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Old 04-11-2021, 03:59 PM
 
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Many live in these homes that have just been neglected for years
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Old 04-11-2021, 04:03 PM
 
Location: OC
8,956 posts, read 5,169,546 times
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Quote:
Originally Posted by BigCityDreamer View Post
I think I read somewhere that one of the Kennedy family lived in a suite in the Carlyle Hotel in Manhattan for 10 years.

When you are that rich, I guess you can stay wherever the hell you want.
I'm gonna bet that person owned some property as well.
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Old 04-11-2021, 04:05 PM
 
Location: OC
8,956 posts, read 5,169,546 times
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Quote:
Originally Posted by Berteau View Post
Exactly. Rent includes all those things but your mortgage doesn’t! Landlords might make money but most of the rent they receive goes towards expenses and the money tied up in the rental units can’t be used towards other investments.
And as a general rule, rent rises in most areas, especially on the coast. So you're locking in a 2020 price for as long as you live there. Or if you sell, you can use the equity to upgrade. Now, if you have great investing acument, yeah, dump it in stocks, sure. But sometimes a home is more than just an investment.
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Old 04-11-2021, 04:10 PM
 
7,275 posts, read 5,517,971 times
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Quote:
Originally Posted by Libertyforever12 View Post
Have you ever heard of a concept call opportunity cost? Base on your post, you don't seem to understand this concept. And anyone who don't understand this concept has no business discussing buy vs rent.
I do understand the concept quite well, but you seem to have issue following a thread, lol.


Quote:
Originally Posted by mathjak107 View Post
Obviously not since it is just another myopic view.

We sold our house, rented and put the money no longer tied up in that house in to a commercial real estate venture that returned enough to support us for life and buy multiple homes like we had after subtracting rent and taxes .

Today the money we made pays not only our rent but all our living expenses each year while still growing itself . The amount that money grew to that was no longer in a house was many times where we would be if we simply kept the house because housing costs were less .

The problem is that the investing portion can blow away any saving in housing costs and even whatever appreciation the house can see ....

So blanket statements are usually wrong as general statements .

Yeah , I will gladly rent over and over and do that again
Again, you are always comparing apples and oranges, and saying "I win!".

Hey, I bought a tent for $5 and live for free in a park, my buying nets me more money than your renting, I win! lol

You seem to conveniently ignore the apples to apples comparisons, because it would not be in your best interest to do so.

Your view is myopic and elementary, because all you do is focus on "rent", you mention zero actual dollars involved. If I rented a place for $10k/mth over buying a $200k home, is that the best financial decision? of course not, but your simplistic view and argument of "renting is better" makes it seem so, and you are using the same absurd, apples to oranges comparison I just made.
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Old 04-11-2021, 04:16 PM
 
Location: Tierra del Encanto
1,600 posts, read 1,338,369 times
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The thought of rent bothers me because I'd not only be paying the LL's mortgage, I would also be obligated to cut his grass and shovel his sidewalk, too. I realize this is a purely emotional argument.

All things considered, homeowners have a higher net worth than renters. The statistics keep bearing this out. There are rich renters, but for the most part renters are a poorer demographic.
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Old 04-11-2021, 04:19 PM
 
87,925 posts, read 85,664,894 times
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Quote:
Originally Posted by k350 View Post
I do understand the concept quite well, but you seem to have issue following a thread, lol.




Again, you are always comparing apples and oranges, and saying "I win!".

Hey, I bought a tent for $5 and live for free in a park, my buying nets me more money than your renting, I win! lol

You seem to conveniently ignore the apples to apples comparisons, because it would not be in your best interest to do so.

Your view is myopic and elementary, because all you do is focus on "rent", you mention zero actual dollars involved. If I rented a place for $10k/mth over buying a $200k home, is that the best financial decision? of course not, but your simplistic view and argument of "renting is better" makes it seem so, and you are using the same absurd, apples to oranges comparison I just made.
No point discussing this with you any further...you have your mind set and that’s that.

