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NorCalBear
2012 May 16, 8:50am
RentingForHalfTheCost says
dublin hillz says
So yeah, while it may have been better to rent than own same pad, I still would never pay that much in rent
You are paying that much and more to rent money. Either from yourself if you paid all cash or from the bank if you didn't. I don't see any difference except renting for 4500/mth saves you more money. Now, if you are gambling on the house appreciating then all bets are off. Be honest.
I would not rent for $4,500 or buy for $1.2 million. Either option is completely insane.
Agreed on the insanity of either option.
What was the old rule of thumb, maximum of 33% of gross income for a mortgage or 25% of gross income for rent?
$4500 a month rent should then be $216K gross, its not one-percenter income, but its in the top 5%.
Does 1 in 20 (5%) of households pay $4500 a month or more? I would think not.
FuckTheMainstreamMedia
2012 May 16, 9:54am
^^^^^
This is interesting.
I pay just over 25% gross in rent.
I do not believe I could find a place I want to live in at the moment for 33% gross....
Theres areas I like that are or we're pushing that point, but now there's zip as far as inventory.
And for the record, renting doesn't suck.
Ha! I'm wondering when it will become the thing to start spamming such comments with Landlords are Liars.
For me, renting is a means of wealth preservation. As a control freak who's sensitive to his surroundings, that's the best argument I can make for renting over owning.
if they took out equity on their home during the bubble days and invested it all into Apple stock then they made a killing
LOL, they didn't buy AAPL with it, they squandered it on Pergo floors, stainless steel appliances, granite countertops, and a tropical vacation.
RentingForHalfTheCost
2012 May 17, 6:20am
Sure i missed out on the 2017 absolute bottom.. But you have something to sell in 2030.. vs. nothing to sell as a renter.
Except all the stocks and bonds you accumulated over the years. Enough to buy two or three houses with cash.
RentingForHalfTheCost
2012 May 17, 6:24am
if they took out equity on their home during the bubble days and invested it all into Apple stock then they made a killing
LOL, they didn't buy AAPL with it, they squandered it on Pergo floors, stainless steel appliances, granite countertops, and a tropical vacation.
Not to mention paying of the ballooning credit cards and getting that new motorcycle and ski boat. Oh, and that overpriced 1 month vacation in Europe. All while their salaries just barely beat inflation. Can you see the bubble? Nah, forget it.
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I have a rental property where the tenants are paying around $3k per month in rent. Which was a bit high when they signed a year ago but now based on my research of going market rents it's actually a bit low! I'm fairly confident that I could increase the rent 10% and have it rented in a month.
They are good tenants
I'm not trying to be greedy just need to stabilize my cashflow.
It's a good area generally so finding good tenants is not a problem.