Thread: Mind=Blown at people who RENT.
07-05-2016, 02:40 PM
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#31
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Originally Posted By vsportsguy⏩
If you reinvest your money elsewhere, it's pretty close. The slight loss in long term equity is worth the freedom and reduction in risk when renting. A house is an investment. It's not the only investment you can make.
Such a good video. I want to buy a place here in Toronto too but so hard to afford one. Currently saving up for a big down payment on a place.If you reinvest your money elsewhere, it's pretty close. The slight loss in long term equity is worth the freedom and reduction in risk when renting. A house is an investment. It's not the only investment you can make.
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07-05-2016, 02:45 PM
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#32
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mind blown its 2016 and renting can be far better for MANY people due to career. Because constant travel for work and upkeeping a home is as simple as snapping your fingers, jesus people, use your head. Its not optimal for everyone
People that own houses and tell people renting they should go buy a home are as bad as people with kids. Asking why their friends without kids dont have them yet.
You just want to tell the parents to stfu just like people acting like owning a home is the proper choice for everyone.
People that own houses and tell people renting they should go buy a home are as bad as people with kids. Asking why their friends without kids dont have them yet.
You just want to tell the parents to stfu just like people acting like owning a home is the proper choice for everyone.
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07-05-2016, 02:46 PM
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#33
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Originally Posted By AGstrong⏩
I don't claim to be an expert but based on what I've heard from people MUCH smarter and MUCH better with finances than you are, renting is the most optimal scenario.If you rent because youre a broke college kid, okay sure, thats understandable.
BUT if youre in your mid 20s or older, are well into your career, and you rent; you dont understand finance. So many bros i know rent while funneling money into their idiotic lifestyles.
Buddy brags about his $600 a month leased a4 while living in rented out basement apartment. LOL, dont be that guy misc.
Cliffs:
-do some accounting
-get pre approved for a mortgage
-stop being a plebeian
BUT if youre in your mid 20s or older, are well into your career, and you rent; you dont understand finance. So many bros i know rent while funneling money into their idiotic lifestyles.
Buddy brags about his $600 a month leased a4 while living in rented out basement apartment. LOL, dont be that guy misc.
Cliffs:
-do some accounting
-get pre approved for a mortgage
-stop being a plebeian
07-05-2016, 02:48 PM
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#34
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You obviously do not listen to 400mill property tycoon Grant Cardone. You don't buy your own house. You buy to let and you buy more than one door or it's just not worth it.
Fwiw I'm torn because I could now buy outright if I want but I'm also considering the multi family property thing for long term gainz.
Fwiw I'm torn because I could now buy outright if I want but I'm also considering the multi family property thing for long term gainz.
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07-05-2016, 02:48 PM
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#35
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id always say buying is best. i bought a house when i was 21, a few years later i moved across the world. just rented it out and it paid its own mortgage. 8 years later i sold it for twice what i paid for it.
a few years ago i bought the place i'm in now, its not quite worth double yet but its not far off
i get that its not for everyone but it can work
a few years ago i bought the place i'm in now, its not quite worth double yet but its not far off
i get that its not for everyone but it can work
07-05-2016, 02:51 PM
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#36
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Why did you make this thread OP?
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07-05-2016, 02:51 PM
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#37
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Originally Posted By AGstrong⏩
meh idk man. I work at an escrow company in San Diego, and we're pretty high volume for the amount of people who work here...considering the work we do is after the deal has already been made...a decent amount of deals fall out of escrow for one reason or another. Some legitimate, some stupid.except unless you live in bumfuk, montana; you really can. my ****ty townhouse in toronto was on the market for 1 week before it sold for 50k over asking. bought it last year in june fopr 420k, sold it in may for 510k, closing date is sept 5th. all i did was renovate 2 baths and a powder room ~15k.
and even if youre not a first time buyer, there are many ways around capital gains and land xfer.
and even if youre not a first time buyer, there are many ways around capital gains and land xfer.
If you're speaking from the viewpoint of buying/selling real estate in terms of investment and not for living, then yes I can see where you're coming from. but most renters are renting because they can't afford to save/put down the deposit, or even afford the monthly mortgage on their own. so why would they even consider flipping real estate, when they don't have real estate of their own?
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07-05-2016, 02:52 PM
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#38
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I love how people are quoting my age lol...
