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Old 03-10-2010, 11:21 AM
 
Location: Spring Hill Florida
12,135 posts, read 14,051,112 times
Reputation: 6028

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Some of us bought our homes with cash. No mortgages. Some of us
bought before the "boom" and are very content. Some bought way before the boom and own their homes out right. Paying until 70?
If you are 30 when you buy a home and take a standard 30 year mortgage you are done at 60, then you retire and have more money to enjoy your retirement with.


Its a sense of ownership that maybe the Europeans don't understand.

IF everyone rents, then someone must own in order to rent.

Everyone does not live in a HOA situation.

You may be a little misinformed about repairs. Unless you buy a dump that is falling apart, you won't see too much spent in repairs. Maintenance is more important.


Quote:
Originally Posted by algia View Post
Europeans always rent.......sorry our "dreams" are not related to "owing homes"!!!.....I don't know about your equity...but I am not sure why I need that exactly? everyone that ever made any money out of their equity are those people who sold or refi's at the peak of the market a few years back......everyone else right now is SOL and will never see that much "equity" again.......renting we are saving a TON of money that otherwise we would be spending every time something breaks.......taxes, insurance CDD's etc I can say the same thing, I think it is dumb for anyone to want to have all these expenses!!!!!!!!!!!!! the only difference is that we can paint and don't have to own a home to do that! so for $200 bucks we can make the home we rent beautiful and not have the other financial burdens associated with owing a home! all the money we are saving by not owning we can put towards other things and never be slaves to a home which in the end is just one more material thing to have or brag about! why would I want to be paying through my nose until I'm 70 or more? you are spending a lot more money throughout the course of a mortgage and all that equity is going to compensate for nothing in the end....by the time you get it you're to old to do anything with it......LOLOLOL

My brother is not dumb for renting, he is actually smarter than most people as he is having a blast living/enjoying his life without being tied down by some mortgage and home repairs and annoying HOAs issues telling him what flowers to plant!! seriously!
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Old 03-10-2010, 11:22 AM
 
5,453 posts, read 8,188,857 times
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owning is a gamble really, my hubby's grandmother bought a house in what it used to be a nice area of Fort Lauderdale and by the time my hubby grew up the area turned into crack town..so he sold it way under value...

We as renters have painted every rental so far, one of them because the REALTOR that rent it to us thought it was OK to live with food stains on the walls! I disagreed, we painted got the place super clean and took it our of rent that time because the realtor was really an a**!
but the other ones with owner permission of course and with great taste.....you can as renter make improvements, YOU LIVE THERE too why not make the place nice while you're there?

Also, if the rental is in a planned community even as owner you can't do "whatever you want' with your property.....unfortunately these days people with school age kids are pretty much forced to live in these communities because of the school's quality.....so, either rent or own in the end it really doesn't matter......you don't have full control as to where to live.....
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Old 03-10-2010, 11:32 AM
 
5,453 posts, read 8,188,857 times
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[QUOTE Its a sense of ownership that maybe the Europeans don't understand.
[/quote]

It's not that we don't understand, it is just being practical....I am not going to plan or count on what I'll be doing when I'm 70, too many things can happen til then......why would I want to have such debt attached to me and for this long? I can understand buying up front, no mortgage, if you can afford it and also in an area that you KNOW for a fact you will always want to be and that will always be nice and won't have the opportunity to turn into crack town......otherwise it makes no sense! I don't believe in work my butt off to pay my bills ONLY and have no money for nothing else.......

It really depends on what field you're in and how much you make......
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Old 03-10-2010, 12:30 PM
 
Location: Spring Hill Florida
12,135 posts, read 14,051,112 times
Reputation: 6028
Your point is not understood. If you are 70 and don't own a home, then you are paying rent in your old age. You have nothing to leave for your heirs. You cant get a reverse mortage to help with your income when your retired/older.

If you are not planning and counting on what you will be doing at 70 you are going to have a rude awakening some day.

The ""debt" of home ownership is better than the "debt" of renting.
One way you get a return on your money, unless you were a fool and bought a house at the super inflated prices and got a shakey morgtage to go with it. Renting only pays the landlord.

Nobody knows "as a fact" that they will always want to live some place, but that is why you can sell your home, usually for a profit, and move on.

A mortgage also gives you a tax break on the interest you pay on the mortgage. Paying rent does not. Most of the time a mortgage payment is less than rent any way.




Quote:
Originally Posted by algia View Post
[QUOTE Its a sense of ownership that maybe the Europeans don't understand.
It's not that we don't understand, it is just being practical....I am not going to plan or count on what I'll be doing when I'm 70, too many things can happen til then......why would I want to have such debt attached to me and for this long? I can understand buying up front, no mortgage, if you can afford it and also in an area that you KNOW for a fact you will always want to be and that will always be nice and won't have the opportunity to turn into crack town......otherwise it makes no sense! I don't believe in work my butt off to pay my bills ONLY and have no money for nothing else.......

It really depends on what field you're in and how much you make......[/quote]
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Old 03-10-2010, 12:33 PM
 
Location: Spring Hill Florida
12,135 posts, read 14,051,112 times
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Who said LL's are better in some way than renters?



This thread started as a question about renting and has turned into a battle between renters and owners.



\
Quote:
Originally Posted by algia View Post
You're missing my point....

