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Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,712 posts, read 58,054,000 times
Reputation: 46182
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Quote:
Originally Posted by Keithk0721
Thanks every one. I am 63 and want to retire in 1 or 2 years. ... I am by self so it is a little scary. I do have a dog. ...To me, buying is best because your equity keeps increasing no matter how long I stay there. wrong Renting seems to me like throwing money away . wrong Who knows, I might get there and decide Portland is not for me but in my mind, I could still be making some profit on the real estate. I guess I think 63 is rather late to be doing this but I do know 63 is rather young these days. Just keep going back and forth.
do the math (ALL the math) nothing magic about renting when your capital could be actually WORKING FOR you. +/-... Do what is right for you. You have to sleep at night.
My mom did 8+ executive (spendy) flip homes after retirement (the latest at age 87) on her own... Currently tough to beat $250k income tax free gains every 24 months. (Sale of primary home). A married friend took the $500k tax free gains every 24 months (9x), while working FT at another demanding career.
I will assure you NONE of my personal residences have been a viable performing asset, and my current home is worth 10x what it cost me to build. (it's Still a liability, not an asset). I could rent the SAME or better for about 30% less than my 'opportunity cost' (tied up assets). I could buy a NNN commercial prop with my equity and rent anywhere in the world. (Taiwan sounds good during Covid) .
do the math (ALL the math) nothing magic about renting when your capital could be actually WORKING FOR you. +/-... Do what is right for you. You have to sleep at night.
My mom did 8+ executive (spendy) flip homes after retirement (the latest at age 87) on her own... Currently tough to beat $250k income tax free gains every 24 months. (Sale of primary home). A married friend took the $500k tax free gains every 24 months (9x), while working FT at another demanding career.
I will assure you NONE of my personal residences have been a viable performing asset, and my current home is worth 10x what it cost me to build. (it's Still a liability, not an asset). I could rent the SAME or better for about 30% less than my 'opportunity cost' (tied up assets). I could buy a NNN commercial prop with my equity and rent anywhere in the world. (Taiwan sounds good during Covid) .
That is our case too ...for what I loose in opportunity cost Tying up hundreds of thousands of dollars in a house it is more than all our living expenses ...
Status:
"Smartened up and walked away!"
(set 26 days ago)
11,780 posts, read 5,795,007 times
Reputation: 14201
Quote:
Originally Posted by matisse12
But, for your particular situation, it requires living in ALABAMA.
I hope you're saying that in jest because we plan on retiring in Alabama in the next year or so. Great people, food and low property taxes. My retirement money will go farther down there than staying in NY with foolish regulations and laws being forced down our throats every year.
To each their own - but I'm getting sick of the Southern jokes and making people think they are less because of where they live.
I hope you're saying that in jest because we plan on retiring in Alabama in the next year or so. Great people, food and low property taxes. My retirement money will go farther down there than staying in NY with foolish regulations and laws being forced down our throats every year.
To each their own - but I'm getting sick of the Southern jokes and making people think they are less because of where they live.
Get used to it, but realize it always someone trying to score points at your expense to make themselves feel better. Let it go and be happy you have an open mind.
To the OP: Buy if owning is your comfort zone, rent if you want more liquid assets or aren’t sure of an area. We had multiple pets, grandkids in an area we already knew well and we were looking during the last housing downturn. Buying made more sense in our situation.
To each their own - but I'm getting sick of the Southern jokes and making people think they are less because of where they live.
I'll admit to the same even though I've never been further south than Virginia and that was many years ago. When I hear "flyover country," I wince, knowing that no one in those supposed areas would ever use that phrase. It smacks of the "coastal elites" and all the ugly divisions playing out in our country these days and previously.
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,072 posts, read 7,511,991 times
Reputation: 9798
Quote:
Originally Posted by Vacanegro
You should rent before you buy when moving to a new area anyway - just to be sure you like it and have a handle on the local area you want to live. Portland seems like an active community so there are probably local groups you can find and join online. Hope you like cold weather.
do the math (ALL the math) nothing magic about renting when your capital could be actually WORKING FOR you. +/-... Do what is right for you. You have to sleep at night.
My mom did 8+ executive (spendy) flip homes after retirement (the latest at age 87) on her own... Currently tough to beat $250k income tax free gains every 24 months. (Sale of primary home). A married friend took the $500k tax free gains every 24 months (9x), while working FT at another demanding career.
I will assure you NONE of my personal residences have been a viable performing asset, and my current home is worth 10x what it cost me to build. (it's Still a liability, not an asset). I could rent the SAME or better for about 30% less than my 'opportunity cost' (tied up assets). I could buy a NNN commercial prop with my equity and rent anywhere in the world. (Taiwan sounds good during Covid) .
Wait, but didn't you have all those HELOCs from another thread?? You can't take out a HELOC on a rental. The money "tied up" in a property is a big secure cash reserve - ie, you can borrow against it, and selling it (if you must) can more than compensate for effects of severe inflation. A home is also a rare asset that appreciates while actually being thoroughly used. Plus, it has a durable emotional value if you don't keep flipping it. Isn't the emotional value the only real value in the end? After we take care of bare survival, isn't the whole purpose of surplus money to get stuff that has emotional value? Isn't that in fact the purpose of life?
But, for your particular situation, it requires living in ALABAMA.
You took the words right out of my mouth!!!
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You can't take out a HELOC on a rental. The money "tied up" in a property is a big secure cash reserve - ie, you can borrow against it, and selling it (if you must) can more than compensate for effects of severe inflation. A home is also a rare asset that appreciates while actually being thoroughly used. Plus, it has a durable emotional value if you don't keep flipping it. Isn't the emotional value the only real value in the end? After we take care of bare survival, isn't the whole purpose of surplus money to get stuff that has emotional value? Isn't that in fact the purpose of life?
