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Forum » Reminder: if you are paying a mortgage, you dont "own the house"
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Thread: Reminder: if you are paying a mortgage, you dont "own the house"

post 1652642483 12-16-2021, 08:55 AM
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#121
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Originally Posted By SpeedCheeser⏩
Of course not. You, as the person on title (not the "owner" according to this line of thought) are still required to make regular annual payments. You may have a tenant pay this year's, but you're still going to be expected to pay them in perpetuity so long as you are the person on the title. How can you be the owner if you're still expected to make payments on it?
It might not be the same tenant paying the taxes one year to the next but why should I care? Doesn’t come out of my pocket. I don’t even see the bill the property manager takes care of it all. Until I sell the place.
post 1652642683 12-16-2021, 08:58 AM
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#122
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post 1652643003 12-16-2021, 09:02 AM
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#123
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Originally Posted By r32gojirra⏩
It might not be the same tenant paying the taxes one year to the next but why should I care? Doesn’t come out of my pocket. I don’t even see the bill the property manager takes care of it all. Until I sell the place.
Oh, no, don't get me wrong - getting someone else to pay your bills for you and profiting off of property is awesome. I'm just saying that according to whomever that other guy is, you can't be considered the "owner" of the property.
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post 1652643103 12-16-2021, 09:04 AM
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#124
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Originally Posted By ymer⏩
I don't care about50% business tax rate,my employees pay for all my taxes and then some. Why should I care for it? I don't even see the bills, my accountant takes care of them all, until I ldar.

Cucks man, I swear.
Oh lawd

What jurisdiction has a 50% corporate tax rate? That’s insane

In any case you have inadvertently described the difference between the legal incidence and the economic incidence of taxation so well done.

Similarly your business may be subject to a sales tax but it is in fact consumers that pay that tax, regardless of who files the tax return.
post 1652645943 12-16-2021, 09:46 AM
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#125
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My neighbors pays 450 more than we do per month to RENT a similar sized house and we have a 15 year mortgage.

Semantics aside, I can't comprehend the logic behind renting unless you're a trust fund baby living a nomadic lifestyle.
post 1652646223 12-16-2021, 09:50 AM
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#126
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Originally Posted By SaltyDog920⏩
My neighbors pays 450 more than we do per month to RENT a similar sized house and we have a 15 year mortgage.

Semantics aside, I can't comprehend the logic behind renting unless you're a trust fund baby living a nomadic lifestyle.
I don’t think this thread is about renting from a landlord vs buying

It’s about renting from a bank vs owning outright

FWIW if someone has a right of sale - which the bank does under certain conditions- then yes that is one of the fundamental rights of ownership. The bank also dictates what you do with the property (you can’t legally demolish it without their permission and are contractually obliged to insure it) Paying out the mortgage removes that right (paying cash up front prevents it from ever arising)
post 1652650993 12-16-2021, 11:04 AM
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#127
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Originally Posted By WoofieNugget⏩
Home owners also pay about double the cost of the home over time in property taxes and interest. So when you have a $500k house free and clear you actually probably paid about $1 million to own it.

What home owners don't want to hear is that if you rent and invest the difference versus buying outright (especially in today's market) after twenty years it's about break even in terms of assets at the end of that time. Obviously with people who buy and rent out as landlords then it's a whole different story and it depends on the city. Right now in my city it makes zero financial sense to overpay to buy instead of renting.
When I was in my 20s I bought an apartment for £120k, the mortgage for £340 a month.

I rented out the spare bedroom for £500 a month which covered the mortgage and gave me some extra cash.

6 years later I sold it for £195k, spent zero on improvements because it was new when I bought it.

Walked away with over £100k cash and used most of that as the down payment for a house with my girl.

Renting and putting spare cash in investments for six years wouldn't have been near the return unless I'd got lucky on crypto.
post 1652651153 12-16-2021, 11:06 AM
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#128
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As a personal living space, yes.


As an investment property, no.


Most people are too retarded to see it as option #2, though.
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post 1652662233 12-16-2021, 02:04 PM
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#129
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Originally Posted By Arem24⏩
But, you own the equity.
then call yourself an equity owner, not a home owner
Originally Posted By SaltyDog920⏩
My neighbors pays 450 more than we do per month to RENT a similar sized house and we have a 15 year mortgage.

Semantics aside, I can't comprehend the logic behind renting unless you're a trust fund baby living a nomadic lifestyle.
There's some benefits to renting here and there. but home ownership is king.
post 1652674223 12-16-2021, 06:12 PM
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Originally Posted By dreyth⏩
there's some benefits to renting here and there. But homesownership is king.
ftfy
post 1670952973 11-09-2022, 01:17 PM
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Lol
post 1670953873 11-09-2022, 01:32 PM
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#132
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The house isn’t yours, it’s just your turn


But it’s not at all accurate to say that having a mortgage = you don’t own the house. You do own the house, the lender merely has an interest in it because it’s used as collateral against the loan.
post 1670955013 11-09-2022, 01:45 PM
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#133
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trolling aside, if your name is on the deed, you own the home. Which usually happens, but not always, when you purchase a house using a lender. You're listed on the deed as the owner, and the lender has a lien on the property.
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