" I own a home"

[KingMalik]

You'll always be staying in a home someone owns. The question is whether that's gonna be you or not If you rent, you're paying their mortgage. Theyre building equity off your money

 

[scarlxrd]

I don't plan on using my home as an atm either

that's the reason I went into it. Flip that shyt. Might as well rent with that mentality.

 

[Kuwka_Atcha_Ratcha]

Hear brags like that bullshyt too often yo unless your mortgage is paid off you're essentially paying to the bank. Then once it's paid off you still pay taxes and they'll take that shyt and throw you in jail if you don't pay up. The ownership scam brehs pay into it until you're to old and end up dying in that shyt making it an over priced coffin

gah damn you're stupid

a lot of people I know have there property paid of at 34.

you can make money of your property before its even paid off, Ive done this, and so have friends that have made up to 200k

be a renter and pay someone elses mortgages brehs

 

[LV Koopa]

You're building equity.

It's your train of thought adds to the reason why there is barely any generational wealth amongst black people

OP doesn't understand the differences between rent and mortgages, how taxes work
depending on where you live, why eminent domain is laughable to worry about, or how home ownership in a worthwhile property allows you to do financial things (aka leverage) that allows you to swim even if you're "broke".

And you expect him to understand equity?

 

[Kuwka_Atcha_Ratcha]

You'll always be staying in a home someone owns. The question is whether that's gonna be you or not If you rent, you're paying their mortgage. Theyre building equity off your money

I agree, OP is an idiot.

 

[Edub]

Hear brags like that bullshyt too often yo unless your mortgage is paid off you're essentially paying to the bank. Then once it's paid off you still pay taxes and they'll take that shyt and throw you in jail if you don't pay up. The ownership scam brehs pay into it until you're to old and end up dying in that shyt making it an over priced coffin

I agree...home ownership is not for everyone and our society acts as if everyone should buy in. Homeownership should be thought about long and hard...no matter what your pockets look like

 

[Kuwka_Atcha_Ratcha]

nikka I'm renting from the bank which is the whole point of this thread

its not renting from the bank if you can make profit you idiot

could you rent a car go sell it and make profit? NO

could you rent an apartment and make profit? NO

so why does your dumbass think its renting by having a mortgage that you can make profit off.

 

[cleanface coney]

Hear brags like that bullshyt too often yo unless your mortgage is paid off you're essentially paying to the bank. Then once it's paid off you still pay taxes and they'll take that shyt and throw you in jail if you don't pay up. The ownership scam brehs pay into it until you're to old and end up dying in that shyt making it an over priced coffin

depends on their situation

i'll say this though….90 percent of people are NOT gonna pay off their mortgage

i would never get a fixed rate unless its a 10-15 year…ARMs are the way to go

i refinance people all the time already 10 plus years into a mortgage…but wanna go back for various reasons(some reasons smart some dumb)

america is so debt heavy its crazy…it really just depends on the person

at the same time if you want ownership in something…a house is the safest investment…its the only thing i would buy once that i couldn't buy twice….other than that just know what you doing.. but most people don't lol

 

[Kuwka_Atcha_Ratcha]

So you own a home, but you think it's a scam... because you had to take out a loan?

I don't even think he really owns a home, think he rents and is bitter at those that do

 

[R.E.N. Spells Ren]

the taxes on property where I live, are close to paying a year of rent anyways

I don't understand why people keep posting about taxes. Do you really not believe the owner of the property you're living in isn't paying taxes? Do you really believe they're not passing on those costs in rent?

 

[BezO]

That's why you make enough to afford the home, I know a lot of people who only make like $30k a year, and they take mortgagaes out on $200k homes.
That's not the way to do it.
Save up enough to pay most of the house off immediately, and get the lowest interest rates possible, maybe go for a cheaper, smaller home, so you can eventually buy a second one and rent out the first.
If (and when) I rent, it will be a cheap apartment while I save my money up, pay off the remainder of my student loans (if I have any), and eventually get enough to buy a house immediately. I don't like the idea of mortgage, I really don't like the idea f debt at all.
Don't live about your means.

Be careful with this. The cost of homes rise along with your savings.

 

[CouldntBeMeTho]

I don't understand why people keep posting about taxes. Do you really not believe the owner of the property you're living in isn't paying taxes? Do you really believe they're not passing on those costs in rent?

I know exactly how much is paid in taxes where I live, because I pay them

ive taken the time to calculate, that it would cost the about the same to rent a room here year round, as it would to pay the annual taxes..

once again, the point of the thread was that all these people claiming to "own" a home.. DON'T

either the bank really owns it and you're paying on it, or the government will come and take it as soon as you can't afford the taxes. that's not true ownership

 

[OfTheCross]

depends on their situation

i'll say this though….90 percent of people are NOT gonna pay off their mortgage

i would never get a fixed rate unless its a 10-15 year…ARMs are the way to go

i refinance people all the time already 10 plus years into a mortgage…but wanna go back for various reasons(some reasons smart some dumb)

america is so debt heavy its crazy…it really just depends on the person

at the same time if you want ownership in something…a house is the safest investment…its the only thing i would buy once that i couldn't buy twice….other than that just know what you doing.. but most people don't lol

33% of those owner-occupied housing units doesn’t have any mortgage left to pay.

link

That number would likely be higher if people didn't take 2nd mortgages

 

[BaldingSoHard]

I don't understand why people keep posting about taxes. Do you really not believe the owner of the property you're living in isn't paying taxes? Do you really believe they're not passing on those costs in rent?

Being a landlord is so nasty.
Someone else pays off my obligation while I reap the capital gains and tax benefits.

 

[IrateMastermind]

I struggle with the concept myself. I see your point and there are more benefits to not buying a home than you're bringing up but people usually do as they've been told and not look at their own lives and tailor a plan to fit their needs. Hence, the struggle.

The benefit to not buying is flexibility. If you're making great money you can rent accordingly. When you're not, you can downgrade. The neighborhood goes south, you break the lease and move. There is a better school district, move. House doesn't suit your needs anymore, leave. You can be employed anywhere you want to be which means you can always look for jobs that pay more and climb the ladder. My options for employment are anywhere in this world, not my city. I love optionality. I'm not sure I'll ever buy a house. Maybe i've never lived some place that I couldn't live without... Maybe that day will come.

Downside is you're possibly making someone else rich with no chance in making yourself rich. There is a chance to get rich(not likely) when buying a house. My co-worker reno bought a small house when he first joined the military, had it about 15 years then sold it about two years ago. He did the math and he said after paying taxes on the house for 15 years and and paying the commission to the realtor he went with he claims he maid a little bit of money.

My other co-workers(Steve) grandparentsbought a house in Long Beach for $40,000 back when Long Beach was a shythole and at it's peak the house was valued at $800,000. They wanted to wait till it reached 1 mil but then '08 happened and it dropped to about 500ish? Now it's about $700,000. These people, after paying property taxes and making improvements most likely made a grip. I see both side.