I payed off my bba before I finished it, I bought a house at 23 which I sold for 80k more the following year, I put in a bid on a bungalow in one of the best neighbourhood in Toronto.
You really think you're better than me because you're older?
Fuking birds.
I payed off my bba before I finished it, I bought a house at 23 which I sold for 80k more the following year, I put in a bid on a bungalow in one of the best neighbourhood in Toronto.
You really think you're better than me because you're older?
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07-05-2016, 02:54 PM
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#39
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Renting vs. Buying is not a black and white situation. Renting makes sense in a lot of situations, buying makes sense for others. Renting isn't "throwing money away" you need a place to live.
brb throwing money away on food, paying the farmers mortgage when I can grow my own food for free
brb throwing money away on food, paying the farmers mortgage when I can grow my own food for free
07-05-2016, 03:00 PM
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#40
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Originally Posted By AGstrong⏩
live in laIf you rent because youre a broke college kid, okay sure, thats understandable.
BUT if youre in your mid 20s or older, are well into your career, and you rent; you dont understand finance. So many bros i know rent while funneling money into their idiotic lifestyles.
Buddy brags about his $600 a month leased a4 while living in rented out basement apartment. LOL, dont be that guy misc.
Cliffs:
-do some accounting
-get pre approved for a mortgage
-stop being a plebeian
BUT if youre in your mid 20s or older, are well into your career, and you rent; you dont understand finance. So many bros i know rent while funneling money into their idiotic lifestyles.
Buddy brags about his $600 a month leased a4 while living in rented out basement apartment. LOL, dont be that guy misc.
Cliffs:
-do some accounting
-get pre approved for a mortgage
-stop being a plebeian
try to be a house with less than $50k savings.
good luck. It's harder for a first time home/codo-owner than ever in us history. It's foreigners who buy houses now and then rent to americans.
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07-05-2016, 03:06 PM
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#41
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Originally Posted By RocknRollMuscle⏩
now im not having a go at you but i here that a lot from people.live in la
try to be a house with less than $50k savings.
good luck. It's harder for a first time home/codo-owner than ever in us history. It's foreigners who buy houses now and then rent to americans.
the future.
try to be a house with less than $50k savings.
good luck. It's harder for a first time home/codo-owner than ever in us history. It's foreigners who buy houses now and then rent to americans.
the future.
i got my first place in sydney and my second place in london. while i know nothing about LA prices, but they are not cheap cities
07-05-2016, 03:07 PM
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#42
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Lol most people don't have a choice unless they want to get financially shacked up with a gf and buy. You must live in a chithole place with cheap houses OP.
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07-05-2016, 03:08 PM
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#43
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Originally Posted By vsportsguy⏩
If you reinvest your money elsewhere, it's pretty close. The slight loss in long term equity is worth the freedom and reduction in risk when renting. A house is an investment. It's not the only investment you can make.
this but there is no right/wrong answer depends on your financesIf you reinvest your money elsewhere, it's pretty close. The slight loss in long term equity is worth the freedom and reduction in risk when renting. A house is an investment. It's not the only investment you can make.
07-05-2016, 03:13 PM
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#44
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Originally Posted By AGstrong⏩
Lol so now its not only you have to buy, but now you have to be buying and flipping properties as well??imo real estate is one of the lowest risk to reward investments you can make. also that video is assuming you keep the same property, which is essentially just renting.
07-05-2016, 03:20 PM
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#45
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LMAO fukking misc. Yeah buying a house is good when you are all set and ready to commit to a place for a while, but for those who value mobility no thnx Jeff.
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07-05-2016, 03:22 PM
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#46
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Originally Posted By Devils⏩
lmaoo why else would you buy??Lol so now its not only you have to buy, but now you have to be buying and flipping properties as well??
This whole thread is about maximizing your capital. Flipping property isn't a full time job, you can have a career and also buy/sell property.
07-05-2016, 03:24 PM
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#47
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I bought a house, came to $1300 out of pocket for closing costs, no down payment, no PMI. I pay $1400 a month including HOA in DC for a 3 bed 2.5 bath townhouse, which is about the same as I paid for a 1 bedroom apartment in Jersey.
