attgig

I'm purchasing a new construction, sold my old place.... but of course... the new construction is delayed....by a LOT.


So, I have this money sitting in my savings accounts (~4.5%). What's the best way to invest this money till the place gets done ~ october (or later).

thanks

pretty much, i want something guaranteed to be better than 5% (not worth moving my money around for less than that)

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brainsmile

I'd stick with the 4.5 unless you want to think about perhaps finding a stock with a high yield but that's more risk.

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johnnymk

Be thankful for 4.5%. Two years ago, you were lucky to get half that.

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attgig

yeah, but two years ago, I wasn't worrying about rising interest rates that's going to screw me because the house was supposed to be done last december....

cheapie

you could buy a nice house CASH in michigan with a 2 car garage and nice lot. then move here and be my friend.

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Merlin

Based on what you're doing your risk tolerance is basically zero. Therefore any volatile investment like stock would not be appropriate. You're going to want some debt type security. You could look into a certificate of deposit at your bank and see what it offers. It won't be a much better rate though. The 4.5% you're currently getting is not too bad.

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brainsmile

Anything else would be exposing yourself to more risk.

Dave_7

Yep, if you can stay liquid at 4.5%, you're sitting pretty.

As for being thankful for the 4.5%, I'll take low interest rates and other investment vehicles over high interest on bank accounts and high interest rates any day.

Dave.

djsusm

You might be able to get a sightly better return with a 6 month CD. I'm getting 4.5% APY for just a 10K 3 month CD at Chase while I figure out how I'm going to invest the money in the long run.

VTGreg

Have you looked at doing a rate lock? My wife and I are currently building a house and were able to get a 9 month rate lock with a .375% rate increase cap for .75 points. It was with Wells Fargo.

We were hesitant at first but based on the recent rise in rates, it will end up saving us a lot of money.

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attgig

the problem is, i have no clear timeline from the builders. these are guys that promised it last december... and every time i'd call, they'd push it back another month. freakin sucks.

MikeD

Hmmm...tempting.

Know any friends in the IT field who would be willing to hire said friend?

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Cubsfan

Wait, they told you it'd be done 5 months ago, and now it's going to be another 6 months? They were off by a YEAR?

attgig

yup! don't you love home builders????

brainsmile

well I've been in a stock GROW which has done just that lately

Jeffbx

Heh - if there were actually jobs to be had in MI, do you think the housing would be so cheap?

From http://msn.careerbuilder.com/custom/...=JS_719_advice



Stupid failing Automotive companies.

guiseppewv

I don't think he wants to be your friend so moving to MI is out of the question.


Can't you sue them for this?

VTGreg

Is there no legal action that can be taken? Or at least be able to get any money already paid back and go with someone else? Obviously there are going to be delays when building a house but this sounds excessive.

brainsmile

there's no real action you can take. It's generally in the disclaimer forms you sign on the contract that the dates are tenative.

attgig

yup, what bs said. completely powerless

cocojambo

damn only 100k? that's insanely cheap!

cheapie

well, i guess that wouldn't get you as much as when i bought 5 years ago. but still, the housing market is pretty depressed in michigan.