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Forum » I locked in at 2 percent bro it’s ok
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Thread: I locked in at 2 percent bro it’s ok

post 1670556453 11-03-2022, 07:54 AM
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Originally Posted By Anachron⏩
Along that line of thinking, it's cheaper to live under a bridge then to rent.
Not if I own that bridge. Rent would be due to that hobo.
post 1670556843 11-03-2022, 08:01 AM
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Originally Posted By Anachron⏩
Location : Beaverland

What will happen when you get hit with the 5%+ interest rate and you're still charging under market rate for rent?
Lots of options brah, the mortgage amount will be much lower by that time and I could likely just pay it off. Or I can do the first rent increase at that time purely to offset the higher financing costs, or sell the property.
Originally Posted By donblaximus⏩
This plus the fact that I bought the properties at a much lower price than current market prices.....but its still not half and thats with some of the highest property tax prices in the country.

Id rather have a upstanding professional rent my place than max out my rental potential with a new tenant that I dont know as well.
Yeah I think chasing greed will just increase the chance of bad things happening
post 1670557943 11-03-2022, 08:20 AM
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Originally Posted By donblaximus⏩
I am tied to real estate and I would assume Anachron is as well. Where my properties are, rent is going up. (Several cities in Tx with highest increase being Austin Tx) Id like to understand what city you are speaking of in which equivalent houses are half of a mortgage for rent. It would be interesting to understand as admittedly, I only am concerned and focused on where I have investment.
Let's take the average in San Diego: Median price of a home is 899k according to realtor.com. Average rent is $3400 according to Zillow.

Mortgage at 4% on 810k (so assuming 10% down) is $4260 per month. Throw property taxes on that and it's probably over 5k. So that's not half, but it is far cheaper to rent.

If you do the numbers in most major cities it is the same - the people making money on rentals are the ones who bought years ago, not investing currently.

Some cities it's even worse. City of Toronto average market rent for a single family home is $3500. Average sale price for a 3 bedroom townhouse: 1.1 million. Detached is 1.3 million. So mortgage and property taxes is over 6k.https://www.zolo.ca/toronto-real-estate/trends

And if you look at that chart for average housing prices you'll see negative numbers in every column. Those are stats straight from MLS.
post 1670558193 11-03-2022, 08:23 AM
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Originally Posted By WoofieNugget⏩
Let's take the average in San Diego: Median price of a home is 899k according to realtor.com. Average rent is $3400 according to Zillow.

Mortgage at 4% on 810k (so assuming 10% down) is $4260 per month. Throw property taxes on that and it's probably over 5k. So that's not half, but it is far cheaper to rent.

If you do the numbers in most major cities it is the same - the people making money on rentals are the ones who bought years ago, not investing currently.

Some cities it's even worse. City of Toronto average market rent for a single family home is $3500. Average sale price for a 3 bedroom townhouse: 1.1 million. Detached is 1.3 million. So mortgage and property taxes is over 6k.https://www.zolo.ca/toronto-real-estate/trends

And if you look at that chart for average housing prices you'll see negative numbers in every column. Those are stats straight from MLS.
The average rent on a rental property (including apartment complexes/Section 8/etc) is not a valid comparison to the median price of a home....
post 1670558223 11-03-2022, 08:23 AM
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Originally Posted By WoofieNugget⏩
Let's take the average in San Diego: Median price of a home is 899k according to realtor.com. Average rent is $3400 according to Zillow.

Mortgage at 4% on 810k (so assuming 10% down) is $4260 per month. Throw property taxes on that and it's probably over 5k. So that's not half, but it is far cheaper to rent.

If you do the numbers in most major cities it is the same - the people making money on rentals are the ones who bought years ago, not investing currently.

