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Old 03-22-2016, 04:03 AM
 
Location: R.I.
970 posts, read 602,748 times
Reputation: 4165

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Quote:
Originally Posted by Burkmere View Post
I've rented my whole life. It's allowed me to live without worrying about maintenance and also to invest the difference. Each to his own. It's allowed me to retire, and have financial freedom. I'm way ahead of where I'd have been if I'd have purchased a home. The homeowner pays a great deal of money to the ability to live in the house. The renter rents. You can't blame your situation on renting. I've rented and I"m retired, and well, pretty well off.
And there are those like myself who prefer and have enjoyed home ownership. With much sacrifice I paid my home off in 8 years which was 18 years ago. It currently costs me including property taxes and maintenance $1800 a month to live in my home. Since owning my home which provides me the ability to write off my property taxes which are $6000 annually I pretty much get that all back in Federal and State tax refunds. If I were to attempt to rent a home similar to mine in my area it would cost me close to $3000 a month and I would get no tax breaks and no equity. Not only do I own a home in a very desirable area that I could sell tomorrow for full profit for close to $400,000 which it cost me $200,000 to build, owning my home outright provided me the ability to put my former $600 a month mortgage payment into my 5% match Fed Gov 401K/TSP x 18 years with another 6 to go will provide me a solid 1/3 of my retirement income instead of it going into a landlord's retirement fund.

In the course of my life I rented two years when I was single and four years when I was first married and hated every minute being a renter. I am someone who does not like to live in close quarters, I enjoy having pets and gardens, and want the choice to paint my living room lime green if the spirit moves me. There may come a day when I will rent again when pets, gardens, and space may not be so important to me.

You found a way to get ahead being a renter and I did the same being a home owner.
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Old 03-22-2016, 04:10 AM
 
71,463 posts, read 71,652,652 times
Reputation: 49027
we owned homes off and on but i hated owning them and the chores that went with them .

in fact if we had still owned a home and all that money was tied up in that home we would have never have had the funds to invest in the things we did which were far more lucrative . today we can buy multiple homes with what the investments produced even after subtracting out taxes and rent so we don't regret renting for a second .
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Old 03-22-2016, 05:58 AM
 
Location: Colorado Springs
4,830 posts, read 4,944,472 times
Reputation: 17289
Quote:
Originally Posted by freemkt View Post
Renting is where you pay forever and ever and ever, rent without end, amen.

Renting is where you pay over and over and over for what the homeowner pays once.
Actually you never really "own" a house.

If you think you do, watch what happens when you don't pay the property tax.
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Old 03-22-2016, 07:45 AM
 
2,442 posts, read 2,068,483 times
Reputation: 5690
Quote:
Originally Posted by mathjak107 View Post
we owned homes off and on but i hated owning them and the chores that went with them .

in fact if we had still owned a home and all that money was tied up in that home we would have never have had the funds to invest in the things we did which were far more lucrative . today we can buy multiple homes with what the investments produced even after subtracting out taxes and rent so we don't regret renting for a second .
Donald, very impressive!!
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Old 03-22-2016, 07:46 AM
 
71,463 posts, read 71,652,652 times
Reputation: 49027
if we still owned that house there would be no donald today ha ha ha
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Old 03-22-2016, 07:53 AM
 
29,764 posts, read 34,851,819 times
Reputation: 11675
Quote:
Originally Posted by pvande55 View Post
Last time I checked, Baltimore was only 70 km from Washington. True, the former doesn't have the good government jobs, but certainly within commuting distance.
Very true some of the wealthiest areas in the country are just outside of Baltimore and many of those residents commute to DC. Baltimore metro overlaps DC metro and there are two major routes 95 and 295 connecting each cities beltway and the cities themselves. To say Baltimore doesn't have good gov't jobs is to ignore the location of Social Security and NSA and the cottage industry related to NSA and Fort Meade.
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Old 03-22-2016, 07:57 AM
 
Location: Miami, FL
8,088 posts, read 7,734,773 times
Reputation: 6650
Quote:
Originally Posted by mathjak107 View Post
for the youngin's it is still early in the game . they are paying their dues the same as we did . i went to apex technical school back in the 1970's borrowing more money then i ever imagined i would be able to pay back

it was tough but i paid it back . there was little to save for years .

same thing with our kids , we paid for college but they paid for graduate school and law school .

8 years in they are making great money and recently paid off 6 figure loans in 8 years .. now that they made partner a law firm partnership is costing them multiple 6 figures .

the early years are always tough for savings but eventually things work out if you take life by the collar and make things happen for yourself . if you drift like a cork in water to where ever your job pulls you then you will likely not do well at all
You are a good guy Mathjak. I thought you were one of those wealthy entitled pricks. But see you are bootstrapper. Congrats. and my apologizes for previous negative comments.
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Old 03-22-2016, 08:00 AM
 
29,764 posts, read 34,851,819 times
Reputation: 11675
Quote:
Originally Posted by lenora View Post
I'm not there yet, but I did receive an earned income tax credit this year. That was a shock!

There is no way I'd be able to live on my expected benefit - approximately $1200/month - unless I moved in with a child, rented out half my home or moved into subsidized housing. Medical expenses alone would eat up more one-third of my monthly check. The federal poverty level is $990/month for a single person. I admit that if I had less than $7,280 in resources, I would be able to get help paying my Medicare Part B premiums, but still...I like to eat, turn on the heat or a/c, visit friends and family. There is no room for stress in my old age.
The financial and COL dynamics where you live are often one of extremes in wealth/income equality. The concept of food deserts is very real in some areas while others have a variety of grocery options. The cost of housing to live in a safe area with good resources can be considerable especially as neighborhoods change. Soon people will wake up to the cost of housing and living just to get safe drinking water.
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Old 03-22-2016, 08:14 AM
 
71,463 posts, read 71,652,652 times
Reputation: 49027
Quote:
Originally Posted by Felix C View Post
You are a good guy Mathjak. I thought you were one of those wealthy entitled pricks. But see you are bootstrapper. Congrats. and my apologizes for previous negative comments.
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Old 03-22-2016, 09:03 AM
 
2,442 posts, read 2,068,483 times
Reputation: 5690
Quote:
Originally Posted by mathjak107 View Post
if we still owned that house there would be no donald today ha ha ha
Donald we are so proud of you, please do not ever leave us.
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