You want to believe that owning is better than renting, great, your choice, however my comment about Europe was not referring to the fact that they also have housing problems too, of course they do......everyone has now thanks to the predator lenders....(yes I know about the ones who signed "anyway" those however are a minority as no one in their right mind and with ALL the information disclosed to them would sign on a mortgage for the hell of it and then abandon the house, it makes no sense!) I was referring that owners there generally don't treat tenants like some sort of a low class just because they choose to rent.

It is the general attitude about it, just like you choose to buy, someone is free to choose to rent, (for whatever reason which is also not your business) THAT however doesn't make the one that owns better in any way!
I know the laws have changed now, (it's about time) I will be very happy when people (LL's) attitude will change too, and they stop thinking they are somehow entitled to the tenant's money! and therefore they have to act out like "I am better than you" attitude! You're not.....you or any other LL.....sorry.
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Old 03-10-2010, 08:35 PM
 
Location: FL
767 posts, read 1,654,098 times
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Thank you TampaKaren, Very prudent advise that I will certainly follow. This is the first time I'm renting a home in 25 years so I'm a little gun-shy.

Al


Quote:
Originally Posted by TampaKaren View Post
Though history is interesting, much of this information is not applicable in today's rental market.

First: The Protecting Tenants at Foreclosure Act of 2009 enables a binding contract to be considered. The days of a tenant coming home to their belongings at the curb are gone. Obviously, this assumes the tenant is current on payments and has not breached the contract. In many cases, the foreclosing lender will honor the lease to terms to avoid having a vacant, unattended home. Further, some lenders are giving the tenant first opportunity to purchase and good terms for financing.

Second: No landlord I know will give you their credit report. Neither good nor bad credit has anything to do with whether they would make repairs. The current condition of the property should be a good indicator of deferred maintenance. What I have been doing for peace of mind is to add a clause in the lease contract that the landlord will provide to the tenant written evidence that the mortgage is being paid every month. You could also ask for references and follow up on them.

Third: This may not be applicable in the OPs case, but it's also worthy to say here that apartment buildings are going into foreclosure now as the 5-year ARMS are beginning to reset. Don't think because you live in a managed building that the landlord is exempt from foreclosure.

The very best advice I could give is for you to do as much research on the property and the current owner before you sign anything or put up any money. And make sure you understand the terms of the lease agreement before you sign. You should also become familiar with the Florida Landlord/Tenant Act (http://www.800helpfla.com/landlord_text.html - broken link). Unfortunately, scammers make honest landlords look bad and they're not all bad.
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Old 03-11-2010, 05:04 AM
 
5,453 posts, read 8,188,857 times
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Quote:
Originally Posted by Spring Hillian View Post
Who said LL's are better in some way than renters?
This thread started as a question about renting and has turned into a battle between renters and owners.
\
Bentlbee decided to tell me (who I lived in Europe for 27 years) what and how people act back there towards renting and also decided to call my brother "dumb" for renting since 1988 see below:

Quote:
"Originally Posted by algia View Post
Bentlebee...not everyone that rents is in bad shape and can't buy...my brother makes 6 figures , has stellar credit and works for the same school since 1988 and pays $700 rent smack down in the middle of Coral Gables since 1988....can't beat that!!! he has no reason to buy! We don't have a reason to buy either!

Everybody is free to buy or to rent. But renting has and will always be throwing your money away while if you buy at a good price you are building equity (I'm not talking about people who made stupid decisions) and instead of throwing $ 700.00 away every month or paying it to some one else, he could use it towards owning a home...But as you stated he doesn't want it, and I'm free to say that IMO he is dumb to rent...but that is called freedom of speech...
That's not freedom of speech, that's being insulting to others....not everyone MUST own and some people don't see all the so called "benefits of owning".....it is your opinion, not to mention that some people are actually RESPONSIBLE NOT TO OWN because they may not make enough money at their jobs to cover ALL the expenses and still have fun and afford food, and in Tampa with all these people wanting us to work for minimum wages or free, you can see how owning is not an option for MANY! (Tampa's foreclosure rate worsened in February) guess what, you get your equity once, maybe twice if you're lucky, but you're paying property taxes, homeowners insurance every year, HOA, CDD's here in Tampa, or mortgage with everything included monthly...either way, you're paying a LOT more in the "HOPES" that you may have some equity someday! and when selling you're at the mercy of the buyers and the rest of your neighborhood....so all the upgrades matter least if the rest of the area went down value wise........he has a LOT more fun than you do and more time to enjoy his life, he's not going to bury himself with his properties and also his gravestone will NOT read

"He was a great man, he owned many properties"


.......This "TALK" "ohh it's mine, I make the rules" blah, blah, blah....."
I am not sure WHO rents and doesn't know it's NOT their property! DUH! we have a contract that we sign, we know it's yours....the point is that the OP asked if he should check the credit of the landlord......well, 5 years ago I would have said no, what's the point...........now I say the same thing, his credit is not going to make much difference if the person is a crook, however thanks to many who have decided to screw renters over, now we would ask politely that you are open about yourself just as you ask us for our ancestry history......it is your house, but it is our HARD EARNED MONEY that we don't have ways to duplicate on short notice if you the LL are going to screw us over, so we have to protect ourselves as we don't know WHO you are and the days of 'taking your word for it" are OVER! Taking this out on renters is useless, if you want to "insult" someone, insult your own kind (LL's) who decided to screw people over!
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