Some cities it's even worse. City of Toronto average market rent for a single family home is $3500. Average sale price for a 3 bedroom townhouse: 1.1 million. Detached is 1.3 million. So mortgage and property taxes is over 6k.https://www.zolo.ca/toronto-real-estate/trends

And if you look at that chart for average housing prices you'll see negative numbers in every column. Those are stats straight from MLS.
Idk how you can compare median home price to median rent price. Most people rent apartments and most people own homes.
post 1670558423 11-03-2022, 08:26 AM
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bought house a little over a year ago

zillow estimate is still 23k higher than what I paid for it, despite being down a WHOPPING 0.8% in the last 30 days

oh nos!
Awesome pics. Great size. Look thick. Solid. Tight. Keep us all posted on your continued progress with any new progress pics or vid clips. Show us what you got man. Wanna see how freakin' huge, solid, thick and tight you can get. Thanks for the motivation.
post 1670558583 11-03-2022, 08:28 AM
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Originally Posted By Duckliver⏩
Idk how you can compare median home price to median rent price. Most people rent apartments and most people own homes.
I posted stats for average with 3 bedrooms and over.
post 1670558653 11-03-2022, 08:29 AM
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Originally Posted By WoofieNugget⏩
Let's take the average in San Diego: Median price of a home is 899k according to realtor.com. Average rent is $3400 according to Zillow.

Mortgage at 4% on 810k (so assuming 10% down) is $4260 per month. Throw property taxes on that and it's probably over 5k. So that's not half, but it is far cheaper to rent.

If you do the numbers in most major cities it is the same - the people making money on rentals are the ones who bought years ago, not investing currently.

Some cities it's even worse. City of Toronto average market rent for a single family home is $3500. Average sale price for a 3 bedroom townhouse: 1.1 million. Detached is 1.3 million. So mortgage and property taxes is over 6k.https://www.zolo.ca/toronto-real-estate/trends

And if you look at that chart for average housing prices you'll see negative numbers in every column. Those are stats straight from MLS.
1. Correct on your example in San Diego. But the statement was made that its half. Im looking for those numbers.
2. I agree.....i wouldnt necessarily buy now for investment. But the tone of most of these messages are "anyone holding a mortgage these days is an idiot" which is certainly not the case.
3. Comparing averages gives a really rough indication but you need to compare in more detail. The "half" statement starts to become less and less likely.
post 1670558953 11-03-2022, 08:33 AM
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Originally Posted By donblaximus⏩
1. Correct on your example in San Diego. But the statement was made that its half. Im looking for those numbers.
2. I agree.....i wouldnt necessarily buy now for investment. But the tone of most of these messages are "anyone holding a mortgage these days is an idiot" which is certainly not the case.
3. Comparing averages gives a really rough indication but you need to compare in more detail. The "half" statement starts to become less and less likely.
I didn't post half and would agree that's an exaggeration. But 25-30% cheaper isn't uncommon at all especially if you factor in additional costs of owning. In my city it's probably closer to 35% cheaper to rent comparable properties than own.

And yes, the zealots on both sides think owning is a bad investment, which it isn't - if you got in a decade ago and/or have a low interest rate locked in. The people who bought because of FOMO in 2021 are pooched where I am, especially the idiots who got a variable mortgage.
post 1670558973 11-03-2022, 08:33 AM
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ITT: typical rentcel ignorance and delusion
*Look at reflection in car window and flex every time crew*
*Use half the roll to wipe after a poo crew*
*Fart in the gym and blame rotten smell on faulty ventilation crew*
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*Fat shame my cat on a daily basis crew*
post 1670559073 11-03-2022, 08:35 AM
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Originally Posted By WoofieNugget⏩
I didn't post half and would agree that's an exaggeration. But 25-30% cheaper isn't uncommon at all especially if you factor in additional costs of owning. In my city it's probably closer to 35% cheaper to rent comparable properties than own.
For one, you were replying to a statement I made addressing the half comment.

Yeah I can believe what you are saying here.....due to the recent spike in prices. So what is the debate there? 100% most people should have bought 5 years ago or longer is my position. But those people more than likely hold mortgages.
post 1670559103 11-03-2022, 08:36 AM
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Rentcels might make it some day

