Renting and reinvesting the savings from renting, will outperform owning and building equity

[Robbie3000]

In an expensive market, you should continue renting until such a time rent is higher than the mortgage payments.

This is the strategy I’ve been using over the past few years. People laughed at me for “wasting” my money renting, but In eight years, I calculate I will have enough to put down 50% towards the place if I choose.

Meanwhile, if I had bought a place with no money down or 5% money down, in 15 years most of my mortgage would still be going towards the interest and wouldn’t have made a dent in the principal.

Mortgages are scams if you can rent the same place for cheaper.


Speak on it.

 

[Astroslik]

Just wait till the recession happens.

 

[froggle]

In an expensive market, you should continue renting until such a time rent is higher than the mortgage payments.

This is the strategy I’ve been using over the past few years. People laughed at me for “wasting” my money renting, but In eight years, I calculate I will have enough to put down 50% towards the place if I choose.

Meanwhile, if I had bought a place with no money down or 5% money down, in 15 years most of my mortgage would still be going towards the interest and wouldn’t have made a dent in the principal.

Mortgages are scams if you can rent the same place for cheaper.


Speak on it.

Finances really is about juggling your money the best.

Understanding money is like a super power most dont master

 

[The Blackout]

Going homeless while working 40 hours a week+savings will be your best ROI

 

[havoc]

Going homeless while working 40 hours a week+savings will be your best ROI

Most of us are not about that life.

 

[wongzini]

Your theory is useless without cities and prices you can cite for example.

The thing about getting a buying is that you can benefit from forced and capital appreciation among other things...

Yeah of course if you keep the same mortgage for 15 years you won’t benefit much but if you refinance upon appreciation because you bought right you won’t have that problem.

Plus you never said what you are investing and most people aren’t the next Warren Buffett.

 

[TL15]

Renting is good if rates are comparable to mortgage rates

10% down
Being responsible for the repairs

Being liquid is always good if you need money

 

[KING WILL]

This seems like more about you shytting on ppl that told you, you were throwing away money renting vs you actually trying to spread some usable knowledge.

I could be wrong tho...

 

[CouldntBeMeTho]

Build a house or renovate >>>

Mortgages are definitely scams btw

 

[Hawaiian Punch]

Well right now my mortgage is less than a comparable rental so I guess I won.


What works for you works for you, but it will not work for everybody. You calculating future savings and projecting savings from that. Most nikkas trying to get balenciagas fits to stunt in the club next Friday. This why my advice is get it how you get it. If you into saving, save. If you into spending, spend. Time will tell who wins that race.

 

[Robbie3000]

This seems like more about you shytting on ppl that told you, you were throwing away money renting vs you actually trying to spread some usable knowledge.

I could be wrong tho...

Nah I was just trying to get some feedback. Damn y’all are so cynical.

I live in DC. The difference between my rent and a comparable mortgage is about $800 a month. I just invest the difference in the market. This is much better strategy for me.

When I lived in the A, it made sense to buy since property is so inexpensive relative to DC, mortgages are comparable to rent.

 

[mag357]

Just realizing mortgages are scams...
Or maybe scam isnt the right word...
But some other muthafukaz are definitely eating off of the "American dream" bullshyt...
And it ain't us

 

[TRFG]

depends on the market. buying city centers like NYC has it's upsides

Mortgages are definitely not scams. People who have shyt credit and no relationships with the banks are the only ones I hear say this.


Take it like this my family is building a gas station from the ground up the interest we're paying is only 3% interest, that's basically free money.

 

[lespaulultra3]

My mortgage in Houston is $1020 and comparable houses rent for $1600 in the area. Granted, I do spend more per month since I do all the upgrades and repairs but I do have equity in the house. I could sell it tomorrow and walk away with 70k in my pocket after paying off the loan. Also, you can pay off a house in 15 years or less by making extra payments towards the principle.

 

[dora_da_destroyer]

Owning a multi unit building that pays for itself and puts profit in your pocket >>> whatever you hollering about in OP