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Rent Forever, Donât Buy A Home
- Thread in 'General' Thread starter Started by DCAllAfrican,
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In HYPe We Trust
color me not surprised
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TEAM HIPSTER
In HYPe We Trust
color me not surprised
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Sole:
It was definitely tough moving away from So Cal, I spent my entire life there. The hardest part was moving away from family and friends. It will be a year in July, but we're definitely coming along, making friends. I absolutely loved living in Long Beach, but honestly this is the first place I've ever lived (other than Irvine) where I actually felt safe leaving my car on the street unlocked, leaving my doors unlocked, etc. Kids leave their bikes on the front lawns for days and people don't even touch them.
Back in Los Angeles, my parents house was broken into twice, car stolen from in front of the house, bike left on yard for 20 minutes and it was gone, bike stolen from back yard, graffiti all over our fencing behind the house in the alley, etc. So Cal might have had more culture and diversity and better food and hotter women and better weather and things were closer together, but North Carolina %$#!! all over So Cal when it comes to people actually being nice and having family values. At least where I live, anyway.
Bottom line, So Cal is an expensive place. It's hard to afford to live a nice, comfortable lifestyle. I do miss it a lot, no question, but life's not so bad out here.
Things I don't miss: 405/91/22/605/105/110/5/710, etc. You can actually live 50 miles from work and get there in 50 minutes. Back when we lived in Long Beach my wife worked in Vernon, so she shot up 605 to 105 to 710 to Atlantic, and that drive took her 45 mins to an hour each way every day. Sitting in traffic is the worst feeling. Do not miss that at all.
It was definitely tough moving away from So Cal, I spent my entire life there. The hardest part was moving away from family and friends. It will be a year in July, but we're definitely coming along, making friends. I absolutely loved living in Long Beach, but honestly this is the first place I've ever lived (other than Irvine) where I actually felt safe leaving my car on the street unlocked, leaving my doors unlocked, etc. Kids leave their bikes on the front lawns for days and people don't even touch them.
Back in Los Angeles, my parents house was broken into twice, car stolen from in front of the house, bike left on yard for 20 minutes and it was gone, bike stolen from back yard, graffiti all over our fencing behind the house in the alley, etc. So Cal might have had more culture and diversity and better food and hotter women and better weather and things were closer together, but North Carolina %$#!! all over So Cal when it comes to people actually being nice and having family values. At least where I live, anyway.
Bottom line, So Cal is an expensive place. It's hard to afford to live a nice, comfortable lifestyle. I do miss it a lot, no question, but life's not so bad out here.
Things I don't miss: 405/91/22/605/105/110/5/710, etc. You can actually live 50 miles from work and get there in 50 minutes. Back when we lived in Long Beach my wife worked in Vernon, so she shot up 605 to 105 to 710 to Atlantic, and that drive took her 45 mins to an hour each way every day. Sitting in traffic is the worst feeling. Do not miss that at all.
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Sole:
It was definitely tough moving away from So Cal, I spent my entire life there. The hardest part was moving away from family and friends. It will be a year in July, but we're definitely coming along, making friends. I absolutely loved living in Long Beach, but honestly this is the first place I've ever lived (other than Irvine) where I actually felt safe leaving my car on the street unlocked, leaving my doors unlocked, etc. Kids leave their bikes on the front lawns for days and people don't even touch them.
Back in Los Angeles, my parents house was broken into twice, car stolen from in front of the house, bike left on yard for 20 minutes and it was gone, bike stolen from back yard, graffiti all over our fencing behind the house in the alley, etc. So Cal might have had more culture and diversity and better food and hotter women and better weather and things were closer together, but North Carolina %$#!! all over So Cal when it comes to people actually being nice and having family values. At least where I live, anyway.
Bottom line, So Cal is an expensive place. It's hard to afford to live a nice, comfortable lifestyle. I do miss it a lot, no question, but life's not so bad out here.
Things I don't miss: 405/91/22/605/105/110/5/710, etc. You can actually live 50 miles from work and get there in 50 minutes. Back when we lived in Long Beach my wife worked in Vernon, so she shot up 605 to 105 to 710 to Atlantic, and that drive took her 45 mins to an hour each way every day. Sitting in traffic is the worst feeling. Do not miss that at all.
It was definitely tough moving away from So Cal, I spent my entire life there. The hardest part was moving away from family and friends. It will be a year in July, but we're definitely coming along, making friends. I absolutely loved living in Long Beach, but honestly this is the first place I've ever lived (other than Irvine) where I actually felt safe leaving my car on the street unlocked, leaving my doors unlocked, etc. Kids leave their bikes on the front lawns for days and people don't even touch them.
Back in Los Angeles, my parents house was broken into twice, car stolen from in front of the house, bike left on yard for 20 minutes and it was gone, bike stolen from back yard, graffiti all over our fencing behind the house in the alley, etc. So Cal might have had more culture and diversity and better food and hotter women and better weather and things were closer together, but North Carolina %$#!! all over So Cal when it comes to people actually being nice and having family values. At least where I live, anyway.
