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Goodnight renters. You will be a renter forever

By Bm05211983 following x   2014 Feb 20, 9:38am 11,535 views   57 comments   watch   quote     share  

Prices are skyrocketing again this year. Inventory is incredibly low just like last year. If you rent here, you are probably better off moving because prices are going to the moon this year. Good night renter.

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18 JH   2014 Feb 21, 1:10am   ↑ like (0)   ↑ dislike (0)     quote        

Bm05211983 says

Miss everything= didn't buy in 09, 10, 11, 12. U missed four boats. Good job

If I want a good investment, I do not buy when interest rates are low. I buy when they are high like my parents generation. You will not see increases in value over the next 30 years as we have over the past 30 years. Those increases were due to 2 things: 1) inflation, 2) decreases in interest rates. The monthly payments in 2012 were identical. The problem is I cannot refi like my parents did a bazillion times to lower their rates. By 2040 homes will be worth what inflation allows minus all the saps with large student loans. Too bad to get there you will repair repair repair.

For now I will enjoy paying lower rent than the market value of owning my house...while watching the landlords but in their own sweat equity. My landlords bought in 1983. Kudos to them my house is a cash cow. If you bought then, congrats. If you bought recently, good luck.

CaptainShuddup says

Bm05211983 I hope you don't live in California.

Where are you from?

19 Bm05211983   2014 Feb 21, 1:22am   ↑ like (0)   ↑ dislike (0)     quote        

I live in Silicon Valley and my mortgage payment is 1300(locked in for 30 years) a month for a 3 bedroom house in great neighborhood with good schools. It would cost 2700 to rent this house. Hey donjumpy alot, where is all the inventory coming from???

20 Bm05211983   2014 Feb 21, 1:40am   ↑ like (0)   ↑ dislike (0)     quote        

I hope it crashes and BURNS, no joke. But it probably won't unfortunately

21 Bm05211983   2014 Feb 21, 1:55am   ↑ like (0)   ↑ dislike (0)     quote        

Maybe in other areas of the country but banks have very few in Silicon Valley. I hope you are right though!

22 JH   2014 Feb 21, 2:13am   ↑ like (0)   ↑ dislike (0)     quote        

Bm05211983 says

I live in Silicon Valley

where values only go up. econ 101 baby.

23 Tenpoundbass   2014 Feb 21, 2:18am   ↑ like (0)   ↑ dislike (0)     quote        

JH says

Where are you from?

Where the mortgage is still cheaper than rent. Even after after giving Rick Scott an extra $330 a month for property insurance.

24 Bm05211983   2014 Feb 21, 2:26am   ↑ like (0)   ↑ dislike (0)     quote        

I hope they crash and burn

25 JH   2014 Feb 21, 2:30am   ↑ like (0)   ↑ dislike (0)     quote        

CaptainShuddup says

JH says

Where are you from?

Where the mortgage is still cheaper than rent. Even after after giving Rick Scott an extra $330 a month for property insurance.

Rick Scott's RE prices are awesome. Sure you can pay for your ocean views, but if you go all of 1/2 mile inland prices are normal. And a few miles inland, it's cheapo cheapo.

26 Tenpoundbass   2014 Feb 21, 2:32am   ↑ like (0)   ↑ dislike (0)     quote        

Who in the fuck would want to live on a Florida beach?

27 RentingForHalfTheCost   2014 Feb 21, 2:36am   ↑ like (0)   ↑ dislike (0)     quote        

Bm05211983 says

Your rent will be double donjumpy while ours never changes. Good luck

No, nothing about your place changes. Same mortgage, same taxes, same maintenance, same insurrance. Same bills over and over draining your income so you are locked in perpetual debt until you get close to dying. Hey don't forget that everything about your house gets older each and every day. Good for you. I wish I had gotten that memo.

28 Tenpoundbass   2014 Feb 21, 2:43am   ↑ like (0)   ↑ dislike (0)     quote        

RentingForHalfTheCost says

No, nothing about your places changes. Same mortgage, same taxes, same maintenance, same insurrance, same bills over and over draining your income so you are locked in perpetual debt until you get close to dying. Good for you. I wish I had gotten that memo.

