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Forum » Renting is a LOSING proposition 100% of the time.
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Thread: Renting is a LOSING proposition 100% of the time.

post 1631958003 02-21-2021, 07:49 AM
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#31
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Originally Posted By Brozef⏩
You'll never see that rent money again.

Is the math that hard? I mean really bro.
Are you dumb or are you trolling. Its all about opportunity cost. When you buy a property, you put a lot more into it than just the mortgage and insurance.
(Down payment, closing cost, repairs, taxes, etc)

For hustlers starting out, one could consider not taking that burden and placing that money AND TIME into building something that will make you money. If im a software dev, id much rather spend my time coding a platform that will give me residual income for years to come vs fixing sprinkler heads on a saturday afternoon.....(one very small example)

My advice to younger cats coming up, if you are TRULY capable of building something and turning it into a business, focus your time and money on that. If you are just doing a 9-5 and coasting through life, then yes.....id say buying a property vs renting should be considered.
post 1631958033 02-21-2021, 07:50 AM
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Originally Posted By Paul
Yes, I would probably not rent out my house in the city, simply because of CA tenant laws. But friends do & they are making about a $300+ Profit a month, besides the fact the home is gaining interest itself.
All location based my friend. There are markets where the mortgage + taxes are so high to own that you won’t find many renters, because anyone who can afford a single family house for $2000 a month would rather buy a home than rent it continuously


But most of my tenets are in their 20s so not really my market
post 1631958063 02-21-2021, 07:51 AM
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#33
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Originally Posted By meanstringbean⏩
I regret not doing it sooner srs

Look into owner occupied rental properties. But a 2-4 family unit for 3.5% down, live in it a year, rent other sides out, move out, rent entire thing out, and repeat. Rental properties generally cost 20%+ down payment due to extra risk, but if you live in it at least for a year you can get financing like 3-5% down


If you do this a few times in your 20s this absolutely is the quickest way to build serious wealth
Good advice
Every time I see a family unit type I think of Pacific Heights. Good flick to check out
post 1631958073 02-21-2021, 07:52 AM
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#34
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Originally Posted By Brozef⏩
I've never seen a house for rent that is half of what the mortgage would be. What the fuk kind of example is that.

Do you really think a landlord isn't making money from your rent? You think they are running a charity?
Never said that there isn't money to be made in real estate? Dont be an idiot, it's clearly not as cut and dry as you tried to make it in OP. You're coming off very financially illiterate right now.
Ol' 71st street. The devil that birthed me.

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post 1631958133 02-21-2021, 07:53 AM
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It'll all be okay boyos



Many look at houses as profit-making but it requires lots of $ & <3 to maintain
post 1631958323 02-21-2021, 07:57 AM
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Originally Posted By Sterilite⏩
It'll all be okay boyos



Many look at houses as profit-making but it requires lots of $ & <3 to maintain
Not really. Get home owners insurance & you’ll be set. Got a new dishwasher & fridge & barely paid a dime. If you are that concerned start with a condo that you pay a small HOA to have your lawn, water, trash paid for..
post 1631958363 02-21-2021, 07:57 AM
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#37
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I know several landlords. The amount they make compared to what they continually go thru with schit Tennant's w/ repairs, getting their money, etc....nah I'm sweet brah. Altho owning several homes and going thru the process...I think I'll rent later on down the road after selling my home. That or live out of decent hotels and float around which is way cheaper than assisted living, retirement homes/communities.
See monster0ultra's sig
post 1631958433 02-21-2021, 07:59 AM
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Originally Posted By RICHSTRONG⏩
I know several landlords. The amount they make compared to what they continually go thru with schit Tennant's w/ repairs, getting their money, etc....nah I'm sweet brah. Altho owning several homes and going thru the process...I think I'll rent later on down the road after selling my home. That or live out of decent hotels and float around which is way cheaper than assisted living, retirement homes/communities.
Owning investment properties is different than owning your primary residence. It's hard to lose when owning your primary residence unless you truly need mobility every 12-15 months

I say this as a renter getting assfukked. This isn't a normal environment for home ownership. The fed is making it so that if you don't own real assets, you can get promoted every year at work and still come out behind from the inflation in real property

Keep in mind I can't borrow 300k at 2.3% and put it in the stock market. No possible vehicle to do that. But I can get a house and get the inflation on that for under $15k
post 1631958493 02-21-2021, 08:00 AM
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#39
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Renting is usually a good financial decision ASSUMING you are taking the difference compared to ownership and investing towards something else which most people are not. If you are doing this, kudos to you.

