I know how you guys are about members who don't post much adding threads, but this way to funny not to post

Outside linebacker Manny Lawson, chosen with the No. 22 pick, signed a reported five-year, $8.515 million contract on the eve of the first training camp practice.

"My first big purchase has got to be a place to stay," Lawson said. "That's going to be hard, because I'm from Goldsboro, N.C., which is the country. I have been looking out here, and I found a townhouse for $800,000. Do you know what I could do with $800,000 back in North Carolina? I just stood there. I didn't want to touch anything in the townhouse. For $800,000, I could probably buy Goldsboro.

[Edited on August 1, 2006 at 3:46 PM. Reason : reasons]

[Edited on August 1, 2006 at 3:48 PM. Reason : reasons]

8/1/2006 3:46:10 PM

haha, that is actually pretty funny


funny cause its true

8/1/2006 3:47:30 PM

Quote :

"For $800,000, I could probably buy Goldsboro. "

Yeah and have some change left over.

8/1/2006 3:47:41 PM

Quote :

" know how you guys are about member who don't post much added post, but this way to funny not to post"

English grammar is not hard.

8/1/2006 3:49:51 PM

haha, im actually from Goldsboro, Manny is right...with 800,000 he could have the biggest house in town prolly, just goes to show the economical difference in geography

8/1/2006 3:53:04 PM

okay, notice when i edited my post and notice when you posted, you just missed my correction, i corrected because i realized what i actually said, but thx for being helpful anyway

8/1/2006 3:54:44 PM

gg

8/1/2006 3:58:03 PM

^^That is not even the tip of the iceberg.

8/1/2006 4:11:01 PM

I know its bad to say, but 5 years at 8.5 wouldn't go as far as you think in San Fran. that fucking city is expensive. take 40% off the top for taxes and it is 5.109 million. all of that money probably isn't even guaranteed. you buy a house/townhouse, and furnish that bitch and try to keep up an NFL lifestyle and that shit goes fast. I know nobody is crying for manny, but after reading that quote I got to thinking, that with no guarantee of a second contract, and the short term nature of a pro football player, you gotta be smart with that shit.

just amazes me how much difference exists in money between the 1st and 20th picks. I mean 56 million to 8.515.....damn

8/1/2006 4:13:54 PM

Ya. He probably only gets about 3-4Mil guarenteed. In addition to taxes (which is >40% in CA), he's got his agent fees (I think is 6%), & players union dues (which I have no idea how much that is).

Why exactly is he looking at an 800k townhouse? He'd probably be better off looking in the 500k range, which is still a very nice place out there.

8/1/2006 4:36:51 PM

not in San Fran it isn't.

8/1/2006 4:37:57 PM

not downtown... but maybe in the outskirts.

8/1/2006 4:40:42 PM

Goldsboro representin

8/1/2006 4:57:21 PM

My friend out in SF just bought a little 1100 sq ft house outside of SF for $1.2M

8/1/2006 4:59:42 PM

well damn. Maybe he should rent then, lol... It's not like NFL players stay in the same city long anyway.

8/1/2006 5:24:13 PM

y one earth would he rent, it is almost as much money and you don't get any money back. that 800,000 should be able to sell for more than that in a few years

8/1/2006 6:06:30 PM

O MAN I HATES LIVIN THE CITY WIF THE RICH FOLK

8/1/2006 10:29:00 PM

He and hudson should just go across the bridge in Oakland, 800K there would go along way

8/1/2006 10:39:02 PM

it's funny how many of you people act like you know all the ins and outs of everything

8/2/2006 10:00:00 AM

^its t-dub, man everybody's an expert on everything.

8/2/2006 10:02:20 AM

Well this is the wolf web, we wouldn't have it any other way.

[Edited on August 2, 2006 at 10:03 AM. Reason : beat me to it]

8/2/2006 10:03:12 AM

^ ^^ couldn't be more right, haha

8/2/2006 10:09:03 AM

Hell, $800k could probably buy Hillsborough street from the Homeless realty association. Then we could make it look like a college street



[Edited on August 2, 2006 at 11:44 AM. Reason : .]

