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I rent a room on an overcrowded 3BR house (8 people), zero smartphones in the house, and one car. I buy shoes ($13.97) and underwear at Walmart, and all other clothes at thrift stores (pants, shirts) or dollar stores (gloves, hats).
So? We're talking broad demographic studies. You might be the exception but that doesn't make my post untrue.
Read The Millionaire Next Door. It'll back up my point.
I think those are like second taxes and the head of these fee collection can raise it to their advantages like a thread in housing where a new roof needs repair and they all had to chip in $30k. Or that for max profits (what builders aren't) builders went bankrupt and left those bunches of mass built townhomes or SFH with crumbling steps up to your front door and your HOA wants $100k to do all of it...
And you just plain dun have the money for the hiked up HOA fees and your HOA is not gonna wait 3 more months for you to get that money to pay them because you spent that emergency monies because of illness, or that accident, or the "emergencies" and then you get fined by these HOA.
That happened to a few older folks I know who sold their country home for a condo. I know the townhomes HOA crumbling footers and steps because when I was renting Town homes.. I have a raccoon house beneath those steps we talked about. But luckily we did not buy into those townhomes (owner LL really wanted to sell to us) nor have to pay those HOA.
Not going to buy at 2007 when we know homes are over valued.. told a few friends not to buy too but they never listened. 2007 was housing peak before the dive.
So..
What we bought???
A great country home that cost us the same price or even less of a town home after the crash.
Walked into equity.. 40% instant gain.. plus that is a gain after the crash. Be more if the bubble builds again.
No HOA fees.
And I get to choose when I feel like upgrading the steps and when I get to pay for repairs.
Those condos n townhomes.. have lost at least 30% of their values meanwhile.. many of these peeps I know.. underwater.
And.. still have to pay the HOA fees.
(Many homes dun even upkeep their own lawns.. so dun tell me these places hold their values since HOA supposedly help with devaluing when selling.. especially if you competing with new same construction types for the price.. most buyers want new over your old townhomes)
My country house, I bought the location.
And there will be no more new builds especially no mass factory type SHF or townhomes.. it is zoned to be so.
So even for that piece of land (humans can build new house.. but God is not producing more land)... the land value will only go up.
Motto of the story...
Is that *time is money. Right time is money.
And what ever you do.. Go for the best quality you can get or wait to get it. Never settle for less.
House is one of the greatest gain or loss of wealth for most people. Chose wisely. And let others take that initial hit (loss of wealth) not you. That is how you gain.
Yeap.
Lots of people.. even around the world.
Spend money to keep themselves poor.
That is how the government n the big banks fleece the most blood from the normal everyday smucks thru the thing called the biggest purchase one supposedly can have.. that roof over the head. Next.. college loans. Next, car loans... Etc.
There is no debt that is a good debt in my opinion.
Not housing, not even college..
Banks is making money off you.. through interests and time (enslave you).
Same with cars...
Especially new luxury cars that you know will lose $10plus K a year..
Let others take that hit while you use that $10+K to put back in your savings or investments, retirement etc.
Make sure you pay off that car, dun take loans.
You will gain in interest that the banks can't make off you.. instant cash.
So? We're talking broad demographic studies. You might be the exception but that doesn't make my post untrue.
Read The Millionaire Next Door. It'll back up my point.
In my experience, lower income people with children spend much more wastefully than do lower income people without children, perhaps because families with children have more freebies and more total resources available. (often get unreported help from parents, grandparents, siblings, baby daddies, boyfriends, etc.) And the kids, not yet understanding money, apply heavy pressure to buy buy buy.
Go to an overcrowded house with 8 adults and no children and you'll probably find a bunch of people who can barely cover the rent, forget about frills.
I think those are like second taxes and the head of these fee collection can raise it to their advantages like a thread in housing where a new roof needs repair and they all had to chip in $30k. Or that for max profits (what builders aren't) builders went bankrupt and left those bunches of mass built townhomes or SFH with crumbling steps up to your front door and your HOA wants $100k to do all of it...
And you just plain dun have the money for the hiked up HOA fees and your HOA is not gonna wait 3 more months for you to get that money to pay them because you spent that emergency monies because of illness, or that accident, or the "emergencies" and then you get fined by these HOA.
<snip>.
You pretty much demonstrate the problem discussed in that thread by saying "the HOA" as if the HOA is not YOU, the homeowner. What is "their advantage?" We who are on HOA boards are paying the same amount of money as any other homeowner.
And it's dishonest to misrepresent the entire point about WHY the $30K assessment happened. $30K assessments are not the norm for condo owners and it's silly to try to make it sound as if they are.
