com/news/contentview.asp?c=213141. Google and you will find more such cases.
---------------------------
"Despite making only $14,000 a year, strawberry picker Alberto Ramirez managed to buy his own slice of the American Dream. But his Hollister home came with a hefty price tag - $720,000.
A year and a half later, Ramirez has defaulted on his loan, and he's hoping to sell the house before it's repossessed. And according to many housing advocates and civil rights groups, Ramirez is not alone. As mortgage foreclosures rise, many minorities are suffering.
Brown said the language barrier (Ramirez, a native Spanish speaker, is not fluent in English, and spoke to the Free Lance through a translator) can also play a big role.
"When you go into Washington Mutual ... you can't always get someone to speak your language," she said.
"The real estate boom covered a multitude of sins," Simmons said. "Once the market started depreciating, the rug was pulled back to show the rot underneath.""
-------------------------------
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Macaca
02-29 09:03 PM
Oracle Unit Lobbied on Patents, Visas (http://www.washingtonpost.com/wp-dyn/content/article/2008/02/28/AR2008022803503.html) Associated Press, Feb 28
WASHINGTON -- A unit of business software maker Oracle Corp. paid VAR II LLC $140,000 in 2007 to lobby the federal government .
The firm lobbied Congress on a patent reform bill and immigration reform legislation related to visas for high-tech workers, according to the form posted online Feb. 13 by the Senate's public records office. Oracle USA Inc. paid the firm $140,000 in the second half of 2007 to lobby on those issues after hiring VAR II earlier last year.
The House last year approved a patent-reform bill intended to reduce litigation, improve patent quality and establish a post-approval evaluation process. Technology and financial services firms support the legislation, but pharmaceutical and biotechnology companies said it would weaken patent protection by reducing infringement penalties. The Senate is considering similar legislation.
Oracle is based in Redwood City, Calif.
Lobbyists are required to disclose activities that could influence members of the executive and legislative branches, under a federal law enacted in 1995.
WASHINGTON -- A unit of business software maker Oracle Corp. paid VAR II LLC $140,000 in 2007 to lobby the federal government .
The firm lobbied Congress on a patent reform bill and immigration reform legislation related to visas for high-tech workers, according to the form posted online Feb. 13 by the Senate's public records office. Oracle USA Inc. paid the firm $140,000 in the second half of 2007 to lobby on those issues after hiring VAR II earlier last year.
The House last year approved a patent-reform bill intended to reduce litigation, improve patent quality and establish a post-approval evaluation process. Technology and financial services firms support the legislation, but pharmaceutical and biotechnology companies said it would weaken patent protection by reducing infringement penalties. The Senate is considering similar legislation.
Oracle is based in Redwood City, Calif.
Lobbyists are required to disclose activities that could influence members of the executive and legislative branches, under a federal law enacted in 1995.
soni7007
08-06 03:23 PM
Send a PM to soni and ask, he/she gave me one.
Dear NKR, I am a "she" I did not give u a red dot..You are hilarious:)
Dear NKR, I am a "she" I did not give u a red dot..You are hilarious:)
satishku_2000
08-09 01:21 PM
Actually; I didn't think it was courageous at all. I had to practice what I preach.
One of the reasons they ask for tax returns, w2's is they want to assess your intentions; if tax returns, etc. , is out of line with offered wage then it can make them think that it is not believable you will be doing that job once greencard gets approved.
Once 485 is filed; you are in a period of authorized stay. At that point; you can sit around and do nothing; switch jobs, etc.; However; to keep working you need to have authorization (ie., EAD card if you don't hold H-1b).
I didn't prepare my personal tax returns on purpose because uscis could have assessed my intentions differently. When I asked him why he wanted to see the tax returns for 2005 and 2006; even though I have unrestricted employment and I can do nothing if I please; he responded it was to assess intention. Since he saw I was self employed; if my tax returns were out of line with the offered job I was going to take upon greencard approval then they may not believe it.
Now; I didn't give him any financial data for 2005 and 2006. Although this is legal; if I was going to port to self employment then he could have assessed whether I was going to become a public charge or how I was living in 2005 and 2006. I had all my financial documents (ie., bank balances, brokerage account); just in case he went down this road.
he didn't but just in case he wanted to; I was ready for it.
UN,
Did you face any questions about "Same or Similar" in the interview particularly for the time period when you were self employed?
Can you throw some light on how to handle the scenarios where the proferred wage is much lower than the current wage and once someone invokes AC21 the offered wage can be much higher . I understand that this scenario can be problematic in case of "future job" GCs.
My understanding of AC21 is this .. Dont invoke AC21 unless otherwise absolutely necessary?
One of the reasons they ask for tax returns, w2's is they want to assess your intentions; if tax returns, etc. , is out of line with offered wage then it can make them think that it is not believable you will be doing that job once greencard gets approved.
Once 485 is filed; you are in a period of authorized stay. At that point; you can sit around and do nothing; switch jobs, etc.; However; to keep working you need to have authorization (ie., EAD card if you don't hold H-1b).
I didn't prepare my personal tax returns on purpose because uscis could have assessed my intentions differently. When I asked him why he wanted to see the tax returns for 2005 and 2006; even though I have unrestricted employment and I can do nothing if I please; he responded it was to assess intention. Since he saw I was self employed; if my tax returns were out of line with the offered job I was going to take upon greencard approval then they may not believe it.
Now; I didn't give him any financial data for 2005 and 2006. Although this is legal; if I was going to port to self employment then he could have assessed whether I was going to become a public charge or how I was living in 2005 and 2006. I had all my financial documents (ie., bank balances, brokerage account); just in case he went down this road.
he didn't but just in case he wanted to; I was ready for it.
UN,
Did you face any questions about "Same or Similar" in the interview particularly for the time period when you were self employed?
Can you throw some light on how to handle the scenarios where the proferred wage is much lower than the current wage and once someone invokes AC21 the offered wage can be much higher . I understand that this scenario can be problematic in case of "future job" GCs.
My understanding of AC21 is this .. Dont invoke AC21 unless otherwise absolutely necessary?
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