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  1. #61
    Banned DeadlyStriker's Avatar
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    Originally Posted by Contribution05 View Post
    Except it's not the same as a car. Once you pay off the car, you're done paying. Same with other possessions like your phone, computer, clothes, jewelry, etc. A house though will never 100% be yours because even after paying the full price on it, the government doesn't just take a taxed amount on the price, they forever tax the property which does make it seem more like one is just renting from the government with more freedom than renting a house from a landlord.

    I've seen so many people who got settlement checks, buy some $200k house in full, and could afford the property tax for a few years, but not for the rest of their lives and then 5-10 years down the road that house they paid in full, and paid taxes on for a decade is now about to be taken from them, and usually is for pennies on the dollar. $15,000 of delinquent property tax and you can buy it at the county auction, and then if they can't pay you back plus interest (which usually they can't hence they are behind already) you can get their $200k house for $15k. (Usually they end up letting the upkeep go somewhat, so probably more like a $140k house by this phase)
    I'm sorry but that's called being a retard. Can't pay property taxes? Uwotm8?

    I live in IL which has the second highest property tax rate. For a 200k house by me, that would be $5,328 a year. You can pay that if you only make fukking 30k a year. Plus you have a house.

    Not only that, the dude could just rent it out and make 1.5 a month from the get go and fukking rent for 1k a month, and make $500 from it!

    People can't be this retarded with money. A HOUSE IS AN ASSET FOR A REASON! Use it or lose it buddy.
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  2. #62
    Allied Allies Alliance VTheKing's Avatar
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    Originally Posted by DeadlyStriker View Post
    I used to think like that, but honestly you're looking at it all wrong.

    Finance is purely, and I mean purely, a game. This entire nation's economic structure is based on FIAT currency. The idea that you are a "slave" to mortgage is right, but not really at the same time. Money is fun money. Nothing of value backs it up. Look at it like you're playing monopoly, because that's basically what this is.

    Utilize the mortgage in a smart way. Take the emotional attachment out of it. Buy a cheap townhouse or condo. For example, in the south suburbs of chicago I can buy a townhouse or condo for between 130-170k at the moment, depending on area, how much work needs to be done, etc. Drop 10-15% on it. Let's do 10% on a 140k townhouse. 126k mortgage. That's $991 mortgage with everything including property taxes. You can rent that out for $1.4 or 1.5k.

    Not only is your loan being paid off by someone else, they're now paying you an extra $400-$500 dollars just to rent it out. If you wanted, you could throw that money directly back into the mortgage and have it paid off even earlier, then you're cash flowing $1,400+ extra later in life.

    Money has 0 inherent value. Just play the game smart and utilize it correctly. We all have to pay taxes. We all have to do certain things. Stop looking at money like every dollar is losing a part of your soul. Start looking at it from the perspective of you're the General of this army of money, and it's up to you to strategically win this battle and war, which comes without emotional attachment.
    Not quite the right way to look at it.

    Why does **** like pawn shops, payday loans and high-interest credit cards exist, why can most stores afford to flip used items at a healthy profit and why do people sell homes during recessions? Because money is liquidity. If your bills come due and you don't have money in hand, you lose your shirt. And that's not just for people who earn ****ty wages or live beyond their means - plenty of normal middle-class people go into businesses or try the landlord route, only to get ****ed a few years in due to not having enough cash or credit on hand. You get in an accident and suddenly have a 5-figure medical bill; you rent to a nightmare tenant and he's delinquent so you absorb all the losses; your business doesn't do as well/costs more than you expected; your car went kaput and you need a new one ASAP to work; the global economy has gone to **** and people can't afford the assets/services you're offering. Once that happens you're forced to get out at big losses, whether due to having to selling on short notice or having to take high-interest loans.

    Your advice is fine if you can keep a healthy cash reserve that allows you to get out gracefully if unexpected roadblocks arise, but the problem is that most people don't build that sort of reserve whether due to lack of foresight or because they just don't make enough money. Which is why there are locations where you can have positive cash flow straight away by buying a home then renting it out - having the money in the first place is king.
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  3. #63
    Proud Dad 5x10's Avatar
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    House is paid off
    Paying the county $6500 in January
    Comes to 525ish a month, not bad, considering I have 3 kids in school
    Irs gives me $3k annually in $ for $ tax credits for my kids
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  4. #64
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    Originally Posted by hotsaucebrah View Post
    What happens if you stop paying property taxes?
    What happens if you quit paying your rent?


    Originally Posted by Jhamaican View Post
    the issue is that most people vastly underestimate the true cost of owning a home.

    They buy much more expensive homes then they would rent because they become emotionally attached. Underestimate maintenance costs etc..

    The word mortage literally means dead pledge. Your life is dead. You are stuck in 1 spot paying for 30 years.

