Never Never Never Never Buy a house

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  • Outlawdino
    SBR Sharp
    • 06-28-08
    • 467

    #36
    The wife and I decided not to buy (been together 8 yrs) since the start...has been a great decision based on where we live to rent. And to boot, we made that decision based on her experience in the mortgage/lending industry and my background in building materials/concrete industry (big business during the credit/housing expansion and comercial building). We just had 15+ yrs of a credit party...now we have the hangover....do you really think the hangover will be gone in less than 5 yrs? 10 yrs? Draw your line in the sand and make good investment decisions... real estate investment is one to avoid. Just fade the public in all aspects you will do fine in life. The key business model for the next 10-30 yrs could very well be based on demographics and the population. The baby boomers make up a great deal of our population and business for the health/pharm industry. Make a decision on your view of the future and run with it...run damn it, run!
    Comment
    • rem sleep
      SBR MVP
      • 10-04-10
      • 1238

      #37
      so whats gonna happen if your a renter and you get old or laid off? your gonna be living on the streets because your not getting any equity in renting. pay off a house and keep it in the family, once housing prices stablize again you'll be able to sell it for a profit
      Comment
      • milwaukee mike
        BARRELED IN @ SBR!
        • 08-22-07
        • 26914

        #38
        great discussion here

        lots of people happy with renting, lots on the other side happy with owning

        i think the perspective comes from when you got in if you're a homeowner

        i still say renting isn't pissing money away, it's paying money for the use of property, just like if you lease a car
        other than inflation there's no reason my house should be worth more in the future after it keeps getting older and older and milwaukee area gets more and more poor

        paying $500/month in real estate taxes on the other hand IS pissing money away because i get no government services that the guy renting down the street doesn't get
        Comment
        • HenPrivilege
          SBR MVP
          • 01-10-09
          • 1720

          #39
          This is a dumb fukkin post and its even dumber with people who are agreeing
          Comment
          • big0mar
            SBR MVP
            • 01-09-09
            • 3374

            #40
            Owning a home is definitely not as cost beneficial as its made out to be. The value in owning your own home, is in things like stability and sentiment.

            The best investment you can make is into your sports book.
            [B][B]They key isn't getting rich quick. The key is getting rich slowly, and enjoying it.

            [/B][/B][SIZE=1][URL="http://forum.sbrforum.com/sbr-points/490161-points-available-loan.html#post4633361"][/URL][/SIZE]
            Comment
            • MarkDee
              SBR Sharp
              • 01-03-10
              • 427

              #41
              I own a stupid condo and wish I never mover here.
              buying a house is all about timing.
              If your spending 3k a month to upkeep you house as aposed to 1k renting you could save 24k a year and not kave the stress that you do owning a house. In toronto where I live houses are about 450k for a typicial 3 bedroom. All in all you will be spending around 4k a month to maintian (taxes, mortage, reapires , insurance, gas hydro water ect...) Then if the mortage rates go up to 6% like they were in 2000 your FUKKED
              Comment
              • ngates815
                SBR Posting Legend
                • 12-01-09
                • 13845

                #42
                4K a month to maintain a house?


                My mortgage is 1600 a month. That includes an escrow for the taxes that get paid twice a year. Other than that, I don't really have any repairs or too much. My Home insurance is 1XX per year. Gas/Water/Electric are those normally included in your rent? or do you have to pay those separately?
                Comment
                • unusialsusp5
                  SBR MVP
                  • 04-18-10
                  • 4198

                  #43
                  buying a house is like buying your own jail cell without the bars, because you can never leave for very long and can't do much cause their is no money left to do much. read the marriage trap book it includes the house buying part of the trap.
                  Comment
                  • k13
                    SBR Posting Legend
                    • 07-16-10
                    • 18104

                    #44
                    Originally posted by MarkDee
                    I own a stupid condo and wish I never mover here.
                    buying a house is all about timing.
                    If your spending 3k a month to upkeep you house as aposed to 1k renting you could save 24k a year and not kave the stress that you do owning a house. In toronto where I live houses are about 450k for a typicial 3 bedroom. All in all you will be spending around 4k a month to maintian (taxes, mortage, reapires , insurance, gas hydro water ect...) Then if the mortage rates go up to 6% like they were in 2000 your FUKKED
                    You can move down the 401 here and buy condo for less than 100k and have a mortgage for less than $500/month
                    Comment
                    • milwaukee mike
                      BARRELED IN @ SBR!
                      • 08-22-07
                      • 26914

                      #45
                      Originally posted by unusialsusp5
                      buying a house is like buying your own jail cell without the bars, because you can never leave for very long and can't do much cause their is no money left to do much. read the marriage trap book it includes the house buying part of the trap.
                      this.

                      people used to always tell me about the joys of home ownership until they started going bankrupt from their terrific "investment"

                      i have never met a single person that rented and declared bankruptcy while holding a job

                      for those thinking me and others agreeing with me are "fukking stupid" how smart was my brother (and others like him) to buy a house in california for $2.1 million that now is worth MAYBE 1.4 million after he's dumped hundreds of thousands of additional dollars into taxes and interest?

                      any time you're paying way more in interest and taxes than you could rent for, you're making a dumb decision and i was very guilty of this.
                      Comment
                      • ngates815
                        SBR Posting Legend
                        • 12-01-09
                        • 13845

                        #46
                        Originally posted by milwaukee mike
                        this.

