patrick.net

clambo says

She was a lifelong renter because she hated debt too much probably. I found out only a few years ago it was she who lent my father the cash to buy the property with an ocean view in martha's vineyard. She had the cash, he didn't because he had a mortgage somewhere else to pay.
My grandmother was clever. So, after lending my father some dough, he built a house, had a pole line put in to have electricity, made us do landscaping, rock walls, etc. bust our butts and make a nice house for my grandmother to visit every summer she wished to.

I'm guessing grandma's real estate portfolio is now worth zero, but unless father bought in the last 5 years, he may have doubled his money - am I right?

Owning a home was probably the biggest pain in my ass ever, in fact, I would probably go through another military boot camp vs. owning again. I can't say I blame some people who like staying in one place, or who are 40+ and looking to lock in their rent payment...but it's not for me. Good luck to you though.

First Congrats!!!

Second why give anything that even seems like an "all clear signal"now?

third,..
you may never feel this out but the home and the loan really own you BTW. you work for the house (and the Bank.) some folks like this idea,...some don't,... some never realize its truth. Some even teach their children how to be debt slaves.

forth
ego is a bitch

fifth.
Debt is slavery! ( I would have just said congrats had you paid all cash)

Katy Perry says

Some even teach their children how to be debt slaves.

That's the difference between my kid and yours. When mine is 35 (hopefully not sooner) she'll live debt free in the house I paid for...yours will be renting and paying the landlord EVERY month...and exposed to some landlords BS while paying it.

Now THAT is slavery. I just wish my parents hadn't rented all their life...because the money is gone either way, except there is nothing left behind.

:)

I don't have kids Suboink

you sound like you think your house debt is an investment or something. it's not like it's increasing in price every month.

it's more like a used car That needs lots of work and stuff bought for it. That you bought with money you didn't even have. your agreed debt is worth more than the house BTW.

your not dumb enough to believe you"ll be actually paying the price you Realturd told you over 30 years. look at the bottom of your loan paper work. Thats the price you really agreed to pay.

There is a chance your house will never be worth that number. It's going to lose value like a used car every year for another decade at least IMHO. plus maints costs and taxes.

you're fooling yourself if you think you own anything other than debt and liability. that is not real security BTW. That's a pretty strong exposer to risk in this market IMHO. Renting is Not.

Maybe you could rent it out and break even after all costs maybe not. I bet not in your part of LA. I bet Rents are very close to your actual costs if you added everything up.

How can you call yourself anything other than a debt owner, or Home Borrower. I mean what is someone called that Payed %100 cash for a house. They're called an Owner also. Should we call them Super duper Owners or Extra special Owners now maybe? Quit fooling yourself. Your a debt slave that's why you go to work to Pay your Master

SubOink says

Katy Perry says

Some even teach their children how to be debt slaves.

That's the difference between my kid and yours. When mine is 35 (hopefully not sooner) she'll live debt free in the house I paid for...yours will be renting and paying the landlord EVERY month...and exposed to some landlords BS while paying it.

Now THAT is slavery. I just wish my parents hadn't rented all their life...because the money is gone either way, except there is nothing left behind.

:)

You actually mean you wish your parents had invested the money they saved by renting instead of spending it don't you. For most people it USED to be better to buy as a forced savings plan. With all the equity loan stuff that's not even close to true any more. Now far to many people simply blow the equity at any opportunity.

Katy Perry says

That's a pretty strong exposer to risk in this market, IMHO. Renting is Not.

Sure it is. What happens when rents rise?? That sure sounds like exposure to me...

Katy Perry says

Your a debt slave that's why you go to work to Pay your Master

And you go to work to pay your landlord. How is that any different?

people throw around the term debt slave but it usually applies to someone with unsecured debt.
Your house is not unsecured debt. If you feel enslaved you simply sell the house.

tatupu70 says

And you go to work to pay your landlord. How is that any different?

you're talking about someone who most like lives in their parent's basement.

Hauling junk from foreclosures doen't sound that bad. You can get lucky and end up with some really nice stuff. Heck, I would be willing to do it for FREE provided the hosues are in a rich neighborhood.

toothfairy says

If you feel enslaved you simply sell the house.

Sure, simply sell the house. Easy!