    No flexibility. No life. Good bye. Tours over
    You can easily sell your house. Or move out and rent it and hire a property management company to handle that. I keep reading miscers talking about the 'issues' and the problems people have when they buy a home. But I've just never seen it in real life. I don't know, maybe I don't hang around a bunch of fukk ups. I'm 32 and literally every one of my friends or peers has a home. Most of them are on their second or third home by the time they hit 30 as they've bought/sold and upgraded to nicer places. Actually its pretty common to call your first one your 'Starter home'.



    When I see miscers that are so anti mortgage. I automatically assume they are the type of loser that lives in some ****hole apartment or in their moms basement and can't get right. I understand being intimidated by a commitment. But you've got to be a man at a certain point.



    Buying and selling a house is really not that big of a deal. I sure as fukk don't plan on living in this house for 30 years. I'll be lucky to stay another 10. As I'm going to want an upgrade/custom build on a bit more land.



    I don't care at all if rentcels want to be rentcels. But lets be real, most people here are just coping because they feel like they'll never be able to afford a home.
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  5. #65
    Registered User hotsaucebrah's Avatar
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    Originally Posted by 5x10 View Post
    House is paid off
    Paying the county $6500 in January
    Comes to 525ish a month, not bad, considering I have 3 kids in school
    Irs gives me $3k annually in $ for $ tax credits for my kids
    You still don't own the property though.
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  6. #66
    Registered User hotsaucebrah's Avatar
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    Originally Posted by Anachron View Post
    What happens if you stop paying rent?
    Same thing if I stop paying my property taxes.
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  7. #67
    Registered User Contribution05's Avatar
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    Originally Posted by DeadlyStriker View Post
    I'm sorry but that's called being a retard. Can't pay property taxes? Uwotm8?

    I live in IL which has the second highest property tax rate. For a 200k house by me, that would be $5,328 a year. You can pay that if you only make fukking 30k a year. Plus you have a house.

    Not only that, the dude could just rent it out and make 1.5 a month from the get go and fukking rent for 1k a month, and make $500 from it!

    People can't be this retarded with money. A HOUSE IS AN ASSET FOR A REASON! Use it or lose it buddy.
    Lacking knowledge or retarded, which ever you want to call them, they exist in droves. You just said people have to be the general of their money. Most people are not made to be generals, most are the soldiers. These people do a job, keep their nose down and just go about life dealing with just the low income job right in front of them, their family issues, and spending their free time at a bar. They aren't learning money management. So ya, tons of people buying houses that they could afford the initial price tag of, but not the upkeep and taxes on such a house. They slowly fall further and further behind and then get themselves in holes they don't know how to get out of. Then they end up losing it.

    Tax sale season is already started, feel free to go to the county court houses around your area and look at all the houses with delinquent taxes that are gonna be in the upcoming sale. There's a lot.
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  8. #68
    Banned DeadlyStriker's Avatar
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    Originally Posted by VTheKing View Post
    Not quite the right way to look at it.

    Why does **** like pawn shops, payday loans and high-interest credit cards exist, why can most stores afford to flip used items at a healthy profit and why do people sell homes during recessions? Because money is liquidity. If your bills come due and you don't have money in hand, you lose your shirt. And that's not just for people who earn ****ty wages or live beyond their means - plenty of normal middle-class people go into businesses or try the landlord route, only to get ****ed a few years in due to not having enough cash or credit on hand. You get in an accident and suddenly have a 5-figure medical bill; you rent to a nightmare tenant and he's delinquent so you absorb all the losses; your business doesn't do as well/costs more than you expected; your car went kaput and you need a new one ASAP to work; the global economy has gone to **** and people can't afford the assets/services you're offering. Once that happens you're forced to get out at big losses, whether due to having to selling on short notice or having to take high-interest loans.

    Your advice is fine if you can keep a healthy cash reserve that allows you to get out gracefully if unexpected roadblocks arise, but the problem is that most people don't build that sort of reserve whether due to lack of foresight or because they just don't make enough money. Which is why there are locations where you can have positive cash flow straight away by buying a home then renting it out - having the money in the first place is king.
    Your last paragraph is advice for everyone. That's exactly what I'm saying. This is a game. I played the game, hence why I am winning.

    Most people are in lalaland and think finance is an emotional attachment and controls their lives. Hence why they never control their financial outcome. No one thinks long term. It blows my fukking mind.

    My comment is literally 4th step of basic finance
    1. Start a plan and financial life long outcome for life and create a starting budget.
    2. Pay off all debt
    3. Increase cash inflow while saving 6 months rainy day fund/emergency fund
    4. Save and buy property

    List goes on and on. People are so financially illiterate nowadays it is painful. I used to be this way as well, but not as bad as most people. The best part is that people will think they understand finance because they invest in index funds like everyone else said! Now I'm being financially smart!

