Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I make 10k a month after tax, but Im still not dumb enough to buy a SFH that runs 2700/mo when I can get a 2/3 family home that runs me 1500/mo after rental income - vacancy- income taxes -maintenance.
in 30 years I will get paid 6k a month in rental income while someone in SFH will be looking at my bank grow.
Nah, no one will be looking at your bank. You have all the answers for what you want to do, so enjoy doing it and leave the rest of the folks to do their thing.
I make 10k a month after tax, but Im still not dumb enough to buy a SFH that runs 2700/mo when I can get a 2/3 family home that runs me 1500/mo after rental income - vacancy- income taxes -maintenance.
in 30 years I will get paid 6k a month in rental income while someone in SFH will be looking at my bank grow.
Being a landlord is working. No one will be looking at your bank, they'll be enjoying their retirement and not worrying about tenants, maintenance, and vacancies.
Unfortunately, tax increase yoy is not linear. It is exponential, just like inflation.
Based on 2700 to 10000 over 23 years, that is about 1.059% a year..
10k * 1.059^30 yrs = 55k. Do an average (should really be done using average value of calculus), but w/e, (10+55)/2 = 65/2 = 32.5k on average you will pay over next 30 years.
You won't feel the difference to be that much, as your wages will increase as well, but if you want to retire here, forget about it [ unless you have a business or passive income that can yield 55k/yr ]
The same way the old folks are retiring and leaving to Florida is going to happen to everyone of us if we are not rich, just in a later point in time. There is now news here, and the person taking on the 55k/yr tax burden will further have tax increases.
Ideally, the best place to buy is in low tax districts like NYC or JC or all of CT, if you wish to work in NYC, but if you are just hanging around in LI with no business, that is no bueno as you can do the same thing in other states for a starting tax rate of 2k vs 10/12k.
Your math is way off - 10k at a 1.059% annual increase ends up being $15,000 est. after 30 years... your entire premise is questionable.
[quote=jking1337;54876396]I make 10k a month after tax, but Im still not dumb enough to buy a SFH that runs 2700/mo when I can get a 2/3 family home that runs me 1500/mo after rental income - vacancy- income taxes -maintenance.
in 30 years I will get paid 6k a month in rental income while someone in SFH will be looking at my bank grow.[/QUOTE
I don’t care if you make 25k a month. I wouldn’t want some living above under or next to me for any amount of $$. Rental properties are a headache, I owned one in ny. Was so happy to sell it. Way more money to be made in the market over a 30 year span or with high reward trades such as options.
I make 10k a month after tax, but Im still not dumb enough to buy a SFH that runs 2700/mo when I can get a 2/3 family home that runs me 1500/mo after rental income - vacancy- income taxes -maintenance.
in 30 years I will get paid 6k a month in rental income while someone in SFH will be looking at my bank grow.[/QUOTE
I don’t care if you make 25k a month. I wouldn’t want some living above under or next to me for any amount of $$. Rental properties are a headache, I owned one in ny. Was so happy to sell it. Way more money to be made in the market over a 30 year span or with high reward trades such as options.
Not really... with RE you have 20x leverage. in stocks you dont usually have more than 3x leverage. the best choices in equities wont make enough to beat RE simply due to leverage power. there is also margin call on leverage equities
I don’t care if you make 25k a month. I wouldn’t want some living above under or next to me for any amount of $$. Rental properties are a headache.
^^This^^
Rental properties are a headache even if one is an absentee landlord. And that's a headache that many people simply do not need or want, in any way shape manner or form, no matter how much "financial sense" that option may appear to make in the eyes of other people.
Not really... with RE you have 20x leverage. in stocks you dont usually have more than 3x leverage. the best choices in equities wont make enough to beat RE simply due to leverage power. there is also margin call on leverage equities
Please don't forget to factor in the deadbeat renter that you need to have evicted. Time is money and that will take a ton of time.
the price is not the issue, the it's the quality of the home.
most long island homes are tiny and single family, producing no rental income. add a high tax to that and it makes no f**king sense to buy SFH in LI.
Let me guess, you're one of those who buys a car based on resale, rather than what it offers you.
Good for you, but it's not the norm. Nobody will look at you and say wow that guy was so smart to buy that Honda! There is no such envy except by oneself.
Let me guess, you're one of those who buys a car based on resale, rather than what it offers you.
Good for you, but it's not the norm. Nobody will look at you and say wow that guy was so smart to buy that Honda! There is no such envy except by oneself.
Hey! I love my Accord (LOL, just teasing ya)
The funny thing is that my Accord proves your point. I bought a 2017 leftover last January. Not because it was marked down (although it was) but because that was the last model year that Honda made the Accord with a 6 cylinder engine (vroom vroom ). Now, I am sure there are those who will call me financially stupid for buying a six instead of a turbo four, but guess what: I wanted the six.
And because I intend to keep this car for at least as many years as I kept my last one (15 years for a 2002 Lexus ES) I really do not give a rat's patootie about what its resale value will be. Six cylinder cars, single family houses, whatever, it's all good.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
]
(LOL, just teasing ya)
). Now, I am sure there are those who will call me financially stupid for buying a six instead of a turbo four, but guess what: I wanted the six. 
Six cylinder cars, single family houses, whatever, it's all good. 