Realtors will line up around the corner to get the listing, and buyers will..., er, never mind.

BD

Katy Perry says

Thats the price you really agreed to pay.

And that is less than what you will pay in rent for the remainder of your life.

Don't forget, I can pay the house off at any point without a pre payment penalty. We are already doing principal only checks with the money that we are saving from the refy (the difference between mortgage and what rent used to be).

And with interest rates at 3.85% its really not that much. Less than what your rent increase is going to be over 30 years. Just go back in time.

You are lying to yourself. You simply don't understand how it works, do you?

Katy Perry says

There is a chance your house will never be worth that number

You don't get it, it does not matter if the house would be worth that number EVER, because I am not going to sell it. What don't you understand?? I am paying LESS than rent for the house. My "rent" is frozen. It will NEVER go up. And once the house is paid off, I do not have to pay to live anywhere anymore.

I am not ever planing on selling the house. Where should I live? on the street?

This is our home - period. Not an investment. And its cheaper than renting.

Have you ever calculated how much you are going to have WASTED over 30 years. If you rented my house for the going rate of 3000...you'd have thrown out 1mill in 30 years. That's without a rent increase in 30 years. Quite frankly, in 30 years from now, you will still be renting with your attitude and rent is going to be more like 6000/month - woops! Hope you will have a big retirement account to give to a landlord.

Who is the realturd here? :)

by the way, katy perry...

A house that sells for 550k right now, will cost you 955k over 30 years. (don't start with repair costs because then we also have to compare moving costs of somebody that rents and move's every 2 years etc etc)
I am not even considering the interest deduction into the 955k...because de facto its a lot less. (hard to say, depends on income and tax bracket) - more like 750k.

Is there a possibility that house prices will have only doubled in 30 years from now?

Let's say that house is worth exactly what you paid for it. So you sell it for 550k. Are you aware how much cheaper you have lived compared to renting?

Think of it this way. You ARE paying off a mortgage. Somebody else's.

:)

Owning is almost always cheaper in the long run. Mortages don't go up, and youe ventually own your house. That is not the case with renting.

HousingWatcher says

Owning is almost always cheaper in the long run. Mortages don't go up, and youe ventually own your house. That is not the case with renting.

Which is why it's no surprise that, give or take some unusual / temporary situations, the rich always own instead of rent.

True. Renters in rich neighborhoods are very rare. Renters are mostly limited to the inner cities and middle class suburbs... but mainly inner cities.

I don't get the continued argument.

If a house is cheaper than renting and the downpayment opportunity cost isn't an issue, I dunno what the problem is. I'll only note that for much of LA suburbs, as well as westside, south bay, and downtown, it's not yet cheaper to buy than rent.

tatupu70 says

Sure it is. What happens when rents rise??

you move. next question from smarty pants know it all?

HousingWatcher says

Owning is almost always cheaper in the long run.

yes but this assumes you live a real long time. what if not? two of my boys died before they were 30.

Nomograph says

Nothing wrong with that, but personally I only take advice (or guff) from people who have achieved some level of success that is worthy of admiration.

You are one hurtfull dude. you never even stop to think that a man might have some feelings? so much darkness out of someone says more about you than any one you try to cut down. i know your clowning but go easy I AM A SUCCESS as a business man a widower and a veteran so you can take my advise

SubOink says

hink of it this way. You ARE paying off a mortgage. Somebody else's.

well that is not how it is with my renters. face it chubby you are probably gonna loose your butt in the next few years. why carry on like this in public

JodyChunder says

Nomograph says

Nothing wrong with that, but personally I only take advice (or guff) from people who have achieved some level of success that is worthy of admiration.

You are one hurtfull dude. you never even stop to think that a man might have some feelings? so much darkness out of someone says more about you than any one you try to cut down. i know your clowning but go easy I AM A SUCCESS as a business man a widower and a veteran so you can take my advise

Take mine. Put a shirt on.

JodyChunder says

you move. next question from smarty pants know it all?

Funny thing--usually when your rent goes up, the rent is rising everywhere.

tatupu70 says

JodyChunder says

you move. next question from smarty pants know it all?

Funny thing--usually when your rent goes up, the rent is rising everywhere.

That's what I thought too but apparently there is a place way out in the high desert...called VIctorville. Rents fall there when rents are rising everywhere else. It's a desert thing.

