/biz/ - Business & Finance

you're supposed to be skilled enough that you can get a job where your rent isn't a big % of your income.

>>10374513
True, but if the average Millennial used that $100k toward a mortgage they'd have a decent percentage of it paid off by now. Instead they have to allocate more future income toward a house.

>>10374502
so what? that's 10k a year for 10 years, i pay more then that in interest on my mortgage. same shit. houses can go up and down in value, it's a risk.

>>10374502
buying in this market will only make you a bag holding cuck

>>10374502
Mortgages are a meme. The only options are buying a condo and being at the mercy of shitty neighbors moving in, and still having to pay HOA fees, or buying a house with more space than you need.
I can move if my neighborhood turns to shit. I can move if I change jobs. I don't have to tie up my assets in a down payment and can use those to invest in better options. I would only ever buy a home when I retire, and it sure as hell is going to be in some rural area with plenty of land instead of an urban shithole.

>>10374553
>so what? that's 10k a year for 10 years, i pay more then that in interest on my mortgage. same shit. houses can go up and down in value, it's a risk.
Good point. I should be more specific. What if they took out a starter home mortgage, so it's cheaper and thus less interest?

>>10374502

I'd like to buy a place but I can't afford a downpayment yet due to paying for student loans every month. I imagine most others are in this situation. The fact you have to pay 4.1% in tax before even doing anything doesn't help much either.

>Move to a lower cost area where you can buy a home with 5% down and pay about the same as rent.

>Move to a place where rent costs more, but you save on transportation expenses by not needing a car.

>Get several roommates to share expenses in a communal living arrangement.

>Live with family until able to afford to buy.

>Marry and share the cost of rent/mortgage with your spouse.

>Accept rent as a basic necessity like food or utilities and just pay it.

>Be a woman and use your vag/twink and use your asshole as a meal ticket to shack up with sugar daddy who’ll pay for your room and board in exchange for sex.

Those are your choices.

Live in your car, put most of your income in bitcoin, wait for housing bubble to collapse and bitcoin to moon, then buy anything you want, for cheap.

>>10374502
The true redpill is to live at home with your parents until this housing market inevitable collapses

>>10374579
depends on your location. typically, if you assume that the market returns a certain amount, it is by far cheaper to rent then it is to own. there are scenarios where it makes more sense to own but to make that decision would require set variables unique to circumstances.

variables include price of housing in your location, interest rate, how much you are willing to put in the down payment and the anticipated average market return.

>>10374502
>tfw my job provides free accomodation as a perk

only bad thing is I have to move every few months, but at least I'm not wasting money on rent

Dont know. I live with my parents

>>10374502
Stay in parents house until you pay student loans and safe for a down payment on a morgage (not in a city ofc)

Personally I don't want to be nailed down to one place right now and I rent under what most young people with my means would because I have no need for extra dumb shit and I live in a small enough city that rates aren't absurd.

I'm definitely wary of buying in this market, and think more people should be aware of all the bullshit federal/state buying taxes, property taxes, and other bullshit that will have you in the hole further than you'd think from the beginning.

If you do the math it's very easy for someone renting reasonable properties that puts a good percentage of their paycheck away to come out ahead longterm on homeowners.

I saved up a 20% downpayment only to look around and realize that at 25 years old I have absolutely zero reason to own a home and I'd be a complete retard to financially obligate myself to one, I think I'm just going to rebalance my brokerage account with the down payment money and continue to live with my parents

>>10374579
>What if they took out a starter home mortgage
then we'd have to live in this fucking shitpile

>>10374568
if you live in certain cities in the coastal U.S. or large parts of other countries like Australia, very possibly. If you live in flyover country USA no, this isn't true at all and it's just poorfag cope.

Renting isn't a meme. There are so many variables it's impossible to say one is better than the other. That said, real estate should be part of a diversified portfolio and most wealthy people either own their own home or own other income-generating properties, so there is 100% something to it.

