Daily reminder you will never own a house
>t. home owner
Copers excuse list 2.0
>property tax
>nice shithole
>you must live in the middle of no where
>interest rates
>2.79% annual growth long term
>i dont wanna own
>im happy renting
>the global RE crash is habbenning
>i do own, and its not all its cracked up to be
>its not my fault boomers fucked us millennials
but im so comfy in my moms attic
property tax isnt even that expensive
my dad just bought a 600k "investment" house at peak prices. his mortgage is 4k a month. but his rental income is only 3500
REKT
>living in real estate instead of monetizing it
unless you're a boomer w the disposable income to comfortably afford to purchase a house, you buy a fucking duplex and rent out the side you don't live in, at the very least
you fucked up your bed, time to lay in it
Nothing wrong with a mortgage being a little higher than rent. You get a tax deduction and some of the payment reduces the balance.
what location?
what was his rationale behind this, knowing he's be cash flow negative from the get go?
hes building equity in the home from the rent, the mortgage interest is tax deductible and rent will slowly increase over 4000
REKT
Take the landlordpill Jow Forums
I'm buying a duplex to owner occupy right now. It's our only path to property ownership and freedom as boomer oppressed millenials
But i do
I already own a small shitbox that has lowered my upkeep significantly
>Nothing wrong with a mortgage being a little higher than rent
>some of the payment reduces the balance
wtf are you trying to say? mortgages are amortized so your payment would remain the same for the life of the loan
Heard of re-financing? After 5 years, re-mortgage back to 30 years = monthly payment reduced, cointard.
>he's building equity
No, he is bagholding, same as you by the sounds of it. RE market has been bleeding all year, and with rising interest rates, prices will come down sharply. All the "flippers" and speculative buyers are about to get REKT.
How long do you plan on being there? I hear duplexes and condos are hard as fuck to resell.
bought a house in Jan of 2017 and it has 72K in equity built already
im in one of the most desirable neighborhoods in one of the most desirable cities. its a no lose proposition
renters lose out on a lot of gainz
You don't sell them. If you want to move to somewhere nice (ie rural with no disgusting duplexes) then you just rent both parts out.
Selling property is bad because of all the associated expenses that hurt the margins.
try again, i bought my own home in ohio for 25k
It's going to be the first property in my portfolio. I'm not trying to flip it. The total payment is $1200 and both sides bring in ~$2k combined. I will stay there for a year at least to fulfill my mortgage terms then move on to my next duplex, it's called house hacking.
Lol, delusion it's funny. What you see on Zillow ain't what you're going to get for your property
yee the problem is people don't want to buy a house that has some rando living in it already. most people want to renovate it themselves because that's how you make money (even just a fresh coat of paint in a few rooms can easily add thousands to the value of the house) but you can't do that if some retirarded boomer is living there. best to do duplex in college town, but thats why they're expensive a in those areas, also drunk dumbass zoomers will fuck the place up
B but I have a 3 houses right now user.
What if I pool my money with 2 or 3 amigos and we all collectively buy it? Checkmate gringo
have fun paying mortrage of the inflated price while foods goes up by 50%
you don't own shit, nigger. you're still just renting from the gov't. that's what property tax is. dumbass.
>borrowing money to purchase a depreciating asset
And no, boomer, home prices are no longer guaranteed to rise forever. That bubble popped 10 years ago bub
You don't own anything, not even your cash. What now?
History would tell you that the single surest investment over long periods of time is property. It's why housing prices in Europe are ridiculous and housing prices are trending towards ridiculous in the US. More people, more demand, less supply, less space, more and more. Property is the basis of everything.