Owning is great if you're paying the whole property in full. If you're taking out a mortgage, a good portion is going towards interest payment which is very similar to paying rent.

Of course there are variables that can skew renting or owning to be more advantageous and it's all dependent on the individual(ability to consistently invest and get solid return on investments, mortgage interest rates, property value appreciation, etc...).
"Those who think they have no time for bodily exercise will sooner or later have to find time for illness." - Edward Stanley
post 1631958793 02-21-2021, 08:05 AM
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Originally Posted By HawtStuff⏩
Owning is great if you're paying the whole property in full. If you're taking out a mortgage, a good portion is going towards interest payment which is very similar to paying rent.
.).
Paying cash for a home is actually a negative opportunity cost investment with interest rates this low.


Minimum down payments as the cash is more valuable in any market than it is as a down-payment.
Ol' 71st street. The devil that birthed me.

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post 1631958963 02-21-2021, 08:08 AM
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Originally Posted By Paul
Good advice
Every time I see a family unit type I think of Pacific Heights. Good flick to check out
How much you buy your cabin for?

Always wanted a lake home, seems a good way to make it cash flow
post 1631959173 02-21-2021, 08:13 AM
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#42
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Originally Posted By DizzySmalls⏩
Owning investment properties is different than owning your primary residence. It's hard to lose when owning your primary residence unless you truly need mobility every 12-15 months

I say this as a renter getting assfukked. This isn't a normal environment for home ownership. The fed is making it so that if you don't own real assets, you can get promoted every year at work and still come out behind from the inflation in real property

Keep in mind I can't borrow 300k at 2.3% and put it in the stock market. No possible vehicle to do that. But I can get a house and get the inflation on that for under $15k
lol agree on the fed part. “There’s no notable inflation” except for the cost of every major facet of life is skyrocketing. Houses are a great inflation hedge, as is the stock market. If you are sitting on cash right now then RIP

That said I do think there’s a ton of hidden homeownership costs. Taxes, repairs, and housing projects with that last one being a major growth area recently. If you can rent affordability and dump that money into other investments you won’t be bad off. Similarly, I wouldn’t want to be the shmuck with his entire net worth tied to his house
post 1631959313 02-21-2021, 08:16 AM
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#43
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Originally Posted By meanstringbean⏩
housing projects
And if you need any kind of wood building supplies just bend over and get ready for splinters
Live & Direct from rural Iowa- GBR
post 1631959333 02-21-2021, 08:16 AM
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#44
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My old landlord loved me because I always paid on time and kept the place clean and could usually fix little things myself, and if I couldn't, I let the maintenance crew know exactly what was wrong.

She said most people who rent have a condition called 'learned helplessness' and can't do anything right, and have to be threatened with eviction to pay their late rent and would constantly break everything. They try to flush trash down the toilet, and put several pounds of food in the garbage disposal, and never even try to empty their trash until the bag is over flowing and can't be closed.

I would never be a landlord unless it was for very expensive units that kept all the losers out.
post 1631959433 02-21-2021, 08:18 AM
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#45
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I rented a room for a few months before I moved into my house.

6 months at 650 per month, almost 4k to have a roof over my head for 6 months.

I bought a house and within 6 months it cost me 8k for a new roof. Then 5k for a fenced in back yard. One I needed, one I wanted.

Owning a home is not cheap at all. But yeah in a few years when I sell it I will probably have raised the value 50-100k
post 1631962633 02-21-2021, 09:18 AM
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#46
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In on daily Homeowner cope thread

Just fukin lolz @ agreeing to be in debt for 30 years. Ultimate cuck
post 1631963053 02-21-2021, 09:25 AM
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Originally Posted By Anachron⏩
I see we have yet another thread where the argument seems to be not "renting vs owning", but rather, living in a chitty apartment in a bad neighbourhood, versus owning a house in a decent neighbourhood.