>>10374671
Yea if you can live with your parents keep doing that. At 25 you're kind of pushing it, but if you're happy with it and they don't mind, keep on doing it. If you're saving 90% of your salary, it's unlikely a home would appreciate that fast so you're coming out on top (without trying to time the market and interest rates, the effect of which on home prices is not a simply inverse relationship), especially now, after years of unprecedented gains.

>>10374502
live in a trailer park until the housing market is done crashing

>>10374610
This guy gets it. Renting isn’t always a meme. The convenience is sometimes better than being a home owner

>>10374731
the convenience partially, but the expense mostly. A major repair or replacement can wipe out years of equity especially early on.

>>10374502
Owning your home/apartment by getting a mortgage can be more of a liability than an asset to someone who is struggling to make ends meet.

You should only go that route if you have the money to pay upkeep and property taxes, as well as the mortgage note. If you can't do this, you shouldn't own.

Renting is the move until your income allows you to invest. Home ownership is an investment after all.

I just want a house so I can build a home gym. What do.

>>10374754
Or even if you’re renting it out for passive income and you picked the wrong tenants who suddenly decide to become squatters

>>10374502
It's not as straightforward as that. If somebody buys a house they have to piss their money away on interest, homeowners insurance, maintenance and property taxes. Utility expense is also greater for a house than an apartment due to its larger size and costs to heat and cool. Renters typically don't have those expenses.

I rent with my gf and I'm 28.

I pay some boomer's mortgage on this apartment, but property is still in a total bubble. Really don't want to tie myself up for 30 years to a kike mortgage. When my folks pass I'll inherit their property anyway mortgage free and my gf who I'll likely marry has family with a lot of land (including agricultural), so don't mind paying out shekels to my landlord.

>>10374502

there are houses that cost around 32k and 54k they are really nice and in a good neighborhood, why the fuck would these retards spend 100k on renting is beyond me.

>>10374835
post some

>>10374682
I'm starting to think I might as well live in flyover country. I buy most of my stuff from Amazon and Walmart online and most of my entertainment is online so where I live makes no difference. For stuff I don't do online every major city has decent movie theaters and the same big box stores and restaurants. Might as well live where it's cheaper.

>>10374844

I'm 24 and already on my third city I rent places with no deposit/lease and if I get bored I'm just moving to another city. Feelsgoodman

>>10374890
How do you seek out deposit/leaseless spots anon?

>>10374911
Air bnb

>>10374844

Find them

I'm 23 and renting a place by myself for $260/week. I'm the only person I know who does it, everyone else is in shitty sharehouse arrangements.

They're paying less in rent than me, but they're the ones without any savings.

>>10374502
You can take huge losses in the housing market too though.

>>10374822
So you have no long term plan for your housing security at all?

>>10374928
Figured, I'm damn near wifed now so that might be more difficult to pull off. Moving in September and haven't checked bnb though, I'll give it a shot.

>>10374928
you're probably over paying for rent. and just so you know, leases protect the tenant as much as the landlord. you're practically homeless if the landlord decides he doesn't like you.

>>10374791
Get some genuine savings, work hard buy house. Borrow off equity in principal residence once it reaches an acceptable level.

Then you have 1 home 1 investment. Once equity in investment reaches acceptable levels buy investment two rinse and repeat. 10 properties in 10 years if youre not a tard

>>10374553
Yes but a lot of people don't see buying a home as a investment, they rather see it as buying a home, if you're able to have your home fully paid off in like 15 years or so, you're pretty much settled and can put your money towards other investments.

>>10374835
kys

>>10375054
it's not so simple as saying 'if you can pay off your home in 15 years you can put money towards investments'.

depending on your circumstances if may not be worth it to own a home at all regardless of how long it takes to pay it off.

if i have 1mil in equity in my house, i lose out on 50k a year in opportunity cost. add in the interest - equity + maintenance + property tax costs. it may simply be cheaper to put the million into the market and use the 50k as 'rent money' and that way you won't even incur maintenance fees or property taxes. the only caveat is if you anticipate the stock/real estate market to go up or down. that's the unknown and the risk people take.

one way or another, everybody pays 'rent' whether owning or not.

Live at home with your parents and just save up all your money and wait for another opportunity to buy some homes on the cheap.