                        people used to always tell me about the joys of home ownership until they started going bankrupt from their terrific "investment"

                        i have never met a single person that rented and declared bankruptcy while holding a job

                        for those thinking me and others agreeing with me are "fukking stupid" how smart was my brother (and others like him) to buy a house in california for $2.1 million that now is worth MAYBE 1.4 million after he's dumped hundreds of thousands of additional dollars into taxes and interest?

                        any time you're paying way more in interest and taxes than you could rent for, you're making a dumb decision and i was very guilty of this.


                        Well, why would someone buy a house, that is out of their range, and they can't afford the payments. I'm pretty sure everyone knows what the mortgage payments are before buying the house, and they SHOULD have an idea of what the taxes will be.

                        So it sounds like the people that are telling you that, you probably shouldn't take their advice anyways.
                        Comment
                        • milwaukee mike
                          BARRELED IN @ SBR!
                          • 08-22-07
                          • 26914

                          #47
                          very true ngates

                          but many people are sold the dream of home ownership which often times turns out to be a nightmare

                          there are a hell of a lot of people that benefit from home sales (real estate agents, mortgage brokers, banks, etc) but the average joe usually suffers because of this scam unless they were in at the beginning

                          just like the money supply the single-home family market is a ponzi scheme that is collapsing before our eyes
                          Comment
                          • sweethook
                            SBR Posting Legend
                            • 11-21-07
                            • 12667

                            #48
                            Originally posted by jjgold


                            High taxes are what kill investing any more in real estate

                            minorities caused this
                            100 %
                            Comment
                            • QuantumLeap
                              SBR Hall of Famer
                              • 08-22-08
                              • 6880

                              #49
                              Originally posted by milwaukee mike
                              people that bought more than 10 years ago think housing is a great investment
                              people like me that bought near the top are frustrated with it (doesn't feel good to buy a 380k house that you couldn't sell for 300k that keeps costing you more and more money)


                              TIMING IS EVERYTHING IN LIFE

                              right now (at least around here) housing is still way overpriced versus renting
                              guys can rent 3000 square feet for $1000/month
                              between housing payment/taxes a similar house costs $2200/month to buy PLUS then you have to pay the maintenance

                              government is still subsidizing housing by letting you deduct mortgage interest and real estate taxes
                              interest rates are at record lows, if these ever go up significantly the bottom could fall out everywhere, not just florida/az/ca
                              Agreed about the timing. It's the difference between making a house profitable and getting stuck with a losing investment. Some have invested wisely and were able to make a profit by owning. Others got stuck.
                              Comment
                              • flyingillini
                                SBR Aristocracy
                                • 12-06-06
                                • 41219

                                #50
                                I think the other way around. You are throwing your money down the drain if you rent. I would never ever rent. I buy as much property as I can. I am so extended right now it's not even funny. I am trying to get approved for another loan, not sure if it's going to happen but I am addicted to buying property. I just have a company take care of everything for me , I don't even want to know the renters.
                                המוסד‎
                                המוסד למודיעין ולתפקידים מיוחדים‎
                                Comment
                                • HenPrivilege
                                  SBR MVP
                                  • 01-10-09
                                  • 1720

                                  #51
                                  Yeah I deal with an intermediary to handle renters.. They get a piece of the action but they take care of everything.

                                  There is absolutely nothing better than having a renter pay you monthly rent that covers the mortgage payment (plus property tax) and still end up pocketing a couple hundred every month.

                                  For the muthafukkin win
                                  Comment
                                  • milwaukee mike
                                    BARRELED IN @ SBR!
                                    • 08-22-07
                                    • 26914

                                    #52
                                    just shows every market is different
                                    some people still making money off of renting out houses
                                    nice work


                                    if you live in milwaukee, cleveland, detroit, kansas city, etc you can't rent out a single-family home for anything close to the mortgage payment/taxes. unless you can find someone that wants to rent my house for $2500/month and pay for new roof/siding/furnace/etc in which case i'll say where do i sign?
                                    Comment
                                    • Boscoe
                                      SBR MVP
                                      • 02-08-10
                                      • 2811

                                      #53
                                      lots of gas and electric companies will pay for your water heater if you switch the their service.
                                      Comment
                                      • milwaukee mike
                                        BARRELED IN @ SBR!
                                        • 08-22-07
                                        • 26914

                                        #54
                                        around here we're stuck with a monopoly of we energies
                                        your only choice is to buy a natural gas water heater and use we energies or an electric water heater and use we energies
                                        Comment
                                        • marcoloco
                                          SBR MVP
                                          • 07-05-10
                                          • 3986

                                          #55
                                          there is many benefits to owning a house also
                                          Comment
                                          • ngates815
                                            SBR Posting Legend
                                            • 12-01-09
                                            • 13845

                                            #56
                                            Originally posted by HenPrivilege
                                            Yeah I deal with an intermediary to handle renters.. They get a piece of the action but they take care of everything.

                                            There is absolutely nothing better than having a renter pay you monthly rent that covers the mortgage payment (plus property tax) and still end up pocketing a couple hundred every month.

                                            For the muthafukkin win


                                            Yea, we've been looking at buying another house (foreclosed) if possible, that may need a little bit of work (paint/new floors/plumbing) small shit like that. Then we planned on just renting it out to for the price of the mortgage

                                            Or looking for a lake house somewhere within 5 hours.


                                            But Milwaukee Mike...I agree with the timing is everything. I bought my house now when it was going down, but not at the lowest prices. I could of gotten a nicer place for cheaper, but oh well, you gotta live with your mistakes. I'm not going to complain, because once the market does get better, it should be able to sell quite easily. That's why it'd be nice now, to find another place either to rent, or to take short weekend trips too, while the market is still somewhat low.
                                            Comment
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