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Forum » Owning > Renting your home. Changed my mind.
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Thread: Owning > Renting your home. Changed my mind.

post 1559176051 08-19-2018, 03:50 PM
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#31
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Originally Posted By RightKindaGuy⏩
Rather rent multiple places than be tied down with a 25 year mortgage rotting away in some desolate area.

Thanks anyways though
That is what i was thinking.

But, you can rent that property out if you move.
post 1559176111 08-19-2018, 03:50 PM
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Originally Posted By Roldz⏩
I always lol @ how MLK anything is always the ass boil of a city.
post 1559176121 08-19-2018, 03:51 PM
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in the end, it doesn't really matter
"To be yourself in a world that is constantly trying to make you something else is the greatest accomplishment."
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post 1559176181 08-19-2018, 03:53 PM
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Originally Posted By ErnieMccracken⏩
What are those times? In Seattle, it's like $2k to rent a place that would sell for $1M+.
very few people know when those times are. investing in real estate is largely speculation, unless you are a donald trump.
post 1559176251 08-19-2018, 03:54 PM
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#35
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Originally Posted By ErnieMccracken⏩
What are those times? In Seattle, it's like $2k to rent a place that would sell for $1M+.
No magic answers on the the list: I'd say first is flexibility(if your employer or job makes you move frequently), cost of up keep or just the upkeep itself(yard work, maintenance), as you mentioned cost of homes and or taxes. It's a personal decision and not all buyers fit into the same situation.
Originally Posted By ErnieMccracken⏩
Wtf? This is the first I've heard of anyone struggling to sell. Most properties seem to have multiple offers the first day they hit the market. In my area, sellers are doing crazy chit like making the buyers pay all the taxes, closing costs, everything. My friend's property had 3 offers before it even hit the market, just through word of mouth.
Pretty much this. I've put 3 houses under contract this week and they were all in the first week and either at or slightly above listing price. Haven't had any sellers make buyers pay all the closing costs tho as we usually work it into the sales price or they pay cash for costs. Doesnt surprise me tho with this market.


If any miscers in here hate their wage slave job or even corporate job(I came from banking), can actually talk to other humans, enjoy solving problems and like $$$, you should consider getting your license.
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post 1559176301 08-19-2018, 03:55 PM
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#36
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Originally Posted By MarusDod⏩
Where I live, you have to pay too many taxes if you own property.

Better off renting
because a part of your rent doesnt go to taxes.
post 1559176341 08-19-2018, 03:56 PM
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#37
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Originally Posted By Thunder999⏩
That is what i was thinking.

But, you can rent that property out if you move.
Sure, you can, but the youre most likely going to pay someone to manage it or you have no fuking clue what is happening there. Most people regret it, most.
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post 1559176431 08-19-2018, 03:58 PM
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Originally Posted By ~Hades~⏩
Sure, you can, but the youre most likely going to pay someone to manage it or you have no fuking clue what is happening there. Most people regret it, most.
True. You can hand it over to an estate agent, but they will take a cut, and you could only be paying the mortgage and not making much profit.
post 1559176751 08-19-2018, 04:03 PM
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#39
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Renting a studio in Bay Area = $1800 a month
Buying a house in Bay Area = $1.2 million = $7000 a month mortgage lol

I’ll stick with renting
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post 1559176791 08-19-2018, 04:04 PM
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Originally Posted By JonEh10⏩
Renting a studio in Bay Area = $1800 a month
Buying a house in Bay Area = $1.2 million = $7000 a month mortgage lol

I’ll stick with renting
7k a month mortgage on a 1.2mil house? that outrageous lmao...
post 1559176851 08-19-2018, 04:05 PM
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#41
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Originally Posted By ohreaIIy⏩
brb 800$ a month with heat and water included
brb 1300$ a month + utilities
wat.