But not today
post 1670559243 11-03-2022, 08:38 AM
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Originally Posted By donblaximus⏩
So what is the debate there?
Apparently both sides like to reeee in absolutes that the other side is totally wrong, when as in most situations it totally depends on the circumstances. I'm an idiot for renting even though my rent is literally half of what a home would cost (and that's actually accurate because I've been here for years and have rent control). But buying is stupid too because omg interest rates go up and property values fall.
post 1670559503 11-03-2022, 08:42 AM
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Originally Posted By WoofieNugget⏩
Apparently both sides like to reeee in absolutes that the other side is totally wrong, when as in most situations it totally depends on the circumstances. I'm an idiot for renting even though my rent is literally half of what a home would cost (and that's actually accurate because I've been here for years and have rent control). But buying is stupid too because omg interest rates go up and property values fall.
I agree, people talk in absolutes. If you review my post.....you will see I typically say it depends on the detail.

however, you just said your rent is "half of what a home would cost" yet in your other posts you acknowledged its not half. So you are a bit confusing on this front unless you are stating your personal arrangement is half but you arent comparing home to home. (edited....ok you have rent control. makes sense but see my third point)

I am not saying people who dont own a home now is dumb. But I would say if you are an adult and didnt buy a home 5 years ago......then you probably made a mistake.
post 1670559603 11-03-2022, 08:45 AM
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Originally Posted By Anachron⏩
Thanks for finally admitting that your situation is not anywhere close to what most people would find - and that you'd be rekt if you tried to move.
Feel free to post stats that counter what I stated about Toronto. Oh wait, you won't.

And if I moved currently my rent would go up about 10%. Not rekt by any stretch of the imagination. Rental prices for 4 bedrooms here didn't even increase over the past year because there's massive volume.
post 1670560673 11-03-2022, 09:05 AM
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post 1670560853 11-03-2022, 09:07 AM
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Originally Posted By Anachron⏩
So you rent for half of what it would cost to own, and if you moved, your rent would increase by 10%.

Thanks for confirming that the statement of "rent is half of mortgage payment" is false.
I said my current rent, not rent if I moved. Reading comprehension?

And you never mention the stats I call you out on disproving, as usual.
post 1670561103 11-03-2022, 09:10 AM
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post 1670561133 11-03-2022, 09:11 AM
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Originally Posted By WoofieNugget⏩
I said my current rent, not rent if I moved. Reading comprehension?
Perhaps my reading comprehension is low as well.

Are you saying rent has only gone up by about 10% in San Diego over X amount of years? I assume X is a lenghty time (say 5 years or more) since you say you benefit from rent control)

But then again, if it only went up by say 10%.....then your rent was indeed half of mortgage as you denoted yet in another thread you said half of mortgage was a stretch and more like 35%.

This is where I think things get confusing. Its always best to use real numbers as example vs theoretic trends.
post 1670561293 11-03-2022, 09:14 AM
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Originally Posted By Anachron⏩
So you rent for half of what it would cost to own, and if you moved, your rent would increase by 10%.

Thanks for confirming that the statement of "rent is half of mortgage payment" is false.
Just did a quick google and here is the first hit: rent in San Diego by bedroom with YOY hange

https://www.zumper.com/rent-research/san-diego-ca
post 1670561363 11-03-2022, 09:15 AM
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Originally Posted By GeezersPalace⏩
That’s not how macroeconomics work mate. Keep telling yourself your worthless plot of land in Kentucky is worth something, cause guess what? It’s not.
Not a Kentucky guy but I think people away from the East and West Coasts are doing it right.

I built a house seven years ago and just refinanced at 2.8% for anther 30. My mortgage is only $585 per month for a 3 bed 2 bath house with garage .33 of an acre. By the time I factor in my gas, electricity, water, property tax and home-owners insurance I really only need to spend around $1100-$1150 per month on average to live. I completely understand why dudes in California and NY don't buy real estate. They can't afford to and they want the ability to flee those ****holes if it gets worse.

Originally Posted By donblaximus⏩
I agree, people talk in absolutes. If you review my post.....you will see I typically say it depends on the detail.

however, you just said your rent is "half of what a home would cost" yet in your other posts you acknowledged its not half. So you are a bit confusing on this front unless you are stating your personal arrangement is half but you arent comparing home to home. (edited....ok you have rent control. makes sense but see my third point)

I am not saying people who dont own a home now is dumb. But I would say if you are an adult and didnt buy a home 5 years ago......then you probably made a mistake.
A lot of miscers are either young or are underachievers. I think most just feel priced out of owning real estate so they make cope threads about why renting is better.