8/2/2006 11:43:41 AM

$800,000 doesn't go far in SF. My brother lives in San Jose, which is SF light, and is just as expensive. He said even the most ghetto house in need of alot of work still costs $300-400,000. I'm sure the townhouse Manny bought too was close the stadium and practice facilities so he was probably more worried about location than cost. Plus whenever he's ready to sell, he'll get his money back unless the housing bubble completely bursts.

8/2/2006 12:23:38 PM

i lived in that area, he doesnt want to go to oakland

8/2/2006 12:40:15 PM

If I was him I would rent something and buy a house back here. That way its a good investment here, and hell always OWN something.

8/2/2006 9:08:32 PM

^ but that would be a giant waste of money. I would imagine a decent place would cost him well over $2K a month.

He's better off with the tax break he'll get on all those interest payments.

8/2/2006 9:21:59 PM

i was thinking about the interest advantage, but then I wondered if he would just buy it outright

8/2/2006 9:49:43 PM

^^ There's a much larger disparity in renting versus owning in the bay area versus NC, not even bringing property taxes into the equation. Plus the bay area is right in the middle of a housing meltdown. If I were him, I'd rent for now.

BTW, anyone have a link to the article about this? My ex-gf is from goldsboro, and i emailed her the quote, and she got a kick out of it, and wanted to read the whole thing.

[Edited on August 3, 2006 at 8:32 AM. Reason : ag]

8/3/2006 8:31:16 AM

Quote :

"I know its bad to say, but 5 years at 8.5 wouldn't go as far as you think in San Fran. that fucking city is expensive. take 40% off the top for taxes and it is 5.109 million. all of that money probably isn't even guaranteed. you buy a house/townhouse, and furnish that bitch and try to keep up an NFL lifestyle and that shit goes fast. I know nobody is crying for manny, but after reading that quote I got to thinking, that with no guarantee of a second contract, and the short term nature of a pro football player, you gotta be smart with that shit. "

Couldn't agree more. He can't live that stereotypical NFL lifestyle for too long w/ that money if he doesn't get a second contract after 5 years. That money will get ate up quick.

Truest part:

Quote :

"just amazes me how much difference exists in money between the 1st and 20th picks. I mean 56 million to 8.515.....damn"

Fo sho. And at least Mario gets that Texas-sized state income tax break.

[Edited on August 3, 2006 at 9:07 AM. Reason : .]

8/3/2006 9:06:32 AM

You guys are crazy. Look at it this way.

Principal = $800,000
monthly payment at 6.5% = $6,223.21 (give or take given PMI and property insurance)

He makes $8.515m over 5 years.
Take 40% away for taxes = $5.109m over 5 years
anually = $1.0218m
monthly = $85,150

He can make that payment and live the lifestyle... easily.

If a person in America can get a $300,000 homeloan and make $60,000 a year, then Manny can surely get his $800,000 making $1m a year.

[Edited on August 3, 2006 at 9:18 AM. Reason : .]

8/3/2006 9:11:58 AM

^ You're assuming his career lasts longer than 5 years. Horrible way to plan your finances.

8/3/2006 9:25:50 AM

I assume that my career is going to last longer than 5 years when planning my shit and buying houses. Why is it any different for him?


Everyone assumes that they'll be making the money they make now if not more in the future. After housing, with an extra $80,000 leftover, he can build quite a comfortable security blanket.


There is no reason he could not buy this house and be comfortable.

8/3/2006 9:27:42 AM

theres no guarantee he wont get hurt and never get another contract.

plus that whole 8.5 is probably not guaranteed as well.

8/3/2006 9:29:32 AM

The whole cost of living thing kinda sucks but I'd put a couple million in savings before i even got started with expenditures.