I can tell you my experience was no comparison.

selling , renting and investing blew away keeping our old house. We would never have had the multiple. 7 figures we do today , Had we just kept the house and didn’t deploy that money elsewhere
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Old 04-11-2021, 04:35 PM
 
7,275 posts, read 5,517,971 times
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Quote:
Originally Posted by mathjak107 View Post
No point discussing this with you any further...you have your mind set and that’s that.

I can tell you my experience was no comparison.

selling , renting and investing blew away keeping our old house. We would never have had the multiple. 7 figures we do today , Had we just kept the house and didn’t deploy that money elsewhere
You are not discussing it though. Your argument is basically because a home you bought was much more expensive than the home you rent, renting is a better way to go. Absolutely stupid comparison and argument to make.
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Old 04-11-2021, 04:40 PM
 
87,925 posts, read 85,664,894 times
Reputation: 63434
Quote:
Originally Posted by k350 View Post
I do understand the concept quite well, but you seem to have issue following a thread, lol.




Again, you are always comparing apples and oranges, and saying "I win!".

Hey, I bought a tent for $5 and live for free in a park, my buying nets me more money than your renting, I win! lol

You seem to conveniently ignore the apples to apples comparisons, because it would not be in your best interest to do so.

Your view is myopic and elementary, because all you do is focus on "rent", you mention zero actual dollars involved. If I rented a place for $10k/mth over buying a $200k home, is that the best financial decision? of course not, but your simplistic view and argument of "renting is better" makes it seem so, and you are using the same absurd, apples to oranges comparison I just made.
Quote:
Originally Posted by k350 View Post
You are not discussing it though. Your argument is basically because a home you bought was much more expensive than the home you rent, renting is a better way to go. Absolutely stupid comparison and argument to make.
No that is not what I am arguing ..i said the rent becomes negligible when that money no longer in a house made us millions that was no longer tied up in in a house ...just what it made us provides us with a six figure income a year and after six years is still much higher in balance than the day we retired ....

We can buy multiple homes like we had , after subtracting all the rent and taxes we paid .

The cost savings from the house and the appreciation,even at 3x what we sold for 15 years ago ,couldn’t compare to what that money made for us ...

Our retirement is so different from what it would have been had we kept the house ....we are on a whole different level of income vs expenses then we would have been
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Old 04-11-2021, 04:54 PM
Status: "Finally out" (set 10 days ago)
 
Location: New Jersey!!!!
12,597 posts, read 9,187,400 times
Reputation: 13020
Mathjak, did you mention yet that you've enjoyed a rent-stabilized apartment for quote some time now?

Your situation is highly unique and you really should make that clear when discussing this matter. For the vast majority of people, homeownership beats renting hands down. As others have said, the statistics bear this out.
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Old 04-11-2021, 05:03 PM
 
87,925 posts, read 85,664,894 times
Reputation: 63434
Yes , that is common knowledge posted by me all the time but so is the fact we are just about at market and the only reason we are not is we have an un renovated apartment...more than half of all rentals in nyc and the boroughs are stabilized so unless you want to deal with a private landlord in a house the apartments are going to be stabilized or luxury level in the 3-6k a month range.

Millions of New Yorkers have stabilized apartments which go hand in hand with living in some cities but being stabilized does not necessarily mean low rents..stabilized apartments go for as much as 6k a month if the building sponsor is taking part in j51 or 421a deals.

The argument here is not housing costs which can be pale compared to the investment side of things.

Not everyone is an invested type , I get that , but the fact is not all renters are throwing money away or have little money is something few seem to understand as well.

Like I said our building is filled with well to do professionals who decided to buy practices instead of a house ..

After they grow their wealth from what they buy they have choices like we do

Last edited by mathjak107; 04-11-2021 at 05:13 PM..
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