patrick.net
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There are only a very few people I know of who've been in the neighborhood longer than I have (13 years now).
I'd love to see a rough rent/buy calc for over the 13 years that shows you have been better off renting vs buying for those 13 years.
Not saying it's not possible, especially with a great rental deal, but hard for me to fathom without seeing the numbers.
8 years in a rental purchased by owner for $405k.
Move in rent = $1,480. Move out rent = $1,630
Current asking price = $375K
Humm...
FortWayne
2015 Oct 26, 7:57pm
You know Patrick I was thinking about this trap deal.
This housing isn't very different from credit cards. Credit cards try to get you to max yourself out and pay them interest for the rest of your life. And housing today isn't any different, banks want you paying interest to them for as long as they can get you. Might not be the same, but similarity is there.
B.A.C.A.H.
2015 Oct 27, 12:30pm
Fort Wayne,
My partner and I were house poor for about five years, but after that, with prop 13 basis locked in and amortizing the loan it wasn't so bad.
Now my "rent" is below market by a lot.
Many I know who chose to rent over the years are dealing with rents escalating and getting kicked out for property upgrade, sale, family moving in, etc at the end of their leases.
Patrick moved here from the Midwest and brought his Midwest sensibility with him, hence his Sticker Shock.
Obnoxious Behavior of Obnoxious Bay Arean Obnoxious Realtors exacerbated his negative perception about buying.
Beans and Rice, Old Beater Cars, and Sucking It Up on the Job for a few years seem like relatively small sacrifice now, for our "rent controlled" residence.
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It's $12.50 so that if you buy two (makes a great gift!) then you don't have to pay any shipping charges.
Here is the table of contents:
Trapped! 8
Can't Sell 9
Can't Pay Off Mortgage 10
Must Keep Obeying Boss 10
The Conspirators 12
Your Agent 12
Your Mortgage Broker 18
Your Bank 18
Fannie And Freddie 19
The Federal Reserve 20
Newspapers 21
The NAR 23
Congress 24
The President of The United States 25
Current Owners 25
Your Boss 26
Your Parents 27
Your Wife's Parents 27
Your Wife 27
Fallacies and Fantasies 30
Appreciation 30
Building Equity 32
Renters Throw Money Away 34
Tax Deduction 37
Real Estate Is Local 39
So Little Supply 40
So Many Buyers 40
Foreigners 41
House Prices Don't Fall To Zero 41
Supply And Demand 42
Land Shortage 44
Fundamentals Don't Matter 44
Commissions Don't Matter 45
Agents Don't Care What You Pay 46
My Neighborhood Is Different 46
You Have To Live Somewhere 47
Rentals Not Available 48
Rentals All Suck 48
Owners Can Remodel 49
But The Newspapers Say... 50
But The Appraiser Said... 51
Home Sweet Home 52
Status 53
Affordability Is Good Now 53
Owning Limits Your Monthly Payment 54
People Buy On Emotion 55
Baby Needs House 55
I Just Want It 56
Scams and Dirty Tricks 58
Realtors® Claiming They re "Free" 58
Claiming That You Need An Agent 60
Showing You The Ugly Dogs First 61
Underpricing 62
Missing Price 64
Missing Address 64
Renting Property Without Permission 65
Straw Buyers 65
Faking Comps 66
Faking The Dimensions 67
Faking The Sale 67
Erasing Price History And Relisting 68
Faking Higher Offers 69
Hiding Your Low Offer 69
Taking Bribe To Hide Your Offer 70
Hiding Offer To Get Double Commission 70
Hiding Offer To Get Seller To Take Loss 71
Photoshop 71
Advertising Agent Instead Of House 71
Kickbacks 72
Bribes 72
A Trick Of Your Own 73
What Should You Do? 75
Be Paranoid 75
Never Sign Any Agent Agreement 75
Never Reveal Your Price Limit 77
Hire Your Own Independent Inspector 78
Favor FSBOs 78
Do Not Rush 80
Do Not Overpay 81
Deliver Offer To Seller Personally 83
Pay Cash 84
Long Term Lease 85
Walk Away 85
If You're A Realtor® 87
Calculating Fair Price 88
Two Kinds Of Rent 89
Borrowing Does Not Help 91
Downpayment Doesn't Help Much 91
Conventional Mortgage 92
Deduction Doesn't Help Most People 93
Appreciation Is Uncertain 95
Taxability Of Gains 96
What About Leverage? 97
What About Inflation? 98
Rules Of Thumb 99
Anything else? 101
Long-Term Solutions 102
Call Housing Inflation What It Is 102
Help Correct Reporters 103
No Public Guarantees For Private Debt 104
No Mortgage Interest Deduction 105
Public Bids On Housing 107
Legally Binding Offers To Sell 108
Eliminate Comps As Meaningless 108
No Empty Houses 109
Publicly Financed Elections 110
End Proposition 13 In California 111
The Georgist Land Value Tax 112
Spread The Word 113