Rent vs own thread #208908968

[Neuromancer]

I was in my HR manager's office shooting shyt and I told her I was thinking of renting a place with my twin brother since we can afford something good in Brooklyn. She said why rent when you own a house. I live with my grandpa and mom. We live on different floors of the house and My bro and I pay the utilities ( my mom and grandpa are retired ) Now I kinda just wanna get away from them (my twin excluded) But would that space be worth paying some jewish guy who doesn't have my best interest at heart money, instead of keeping up my family home?

Spoiler: Another thing.

We were also thinking of buying a third property ( a 2 br co-op somewhere down the line.)

 

[MikelArteta]

Pros and cons to both

 

[Neuromancer]

Pros and cons to both

which has more?

 

[Henri Christophe]

I got out the house as soon as I could.

Blessed to have a black landlord.

Got my spot through a personal relationship

I want to own property mainly for rental income but I'm not ready to pull the trigger and go into debt and make a big purchase yet

Plus I like being able to relocate and change locations without being tied down by anything.

I feel free. But I still wanna own property

Property/land ownership is one of the keys to Building Wealth - next to entrepreneurship and investing

 

[Neuromancer]

I got out the house as soon as I could.

Blessed to have a black landlord.

Got my spot through a personal relationship

I want to own property mainly for rental income but I'm not ready to pull the trigger and go into debt and make a big purchase yet

Plus I like being able to relocate and change locations without being tied down by anything.

I feel free. But I still wanna own property

Property/land ownership is one of the keys to Building Wealth - next to entrepreneurship and investing

So you which would you recommend more? mind you i was out of the "house" and it seemed like a dead end.

 

[Black Bolt]

Own where possible, as long as you can afford the repayments (40% max of net monthly income)

A lodger/twin can help a lot with the mortgage assuming you don't mind living with someone else

 

[Henri Christophe]

So you which would you recommend more? mind you i was out of the "house" and it seemed like a dead end.

Depends on your goals.

I'd always recommend ownership. But not everyone wants to be tied down & in debt.

I'm for sure going to own property/land one day

But I'm still young and I finessed a fire spot for cheap so I'm chillin for now.... Stackin my chips.

Within the next 2 years, I'm gonna take the leap.

Been stacking bread for almost 2 years now.

 

[hashmander]

buy if you can.

 

[Neuromancer]

Own where possible, as long as you can afford the repayments (40% max of net monthly income)

A lodger/twin can help a lot with the mortgage assuming you don't mind living with someone else

My twin is the only person I would live with outside my girl.

 

[Black Bolt]

My twin is the only person I would live with outside my girl.

Do it, charge him a below market rent or get a joint mortgage & go halves with him if you trust him. Good luck either way.

 

[RNS]

I lean more towards owning. Depending on the market you can turn a profit if you decide to move and sell your house. Can’t do that from renting for years, all that money is put in someone else’s pocket.

 

[cjlaw93]

Tell your HR manager your personal business brehs

 

[WaveCapsByOscorp™]

Owning in NYC costs a lot. How old are you?

 

[You Win Perfect]

always better to buy. really tired of hearing the i want to explore and have fun being a rolling stone BS that adds nothin of value to your net worth. unless its all business related which 9 times out of 10 its not.

 

[AlainLocke]

You don't own the home, the bank does. The bank owns the house and you pay the bank.

You are essentially renting with the option to buy and you are responsible for it.

You are most likely not gonna fully own the house you live in until you are old and gray. You could rent it out but...that's just silly.

The reason why they call it a mortgage...cause you'll pay until you die.

When you rent a home, it's a similar situation...but you aren't responsible for it and you can leave and go as you want.

You aren't responsible for home repairs and maintenance...the landlord is

Paying a mortgage and shyt is a slow middle class way to create wealth for yourself...like stock investing.

You know, you can be 65... 75...with a house...or whatever...

That you give away or whatever...

People overrate paying a mortgage...

In 2018...our generation ain't gonna die owning the house they live in.

Housing is too expensive, the job market is unstable, nobody is staying at the same job for 15 20 years and moving up in the company. People move around a lot more now.

Paying mortgage isn't an investment and people treat it like it is to their detriment. It doesn't create income, profit or revenue.

You just live in the shyt.