Breh, around here, it's:

1100/month to rent a chit 2 bedroom apartment in a high crime chithole
1200/month to own a nice home in the burbs

My house payment is still going to be 1200/month in 20 years. What's your rent going to be?
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post 1559176921 08-19-2018, 04:06 PM
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Brb house my parents bought 30 years ago is worth minimum 7x as much.

Yeah, I'd rather own a house.
Death is impossible for us to fathom: it is so immense, so frightening, that we will do almost anything to avoid thinking about it. Society is organized to make death invisible, to keep it several steps removed. That distance may seem necessary for our comfort, but it comes with a terrible price: the illusion of limitless time, and a consequent lack of seriousness about daily life. We are running away from the one reality that faces us all.
post 1559176971 08-19-2018, 04:07 PM
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Originally Posted By Thunder999⏩
True. You can hand it over to an estate agent, but they will take a cut, and you could only be paying the mortgage and not making much profit.
exactly. we charge 10%

and yes if you arent making much, it doesnt take much for you lose on the deal. its a lot to have to worry about when you got other chit on your mind
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post 1559177031 08-19-2018, 04:09 PM
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Originally Posted By BostonRockets⏩
Brb house my parents bought 30 years ago is worth minimum 7x as much.

Yeah, I'd rather own a house.
brb amzn is worth 1000x as much as it was 20 years ago....
post 1559177301 08-19-2018, 04:13 PM
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#45
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Originally Posted By ~Hades~⏩
exactly. we charge 10%

and yes if you arent making much, it doesnt take much for you lose on the deal. its a lot to have to worry about when you got other chit on your mind
10% commission? holy fuk... in toronto its around 5%, usually a little lower for the high end homes.

you need a new agent lol?
post 1559177341 08-19-2018, 04:14 PM
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Or we could all just buy trailer homes like that asian skateboarding kid
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post 1559177561 08-19-2018, 04:17 PM
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#47
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Originally Posted By exxtracool⏩
10% commission? holy fuk... in toronto its around 5%, usually a little lower for the high end homes.

you need a new agent lol?
lol i wish

10% for property management so 10% of the monthly rent

5-7% for sales. sometimes 3-4% for fsbo deals
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post 1559178691 08-19-2018, 04:35 PM
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#48
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Originally Posted By exxtracool⏩
brb amzn is worth 1000x as much as it was 20 years ago....
Yeah but you’ll pay a capital gains tax when you sell your amazon stock, you won’t (unless your home is worth millions) pay any taxes on the home. Also how many people are going to put the cost of a home in a single stock? Home ownership is literally a tax shelter for something that is probably most people’s biggest expense.
post 1559178881 08-19-2018, 04:37 PM
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Most of my friends who have kids bought a house in the last 6 years.

Ass fell out of the market about 18 months ago.

They are fukked. Not to mention, those who poured in an additional 20k-50k on renovations.

Ouch.
worse things happen at sea
post 1559179251 08-19-2018, 04:41 PM
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Originally Posted By JustJones⏩
Any money you saved not renting is used trying to own

brb 15k roof and 5k driveway repairs or house insurance eating up and savings

Just paying for the gas to fill the lawnmower would make owning more expensive
If you're in a decent neighborhood upkeep is crazy. People underestimate how much keeping a good looking lawn/landscaping is let alone the things you listed.
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post 1559179601 08-19-2018, 04:44 PM
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Originally Posted By BostonRockets⏩
Brb house my parents bought 30 years ago is worth minimum 7x as much.

Yeah, I'd rather own a house.
I pray for you if you're not trolling.
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post 1559179641 08-19-2018, 04:46 PM
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I agree there are pros and cons to both. If you’re someone who relocates a lot than renting is just easier to pick up and go where you want. With homeownership you’re tied to the property for a long time.
For us owning has way more benefits than renting. Renting in a good area was twice what our mortgage is on a brand new home in new neighborhoods that were just built. But if anything goes wrong in the future we have to pay for it unlike renting, the landlord is responsible for any maintenance. We’re just lucky we have really nice neighbors. Nothing worse than getting stuck in a home with crap neighbors, unlike in an apartment you can just move at the end of your lease if you’re unhappy.
post 1559181141 08-19-2018, 05:10 PM
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Where the hell are these places where rent is cheaper than the mortgage would be for the same property?

