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Offline ScubaGuy

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Why I rent after owning and thankfully....
« on: July 13, 2008, 02:41:54 PM »
Another fun thread with DUmmies and money.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3611522

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Aviation Pro  Donating Member  (1000+ posts) Journal  Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Sun Jul-13-08 12:42 PM
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Why I rent after owning and thankfully....
   
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Edited on Sun Jul-13-08 12:48 PM by Aviation Pro
...selling three houses in the past 20 years.

Simple, economics. I just refuse to pay over the course of thirty years three times the original mortgage and that's just the tip of the iceberg. When the elite talks with great rapture about the joy of owning a home they fail to mention the maintenance costs, the taxes, the insurance and the other incidentals that go into home ownership. (They, as elites, have no clue about these tie downs since, being elites, they pay for their outsized mansions in cash or use sweetheart deals with their banks, feh). Owning a home is economic slavery to the vast majority of home owners as they shell out - in my particular case and I'll use this as a base - 40% to 50% of their gross income toward servicing their house. (This suits the elite just fine because it keeps people in line).

As a renter, and as a prudent steward of my economy, I pay less than 15% of my net income towards housing, the money that I don't use servicing a house is saved Since I eschew luxuries with great disdain (and still live a robust life), I can save for my children's education, save for my retirement, and take care of the valuable things in life rather than the things that accumulate (also known as clutter).

Finally, renters represent about 32% of households (source here) and yet are treated like red-headed step children by the elite (again, the elite like slaves, renters have more freedom of movement than homeowners). This is a sizeable voting bloc and should be used as such. I urge the blogsphere to start using its influence to start considering renters as better economic bets than homeowners.


So this DUmmies is stupid enough to think that the landlord is losing money by renting to him? :mental:

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Offline Chris_

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Re: Why I rent after owning and thankfully....
« Reply #1 on: July 13, 2008, 02:48:36 PM »
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(They, as elites, have no clue about these tie downs since, being elites, they pay for their outsized mansions in cash or use sweetheart deals with their banks, feh)

I'm guessing this DUmmy was not a fan of the 'Chris Dodd for President' campaign.
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Offline jukin

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Re: Why I rent after owning and thankfully....
« Reply #2 on: July 13, 2008, 03:07:19 PM »
Constitutional and economics scholars.
« Last Edit: July 13, 2008, 04:13:14 PM by jukin »
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Offline DixieBelle

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Re: Why I rent after owning and thankfully....
« Reply #3 on: July 13, 2008, 03:52:26 PM »
I guess equity and the idea of a fixed rate mortgage is lost on these morons.
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Offline MrsSmith

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Re: Why I rent after owning and thankfully....
« Reply #4 on: July 13, 2008, 04:01:10 PM »
Quote from: DixieBelle on July 13, 2008, 03:52:26 PM
I guess equity and the idea of a fixed rate mortgage is lost on these morons.
Exactly what I was going to say, but you were faster.  One of the easiest and safest ways to "build wealth" is to buy a reasonably priced home on a 15 year fix-rate mortgage and let your rent payments build equity. 
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Offline DixieBelle

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Re: Why I rent after owning and thankfully....
« Reply #5 on: July 13, 2008, 04:08:29 PM »
I guess they haven't connected the dots. Who do they think owns rental properties? Most of them are privately owned outside of huge corporations that have apartment complexes and the like. Those people aren't exactly "enslaved". I'm kind of giggling at the thought of this DUmmie thinking he's getting one over by opting out of property ownership. His rent check is supporting someone else's mortgage payment and equity building. And, they are at the landlord's mercy when it comes to price and behavior.
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Forget change, bring back common sense.
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No, my friends, there’s only one really progressive idea. And that is the idea of legally limiting the power of the government. That one genuinely liberal, genuinely progressive idea — the Why in 1776, the How in 1787 — is what needs to be conserved. We need to conserve that fundamentally liberal idea. That is why we are conservatives. --Bill Whittle

Offline Ree

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Re: Why I rent after owning and thankfully....
« Reply #6 on: July 13, 2008, 04:19:58 PM »
I realize I'm an "economic retard"...But5 even I know owning a house is better than renting.
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Offline Miss Mia

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Re: Why I rent after owning and thankfully....
« Reply #7 on: July 13, 2008, 04:22:22 PM »
At least a few get it over there.  Sure you don't have out of pocket expenses when that plumber shows up, but hell yeah that's wrapped into your monthly rent.  The same with property taxes, mortgage, and profit for the owner. 
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Offline Zeus

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Re: Why I rent after owning and thankfully....
« Reply #8 on: July 13, 2008, 05:18:50 PM »
Quote from: DixieBelle on July 13, 2008, 04:08:29 PM
I guess they haven't connected the dots. Who do they think owns rental properties? Most of them are privately owned outside of huge corporations that have apartment complexes and the like. Those people aren't exactly "enslaved". I'm kind of giggling at the thought of this DUmmie thinking he's getting one over by opting out of property ownership. His rent check is supporting someone else's mortgage payment and equity building. And, they are at the landlord's mercy when it comes to price and behavior.

