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

[theworldismine13]

At this point you're just willingly being obtuse. The black people impacted during the recession would've clearly been at the very least $100k better off with retirement still intact

no you are latching on to one statement that is essentially speculation, there are a lot of reasons why people would dip into their 401k if there is a recession going on

and the big picture is that black people should buy real estate just for racial reasons, black people are at war, we are not in the same position as other people so its important that we buy as much property as possible

its just like i can post a bunch of links showing that the majority of businesses fail within 5 years so therefore black people should focus on working instead of entrepreneurship <-- see how stupid that sounds?

 

[Deuterion]

how would they know?

What you need to do is make sure your Car Insurance, Car Registration, Driver License, and etc reflect that address. Also make sure you have electric, gas, and cable in your name. These are all critical services that send correspondence that you MUST receive...where do you think any rational person would want documents from these people sent? To the place they live!

If your car is registered at a different address and your Driver License has a different address then you'll look sketchy...then they are like "why is he having his critical mail sent somewhere else? Maybe he has someone living in that unit who he doesn't want to see this mail".

Play the game to it'll play you.

 

[ahomeplateslugger]

I don't know why but this subject brings out the worst in people. I've tried getting my homies to buy homes but they get all upset and act like I just killed their family. I don't even bring the shyt up anymore.

i go through this same shyt. i have friends who will go to their grave saying owning a house is dumb yet i see them moving every 1-2 years to find a place with better value and i think that's dumb. plus they have issues in the place they're renting and the landlord takes their sweet time fixing the issues. one friend had a leak in his bathroom that took 2 months to fix because the landlord wanted to find a good deal on a repair person.

i just tell ppl i rather be a homeowner than a renter and leave the conversation at that.

 

[Hater Eraser]

Pay other ppls mortgage off brehs ..

 

[Gold]

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.

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

 

[Mensch Fontana]

What type of houses are yall buying where ur whole mortgage is less than someone's rent.

Principle, interest,, insurance, and tax on a decent home, is gonna be more than the majority of people's rent

You think people are renting housing out the kindness of their hearts?

 

[Losttribe]

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

 

[playplayaj]

I was asking where in 757 you're at because you can rent homes in VB for less than you stated and they are in good neighborhoods, in great locations, and quality homes...

Suffolk. Best bang for your buck. The house I built would cost 104,500 more in VA Beach. Why rent and pay someone else's mortgage when I can pay my own? If they are charging me 1k rent either...
1. The house is paid off and I am paying taxes and giving them income.
2. I am actively paying their mortgage

 

[mag357]

And to be honest...
That putting wild amounts of money down on a house just seems crazy too ..

I dnt know how muthafukaz feel good about putting 50k and 70k on some shyt.

That shyt could be going to a whole bunch of other things .

I'd just buy a crib for 40k and fix that bytch up.

I just think this is a hard convo to really have because of a brainwashing that fuels the American economy

I'm sure there's good points on both sides but one side of the argument has been beat into our heads since the beginning and it is damn near the back bone of every financial institution. So its hard not to look at it real suspect

 

[Deuterion]

And to be honest...
That putting wild amounts of money down on a house just seems crazy too ..

I dnt know how muthafukaz feel good about putting 50k and 70k on some shyt.

That shyt could be going to a whole bunch of other things .

I'd just buy a crib for 40k and fix that bytch up.

I just think this is a hard convo to really have because of a brainwashing that fuels the American economy

I'm sure there's good points on both sides but one side of the argument has been beat into our heads since the beginning and it is damn near the back bone of every financial institution. So its hard not to look at it real suspect

‘Preach,

 

[10bandz]

And to be honest...
That putting wild amounts of money down on a house just seems crazy too ..

I dnt know how muthafukaz feel good about putting 50k and 70k on some shyt.

That shyt could be going to a whole bunch of other things .

I'd just buy a crib for 40k and fix that bytch up.

I just think this is a hard convo to really have because of a brainwashing that fuels the American economy

I'm sure there's good points on both sides but one side of the argument has been beat into our heads since the beginning and it is damn near the back bone of every financial institution. So its hard not to look at it real suspect

they feel good about it because the property will go up in value

 

[mag357]

they feel good about it because the property will go up in value

Property goes up in value on average of 3 to 5% every year anyway

You nikkaz just got 50k to just be blowing on a place to live...?
And then still be paying more money every month to live there after?

If I give a muthafuka 50k for anything, it better my shyt right after I hand him them the money.

 

[dora_da_destroyer]

Property goes up in value on average of 3 to 5% every year anyway

You nikkaz just got 50k to just be blowing on a place to live...?
And then still be paying more money every month to live there after?

If I give a muthafuka 50k for anything, it better my shyt right after I hand him them the money.

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

 

[lespaulultra3]

Property goes up in value on average of 3 to 5% every year anyway

You nikkaz just got 50k to just be blowing on a place to live...?
And then still be paying more money every month to live there after?

If I give a muthafuka 50k for anything, it better my shyt right after I hand him them the money.

Property goes up in value on average of 3 to 5% every year anyway

You nikkaz just got 50k to just be blowing on a place to live...?
And then still be paying more money every month to live there after?

If I give a muthafuka 50k for anything, it better my shyt right after I hand him them the money.

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.

 

[thekyuke]

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.

Good for you for understanding that and for sharing that knowledge like a true bro! Ten likes!