Ma dukes says Im immature because I dont want a house

[Malta]

Sounds like your parents made a wise decision when it comes to the money, but let's be honest here and call it like it is. Many of these people are taking out these loans for materialistic things such as cars, maybe they want to expand on the home to "add" more value to a perfectly stable home. Basically focusing on wants instead of needs.

As far as Renting vs Owning:
The Tri-State area is a whole different animal all together. A big down payment up there is damn near mandatory to get anything decent and not have a ridiculous mortgage, but at least there is an end in sight. I will give you my example...my mom has paid on average about $1,400 a month for an apartment in Manhattan for 26 years. Dog thats close to half a million dollars gone already...she can give a 30 day notice tomorrow and will have ZERO in return. At the very least it would have been a place PAID for me or my sister OR use that capital to invest or look for a cheaper place elsewhere and pocket a cool 200-300K. That's her position right now as she is thinking of moving and owning now.

I understand your argument about oil costs and the potential to LOSE some value in these rocky times, but getting SOMETHING in return is always better than NOTHING. The prices to rent anything decent in the city is about $1,200+...I can't live with myself thinking that I am forking over $1,200 a month and not even have the opportunity to watch it grow in any way...and if I DO lose some of it at least its not a clean $1,200 GONE. There are some parts of Massachusetts and New Hampshire in where the houses are dirt cheap and when compared to the rentals in the area its basically a wash...maybe paying a bit extra but the advantage of owning outweigh it.

My girl and I are in a rent controlled apartment, her Uncle's friend owns the building so we pay comparatively nothing to be honest so there's very little incentive for us to buy a house. If we didn't have this, we'd be living somewhere in CT, probably New Haven since you can get a multi bedroom apartment there for 500-600 a month

And that's the underlying issue, houses are cheap in areas not many people want to live. Me, I don't really care all that much but if I'm going to move to a place where I don't know anyone it's going to be a warm weather climate.

 

[Wild self]

I honestly don't think most people posting in here plan to live past +60, either that or they want to work full time jobs for the rest of their life or be a burden on their kids with no remorse. With the stuff that's typed here, they can't.

The stuff typed in here doesn't even make much sense. I get that some people can't afford it, and that's understandable, but by the way many on here shy away from the "broke" label leads me to think either they are flexing or they aren't thinking clearly. Most people on here are too busy "bucking the system" and very adamant about not following the standard, but don't realize that certain standards are made for a reason.

People haven't been buying property and owning homes for forever just to be cool and fit in guys. Too many black people want to be super activist against dumb shyt that is actually meant to help. Learn how to use the tools of society better.

many of those people have jobs that pay under $20 per hour. You can't own shyt in the northeast with that low pay. Add the fact that the young generation growing up in the recession rather splurge on liquor, clothes, and partying, and you see why ownership is not desired.

 

[DaChampIsHere]

many of those people have jobs that pay under $20 per hour. You can't own shyt in the northeast with that low pay. Add the fact that the young generation growing up in the recession rather splurge on liquor, clothes, and partying, and you see why ownership is not desired.

Well, then don't blame it on the system, just say you're broke and keep it truckin' or move.

And your second point is just stupid and only applies to stupid people. Can't be "broke" and splurgin' on partyin', clothes, etc. You're not broke, just stupid.

 

[Wild self]

Well, then don't blame it on the system, just say you're broke and keep it truckin' or move.

And your second point is just stupid and only applies to stupid people. Can't be "broke" and splurgin' on partyin', clothes, etc. You're not broke, just stupid.

Being stupid with ya money is another way to be broke . They are people who make 80k and above and still have fukked up credit. A lot of people from the tri-state hate moving anywhere south of Jersey, cause they think that people below the Mason Dixon are inferior in some way. They rather live in "The city of dreams" and suffer than to move somewhere "undesirable" and make a lot of money.

 

[DaChampIsHere]

They rather live in "The city of dreams" and suffer than to move somewhere "undesirable" and make a lot of money.

And that's no one else's problem but their dumb ass. :word:

 

[↓R↑LYB]

ok, lemme go a little deeper...

10-15 years ago, ok i agree but now...in our financial state...Why would I do this?

House prices and interest rates are the lowest they've been in decades. You could buy a house that payments are less than youre paying in rent. Plus you'll own it one day.

Home ownership is one of the foundations of building wealth.

 

[thegreatwb]

Sounds like your parents made a wise decision when it comes to the money, but let's be honest here and call it like it is. Many of these people are taking out these loans for materialistic things such as cars, maybe they want to expand on the home to "add" more value to a perfectly stable home. Basically focusing on wants instead of needs.

As far as Renting vs Owning:
The Tri-State area is a whole different animal all together. A big down payment up there is damn near mandatory to get anything decent and not have a ridiculous mortgage, but at least there is an end in sight. I will give you my example...my mom has paid on average about $1,400 a month for an apartment in Manhattan for 26 years. Dog thats close to half a million dollars gone already...she can give a 30 day notice tomorrow and will have ZERO in return. At the very least it would have been a place PAID for me or my sister OR use that capital to invest or look for a cheaper place elsewhere and pocket a cool 200-300K. That's her position right now as she is thinking of moving and owning now.

I understand your argument about oil costs and the potential to LOSE some value in these rocky times, but getting SOMETHING in return is always better than NOTHING. The prices to rent anything decent in the city is about $1,200+...I can't live with myself thinking that I am forking over $1,200 a month and not even have the opportunity to watch it grow in any way...and if I DO lose some of it at least its not a clean $1,200 GONE. There are some parts of Massachusetts and New Hampshire in where the houses are dirt cheap and when compared to the rentals in the area its basically a wash...maybe paying a bit extra but the advantage of owning outweigh it.

