Is buying a Home and living in it for SUCKERS???
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Ben Vereen
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PostPosted: Wed Oct 11, 2017 1:01 pm    Post subject: Is buying a Home and living in it for SUCKERS???

This guy says so.

https://youtu.be/941XcT5AJyI

Whatsayoo?
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vanexelent
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PostPosted: Wed Oct 11, 2017 1:38 pm    Post subject:

Sure, if you're single and don't have kids. I think it's a positive thing to put your roots down.
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Hector the Pup
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PostPosted: Wed Oct 11, 2017 2:15 pm    Post subject:

I can tell you right now that guy doesn't live in any major city and definitely has never been to LA.
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lakersken80
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PostPosted: Wed Oct 11, 2017 3:29 pm    Post subject:

Renting is nice until the landlord jacks up the rent and you get evicted.
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DancingBarry
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PostPosted: Wed Oct 11, 2017 3:59 pm    Post subject:

Sometimes I wonder...
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LakersRGolden
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PostPosted: Wed Oct 11, 2017 4:02 pm    Post subject:

So, mobility, mobility, mobility. Who is this guy ripping off that he needs to skip town every few months?
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DaMuleRules
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PostPosted: Wed Oct 11, 2017 4:03 pm    Post subject:

I would personally rather see my money go to something I own, that appreciates than to simply toss it to a landlord and have nothing to show for it in the long run.

If owning a home is being a "sucker", then I have "suckered" my way into some considerable money over the years by doubling my money on my first home and seeing my equity in my current home continually grow great in the time I have owned it.
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audioaxes
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PostPosted: Wed Oct 11, 2017 4:19 pm    Post subject:

didnt watch the video but thats foolish advice at face value.
If your housing market isnt straining well above affordability and your price to buy beats out rental prices I say go for it.
One of the best moves I made was buying a house I had no intention on staying in for much more than 5 years. Put down 3.5% and stacked on lender closing costs credits to keep my up front out of pocket low, had a mortgage that was much lower than rental prices of stuff that wasnt even half as nice, and still turned around and sold it about 3 years later for a ~100K profit.
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xxsicrokerxx
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PostPosted: Wed Oct 11, 2017 4:39 pm    Post subject:

With this guy's logic you should never have a girlfriend or get married. That way you'll never be tied down. Never have to spend money on expensive dinners. Never need to buy her gifts. That way you'll save the money and invest in whatever you want.
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Reilec142002
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PostPosted: Wed Oct 11, 2017 5:36 pm    Post subject:

This guy is dumb as (bleep). Paying rent is basically throwing money into a burning trash can. Paying for a house is basically a 401k plan.
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ringfinger
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PostPosted: Wed Oct 11, 2017 5:36 pm    Post subject:

From a financial perspective, that argument could possibly be made. I mean, you can invest in real estate without owning a property so the investment factor doesn't make sense to me.

But to me its like owning a business vs having a job. Ultimately depends on what is important to you. I'm generally risk adverse, so, I like having a job, knowing I can make my dwelling my own, and having peace of mind that if I can pay off this home, I limit my exposure in the event I am unable to work.
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LAkers 4 Life
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PostPosted: Wed Oct 11, 2017 7:49 pm    Post subject:

He's not factoring in the cost of mobility. Moving is pretty stressful and exhausting. Why would someone willingly want to do it all the time? Maybe if you're a minimalist and don't care about establishing roots. Plus, how is owning an appreciating asset a bad idea? Renting vs. owning really depends on the person's situation, goals, and obviously ability to pay for it, but in most situations it's better to own than rent.
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axs
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PostPosted: Wed Oct 11, 2017 8:00 pm    Post subject:

I'm assuming everyone here that rather own than rent a place would also rather buy a car than lease?
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DaMuleRules
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PostPosted: Wed Oct 11, 2017 8:08 pm    Post subject:

axs wrote:
I'm assuming everyone here that rather own than rent a place would also rather buy a car than lease?


Not an apt comparison. Cars only depreciate. (and before some ass comes along and says that some cars go on to become classic collectibles, that is far from the norm).
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governator
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PostPosted: Wed Oct 11, 2017 8:43 pm    Post subject:

20% down, 30yr mortgage... part of my retirement plan

Imagine being 70 and retired, your rent eating up your saving
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LakerSanity
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PostPosted: Wed Oct 11, 2017 8:52 pm    Post subject:

I live in LA, and pay about the same for my mortgage/HOA/Property tax as I would if I was renting a smaller place that isn't as nice as my home. I'm pretty happy that my money will amount to property ownership one day. If you can afford the down payment, I don't see the downside, especially in Southern California where rents go up while your mortgage payment doesn't.
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ringfinger
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PostPosted: Wed Oct 11, 2017 9:08 pm    Post subject:

axs wrote:
I'm assuming everyone here that rather own than rent a place would also rather buy a car than lease?


Owning a car is more financially beneficial to leasing. So yes, I'd rather own my car than lease.

But just as with renting vs buying, it all matters on what is important to you.
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governator
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PostPosted: Thu Oct 12, 2017 5:10 am    Post subject:

LakerSanity wrote:
I live in LA, and pay about the same for my mortgage/HOA/Property tax as I would if I was renting a smaller place that isn't as nice as my home. I'm pretty happy that my money will amount to property ownership one day. If you can afford the down payment, I don't see the downside, especially in Southern California where rents go up while your mortgage payment doesn't.


This can be for the next 30 years
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Hector the Pup
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PostPosted: Thu Oct 12, 2017 7:09 am    Post subject:

DaMuleRules wrote:
axs wrote:
I'm assuming everyone here that rather own than rent a place would also rather buy a car than lease?


Not an apt comparison. Cars only depreciate. (and before some ass comes along and says that some cars go on to become classic collectibles, that is far from the norm).


And I'm pretty sure that a house doesn't immediately depreciate 20% the moment you move in.
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Ziggy
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PostPosted: Thu Oct 12, 2017 8:07 am    Post subject:

As someone who owns and rents, this guy is a complete moron. I hope more people start thinking the way he does so there's less competition to drive up prices.
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Lucky_Shot
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PostPosted: Thu Oct 12, 2017 8:21 am    Post subject:

LAkers 4 Life wrote:
He's not factoring in the cost of mobility. Moving is pretty stressful and exhausting. Why would someone willingly want to do it all the time? Maybe if you're a minimalist and don't care about establishing roots. Plus, how is owning an appreciating asset a bad idea? Renting vs. owning really depends on the person's situation, goals, and obviously ability to pay for it, but in most situations it's better to own than rent.


Thats not true. Anyone who bought a house between 2006-2009 would say its better to rent.

It all depends on what the market is and if you get a good deal. If you dont than you screw yourself, it's not black and white
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venturalakersfan
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PostPosted: Thu Oct 12, 2017 8:58 am    Post subject:

My 401k has far out valued my home appreciation in the last 20 years.
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governator
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PostPosted: Thu Oct 12, 2017 9:14 am    Post subject:

venturalakersfan wrote:
My 401k has far out valued my home appreciation in the last 20 years.


including 20 yrs worth of rent $?
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Conker
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PostPosted: Thu Oct 12, 2017 9:41 am    Post subject:

Where's the middle class?
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venturalakersfan
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PostPosted: Thu Oct 12, 2017 10:05 am    Post subject:

governator wrote:
venturalakersfan wrote:
My 401k has far out valued my home appreciation in the last 20 years.


including 20 yrs worth of rent $?


I would have been better off renting and putting my home purchase money in my retirement account. And I live in a desirable area.
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