Rent Forever, Don’t Buy A Home

[supermanblue79]

Originally Posted by usainboltisfast

Originally Posted by Supermanblue79

Ownership over renting IMO.
Financial Freedom is the real return on your investment, not what the housing market says that your property is worth.

 

I dont really see a 40 yr mortgage equaling financial freedom ESPECIALLY to someone young (which most of us are). Like I said in my earlier post it is a situation by situation thing.

Tell me more about this 40 year mortgage thing...
But even if it does take that long to pay off a property the payments end.  So at some point, you will have financial freedom.
As long as you are renting you are in debt no matter what your savings/portfolio look like.
To me it makes more sense to buy when you're young since time is on your side.

But I agree that it depends on the situation.

 

[wawaweewa]

Originally Posted by Supermanblue79

Originally Posted by usainboltisfast

Originally Posted by Supermanblue79

Ownership over renting IMO.
Financial Freedom is the real return on your investment, not what the housing market says that your property is worth.

 

I dont really see a 40 yr mortgage equaling financial freedom ESPECIALLY to someone young (which most of us are). Like I said in my earlier post it is a situation by situation thing.

Tell me more about this 40 year mortgage thing...
But even if it does take that long to pay off a property the payments end.  So at some point, you will have financial freedom.
As long as you are renting you are in debt no matter what your savings/portfolio look like.
To me it makes more sense to buy when you're young since time is on your side.

But I agree that it depends on the situation.

I think most are forgetting the compounding interest payments on a mortgage. 
If you do really take 30 years to pay off a mortgage (90% of it's original value) at a rate of say, 6%, I would guess that it might equal to at leas 50+  years of regular rent payments. This is considering that renting and owning would have similar costs on a monthly basis. 

A loan of 250k at 6% for 30 years would pay out around 530k after all is said and done. Think about that. 

My parents bought a home in NYC right before the bubble in '98 for 275k with 20% down. They paid it off in August of '08. If you want to do it then this is how it prob should be done. 

 

[wawaweewa]

Originally Posted by Supermanblue79

Originally Posted by usainboltisfast

Originally Posted by Supermanblue79

Ownership over renting IMO.
Financial Freedom is the real return on your investment, not what the housing market says that your property is worth.

 

I dont really see a 40 yr mortgage equaling financial freedom ESPECIALLY to someone young (which most of us are). Like I said in my earlier post it is a situation by situation thing.

Tell me more about this 40 year mortgage thing...
But even if it does take that long to pay off a property the payments end.  So at some point, you will have financial freedom.
As long as you are renting you are in debt no matter what your savings/portfolio look like.
To me it makes more sense to buy when you're young since time is on your side.

But I agree that it depends on the situation.

I think most are forgetting the compounding interest payments on a mortgage. 
If you do really take 30 years to pay off a mortgage (90% of it's original value) at a rate of say, 6%, I would guess that it might equal to at leas 50+  years of regular rent payments. This is considering that renting and owning would have similar costs on a monthly basis. 

A loan of 250k at 6% for 30 years would pay out around 530k after all is said and done. Think about that. 

My parents bought a home in NYC right before the bubble in '98 for 275k with 20% down. They paid it off in August of '08. If you want to do it then this is how it prob should be done. 

 

[getthismoney]

Originally Posted by wawaweewa

Originally Posted by Supermanblue79

Originally Posted by usainboltisfast

I dont really see a 40 yr mortgage equaling financial freedom ESPECIALLY to someone young (which most of us are). Like I said in my earlier post it is a situation by situation thing.

Tell me more about this 40 year mortgage thing...
But even if it does take that long to pay off a property the payments end.  So at some point, you will have financial freedom.
As long as you are renting you are in debt no matter what your savings/portfolio look like.
To me it makes more sense to buy when you're young since time is on your side.

But I agree that it depends on the situation.