I don't get this argument, what is your ultimate end game?

Someone gives a place to live out the rest of your life, rent and mortgage free? While we poor homeowners who were duped into buying a house, languishes with our mortgage payment. Which for me, is $500 to $700 less for my house, than if I were renting something comparable.

You've got to cover your monthly roof nut regardless where you live, or the terms of those conditions. Whether it's renting or paying a mortgage. You will continue to cut someone a check until the day you die. Hopefully for homeowners, who will eventually pay off their house. Their monthly property tax should still be a hell of a lot cheaper than renting.

But I probably shouldn't tell you that, you'll just use that as proof, income inequality, and sign a petition urging congress to raise my property taxes, because we've got it so good.

Grow up already!

29 KimJongUn   2014 Feb 21, 2:43am   ↑ like (0)   ↑ dislike (0)     quote        

Bm05211983 says

My shacks aren't for sale And never will be kiddo.

So you own an asset which has no resale value per your own theory and brag about it? LOL

30 Bm05211983   2014 Feb 21, 2:44am   ↑ like (0)   ↑ dislike (0)     quote        

You work a 9-5 don't you renting for half the cost. I'll rent my house to you for $1000 profit and move to hawaii while you work 9-5 and buy me a house. Renting....

31 Tenpoundbass   2014 Feb 21, 2:46am   ↑ like (2)   ↑ dislike (2)     quote        

Oh Stop IT, no one is moving to Hawaii from renting out a $1000 blight on a cul-de-sac by the over pass, next door to loudest neighbors on earth.

32 FortWayne   2014 Feb 21, 2:56am   ↑ like (0)   ↑ dislike (0)     quote        

Well, that's silly. What, did all the builders in America decided to call it quits and went on collective welfare?

Plenty of houses out there.

33 Bm05211983   2014 Feb 21, 3:10am   ↑ like (0)   ↑ dislike (0)     quote        

When you have 15 of them you Can move anywhere

34 New Renter   2014 Feb 21, 3:32am   ↑ like (0)   ↑ dislike (0)     quote        

Bm05211983 says

When you have 15 of them you Can move anywhere

You are starting to sound like renting for half the cost.

35 JH   2014 Feb 21, 3:34am   ↑ like (2)   ↑ dislike (2)     quote        

New Renter says

Bm05211983 says

When you have 15 of them you Can move anywhere

You are starting to sound like renting for half the cost.

So it takes owning 15 homes to have the flexibility of a renter...

36 Analyzer   2014 Feb 21, 3:37am   ↑ like (0)   ↑ dislike (0)     quote        

One clear advantage that the renters have is not having to deal with the mental anguish of: when is the right time to buy or sell, will I be priced out of the market forever, competing against multiple bids, generational low interest rates, and all the other nonsense surrounding the real estate market.

Personally I would choose the less stress route.

37 Analyzer   2014 Feb 21, 3:46am   ↑ like (0)   ↑ dislike (0)     quote        

jojo says

@Analyzer


If someone is overly concerned about timing the market or being priced out 'forever' then they probably should not be buying. But if it fits with a person's long term plans, it can make good financial sense. It can only be determined on a case by case basis.

Agreed, however many of the less informed are driven by these market myths that are often perpetuated by realtors and lenders.

38 CDon   2014 Feb 21, 3:50am   ↑ like (2)   ↑ dislike (2)     quote        

Analyzer says

One clear advantage that the renters have is not having to deal with the mental anguish of: when is the right time to buy or sell, will I be priced out of the market forever, competing against multiple bids, generational low interest rates, and all the other nonsense surrounding the real estate market.

Personally I would choose the less stress route.

There is a certain irony in your comment in that you basically just described the "mental anguish" of vast majority of renters who spend their time here on Pat.net

Don't get me wrong, there are some people who are truly happy with renting as a lifestyle choice, and I think that is great (I wish more people did that). However, not a single one of those people is here. Those people who truly do not care about owning are out living their lives without a care about what home prices are doing.

