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Old 08-15-2014, 10:53 AM
 
Location: Florida
4,104 posts, read 3,556,335 times
Reputation: 9963

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Quote:
Originally Posted by azoria View Post
I will never own taxhog again. Ownership implies taxation/seizure/insurance/ to protect the owner from potential insurgents. Never.again.

I owned a farmette in Texas. The property was homesteaded. A new law was passed by the state legislature in approximately yr. 2000 allowing small self-incorporated municipalities to forcibly annex adjacent property if certain criteria were present. Mine was, and it was forcibly annexed against my will and without my consent. The city then told me what I could do with my land, how I could live there, sent me a bill, and raised the taxes sky high. I sold it.

Then I moved to a different state. I bought a bigger place zoned agricultural, with a 100 year old house and barn and a lovely water well, and set up for happily ever after. Until the county planning and zoning commission rezoned my property without my consent and against my will -again- to some land use they made up, called 'urban reserve'. After that they defined what I could do with my property and how I could use it, raised the taxes sky high, and sent me a bill. This state had no homestead law *protections*. I sold it months later. Buh-bye money pit.

Now I live in a cheap schitzy apartment I do not own. I have no homeowners or renter insurance. If the landlord raises the rent, I'll move. I own nothing that needs to be insured, taxed, or can be seized or rezoned by money hungry government. I'm done allowing my property to be confiscated by these thieving bureaucrats.

We.own.nothing. Not even a car - no car insurance either. Done.

Ownership in America = liability. I own nothing. Tax that azzhats.

A good lawyer should have helped you out in that situation. The case being that the municipality specifically singled your property out in order to tax you more. Also they imposed financial hardship upon you by changing the circumstances around the reason you bought said property. You clearly bought it under the guise that it would be agricultural, then they changed it to an urban reserve.

However was there a specific rule that you failed to follow? Did the municipality require you to actually "farm" in order to keep the agricultural status? If they did and you failed to farm then that's all on you. In many places you can simply buy a few chickens in order to keep this zoning.
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Old 08-15-2014, 11:09 AM
 
Location: nyc
282 posts, read 262,164 times
Reputation: 308
Bravo !

Congrats to you .

An exceptional way of using money to make more money rather than sinking it into a house where you get a mortgage/tax rebate , build equity for some years and 'think' this is a sound investment !


Quote:
Originally Posted by mathjak107 View Post
Our kids hopefully will be left with far more just because we didn't own a house and were able to take part in some excellent investments elsewhere.

As an example one of our investments we made was in some commercial lease rights in a prestigious building over looking central park. We were able to enter into a partnership with one of the most famous real estate mogals in the country.

The sale made headlines in march when an investor group bought not the property which we didn't own but what was left on the lease rights for 18 million bucks which our family held a 10% stake in.

Had we had the house still could never have invested in that partnership.

That wasn't our only deal either. We bought rent stabilized leases out from origonal tenants in co-ops by central park offering 100k per lease buy out.

We then sold the apartments at market rates in the 7 flgures.

If you are creative,have the pucker factor and a plan you can do very well renting and investing elsewhere.

I sold our house in 2003 . I paid 169k in 1987 and today the house is worth 450-475k. That same 169k in a bunch of nothing special fidelity funds is worth 2.7 million today.

That is enough to subtract out taxes ,decades of rent and still by a few homes today.

Never underestimate the power of renting and investing elsewhere.
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Old 08-15-2014, 11:21 AM
 
Location: nyc
282 posts, read 262,164 times
Reputation: 308
Quote:
Originally Posted by 04blackmaxx View Post
Burden them with selling the house and keeping the profit? That's not a burden that's called an estate. Now you leave them with nothing.


A house should be a VERY small or non-part of your estate .

It usually creates more problems , i.e. probate , contests to the will, taxes, utility shut offs, upkeep .