Because that is the only way you get a $1000/month rent vs. $2000/month own.
This isn’t true at all. When I rented, I not once paid more than $1,100 a month. In that time I lived in prime time spots in big cities, right outside parks, beaches, sport stadiums, bars, etc.

To have an equivalent and own would be SIGNIFICANTLY more expensive.

Renting will generally be 20%-30% cheaper or so, not even factoring in things like repairs, for same location.
post 1631963883 02-21-2021, 09:41 AM
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#48
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Originally Posted By meanstringbean⏩
Renting is generally much cheaper than owning. That extra money can be invested. Also you are paying for convenience and flexibility. When you factor in saving money from no repairs and no stupid “home improvement” projects that you pay $10k+ more for but don’t add to the value of the home then yea renting often makes financial sense
In California, rent ranges from $1800 (in rundown apartments in the middle of no where) to $3000 (very close to the city or luxury apartments in the middle of nowhere).

Would you rather spend $3000 renting in San Diego or on a mortgage?

Renting only makes financial sense if you're poor.
post 1631964403 02-21-2021, 09:49 AM
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Getting into the housing market is tough for a lot of people because the price of housing has been going up since forever. There's not just inflation but also land and housing is becoming more scarce. The rich are getting richer, which allows them to buy up more land. Also more of it becomes rental property. Price for entry level homes has gone up a lot in the last 20 years. Basically out of reach of most people, median income is about $30k. Without a spouse, few are able to swing rent and all the costs along with it. Then they get left behind. If Someone didn't have a home to cash in and trade up, ship has sailed. Thus they can't build equity as they throw money away in rent each money further dividing the haves and the have nots.

Its sad imo. The real problem is too many people. Just not enough land for everyone to live comfortably.
post 1631964503 02-21-2021, 09:50 AM
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Originally Posted By turdburglar9021⏩
Why are some so aggressive and biased with rent vs buy? It's not one-size fits all.

I own a home for the lifestyle, it's not some rocketship to wealth like some would have you believe.
My market at market rate costs anywhere between $24,000 - $36,000 every year.

My MIL owns a house and only pays $1,300 in property taxes in California.
She makes repairs every now and then and a lot of people on the internet make it seem like you have to budget for $10,000 repairs every month.

It makes zero sense to rent. Long-term you are flushing money down the toilet.

The best example is would you buy a car or rent a car (not lease). After a while, you will have $0 in expenses for a new car (sometimes you will make costly repairs but it won't be for anywhere near as much as people make it out to believe)

Or would you pay $100 a day to rent it?
post 1631964663 02-21-2021, 09:53 AM
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Originally Posted By gmenfan40⏩
OP you do realize when you buy a home with a mortgage, you're practically renting it with the bank by paying a sh!t load of compacted interest, right?

All depends on where you live and your lifestyle. Both renting and owning have their pros and cons.
You do realize, you can sell your home, but you can't sell the apartment you're renting, right?
post 1631965063 02-21-2021, 09:59 AM
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Originally Posted By AccountingMajor⏩
In California, rent ranges from $1800 (in rundown apartments in the middle of no where) to $3000 (very close to the city or luxury apartments in the middle of nowhere).

Would you rather spend $3000 renting in San Diego or on a mortgage?

Renting only makes financial sense if you're poor.
Lol not even remotely the case. Tons of reason renting makes more sense:

- if it’s cheaper to rent than to own in your area
- if you plan on moving in 1-5 years
- if you value flexibility renting provides


In your cherry picked example, sure would rather spend 3k on a mortgage than renting. But in a more realistic example would you rather spend 1k renting or $1,600 on a mortgage? That $600 saved every month, as well as other costs like repairs you avoid, invested can financially make more sense in the long run.
post 1631965203 02-21-2021, 10:01 AM
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Originally Posted By Anachron⏩
Instead of going of anecdotal evidence, why not link said "comparable" places of residence?