:)

JodyChunder says

SubOink says

hink of it this way. You ARE paying off a mortgage. Somebody else's.

well that is not how it is with my renters. face it chubby you are probably gonna loose your butt in the next few years. why carry on like this in public

...why sit shirtless holding a gun up in a chair in public? :)

lol @this thread

edvard2 says

tatupu70 says

Yes and no. If you own your home, you eliminate a major retirement expense. That definitely creates wealth.

Maybe. If you had taken the same money spent on a house and instead stuck it in stocks you would actually be better off... to pay for your future old folks home- where we'll all wind up anyway.

Yes because stocks were such a great investment this decade.

tatupu70 says

Funny thing--usually when your rent goes up, the rent is rising everywhere.

usually he says. prove it smarty. not at all true. you are making an ASSumption.

Bigsby says

Take mine. Put a shirt on.

i am wearing the shirt God stitched up for me. None better buster. be so uptight

SubOink says

Rents fall there when rents are rising everywhere else. It's a desert thing.

i am property manager with 14 properties in California, Louisiana and Texas. Rents do not follow the continuous upward path like what you think. Staiblity is what I am after. You tell yourself that t o make yourself feel good about a dumb purchase. I do it to pal., we all do it oinker but we dont all take to hollering about it.

Victorville is special

Los Angeles Owner says

hat definitely creates wealth.

not unless you a property manager like your big brother Jody

Mark D says

lol @this thread

It is fun to keep it alive...LOL

JodyChunder says

usually he says. prove it smarty. not at all true. you are making an ASSumption.

You want me to prove the concept of inflation? Really?

Google median rent and I think you'll find many sources that show that rent increases are pretty much in line with inflation.

if you really want to brag. Post your purchase price and your location. Come back regularly to gloat.

show us the money.. everything else is just blah blah blah same old rehashed arguments I've heard from Realtors the last ten years.

Serpentor says

if you really want to brag. Post your purchase price and your location. Come back regularly to gloat.

show us the money.. everything else is just blah blah blah same old rehashed arguments I've heard from Realtors the last ten years.

Yes, I am going to post my personal details on a public site on the internet. Would you like a bank account number, social security with that too? After all, I could just find some house and claim its mine. Would that make you feel better? Why don't you start with your personal data first?

You can't look up zillow/trulia/redfin etc yourself? I am not some unique case. That's kind of my whole point. I found a good deal, just like the many others there are out there.

Also, nobody's is bragging. If you read my topic then you will see that I am simply ANSWERING to the crap I was told about a year ago when we bought.

Nice try buddy.

tatupu70 says

ou want me to prove the concept of inflation? Really?

Google median rent and I think you'll find many sources that show that rent increases are pretty much in line with inflation.

dear i know everything: you are trying to kid me. inflation is when there is more $$$ circulating. nothing to do with general rent increases. and also rental rates rates are like real estate sales in that it is REGIONAL of course. I did google median rent and what i found was that rent went DOWN in 2008 and 2009 in many palaces. I did not have to lower the rent on any of my properties BUT I did go 2 years with out any kind of increases on my two proerpties in TEXAS. That is not a drop persay but it is in a way because my expenses on those properties did not stay static including a a new septic on one. $$$.

SubOink says

Yes, I am going to post my personal details on a public site on the internet.

if you worried just give him the address of teh nearest Carls Jr. should be close enough.

JodyChunder says

inflation is when there is more $$$ circulating. nothing to do with general rent increases

You're wrong, but it doesn't really matter. Again--I can't believe you are even arguing this. Look at rental rates over the last 30 years rather than 1 or 2 random years during the worst recession since the Great Depression.

If you want to claim that rents don't generally go up with inflation, have at it. You don't look like the brightest bulb...

tatupu70 says

1 or 2 random years during the worst recession since the Great Depression.

If you want to claim that rents don't generally go up with inflation, have at it. You don't look like the brightest bulb...

yes you would have to go and make it hateful with a nasty comment. I should have known with a squirrel like your self that it would go that way, I may not look rightt to you but I am right on inflation. look it up. you are not talking infaltion you are talking FLUCTUATION in supply and demand numb nuts.

hey tatupu70: how can I post a link on here?