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Started By
Message
re: 5 Reasons Renting Still Beats Buying
Posted on 3/10/09 at 11:02 am to TortiousTiger
Posted on 3/10/09 at 11:02 am to TortiousTiger
quote:
Igoringa invested all his money in those gold coins with Obama stamped on them.
Ofcourse I did... some retard told me they are a 33% return lock... easy as pie.
0
Posted on 3/10/09 at 11:03 am to TortiousTiger
quote:
please tell me how he isnt making bank?
It's clearly impossible for us to tell if we don't know the prices of the homes or his financing situation.
Zillow lists the Mimosa property as worth 328. At 5.5% and 100% financing, that would be almost $1900/month just on P and I, yet he is only charging $2000.
PANIC ALERT - THE MIMOSA PROPERTY HAS FALLEN BELOW THE 33% RENTAL PREMIUM LEVEL...
Posted on 3/10/09 at 11:05 am to Tiger JJ
based off property values in Orange County and Atlanta, I value the house at a nickle.
Posted on 3/10/09 at 11:05 am to Tiger JJ
quote:
Nice guy to let you know what his mortgage is on all those properties.
Posted on 3/10/09 at 11:05 am to Tiger JJ
it's crazy to me how mad people are getting about this debate.
well i'm an owner, but i think i'm the exception rather than the rule.
i'm 27, and bought an extremely cheap house, fixed it up, and pay less for my mortgage than I can find for a two bedroom apt in baton rouge. (though i've never thought to include insurance and property taxes in that number.)
I'm on schedule to pay it off by 2016, with only 18k total interest paid. The amount that I've put into the house + purchase price + interest paid is still less than the appraised house value price right now, though i'm sure i'm going to have to buy a new ac and/or roof at some point.
My thoughts are that if i could have no house note from the time I'm 36 onwards, I'll be able to really sock away for retirement, kids college, tuition, or use it as a rental property.
well i'm an owner, but i think i'm the exception rather than the rule.
i'm 27, and bought an extremely cheap house, fixed it up, and pay less for my mortgage than I can find for a two bedroom apt in baton rouge. (though i've never thought to include insurance and property taxes in that number.)
I'm on schedule to pay it off by 2016, with only 18k total interest paid. The amount that I've put into the house + purchase price + interest paid is still less than the appraised house value price right now, though i'm sure i'm going to have to buy a new ac and/or roof at some point.
My thoughts are that if i could have no house note from the time I'm 36 onwards, I'll be able to really sock away for retirement, kids college, tuition, or use it as a rental property.
This post was edited on 3/10/09 at 11:09 am
Posted on 3/10/09 at 11:06 am to kfizzle85
quote:
It's quite hard to tell, to be honest.
I understand, we are arguing on a message board, sarcasm is very hard to tell while typing.
We should all meet at CC's one day and have a discussion.
Posted on 3/10/09 at 11:06 am to LSU Fan 90812
SOunds pretty consistent with facts and circumstances to me.
Posted on 3/10/09 at 11:07 am to TortiousTiger
quote:
based off property values in Orange County and Atlanta, I value the house at a nickle.
Price declines in OC and Atlanta are two completely different planets, chief. The declines in Atlanta have accelerated over the last couple of quarters but they're still a 1/3 of SoCal.
This post was edited on 3/10/09 at 11:08 am
Posted on 3/10/09 at 11:08 am to Tiger JJ
quote:
Zillow lists the Mimosa property as worth 328. At 5.5% and 100% financing, that would be almost $1900/month just on P and I, yet he is only charging $2000.
That doesn't even factor in insurance or property tax either
Posted on 3/10/09 at 11:08 am to Martavius
quote:
Price declines in OC and Atlanta are two completely different planets, chief. That declines in Atlanta have accelerated over the last couple of quarters but they're still a 1/3 of SoCal.
you're a wise man Martavius.
Posted on 3/10/09 at 11:08 am to LSU1018
This thread just a lot of arguments jumbled together that are all out of whack.
Posted on 3/10/09 at 11:09 am to Martavius
Martavius,
I made the mistake of using those locations of examples when posting to LSU0... so our mental midget cannot let that escape and feels the sole documentation needed for discussion is:
what he pays for rent vs what he thinks his landlords mortgage is, extrapolated to the greater Lafayette region... thus generating 33% rental premiums.
I made the mistake of using those locations of examples when posting to LSU0... so our mental midget cannot let that escape and feels the sole documentation needed for discussion is:
what he pays for rent vs what he thinks his landlords mortgage is, extrapolated to the greater Lafayette region... thus generating 33% rental premiums.
Posted on 3/10/09 at 11:09 am to Martavius
I think another big factor in buying vs renting should be if you actually are willing to make some repairs yourself or are you going to have to call someone everytime the toilet breaks. If you can not do anything yourself then obviously your repairs are going to cost close to double b/c you are paying just as much on labor.
Posted on 3/10/09 at 11:11 am to igoringa
quote:
SOunds pretty consistent with facts and circumstances to me.
I hope at the end i have more than dead even.
Posted on 3/10/09 at 11:11 am to igoringa
ignoramus,
I cant tell you every situation, but I CAN tell you my mortgate, and what the units in my townhouse complex rent for.
If you want to dismiss that as false, please do.
I cant tell you every situation, but I CAN tell you my mortgate, and what the units in my townhouse complex rent for.
If you want to dismiss that as false, please do.
Posted on 3/10/09 at 11:15 am to TortiousTiger
quote:
ignoramus,
Sweet, we have moved on to handle mockery... a true sign of genius.
quote:
I cant tell you every situation, but I CAN tell you my mortgate, and what the units in my townhouse complex rent for.
And thus this is completely representative of all of Lafayette. Got it, we are on the same page.
Posted on 3/10/09 at 11:16 am to igoringa
quote:
And thus this is completely representative of all of Lafayette. Got it, we are on the same page.
I did not say it is completely representative, but since this is a free market, I'd think it was closer to the norm than the exception.
Posted on 3/10/09 at 11:19 am to TortiousTiger
quote:
I'd think
You lost me right there.
By all means, feel free to believe that there is a rental premium in Lafayette, LA (not an ownership premium like virtually every other market in the country) and such premium is about 33%.
I am sure the free market would create such a situation.
Posted on 3/10/09 at 11:23 am to igoringa
quote:
By all means, feel free to believe that there is a rental premium in Lafayette, LA (not an ownership premium like virtually every other market in the country) and such premium is about 33%.
Yes. I just imagined all of this. It must be a dream...
Keep your head in the sand.
Posted on 3/10/09 at 11:24 am to TortiousTiger
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