If you decide to leave anything to heirs an estate SHOULD include stocks, bonds, insurance, royalties, etc. .
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Old 08-15-2014, 11:57 AM
 
Location: Wherever you go, there you are
46 posts, read 36,742 times
Reputation: 87
Land. They don't make it anymore.
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Old 08-15-2014, 12:32 PM
 
6,719 posts, read 5,539,875 times
Reputation: 14988
Quote:
Originally Posted by ApePeeD View Post
Also, you slowly build equity with a mortgage, whereas you don't have this with rent.
Equity is a function of the market and housing values. Housing prices go down and your equity goes with it. There are many things that can zero out your equity.
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Old 08-15-2014, 12:53 PM
 
Location: Atlanta (Finally on 4-1-17)
1,847 posts, read 2,138,538 times
Reputation: 2550
Quote:
Originally Posted by ApePeeD View Post
There are pros and cons either way.

The biggest pro, I guess, is that you can get a stabile loan that doesn't go up with a mortgage, whereas rents will always be increasing.

Also, you slowly build equity with a mortgage, whereas you don't have this with rent.

Mortgage is Fixed, property taxes are not.
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Old 08-15-2014, 12:54 PM
 
Location: Atlanta (Finally on 4-1-17)
1,847 posts, read 2,138,538 times
Reputation: 2550
Quote:
Originally Posted by ApePeeD View Post
There are pros and cons either way.

The biggest pro, I guess, is that you can get a stabile loan that doesn't go up with a mortgage, whereas rents will always be increasing.

Also, you slowly build equity with a mortgage, whereas you don't have this with rent.
I build equity in my internet based business and other REAL investments.
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Old 08-15-2014, 12:56 PM
 
Location: Atlanta (Finally on 4-1-17)
1,847 posts, read 2,138,538 times
Reputation: 2550
My thinking is like yours. I have other plans for my money. I have very ambitious opportunities I'm lining up.


Quote:
Originally Posted by mathjak107 View Post
Our kids hopefully will be left with far more just because we didn't own a house and were able to take part in some excellent investments elsewhere.

As an example one of our investments we made was in some commercial lease rights in a prestigious building over looking central park. We were able to enter into a partnership with one of the most famous real estate mogals in the country.

The sale made headlines in march when an investor group bought not the property which we didn't own but what was left on the lease rights for 18 million bucks which our family held a 10% stake in.

Had we had the house still could never have invested in that partnership.

That wasn't our only deal either. We bought rent stabilized leases out from origonal tenants in co-ops by central park offering 100k per lease buy out.

We then sold the apartments at market rates in the 7 flgures.

If you are creative,have the pucker factor and a plan you can do very well renting and investing elsewhere.

I sold our house in 2003 . I paid 169k in 1987 and today the house is worth 450-475k. That same 169k in a bunch of nothing special fidelity funds is worth 2.7 million today.

That is enough to subtract out taxes ,decades of rent and still by a few homes today.

Never underestimate the power of renting and investing elsewhere.
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Old 08-15-2014, 01:01 PM
 
Location: Florida
4,104 posts, read 3,556,335 times
Reputation: 9963
Quote:
Originally Posted by Rocco Barbosa View Post
Mortgage is Fixed, property taxes are not.
Property taxes are not going to go up at a rate that will financially strap you, or at least shouldn't. My annual ptax is 2400. If that went up 10% youre still only talking about a $20 a month increase. Last time I had an apartment they tried upping my rent 100 a month yearly. Plus there are programs for retirees in my city where they don't have to pay as much.
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Old 08-15-2014, 01:02 PM
 
Location: Atlanta (Finally on 4-1-17)
1,847 posts, read 2,138,538 times
Reputation: 2550
I don't get the " I don't want to deal with landlords" thing.


I pay my rent, they don't bother me. What is "dealing with landlords" all about?

In my current place, I saw the owner of the building once, since 2011. I've not seen him since I signed my lease.

It's been that way with every place in which I've rented. I pay rent, they leave me alone.

As far as rents increasing-----in case the memo wasn't received, the price of milk has increase too, that doesn't mean I'm going to go out a buy a cow so I can say "whew, now I don't have to worry about paying high milk prices anymore, I own the cow".

Over the last 5 years, my rent has gone up---$5-$10 per month, per year. The cost of doing business goes up every year, so I would expect rents to follow.


Some of the logic here as it relates to buying and owning a home doesn't make sense.
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