05-16-2019, 05:07 PM | #67 | ||
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05-16-2019, 05:51 PM | #68 |
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this is more off topic than on topic
ill allow it.
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05-16-2019, 06:07 PM | #69 | |
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05-16-2019, 06:43 PM | #70 |
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All this advice saying "if you can afford it, do it." If OP could afford it, why would he even ask?
Seeking advice on on this topic I'm a forum will yield impulse answers from us all. And if you are truly taking advice from us in this, you are not ready financially or emotionally for such a car purchase. OP, my gut says you already know what you should do.
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05-16-2019, 07:01 PM | #71 | |
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Funniest thing is that rentals are generally maintained like shit and have terrible appliances. When I was renting my power bill was $100 at the cheapest up to $150 a month for a 1200 Sq Ft apartment. I now own a 2400 Sq ft home and my power bill averages from $60-$120 per month due to energy efficient designs. |
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05-16-2019, 07:47 PM | #72 | |
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05-16-2019, 07:50 PM | #73 | |
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Common Example- 300K condo miami... rent ~$1700 a mos (at most)... loan is about that for 30 years plus $430 HOA and $250 a mo taxes... talk about a terrible deal to purchase... |
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05-16-2019, 08:23 PM | #74 | |
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05-16-2019, 08:48 PM | #75 | ||
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05-16-2019, 08:49 PM | #76 | |
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And again, although your house gained in value $200k, you’ve probably paid double at this point of what the original sale price was just with interest included. Tax deductibility on mortgage interest only maybe gives you a third of what you paid back. Again, not saying you won’t make money, but it will be far less than you think. And I am providing a rule of thumb. There’s clearly variability in all of that. The other thing to consider is that for most people, a home is a major investment. You are putting a lot of trust into one instrument that it will gain value, when typically you invest in your 401k or stock market, you will diversify whatever you put in across several different markets and investment types. A house is a singular market and opens you up to wider market ups and downs. I’m not here to tell anyone what to do, just sharing my experiences. I will say that while your home in DC May have gained $200k, my navy friend in Hampton Roads has lost $70k in value from the original purchase price. |
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05-16-2019, 08:51 PM | #77 |
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I've heard of condo owners doing it, presumably it's allowed by the HOA to rent out the property including airbnb. I own the land my house sits on so I can let people stay for free or for money, just as long as it doesn't bother my neighbors. My next door neighbor converted their garage and are renting it out, pretty sure if they wanted they could airbnb, anyway if it was somehow illegal it's fine if no one knows.
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05-16-2019, 08:51 PM | #78 | |
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05-16-2019, 08:53 PM | #79 | |
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05-16-2019, 09:09 PM | #83 | |
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I really don't look at my house as an investment solely. It's a place I live in. We all have to pay for a place to live in. I would rather have my payments go into something I will have some equity in. It may sound harsh but renting to me is just flushing money down the toilet. Now I know not everyone has the means to buy property due to market prices and having to come up with a down payment. But one should set this as a goal. I swallowed my pride and moved back in with my parents after college so I could pay down debt and save up money to get into my first place. Once you get into your first home (provided you didn't get into a questionable property), moving on to the next property is typically easier. Especially when the Feds allow you to shelter $250k of appreciation if you're single or $500k if you're married to sink into your next home. |
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05-16-2019, 09:18 PM | #84 |
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Something else I wanted to add that's more to the topic of this thread. It's interesting how a certain mindset provides arguments against buying real estate. Yet, won't apply the same logic when buying a car. It's actually worse when you look at owning a car. It's pretty much a given you will lose money when you buy any car. It's at what rate which varies between cars. And owning cars will always require maintenance at some point during the year. Many times multiple maintenance events.
At least with a home, you're not guaranteed to immediately lose money on it and you actually stand a chance to gain money. |
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05-17-2019, 09:24 AM | #85 | |
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it seems you are looking at it of paying mortgage vs not paying anything almost. 2k/month for 30 years on a mortgage is the same as 2k/month for 30 years of renting. you are still going to pay the same amount over that time. Sure, you can maybe add another 50-75k over 30 years in maintenance if you are going for top tier costs, but after 30 years, you have a rent free place to live vs continuing to pay rent for another XX amount of years.
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05-17-2019, 03:19 PM | #86 | |
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