>.t guy who has traveled for work past 2 years and just came back home, living at home, expenses are next to nothing, have enough saved to buy 2 starter homes but fuck that, waiting for the next market corrections so I can pick up 5 or 6.


Also, I am holding off on buying any bitcoin until it dips between low 4k and low 3k. I honestly believe it will flatline and move sideways for maybe a year or more after another drop, question is what is the price it will stabilize at? 3400? 2700? Who knows, but I will probably get 50 or so bitcoin when it does stabilize at the lower level price.

renting is not pissing away money
buying at the top of a bubble is
rent costs me $1260 a fortnight, it truly hurts, but a mortgage would cost even more and there's no way in fuck I'm forking over 100k for a fucking deposit

idiots fell for the move out your momma house and go waste money on an apartment or else you are a loser meme enjoy your student loan debts while catching your ass to pay for your shitty apartment

> ILL JUST Be here eating a home cook meal from momma every day and the only money i spend on utilities is giving my father 1/3 of the electric and internet bill ENJOY DEPT IDIOTS WHO WANTED INDEPENDENCE

>>10375207
yup. renting is basically betting against a bloated housing market.

>>10374911
Craigslist

>>10375225
when was the last time you touched a woman (not your mom)

be honest

>>10375225
I'll just be here a free man and not relying on my parents for survival like a toddler

Don't bank on it being a bubble, heard that for the last ten years. Lots of people, not enough houses = demand...simple.

Just go into your bank, look them in the eye, ask to borrow half a million dollars, give them a good firm handshake and buy that house.

Then when we go into double digit interest rates to control the inflation caused by the trade war and Chinese debt crisis, just go right into that bank, look them in the eye, give them a good firm handshake and say you would like to get another loan to help with your next payment.

Then when you fail to make your next payments and the debt collectors turn up just look them in the eye, give them a good firm handshake and tell them "sure here's the keys".

Then when you need to go and live back with your parents just go round there, look them in the eye, give them a firm handshake and move right back into your old bedroom

>>10375207
2520 a month in rent. 100k downpayment assuming 6% return. 6k a year.

30,240 - 6000 = 24,240.

2,020/month. i really think it's probably cheaper to get a mortgage. borrowing 400k @ 5% rate is 2430.62 a month. but around 45% of that goes to equity.

>>10374614
>this housing market inevitable collapses
Keep dreaming, in the long term house prices only go up never down. By the time you realize how delusional you are you’ll be 40+ no career growth no bank considering you for mortgage no place that’s your own.

>>10375293
my apartment last sold for 800k in 2015
it would be worth over a million now

>>10375320
because the housing market has never collapsed before right?

>>10375246
> when was the last time you had six zeros in your portfolio

you believe fucking sluts & being in dept renting is even comparable to financial Independence enjoy that future

ATM I CAN go to any brothel call up a fucking whore from a escort and get that shit you put so high on a pedestal and still have six zeros in my bank account

>>10375280
Look at the housing prices in Frisco brainlet...

>>10374502
>renting until you can afford a larger down payment and hoping home prices drop by then?

This is what I'm doing but I'm not paying for rent, I am living in my parent's second house for a few years. They will be back by 2020 so hoping the market is good by the end of that year.

>>10374502
>>10374513
first post is accurate, they don't give a fuck about you or the average useless normie that would be better off dead than alive, the whole point of this system is so that debt slavery continues suppressing the normies who can't deal with these payments, why do you think income inequality only keeps increasing?

>>10375343
what does that have to do with the rough calculation i did? assuming the property market simply stays the same neither growing or shrinking, in your scenario, it makes more sense to buy then rent in a financial point of view.

>>10375362
zeros after a decimal point don't count bruh

>>10374502

I literally threw up after I added up all the money I've pissed away on the rent meme the last 2.5 years.

>>10374568
I've owned a house for 3 years in the Boston area. I bought it for $380k, put about $20k into it and will be putting it on the market next week for $500k.

