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  1. #31
    Registered User phillipsanchez's Avatar
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    Originally Posted by Anachron View Post
    So let me guess, you live in your investment portfolio?
    Yes, I have a huge horizon because I'm young and can easily sell-off and buy acreage back home whenever I want.
    Not a chance I would buy on this side of the country.
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  2. #32
    Registered User Anachron's Avatar
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    Originally Posted by phillipsanchez View Post
    Yes, I have a huge horizon bec3ause I'm young and can easily sell-off and buy acreage back home whenever I want.
    Not a chance I would buy on this side of the country.
    Ok, now that is an understandable position.
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  3. #33
    Registered User WoofieNugget's Avatar
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    Originally Posted by Brozef View Post
    Rentcels always ignore the fact that they will NEVER get their rent money back, and that their landlord is profiting from them, even after all the "repairs".

    The home buyers almost always make their money back and then some.

    What about the fact that you can sell the house before you even actually own it, and you can keep the difference? Never acknowledged.

    My last home sold for over $30k over the mortgage after living there for 3 years. Mortgage was $900 / month for a two bedroom. Barely spend anything on "repairs".

    My current home is already up $25k in value after two years. After selling this one I'll have enough money for a down payment on a NEW house.

    Cope on rent cells. If you can make more than that liquid from investing go for it but all the while you'll be stuffed in a box that's not yours with neighbors on all sides.
    For those five years you have paid mostly only interest to the bank. Probably almost zero towards the actual principal of the loan. If you sell it, you pay land transfer taxes and probably realtor fees, which will cut out most of that profit you're talking about. Oh, and in 5 years you've paid probably at least 15k in property taxes as well. So your supposed profit isn't as much as you think.

    55k profit - 15k realtor/lawyer fees if you sold, 5k in land transfer and another 15k in property tax means actual profit of 20k in five years. And your mortgage principal is probably exactly the same. Only person laughing is your bank.

    If you took out a loan for 300k and invested it at a return of 6% you would be 100k up in that same five years.
    Last edited by WoofieNugget; 02-24-2021 at 06:27 AM.
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  4. #34
    Registered User entropy91's Avatar
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    Originally Posted by Brozef View Post
    Rentcels always ignore the fact that they will NEVER get their rent money back, and that their landlord is profiting from them, even after all the "repairs".

    The home buyers almost always make their money back and then some.

    What about the fact that you can sell the house before you even actually own it, and you can keep the difference? Never acknowledged.

    My last home sold for over $30k over the mortgage after living there for 3 years. Mortgage was $900 / month for a two bedroom. Barely spend anything on "repairs".

    My current home is already up $25k in value after two years. After selling this one I'll have enough money for a down payment on a NEW house.

    Cope on rent cells. If you can make more than that liquid from investing go for it but all the while you'll be stuffed in a box that's not yours with neighbors on all sides.
    All the housing prices went up, so you lost money when you factor in all of the closing costs and other fees. Only way that's a good tradeoff is if you sold your home in somewhere like Cali and moved to Texas.
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  5. #35
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    Originally Posted by WoofieNugget View Post
    55k profit - 15k realtor/lawyer fees if you sold, 5k in land transfer and another 15k in property tax means actual profit of 20k in five years. And your mortgage principal is probably exactly the same. Only person laughing is your bank.
    Ok so I get $20K. How much do you get with renting when you leave? Where I live monthly rental costs are well ABOVE what I am paying monthly for my mortgage (which will not go up due to demand in the rental market BTW). How are people who are renting all of a sudden having all of this extra money to invest to make more money then the possible increase in home value?
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  6. #36
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    Originally Posted by WoofieNugget View Post
    For those five years you have paid mostly only interest to the bank. Probably almost zero towards the actual principal of the loan. If you sell it, you pay land transfer taxes and probably realtor fees, which will cut out most of that profit you're talking about. Oh, and in 5 years you've paid probably at least 15k in property taxes as well. So your supposed profit isn't as much as you think.

    55k profit - 15k realtor/lawyer fees if you sold, 5k in land transfer and another 15k in property tax means actual profit of 20k in five years. And your mortgage principal is probably exactly the same. Only person laughing is your bank.

