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Go Back   E46Fanatics > Everything Else > The Off-Topic > Money Matters

Money Matters
Financial, Stock, Investment etc. posts here.

View Poll Results: Do you mortgage or rent out your home?
I mortgage my home 9 75.00%
I rent my home 3 25.00%
Voters: 12. You may not vote on this poll

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Old 08-21-2013, 11:58 AM   #1
titanium330
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Do you Rent or Mortgage your place?

Curious to see how many rent VS mortagage their homes.

In my area taking out a mortgage would cost almost twice (monthly) as much as renting.

Discuss.
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Old 08-21-2013, 12:34 PM   #2
SLVR JDM
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Mortgage. Never rented.

I bought my first house in the height of the market (2005) and sold last year. Even with the loss on the house, money invested into home improvements, etc. I still came out ahead vs. renting during that time. I'd have a hard time renting unless the numbers just didn't make sense to own.

My new house is likely going to last me a while (20+ yrs if I want it to). Any additional purchases will be multi-family rentals to generate income and build equity.
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Old 08-21-2013, 12:43 PM   #3
titanium330
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Originally Posted by SLVR JDM View Post
Mortgage. Never rented.

I bought my first house in the height of the market (2005) and sold last year. Even with the loss on the house, money invested into home improvements, etc. I still came out ahead vs. renting during that time. I'd have a hard time renting unless the numbers just didn't make sense to own.

My new house is likely going to last me a while (20+ yrs if I want it to). Any additional purchases will be multi-family rentals to generate income and build equity.
Any insight to the multi-family rental you speak of? Do you mean purchasing a fourplex (or duplex) and living in one unit and renting the rest?
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Old 08-21-2013, 12:52 PM   #4
evolved
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Mortgage, but I rented in the past.


In my area, a mortgage is about equal to what the rent would be, all else being equal, that is.
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Old 08-21-2013, 01:17 PM   #5
Wraisil
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I currently rent for 2 reasons:
1. My rent (including utilities/cable/internet) is roughly what utilities alone would be in a house I would buy and I'm saving/investing the difference from what I would pay on a mortgage.
2. I'm not 100% sure I will be staying in the area long enough to show a positive return if I bought a house and paid it off on a normal loan repayment schedule (i.e. 30 year fixed or 15 year fixed).

Having lived in 16 cities in the past 36 years I've realized that buying a home without being very sure you will stay in a given area for a significant period of time can result in losing wealth IF you would otherwise save/invest what it would cost you if you bought vs. renting.
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Old 08-21-2013, 01:35 PM   #6
SLVR JDM
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Any insight to the multi-family rental you speak of? Do you mean purchasing a fourplex (or duplex) and living in one unit and renting the rest?
No, it would be a straight rental property and I would not plan to live in one of them. If I were younger without kids, I'd probably live in one if it were my first place.

I basically want a 4-8 unit building that can pay for itself with 60-75% occupancy and have anything above that as positive cash flow.

I'm still a few years out on this. Luckily my dad has been in commercial and multi-family rentals his entire career and can help me understand the business aspect so that I don't buy a dud.
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Old 08-22-2013, 06:24 PM   #7
5ynd1cat3
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Re: Do you Rent or Mortgage your place?

Quote:
Originally Posted by SLVR JDM View Post
No, it would be a straight rental property and I would not plan to live in one of them. If I were younger without kids, I'd probably live in one if it were my first place.

I basically want a 4-8 unit building that can pay for itself with 60-75% occupancy and have anything above that as positive cash flow.

I'm still a few years out on this. Luckily my dad has been in commercial and multi-family rentals his entire career and can help me understand the business aspect so that I don't buy a dud.
Pm f2b lol

Sent from my Obamaphone
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Old 08-22-2013, 06:48 PM   #8
CharlzO
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Mortgage, have had it for 12 years now, still a lot cheaper than a comparable apt or renting a house of the same size (3 BR, 2 Bath, 2 acres) would be, by a couple hundred a month.
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Old 01-16-2014, 10:45 AM   #9
Riverbmr3
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Bought my first house last 2002 and stayed there for 8 years, I bought another one as my primary residence and the old one turns to a rental, my tenant's been staying on my property for three years and want to renew for another three years, business is good!
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Old 01-16-2014, 01:10 PM   #10
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i paid cash for all my properties.
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I can honestly say that because of Griffin, i am desensitized to alot of wierd stuff!
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Old 01-16-2014, 01:11 PM   #11
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I can get you a mortgage an show you how to do it without fvcking yourself.
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