Easiest money I'll ever make

>>10375343
It collapsed hundreds of times before and always rose to new ath. And it will always be like that until people need shelter and population is growing

>>10375382
no bank will give me a million dollars to begin with
if I had enough for a down-payment I'd put it into the market instead
and I'd rather not buy property in sydney.. I can rent and own 400 acres of beautiful land for less than cost of mortgage
if I intended on living in sydney for the rest of my life it would be wise to buy instead, because even in the short term if there is a collapse it wouldn't be long until the chinks capitalized and it's back in a bubble. but I don't wanna

>>10375362
>you believe fucking sluts & being in dept renting is even comparable to financial Independence enjoy that future

>ATM I CAN go to any brothel call up a fucking whore from a escort and get that shit you put so high on a pedestal and still have six zeros in my bank account

lmao. so you're a virgin right?

probably because you still live with your parents. It's a good thing you have all that money because you're gonna need to pay a doctor to treat your syphilis after paying for sex.

>>10374649
Sauce?

>>10374707
>At 25 you're kind of pushing it
pushing what
who's going to hold me to those standards

>>10375406
depends. did you mortgage it our buy it outright?

$100k by 30 sounds about right shockingly, but by the time I moved out into my own place in NYC in late 2015 with a salary of only ~$37k, no way I'd have been able to afford to buy a place worth owning in this rising housing market, especially in an absurd real estate market like NYC. Waiting until there's blood in the streets again, then will strike.

>>10374502
no more a meme than taking a salary. you're paying for the security of being able to move every year or so and have some retard manage upkeep and maintenance.

>>10375418
Not only pop is growing, but richfags bet on housing market as well.
Moreover, slavemasters buy real estate in bulk, thus skewing the supply/ demand ratio even further.

>>10375433
enjoy your life after paying 8-10 years of rent and get gonorrhea from that slut you meet on tinder and she comes and tells you she pregnant we need a bigger place

>>10375131
All anons should pay attention to this. High IQ.
I have an aunt and she bought a brand new house built in a bad area of Riverside county, California. This is her fourth house she bought in that area (she has kept one of them for a rental). The problem is that every time she buys a brand new house, she loses value immediately. And her equity never is returned to the full value she initially bought the house at.
You can look at it like this.
>She pays 659,000 USD for a new house, the value in a year is 550,000 USD.
>In one year of """owning""" her own house, she lost 109,000 USD. On one of her past houses , she bought it just before the financial collapse and it was even worse.
>Alternatively, she could've rented a house in Riverside of a similar size for 2,500 USD a month, spent 500,000 to buy a smaller house within a nice area of Los Angeles like Redondo Beach or Torrance, collected rent from it, and over the course of several year her investment would appreciate in value.

I hope everyone here sees the logic behind this. She has lost hundreds of thousands of dollars over the course of twenty five years because she wanted to own a big house and only could afford them in bad areas. So in certain cases, yes it's better to rent if you can reason that the value of the asset wont appreciate overtime.

>>10375500
Mortgaged.. yes I paid interest. Between the tax breaks I received and ~ 70k profit (500k - every dime I put into the house), I think I've done better than renting.

To rent my house in this area, I'd probably pay around 2500 a month. So I'm glad I fell for the mortgage meme.

>>10375532
i grew up in torrance houses here cost 600k-2million salaries around here are nowhere near enough to pay for mortgage unless you've eating into your savings

>>10375521
i have a gf pal. we met in person, through friends, which I have because I don't live with my parents in adulthood like I have down syndrome.

If you're waiting for it to make economic sense before moving out of your parents basement, it'll never happen. Nothing's gonna be a better deal than "free". But if you're wondering why women avoid you like the plague, it's because you haven't taken responsibility for your life and still depend on your parents.

Im sure you will feel vindicated when you are dying alone in a nursing home and paying LaQuisha 100$/hr to abuse you - with no family to complain to.

From reading all these replies, the taxes on buying a mortgage, the interest on the mortgage, HOA fees, utilities, maintenance, school tax, property tax, and homeowner's insurances seem to make homes a potentially costly investment unless you expect the price to appreciate over time, which many anons say historically it does. Also, others pointed out how using money that would otherwise be home equity and not investing in the market with a steady return is a lost opportunity cost. I guess the strategy of saving for a larger down payment, investing in the market, and buying on a housing market dip is the best course of action. Then ideally flipping the home to own more or better property is the next step.

