/biz/ - Business & Finance

it's retarded unless you can get a house on 20+acres

>>15252616
How do you mean? Costs of owning are heaps cheaper than renting, and you’d be sitting on an investment.
Or do you mean buying one is a meme?

>>15252616
just replaced AC for like $5k, tired of the expenses, they really are money pits

the concept of private property exists in very few corners of the earth now and is increasingly less respected. real estate is a dangerous bag to hold

>>15252616
You have to be 18 to post here son. Grow up

>>15252670
Yeah you’ll be sitting on a savings account with a fucking negative interest rate if you’re lucky.

>>15252616
Land ownership is for patricians. Home ownership is for plebs.

>>15252616
Houses are an excellent investment! Your house can appreciate 100% in 15 years. Maybe you’ll be lucky enough to break even with taxes and maintenance.

For real though, banks need to fucking chill with this %20 down payment bullshit. They need to bump it up to 40%, and stop convincing people that they need to get a loan that is the down payment multiplied by 5.

>>15252704
Hi boomer

>>15252616
I'm living in Mississauga, Ontario, Canada for reference. I'm capable of making a $170k down payment.

>$400k 2 bedroom condo in really nice area
>$170k down payment = $1,000 monthly mortgage payment
>$500 maintenance
>$250 property tax

I can rent it out for $1300 each to two tenants and they pay utilities. $2600 collected.

2600-1750 = $850 profit per month

If I put it on Airbnb, I could probably get $3200+ collections monthly with ease. That's $850-1450 profit per month.

Even if I have to do repairs or whatever down the line, wouldn't I be earning enough?

>>15252758
You are a patrician. What’s the point in owning land if you’re not profiting from it?

People who say things like home ownership is a meme or college is a meme are dumb contrarian bastards who are so certain that they're being clever that they play themselves.

>>15252761
What do you mean your house will appreciate? Your neighborhood will appreciate not your house

>>15252804
Home ownership is a meme.

Housing is NOT an investment. It’s a place to live. It is a luxury good and not an investment unless you are renting it out to someone.

>>15252804
Well, I'm in my mid 20s and have $170k saved without college, which is a meme in 99 out of every 100 cases.

>>15252815
Go up in value.

>>15252830

http://www.landlordstation.com/blog/american-real-estate-investing-statistics-and-trends/

>>15252848

What field of work are you in? That’s impressive. Are your parents rich and connected? Mine are.

>>15252875
Accounting at pic related.
>Are your parents rich and connected? Mine are.
No, I just saved 90%+ of my income consistently.

>>15252761
I'm gonna do a 10% down loan through SoFi. It's the only way. I can afford the $2500 monthly payment. That's easy. Saving $100k is hard. I can save $50k in a year.

>>15252804
But college actually is a meme.

>>15252781
Real estate in the GTA is a meme. It's not worth it to buy in this market... anyone who buys in this market is paying a massive speculative inflation premium. Do you really want to essentially work as a property manager for whoever you give your down payment to?

>>15253031
Even without appreciation, does it matter if my monthly cash flow is great?

>>15252616
It's quite comfy in Poland.
Wouldn't want to own property in USA though, what the fuck is the deal with a property tax.

>>15253057
>what the fuck is the deal with a property tax.
Land of the free

>>15253051
I'm not sure we understand each other. I'm saying real estate is a bad investment because it's inflated. Let's say the 'real' value of some new Chinese townhouse in Markham that looks exactly like the next 3 dozen beside it is $100,000. But because of the speculative that's been going on for well over a decade now, let's say you can buy that same cookie-cutter townhouse for $200,000. This means, in theory, that you will need to pay a $100,000 premium. That is a lot of landlord work for you, to pay for something that is technically overvalued. I don't think that's a good idea. Not sure what your monthly income has to do with it... if you have a decent monthly income, why bother saddling yourself with something like this?

>>15252616
I will.
Land ownership to build and do what you want on is far better then renting garbage. YOU OWN IT RETARD.

>>15252761
If its your first time a down payment is 3.5%

>>15252936
My rational is if people are willing to require a massive down payment, then they’ll stop trying to get a house that’s the down payment multiplied by 5 and prices will drop a bit. (((((Boomers))))) are desperate to pass their house on to the next smuck.

Inherited a property. Shrug.

>>15253136
Oh, I thought you were talking about how being a landlord is only worth it in consideration of betting on property appreciation.

With how many people choose to rent over home ownership and with how few people even have the means for a good outlook in home ownership, I don't think I ought to be fearful of the deflation that much.

>>15253186
I don’t approve of FHA loans. Only way that would come close to a fair deal is if the PMI was refunded and stopped after 30-40% of the loans was paid off.

>>15253191
Thanks for the wonderful insight leech
>>15253158
I don’t disagree, using your land for production is great, but 90% of shitheads wanting to jump into a mortgage don’t care about that

>>15253228
I don't think ive really heard of anything different. I just want a home and land fuck paying rent to scum landlords. Even though ill become one if we make it. :^)

Houses almost never appreciate unless their material costs appreciate. It's better to buy land with a demolished property and build anew than to renovate, since material costs always depreciate

unironically watch this stefan video (skip a few mins in) it really lays out prices to do with housing

>>15253210
>I don't think I ought to be fearful of the deflation that much
I think you should read the news, and maybe rethink the whole thing while you still have money to lose.

