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Oh geez, all this time I see "ocnj" and I'm thinking Ocean County and assuming you're up near Seaside Park. I have some familiarity with that area but am clueless regarding everything further south.
That's funny, someone else told me that before, too. Exit 30 on the GSP.
In most cases a mortgage payment is much cheaper then rent by at least a few hundred a month.
Do you even look at the breakdown? It's like 70% goes to paying off the interests first. lol
Then you get a nice Property Tax bill that you have to pay bi-annually.
Not to mentions utilities.
Whereas Renters don't pay property tax, don't pay for water usually, etc etc.
the only advantage of a mortgage is you will eventually own the house and no longer have to pay mortgage. You'll just get stuck with Property Tax for the rest of your life.
Heck, for my Multi-unit Complex, the property tax is basically the same amount the average rent cost. It's excessively high. We need to abolish Property Tax.
Do you even look at the breakdown? It's like 70% goes to paying off the interests first. lol
Then you get a nice Property Tax bill that you have to pay bi-annually.
Not to mentions utilities.
Whereas Renters don't pay property tax, don't pay for water usually, etc etc.
the only advantage of a mortgage is you will eventually own the house and no longer have to pay mortgage. You'll just get stuck with Property Tax for the rest of your life.
Heck, for my Multi-unit Complex, the property tax is basically the same amount the average rent cost. It's excessively high. We need to abolish Property Tax.
Trust me, landlords do the math and make sure property taxes are covered by the rent. If they lost money they wouldn't stay in the landlord business.
And in 36 states, property taxes are higher on a property used as a rental than on the same property if owner-occupied.
Replacing a property tax with some other tax just means someone else is going to pay more tax.
you are pretty wrong . the early years in hcola can certainly be at a loss for a landlord . like any long term investment walking in day 1 does not always produce a profit .
it took us 6 years as right after we bought the stock market crashed in 1987 and we entered a very long period of depressed real estate prices and rents in nyc .
who would a thunk , nyc actually had rents fall . but even without the downturn we were only positive the early years by depreciation being added in .
Do you even look at the breakdown? It's like 70% goes to paying off the interests first. lol
Then you get a nice Property Tax bill that you have to pay bi-annually.
Not to mentions utilities.
Whereas Renters don't pay property tax, don't pay for water usually, etc etc.
the only advantage of a mortgage is you will eventually own the house and no longer have to pay mortgage. You'll just get stuck with Property Tax for the rest of your life.
Heck, for my Multi-unit Complex, the property tax is basically the same amount the average rent cost. It's excessively high. We need to abolish Property Tax.
What you need to do if move to where the taxes are lower.
The other advantage to having a mortgage is that it won't go up like rent will. In 29 years when you are almost done paying it off it will seem like nothing while renters will have seen their rents triple or more during that time. Also if you own a home the LL can't tell you to move.
To answer the OP and the question posed on the thread topic: Some people prefer to rent the property rather than rent the money. ( tie up/bury a large sum in a hole in the front yard in order to rent the monthly payment from a bank.)
What you need to do if move to where the taxes are lower.
The other advantage to having a mortgage is that it won't go up like rent will. In 29 years when you are almost done paying it off it will seem like nothing while renters will have seen their rents triple or more during that time. Also if you own a home the LL can't tell you to move.
telling someone to move where taxes are lower is like telling someone to move to where the pay is higher .
in the end other things may balance things out , or people are not just leaving their kids , family and friends
Oh geez, all this time I see "ocnj" and I'm thinking Ocean County and assuming you're up near Seaside Park. I have some familiarity with that area but am clueless regarding everything further south.
Are you here in NJ, freemkt? You might wanna call Rev. Steve Brigham in Howell and move to the tent city in the woods. They sound as if they have it better than you!
What you need to do if move to where the taxes are lower.
The other advantage to having a mortgage is that it won't go up like rent will. In 29 years when you are almost done paying it off it will seem like nothing while renters will have seen their rents triple or more during that time. Also if you own a home the LL can't tell you to move.
Renting is where you pay an increasing premium for temporary, impaired, untenured use of property.
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Exit 30 on the GSP.
