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Forum » Homeowners of the Misc, aware a rentcel on something about ownership [srs]
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Thread: Homeowners of the Misc, aware a rentcel on something about ownership [srs]

post 1638404753 05-12-2021, 02:45 PM
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Homeowners of the Misc, aware a rentcel on something about ownership [srs]

Ok, we know that renting is kinda a money-losing activity.

Imagine this scenario:

- You are in Houston and work your job. You buy a house with a 30-year mortgage there.

- Let's say that for some reason you want to move to, say, Boston, or outside the USA, to advance your career or out of some random necessity.

- What do you do?

Does having a mortgage make you less flexible? Or you simply sell the mortgage, which you will profit from, and then arrive in Boston to start your job as a rentcel and then become homecel with mortgage in Boston.
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post 1638405013 05-12-2021, 02:48 PM
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Originally Posted By atgbrahsrs⏩
Ok, we know that renting is kinda a money-losing activity.

Imagine this scenario:

- You are in Houston and work your job. You buy a house with a 30-year mortgage there.

- Let's say that for some reason you want to move to, say, Boston, or outside the USA, to advance your career or out of some random necessity.

- What do you do?

Does having a mortgage make you less flexible? Or you simply sell the mortgage, which you will profit from, and then arrive in Boston to start your job as a rentcel and then become homecel with mortgage in Boston.
Right now, just about ANYBODY with a remotely decent home, could sell their house in a very very very short period of time pack up and move wherever they want.

If say we were in middle of a recession or housing market tanked? Different story. In most times people would argue a mortgage makes you less flexible which is usually true to an extent. But if you are smart when/where/what/how you buy, you'll generally be fine buying unless a major market downturn.
post 1638405123 05-12-2021, 02:48 PM
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Are you unaware that you can just sell the home, use the proceeds to pay off the mortgage and then get a mortgage in the place where your job sent you? LMAO


The only time a mortgage is a prison sentence is if the house is in an unsellable area but for the last 10+ years I don't think unloading houses was a problem for anyone.
post 1638405183 05-12-2021, 02:49 PM
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You sell your house and pay broker fees and closing costs (in addition to what you paid when you bought)

You buy a new house and pay more closing costs.

You then brag about owning a home that you still owe hundreds of thousands of dollars on and pay property taxes each month.

Or you rent it out and earn a lower return on it than you would in the stock market with 10x more headaches

Your choice
post 1638405293 05-12-2021, 02:50 PM
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Originally Posted By ReadyToLift2019⏩
Yes.

Or you can rent your house out in Houston while you live either on a mortgage or via rent in Boston. I don’t like the idea of being a long-distance landlord though

Always rent for a while in a new city anyways, not sure where the ghettos are/exactly where you want to end up so best to be safe

In Houston now you should not have any problem selling your house unless you bought at the top/you are extremely upside down and even then you can still offload in this market
Originally Posted By DoYouEvenNEM⏩
Are you unaware that you can just sell the home, use the proceeds to pay off the mortgage and then get a mortgage in the place where your job sent you? LMAO


The only time a mortgage is a prison sentence is if the house is in an unsellable area but for the last 10+ years I don't think unloading houses was a problem for anyone.
I think this is my answer chaps.

Dumb q but I just wanted to shoot it directly on the misc.
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post 1638405333 05-12-2021, 02:51 PM
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Overall homes will sell in about 1 to 2 months under normal conditions. If you're not under, you just sell.

It IS a giant hassle, normally. Worth it, though. I hate renting.
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post 1638405503 05-12-2021, 02:53 PM
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Originally Posted By atgbrahsrs⏩
Ok, we know that renting is kinda a money-losing activity.

Imagine this scenario:

- You are in Houston and work your job. You buy a house with a 30-year mortgage there.

- Let's say that for some reason you want to move to, say, Boston, or outside the USA, to advance your career or out of some random necessity.

- What do you do?

Does having a mortgage make you less flexible? Or you simply sell the mortgage, which you will profit from, and then arrive in Boston to start your job as a rentcel and then become homecel with mortgage in Boston.
Having a mortgage definitely does make you less flexible. I wouldn't recommend people buy a house unless they are pretty certain they will stay in that area for at least 3 years

In this situation, it depends. If you can afford it, it could be worth it to rent the house out and basically cover the mortgage with the renter, and then rent once you get to Boston until you can afford to buy a house there (Again assuming you'll be there for awhile)

If you absolutely are spread too thin and you can't rent the house you'd probably have to sell, and potentially take a loss
post 1638405563 05-12-2021, 02:53 PM
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Originally Posted By rectifryer⏩
Overall homes will sell in about 1 to 2 months under normal conditions. If you're not under, you just sell.

