Money Expert: "Don't buy a house"

[The_Sheff]

So glad I didn't listen to this 10 years ago.

400k house now worth 950k, with a 3% locked in loan, and kids are in a solid school district.

 

[Strapped]

And they will raise the appraisal of your house and go up on the property taxes like clockwork.

They are trying to take most people's homes.

If people don't see this scam that the United States and the West is running, they are about to get hurt.

We have way too many layers of government agencies that do absolutely nothing with high salaries

 

[Illuminatos]

Sightly off topic but I gotta pay for water and I'm a renter in a apartment in Florida



Is anybody else here a renter and pay for water? I've heard water bills really be hurting homeowners pockets. My yearly SS increase got wiped out by that Water bill bullshyt I was hot



What is the point of moving to FL from NYC if my pockets aren't gonna be fatter

I’m in NJ and don’t pay for water but it’s a regular here and in NYC. I was shocked when the leasing office told me it wasn’t a part of my utilities.

 

[Strapped]

The worst investment you could buy into is a condo .

 

[O.T.I.S.]

Well, I bought because I didn’t see the price of houses coming down anytime soon.

I also wanted to do it before Trump took office and things got into full swing

I still wonder if it was a good choice in this climate, but yes the hidden costs of shyt is why I can see owning being an issue. And it’s a whole system because as soon as I closed here came the letters and emails with people trying to sell me shyt from mortgage insurance to water softeners… shyt I know I don’t need in every state. It’s like home scammers coming out the woodwork

 

[cyndaquil]

my primary purchased for $425k is worth about a mill
my rental purchased for 160k is worth 600k
my other rental purchased for $450k sold for $800k

yes i live paycheck to paycheck a lot living in a high cost of living area. yes i would rather be putting that $6k a month i pay for mortgages in the stock market but real estate changed my life.

everything is super expensive right now but if if you can buy low definitely buy

This. Context is important. It depends where you live. If rents are equal to monthly home expenses in your area and you plan to stay there long term then buy. If you aren't settled down yet, rents are much cheaper than home prices, then rent and save the rest.
Problem is most people aren't disciplined enough to do the whole "save the rest" part. So if they are gonna spend all their money it's better to do it on a home rather than a rental so at least they'll have something to show for it in the end.

Remember regardless if you buy a home or rent the objective is to get a good deal.

 

[Mike Nasty]

And they will raise the appraisal of your house and go up on the property taxes like clockwork.

They are trying to take most people's homes.

That's not exclusive to home owners. That's why rent is also going up also. Op always makes these threads like he's found a cheat code, when he's really just paying someone else's mortgage.

 

[maxamusa]

that trick "knowledge"


they want you to be a customer for life

 

[Rekkapryde]

What dumb ass propaganda to make gen z feel better about the housing market boxing them out.


If you can "afford" to purchase and live in a home, it is a smart investment.

I purchased a small home when I was in college and made it a rental property and flipped it.

Any purchase is dumb when you can't "afford" it.

Here you go making sense


lol.


But yeah, your last line is the key. And the tax breaks off home ownership. Basic ass apartments costing more in rent than my mortgage now. nikka please.

 

[KillerPups]

It all depends.

Real Estate is good as an investment because it’s reliable to go up if the conditions are right.

However, while it’s less volatile, it won’t beat the opportunity cost/Discount Rate/time value of money you get from putting the same money into a stock that also has the right conditions.

Plus it’s not nearly as liquid as a stock is and that matters a lot. Moving $100k from one investment into another High Quality stock that was beaten down for the dumbest reason is something you can’t do with Real Estate. In a matter of minutes can go from one investment into really good investment into a better one.

That's assuming your stock is up. Back when tariffs first hit and everything was down i needed my cash to buy a flip but it was way lower than it should have been. i can't take that hit so i had to dip into my home equity line of credit until the market recovered.

 

[IIVI]

That's assuming your stock is up. Back when tariffs first hit and everything was down i needed my cash to buy a flip but it was way lower than it should have been. i can't take that hit so i had to dip into my home equity line of credit until the market recovered.

VOO or QQQ.

Only way those stocks fail over the long term is if America gets annihilated in a war.

Stocks are not good for short term. If you think you’ll need that money in the next few years, you should’ve bought a bond instead with a guaranteed interest.

For example if that money were in QQQ 5 years ago it would’ve been about x3 or x4 by the time that tariff dip went down. 10 years ago it’s be up x15.

 

[KillerPups]

VOO or QQQ.

Only way those stocks fail over the long term is if America gets annihilated in a war.

Stocks are not good for short term. If you think you’ll need that money in the next few years, you should’ve bought a bond instead with a guaranteed interest.

I hold some voo. voo dipped for like 3 months

 

[IIVI]

I hold some voo. voo dipped for like 3 months

That’s short term. Think long term.

5-10+ years is what people’s investing window should be when they get into stocks. 30 years QQQ or VOO will be stacked money.

A house isn’t going up the same amount in 30 years like an investment in VOO or QQQ will.

 

[Kiyoshi-Dono]

One thing for damn sure is to never buy new construction
My homie going through it

 

[Swirv]

One thing for damn sure is to never buy new construction
My homie going through it

what’s wrong? I live in one and so far it’s straight