This goes against the basic fundamentals of owning a rental property for profit. I don't know anyone with rental properties who own them outright and don't have a mortgage on them. All of them are renting them for 30-40% more than their mortgage costs.
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post 1559181701 08-19-2018, 05:20 PM
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Originally Posted By Mattsterrific⏩
Where the hell are these places where rent is cheaper than the mortgage would be for the same property?
Pretty much any major city on either coastline? LA, SF, Portland, Seattle, NYC, Boston, etc. Decent "starter" homes are $800k+ and rent is often ~$2k. Hence why investment properties around here are such a joke. brb paying $6k mortgage for something that rents for $2k.

Generally, investors shoot for "1%'ers." This means that a home rents for 1% of the purchase price. Good luck getting that anywhere except the south and the midwest.
post 1559181961 08-19-2018, 05:24 PM
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op, you are absolutely right. renting is bullsh_t, more so because of the wasted money but also like you pointed out the stupid rules.

brb, were coming inside to inspect because we put a fuking note on the door....

last apartment i had they came in and redid the plumbing... cut into the wall and got gyp board dust all over everything including my bed and appliances, then they didnt finish for 8 fuking weeks.

8 weeks my apartment was trashed because i had to keep all my sh_t out and away from the closet and all internal plumbing, so it stayed in a fuking pile in my living room.

fuk renting, home owner crew and damn happy because of it, especially as i see the value of my home continue to inscrease
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post 1559182081 08-19-2018, 05:26 PM
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#56
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Id never own unless I have a partner. just lol @ slaving away at a mortgage by yourself.
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post 1559182561 08-19-2018, 05:33 PM
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LOL @ people not understanding that you don't have to be in a 20 year fkn mortgage, brb sell the house after a couple years and get a portion of your mortgage back (and possibly gains from value increase).

Brb while you slave away paying rent and never seeing that money back ever again.
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post 1559182721 08-19-2018, 05:35 PM
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I own a 3 acre plot with a shop (w/plumbing etc) and also a house on, roughly, .75 acre lot. also owned a house in a bigger city a few years ago and have rented many apartments and houses. I own both of these properties no mortgage etc

my opinion is that it completely depends. not just on one variable, hundreds. to name a few;
employment (100 variables branch from this)
location (again tons of variables)
mortgage or own? ( quite a few variables but not so many)

the list goes on. right now for my current situation owning is much better, 3 years ago renting was much better, 2 years from now I will probably wish I didn't own the properties I own now. if my plans pass as I foresee them to, then I'll probably be renting out my house and selling the land in 2 years.
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post 1559183241 08-19-2018, 05:42 PM
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Originally Posted By ErnieMccracken⏩
Pretty much any major city on either coastline? LA, SF, Portland, Seattle, NYC, Boston, etc. Decent "starter" homes are $800k+ and rent is often ~$2k. Hence why investment properties around here are such a joke. brb paying $6k mortgage for something that rents for $2k.

Generally, investors shoot for "1%'ers." This means that a home rents for 1% of the purchase price. Good luck getting that anywhere except the south and the midwest.
So the guy that owns it is fine with taking a $4k monthly hit, or does he own it outright and is content with it bringing in $2k?
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post 1559183281 08-19-2018, 05:43 PM
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Originally Posted By JustJones⏩
Just paying for the gas to fill the lawnmower would make owning more expensive
Are you retarded? The gas to mow my lawn once a week costs me like $20 or less.


Yeah there are more maintenance fees with owning a house. But at least that way you don't have to live with having a paper thin wall separating you from some idiot neighbors next to you.
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