8/3/2006 9:33:34 AM

half is guaranteed. My salary isn't guaranteed past tomorrow. Should I not buy a place to live? That seems like a silly way to live your life and plan your finances. Again, with $80k a MONTH... he'll be fine.

^Expenditures? Renting is wasting money. He'll recoup the cost of his house at the very least and be able to write off the interest on his taxes. Houses are hardly expenditures when you're guaranteed to at least recoup the cost of the mortgage payment.

8/3/2006 9:51:34 AM

What are you talking about? Expenditures could be more then just housing. I never said anything about rent. Yes, you have to spend so much to live and YES, buying property is better in the longrun than throwing away rent money. If you pay for something, its better to get something.

8/3/2006 9:54:08 AM

since we were talking about houses (see: the title of this thread) I assumed you mean that he should not be spending 800k on a house. I mean, that is a fair assumption.

[Edited on August 3, 2006 at 9:59 AM. Reason : not]

8/3/2006 9:57:05 AM

ok, i just meant putting away some dough before he even got started. And as far as the house goes, i'm for buying it and having some assets....thats all.

8/3/2006 10:07:01 AM

ok good. I think people are crazy thinking manny can't afford a $800k house when he makes over $1m a year. They were all condescending and shit "He shouldn't even be look at 800k... he should be looking more in 500k range."

People who can't do math bother me.

8/3/2006 10:10:49 AM

haha thats an awesome quote

8/3/2006 10:15:16 AM

Nah I think he can afford the house, it's just the lifestyle that'll eat it up quicker than anything.

I'm just saying "only" having a promised half of that 8.5 mil, living in San Fran, that's high-class money but not filthy rich.

8/3/2006 10:38:18 AM

if i was making over 1million a year you better believe i would have atleast a $800,000 house

8/3/2006 10:42:50 AM

conventional wisdom is to take out a mortgage 3X your annual salary

8/3/2006 10:48:00 AM

^ A new rule of thumb I've heard from guys like Clark Howard and Dave Ramsey is to make sure your mortgage is less than 50% of your take home pay. I know if I had purchased a home at 3X my annual salary, then I would be paying more than 50% of my monthly take home pay towards my mortgage. Granted the amount of the mortgage is dependent on how much you put down, the PMI, the interest rate you got, and whether or not taxes and insurance are included in your payment.

8/3/2006 11:01:20 AM

Do people really still pay PMI?

what a scam that is.

8/3/2006 11:16:38 AM

Quote :

"just amazes me how much difference exists in money between the 1st and 20th picks. I mean 56 million to 8.515.....damn"

It just amazes me how much of a difference there is between the 1st pick in the 2005 draft and 10th in 2006.

Signed

Matt Lienart

8/3/2006 11:32:19 AM

Quote :

"Do people really still pay PMI? what a scam that is."

I guess you are joking because it's not like PMI is some optional thing you can just pick and choose. Unless you're putting down 20%, then you're very very likely to have to pay PMI until you've paid down 20% of the principle. I know there are some lenders like Lending Tree and Ditech that offer no PMI loans, but I'm sure there are tons of strings attached in order to protect the bank in case you default on your payments.

8/3/2006 11:38:25 AM

ever heard of an 80/10/10 or 80/15/5?

these days, unless you're going through the FHA, or you have shitty credit, you don't pay PMI.

8/3/2006 12:11:27 PM

Quote :

"^ A new rule of thumb I've heard from guys like Clark Howard and Dave Ramsey is to make sure your mortgage is less than 50% of your take home pay. I know if I had purchased a home at 3X my annual salary, then I would be paying more than 50% of my monthly take home pay towards my mortgage. Granted the amount of the mortgage is dependent on how much you put down, the PMI, the interest rate you got, and whether or not taxes and insurance are included in your payment."

i don't understand? if you have an annual income of 50K, get a mortgage for 150K...your monthly take home would be around ~3K and your monthly mortgage payment would be ~1K(assuming 30 year at 7%). am i missing something?

8/3/2006 12:14:19 PM