I think most are forgetting the compounding interest payments on a mortgage. 
If you do really take 30 years to pay off a mortgage (90% of it's original value) at a rate of say, 6%, I would guess that it might equal to at leas 45+ years of regular rent payments. This is considering that renting and owning would have similar costs on a monthly basis. 

Add to the fact that property tax and insurance never stops.

 

[getthismoney]

Originally Posted by wawaweewa

Originally Posted by Supermanblue79

Originally Posted by usainboltisfast

I dont really see a 40 yr mortgage equaling financial freedom ESPECIALLY to someone young (which most of us are). Like I said in my earlier post it is a situation by situation thing.

Tell me more about this 40 year mortgage thing...
But even if it does take that long to pay off a property the payments end.  So at some point, you will have financial freedom.
As long as you are renting you are in debt no matter what your savings/portfolio look like.
To me it makes more sense to buy when you're young since time is on your side.

But I agree that it depends on the situation.

I think most are forgetting the compounding interest payments on a mortgage. 
If you do really take 30 years to pay off a mortgage (90% of it's original value) at a rate of say, 6%, I would guess that it might equal to at leas 45+ years of regular rent payments. This is considering that renting and owning would have similar costs on a monthly basis. 

Add to the fact that property tax and insurance never stops.

 

[wawaweewa]

Originally Posted by GetThisMoney

Originally Posted by wawaweewa

Originally Posted by Supermanblue79

Tell me more about this 40 year mortgage thing...
But even if it does take that long to pay off a property the payments end.  So at some point, you will have financial freedom.
As long as you are renting you are in debt no matter what your savings/portfolio look like.
To me it makes more sense to buy when you're young since time is on your side.

But I agree that it depends on the situation.

I think most are forgetting the compounding interest payments on a mortgage. 
If you do really take 30 years to pay off a mortgage (90% of it's original value) at a rate of say, 6%, I would guess that it might equal to at leas 45+ years of regular rent payments. This is considering that renting and owning would have similar costs on a monthly basis. 

Add to the fact that property tax and insurance never stops.

It pains my father to write that $ 1600 check to NYC Finance every quarter.

 

 

[wawaweewa]

Originally Posted by GetThisMoney

Originally Posted by wawaweewa

Originally Posted by Supermanblue79

Tell me more about this 40 year mortgage thing...
But even if it does take that long to pay off a property the payments end.  So at some point, you will have financial freedom.
As long as you are renting you are in debt no matter what your savings/portfolio look like.
To me it makes more sense to buy when you're young since time is on your side.

But I agree that it depends on the situation.

I think most are forgetting the compounding interest payments on a mortgage. 
If you do really take 30 years to pay off a mortgage (90% of it's original value) at a rate of say, 6%, I would guess that it might equal to at leas 45+ years of regular rent payments. This is considering that renting and owning would have similar costs on a monthly basis. 

Add to the fact that property tax and insurance never stops.

It pains my father to write that $ 1600 check to NYC Finance every quarter.

 

 

[supermanblue79]

Originally Posted by wawaweewa

Originally Posted by GetThisMoney

Originally Posted by wawaweewa

I think most are forgetting the compounding interest payments on a mortgage. 
If you do really take 30 years to pay off a mortgage (90% of it's original value) at a rate of say, 6%, I would guess that it might equal to at leas 45+ years of regular rent payments. This is considering that renting and owning would have similar costs on a monthly basis. 

Add to the fact that property tax and insurance never stops.

It pains my father to write that $ 1600 check to NYC Finance every quarter.

 

What's $6,400 annually compared to upwards of $16,000 annually?  Owning is still a better situation once a house is paid off.
And paying an extra $100 to $200 a month on the principle will take the average 30 year mortage to 15 years.

 

[supermanblue79]

Originally Posted by wawaweewa

Originally Posted by GetThisMoney

Originally Posted by wawaweewa

I think most are forgetting the compounding interest payments on a mortgage. 
If you do really take 30 years to pay off a mortgage (90% of it's original value) at a rate of say, 6%, I would guess that it might equal to at leas 45+ years of regular rent payments. This is considering that renting and owning would have similar costs on a monthly basis. 