Listen up /biz/.

This is how shit works:
>You make more money, you spend more money

You are 4chan and you got to be smarter than that. I realize this is asking a lot.

There are many ways to get cheap housing. Pic related is one. Now don't for a second think you can just replicate it and be fine. Find your own way. Guy I used to work with took care of the apartments in the building he was in. He showed apartments and just made sure the place was okay. Didn't even do maintenance, the landlord had many buildings and a team for that. In turn he got cheap ass rent. Again this is just one way.

There are many others ways. Many of you are just staying with your parents cheap. That is another way. Be smart and figure it out.

>>10375677
All depends on the market you live in.

>>10375685
i live in SoCal, competing against Mexicans who pile in 5 families into a 3 bedroom home.

cost of rent wont decrease cuzz inflation

>>10375131
>one way or another, everybody pays 'rent' whether owning or not.

Rent is always higher than property taxes + maintenance. If you intend to live in a particular area for a long time, renting is a bad choice. You would also be at the mercy of the landlord, who could raise rent at anytime (unless there's rent control) or kick you out using some legal excuse.

At any rate, investing in property is far less riskier than in investing in stocks of unicorn companies. Population will always go up, which means demand for housing will always go up, but stocks can go down in an instant. Property values can drop, but the crash is never permanent.

>>10375521
fuckk...this would actually be an improvement

>>10375723
Utah reporting. Mexicans flooding the low end properties here too.
Tell your sanctuary state to stop being a terrorist.

>>10375763
for a single dude, id rather keep my 150k

>>10375728
rent is not always higher then property taxes + maintenance. you need to include the opportunity cost of tying up your capital + the cost of borrowing. in hindsight we can compare the appreciation of the property versus the return of investment in the market. example, if i went all in on amazon stock 3 years ago vs the appreciation of property in my local area.

>>10375677
>I guess the strategy of saving for a larger down payment, investing in the market, and buying on a housing market dip is the best course of action
No, the best strategy is to put the deposit as small as you can, take out a mortgage as large as you can reasonably afford, and take that mortgage as soon as you can. Buying the dip is a meme.

>>10375779

>>10375786
>rent is not always higher then property taxes + maintenance

^This totally
My parents have an old house and it is a constant maintenance problem, plus they are talking care of my grandma's house and hers is even worse. I mean every weekend they are working on one of the houses.

To give a quick example:
Out upstairs toilet just started leaking sewage into the kitchen when it was flushed. We thought oh just replace the wax ring. They tried that and the cast iron flange just broke! Shit was a total pain to fix.

My rent is $2800 a month in NYC. Could never afford to buy anything. Could move to some shithole and buy something and get paid less than half of my salary if I’m lucky enough to even find a job. Fucked no matter what

>>10375779
Samesies. Good parts of salt lake are 400-500k+.
I'm not dropping 100k+ on down payments and closing costs and all that shit.
I'll keep saving and investing forever waiting for the dip. If there's no dip then who cares because such an expensive house in this area isn't worth it.
I rather rent and travel other countries every so often between leases.

>>10375823

This is avoided by not being an idiot when buying a house and getting it properly inspected

>>10375808
So for us first timers we can get fha loans with 3.5% down. Easy. But then you have to have more insurance for the life of the loan as well as all the interest from having borrowed that down payment amount too.
It's more wasteful, is it not?

>>10375848
i would rather horde cash and buy a big house on auction in full in another state like virginny or ohio

>>10375723
LA here, you mean 10 beaner heads to a 1 bdr apt. The complex next door has slowly been booting out those wetbacks slowly but surely. I love gentrification!

>>10375876

Equity is yours. It's not as ideal as just having the cash to put 20% down but it's better than letting it burn in a fire through renting.

