Big Brown Areola
Young Soul
You don't own the place when you rent it but you also don't own it until you pay the full price for your house so idk. 
Is it more worth it to rent or buy a house??
- Thread starter Big Brown Areola
- Start date
Buy it and take your chances
If you buy it any equity is yours to keep.You don't own the place when you rent it but you also don't own it until you pay the full price for your house so idk.
Say you buy it today for $100K and live there for 5 years and by the time you are ready to move you've only paid off $10K off that $100K you owe. But the house is now worth $200K because of gentrification and appreciation etc. Basically you can sell that same house you owe $90K on for $200K and pocket the $110K in profit (minus taxes of course).
Thats the situation I find myself in right now. Bough my house exactly 2 years ago knowing they were gentrifying the fukk out of the area. Now that them whiteys done took over the same house that cost me $135K in 2015 I was offered $207K for it AS IS by a company thats been buying a lot of houses on my block and renovating them.
I can either let them have it and pocket that $77K or Keep it, take a $10K loan, make some improvements and rent it out to these chump millennials who want to live near the village for twice what I'm paying for the mortgage.
Either way I win
Last edited:
Big Brown Areola
Young Soul
What if i plan to stay but the prices are ridiculous?
Six in one hand and a half dozen in the other.........
Buy with someone or get something you could rent out. Maybe rent the main space to a family and you live in the basement. Let them supplement the rent.What if i plan to stay but the prices are ridiculous?
I'd say still buy
That's one of my biggest mistakes that I didnt buy earlier because I was focused on possibly leaving Atlanta. My boy went ahead and bough his when we were interns together. He moved to San Francisco and lived there for 3 years while his house was rented. Came back, took hs house back and just chilling. While he was away he rented his house for twice what he was paying in mortgage. All that money just went into his waller
Buying is much better. Maybe not in the short run but in the long run it is. Buying is also much cheaper and affordable if you really focus on doing it. Rent is ridiculous especially down here. I'll give you a personal example. I went this week and got preapproved. Only 120k which isn't much in this market but I'm single so I don't need much. Saw a few decent two bedrooms, prefer to have more space plus if I need my brother or boy to move in to help out it's an option. Anyways calculating the monthly total for some of these spots it came out to like 1000 to 1100. You ain't finding no rent for a two bedroom for that price. Plus when you buy you can also rent it out if you find a girl or sell it in the future. Renting gives you nothing to your name. That plus the fact that places require 3x the rent so unless you married or have roommates, it makes no point. Start small and buy then move your way up, but renting isn't worth it.
ahomeplateslugger
Superstar
unless you move around a lot, you should always strive to own. in fact, i'm sure a majority of ppl would want to own a house or condo. i bought a condo about a year ago and whenever i correct ppl that i own and not rent, they always get wide eyed and say they would love to own instead of rent. plus there is always a chance to rent it out if you're in a marketable area.
do what fits your budget and means. if you can't afford to buy then live with roommates or your parents until you are in a position to buy.
What if i plan to stay but the prices are ridiculous?
do what fits your budget and means. if you can't afford to buy then live with roommates or your parents until you are in a position to buy.
ahomeplateslugger
Superstar
where are you at? 120k and you're finding two bedroom places?
I wouldn’t want to be an out of town landlord but that’s based on preference.
I'd hire a company to manage it. I don't like to deal with people.