If you note in these threads literally every single one references buying a house in 2020-2022.
post 1670561633 11-03-2022, 09:18 AM
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Originally Posted By Anachron⏩
Again, thanks for confirming that the statement of "rent is half of the mortgage payment" as false.

And I don't need to disprove stats that are irrelevant by your own admission - see bolded.
Speaking of backpedaling.

But since you mentioned it, the average price for a 4 bedroom rental in Ottawa is $2750:https://www.zumper.com/rent-research/ottawa-on
Average sale price for a single detached home is $810k:https://www.agentinottawa.com/stats/

Mortgage plus property taxes (estimated at 6.5% - current rate for a 5 year fixed - with 10% down on the mortgage) is $5700 a month. Oh look, it's half.
post 1670561783 11-03-2022, 09:21 AM
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"Historically houses don't appreciate in value! "

- some poor rentie
Survival. When the jungle tears itself down and builds itself into something new. Guys like you and me, we end up dead. Doesn’t really mean anything. Or, if we happen to live through it, well that doesn’t mean anything either.
post 1670561933 11-03-2022, 09:23 AM
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Originally Posted By jackamo2887⏩
"Historically houses don't appreciate in value! "

- some poor rentie
They barely beat inflation. So kind of true.
Ol' 71st street. The devil that birthed me.

606 G0D.
post 1670561943 11-03-2022, 09:23 AM
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Originally Posted By WoofieNugget⏩
Speaking of backpedaling.

But since you mentioned it, the average price for a 4 bedroom rental in Ottawa is $2750:https://www.zumper.com/rent-research/ottawa-on
Average sale price for a single detached home is $810k:https://www.agentinottawa.com/stats/

Mortgage plus property taxes (estimated at 6.5% - current rate for a 5 year fixed - with 10% down on the mortgage) is $5700 a month. Oh look, it's half.
But you are comparing averages. You have to look at specifics if you want to compare at your level. I make this claim because I used Zumper for my areas. They properties that were popping up for 3 BR 2 Bath were condos.....not houses. When you filter houses and drill down to my neighborooods....often times there isnt even an option for a house to be rented.
post 1670562033 11-03-2022, 09:25 AM
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Originally Posted By HayZues
They barely beat inflation. So kind of true.
You know what doesn't beat inflation? Renting.
post 1670562093 11-03-2022, 09:27 AM
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that's not how it works. Unless ur a flipper, people don't buy homes to sell in 3 years. So who cares about "value".

If you can't afford it, rent it out.

In 30 years, you can sels it for FAR more than you paid for, plus you have 'EQUITY'. By then it'll be worth $1.5M and you'l get all that back in cash.

strong knowledge of homes lol
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post 1670562113 11-03-2022, 09:27 AM
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Originally Posted By Retoaded⏩
You know what doesn't beat inflation? Renting.
100%
Ol' 71st street. The devil that birthed me.

606 G0D.
post 1670562263 11-03-2022, 09:29 AM
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Originally Posted By donblaximus⏩
I am tied to real estate and I would assume Anachron is as well. Where my properties are, rent is going up. (Several cities in Tx with highest increase being Austin Tx) Id like to understand what city you are speaking of in which equivalent houses are half of a mortgage for rent. It would be interesting to understand as admittedly, I only am concerned and focused on where I have investment.
When I lived in Orange County CA my rent was $3500 a month on a house that was worth $1.2 million.
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post 1670562343 11-03-2022, 09:31 AM
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Originally Posted By donblaximus⏩
But you are comparing averages. You have to look at specifics if you want to compare at your level. I make this claim because I used Zumper for my areas. They properties that were popping up for 3 BR 2 Bath were condos.....not houses. When you filter houses and drill down to my neighborooods....often times there isnt even an option for a house to be rented.
That's why I included the stat for detached homes, not condos. If that includes 3 bedroom detached homes and the average is still $810k then the average rental price for a 4 bedroom - and I don't know of any 4 bedroom condos out there (at least in my city) - is even more of a bargain.

Two comparable houses on my street to what I live in now - one was up for sale for $950k last month - didn't sell. One the next block over is listed for rent for $2800. Both four bedroom, three bathroom.
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