    If you took out a loan for 300k and invested it at a return of 6% you would be 100k up in that same five years.


    Dont forget that the house he is buying also appreciated as much in value as the house he sold. So unless he is making lateral moves and pocketing some, he is spinning wheels in mud
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  7. #37
    Registered User Anachron's Avatar
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    Originally Posted by LYCLifter View Post
    Ok so I get $20K. How much do you get with renting when you leave? Where I live monthly rental costs are well ABOVE what I am paying monthly for my mortgage (which will not go up due to demand in the rental market BTW). How are people who are renting all of a sudden having all of this extra money to invest to make more money then the possible increase in home value?
    Protip : They don't. Most people rent by necessity, not choice.
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  8. #38
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    Can confirm i am peasants.
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  9. #39
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    can´t wait to be done with renting
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  10. #40
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    Originally Posted by Jhamaican View Post
    based and true.

    and people also falsely assume their house will always appreciate (but who was 2008)
    They all came back with a fury

    Originally Posted by Jhamaican View Post
    now do the side to side comparison if you had put that trapped value into BTC instead... (pro tip: returns will not even be comparable)
    Now compare the risk of a speculative unsecured token vs a real asset
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  11. #41
    Registered User mchabs's Avatar
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    Real estate is generally a good investment but not always

    also buying a house in many large cities in the USA is expensive and I'm talking cities here. Not the outskirts in the boonies.
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  12. #42
    Registered User Anachron's Avatar
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    Originally Posted by DizzySmalls View Post
    They all came back with a fury


    Now compare the risk of a speculative unsecured token vs a real asset
    It's OK, he lives in his Bitcoin wallet.
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  13. #43
    Top Tier Manlet Jasonw1178's Avatar
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    I agree that there are cons to owning a home, BUT with all things considered, owning, even if you pay a mortgage with PMI, you are better off.

    Some of you talking about investing your money instead, lol. Unless you have someone else paying for your housing you have to pay something for a roof over your head, one way or another so what investments are you talking about? Rent of the same property is almost always 20% more than what you would pay for a mortgage but you don't ever get your money back.

    If you are really worried about things breaking on your home, there are all kinds of warranties and insurances you can buy for that and you'll still come out ahead.
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  14. #44
    Breaker of Gains JStrez's Avatar
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    At the end of the day, people end up paying rent to their landlord who owns the building, the ultimate form of financial cuckery. You pay someone else to live in their place.

    Also the logic in this thread is incredible. Most people don't have the $300k to buy a house, they get a mortgage. If I had $300k I'd put down $100k on the house, and invest the rest. Would rather pay a mortgage and build equity rather than throwing my money at someone else's mortgage.
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  15. #45
    Nukem lightsarefallin's Avatar
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    I've been in both situations. I'd rather own. But buying is not for everyone. You have to make sure you've set yourself up properly. We got a good deal, nice location and land, attractive mortgage rates, significant down payment, shorter mortgage timeframe, etc.

    Even if you barely scrape by and wind up paying your house twice over by the end of your life - you only have one life to live. Do you want to continue coping hard and living in your crowded, noisy, smelly sardine can apartment in the middle of a god-awful city or go off into the country and get yourself a nice little house with good land and live life like human beings evolved to live life. That's just the way I see it. Money is important but it's not the be all end all. Think about yourself on your death bed and what you'd regret.
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  16. #46
    Registered User ooph's Avatar
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    Which of you rentcels have a backyard like this?

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    Originally Posted by lightsarefallin View Post
    I've been in both situations. I'd rather own. But buying is not for everyone. You have to make sure you've set yourself up properly. We got a good deal, nice location and land, attractive mortgage rates, significant down payment, shorter mortgage timeframe, etc.

    Even if you barely scrape by and wind up paying your house twice over by the end of your life - you only have one life to live. Do you want to continue coping hard and living in your crowded, noisy, smelly sardine can apartment in the middle of a god-awful city or go off into the country and get yourself a nice little house with good land and live life like human beings evolved to live life. That's just the way I see it. Money is important but it's not the be all end all. Think about yourself on your death bed and what you'd regret.
    Rentcels know this, but we gotta cope somehow and see the upsides nomsayin
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  18. #48
    Registered User meanstringbean's Avatar
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    Originally Posted by Jasonw1178 View Post
    I agree that there are cons to owning a home, BUT with all things considered, owning, even if you pay a mortgage with PMI, you are better off.

