If you're still paying a bank how are you a "homeowner"?
Serious question. Are you really a homeowner if you have a mortgage?
- Thread starter GoFlipAPack
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Gimini00
Bytch Off The Bando
Stupid question OP
No shyt. I ask bc people are so quick to throw it out there that they're homeowners but still pay a mortgage. Like I said. If you still pay a bank then you don't own shyt!
Dafunkdoc_Unlimited
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No, you're a home-sitter.
After 30 years you'll own it
the cac mamba
Veteran
yeah, because you can sell it whenever you want 
Gimini00
Bytch Off The Bando
You don't really understand much about investments, assets, liabilities, and collateral. Let me give you a 3 scenario so you can understand why your statement is stupid and doesn't say much
Let's say someone own a house with a mortgage, when he buy the house, he make a investment like a buisnessman who invested in his buisness, of course he borrowed money to make this investment.
Scenario 1:
Now let say after 5 years, the house is worth : 500 000$
His debt is worth : 300 000$
His net asset is 200 000$, so yes he own his house because he could sold his house and clear his debt.
Scenario 2 :
But if the value of his house decreased to 290 000$ after a market crash and his debt is 400 000$, he doesn't own the house because his total assets is inferior to his debts.
Scenario 3 :
If his house is worth 290 000 and your mortage is 400 000$, but you receive a yacht in inheritance who worth 500 000$, your net asset is 390 000, so yes you own the house.
So just because you got debts doesn't mean you don't own shyt, its all depends on the total value of your assets vs the total of your debts.
So making a blank statement like that is stupid, the net worth of a individual depend on his assets vs his liabilities. When you talk about money, you need to educate yourself a little be more because even people like Warren Buffett, Trump and other billionnaires have debts.
Let's say someone own a house with a mortgage, when he buy the house, he make a investment like a buisnessman who invested in his buisness, of course he borrowed money to make this investment.
Scenario 1:
Now let say after 5 years, the house is worth : 500 000$
His debt is worth : 300 000$
His net asset is 200 000$, so yes he own his house because he could sold his house and clear his debt.
Scenario 2 :
But if the value of his house decreased to 290 000$ after a market crash and his debt is 400 000$, he doesn't own the house because his total assets is inferior to his debts.
Scenario 3 :
If his house is worth 290 000 and your mortage is 400 000$, but you receive a yacht in inheritance who worth 500 000$, your net asset is 390 000, so yes you own the house.
So just because you got debts doesn't mean you don't own shyt, its all depends on the total value of your assets vs the total of your debts.
So making a blank statement like that is stupid, the net worth of a individual depend on his assets vs his liabilities. When you talk about money, you need to educate yourself a little be more because even people like Warren Buffett, Trump and other billionnaires have debts.
Diondon
Thanks to the lawyers uh, I marbled the foyer
If you don't "own" it, leave the front door open so anybody can come in, then.
ultraflexed
Superstar
This is why you guys are dumb (Op)......
The most important thing about owning a home is not to say "I own and you rent"
But the most important thing something called "equity" the increase in value of the property is all yours.
Example let's say you "bout" a house for 200k, so your paying a mortgage on that house for a few years cause as like you say you don't "own" it until it's paid off......BUT
In 4 Years your property went from being worth 200k to 375k....that mean you have 175k worth of equity plus however much you paid off on your mortgage in 4 years so let's say it 200k total.
So you have couple options.
1. Sell the house and pocket 200k
2. Sell the house and buy a bigger house with a bigger down payment 100k and still have 100k in the bank.
3. Refiance for cash out loan of up to 80-100k
With that 80 to 100k you could start a business, make investments that will make you more money.
You could buy more properties and still keep the house.
so for all you people on hear crying about not being able to get loans for a major amount, when you "own" property you have access to major loans that you wouldn't have unless you own a house or already had big time money in the back.
Banks only give big loans to people who have the money or don't need the loan. When you buy a house you have a way around that...don't be stupid and listen to the OP he is clueless.
I bout my first house with only 7.5k down.
In four years flipped that to 140k, 2 years later flipped that 200k.....all from only 7.5k......
You guys keep being stupid though.
The most important thing about owning a home is not to say "I own and you rent"
But the most important thing something called "equity" the increase in value of the property is all yours.
Example let's say you "bout" a house for 200k, so your paying a mortgage on that house for a few years cause as like you say you don't "own" it until it's paid off......BUT
In 4 Years your property went from being worth 200k to 375k....that mean you have 175k worth of equity plus however much you paid off on your mortgage in 4 years so let's say it 200k total.
So you have couple options.
1. Sell the house and pocket 200k
2. Sell the house and buy a bigger house with a bigger down payment 100k and still have 100k in the bank.
3. Refiance for cash out loan of up to 80-100k
With that 80 to 100k you could start a business, make investments that will make you more money.
You could buy more properties and still keep the house.
so for all you people on hear crying about not being able to get loans for a major amount, when you "own" property you have access to major loans that you wouldn't have unless you own a house or already had big time money in the back.
Banks only give big loans to people who have the money or don't need the loan. When you buy a house you have a way around that...don't be stupid and listen to the OP he is clueless.
I bout my first house with only 7.5k down.
In four years flipped that to 140k, 2 years later flipped that 200k.....all from only 7.5k......
You guys keep being stupid though.
ultraflexed
Superstar
Yea I know about equity breh you're going off on a different subject. Let's be real most black people will take home equity loans and spend it on BS. So let me ask you a question. Say I bought a house for 140k. In three years it went up in value to 200k. Say I still owe 120 even though it's worth 200. If I stop paying my mortgage will the bank take my house?
Larry Lambo
Superstar
I agree with some of the premise, but at the same time it usually doesn't work that way. Most people's homes don't appreciate that quickly, but if you're lucky enough to get in the right place at the right time, it can happen. There's people that clean up, and there's people that whose property values decline.
Appreciation of the property is nice but not guaranteed in the short/medium term. There are some houses that today are still worth less than what they were worth 10 years ago. However regardless of the market, the equity you pay down yourself is yours. So even if your house doesn't appreciate in 20 years, and you pay off the mortgage, you still have the equity of what you paid off, whereas during renting you get nothing back.
The rent vs. buy decision has many different aspects to it. Some people try to make it a no-brainer but it's more complex than that. The situation has to be right for the individual.
Larry Lambo
Superstar
It your home, you just borrowed money to purchase it.