When you buy a condo, you aren't just buying your little space in which you live and somebody else owns the rest. You own the rest jointly with the other owners in the Association. You don't seem to be able to grasp the concept of what condominium ownership means, so yes, it's best that people like you don't buy into condo complexes. We just had to write off $24K in bad debt because someone exactly like you lives here and has found all sorts of legal ways to dodge paying her maintenance. But she and you would likely be the first to start dancing around shrieking if something happened and that insurance (20% of the HOA fee) wasn't in place to take care of it.
You pretty much demonstrate the problem discussed in that thread by saying "the HOA" as if the HOA is not YOU, the homeowner. What is "their advantage?" We who are on HOA boards are paying the same amount of money as any other homeowner.
And it's dishonest to misrepresent the entire point about WHY the $30K assessment happened. $30K assessments are not the norm for condo owners and it's silly to try to make it sound as if they are.
When you buy a condo, you aren't just buying your little space in which you live and somebody else owns the rest. You own the rest jointly with the other owners in the Association. You don't seem to be able to grasp the concept of what condominium ownership means, so yes, it's best that people like you don't buy into condo complexes. We just had to write off $24K in bad debt because someone exactly like you lives here and has found all sorts of legal ways to dodge paying her maintenance. But she and you would likely be the first to start dancing around shrieking if something happened and that insurance (20% of the HOA fee) wasn't in place to take care of it.
To each our own follies.
You like to joint share I don't.
You like to pay extra from just a mortgage payment or even after paid off.. I don't.
You still have to maintain the inside (if dw, washer, dryer, heater, etc.. broke) like me.
Unlike you.. I get to control who does my exterior...
If I want to go for the best or if I need to budget.. eg. The roof or the siding. You don't.
You don't even get to vote for if the builders are who you choose. Nor the discount they give you if you pick them unless you are on the board.
Different choices man.
Why people on HOA boards or in the HOA covenant type group home owners need to advertise and get more peeps to buy their joint operations.
If they don't.. the share they pay will be more.
The housing they are in will devalue more.
Else why so many new constructions that I see.. are touting HOA free to try to sell their constructions.
Again.. never my loss as I have that freedom to choose.
You don't. You signed your life away. I signed nuthing.
Renting is where you pay a premium to enjoy temporary, impaired use of property.
Exactly!!!
Owning the home is where I have that freedom to choose to make money off rentals as LL. And have others pay for my mortgage while I travel around US in my RV. And pay for maybe my plot of land somewhere.
I know what rent goes for in my area.
Like I said.. I dun buy for house but location.
(Close to jobs, yet country heaven.. low crimes, and great schools, although most here can afford private schools).
Professional or biz owners neighbours.
Low to no rental mostly resident.. supply demand if I choose to rent out.
Multimillion dollar farms and estates.. old money.
So finding renters like you who want in to pay my paid off home in another few years (waiting to see who wins this election) is not going to be any problems. Finding premium renters that is (like previous home owner, CEO of a security firm) just moving into our state. And I know for a fact.. rental if opened up is not open for more than a month (great transitioning time).
So yeah.. even city data would have shown the record of my area as 99% residential. And most residents here live in paid off homes. Very very secure.
I love freedom in the USA when one made great choices..
To be or not to be.
My choice.
So to be not wasting frivolously...
Retain that freedom of choice on how you control that money.
And remember a line from my grandfather...
1 penny given in sale or to someone else..
That person is 1 penny richer than you.
Hold that penny in your purse or make penny to enrich your purse.. you be the rich one.
Didn't John Kerry drive old cars and W. Buffet kept and stayed in his original home before he made his millions for the longest time???
Exactly!!!
Owning the home is where I have that freedom to choose to make money off rentals as LL. And have others pay for my mortgage while I travel around US in my RV. And pay for maybe my plot of land somewhere.
I know what rent goes for in my area.
Like I said.. I dun buy for house but location.
(Close to jobs, yet country heaven.. low crimes, and great schools, although most here can afford private schools).
Professional or biz owners neighbours.
Low to no rental mostly resident.. supply demand if I choose to rent out.
Multimillion dollar farms and estates.. old money.
So finding renters like you who want in to pay my paid off home in another few years (waiting to see who wins this election) is not going to be any problems. Finding premium renters that is (like previous home owner, CEO of a security firm) just moving into our state. And I know for a fact.. rental if opened up is not open for more than a month (great transitioning time).
So yeah.. even city data would have shown the record of my area as 99% residential. And most residents here live in paid off homes. Very very secure.
I love freedom in the USA when one made great choices..
To be or not to be.
My choice.
Shouldn't government get out of the way and allow MORE people to exercise the choice and to enjoy the freedom of owning their home? Instead of putting up barriers to ownership like government does now?
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