Not only that but wether he realizes it or not his rent is paying for maintenance,upkeep&repairs.taxes etc etc and the owner(landlord gets the benefit of tax writeoffs and credits). So wether they realize it or not they are paying a mortgage, just not theirs.
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Offline Rebel

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Re: Why I rent after owning and thankfully....
« Reply #9 on: July 13, 2008, 05:27:10 PM »
Let's see. I owe about 28 more years on my home. It's appraised at about 470K. In 28 years, it'll probably be worth well over a million, if economic trends say anything. I'm about 2 miles from the city center of Evans, Ga., a place that made #36 on Money Magazine's "Places to Live". It won't take me 28 years, because I'll refinance before then. Now, in whatever it takes me to pay this home off, I'll have well over a million dollars invested in a home I can sell in no time. What's that apartment worth in 20-30 years, DUmmie? To you, not the owner, to you. Oh snap! That's right, it's not yours!  :lmao:

Yeah, great plan. You f'n retard.  :whatever:
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Offline JohnnyReb

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Re: Why I rent after owning and thankfully....
« Reply #10 on: July 13, 2008, 05:28:48 PM »
3 houses repo-ed in 20 years and credit so bad he couldn't get a loan in the recent "free money" loan market. .......otherwise this would have been a "I'm about to lose my home because of Bush" rant.
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Offline Chris_

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Re: Why I rent after owning and thankfully....
« Reply #11 on: July 13, 2008, 05:29:10 PM »
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Aviation Pro  Donating Member  (1000+ posts) Journal  Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Sun Jul-13-08 04:56 PM
Response to Reply #7
12. Four bedroom apartments in Denver....
   
...are rare to non-existent. Renting a house is never a bargain (I know one homeowner who forces his renter to cut the grass to the homeowner's specifications or hire a service). This is the reason why renters should use their collective voting power to drive the elite to build apartments or other suitable housing to fit large families such as yours.

You know, like the great housing available in Russia or Cuba!
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Offline miskie

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Re: Why I rent after owning and thankfully....
« Reply #12 on: July 13, 2008, 05:36:02 PM »
what a retarded rant.

Firstly, as mentioned earlier, by the time you get to the end of your mortgage term, the house will be worth far more than you paid for it in most cases.

Secondly, paying a 30 year mortgage every 4 weeks instead of monthly reduces the 30 year total by about seven or so years. That 13th payment comes entirely out of the principal part of the loan, not the interest. And it does nice things for your credit too.

Thirdly, renting is a financial black hole. At the end of your lease all you have to show for all that money invested is a pile of rent receipts. 
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Offline Rebel

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Re: Why I rent after owning and thankfully....
« Reply #13 on: July 13, 2008, 05:37:42 PM »
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Aviation Pro  Donating Member  (1000+ posts) Journal  Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Sun Jul-13-08 04:56 PM
Response to Reply #7
12. Four bedroom apartments in Denver....
   
...are rare to non-existent. Renting a house is never a bargain (I know one homeowner who forces his renter to cut the grass to the homeowner's specifications or hire a service). This is the reason why renters should use their collective voting power to drive the elite to build apartments or other suitable housing to fit large families such as yours.

Then build your own ****ing home, you Damn leech. As for the homeowner requiring his tenant to mow the lawn, you're damn right. It's HIS investment. Don't like it, buy a ****ing RV. You moron.  :censored:
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Offline SemiSpook

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Re: Why I rent after owning and thankfully....
« Reply #14 on: July 13, 2008, 05:40:11 PM »
Well, while not playing the flipping game, which gives most investment property owners a bad name, a lot of owners who rent out can't exactly sell off the note for one reason or another. My situation was the broker that set up my mortgage had the bright idea to put me in a 10-yr IO ARM and 15/30 balloon.

Yeah, I'm never going through friends again to get a mortgage.

Especially when the primary ARM is at IndyMac (Federal) Bank.