    Some of you talking about investing your money instead, lol. Unless you have someone else paying for your housing you have to pay something for a roof over your head, one way or another so what investments are you talking about? Rent of the same property is almost always 20% more than what you would pay for a mortgage but you don't ever get your money back.

    If you are really worried about things breaking on your home, there are all kinds of warranties and insurances you can buy for that and you'll still come out ahead.



    Agree mostly but Rent is generally going to be cheaper because you don’t rent and buy the same place. Aka renting a multi family or an apartment , a lot of those costs are spread across all tenants

    But yea if you’re renting a single family home in the burbs what you doing
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  19. #49
    Registered User Anachron's Avatar
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    Originally Posted by meanstringbean View Post
    Agree mostly but Rent is generally going to be cheaper because you don’t rent and buy the same place. Aka renting a multi family or an apartment , a lot of those costs are spread across all tenants

    But yea if you’re renting a single family home in the burbs what you doing
    Man lands on moon, living in a smaller place costs less.

    Renting a condo will always cost more than buying the same condo.

    So yeah, if all someone needs is a room, then renting of course makes more sense than buying.
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  20. #50
    Registered User Clockbro's Avatar
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    Originally Posted by phaginator View Post
    Implying housing prices only rise...
    God aint making any more land
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  21. #51
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    Originally Posted by Clockbro View Post
    God aint making any more land
    they can build up, to the left and to the right tho
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  22. #52
    The Grammar Nazi BG5150's Avatar
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    Most landlords have a mortgage. Renters pay that mortgage.

    Most buildings have property tax. Renters pay that tax.

    Most landlords make a profit. Renters pay that profit.

    Homeowners generally get a boost in their credit score.
    --There are no stupid questions, just stupid people.

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    --The proper plural form of the Latin adjective biceps is bicipites, a form not in general English use. Instead, biceps is used in both singular and plural (i.e., when referring to both arms). The form bicep [sic], although common even in professional contexts, is considered incorrect. (from Wikipedia)
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    there's such a large quality of life difference in a house that you own that it's not even remotely comparable
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    Registered User meanstringbean's Avatar
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    Originally Posted by ooph View Post
    Which of you rentcels have a backyard like this?



    Mirin - is that a river or a lake next to you? Either have it's perks
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    Registered User meanstringbean's Avatar
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    Originally Posted by BG5150 View Post
    Most landlords have a mortgage. Renters pay that mortgage.

    Most buildings have property tax. Renters pay that tax.

    Most landlords make a profit. Renters pay that profit.

    Homeowners generally get a boost in their credit score.

    Most landlords arent profiting from renting out single family houses these days. As you said - if a renter can afford all the above, they will just own instead. People rent for location, short term flexibility, and to reduce costs. Renting is generally much cheaper than owning
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    Didn't we literally just have this thread?

    Not about that "house with a garden" life, but I am looking to buy a condo soon. Since I'll be going from a semi-ghetto 1 bedroom to a middle-class 2 bedrooms, I'll definitely take a hit financially. Crunched the numbers and, taking into account taxes, condo fees and mortgage overpayment, it'll be more wasted money for about 12 years to come assuming no unforeseen expenses whatsoever.

    Still want to do this, but it's more for the peace of mind. If it was just about the money, I'd stay put...
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  27. #57
    Registered User ooph's Avatar
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    Originally Posted by meanstringbean View Post
    Mirin - is that a river or a lake next to you? Either have it's perks
    River.


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    Registered User meanstringbean's Avatar
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    Originally Posted by ooph View Post
    River.





    hell yea brother, hope you got a canoe/boat/kayak to enjoy it
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  29. #59
    Registered User ooph's Avatar
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    Originally Posted by meanstringbean View Post
    hell yea brother, hope you got a canoe/boat/kayak to enjoy it


    None of these rentcels got a dock I'm guessing!
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  30. #60
    🤔🤔🤔🤔🤔 Ratfish's Avatar
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    ooph indeed

    strong mogging
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