    Or how about the guys that are spending all their time playing with stocks and options. Now unless you have a finance degree, know how to play the stock market, and have multiple certifications, you don't know finance!

    Once you look past the complete idiocy of our economy, it is painfully obvious how to succeed. It's like a children's coloring book.

    The #1 issue of most people is....? Patience. A plan mixed with patience is the greatest tool in the financial world for the average person. People overestimate what they can do in 1 year, but underestimate what they can do in 5. They major in the minors and get consumed by the consumerist propaganda that pushes this society forward, leaving them on a treadmill to nowhere until they hit 65.
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  9. #69
    Registered User Slaughterm's Avatar
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    Originally Posted by Contribution05 View Post
    Except it's not the same as a car. Once you pay off the car, you're done paying. Same with other possessions like your phone, computer, clothes, jewelry, etc. A house though will never 100% be yours because even after paying the full price on it, the government doesn't just take a taxed amount on the price, they forever tax the property which does make it seem more like one is just renting from the government with more freedom than renting a house from a landlord.
    You might be done paying for the car, but if you want to drive that car on a public road you're still paying for the annual registration, insurance, DOT inspections, gasoline tax...
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  10. #70
    husband, father, trainer KyleAaron's Avatar
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    Originally Posted by hotsaucebrah View Post
    Don't pay your mortgage and the bank comes and takes it.

    Have your house paid off? Don't pay your property taxes and the government forcefully takes your domicile.
    So what you're telling us is that you're broke?
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  11. #71
    Registered User andy0w's Avatar
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    I rent from a private landlord.

    The longest I stayed in one place was 6 years.
    Cycling, walking, swimming.
    No car.
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  12. #72
    Ohhhhh that. Is. PUNGENT. MattyMiscer's Avatar
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    Originally Posted by Contribution05 View Post
    Except it's not the same as a car. Once you pay off the car, you're done paying. Same with other possessions like your phone, computer, clothes, jewelry, etc. A house though will never 100% be yours because even after paying the full price on it, the government doesn't just take a taxed amount on the price, they forever tax the property which does make it seem more like one is just renting from the government with more freedom than renting a house from a landlord.
    But that’s literally how cars work too
    And relief washes over me in an awesome wave
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  13. #73
    Tiptoe Through the Tulips eXistenceLies's Avatar
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    Originally Posted by GerbilFarmer View Post
    Wtf that is awful RIP



    Bank is my landlord OP. Sorry saving up hundreds of thousands of dollars isn’t an option while the prices just continue to rise. But it and make bigger payments.
    Originally Posted by Ratfish View Post
    fuark that. mine is $205.52/month

    your property tax is almost as much as i was paying for mortgage/tax/insurance before i paid it off lol
    Well the good thing is I don't have to pay state income tax. Also the $10k a year includes my Home Owner's as well. HOA is another $1200 per year that is separate from that. I pay $894 a month into my Escrow account. I love living in the highest county tax area. It's sooooo awesome. Not!
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    It's over for you aleeboy's Avatar
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    Originally Posted by GainzMcgee View Post
    I wish i could be as brainwashed as you.
    Lol.

    He is just an entitled landlord who inherited his stuff. An absolute example of what having an IQ < 100 translates to on the misc.
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    Registered User vulgoo's Avatar
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    Just lol @ property tax
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    Originally Posted by hotsaucebrah View Post
    You still don't own the property though.
    weird, my name is on title with no liens
    But I’ll go with what the misc says
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    In canada, it takes like ten years of tax arrears for them to actually seize your home.
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    I believe once i completely own my home, property taxes are like $2k a year. / 12, that's $166 a month. So I guess i'm renting a hyooge place for $166 / month.
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    Originally Posted by eXistenceLies View Post
    My property tax is around $10k each year .
    where you live?
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    Wtf is the point? Do we pay taxes? Yes. Is a mortgage a loan for people who can't buy a house in cash? Yes

    Wtf are you saying OP? People should have a place to live, buying is better than actually renting where you build no equity. Are you proposing that people buy a tent at walmart, pitch it in a local park and utilize that as a permanent dwelling? No thanks Jeff.
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    Originally Posted by Slaughterm View Post
    You might be done paying for the car, but if you want to drive that car on a public road you're still paying for the annual registration, insurance, DOT inspections, gasoline tax...
    To use the car or any vehicle on public roads yes. But don't have to if letting the car sit in storage or just using it for off roading on private property. Thats the difference. Car has fees/taxes for using on public land but not if it's private land. So the house you own. That makes sense to me from a logical stand point.

    There's no other possession other than your property that gets taxed even after you fully pay for it and don't use it on some public/government land. Unless you make the argument that it's never your land and it's the governments hence the reason you're forever taxed for using that land and again comes full circle to a person not really being the owner of it, but just renting it from the government.