Rental listings versus properties for sale. What you're saying is that landlords are losing money on every property they rent out.
Yes, that’s exactly what I’m saying, as someone who has lived and paid the rental prices I’ve mentioned. As well as someone who owns and rents out multiple housing units



Go find a single family house right now, buy it, and try to cash flow it. Good ****ing luck lol and I live in a low COL area
post 1631965233 02-21-2021, 10:02 AM
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Originally Posted By freeburn⏩
I rented a room for a few months before I moved into my house.

6 months at 650 per month, almost 4k to have a roof over my head for 6 months.

I bought a house and within 6 months it cost me 8k for a new roof. Then 5k for a fenced in back yard. One I needed, one I wanted.

Owning a home is not cheap at all. But yeah in a few years when I sell it I will probably have raised the value 50-100k
Those are basically 1 time costs if you use good quality materials. So you're saying you would rather pay almost $8000 in rent per year vs 1 time repairs for 13,000?

Rent vs Buy makes no sense.

Buy all the way
post 1631965263 02-21-2021, 10:02 AM
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I'm renting in Portland. Have been here for 6 years. I invest my extra money instead and have 500k in investments. Thank god I did not buy with wtf is going on here today. Different circumstances; maybe if I were in another city buying would have been the better choice.
post 1631965413 02-21-2021, 10:06 AM
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It's cheaper to rent than own where I am. The house I currently rent if I owned it would cost me $1000 more per month, and that's without utilities or repairs/maintenance. And that's at a 2% interest rate. Would also cost 10k in land transfer tax just to buy something.

If I invested that 10k plus $1000 a month for the same 25 years at a basic mutual fund interest rate I'd end up with 750k.
post 1631965513 02-21-2021, 10:07 AM
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Originally Posted By AccountingMajor⏩
Those are basically 1 time costs if you use good quality materials. So you're saying you would rather pay almost $8000 in rent per year vs 1 time repairs for 13,000?

Rent vs Buy makes no sense.

Buy all the way
If he moved out after only a few years he’d have little equity (assuming 30yr fixed) , 13k down the toilet that would be worth likely much more invested, and any value would rely solely on appreciation - which is great in the current market but not something to hang your hat on


So yea - renting would likely make more sense in that scenario
post 1631965673 02-21-2021, 10:10 AM
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Originally Posted By rootcon⏩
Its sad imo. The real problem is too many people. Just not enough land for everyone to live comfortably.
This is not true. I live in California, the most populous state.

I'm surrounded by mountains, some mountains have no houses built on them. Others have hundreds of homes on them. Near San Diego, there are 5 story condos and 20story apartments.

Away from the city, we are stuck with 2-story apartments and lots of empty land.

The obvious solutions is to build only 20-30story (apartment) buildings in the city.

Progressives in San Francisco want to remove building height limits of apartments, but of course democrats here hate that idea and it got rejected.
post 1631965863 02-21-2021, 10:12 AM
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Originally Posted By rootcon⏩
Getting into the housing market is tough for a lot of people because the price of housing has been going up since forever. There's not just inflation but also land and housing is becoming more scarce. The rich are getting richer, which allows them to buy up more land. Also more of it becomes rental property. Price for entry level homes has gone up a lot in the last 20 years. Basically out of reach of most people, median income is about $30k. Without a spouse, few are able to swing rent and all the costs along with it. Then they get left behind. If Someone didn't have a home to cash in and trade up, ship has sailed. Thus they can't build equity as they throw money away in rent each money further dividing the haves and the have nots.

Its sad imo. The real problem is too many people. Just not enough land for everyone to live comfortably.
The real problem is that the fed is welfare for the rich and the working class is subsidizing their extravagant net worth with productivity and seeing nothing for it because the banking class has manipulated the system.

If called on this, they will say that these artificially low rates actually help the lower income people. They are generous lords! It's just that the principal you have to borrow will skyrocket every year and your income will not.
post 1631965913 02-21-2021, 10:13 AM
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Originally Posted By DizzySmalls⏩
In every market I look at the houses are appreciating faster than the stock market is.

Not owning a house = getting raped by inflation

Rents keep increasing faster than pay in this environment and you get nothing
1000% this.
Originally Posted By rootcon⏩
Its sad imo. The real problem is too many people. Just not enough land for everyone to live comfortably.
And 10,000% this. People keep looking at me funny when I say depopulation is the answer....
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