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Started By
Message
re: “You’re just throwing your money away on rent”
Posted on 8/20/19 at 11:00 am to Eli Goldfinger
Posted on 8/20/19 at 11:00 am to Eli Goldfinger
quote:
(Nashville).
quote:No way they find something to rent for $1350 in nashville. And I live in nashville
$1,350
0
Posted on 8/20/19 at 11:01 am to ulsaint
quote:This just isn't true. It's highly dependent on what comparable rents are.
If you can only afford 5% of a down payment, you can't afford the house. Period.
Posted on 8/20/19 at 11:02 am to Eli Goldfinger
All your points are great until they start looking at apartment rates and find them higher than monthly mortgages.
Posted on 8/20/19 at 11:05 am to Eli Goldfinger
Wont lie, Im a homeowner and there are many times I wanna put up a For Sale sign and go back to renting.
Posted on 8/20/19 at 11:06 am to Eli Goldfinger
Owning a house can often be a poor financial decision, especially if you are living on the edge, like these people seem to be doing. The problem is, it's going to be hard for them to save up money if they are paying rent, and if rent is more expensive than a mortgage note.
In your example, they are only putting down 2.5%. I think even an FHA loan requires 3.5%, and you still have to deal with closing costs.
Owning a house comes with a lot of pluses - no one can kick you out if you make your payment, no one can tell you what to do inside your house, etc. But with that comes a lot of headache and responsibility.
That's not good credik.
In your example, they are only putting down 2.5%. I think even an FHA loan requires 3.5%, and you still have to deal with closing costs.
Owning a house comes with a lot of pluses - no one can kick you out if you make your payment, no one can tell you what to do inside your house, etc. But with that comes a lot of headache and responsibility.
quote:
3. Their crediks are good enough to qualify, but they’d probably be looking at a 6% rate or more.
That's not good credik.
Posted on 8/20/19 at 11:06 am to Eli Goldfinger
there are times i wish i rented for sure
Posted on 8/20/19 at 11:07 am to Thib-a-doe Tiger
Have you heard of mutual funds? They're more liquid than houses, have better returns and much lower expenses than home ownership.
If you're storing money in your house as a long term investment, that's a depression era mindset motivated by irrational fear and a poor financial decision. You should always invest the least amount possible to secure your housing needs and invest elsewhere.
If you get offered a better job in a new city or you lose your job and need money, you won't be getting any from your house.
If you're storing money in your house as a long term investment, that's a depression era mindset motivated by irrational fear and a poor financial decision. You should always invest the least amount possible to secure your housing needs and invest elsewhere.
If you get offered a better job in a new city or you lose your job and need money, you won't be getting any from your house.
This post was edited on 8/20/19 at 11:10 am
Posted on 8/20/19 at 11:12 am to Eli Goldfinger
quote:
my housekeeper and her beau are in the market to buy a house and I have encouraged them not to.
Not so subtle “I speak Spanish” brag.
This post was edited on 8/20/19 at 11:13 am
Posted on 8/20/19 at 11:12 am to Eli Goldfinger
We know you can’t afford a house, it’s ok baw
Posted on 8/20/19 at 11:14 am to GoIrish02
quote:
f you get offered a better job in a new city or you lose your job and need money, you won't be getting any from your house.
So if I bought at 320k, and my house is now valued at 400k, I'm not going to get anything from it?
Posted on 8/20/19 at 11:16 am to ulsaint
quote:
If you can only afford 5% of a down payment, you can't afford the house. Period.
That's a foreclosure waiting to happen.
It's a tough situation because they are throwing away money on rent and there's no telling when prices will fall.
I think they need to save the 20% and avoid PMI.
VA loan, put 0 down, dont gaf
Posted on 8/20/19 at 11:16 am to Eli Goldfinger
quote:
suggested they rent and keep saving until there’s another dip in the market.
How can they save when they are throwing money away
Posted on 8/20/19 at 11:17 am to Eli Goldfinger
I rent in Seattle. It’s moderately outrageous. I could buy a 600sf~ 1/1 condo for $400+ but think it’s better to wait it out in this market. Same with Nowville. I’m hoping all the boomers die at the same time so I can buy one of their houses at -10%+ from current adjusted. Bad news is many of them seem to be into exercising and whatnot. They might live forever. In conclusion, I am probably SOL and will have to settle for a flood property in Louisiana once student debt takes us all down.
Posted on 8/20/19 at 11:19 am to Eli Goldfinger
I agree. I think if you are settled in a place and plan on living there more than 10 years, then buy a home. It's just a sound investment at that point.
If you aren't sure....just rent. I've seen people go through so many issues trying to sell a house and move over the years.
If you aren't sure....just rent. I've seen people go through so many issues trying to sell a house and move over the years.
Posted on 8/20/19 at 11:21 am to Eli Goldfinger
quote:How much is rent?
Their 30-year payment would be about $1,350 after mortgage ins, escrow, and interest.
Doesn't sound like buying a house is right for them at the moment.
Posted on 8/20/19 at 11:25 am to Eli Goldfinger
It’s only a good move if you can afford it. I work with a single guy with student loans. His rent is $1000 a month roughly for a townhouse. Unit by him is for sale for $130k. His note would be less than his current rent and he earns equity. More headaches with ownership but you dont have to wait on landlord. It’s not for everyone but if you find one in your budget it should be. Now he can afford to pay down his student loans faster too.
Posted on 8/20/19 at 11:28 am to The Spleen
quote:
No. It's great for many, but not so great for others.
I am mid-40's. No kids, no wife, no desire to do yard work. No desire to fix shite on my own. No desire to pay for things that break like appliances, AC units, etc. No desire to own any tools. Enjoy spending disposable income on fun things besides roofs, gutters, and refrigerators that go bad. I am the blueprint for a person who is just fine renting an apartment.
Yet I have had friends who keep insisting that I should own a home.
Posted on 8/20/19 at 11:29 am to Eli Goldfinger
quote:
This as a pro-homeownership argument we’ve all heard for decades.
Because it’s invariably true.
Now, your personal circumstances may be such what the mobility renting gives you is worth the loss.
Or the market might be inflated and therefore buying right now might be a bad idea
But that doesn’t preclude continuing to put aside money that the moment these mitigating factors don’t apply you can financially make the move to take advantage.
Posted on 8/20/19 at 11:30 am to Eli Goldfinger
So they should move somewhere with a better housing market if they want a valuable home to buy.
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