Think about it. It even rhymes.

Try saying “owning a home is a meme” to my friends who never bought a place in the bay area and all had to leave because they couldn’t afford it anymore. All my other friends who bought condos for 500k in 2008 are now sitting on 1.5 million properties. But yes... it’s just a “meme”.

>>15253361
Yes buy houses. Every place in America is like the Bay Area holy shit easy way to make your investment x20

>>15253057
It's rent paid to the government

>>15253361
>Oh ha you think home owning is a meme? Take a look at this acutely specific example! Checkmate
I could have guessed you’re from SF lmao

>>15253361
The bay areas housing prices are artificially inflated. Its nearly impossible for builders to get new housing approved. That shits gonna all take a dump evantually.

>>15253408
>That shits gonna all take a dump evantually.
The homeless already are

>>15253361
The same thing may happen to them as the crypto hodlers who waited to sell, too. It's not a meme if they actually sell it, but will they? Probably not.

>>15252684
Just AC? Or coil change out too?

>Lower your upkeep by only paying property taxes

You don't pay income tax on the amount of upkeep you save. It's more valuable than earning the equivalent amount more and most expenses associated with homes are because people are anal. Actual foundational repairs are not much.

>>15252700
This. All in on BTC because it’s the only thing that you actually own.

>>15252616
Rent is going up, my mortgage is not, plus I don't have to deal with retarded apartment neighbors and also my house is in a developing neighborhood in a city where the housing prices are ramping hard due to a massive influx of new tech jobs so it's already worth more than what I paid for it.

Also renting is just throwing money into the aether, I will eventually pay off my mortgage.

>>15253399
You never bothered explaining your point because you’re a condescending poorfag and a brainlet who can’t afford property.

property ownership is neither a meme nor an investment

ITS A GOD GIVEN NATURAL RIGHT AND NO ONE CAN T AKE IT FROM ME OORAH

>>15252616
Buy a duplex. Rent one, live in the other. If you play your cards right, the tenant pays for the mortgage. You get to write off a bunch of improvements. Worst case scenario, renting both should pay for mortgage/property tax/and still have some profit.

It is a lot of work, but you can treat it like a business. You need a place to live anyway, why not own it.

>>15253521
Seething

>>15253455
They said coil needed to be replaced around $2k, or could just top up with refrigerant for ~$600 or could replace AC for $5k, or AC + Heat for $7,500 tho heat works fine. The AC was leaking and 'coil was cracked/leaking'. This summer it wasnt able to keep the house cool at all. Found the documents from the previous homeowner and the AC was ~20 years old. They said the new one would not last that long, but 10-12 years with regular maintenance.

>>15253430
Underrated.
Places like SF, LA, NY are turning into gulags for the increasing number of citizens (and non citizens) in the slave caste.

>>15252761
loans are not the problem anymore, its the lack of supply due to zoning regulations and high fees associated with that.

Before a house even built, or a bulldozer set foot on the land, it already cost you $40k-$60k to all the kikes for permits and shit like that.

Add to the over speculation of the market where cash strong rich kikes buy single family homes to rent.

There is a serious supply issue. Fix the ability to build housing quickly, and youll kill the overly intense housing speculation going on right now. Very high demand and very little supply of homes.

The US housing market will not crash like it once did in 2009 where there was an over supply of homes due to construction made easy from giving loans out to anyone.

If anyone here is serious about buying a house, definitely start looking and pull the trigger, but do not expect the value of your home to sky rocket like in 2017. Recession is very near and Im going to assume that bags will be dumped very soon. Expect a steady 3-4% Yearly steady increase once the recession is in full force.

California has one of the worst housing markets

>>15253597
Now is the time to cash out for urban real estate. But obviously most people are going to make the same mistake the hodlers made, hodling through each dip until they're lucky to break even.

If Jeff Bezos dumping billions in Amazon stock wasn't a big neon sign for people to exit the markets, that's a good sign that you need to save, not invest. But of course, no matter how many signs there are, most investors get wrecked by recessions and crashes in the end anyway. Pareto principle, most people are losers, the system wouldn't be worth it for the winners otherwise.

>>15252616
homeownership is basically accepting the wagie life.

>>15253158
Don’t pay your property taxes for a few years and see who really owns it

>>15252781
you're assuming a lot

>>15254527
Fuck, this has been my thought since buying in 2017

>>15254589
you pay property tax to the state but i see what you are saying. However it is still yours do what you want with.

>>15252616
The real move is to squat on public land that is never used and then claim ownership of it after 5 years to sell it or just continue living for free

>>15252658
You wanna mow that shit, fuck that noise

>>15252791
You charge rent for the land.

>>15252616
That's correct. Now keep renting, goy.

>>15252781
kek $500 maintenance. is that monthly? for what?
t. RE investor.

>>15252616
>Homeownership is a fucking meme, prove me wrong
Living next to renting shitskins, That is why you own.

>>15255360
dont mow it. Are you a fucking boomer retard?

>>15252761
People pay 0-10% these days. 20% is much more rare.