06-11-2021, 02:50 PM | #71 | |
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I agree that buying is not for everyone though.
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06-11-2021, 03:11 PM | #72 | |
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The issues with rentals right now is the eviction moratoriums. Making a normal blue collar wage but having a renter not pay for 9 months with no end in sight is not sustainable.
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06-11-2021, 03:24 PM | #73 | |
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You buy a house, you pay mortgage, insurance, and maintenance on it. You rent that house out. That rent income is equivalent to 90% of your mortgage. You rent a house for yourself, let's say same amount as what you are getting in rent for the house you own. You now pay out all of the rent you are being paid to someone else, while still having to cover the mortgage, insurance, and maintenance on the house you don't get to live in. Renting that other house is certainly cheaper than owning it too, but you are already paying for a house you own. And you are already incurring risk on that house as well, while avoiding such risk is a primary reason for renting in the first place. The situation allowing you to invest extra money only works if you buy a really nice house, and rent yourself someplace dirt cheap, such that the 10% mortgage + insurance + maintenance + your rent is less than the 90% of the mortgage paid to you by renters. Anything less than that is paying into the house as an investment in itself. And if all I am going to do is break even, I sure as hell want to live in the nice house while doing it. |
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06-11-2021, 03:48 PM | #74 |
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Buying and managing a rental while renting yourself really does sound like the worst of both worlds to me, fiscally and physically.
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06-11-2021, 03:55 PM | #75 |
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I was a long distance landlord for about 8 years. Never again.
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06-11-2021, 04:27 PM | #76 | |
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06-11-2021, 04:51 PM | #77 |
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I think I have the ultimate housing plan. Just live in your parents basement, rent free and no upkeep expenses. After they pass away they will you the house.
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06-11-2021, 05:06 PM | #78 | |
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Typically, it is suggested someone has six months of salary, but having a rental requires more cash savings of course, which is a consideration, but it doesn’t count against someone; it just can’t be invested.
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06-11-2021, 05:34 PM | #79 | |
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06-11-2021, 08:12 PM | #80 |
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No, actually I wouldn't and don't. Also, in your scenario you aren't making 5%, it might be 2.5% all said and done and that doesn't take into account risk. Ultimately it's a personal choice, and that is one I do not, will not and have not done.
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06-12-2021, 12:44 AM | #81 |
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Who says I’m not?
I’m not. I was a grad school dropout. My career in personal training and management was lucrative, but not reliable enough to make any long term commitments. I was looking at homes when the 2008 crash happened. Had to cash out my 401k and Roth IRA at a loss and start over like a lot of people. Changed careers in favor of a reliable paycheck. Moved. Retook classes that had expired for nursing. Got married. Now I’ll be starting nursing school. I’ll be 41 when I start my nursing career. My sister has been working as a PICU nurse since she was 23. Luckily, my great grandma lived to 102 and my grandpa to 96, both without meds, pacemakers, heart procedures or orthopedic replacements, where the both played golf in their 90’s, so if I have those genes, which seems to be the case, then it is like I am in my twenties, right? Well no. I started a Roth IRA when I was 16. If I hadn’t had such a hard hit from the recession life would have been very different. If I had gotten into nursing school in 2010 when my requisites met the standards before they changed the standards then I would have been a nurse for the last 10 years, and things would have been different. That is life. Shit happens. I invest 25% of my income and have 6 months of savings. Considering the late start or having to start over, we will likely buy once. We don’t have kids, so we don’t need to go big then go smaller. We might buy and rent to stay flexible or to be a traveling nurse to see the country, while working for a premium and to stay mobile with these fires. It is not final. It isn’t just up to me. I subscribe to happy wife, happy life, so that is a huge confounding variable. The second is wanting a big garage and a place to build projects. My one car garage is maxed out, but I don’t want to rent larger.
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06-12-2021, 01:06 AM | #82 | |
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I think if I had a house, and I had six months of cash savings to fall back on in case I lost a job then I would feel entirely comfortable investing the money than paying off the loan faster, especially if the market is moving up or down aggressively.
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06-12-2021, 11:06 AM | #83 | |
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it's a balance between leaving the house vacant for 10 years while waiting for that perfect tenant, or renting it out, and at least getting the mortgage for the place covered. paying for an empty house is much worse while waiting for that perfect tenant. out of those 30 years, he's only had 1 of 'perfect tenant', and i don't believe they're above a 500 on their credit reports... the general rule around the midwest is that the people not competent enough to save the money needed to buy are also the same type of person that has very little comprehension of money, so there's usually a history of bad financial choices that increase as they continue on through life.
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06-12-2021, 12:10 PM | #84 | |
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I realize the bar is low, but a credit report, rental report, criminal background check, income verification, and interview can all go a long way. We have a vacancy that hovers around 1-3% in a fairly affluent area, so finding renters isn’t hard, but I’m sure there are some meth-head tweakers that slip through the cracks of even the most thorough screening.
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