Dam I learn something new everyday. I can't believe people would take out a home equity loan to buy a car

Only way I would take out a 2nd loan on my house is if I needed the money in the emergency and didn't have the funds on hand. Even if a family member needed to be bailed out of jail, I probably wouldn't do it depending on what they got locked up for.

 

[Liquid]

My girl and I are in a rent controlled apartment, her Uncle's friend owns the building so we pay comparatively nothing to be honest so there's very little incentive for us to buy a house. If we didn't have this, we'd be living somewhere in CT, probably New Haven since you can get a multi bedroom apartment there for 500-600 a month

And that's the underlying issue, houses are cheap in areas not many people want to live. Me, I don't really care all that much but if I'm going to move to a place where I don't know anyone it's going to be a warm weather climate.

You are in a unique position and hope you are taking full advantage of that situation.

As far as living in a place that is not desirable by many...its true, but the idea of owning still applies in ny. You have to think long term. I highly doubt many would be paying $1,900 a month for their mortgage if they decided to go that route 20+ years ago in nyc.

Pay more now, but keep that rate locked for 30 years and inevitably things will go in your favor. I am not saying that as confidently as I would in a place like ny, but anywhere else? If you can get a house for only $100-$200 extra per month you better think long and hard about your future...that's NOTHING if you live in a place you can see yourself living forever.

 

[↓R↑LYB]

Right now I'm scraping and saving and I plan to buy my first house cash. So while you're paying $650/mo in rent, I'll be investing that much and having my money make money for me.

In 30 years that's a quarter million dollars you paid someone else. You have to change your view of money and use it to make you more money.

 

[Liquid]

Right now I'm scraping and saving and I plan to buy my first house cash. So while you're paying $650/mo in rent, I'll be investing that much and having my money make money for me.

In 30 years that's a quarter million dollars you paid someone else. You have to change your view of money and use it to make you more money.

Good Luck breh

 

[↓R↑LYB]

Good Luck breh

Appreciate it breh. A lot of these cats really need to change their view of money. Don't look at it as you paying 650/mo. Look at as you paying 8000 a year with nothing to show for it.

After paying my house off, my monthly bills should only be 4-500/mo and the majority of my income (if I chose to work) will go to investments which will make me money while I'm asleep.

That's true freedom.

 

[Liquid]

Dam I learn something new everyday. I can't believe people would take out a home equity loan to buy a car

Only way I would take out a 2nd loan on my house is if I needed the money in the emergency and didn't have the funds on hand. Even if a family member needed to be bailed out of jail, I probably wouldn't do it depending on what they got locked up for.

Where do you live? People put this value on vehicles that is incredible to me. I know a couple of friends who barely scrape by but REFUSE to take the bus because of that "freedom" they are losing. I hit them with the simple response that they are only becoming trapped in by the system and having that freedom of being able to go to Wal-Mart @ 3AM is not more important than saving the $400-$500 a month you are spending on a damn car. A car that is DEPRECIATING in value.

DAMN people annoy the shyt out of me. Its SO simple to get out of a bad mess and people continuously fail to take advantage of their situation.

 

[Liquid]

Appreciate it breh. A lot of these cats really need to change their view of money. Don't look at it as you paying 650/mo. Look at as you paying 8000 a year with nothing to show for it.

After paying my house off, my monthly bills should only be 4-500/mo and the majority of my income (if I chose to work) will go to investments which will make me money while I'm asleep.

That's true freedom.

That's the plan we should all have, but unfortunately people only look at things short term. Hell even a rent-to-own home is better than a damn rental in most cases. Start putting money down on a property even if your credit is on the ground.

 

[thegreatwb]

Where do you live? People put this value on vehicles that is incredible to me. I know a couple of friends who barely scrape by but REFUSE to take the bus because of that "freedom" they are losing. I hit them with the simple response that they are only becoming trapped in by the system and having that freedom of being able to go to Wal-Mart @ 3AM is not more important than saving the $400-$500 a month you are spending on a damn car. A car that is DEPRECIATING in value.

DAMN people annoy the shyt out of me. Its SO simple to get out of a bad mess and people continuously fail to take advantage of their situation.

I'm actually down in Houston and we've been homeowners since 07. I had a old Mitsubishi that I wanted to last me until 2014 but it just has too many problems. My wife already has a BMW so I'm really not trying to own another gas guzzler. I ended up getting a Prius. Yea it does look kind of funny but I also get 48 MPG. I could have went out and got a Lexus or a Camaro but I'm trying to finish school first and save for a even better house. The plan is then to buy a 2nd house and rent out our old one. It will practically pay for itself.

 

[↓R↑LYB]

That's the plan we should all have, but unfortunately people only look at things short term. Hell even a rent-to-own home is better than a damn rental in most cases. Start putting money down on a property even if your credit is on the ground.

I never look at my primary residence as an investment. The purpose of me buying it is so this perpetual bill I have will disappear. I got my first apartment at 23. I just turned 30 and I've payed ~70k in rent with nothing to show for it.

It's not tax deductible, I can't pass it on to anyone, it adds 0 to my net worth, and it's an expense that will never go away. It's 70 racks that I payed someone for the service of living in their spot that could have gone to various other investments.

I'm getting older now so my view of money is totally different. I only view money as a tool to grant me freedom in life, not something I have to give someone 40 hours a week of my life to get. My goal is to use my money to purchase income generating items.