39 Analyzer   2014 Feb 21, 3:54am   ↑ like (0)   ↑ dislike (0)     quote        

jojo says

People need to filter out the noise and understand the difference between a salesperson vs an advisor.

Easier said than done.....................

40 Fucking White Male   2014 Feb 21, 3:58am   ↑ like (1)   ↑ dislike (1)     quote        

It's a stupid statement on face value as many of us live/work in very pricey areas precisely due to work considerations, yet could afford to buy in other areas, including less expensive parts of coastal California at retirement for 1-2x income. I can't speak for everyone here, but I already can do so and I'm only in my early 40's. It's the $800k plus homes, which were in the $200k'ish range only 15 years ago, that eludes me.

And yes, id rather pay $1700/mo in rent than 500k plus HOA for the exact same size condo 30 yards away from me. Btw, if you try to number crunch, forget about it. No on with $100k down is buying an 1120 sq ft condo in an apartment lined neighborhood. I'm positive it will be empty units purchased all cash by people who don't live in the US.

41 JH   2014 Feb 21, 4:01am   ↑ like (1)   ↑ dislike (1)     quote        

dodgerfanjohn says

No on with $100k down is buying an 1120 sq ft condo in an apartment lined neighborhood. I'm positive it will be empty units purchased all cash by people who don't live in the US.

But all cash are pulling out already, so now nobody will be buying them.

42 Analyzer   2014 Feb 21, 4:12am   ↑ like (1)   ↑ dislike (1)     quote        

CDon says

Analyzer says



One clear advantage that the renters have is not having to deal with the mental anguish of: when is the right time to buy or sell, will I be priced out of the market forever, competing against multiple bids, generational low interest rates, and all the other nonsense surrounding the real estate market.


Personally I would choose the less stress route.


There is a certain irony in your comment in that you basically described the vast majority of renters here on Pat.net


Don't get me wrong, there are some people who are truly happy with renting as a lifestyle choice, and I think that is great (I wish more people did that). However, not a single one of those people is here. Those people who truly do not care about owning are out living their lives without a care about what home prices are doing.

Good point. The problem may be that housing has become too focused on the investment rather than the basic necessity.

43 Bm05211983   2014 Feb 21, 4:39am   ↑ like (1)   ↑ dislike (1)     quote        

@donjumpsondicks, u are right. Your way is the best. Enjoy your room that you rent, lol, for the rest of ur life. You can leave the rented room to your loved ones if you have any when you pass away. Maybe, just maybe, the social security will cover part of your rent when ur old and broke while I'm JUMPING from house to house which of all will be paid off. :) sounds like a great life donjumpsalloverdicks

44 JH   2014 Feb 21, 4:56am   ↑ like (0)   ↑ dislike (0)     quote        

jojo says

BowelMovement may be a douche

That is being nice. I was thinking "condescending prick". I would rather talk to iwog who can be reasonable at times and i'm guessing is a better landlord than this fool.

45 KimJongUn   2014 Feb 21, 6:23am   ↑ like (0)   ↑ dislike (0)     quote        

Bm05211983 says

When you have 15 of them you Can move anywhere

So you're a manager of 45 toilets? Yawn. We have several of these here and none of them can afford to quit their 9-5 and "move anywhere", let alone expensive place like Hawaii.

46 RentingForHalfTheCost   2014 Feb 21, 6:45am   ↑ like (1)   ↑ dislike (1)     quote        

CaptainShuddup says

I don't get this argument, what is your ultimate end game?

Retire with enough income so you don't need to be a slave. If renting is cheaper than owning then rent. Which is what people should be doing in the SFBA at this point. In the last 10 years I have saved enough so the dividend payments from stocks are enough to cover my rent. To me that is pretty much the same as owning a home. In 10 years you can be rent free if you play the game correct. Not the traditional 30 that banks want you to believe.

Most people on here are fine with adding the unnecessary extra 20 years or so of payments, because they all subscribed to the greater fools theory. Unfortunately, that theory has a very bad ending for many that play it too long. SFBA housing is really a giant ponzi scheme at this point and many good people will get seriously hurt again. Sad, so sad.

