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

[mag357]

It's because real estate is one of the few things that you can spend your money on and it actually appreciates in value (assuming you're in the right area). Spending that same money on boats, cars, clothes etc is fine but just know that it actually depreciates in value as soon as you leave the store.

True...

But people are eating off you in the process.
Guaranteed money coming to them every month.

In the beginning stages of ur mortgage, ur interest sometimes is around the same amount as the fukking principal...

That has to sound back.
Most human beings on earth arent looking at a home as an investment...
They are looking for shelter and a place for their family to live.

The business of selling people homes is grimey

 

[mag357]

This is awful thinking...

If you can’t part with $30-100k for a down payment, then it’s clear you’re not ready to buy. People don’t just stack a random $50k and blow it on a whim. You should have all other debt paid down low or off completely, you should have a strong stable income, you should have been saving purposely to buy a home which is separate from a general/emergency savings. The fact that you’d use the term “50k to blow” like some purchasing a house is doing something as frivolous as buying Versace fits or, gasp, a bmw/Lexus/Benz etc which people tend to do is ridiculous. Buying real estate is not blowing money

Not about being frivolous or not...
And u just made my point with ur words...

You are not "purchasing " shyt... with a down payment brother...

Can we both agree that 50k or 20% of the cost of a home is a lot of money?
I'm sure we can agree on that
Especially since that is one of the stumbling blocks for many ppl to have a chance to pay a mortgage... the down payment...

Now since we both know that is alot of bread...
Then my point is, you paid that large amount of money... and still dont own anything.

Uve just handed over ur savings to have an opportunity to pay a bank some rent

 

[mag357]

Bought my house cash.
So no mortgage or rent > whatever you call paying money to someone else but not owning anything

THIS... atleast

 

[Kyle C. Barker]

how would they know?

You're neighbors would report you if you were foul with it. Seen it happen with some Indian dude who tried to be slick. Neighbors weren't feeling him renting out to 5 guys who were fukking up the parking situation

Why would you buy a home with no money down?

Why dont you compare it to someone who put 20% down?

Why dont you also factor in those people (like myself) who pay their mortgage and then add extra each month for principal only?

Seems like youre cherry picking to give yourself a pat on the back but ive seen weirder flexes so

@Robbie3000 world have to come to the table with $100k for a 1 bedroom condo in Arlington

If He is single I would actually encourage him to invest that money elsewhere too

 

[beenz]

I'd rather own my own home. that way I can do whatever the fukk I want and not have to ever be beholden to some a$$hole landlord. plus ur paying for an asset and not making someone else wealthy.

 

[CrimsonTider]

Renting is just throwing money away

 

[dora_da_destroyer]

Not about being frivolous or not...
And u just made my point with ur words...

You are not "purchasing " shyt... with a down payment brother...

Can we both agree that 50k or 20% of the cost of a home is a lot of money?
I'm sure we can agree on that
Especially since that is one of the stumbling blocks for many ppl to have a chance to pay a mortgage... the down payment...

Now since we both know that is alot of bread...
Then my point is, you paid that large amount of money... and still dont own anything.

Uve just handed over ur savings to have an opportunity to pay a bank some rent

You didn’t hand over your savings

you handed over the money you saved for a down payment. If you don’t have separate funds, you don’t need to be buying a house. If you wanted a new $3000 TV, you either save $3g’s for it or put it on credit, a fiscally prudent person wouldn’t spend their savings account on it. The same with a down payment, if you’re spending all the money you have saved in the worlds for a down payment, you shouldn’t be buying.

 

[mag357]

You didn’t hand over your savings

you handed over the money your saved for a down payment. If you don’t have separate funds, you don’t need to be buying a house. If you wanted a new $3000 TV, you either save $3g’s for it or put it on credit, a fiscally prudent person wouldn’t spend their savings account on it. The same with a down payment, if you’re spending all the money you have saved for a down payment, you shouldn’t be buying.

Ok...
Stop saying "purchasing" or "buying"

 

[dora_da_destroyer]

Ok...
Stop saying "purchasing" or "buying"

You are buying it...when you use your credit card, unless you pay the whole thing off, you’re buying goods on installments. Same with a house. If you wanted to move 3 yrs later, it’s yours to sell and keep the profits from

some of y’all have really broken ways of thinking to rationalize why you don’t own a home or how you feel about home buying. I actually find this disturbing given the wealth gap between blacks and whites and knowing that homeownership is the biggest cause of it. I 100% get everyone wont be in the position to buy, especially in the black community, but the mental barriers some of y’all put up around it is disheartening

 

[Pimp]

I'd rather own my own home. that way I can do whatever the fukk I want and not have to ever be beholden to some a$$hole landlord. plus ur paying for an asset and not making someone else wealthy.

You're making the banks wealthy. Sometimes I wonder how stupid people can be..

 

[Pimp]

Pay other ppls mortgage off brehs ..

Pay the Bank for 30 years brehs..

 

[mag357]

You are buying it...when you use your credit card, unless you pay the whole thing off, you’re buying goods on installments. Same with a house. If you wanted to move 3 yrs later, it’s yours to sell and keep the profits from

some of y’all have really broken ways of thinking to rationalize why you don’t own a home or how you feel about home buying. I actually find this disturbing given the wealth gap between blacks and whites and knowing that homeownership is the biggest cause of it. I 100% get everyone wont be in the position to buy, especially in the black community, but the mental barriers some of y’all put up around it is disheartening

The wealth gap is because we've been duped into paying banks (the same family's that enslaved us) interest for us to live in a home... and property taxes...
They're maintaining their stronghold on wealth...
While ur trying to pay them (buying a house) so u can be wealthy..
That's another convo....

Again brother... you dont own that house. No matter how u try to say it ..
Stop paying ur mortgage bro..

And yes, u can sell the house. Not after u pay it lender off 1st with the proceeds ...

The same way I could sell my friends car for him.
If he wanted 5k for it...
I could sell it for 6k and keep the stack..
I do NOT have ownership of that vehicle tho

 

[Kyle C. Barker]

I'd rather own my own home. that way I can do whatever the fukk I want and not have to ever be beholden to some a$$hole landlord. plus ur paying for an asset and not making someone else wealthy.

But here's another way to look at it, instead of being beholden to a landlord maybe the OP is trying to set himself up to not to be beholden to an employer.

In his scenario (assuming good credit) it costs less to invest in a local bar in Arlington than it is to buy a a descent condo (nevermind a home, many of which start at $900k).


@Robbie3000 keep hustling

 

[Kyle C. Barker]

You didn’t hand over your savings

you handed over the money you saved for a down payment. If you don’t have separate funds, you don’t need to be buying a house. If you wanted a new $3000 TV, you either save $3g’s for it or put it on credit, a fiscally prudent person wouldn’t spend their savings account on it. The same with a down payment, if you’re spending all the money you have saved in the worlds for a down payment, you shouldn’t be buying.

Baby girl, we both make $200k+ a year. Most people in this country can't even fathom coming to the table with $50k

 

[dora_da_destroyer]

Baby girl, we both make $200k+ a year. Most people in this country can't even fathom coming to the table with $50k

A lot of people are coming to the table with that...and you can buy with as low as 3% down if doing and FHA loan. Given the median home price is $225k in the us, that’s ~$7k-$45k - a very large range in which to come to the table with a down payment.


People using all they have saved for a down payment is an issue, which is why I realize everyone is not in position to own, your down payment should be a whole separate fund, but the reasons they’re giving not to own aren’t sound arguments.