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Old 04-07-2009, 06:20 PM
 
1,340 posts, read 3,688,461 times
Reputation: 451

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Quote:
Originally Posted by MsFancyPants View Post
Owning. A status symbol, you mean? I'm not sure why just "owning" is a reason to own. Not trying to be flip. Tax deduction. Being phased out as we speak. Over time build equity. Wouldn't you be doing that by banking the difference between rent and mortgage payments and maintenance and taxes and HOA fees? Tweak to your desires? Okay. That I can understand. Although, those tweaks in a market that you'll be happy with flat or stagnant will eat into your "equity down the road." Appreciation over time will only come if the market appreciates, not if it stays stagnant or flat. Ask the retirees right now how "surely" they are about that! LOL!

I'm only asking these questions b/c it seems like if I thought the way you did, I wouldn't buy. I'd stay renting.
No. Not a status thing at all.

Tax deduction not being phased out in my income level. No worries there.

Once prices drop a tad more the rent/buy ratio will be fairly close so after deduction it will be close to a even scenario either way payment wise. One building equity one not.

And my flat comment was meant SHORT TERM. In 10+ years I believe the appreciation will be there and that is what matters to me. Not the short term instant appreciation some people expect.
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Old 04-07-2009, 06:21 PM
 
Location: Charlotte, NC
2,193 posts, read 5,036,889 times
Reputation: 1075
Quote:
Originally Posted by MsFancyPants View Post

I don't understand why anyone would buy a house if they don't expect it to appreciate.
Well, if a person either buys a house in cash or pays it off fully eventually, the reason would be to have a home that's mortgage/rent free.
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Old 04-07-2009, 06:34 PM
 
982 posts, read 1,093,987 times
Reputation: 249
Thanks, Sheenie and NJ. Now that makes sense. I admit, I come from a mindset of not paying off your home! LOL! Just an investment to me. But that makes sense now.

Carry on. The blonde has left the building.
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Old 04-07-2009, 06:35 PM
 
Location: Barrington
63,919 posts, read 46,468,992 times
Reputation: 20674
Quote:
Originally Posted by bproven View Post

For instance, take granite countertops - Two houses that are equal, but one has granite countertops and the other doesn't. I wouldn't pay extra for that. My perspective...
If all else is equal, the home with granite will sell faster than the one without it. And in a depreciating market, time is money.
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Old 04-07-2009, 06:51 PM
 
1,422 posts, read 2,295,809 times
Reputation: 1188
Quote:
Originally Posted by MsFancyPants View Post
Thanks, Sheenie and NJ. Now that makes sense. I admit, I come from a mindset of not paying off your home! LOL! Just an investment to me. But that makes sense now.

Carry on. The blonde has left the building.
Just out of interest, did you eventually find a tenant for your rental?

Potential tenant problem
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Old 04-07-2009, 06:57 PM
 
982 posts, read 1,093,987 times
Reputation: 249
I haven't re-listed it yet. My son lives in there and is moving this weekend. I just decided to wait till he's out and then list it. I figured with two college boys in there, it's a mess, and will likely attract that kind of tenant till I get them out, get it painted, carpets cleaned and tidied up a bit.

And, no, I never heard from her "attorney"! LOL!

This is why I hate being a landlord. Flipping is so much less of a hassle!
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Old 04-07-2009, 07:16 PM
 
1,422 posts, read 2,295,809 times
Reputation: 1188
Quote:
Originally Posted by MsFancyPants View Post
I haven't re-listed it yet. My son lives in there and is moving this weekend. I just decided to wait till he's out and then list it. I figured with two college boys in there, it's a mess, and will likely attract that kind of tenant till I get them out, get it painted, carpets cleaned and tidied up a bit.

And, no, I never heard from her "attorney"! LOL!

This is why I hate being a landlord. Flipping is so much less of a hassle!
I live in the US but also own a property outright in the UK and rent it out.

Always used a property management company and found it works just fine.

Although I guess it helps not having a mortgage to pay - I probably wouldn't use them if my profit margins were slim.

They do save an awful lot of hassle though.
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Old 04-07-2009, 07:22 PM
 
982 posts, read 1,093,987 times
Reputation: 249
I have three rentals right now and I use property management companies on the two. They're positive cash flow. This one is my one regret! LOL! It's definitely my long-term hold. Oh, well. You can't win them all. I could walk away from it - it will probably never be worth what I paid for it, but my conscience won't let me do that. I made the deal. I have to live with it. I can use the write-off anyway. In the meantime, I moved my college aged kid in there w/a roommate. I would've paid more for a dorm so I consider it a wash. Now they're graduating and they're moving on, so at least I'll be getting more of a return than I have been. Still negative cash flow, and in a not-so-great neighborhood so I get what I get. The renter previous to my son living there on paper looked horrible. Husband in prison, single mom, just started her job. She was a great tenant. I'm sure I'll find another one. This woman turned out to be a whackjob, and I'm glad I found out sooner than later! I will probably pay my property mgt company a flat fee to just find me a tenant. Not for the monthly maintenance, just to find the tenant. That might be a better way to go on this one!
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Old 04-07-2009, 08:06 PM
 
Location: Pittsburgh--Home of the 6 time Super Bowl Champions!
11,310 posts, read 12,332,678 times
Reputation: 4937
Quote:
Originally Posted by CoastieTX View Post
I don't know about the rest of you, but I have a hard time believing FMV personally tracked down these buyers after the sale, talked to them one on one, and was informed these buyers made their decision based soley on granite.

But then again, people in denial say the craziest things sometimes, don't they?
Do you think we don't speak to our agents?

Last edited by TexasGirl@Heart; 04-07-2009 at 08:56 PM..
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Old 04-07-2009, 08:13 PM
 
1,615 posts, read 3,570,703 times
Reputation: 1115
Quote:
Originally Posted by MsFancyPants View Post
And as soon as buyers buy, then they want the market to go up and they become the same way.
Quote:
Originally Posted by fairmarketvalue View Post
A HOME RUN, folks, a home run!
So you are insinuating that sellers are....greedy?

That is a home run

case closed
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