>tfw Ohio finally has its uses

Live in Cbus and the prices for low/mid end multi-unit properties are fantastic, along with decent rent rates for a great ratio. Going to use an FHA loan to buy a multi-unit and owner occupy. Tenants pay my mortgage

From there I will stash more money to buy my next property given I like landlording enough

>>10375685
there's a lot of risk involved in real estate. You can control for that risk, which makes it a good move for people who do their research, but if you fuck up, and it's easy to fuck up even when you do everything right, you can be on the hook for a lot of money.

Bottom line should probably be: How much more is this gonna make me than if I invested in a vanguard instead? Is it worth the risk and worth for that extra %?

>>10375894
Hmm. There's interest expenses with no equity to buying with FHA loan, but expenses with renting which also doesn't build equity.
Fuck there really isn't a trick around this is there. I almost thought I was clever renting and investing as much as possible for a better down payment, but that is offset by paying rent.
Fuck.

>>10375650
I see what you're saying, but the market is at a very high point right now. I was just saying that if she had bought a Torrance house back in 2012 or 2013 for 650,000 USD (whenever she bought her last house) it would've increased in value by now and she could rent it out (which would help pay for the mortgage). All that while even renting a house for herself in Riverside County, she still would've made maybe 180,000K instead of losing 130,000K+ (counting interest, not counting opportunity costs).
Torrance is a nice area. I'm hoping San Pedro continues to get better.

>>10375808
>Buying the dip is a meme.
You might be right. If someone paid $15,000 a year for rent for 5 years, that's $75,000. If a dip happened, a $200k house might only drop to $150k. In that example, you spent $75,000 to save $50,000 and lose money. This isn't accounting for taxes/maintenace, but it illustrates how assuming a property will be cheap enough to buy later and rent now might not be accurate. Then crunching the numbers for that situation and then choosing the course of action might be the only viable option.

>>10374991
I'm pretty sure he laid out his long term plan in the second half of that post buckaroo

>>10375659
>wagecuck once again attempt to vindicate his life choices using muh pussy

>>10375922
But the problem is we all have to live somewhere.

>>10375914
Isn't it scary though having to rent to the general public? Like if you rent to a white mormon family you'd probably have good payments on schedule and no troubles, but what if mexicans want to rent instead? How can you avoid that without getting in trouble for "discrimination."

>>10375929

Well, it's a little more effort on your part to scout out a good property and then do the work to maintain and pay for it, but if you have spare time why not start young? That's the biggest thing, all of those self made millionaires you see were getting to work on this shit in their 20's, not waiting for "ideal circumstances" (which don't exist unless you're a trust fund babby)

Gotta take the leap. Look at it this way, there are way more dumbasses taking on huge mortgages with extended credit who could easily default in a matter of 2 months if they lose their job, if you acknowledge and mitigate risk you're doing better than 80% of the American population.

>>10374786

What do you think rent payments cover? Idiot.

>>10375933
Also when the value of your house increases above what you paid for it, you can always do a cash out refinance to try getting another asset as well. There's many options you gain when you get a house as an investment. Not to mention you can always sell it if you live in it for two years out of the last five and up to 250,000k of the gains of the appreciation is tax free (more if you're married).

I pay $8000/yr on rent and not buying a house unless one of my moonshots takes off or I get married.

>>10375959

One option is to use a property management firm, who tend to charge 10% off the rent but do all of the work as far as screening and managing tenants, so it's basically EZ money.

How to avoid busto tenants? It's all in how you screen. Lots of landlords are lax at this stage and it comes back to haunt them. No one with shitty credit/felonies/poor work record and suddenly you've upped your chances of having a decent tenant 5 fold.

Furthermore you can add a clause to your lease that the tenant has to pay for court related fees should eviction go to court. Kind of a failsafe.

Not 100% risk free but then again there is no venture in life that is. It's all in your planning and strategy.

>>10375980
666/month

>>10374502
A down payment on a non nigger tier home is almost $60k. And you are going to spend decades to even get equity in that investment.

Also, buying run down homes and renovating is a meme. One foundation repair, roof repair, plumbing mishap and you are fucked.

>>10375225
Based anon. You're gonna start getting raging responses from muh freedom copers but we know staying home until you're financially stable is the most logical option.

Living in the city and buying a house IN the city is pretty much suicide in my euro country now.

