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Is Home Ownership a Farce?

 
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uppitynegroid View Drop Down
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Post Options Post Options   Thanks (3) Thanks(3)   Quote uppitynegroid Quote  Post ReplyReply Direct Link To This Post Posted: Oct 25 2013 at 7:10pm
Originally posted by rickysrose rickysrose wrote:

mortgage payments are less than rent

after you've paid off the mortgage

property tax is less than rent


 
Is this always the case?  Even with interest?
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uppitynegroid View Drop Down
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Post Options Post Options   Thanks (2) Thanks(2)   Quote uppitynegroid Quote  Post ReplyReply Direct Link To This Post Posted: Oct 25 2013 at 7:12pm
Originally posted by rickysrose rickysrose wrote:


more than likely you don't get a dime other than a deposit back after leaving a rental

more than likely you'll make a profit after selling your house


 
More likely or sometimes likely?  Between the homes that substantially decrease in value and the ones that barely increase, is that really the norm or is it just a possibility?
 
Not challenging your statements, just asking for further clarification...
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Post Options Post Options   Thanks (1) Thanks(1)   Quote stardaqueenb23 Quote  Post ReplyReply Direct Link To This Post Posted: Oct 25 2013 at 7:33pm
Originally posted by jonesable jonesable wrote:

Read Rich Dad , Poor Dad.
He says you home is a liability not a asset.
He shoots down the claim Sang made also.


I still plan to become a home owner though.
Yeah I agree with Kiyosaki. Your home is a liability until you pay it off/ or you are renting it out at a profit. I also believe it depends on where you live as well. Here in Westchester county in the long run buying is the better option if you don't include taxes.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote herwoman Quote  Post ReplyReply Direct Link To This Post Posted: Oct 25 2013 at 7:46pm
Originally posted by PurplePhase PurplePhase wrote:

Originally posted by herwoman herwoman wrote:

We paid $610 a month for a townhome for years and saved a sh*t load of money. I can effectively stalk my son because of it. My partner says she can't wait for my son to call his first weekend at college and say he misses home. Ha! Home is where your mommy is come on down the street boo boo.


lol
do you intend for him and wife to move in with you at family home too? My sister says that.
Absolutely! I pray everyday that my daughter in law loves me because this is definitely the plan. My son introduces me as his "Smother" so I'm still working on him but if I can get in good with the wife I'm in there.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote PurplePhase Quote  Post ReplyReply Direct Link To This Post Posted: Oct 25 2013 at 7:48pm
Herwoman , I told my sister that the key is to make sure her future DIL loves her so much that SHE wants to move in. Her son won't have much of a say in it, she needs to get in thru his wife LOL. She has a plan like you.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote OoDles O Quote  Post ReplyReply Direct Link To This Post Posted: Oct 25 2013 at 7:51pm
I'll let you know.
I'm in the process of selling right now.
Im projected to come up substantially a decent amount 
since my spot is in a good location but we will see.




Edited by OoDles O - Oct 25 2013 at 8:31pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote rickysrose Quote  Post ReplyReply Direct Link To This Post Posted: Oct 25 2013 at 7:58pm
Originally posted by uppitynegroid uppitynegroid wrote:

Originally posted by rickysrose rickysrose wrote:


more than likely you don't get a dime other than a deposit back after leaving a rental

more than likely you'll make a profit after selling your house


 
More likely or sometimes likely?  Between the homes that substantially decrease in value and the ones that barely increase, is that really the norm or is it just a possibility?
 
Not challenging your statements, just asking for further clarification...

All else being equal, yes most likely

Like any asset you have to buy wisely, sell wisely ... one could just as easily make a poor rental decision, pay too much rent in the wrong area at the wrong time 




Edited by rickysrose - Oct 25 2013 at 7:58pm
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rickysrose View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote rickysrose Quote  Post ReplyReply Direct Link To This Post Posted: Oct 25 2013 at 8:02pm
Originally posted by uppitynegroid uppitynegroid wrote:

Originally posted by rickysrose rickysrose wrote:

mortgage payments are less than rent

after you've paid off the mortgage

property tax is less than rent


 
Is this always the case?  Even with interest?

Yeah I think so.  Most rental owners are likely using the rent to cover the mortgage

So unless it's a buyers market, the market rental rate is higher than the mortgage payment


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Bored w/Out Me? View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote Bored w/Out Me? Quote  Post ReplyReply Direct Link To This Post Posted: Oct 25 2013 at 9:00pm
I own a home built in 1950 Land Value @ $319,000 and I can't even get a loan to tear it down and build a new one with a 775 credit score cause the yt folks want this area back
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Post Options Post Options   Thanks (0) Thanks(0)   Quote EPITOME Quote  Post ReplyReply Direct Link To This Post Posted: Oct 25 2013 at 9:13pm
it depends
i know people who have lost their homes buying too much house


you gotta be shrewd about it


Edited by EPITOME - Oct 25 2013 at 9:22pm
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