Bottom line, So Cal is an expensive place. It's hard to afford to live a nice, comfortable lifestyle. I do miss it a lot, no question, but life's not so bad out here.
Things I don't miss: 405/91/22/605/105/110/5/710, etc. You can actually live 50 miles from work and get there in 50 minutes. Back when we lived in Long Beach my wife worked in Vernon, so she shot up 605 to 105 to 710 to Atlantic, and that drive took her 45 mins to an hour each way every day. Sitting in traffic is the worst feeling. Do not miss that at all.
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Co-ops is at the bottom of the put when it comes to owning, I've learned thither hard way, I will still say is better than renting...my Co-op allows for me to rent after 2 years of living in the apt, from what I know of that's the rule for most Co-ops...been here 3 years and before I sell because I will obviously not gain anything, I'd rent it out and wait till the market comes back around to place it in the market, yes co-ops have boards with stupid regulations...no different than a landlord when it comes to that though, in reality they are protecting the building, the investment by being so picky and anal, so I understand.Maintanence fees have gone up 10$ in 3 years I've been here, and our state has a STAR rebate program which depending on how the board distributes it, covers 10% of the maintenance fees during the winter when is the time where we get hit with the oil surcharges...in other words in 3 years I've been here my monthly cost of living went from 1095$ to 1105$I'm not saying I couldn't have done better by buying into a condo perhaps, but nobody is going to tell me that renting is better than what I'm doing, given the opportunity.
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Co-ops is at the bottom of the put when it comes to owning, I've learned thither hard way, I will still say is better than renting...my Co-op allows for me to rent after 2 years of living in the apt, from what I know of that's the rule for most Co-ops...been here 3 years and before I sell because I will obviously not gain anything, I'd rent it out and wait till the market comes back around to place it in the market, yes co-ops have boards with stupid regulations...no different than a landlord when it comes to that though, in reality they are protecting the building, the investment by being so picky and anal, so I understand.Maintanence fees have gone up 10$ in 3 years I've been here, and our state has a STAR rebate program which depending on how the board distributes it, covers 10% of the maintenance fees during the winter when is the time where we get hit with the oil surcharges...in other words in 3 years I've been here my monthly cost of living went from 1095$ to 1105$I'm not saying I couldn't have done better by buying into a condo perhaps, but nobody is going to tell me that renting is better than what I'm doing, given the opportunity.
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Your jumping over my main point if you rent it out to others = Winning!!
you live there now = maybe winning, maybe not, why are you arguing that?
Now you have that mortgage so unless your job is nice youre not going to have renter to +%!% as you put it
The rent increasing is true though, but not in rent controlled places, like in NYC/DC/CHI/LA/SF/ETC.
What if you bought that place for double like im sure some did around you? could their rent even cover the mortgage? thats another thing.
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Your jumping over my main point if you rent it out to others = Winning!!
you live there now = maybe winning, maybe not, why are you arguing that?
Now you have that mortgage so unless your job is nice youre not going to have renter to +%!% as you put it
The rent increasing is true though, but not in rent controlled places, like in NYC/DC/CHI/LA/SF/ETC.
What if you bought that place for double like im sure some did around you? could their rent even cover the mortgage? thats another thing.
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This is true, but with smart investments you can get that piece of mind too. Peace of mind is knowing that you can have a roof over head, renters can have that too if they have money in the bank.
And as far as being a landlord, this is where property management companies come in....5-10% of the rent goes to them and you never have to do anything.
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This is true, but with smart investments you can get that piece of mind too. Peace of mind is knowing that you can have a roof over head, renters can have that too if they have money in the bank.
And as far as being a landlord, this is where property management companies come in....5-10% of the rent goes to them and you never have to do anything.
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Originally Posted by ksteezy
^^^ exactly taking home owning advice from someone who lives in a 8x8 room is ludacrous to me.
:uts on flamesuit::
you do understand that people rent mansions too right?
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Originally Posted by ksteezy
^^^ exactly taking home owning advice from someone who lives in a 8x8 room is ludacrous to me.
:
you do understand that people rent mansions too right?
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Im not sayin you made a bad move, especially since I believe you are married? And may have kids soon so a stable place may be in your interest. In this market I cant predict what will happen with home prices, but I dont view a home as an investment but merely a expense being a single male. Id rather be able to move at any time and buy a property only when I have lots of free cash and a cheap opportunity arises. Nowadays you can rent entire houses, plus being that I dont technically have a 9-5 im not required to be at a certain place. Everyones situation is different, but I hate when people say renting is a waste or money when they are in fact doing thr same thing by owing outrageous amounts of money which they cant get out of (not saying in your case). What part of nyc did u buy it in if you dont mind me asking?