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07-05-2016, 03:29 PM
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#48
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u wot
1.4 million is average home price in my city. You'd have to be an idiot to buy here in an inflated bubble like Vancouver. Meanwhile, I could pour that huge down payment into my business and earn a way better return, while claiming a portion (or all if sneaky enough) of my rent as a business expense. Also don't have to worry about paying into property taxes, condo fees (if applicable), or maintenance. And when the bubble bursts, I won't be tempted to jump off a building.
1.4 million is average home price in my city. You'd have to be an idiot to buy here in an inflated bubble like Vancouver. Meanwhile, I could pour that huge down payment into my business and earn a way better return, while claiming a portion (or all if sneaky enough) of my rent as a business expense. Also don't have to worry about paying into property taxes, condo fees (if applicable), or maintenance. And when the bubble bursts, I won't be tempted to jump off a building.
07-05-2016, 03:40 PM
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#49
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Originally Posted By AGstrong⏩
but you're telling people they are fools to rent, yet say it's only good to buy if you want to flip properties, rent them out for profit, make money when selling them a year later. Please tell me how these conditions just turn out that way, I know people who have lost money on their houses because of slowdowns in the market, or huge unexpected maintenance costs.lmaoo why else would you buy??
This whole thread is about maximizing your capital. Flipping property isn't a full time job, you can have a career and also buy/sell property.
This whole thread is about maximizing your capital. Flipping property isn't a full time job, you can have a career and also buy/sell property.
07-05-2016, 03:44 PM
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07-05-2016, 03:46 PM
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#51
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OP is full of bad advice.
Renting is better for a large number of people for a multitude of reasons.
A house that you live in and have no ancillary income from is not an investment, nor an asset. It is a liability, regardless of what others say, if something costs you money on a continual basis it is a liability. Now if you buy a house and rent rooms out to others, or a multiplex and rent out the other units that is an investment and an asset.
tying up $20,000-$100,000 or more to pay a little less mortgage than your current rent is silly. Your money could be earning you money rather than sitting in something you pray goes up in value and has constant maintenance, taxes, insurance, etc.
Trust me on this, I own my own home and while it has it's perks and even with me renting out an extra bedroom, I'd rather have the $25,000 down payment in cash so I could invest in something else.
Renting is better for a large number of people for a multitude of reasons.
A house that you live in and have no ancillary income from is not an investment, nor an asset. It is a liability, regardless of what others say, if something costs you money on a continual basis it is a liability. Now if you buy a house and rent rooms out to others, or a multiplex and rent out the other units that is an investment and an asset.
tying up $20,000-$100,000 or more to pay a little less mortgage than your current rent is silly. Your money could be earning you money rather than sitting in something you pray goes up in value and has constant maintenance, taxes, insurance, etc.
Trust me on this, I own my own home and while it has it's perks and even with me renting out an extra bedroom, I'd rather have the $25,000 down payment in cash so I could invest in something else.
07-05-2016, 03:57 PM
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#52
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Cool story when you are 24. But when you grow up and have other life circumstances (kids, marriage, divorce, career changes), the boat starts to rock. When you combine those adult obstacles with the fukked economy/cost of living, rent is the only way for many folks to have a legit roof over their head (as they build their situation up again).
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07-05-2016, 04:20 PM
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#53
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Originally Posted By anacottsteel27⏩
ya bro such bad advice.. i bought a 420k property last year with 80k down. put 15k in renovations and it sold this year for 510k. after all the fees, costs, and payments are accounted for, i end up with a profit of about 40k. and im not even factoring the ~12k i would have had to pay in rent.OP is full of bad advice.
Renting is better for a large number of people for a multitude of reasons.
A house that you live in and have no ancillary income from is not an investment, nor an asset. It is a liability, regardless of what others say, if something costs you money on a continual basis it is a liability. Now if you buy a house and rent rooms out to others, or a multiplex and rent out the other units that is an investment and an asset.
tying up $20,000-$100,000 or more to pay a little less mortgage than your current rent is silly. Your money could be earning you money rather than sitting in something you pray goes up in value and has constant maintenance, taxes, insurance, etc.
Trust me on this, I own my own home and while it has it's perks and even with me renting out an extra bedroom, I'd rather have the $25,000 down payment in cash so I could invest in something else.
Renting is better for a large number of people for a multitude of reasons.