Add to the fact that property tax and insurance never stops.

It pains my father to write that $ 1600 check to NYC Finance every quarter.

 

What's $6,400 annually compared to upwards of $16,000 annually?  Owning is still a better situation once a house is paid off.
And paying an extra $100 to $200 a month on the principle will take the average 30 year mortage to 15 years.

 

[wr]

Financial freedom.....30 years down the line??????????

 

[wr]

Financial freedom.....30 years down the line??????????

 

[Renaldo Balkman]

WRONG...

rates change and markets vary, however you cannot dodge the fact that owning a home/paying a mortgage eventually leads towards home ownership...

no rental rate will put your $$ towards a major term here that nobody is using... EQUITY

not gonna waste my time going back and forth, but to all you younger NT'ers, save up, put down 20% on a house (to eliminate mortgage insurance) and BUY A HOUSE

 

[Renaldo Balkman]

WRONG...

rates change and markets vary, however you cannot dodge the fact that owning a home/paying a mortgage eventually leads towards home ownership...

no rental rate will put your $$ towards a major term here that nobody is using... EQUITY

not gonna waste my time going back and forth, but to all you younger NT'ers, save up, put down 20% on a house (to eliminate mortgage insurance) and BUY A HOUSE

 

[wawaweewa]

Originally Posted by Supermanblue79

Originally Posted by wawaweewa

Originally Posted by GetThisMoney



Add to the fact that property tax and insurance never stops.

It pains my father to write that $ 1600 check to NYC Finance every quarter.

 

What's $6,400 annually compared to upwards of $16,000 annually?  Owning is still a better situation once a house is paid off.
And paying an extra $100 to $200 a month on the principle will take the average 30 year mortage to 15 years.

After you've already poured 350k+ into something and supposedly "own" it? It's not about the money. 
Paying an extra 100-200 a month on what principle? I doubt if would move it from 30-15. 

WRONG...

rates change and markets vary, however you cannot dodge the fact that owning a home/paying a mortgage eventually leads towards home ownership...

no rental rate will put your $$ towards a major term here that nobody is using... EQUITY

not gonna waste my time going back and forth, but to all you younger NT'ers, save up, put down 20% on a house (to eliminate mortgage insurance) and BUY A HOUSE

A main residence should not be looked at as an investment... because it is not. Home prices track inflation/nominal wages pretty closely over the longer term. 

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[wawaweewa]

Originally Posted by Supermanblue79

Originally Posted by wawaweewa

Originally Posted by GetThisMoney



Add to the fact that property tax and insurance never stops.

It pains my father to write that $ 1600 check to NYC Finance every quarter.

 

What's $6,400 annually compared to upwards of $16,000 annually?  Owning is still a better situation once a house is paid off.
And paying an extra $100 to $200 a month on the principle will take the average 30 year mortage to 15 years.

After you've already poured 350k+ into something and supposedly "own" it? It's not about the money. 
Paying an extra 100-200 a month on what principle? I doubt if would move it from 30-15. 

WRONG...

rates change and markets vary, however you cannot dodge the fact that owning a home/paying a mortgage eventually leads towards home ownership...

no rental rate will put your $$ towards a major term here that nobody is using... EQUITY

not gonna waste my time going back and forth, but to all you younger NT'ers, save up, put down 20% on a house (to eliminate mortgage insurance) and BUY A HOUSE

A main residence should not be looked at as an investment... because it is not. Home prices track inflation/nominal wages pretty closely over the longer term. 

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[devildog1776]

i'am renting for the next 5 -10 yrs... a house will be cheap if you save for it now. the global economy is going to tank and those with assets in place will be able to maneuver smoothly

 

[devildog1776]

i'am renting for the next 5 -10 yrs... a house will be cheap if you save for it now. the global economy is going to tank and those with assets in place will be able to maneuver smoothly

 

[wr]

Originally Posted by wawaweewa

Originally Posted by Supermanblue79

Originally Posted by wawaweewa

It pains my father to write that $ 1600 check to NYC Finance every quarter.

