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Old 03-22-2016, 06:30 PM
 
13,891 posts, read 7,395,585 times
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Quote:
Originally Posted by Robyn55 View Post
On my part - I have never looked at any house/condo that I've owned as an investment. It's a consumption/lifestyle thing.
Yep. My house is a consumption/lifestyle thing, not an investment at all. I need to feel good about where I live. It's how I'm wired.
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Old 03-22-2016, 06:38 PM
 
29,775 posts, read 34,860,277 times
Reputation: 11705
Quote:
Originally Posted by GeoffD View Post
Yep. My house is a consumption/lifestyle thing, not an investment at all. I need to feel good about where I live. It's how I'm wired.
Bada Bing, I hear that!
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Old 03-22-2016, 06:39 PM
 
20,740 posts, read 13,741,528 times
Reputation: 14404
Quote:
Originally Posted by GeoffD View Post
Yep. My house is a consumption/lifestyle thing, not an investment at all. I need to feel good about where I live. It's how I'm wired.

Only reason to purchase a home is the same as it has always been; a place to live in and if that is your thing; raise a family. Oh and there is also that bit which as been a lure to the United States for many ever since the Mayflower arrived; a chance to own property. Everything else that comes is gravy.
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Old 03-22-2016, 06:45 PM
 
2,443 posts, read 2,070,283 times
Reputation: 5690
Quote:
Originally Posted by BugsyPal View Post
Only reason to purchase a home is the same as it has always been; a place to live in and if that is your thing; raise a family. Oh and there is also that bit which as been a lure to the United States for many ever since the Mayflower arrived; a chance to own property. Everything else that comes is gravy.
I agree 100%
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Old 03-22-2016, 07:33 PM
 
Location: Forests of Maine
30,680 posts, read 49,437,227 times
Reputation: 19129
Quote:
Originally Posted by BugsyPal View Post
Only reason to purchase a home is the same as it has always been; a place to live in and if that is your thing; raise a family. Oh and there is also that bit which as been a lure to the United States for many ever since the Mayflower arrived; a chance to own property. Everything else that comes is gravy.
well, yes and no.

I am now in the fifth home that I have owned. My first four homes were each income properties. For each of those four properties, I paid the 'closing costs' of buying them. Each of them had tenants that paid rent. The rent receipts covered the mortgage, insurance, property taxes, water, sewer, repairs and maintenance. None of my salary income ever went into any of those mortgages. We even made principal-only payments most months. Each of those four properties provided me with tax sheltering for my salary income. Each of them built equity that I was able to later extract and use to purchase the farm where I live today.
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Old 03-22-2016, 08:00 PM
 
20,740 posts, read 13,741,528 times
Reputation: 14404
Quote:
Originally Posted by Submariner View Post
well, yes and no.

I am now in the fifth home that I have owned. My first four homes were each income properties. For each of those four properties, I paid the 'closing costs' of buying them. Each of them had tenants that paid rent. The rent receipts covered the mortgage, insurance, property taxes, water, sewer, repairs and maintenance. None of my salary income ever went into any of those mortgages. We even made principal-only payments most months. Each of those four properties provided me with tax sheltering for my salary income. Each of them built equity that I was able to later extract and use to purchase the farm where I live today.

You are playing a different game than the average Joe just wanting a roof over his head for himself and family. If it works for you great; Lord knows plenty have gone down that route. However when it does not work, it *REALLY* does not work and people end up in a world of trouble. Buying a home as in income/investment property in whole or part is not like purchasing a primary residence. At least here in NYC banks look at your finances entirely differently if you intend to use rental income to cover mortgage payments.


Basis of the scheme rests upon finding a tenant or tenants willing to pay rent desired so your numbers are covered.
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Old 03-22-2016, 09:59 PM
 
2,294 posts, read 1,560,184 times
Reputation: 2737
Quote:
Originally Posted by BugsyPal View Post
Only reason to purchase a home is the same as it has always been; a place to live in and if that is your thing; raise a family. Oh and there is also that bit which as been a lure to the United States for many ever since the Mayflower arrived; a chance to own property. Everything else that comes is gravy.
Yep!!
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Old 03-22-2016, 10:18 PM
 
Location: Forests of Maine
30,680 posts, read 49,437,227 times
Reputation: 19129
Quote:
Originally Posted by BugsyPal View Post
You are playing a different game than the average Joe just wanting a roof over his head for himself and family....

... Basis of the scheme rests upon finding a tenant or tenants willing to pay rent desired so your numbers are covered.
There are always people who want to rent.

But I was just responding to your:
"Only reason to purchase a home is the same as it has always been; a place to live in"

I have owned four homes where I did not make a down payment, and where my salary did not go into mortgage payments.
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Old 03-23-2016, 12:05 AM
 
33,046 posts, read 22,048,755 times
Reputation: 8970
Quote:
Originally Posted by Submariner View Post
well, yes and no.

I am now in the fifth home that I have owned. My first four homes were each income properties. For each of those four properties, I paid the 'closing costs' of buying them. Each of them had tenants that paid rent. The rent receipts covered the mortgage, insurance, property taxes, water, sewer, repairs and maintenance. None of my salary income ever went into any of those mortgages. We even made principal-only payments most months. Each of those four properties provided me with tax sheltering for my salary income. Each of them built equity that I was able to later extract and use to purchase the farm where I live today.

Is this a great country or what? Renting is for suckers who enjoy paying someone else's mortgage.
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Old 03-23-2016, 12:07 AM
 
33,046 posts, read 22,048,755 times
Reputation: 8970
Quote:
Originally Posted by Submariner View Post
There are always people who want to rent.

But I was just responding to your:
"Only reason to purchase a home is the same as it has always been; a place to live in"

I have owned four homes where I did not make a down payment, and where my salary did not go into mortgage payments.

Where do I sign up?
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