america becoming land of renters

downsouth · 07-25-11, 07:06 AM

Glad I own a bunch of rentals

jjgold · 07-25-11, 07:40 AM

Money is in Apts
People cannot afford homes anymore

I/O · 07-25-11, 07:44 AM

Those people shouldn't have had homes in the 1st place. Credit was easier to get than passing emissions tests. Everything is just averaging out as it should.

This place is loaded with folks that will be paying their landlords bills for the rest of their lives.

jbrent95 · 07-25-11, 08:04 AM

Its good to be a rental property.

opie1988 · 07-25-11, 08:06 AM

Originally posted by downsouth

Glad I own a bunch of rentals

Ditto. Home ownership still far & away the best investment. Especially when you own several. Recessions are when fortunes are made.

milwaukee mike · 07-25-11, 08:09 AM

renting cheaper in the long run, unless housing prices are ramping up (which they certainly won't be due to baby boomers downsizing).

anyone that thinks rent is throwing money away is crazy, take any homeowner over the last 10 years and add up their:
1) interest
2) real estate taxes
3) insurance
4) maintenance
5) higher utility cost (i pay $200/month just for water!)
6) 6% commission every time you sell a house
etc etc etc

the homeowner (who's house is probably worth less than he paid for it) has paid way more than the renter and has also had to cut the grass and put up with all the headaches of home "ownership"

milwaukee mike · 07-25-11, 08:12 AM

Originally posted by opie1988

Ditto. Home ownership still far & away the best investment. Especially when you own several. Recessions are when fortunes are made.

opie like anything else it's all about timing. in texas nothing got too expensive, here in milwaukee i can guarantee you that me buying a 2700 sq foot house for $380k 7 years ago looked like a good "investment".
and now i couldn't get 300 for it so i for one would disagree with you, between the depreciation of the house, maintenance, taxes, etc i have spent well over $200,000 to live in a mediocre house for 7 years...

i could've easily rented a decent place for $1500/month that had indoor pool/fitness/etc and i'd be over $100k better off than i am now and counting.

WvGambler · 07-25-11, 08:15 AM

Owning a home is considered a benefit, because a renter barely ever saves the money that is saved by renting.

If you are an owner, than the equity of that home is the same as a savings account....assuming you can sell the house.

I own a nice home, in a nice neighborhood. Therefore I would always prefer to own. Houses are still selling well in our neighborhood.

Richkas · 07-25-11, 08:17 AM

Originally posted by milwaukee mike

renting cheaper in the long run, unless housing prices are ramping up (which they certainly won't be due to baby boomers downsizing).

anyone that thinks rent is throwing money away is crazy, take any homeowner over the last 10 years and add up their:
1) interest
2) real estate taxes
3) insurance
4) maintenance
5) higher utility cost (i pay $200/month just for water!)
6) 6% commission every time you sell a house
etc etc etc

the homeowner (who's house is probably worth less than he paid for it) has paid way more than the renter and has also had to cut the grass and put up with all the headaches of home "ownership"

This is spot on

doublej95 · 07-25-11, 08:54 AM

I'm glad I own a house. Renting is pissing money away.

ngates815 · 07-25-11, 09:01 AM

Originally posted by doublej95

I'm glad I own a house. Renting is pissing money away.

Yep...

cant call it · 07-25-11, 09:24 AM

Hell nobody even owns land in the united states. What sense does it make to own a house on some property they can take away from you?
You have to pay rent (land taxes) every year for the property. If you do not pay it they will take it away from you.
Nobody owns anything anymore except material bull sh1t.

bobby heenan · 07-25-11, 09:50 AM

fixing up a two family rental property as we speak...id love more too....

i love watching my retard friends drop 900 bucks a month on their apartments

Thunder Gulch · 07-25-11, 10:02 AM

I developed and built over 1,000 homes since 1995 and almost got busted in 07-09. Renting the spec houses is the only thing that kept me afloat. You always have a few deadbeats, but I think the prospects for rental property are good for the next 10 years.

pavyracer · 07-25-11, 10:05 AM

If America is becoming a land of lenders you become a landlord. You buy houses, fix them up and rent them. Then use the rental income to buy more houses and rent them.

downsouth · 07-25-11, 10:07 AM

Originally posted by opie1988

Ditto. Home ownership still far & away the best investment. Especially when you own several. Recessions are when fortunes are made.

I agree. I have purchased several properties over past two-three years and have been able to pick them up at half to a third of costs to build them. Can rent properties for 1200 and only having 400-500 mtg makes cash flow very easy to max out.

