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Message
re: Millenial homeowners "get real" about their success
Posted on 6/5/19 at 3:00 pm to pizzatiger
Posted on 6/5/19 at 3:00 pm to pizzatiger
quote:
Because apartments are generally smaller and more efficient
You got that half right.
quote:
Don't have to water the lawn or cut grass, etc.
quote:
Because starter homes are usually far away from offices
Well renting in desirable areas in the city will cost more, so I'd imagine that cancels out.
You seems to not be interested in comparing apples to apples.
3
Posted on 6/5/19 at 3:03 pm to LNCHBOX
Well we can factor in PMI as a net negative.
I try to not use property tax as a negative because I can’t exactly say that the baked in cost of the tax in a rental is either worse, equal to, or better than the property tax you would pay owning.
I try to not use property tax as a negative because I can’t exactly say that the baked in cost of the tax in a rental is either worse, equal to, or better than the property tax you would pay owning.
Posted on 6/5/19 at 3:03 pm to 50_Tiger
quote:
Well we can factor in PMI as a net negative.
Assuming you have that, sure.
quote:
I try to not use property tax as a negative because I can’t exactly say that the baked in cost of the tax in a rental is either worse, equal to, or better than the property tax you would pay owning.
Agree with you there.
Posted on 6/5/19 at 3:04 pm to LNCHBOX
quote:
Well renting in desirable areas in the city will cost more, so I'd imagine that cancels out.
Not in my city. You can find a decent 2 BR apartment for $1,500 month in the desirable parts of the city. A small 2 BR house would be $500k. Equity aside for a moment, it is a much cheaper payment to rent vs buy.
This post was edited on 6/5/19 at 3:06 pm
Posted on 6/5/19 at 3:05 pm to LNCHBOX
Well the premise was new grads, and well anecdotal evidence here but none of my friends from college had 20% lying around.
Posted on 6/5/19 at 3:05 pm to pizzatiger
quote:
You can find a decent 2 BR apartment for $1,500 month in the desirable parts of the city. A small 2 BR house would be $500k.
Show me the area where this $500k 2 br house in BR is.
Posted on 6/5/19 at 3:06 pm to LNCHBOX
quote:Well comparing buying a house in the burbs to renting an apt in the city center isnt really apples to apples either
You seems to not be interested in comparing apples to apples.
Posted on 6/5/19 at 3:06 pm to LNCHBOX
quote:
Show me the area where this $500k 2 br house in BR is.
Not in BR
Posted on 6/5/19 at 3:06 pm to LNCHBOX
quote:Show me where he said its in BR
Show me the area where this $500k 2 br house in BR is.
Posted on 6/5/19 at 3:07 pm to lsupride87
quote:
Well comparing buying a house in the burbs to renting an apt in the city center isnt really apples to apples either
I think you're starting to see my point
Posted on 6/5/19 at 3:08 pm to lsupride87
quote:
Show me where he said its in BR
It doesn't even really matter. If he can rent that 2 BR for $1500, that means someone owns it and is paying less. Seems like buying it wouldn't be a horrible idea and it could be an income property if you need to go elsewhere.
Posted on 6/5/19 at 3:09 pm to LNCHBOX
quote:Your point is my point
I think you're starting to see my point
Either you compare what a house in the cities note to a rental in the city, or you give that the rental will be smaller less ultilies than the house in the burbs
Not sure you are trying to use your gotcha on the right person
Posted on 6/5/19 at 3:09 pm to lsupride87
quote:
Your point is my point
Either you compare what a house in the cities note to a rental in the city, or you give that the rental will be smaller less ultilies than the house in the burbs
Not sure you are trying to use your gotcha on the right person
I wasn't trying to use it on you
I said awhile back I agree with you. Posted on 6/5/19 at 3:10 pm to LNCHBOX
quote:
It doesn't even really matter. If he can rent that 2 BR for $1500, that means someone owns it and is paying less. Seems like buying it wouldn't be a horrible idea and it could be an income property if you need to go elsewhere.
Ever heard of an apartment complex?
And besides, you are forgetting that people can charge rent based on their mortgage payment, not the current value of the home. You don't have to pass the current cost of the house to the renter
This post was edited on 6/5/19 at 3:11 pm
Posted on 6/5/19 at 3:10 pm to LNCHBOX
quote:Dude thats terrible reasoning
f he can rent that 2 BR for $1500, that means someone owns it and is paying less. Seems like buying it wouldn't be a horrible idea and it could be an income property if you need to go elsewhere.
I rented a 2 br in nashville for $1800 a month. Purchase price for owning it was $450,000(just looked it up, homes sold for anywhere from 375k to 475k in the area)
So assuming I dont have a ton saved up for a downpayment, my note owning the house would have been almost double my rent
This post was edited on 6/5/19 at 3:14 pm
Posted on 6/5/19 at 3:13 pm to JohnnyKilroy
quote:
You're paying the realtor when you sell in 5 years. Try to keep up.
Well the seller didn't use a realtor either. He sold the house FSBO. I'm not sure why I can't do that when/if I decide to sell.
Posted on 6/5/19 at 3:17 pm to LNCHBOX
quote:
It doesn't even really matter. If he can rent that 2 BR for $1500, that means someone owns it and is paying less. Seems like buying it wouldn't be a horrible idea and it could be an income property if you need to go elsewhere.
Bruh...
Posted on 6/5/19 at 3:18 pm to lsunurse
I don't really buy this argument.
Acting like Renting gives you more mobility is just nonsense. Owning a house has the potential to tie you down, if you are trying to sell it and make a profit in the future. Aside from 2007 housing crisis, houses have almost always increased in value as long as they don't get ruined by the owner.
You have the ability to move at a moments notice if you are content with selling your house with what you paid for it, especially if you have lived there for a few years. Bought my house for 179 in 2011 and it would sell tomorrow if I put it on the market for that price. At least then you get some of your money back in equity as opposed to renting.
Acting like Renting gives you more mobility is just nonsense. Owning a house has the potential to tie you down, if you are trying to sell it and make a profit in the future. Aside from 2007 housing crisis, houses have almost always increased in value as long as they don't get ruined by the owner.
You have the ability to move at a moments notice if you are content with selling your house with what you paid for it, especially if you have lived there for a few years. Bought my house for 179 in 2011 and it would sell tomorrow if I put it on the market for that price. At least then you get some of your money back in equity as opposed to renting.
Posted on 6/5/19 at 3:20 pm to Ghost Hog
You'd actually be in the negative by tens of thousands of dollars by doing that just in inflation.
Posted on 6/5/19 at 3:28 pm to JohnnyKilroy
Its a hypothetical, and even given your argument, you are still worse off in the long run by renting.
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