A house that you live in and have no ancillary income from is not an investment, nor an asset. It is a liability, regardless of what others say, if something costs you money on a continual basis it is a liability. Now if you buy a house and rent rooms out to others, or a multiplex and rent out the other units that is an investment and an asset.
tying up $20,000-$100,000 or more to pay a little less mortgage than your current rent is silly. Your money could be earning you money rather than sitting in something you pray goes up in value and has constant maintenance, taxes, insurance, etc.
Trust me on this, I own my own home and while it has it's perks and even with me renting out an extra bedroom, I'd rather have the $25,000 down payment in cash so I could invest in something else.
so thats a 40k return on an 80k investment as a first time buyer.
tell me *******, what investment do you have that gives you a 50% annual return? go ahead ill wait.
oh and if you dont believe me ill posty the agreement of purchase and sale.
07-05-2016, 04:21 PM
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#54
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not everyone has good enough credit and money saved up for a down payment on a house when they are in their 20's. In fact, I would surmise most people are not in that position until they are in their 30's.
07-05-2016, 04:26 PM
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#55
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Originally Posted By MrAWatts⏩
Agreed with mr ducklips on this one. Bought my house 4 years ago. Now I want to move out of state and guess what, have to sell my house first and it's not as easy as OP makes it out to be.LMAO fukking misc. Yeah buying a house is good when you are all set and ready to commit to a place for a while, but for those who value mobility no thnx Jeff.
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07-05-2016, 04:26 PM
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#56
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Me too
07-05-2016, 04:28 PM
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#57
Lol how many in their 20s can actually afford to buy a house or have the credit to get a good mortage.
Especially in certain parts of the USA. Where I live, land is just stupid expensive, a decent sized place to live in/raise a family with a good school nearby will have a price tag upwards of $800,000 if you plan to outright buy.
A house is also not an "investment." You do not earn any money on your house. If you mortage, it is absolutely not an appreciating asset, it is a liability until it is paid in full.
And besides, what person in their 20s knows for sure where they're going to live? You just got out of college and got your first serious job, I think settling down is the last of your priorities.
Especially in certain parts of the USA. Where I live, land is just stupid expensive, a decent sized place to live in/raise a family with a good school nearby will have a price tag upwards of $800,000 if you plan to outright buy.
A house is also not an "investment." You do not earn any money on your house. If you mortage, it is absolutely not an appreciating asset, it is a liability until it is paid in full.
And besides, what person in their 20s knows for sure where they're going to live? You just got out of college and got your first serious job, I think settling down is the last of your priorities.
07-05-2016, 04:35 PM
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#58
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Originally Posted By AGstrong⏩
You're a fcking idiot dude. Not everyone wants to be tied down to one place all their life paying a mortgage. Everyone thinks differently and why would you even care. Hopefully you dont live in nova scotia *******If you rent because youre a broke college kid, okay sure, thats understandable.
BUT if youre in your mid 20s or older, are well into your career, and you rent; you dont understand finance. So many bros i know rent while funneling money into their idiotic lifestyles.
Buddy brags about his $600 a month leased a4 while living in rented out basement apartment. LOL, dont be that guy misc.
Cliffs:
-do some accounting
-get pre approved for a mortgage
-stop being a plebeian
BUT if youre in your mid 20s or older, are well into your career, and you rent; you dont understand finance. So many bros i know rent while funneling money into their idiotic lifestyles.
Buddy brags about his $600 a month leased a4 while living in rented out basement apartment. LOL, dont be that guy misc.
Cliffs:
-do some accounting
-get pre approved for a mortgage
-stop being a plebeian
07-05-2016, 04:36 PM
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#59
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Homes are over 800k for 2br/1b in my area. Buying is simply not an option for most people who make less than 150k or so a year.
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07-05-2016, 04:36 PM
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#60
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Originally Posted By Solidz⏩
if you have bad credit i feel bad for you son. i guess i should have listed that exception in the OP.not everyone has good enough credit and money saved up for a down payment on a house when they are in their 20's. In fact, I would surmise most people are not in that position until they are in their 30's.
But this wasnt directed at people who work at walmart and have **** tier credit, obviously they are renter class and always will be.
if you have an established career and have decent credit in your mid/late 20s, you can get an affordable mortgage with 10-15% down. shiet you can get it here in communist canada, ofc you can get it in america.
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