>bought house in CA 2.5 years ago
>house increased $200k in value
>feelgoodman.jpg
Closing on mine in a month. Went under contract yesterday.
tell that to my parents who made $800k when they sold their house last year. Tell that to my sister who made almost $300k when she sold her house this year.
i don't have historical lengths of time user, returns are generally poor, and i don't have 20 years to bag hold just to break even if it dips. there is little to zero upside in real estate property at this time, normies buy it for the status and leverage, it is their meme
I bought a house for 330 in 2015 and sold for 420 this year
I'd say the bubble popped and plummeted and then has been rising ever since. That said, I wouldn't buy a rental right now. my inner Jew is telling me to invest elseware and buy low when the market goes down in like 5-10 years or whatever. Everything in my town is up 30%+ in like 5 years and getting underwater on property can ruin you unless you're rich
I just bought a home though
Really depends on the state.
what if youre mortgage is 150% of the homes actual value?
>what location
Socal, populated area. Not sure what his rationale was except that "Real estate is REAL!" and "it will only go up!"
Fucking boomer dads man
county property tax isnt expensive, city property tax isnt expensive, provisions which tax specific structures on your property arent expensive, taxes on items/plants/structures deemed hazardous to public safety and have a new democrat-run program to curb arent that expensive.
yeah this is pretty spot on. if youre gonna live in it andplan on keeping your job, honestly buy a fucking home when you get the chance. if its for a kike investment, yeah wait a bit until we all lose our jobs then buy
>Keep refinancing loan over and over and eventually spend 20 times more on interest.
The absolute fucking state of this retarded boomer board.
>buying a home
Nah Im a touring musician, speak 3 languages and love having the freedom to live anywhere I want at any given moment
There's no reason to have more equity in a house than you need to avoid PMI. Unless interest rates go up there are better places to put your money.
You're a stupid ass crypto child
Property ownership over time is how the nobility of Europe came about. It's land, it's where people live. That will never go out of style or deflate.
It will when the boomers who have no savings decide to sell their homes because "my home is my retirement" and none of the fucking zoomers can afford them since they only make $12/hr and are in massive student loan debt, thus prompting the real estate market to get cut in HALF
I will welcome you to the ranks of the duplex master race when you make it. Currently in the process of rehabbing my third duplex. I make so much money&equity doing this (in addition to my regular work) it feels like I've unlocked life's cheat code. I've turned like $20k + sweat into $130k equity + live for free + $1500/month positive cash flow, and that's just with two properties currently occupied.
I don't need something that never goes out of style, I do not live on a ridiculous thousand year time frame, I might have a few decades to make it and the limited headroom is not worth risking holding real estate bags for the rest of my life.
nailed it user. the renter cope is so real ITT it's disgusting.
buying is obviously not always the right decision at the moment but it is something one should always aspire to do. few wealthy people don't own their own home or have real estate in their portfolio.
When are home prices going to crash?
Stock market and crypto are getting hammered but home prices still remain high, wtf
I live in the Bay area. I had my investment advisors look into purchasing an apartment complex or a few duplexes to generate income through rent. Honestly it seemed like a huge pain in the ass. Lawsuits, shitty tenants, all that shit. Also losing income to a property management company (I have a pretty demanding full time job and actively managing properties just wouldn't work). Plus they were skeptical about making large property investments in the Bay at this time.
Ultimately we went with private real estate funds that give comparable returns and cash flow without actually having to deal with owning/managing the underlying asset. Plus it's a global portfolio so you're not tied to any local market swings. I'm getting 2-3% yield after taxes plus appreciation which is nice.
Depends fucktard
Nice house op
Not yours but still, nice larp
reits are much more closely tied to the stock market than buying real estate directly so it's not really diversifying as much as you might think. you're not wrong though, it's almost if not entirely impossible to make the numbers work on rental properties in any big city in california if you're trying to buy right now.
you're not willing to hold "real estate bags" but yet you post on Jow Forums which is basically 99% crypto investment, and most of this board right now is holding crypto bags in this latest bear market. no matter what bags you hold you still have to live somewhere, so might as well buy a house and have something real behind your bags instead of the flavor of the month crypto.