SRBI · 07-25-11, 10:14 AM

Tick tock...tick tock...BOOM!

pico · 07-25-11, 10:26 AM

the gov tax the shit out of you if you own property in USA. state gov and schools are all broke, so they are going after the home owners.

downsouth · 07-25-11, 10:34 AM

Originally posted by pico

the gov tax the shit out of you if you own property in USA. state gov and schools are all broke, so they are going after the home owners.

At least millage increases have not kept up with the decreases in property values

jjgold · 07-25-11, 10:43 AM

ownership of land is good if you are getting rent

in todays world owning a house and living there is not as good as it sounds

BIGDAY · 07-25-11, 10:50 AM

Our nation blows.

LockPickMaster · 07-25-11, 11:06 AM

How about that black guy that is squatting in that 300k house in a white neighborhood. The house is foreclosed and the bank went out of business so in 3 years he assumes the title as long as he lives there. Not bad for paying the 16 bucks fee to get the title. Somewhere in Texas.

denn333 · 07-25-11, 11:16 AM

Renting is peace of mind.

capitalist pig · 07-25-11, 11:32 AM

IMO, the reason we are becoming the land of renters is because the last generation or two never learned how to save $, so most will never be able to come up with the down payment to own their own house.

later

str8upslik · 07-25-11, 11:36 AM

we needed this much proof to figure this out?

pavyracer · 07-25-11, 11:42 AM

Originally posted by capitalist pig

IMO, the reason we are becoming the land of renters is because the last generation or two never learned how to save $, so most will never be able to come up with the down payment to own their own house.

later

Most kids these days spend their money on iphones, ipads and all the other junk so there is no money left to save after paying all the bills.

milwaukee mike · 07-25-11, 11:44 AM

Originally posted by doublej95

I'm glad I own a house. Renting is pissing money away.

renting is paying money for the use of property. is making a car payment pissing money away?

make a simple spreadsheet and add up all the money and value of your time that you have spent on your house that you wouldn't have spent renting. then compare that to rent payments and you might be as shocked as i was.

conservatively i have spent over $210,000 in 7 years. no amount of spin can change that fact. yes if you live somewhere with cheaper real estate taxes/housing that could make all the difference in the world (my taxes alone are over 6k/year).

nobody has ever gone bankrupt by renting, but i know more than a couple people that had to declare bankruptcy because they couldn't afford their house payments. think about that for a minute. they call it the "american dream" because you have to be asleep to believe it.

milwaukee mike · 07-25-11, 11:46 AM

and for those of you that say you "own your house" do you have a mortgage? if so then you don't own anything.

ngates815 · 07-25-11, 12:05 PM

Built a home 3 years ago.

Cost 194,000

I've been paying 1401 a month for Taxes/Mortgage

Now would I rather be spending 1400 a month on something that I can sell and get money back?

Or would I rather spend 1200 a month and receive nothing back for 20 years?

ngates815 · 07-25-11, 12:08 PM

Originally posted by milwaukee mike

renting is paying money for the use of property. is making a car payment pissing money away? make a simple spreadsheet and add up all the money and value of your time that you have spent on your house that you wouldn't have spent renting. then compare that to rent payments and you might be as shocked as i was. conservatively i have spent over $210,000 in 7 years. no amount of spin can change that fact. yes if you live somewhere with cheaper real estate taxes/housing that could make all the difference in the world (my taxes alone are over 6k/year). nobody has ever gone bankrupt by renting, but i know more than a couple people that had to declare bankruptcy because they couldn't afford their house payments. think about that for a minute. they call it the "american dream" because you have to be asleep to believe it.

We call those people dumbasses. Don't go out and spend more than you can afford. If you don't have a steady job or secure job, don't go making outrageous purchases, or taking out BIG loans.

dherd · 07-25-11, 12:18 PM

we are looking straight into the results of 30 yrs of conservative rule, destruction of the middle class and the american dream. conservatives run for office under the mantra that govt doesnt work, then when they attain the reins of govt they prove it.

William Walters · 07-25-11, 01:16 PM

Still about 1000 times better than most of China.

itchypickle · 07-25-11, 02:24 PM

Opie - what are your MUD rates like in the Dallas area? We have a house in Spring (north of Houston) that we let family rent to basically pay the mortgage each month and we pick up prop taxes and so forth....the MUD rates were suppose to go away a year ago and well, you know how that goes.

Any better in Dallas area?

OTL · 07-25-11, 02:39 PM

That just means there will be more property for guys like me to invest in. Seriously though, renting can be a good option when the economy is on a downturn. Property doesn't make a good investment when the expenses of owning a home outpaces the appreciation in value.