I'm renting a place on the countryside atm. Pretty chil

>>10375685
Thank anon for this post. My uncle came here from Austria and started building houses, and my family has always loosely been involved in building projects so it's something I wanted to do.
I'm going to build my credit as high as I can.

>>10376048
>I'm going to build my credit as high as I can.
Well that is the ticket. You need great credit and a high enough income to qualify for these loans. Also a problem for the people who say wait for a recession to buy a house, given that it was really hard to even get a loan in those days of the great recession.

>>10375876
No, what is more expensive $100 today or $100 in ten years?

>>10374604
decent advise

>>10374791
this

but i live in la

so i look at condos w garages

B A S E D

Can I buy a triplex/fourplex/large multifamily apartment building with a FHA down payment as long as I actually live in one of the units?

>>10374791
Spend hundreds of thousands of dollars or just go to planet fitness for $10 a month...lol

>>10376151
I believe four units is max for an FHA loan as long as you live in one.

>>10376078
Would 45K suffice?

>>10376101
Well if inflation keeps eating everything then... hey. That down payment is worth more.
I'm going to keep saving and researching, but I'm starting to feel like I should just go for the mortgage when I find a house I really like and not try to time things.

>>10376151

What the other guy said, up to a fourplex

Wouldn't overextend yourself though on your first property. Not that good fourplex's are common.

There's this gorgeous old brick 5plex in my city with this tudor/gothic style but it's empty and in need of serious renovation, damn I wish I had the money to renovate and rent it out

>>10376226
If you mean for a 50k lot and 200k house, no.

I ran two different online calculators and one said like 90k a year and another 65k a year with a 50k downpayment.

>>10376247
I think another thing people fail to understand is that the difference between a commercial loan and an FHA loan is really not much. Commercial loans just require bigger downpayments.

>>10376269
commercial loans often have 6-7 small monthly payments and then require the balance of the loan + whatever amount of interest you agree in one huge final payment.

>>10376296
No they don't. You can get normal 15 and 30 year loans. I know because I was pre-approved for one years ago.

>>10376355
Pic related is proof.
They word it as a conventional commercial loan on the top.

>>10375823
>They tried that and the cast iron flange just broke!

How does that even happen? Sounds like you got tricked by the repairman.

>>10376398
no, they word it as a conventional loan, i.e., a traditional loan any homeowner would get on their primary residence

it says nothing to indicate that it's a commercial loan

>>10374610
can i get a hard line internet connection in my hobo van?

>>10376559
>it says nothing to indicate that it's a commercial loan

Dude I'm telling you it was a commercial loan.
What do you think what you do? An FHA is a US government regulated loan with lots of rules. A commercial just means it is from a company, not government.

>>10376634
no dude. a commercial loan is made to a business for business purposes. a conventional loan is a mortgage made to an individual.

>>10376671
That is a business loan, which are also commercial loans. As opposed to an SBA loan which is a government regulated loan. Notice a pattern. In any case I'm done arguing. I don't really care what you call loans.

>>10376398
Not bad they flipped the house in like a year for $60,000

>>10376727
Look up commercial lending v. conventional lending. There is a difference because banks have different rules regarding loans made to businesses for business purposes and individuals for mortgages.

But im sure you knew that already, Robert P Kost

>>10376736
Yeah, I was being cock blocked by the real estate firm on a bank owned house. They wanted it for themselves to flip obviously.

I didn't go through with because I was being dicked around and the things they advertised that it had like whole house AC and forced air heating were all broken.

>>10374502
Renting's really depressing especially if you end up living in one city for an extended period of time.

I've been in the same city near Vancouver, Canada for like 11 years, renting the entire time, used to have ideas of relocating, wanted to live in the USA for a bit, never ended up doing that, just stayed where I was, moved around to a couple different apartments/homes over the years but all within a ~50km area.

If I'd just found a way to buy back like 7-10 years ago and pay mortgage instead I'd have been so much better off than I am now. Plus renting feels like you restrict your personal taste and freedom a bit, I mean you can only decorate so much (in terms of paint, room layout) in a rented place, can't (or shouldn't) buy your own new appliances, and if living in a condo/apartment really don't have much outdoor space for any activities you might want to enjoy like yardwork, car repair, woodwork, etc. so it limits that sort of stuff greatly.