It IS a giant hassle, normally. Worth it, though. I hate renting.
Yeah yeah.

I just wanted to confirm this because the ONLY thing that would be a serious negative in owning for me is if it tied me to somewhere.
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post 1638405923 05-12-2021, 02:58 PM
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Originally Posted By BigDeeps01⏩
Having a mortgage definitely does make you less flexible. I wouldn't recommend people buy a house unless they are pretty certain they will stay in that area for at least 3 years
Interdasting.

My career philosophy, at least for corporate, is that you must have as big of a Surface Level for opportunities as possible.

So if you are an Associate Director in Houston and there is an opening for a Director but you have to move (whereas in Houston there are none), so you can have as many possibilities to advance (if that makes sense, it is simple math). That might include a Surface Level that includes other countries apart from the USA.

Getting a wife/GF to come with you is easy, if not you can dispose of her.

So just thinking about how owning a house/mortgage will work in this philosophy.
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post 1638406023 05-12-2021, 03:00 PM
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Originally Posted By atgbrahsrs⏩
Yeah yeah.

I just wanted to confirm this because the ONLY thing that would be a serious negative in owning for me is if it tied me to somewhere.
If you think you may be moving relatively soon I would steer clear of buying for now. You have to realize there are costs to both buying and selling. Between closing costs as the buyer, appraisal, inspection if you're going to get one, and then paying the commission to the agent to sell the house on the sell side and then also the closing costs on that end, you're looking at probably ~10% of the sales price of the home you're losing. So, even with the market being as red hot as it is, you may not actually come out on top if you own the house for sub 1 year unless you force appreciation through renovations
post 1638406243 05-12-2021, 03:02 PM
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Originally Posted By BigDeeps01⏩
If you think you may be moving relatively soon I would steer clear of buying for now. You have to realize there are costs to both buying and selling. Between closing costs as the buyer, appraisal, inspection if you're going to get one, and then paying the commission to the agent to sell the house on the sell side and then also the closing costs on that end, you're looking at probably ~10% of the sales price of the home you're losing. So, even with the market being as red hot as it is, you may not actually come out on top if you own the house for sub 1 year unless you force appreciation through renovations
yep I see your point, see my post above yours re: why I am thinking about this, this is all a hypothetical scenario

but in those scenarios, I don't see someone doing hippity hoppity more frequently than 2 years.
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post 1638406843 05-12-2021, 03:09 PM
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Lol assuming you profit from a mortgage


Houses cost money bud. If you’re single then no point in paying all that extra overhead. Find a place that you can rent that’s nice and also 50% cheaper than a mortgage (apartments much cheaper than homes). You will likely make more than owning a house long run by investing the savings. You also can have that flexibility which is big


You won’t make much on a house sale unless you live there multiple years or get lucky in a market like this one (which won’t go on forever). The commissions and costs on a sale along with taxes will eat your gains


“Renting is throwing money away” is low IQ talk. Can be true, but can also be much financially wiser. Only buy a home if you plan on renting it out profitably or plan on living there for years. Don’t view your primary home as an investment and you’ll be far better off
post 1638406973 05-12-2021, 03:11 PM
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Yes renting is A LOT more flexible. That’s one of the main advantages of renting vs. owning.
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post 1638407093 05-12-2021, 03:13 PM
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Originally Posted By atgbrahsrs⏩
Interdasting.

My career philosophy, at least for corporate, is that you must have as big of a Surface Level for opportunities as possible.

So if you are an Associate Director in Houston and there is an opening for a Director but you have to move (whereas in Houston there are none), so you can have as many possibilities to advance (if that makes sense, it is simple math). That might include a Surface Level that includes other countries apart from the USA.

Getting a wife/GF to come with you is easy, if not you can dispose of her.

So just thinking about how owning a house/mortgage will work in this philosophy.
Depends on income. Have a friend who works at JP Morgan, runs some team. Makes $1mm+/yr. Bought his first house when they had him working in London, he was making $400k or so then. When they moved him to NY he bought a house in the NY area, never lived there just bought it as an investment property and rented. Now years later he has 4 or 5 properties. 2 in London, 1 in NY, one in Oregon, and I think another in the UK somewhere.

He has a single guy making that much, can absolutely afford to buy/hold and rent instead of sell.

