Rent to Income ratio

A Nihilist said:
With the owning vs renting debate IMO it's only worth it to buy if you plan on being there for 5 or more years. My long-term goal is to live in a house for 30 years so that I can pay off the mortgage so that by the time I retire I'll have a house all paid off and don't have to keep blowing my retirement fund on the mortgage.

Oh and the kicker is I plan on selling the house and use that to buy a sweet RV and live in it doing a permanent vacation til I croak :D
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Right, if you dont buy old house, if you buy the most recent then you ll be make nice profits. It depends on how bad shape the house is in.

We bought the house that is about 100 years old. Its a great shape. However we need to replace inside the small supplies one at a time each month. ugh.
 
Reba said:
One more problem with renting. Sometimes the owners will sell the property out from under you. That happened to my mom a couple times. She was very happy in the places she rented but the owners decided to sell the houses so she had to move.
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For a house, yes that sucks but for apartment or condo or coop, nope.
 
Frisky Feline said:
Right, if you dont buy old house, if you buy the most recent then you ll be make nice profits. It depends on how bad shape the house is in.

We bought the house that is about 100 years old. Its a great shape. However we need to replace inside the small supplies one at a time each month. ugh.
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Even if you buy a new house, things don't last forever.

We bought our house brand new in 1990. We added a privacy fence, deck and large shed in the back yard. Since then we've replaced the heat pump, water heater, roof, and all vinyl flooring. We're currently redoing the ceilings, then will replace the carpeting with new carpet upstairs and hard wood downstairs. We really should replace our windows ($10,000+). We've done extensive landscaping and redid our master bath and kitchen. We've paid thousands of dollars to cut down trees that got too big.

A new house doesn't stay new forever. :)
 
Frisky Feline said:
For a house, yes that sucks but for apartment or condo or coop, nope.
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One was a single family house, the other was a large house that had been converted into apartments. If the entire apartment building is sold, that includes all the rental apartments.
 
Reba said:
One was a single family house, the other was a large house that had been converted into apartments. If the entire apartment building is sold, that includes all the rental apartments.
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Oh yes thats the case. ouchie.
 
Reba said:
Even if you buy a new house, things don't last forever.

We bought our house brand new in 1990. We added a privacy fence, deck and large shed in the back yard. Since then we've replaced the heat pump, water heater, roof, and all vinyl flooring. We're currently redoing the ceilings, then will replace the carpeting with new carpet upstairs and hard wood downstairs. We really should replace our windows ($10,000+). We've done extensive landscaping and redid our master bath and kitchen. We've paid thousands of dollars to cut down trees that got too big.

A new house doesn't stay new forever. :)
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Yeah i notice new stuff for new house dont stay long to compare with the older house. ugh. lol we can't win both. We enjoy our 1900's house and lot of characters. Life goes on. LOL
 
Wrong! I know one owner who demands brand new house, done built one and it was NOT well built (Ryan homes, did them very cheap). It was built way way too fast, and the foundation has not settled yet. Yes there are problem showing up, small portion of roofing needs fix, mind you it is only 4 years old.
They paid $390, and now they are trying to sell it for $413, dropped 3 or 4 times to $379, still no show or no buyers.

I have seen old house values going up and up. It depends on what? Its called "Location, Location, Location"

Frisky Feline said:
Right, if you dont buy old house, if you buy the most recent then you ll be make nice profits. It depends on how bad shape the house is in.

We bought the house that is about 100 years old. Its a great shape. However we need to replace inside the small supplies one at a time each month. ugh.
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Agreed, many newer homes have shoddy construction quality not as good as many older homes were. A few select home builders are good quality, many of them arent.
 
diehardbiker said:
Wrong! I know one owner who demands brand new house, done built one and it was NOT well built (Ryan homes, did them very cheap). It was built way way too fast, and the foundation has not settled yet. Yes there are problem showing up, small portion of roofing needs fix, mind you it is only 4 years old.
They paid $390, and now they are trying to sell it for $413, dropped 3 or 4 times to $379, still no show or no buyers.

I have seen old house values going up and up. It depends on what? Its called "Location, Location, Location"
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:lol: oh that is not good. yes location is the important where you live. My area is still good so far. It's too expensive to live here but we will move out after kids finish high school. 8 more years to go. :shock:
 
Same here, we have been talking about moving to much more secluded area, not far from a town, like 20-30 minutes away from medium sized town that got supermarket, and walmart. And there will be no zoning, what I mean is that our goal is find a seller willing to sell without any zoning agreement, or even better agree no zoning to be establish anytime. Once that happens, I take it, and will sell as NO zoning permitted, or set percentage as forever wild when sell. That is intended to keep complaining neighbors OUT!

Frisky Feline said:
:lol: oh that is not good. yes location is the important where you live. My area is still good so far. It's too expensive to live here but we will move out after kids finish high school. 8 more years to go. :shock:
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Reba said:
One more problem with renting. Sometimes the owners will sell the property out from under you. That happened to my mom a couple times. She was very happy in the places she rented but the owners decided to sell the houses so she had to move.
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True.
 
Frisky Feline said:
I am not sure what you mean about account possible maintenance.

Its been so long time ago.

We own a house now. I suppose today is a big different than 20 years ago with renting a home. I know if renting a coop or condo or townhouse, to pay for fee $ that the maintaince to cover it.
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What I mean is that the landlord(any smart one) has already factored in for regular cost of maintenance and included it in the rental price. Something major for like a roof would be an exception, unless you knew the roof needed fixing or planed or an update. Still, you can't run a business and not factor in cost.
 
Frisky Feline said:
Yeah i notice new stuff for new house dont stay long to compare with the older house. ugh. lol we can't win both. We enjoy our 1900's house and lot of characters. Life goes on. LOL
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It's not always that they are of lesser quality. I don't think the shingles, carpet, water heaters and lawns of old houses last longer than new ones. :giggle: Also, older houses sometimes need new heating/AC systems, new electrical wiring, asbestos removal, new windows, big trees removed, and insulation added.

In our area, an additional problem is that historic homes need permission from the ARB's before they change anything, especially if it's visible from the outside. They are very limited in the changes they can make.
 
Foxrac said:
Sad, American Dream dead.
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not really. it's still well and alive.

what's sad is that there are less and less hard-working people and more and more gimme gimme gimme people.
 
Jiro said:
not really. it's still well and alive.

what's sad is that there are less and less hard-working people and more and more gimme gimme gimme people.
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Yeah, too many gimme people out there. I want an iPad, I want a PS3, I want blah blah. They don't even want to work for it.
 
Jiro said:
not really. it's still well and alive.

what's sad is that there are less and less hard-working people and more and more gimme gimme gimme people.
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I worked very hard and hadn't achieve my American dream - the life is too hard.

Getting college degree is good start to achieve my American dream but find a job is uncertain future.
 
Foxrac said:
I worked very hard and hadn't achieve my American dream - the life is too hard.

Getting college degree is good start to achieve my American dream but find a job is uncertain future.
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keep working hard. and learn a lot of things.
 
Foxrac said:
Sure but I have medical condition that killed my dream - have deal with illness frequently.
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if you have a dream, work hard toward it.

my friend has IBS, Crohn's disease, etc. and yet... he's living his life to fullest.
 
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