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Im not sayin you made a bad move, especially since I believe you are married? And may have kids soon so a stable place may be in your interest. In this market I cant predict what will happen with home prices, but I dont view a home as an investment but merely a expense being a single male. Id rather be able to move at any time and buy a property only when I have lots of free cash and a cheap opportunity arises. Nowadays you can rent entire houses, plus being that I dont technically have a 9-5 im not required to be at a certain place. Everyones situation is different, but I hate when people say renting is a waste or money when they are in fact doing thr same thing by owing outrageous amounts of money which they cant get out of (not saying in your case). What part of nyc did u buy it in if you dont mind me asking?
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in a way.. you're right... but there's something to be said about not having debt and not having to owe $ to anyone in your twilight years just to keep that roof over your head.
additionally... with renting.. you're always beholden to someone about what you want to do with your place.. there's a certain pride element in home ownership and your home.
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in a way.. you're right... but there's something to be said about not having debt and not having to owe $ to anyone in your twilight years just to keep that roof over your head.
additionally... with renting.. you're always beholden to someone about what you want to do with your place.. there's a certain pride element in home ownership and your home.
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I can't speak for others, that's why I said you buy what's within your budget and not something you are going to struggle to make ends meet...I can afford this place with one income, no need for my wife to help...however we both work and I have 2 jobs...so it's really a piece of cake to make the payments, only reason I got screwed was having the market drop on me 6 months after closing...lost out big...but hey I'm optimistic sometime in the future things will turn around, till then I can always rent it to someone...and jump into something bigger and better.
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I can't speak for others, that's why I said you buy what's within your budget and not something you are going to struggle to make ends meet...I can afford this place with one income, no need for my wife to help...however we both work and I have 2 jobs...so it's really a piece of cake to make the payments, only reason I got screwed was having the market drop on me 6 months after closing...lost out big...but hey I'm optimistic sometime in the future things will turn around, till then I can always rent it to someone...and jump into something bigger and better.
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Southern Hospitality
No way in hell can I live IN or NEAR a hood. My girl is a high school counselor so school/location was a huge factor for us.
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Southern Hospitality
No way in hell can I live IN or NEAR a hood. My girl is a high school counselor so school/location was a huge factor for us.
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Getthismoney - I bought in Yonkers, across the street from the metro north, with two major highways no further than 3 minutes, one is actually right across the street, my full time job is a 3 minute drive also, my part time job is only 10 minutes, good schools, shopping centers...all these things came into play when I was looking and I got what I wanted as far as that...not saying I could have made a better move, perhaps a duplex condo in a new building just the next town up, perhaps a bigger apartment...but at the time I bought what best fit me and my wife's lifestyle, we went from paying 1400$ a month in rent to 1100& in mortgage + maintenance, that alone was enough for me, I don't plan on living here when we have kids though..
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Getthismoney - I bought in Yonkers, across the street from the metro north, with two major highways no further than 3 minutes, one is actually right across the street, my full time job is a 3 minute drive also, my part time job is only 10 minutes, good schools, shopping centers...all these things came into play when I was looking and I got what I wanted as far as that...not saying I could have made a better move, perhaps a duplex condo in a new building just the next town up, perhaps a bigger apartment...but at the time I bought what best fit me and my wife's lifestyle, we went from paying 1400$ a month in rent to 1100& in mortgage + maintenance, that alone was enough for me, I don't plan on living here when we have kids though..
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let me present a scenario to you. What if you rented a condo for $1500 a month and had 2 houses bringing in $1750 every month, and you could sell said house(s) at anytime. This way you get the best of both worlds, YOU OWN A HOUSE! and you have the flexibility of a renter. You could even move into one of those houses if you wanted *for your peace of mind of course. What the hell is so hard to grasp? buying a house needs to be treated like any other investment. You got screwed and youre doing it to yourself again cause youre too stubborn to spread that money around. (bronx tale)"Now yous cant leave"(bronx tale) I'll rent for now and watch my stock account appreciate like your house never ever will, then buy one when I feel like it later. You have to make your money work for you, its the code of rich people. Buying a house will keep you down. UNLESS you mortgage is less than 20% of your take home income.
If you could borrow money from the bank at 6% and then lend it to someone for 12% would you do it?
if you say yes to the above, then why get locked into a house now when you can get a better return on your money?
you already got burned, havent you learned your lesson?
There are 3 types of people in this world.
Person 1 touches a hot stove and says "that burns" then they touch it again and get burned again.
Person 2 touches the stove and gets burned and says I''m not touching that stove again
Person 3 says those two dummies got burned, I am NOT touching that stove.
Make that money work for you in a better way. That said, I have a very strict investment strategy that I never deviate from, I'm not gambling with my money on penny stocks. I know this year has been amazing in the market but even in bad times you can beat a house.
How can you seriously justify putting your hard earned money into something that burned you before? Its the definition of stupid.