A lower level exec position in corporate world? Making $200k/yr? Probably wont be able to have that ability.
Originally Posted By meanstringbean⏩
Lol assuming you profit from a mortgage


Houses cost money bud. If you’re single then no point in paying all that extra overhead. Find a place that you can rent that’s nice andalso 50% cheaper than a mortgage (apartments much cheaper than homes).You will likely make more than owning a house long run by investing the savings. You also can have that flexibility which is big


You won’t make much on a house sale unless you live there multiple years or get lucky in a market like this one (which won’t go on forever).The commissions and costs on a sale along with taxes will eat your gains


“Renting is throwing money away” is low IQ talk.Can be true, but can also be much financially wiser. Only buy a home if you plan on renting it out profitably or plan on living there for years. Don’t view your primary home as an investment and you’ll be far better off
Lmao.

Not that common to find places that are 50% cheaper than a mortgage. Not around me at all. Majority of the people in my city, have cheaper mortgages than rent would be in a similar apartment. Sure people can find a studio or 1 bedroom for $1300-$1400/mo. But maybe you're saying a couple hundred/mo. You're not finding a decent apartment for 50% cheaper than a mortgage payment in most areas now days.

Taxes? If you aren't there long enough to escape capital gains? Sure... But you're talking 2 years. Most people could figure out how to push 6 mo out longer to make the sale and avoid that.

In todays economy/market... renting is throwing away money. Financially wiser? DEFINITELY... for some people. For anybody who is financially smart, they would be MUCH MUICH MUCH better off today if they had bought anytime in the last 8-10 years.
post 1638407793 05-12-2021, 03:21 PM
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Originally Posted By ooph⏩
Depends on income. Have a friend who works at JP Morgan, runs some team. Makes $1mm+/yr. Bought his first house when they had him working in London, he was making $400k or so then. When they moved him to NY he bought a house in the NY area, never lived there just bought it as an investment property and rented. Now years later he has 4 or 5 properties. 2 in London, 1 in NY, one in Oregon, and I think another in the UK somewhere.
.
Assume simply a guy who wants the Surface Level thing explained above to be high and to move around jobs. Not a front-office finance director.

From this thread I gathered:

a) Since these job-hops don't happen like every 6 months but more like 1-2 years. Owning can be beneficial.

b) There is a risk to break even or maybe a slight loss. Depending on income I can hold that as a Buy-To-Let investment and just use another deposit to purchase a property in the new location after rentceling there in the beginning.
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post 1638407943 05-12-2021, 03:23 PM
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Originally Posted By Anachron⏩
Finally an OP who is not a *******.

Would contribute, but I would be repeating what BigDeeps already posted.
Cheers bud this is definitely the best home owner cel / rent cel thread in a bit lol
post 1638408693 05-12-2021, 03:33 PM
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Originally Posted By BigDeeps01⏩
Cheers bud this is definitely the best home owner cel / rent cel thread in a bit lol
The math is clear - unless some boomer socialist wants to abolish private property, generational wealth via appreciation is good.


But that Surface Level thing, I don't want to be limiting myself to a certain location.


A friend of mine was an Associate at a firm and they offered him director of APAC in South Korea - significant pay and rank rise.
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post 1638408863 05-12-2021, 03:35 PM
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In houston?

You sell your house at a $40K inflated price

Accept the 1st offer which will be $20K over asking price

Move out that evening.

Never understood the concept of owning a house as setting down roots. Rentcels "I have 5 months left on my lease" f*cking ROOTS lol
post 1638408963 05-12-2021, 03:36 PM
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Originally Posted By Condo41⏩
In houston?

You sell your house at a $40K inflated price

Accept the 1st offer which will be $20K over asking price

Move out that evening.

Never understood the concept of owning a house as setting down roots. Rentcels "I have 5 months left on my lease" f*cking ROOTS lol
fair game.
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post 1638412053 05-12-2021, 04:12 PM
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Mods really need to start cracking down on this place again. Rentcels making threads? Never thought I’d see the day
post 1638413703 05-12-2021, 04:33 PM
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Originally Posted By BigDeeps01⏩
If you think you may be moving relatively soon I would steer clear of buying for now. You have to realize there are costs to both buying and selling. Between closing costs as the buyer, appraisal, inspection if you're going to get one, and then paying the commission to the agent to sell the house on the sell side and then also the closing costs on that end, you're looking at probably ~10% of the sales price of the home you're losing. So, even with the market being as red hot as it is, you may not actually come out on top if you own the house for sub 1 year unless you force appreciation through renovations
Originally Posted By Anachron⏩
Finally an OP who is not a *******.

Would contribute, but I would be repeating what BigDeeps already posted.
listen to bigdeeps brah, he always drops nothing but facts in rentcel threads


here's the cliffs for all the rentcels that are gonna come in here"

"invest you'll make more money"
"renting is cheaper"
"closing costs blow out profits"
"repairs!"
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