    Not saying people shouldn't buy houses btw, just saying the concept of being the true "owner" isn't quite the same when it comes to property vs everything else.
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    Originally Posted by Contribution05 View Post
    To use the car or any vehicle on public roads yes. But don't have to if letting the car sit in storage or just using it for off roading on private property. Thats the difference. Car has fees/taxes for using on public land but not if it's private land. So the house you own. That makes sense to me from a logical stand point.

    There's no other possession other than your property that gets taxed even after you fully pay for it and don't use it on some public/government land. Unless you make the argument that it's never your land and it's the governments hence the reason you're forever taxed for using that land and again comes full circle to a person not really being the owner of it, but just renting it from the government.

    Not saying people shouldn't buy houses btw, just saying the concept of being the true "owner" isn't quite the same when it comes to property vs everything else.
    but who was storage fees? Tax on that private land that you're taking it on?

    There isn't anywhere that the car can be used that you won't be stuck paying for in some way.

    What are you gonna do, float the thing out into international waters?
    Last edited by Snertz; 11-21-2019 at 09:37 AM.
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    Right now got a mortgage and property taxes. Anticipate paying the mortgage off in 10 years. On the other hand property taxes will always need to be paid.
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    Originally Posted by Ratfish View Post
    renting from the government crew

    $205.52/month
    You paid off your house early instead of investing it, how's the living expenses now? Got extra money left over to save?
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    Originally Posted by Jhamaican View Post
    the issue is that most people vastly underestimate the true cost of owning a home.

    They buy much more expensive homes then they would rent because they become emotionally attached. Underestimate maintenance costs etc..

    The word mortage literally means dead pledge. Your life is dead. You are stuck in 1 spot paying for 30 years.

    No flexibility. No life. Good bye. Tours over
    i paid my house off after 5 and a half years and the upkeep is minimal. had to buy a washing machine for a few hundred a couple years ago....

    Originally Posted by garthismad View Post
    dude alot of the owners own outright. Get over yourself mortgagecel
    and instead of renting for market prices, they discount the rent by their previous mortgage cost, right? LOL

    Originally Posted by MikeLowrrrey View Post
    You paid off your house early instead of investing it, how's the living expenses now? Got extra money left over to save?
    paying off my house only freed up like 600-something a month. it was more of a psychological benefit due to my desire to have zero debt. i feel claustrophobic if i'm leveraged. i think it's because of the massive degree of leverage at work that i've had to witness over so many years. but yeah, i save a lot every month.


    the real issue with renting vs. buying with people i know in real life is that the perpetual renters have destroyed their credit and have no option to ever buy. plus, they're too dim-witted to ever scrounge up some semblance of a down payment. plenty of money for the newest phones, going out constantly and a car note though.
    Last edited by Ratfish; 11-21-2019 at 10:19 AM.
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    Originally Posted by Ratfish View Post
    the real issue with renting vs. buying with people i know in real life is that the perpetual renters have destroyed their credit and have no option to ever buy. plus, their too dim-witted to ever scrounge up some semblance of a down payment. plenty of money for the newest phones, going out constantly and a car note though.
    Don't forget the avocado toast.
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    Originally Posted by DeadlyStriker View Post
    I'm sorry but that's called being a retard. Can't pay property taxes? Uwotm8?

    I live in IL which has the second highest property tax rate. For a 200k house by me, that would be $5,328 a year. You can pay that if you only make fukking 30k a year. Plus you have a house.

    Not only that, the dude could just rent it out and make 1.5 a month from the get go and fukking rent for 1k a month, and make $500 from it!

    People can't be this retarded with money. A HOUSE IS AN ASSET FOR A REASON! Use it or lose it buddy.
    A house is not always an asset. It depends on where you live. Property value in some areas (like mine) sucks and a lot are worth less than what was paid for, that makes it a liability.
    What happens if you cant find someone to rent the place to (believe it or not, it happens)? You are paying it all out of pocket. If the value sucks then it becomes a liability.
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    Originally Posted by Anachron View Post
    Don't forget the avocado toast.
    actually, a lot of it has to do with student loans as well probably, which have mortgage-sized payments in aggregate these days thanks to federal subsidies
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    Originally Posted by vulgoo View Post
    where you live?
    Fort Bend County, TX.
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    Originally Posted by Snertz View Post
    but who was storage fees? Tax on that private land that you're taking it on?

    There isn't anywhere that the car can be used that you won't be stuck paying for in some way.

    What are you gonna do, float the thing out into international waters?
    You don't have to store it somewhere for money. As for Tax on the private land, that just leads back to my original point. Government owns all Land within it's boarders, you and I do not. Hence they tax it forever while you are renting it from them.
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