I dunno, the only legitimate case for renting is if you're 100% positive you are going to be moving out of town and just want to rent for say 1 year or less. Under most other circumstances just try to buy, don't make the same mistake I did.

I still plan to buy but I'm in my early 30s now. Have about $90k saved up and I want at least $100-125k before I pull the trigger on a $400k home I'm interested in.

>>10375320
>t. Shekelstein Noseberg

>>10376827
>Have about $90k saved up and I want at least $100-125k before I pull the trigger on a $400k home I'm interested in.

Dumbest thing in this entire thread.
This guy is actually looking forward to 300k in debt.

>>10376917
wouldn't say I'm "looking forward to it"
but I've wasted about $140,000 over the last 11 years renting that money is gone, no chance of recovery. If I'd been paying a mortgage over that time I would have been able to recover that equity when/if I sold, and the property value would have increased significantly.

Not buying is the dumbest thing anyone can possibly do if you're planning to stay in one city longterm and actually live in the property you buy.

houses are a meme. you dont have to pay income tax if you have no assets and keep all your money in crypto. plus you're not financing the enslavement of society the murder of millions of people all over the world

but you do get a pretty lawn so i guess theres tradeoffs

>>10376247

Yeah duplexes are really the most common small multifamily (at least in my area). My bread and butter is fucked up old multifamilies: in such poor condition they dont qualify for mortgages, to big of a project for normies to consider. I pay cash, fix them up myself, rent them out, then refinance them with a conventional 30year residential mortgage, usually for at least as much as my total investment (so in effect my total locked up capital is zero or i even walk away with cash)

>>10376269
Commercial loans actually are totally different from residential, higher rates, shorter terms in the 5-7 year range with balloon payments at the end. The only exception is with owner occupant properties i've hear of 27.5 year commercial loans, still higher interest rates though.

>>10376997
nah you're just financing an exit scammer

you'll still have to pay income tax whenever you realize gains on that crypto investment (i.e. cash out). that's if you actually manage to make money on the scam.

unless you're talking about not reporting income, in which case, any idiot can lie to the IRS.

>>10377065

so financing the enslavement of billions of people and mass murder is preferable to financing a scam? thats just your opinion, man

only cucks plan on cashing out. this is a financial war. if we lose well thats just life, but you cant say we didnt try

Owning is the only way. Most people don’t know how to live within their means. I bought a house in ND. My mortgage is less than 1/4 of my salary plus the GF pays half. We make double payments so it will be paid off in less than 10 total years. 30 year note. My peers athe engineering firm all have 250k+ homes and kids to boot. They will never get out from under that shit. Most still have student loans.

>>10377162
get a job you dirty hippy

>>10374671
>then we'd have to live in this fucking shitpile
That’s why I like the city better, even the starter homes are still charming because they’re old and built before McMansions ruined the US’s housing forever.

mortgages are kind of a meme. I understand why rent would feel useless by compairison but if you actually look at how fucking long it takes for you to build up any meaningful equity in a house I can practically guarantee that you’ll probably move out of that house before than anyway. Honestly you have to pay a mortgage for probably about 20 years before you’ve taken any kind of significant chunk out of the principle. And it’s especially retarded when you’re talking about young millenials who wouldnt be buying a house to live in forever anyway, probably once they have kids and shit then they’ll upgrade from their first house which is basically a bachelor pad tier thing.

I would say that buying a house before you’re age 30 is almost always going to be a bad idea, at least on a 30 year term. You absolutley will not build up any meaningful equity in that property before you want to have kids and need to sell it. And if you rent, you might not be “building equity” but you’ll pay less month to month or get better living accomodations for the same price, you pay less per square ft. when renting.

>>10377196
I read your posts and you are just an embarrassment. It's the typical wagecuck normie who has to share his shitty opinions to feel better about himself. Basically if I want to become rich then I just need to do the opposite of what people like you do.