 

What's $6,400 annually compared to upwards of $16,000 annually?  Owning is still a better situation once a house is paid off.
And paying an extra $100 to $200 a month on the principle will take the average 30 year mortage to 15 years.

After you've already poured 300k+ into something and supposedly "own" it? It's not about the money. 
Paying an extra 100-200 a month on what principle? I doubt if would move it from 30-15. 

If you add extra principle only payments to your mortgage payment you can. You'd be surprised how much of your money in a mortgage payment goes toward interest. It's usually after around 10- 15 yrs before the part of your payment going towards principal and interest level out. Only in the later portion of your mortgage does a good chunk of your monthly payment actually go to the house principal. The bank get's their money first. 

 

[wr]

Originally Posted by wawaweewa

Originally Posted by Supermanblue79

Originally Posted by wawaweewa

It pains my father to write that $ 1600 check to NYC Finance every quarter.

 

What's $6,400 annually compared to upwards of $16,000 annually?  Owning is still a better situation once a house is paid off.
And paying an extra $100 to $200 a month on the principle will take the average 30 year mortage to 15 years.

After you've already poured 300k+ into something and supposedly "own" it? It's not about the money. 
Paying an extra 100-200 a month on what principle? I doubt if would move it from 30-15. 

If you add extra principle only payments to your mortgage payment you can. You'd be surprised how much of your money in a mortgage payment goes toward interest. It's usually after around 10- 15 yrs before the part of your payment going towards principal and interest level out. Only in the later portion of your mortgage does a good chunk of your monthly payment actually go to the house principal. The bank get's their money first. 

 

[letitshine24]

theyre idiots. interest rates are historically low, home prices are low. perfect time to by a house. you need a fixed asset that you can sit on for 10-15 years.

 

[letitshine24]

theyre idiots. interest rates are historically low, home prices are low. perfect time to by a house. you need a fixed asset that you can sit on for 10-15 years.

 

[wawaweewa]

Originally Posted by devildog1776

i'am renting for the next 5 -10 yrs... a house will be cheap if you save for it now. the global economy is going to tank and those with assets in place will be able to maneuver smoothly

That's what I'm planing on. Per the long term trends we have another 15-20% drop on average across the country. I'm also looking at more rural land on the investment side. This nation can accommodate a lot more people. We're going to have another immigration wave fairly soon I think. 

 

[wawaweewa]

Originally Posted by devildog1776

i'am renting for the next 5 -10 yrs... a house will be cheap if you save for it now. the global economy is going to tank and those with assets in place will be able to maneuver smoothly

That's what I'm planing on. Per the long term trends we have another 15-20% drop on average across the country. I'm also looking at more rural land on the investment side. This nation can accommodate a lot more people. We're going to have another immigration wave fairly soon I think. 

 

[toy collector123]

Originally Posted by wawaweewa

Originally Posted by devildog1776

i'am renting for the next 5 -10 yrs... a house will be cheap if you save for it now. the global economy is going to tank and those with assets in place will be able to maneuver smoothly

That's what I'm planing on. Per the long term trends we have another 15-20% drop on average across the country. I'm also looking at more rural land on the investment side. This nation can accommodate a lot more people. We're going to have another immigration wave fairly soon I think. 

Yep. Started my search about a year ago. Best to purchase from your local government that have land sales.

 

[toy collector123]

Originally Posted by wawaweewa

Originally Posted by devildog1776

i'am renting for the next 5 -10 yrs... a house will be cheap if you save for it now. the global economy is going to tank and those with assets in place will be able to maneuver smoothly

That's what I'm planing on. Per the long term trends we have another 15-20% drop on average across the country. I'm also looking at more rural land on the investment side. This nation can accommodate a lot more people. We're going to have another immigration wave fairly soon I think. 

Yep. Started my search about a year ago. Best to purchase from your local government that have land sales.