47 rooemoore   2014 Feb 21, 6:51am   ↑ like (0)   ↑ dislike (0)     quote        

RentingForHalfTheCost says

SFBA housing is really a giant ponzi scheme at this point and many good people will get seriously hurt again. Sad, so sad.

Your not fooling anyone here. You would dance and laugh if "good people" got "hurt again".

48 RentingForHalfTheCost   2014 Feb 21, 8:20pm   ↑ like (0)   ↑ dislike (0)     quote        

rooemoore says

RentingForHalfTheCost says

SFBA housing is really a giant ponzi scheme at this point and many good people will get seriously hurt again. Sad, so sad.

Your not fooling anyone here. You would dance and laugh if "good people" got "hurt again".

Couldn't be more from the truth. I spend my life fighting for the good people. Mean and greedy people can go to hell.

49 iwog   2014 Feb 22, 12:24am   ↑ like (2)   ↑ dislike (2)     quote        

RentingForHalfTheCost says

Couldn't be more from the truth. I spend my life fighting for the good people. Mean and greedy people can go to hell.

RentingForHalfTheCost says

Dude, I am only 14 years old. It has been a blast messing with you guys. Most of my material comes from listing to my parent talk about buying a home in SFBA for the past 10 years. I see their confusion and witnessed first had how realtors have treated them over the years. We bought a house finally in 2006 only to lose it in 2010. My parents have more self esteem than most and once they couldn't make the payment cause my Dad lost his job, we went to renting. They could have swatted for years, but they grew up better than most of the idiots around here. It seems like the SFBA is made up of people with little integrity and I see the same on these boards. A bunch of ambulance chasers trying to make money off the hardships of others. If I was king, I'd beat them with their own arms.

50 joe123   2014 Feb 22, 2:42am   ↑ like (2)   ↑ dislike (2)     quote        

Housing is about to crater (again)

51 John Bailo   2014 Feb 22, 3:22am   ↑ like (0)   ↑ dislike (0)     quote        

When I was in high school, I thought I would end up an intellectual, living in a $200 a month rent controlled apartment on Manhattan's Upper West Side.

That didn't happen.

52 Smallblock57   2014 Feb 22, 3:48am   ↑ like (0)   ↑ dislike (0)     quote        

jojo says

@JH

I doubt he really is a landlord. Someone who legitimately owns and operates a property business would not talk this way.

Your right...............he sounds like someone recently bought in the biggest speculative bubble market there is and has recently realized that he is SCREWED...............all the housing bulls are starting to realize this and are running out of justification for this fake market. Even the most manipulated housing and economic data is looking grim ....so don't go away mad like Roberto, just go away : )

53 Bm05211983   2014 Feb 22, 3:56am   ↑ like (0)   ↑ dislike (0)     quote        

You sound like someone who will be a renter forever :)
Now run off and play little boy

54 John Bailo   2014 Feb 22, 4:16am   ↑ like (0)   ↑ dislike (0)     quote        

A 2012 report by the Iowa Finance Authority found that young adults between the ages of 25 and 34 formed more new households in Iowa than any other age group in the decade. But they aren’t buying new houses – the majority of them are renting.

“This is a generation that’s moving into apartments,” Culkin said. “This is a phenomenon that is going to continue to increase.”

http://thegazette.com/2014/02/20/apartment-rents-in-eastern-iowa-rising-as-demand-continues-to-grow/#ixzz2u5GS1YlC

Buying a home is obsolete.

55 someone else   2014 Feb 22, 9:11am   ↑ like (1)   ↑ dislike (1)     quote        

he was not banned, just quit.

56 oaky   2014 Feb 22, 10:11am   ↑ like (1)   ↑ dislike (1)     quote        

roberto realized that there is no valuable information from this forum and he left. this was my first and last thread and it was titled for the majority of the idiots on here. A bunch of broke left winged democrats that will rent forever. Peace out little ones and OBUMMMMMMMMMMMMMMER lovers

57 Bigsby   2014 Feb 22, 1:11pm   ↑ like (0)   ↑ dislike (0)     quote        


he was not banned, just quit.

You banned him after he returned though, didn't you?

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