Not sure if this is totally relevant, but it's a data point.
Totally on point. Rent = mortgage. Who gets the equity?
I've been out of the abbey two days, I've beaten a lawman senseless, I've fallen in with criminals. I watched the captain shoot the man I swore to protect. And I'm not even sure if I think he was wrong.
Book ,'Serenity'
Natter 34: Freak With No Name
Off-topic discussion. Wanna talk about corsets, duct tape, or physics? This is the place. Detailed discussion of any current-season TV must be whitefonted.
Gus - Apr 21, 2005 7:41:38 pm PDT #7946 of 10001
Bag the crypto. Say what is on your mind.
Burrell - Apr 21, 2005 7:47:12 pm PDT #7947 of 10001
Why did Darth Vader cross the road? To get to the Dark Side!
To whomever was asking above, I wasn't induced today. Still pregnant.
ita, debt does not equal house. You can own the thing, with no third party involved. Really.
Well, unless you can pay cash (and we've already established that the vast majority of us cannot) it's more like you can owe the bank or you can owe the former owner. And at least with the bank, you can write off part of it on your taxes, as MFN points out.
As for renting, I'd have to pay roughly the same amount for rent as I would for the mortgage. I have friends who would have to double their mortgage if they were considering renting instead of buying through a bank loan. And I live in the land of stupidly inflated housing prices.
beth b - Apr 21, 2005 7:47:35 pm PDT #7948 of 10001
oh joy! Oh Rapture ! I have a brain!
I've been in my house for 6 months-
my house has gone up 120K
40K of that is over what I have put into the house
if I continued paying rent and save the difference - 3500
now, I can't sell my house for anoother 18 months without serious tax consequences. and who knows what the margin will be. But you never have to pay for a house to make a profit.
Now this doesn't mean I wouldn't pay cash for a house if I could. Or want to pay this house off as easrly as possible. But I think it is a sound use of credit.
there are other debts I regret.
another fun thing about owning a house. the question of buying vs. saving is easier. saving wins a lot more often.
Burrell - Apr 21, 2005 7:48:35 pm PDT #7949 of 10001
Why did Darth Vader cross the road? To get to the Dark Side!
Rent = mortgage. Who gets the equity?
Um, the person paying the mortgage. How does that support your argument?
Gus - Apr 21, 2005 7:53:32 pm PDT #7950 of 10001
Bag the crypto. Say what is on your mind.
But you never have to pay for a house to make a profit.
Examining this statement from different directions...
Ok, I have nothing. What the fuck does this mean?
amych - Apr 21, 2005 7:57:09 pm PDT #7951 of 10001
Now let us crush something soft and watch it fountain blood. That is a girlish thing to want to do, yes?
What the fuck does this mean?
I was starting to wonder the same thing about the whole conversation.
§ ita § - Apr 21, 2005 7:59:53 pm PDT #7952 of 10001
Well not canonically, no, but this is transformative fiction.
I have to admit I'm lost myself, amych. I think Gus's point is to buy cash -- I'm not sure if it's about waiting until you've saved the money up (and I haven't run the numbers for interest paid vs. rent paid), or there's some way to make the money more quickly than you'd have a mortgage for.
I'm surely lost.
beth b - Apr 21, 2005 8:03:18 pm PDT #7953 of 10001
oh joy! Oh Rapture ! I have a brain!
Examniing this statemnt from different directions...
Ok, I have nothing. What the fuck does this mean
It was a sideways statement. a toss away if you will. What I meant is that I do not have to get to the point of paying off the loan at it's full cost to make money. They tried to tell me that number. But I didn't really think of it is a real number. Because it is based on everything staying the same. which it won't.
Gus - Apr 21, 2005 8:03:34 pm PDT #7954 of 10001
Bag the crypto. Say what is on your mind.
amych, as long as it is clear in your mind that Gus won, all is good.
Maria - Apr 21, 2005 8:05:11 pm PDT #7955 of 10001
Not so nice is that I'm about to ruin a Friday morning for a bunch of people because of a series of unfortunate events and an upset foreign government. - shrift
Anything that keeps you ahead of the interest. Real Estate may work,
Sorry. I got distracted creating an org chart in PowerPoint.
Gus, you've just refuted your own argument. With today's historically low interest rates and skyrocketing home values, most people end up ahead.
There are so many different programs out there that can be tailored to individual circumstances. It's not just a 30-year fixed rate anymore.