Still, the place is above water, and my renter is decent enough (hell, he offered to paint the place for me if I gave him a break, and is willing to do it again when I want to sell), plus it's right in prime BRAC territory (20 minutes from Ft. Meade). I may have overpaid for it, but good fortune definitely came my way this time (plus, the losses are a write off).

Can't do that while you're renting.
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Offline Zeus

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Re: Why I rent after owning and thankfully....
« Reply #15 on: July 13, 2008, 06:01:45 PM »
Finance for 30.Pay like it's a 20 or 15 yr note.Make sure the mortgage company will accept that type payment schedule without penalties and fees that wipe out any advantage.  Then you have created a cushion for unforeseen situations and/or financialemergencies.Also wise to include with payments instructions that any excess/additional/extra payments to be credited towards principal reduction only.

Another tip that may sound foolish on the face of it is if you get a notice of excess escrow and the option to receive cash payment, apply towards principal or just let it set.let it set if it's only a couple hundred $$ because chances are next escrow analysis will call for adjustment upward and the funds will already be there.

plan your work & work your plan. If the plan is a good one the less deviation from the plan the better.
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Offline DixieBelle

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Re: Why I rent after owning and thankfully....
« Reply #16 on: July 14, 2008, 09:22:24 AM »
the idiot is complaining about having to mow the grass? I don't know of any landlord that doesn't require that. I've rented several homes in my past and every single one of them required me to maintain the property. They obviously fixed things when they broke, but yardwork and general cleanliness is up to the tenant. Unless you work out a deal in the lease (which would be a hidden cost and something you're still responsible for in the end.) Not to mention that it's a city ordinance violation if you don't take care of the yard.

Idjits!!!!!!!!!
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Spread my work ethic, not my wealth.

Forget change, bring back common sense.
-------------------------------------------------

No, my friends, there’s only one really progressive idea. And that is the idea of legally limiting the power of the government. That one genuinely liberal, genuinely progressive idea — the Why in 1776, the How in 1787 — is what needs to be conserved. We need to conserve that fundamentally liberal idea. That is why we are conservatives. --Bill Whittle

Offline Scoobie

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Re: Why I rent after owning and thankfully....
« Reply #17 on: July 14, 2008, 09:38:41 AM »
Quote from: DixieBelle on July 14, 2008, 09:22:24 AM
the idiot is complaining about having to mow the grass? I don't know of any landlord that doesn't require that. I've rented several homes in my past and every single one of them required me to maintain the property. They obviously fixed things when they broke, but yardwork and general cleanliness is up to the tenant. Unless you work out a deal in the lease (which would be a hidden cost and something you're still responsible for in the end.) Not to mention that it's a city ordinance violation if you don't take care of the yard.

Idjits!!!!!!!!!

Uggh, I hear that. I rent, and am responsible for mowing. Takes me a good 6 hours total to mow, do the trim, weed eat, and weed my flowerbeds. Sucks that it usually takes up a whole weekend day, but I love how it looks when I'm done. Guess that moron doesn't care about that silly thing called "pride in your work."   :whatever:
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Offline Rebel

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Re: Why I rent after owning and thankfully....
« Reply #18 on: July 14, 2008, 11:27:10 AM »
Quote from: Scoobie on July 14, 2008, 09:38:41 AM

Uggh, I hear that. I rent, and am responsible for mowing. Takes me a good 6 hours total to mow, do the trim, weed eat, and weed my flowerbeds. Sucks that it usually takes up a whole weekend day, but I love how it looks when I'm done. Guess that moron doesn't care about that silly thing called "pride in your work."   :whatever:

Dayum, how big is your yard?  :o
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Offline Scoobie

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Re: Why I rent after owning and thankfully....
« Reply #19 on: July 14, 2008, 12:52:59 PM »
Quote from: Rebel on July 14, 2008, 11:27:10 AM
Quote from: Scoobie on July 14, 2008, 09:38:41 AM

Uggh, I hear that. I rent, and am responsible for mowing. Takes me a good 6 hours total to mow, do the trim, weed eat, and weed my flowerbeds. Sucks that it usually takes up a whole weekend day, but I love how it looks when I'm done. Guess that moron doesn't care about that silly thing called "pride in your work."   :whatever:

Dayum, how big is your yard?  :o

We (Red October and I) rent a farmhouse on about 2 1/2 acres. It's a bitch to keep up with the yard, but it looks so nice when I'm done. I've got that whole must-look-like-a-golfcourse-when-I'm-done OCD mentality thingy going on. :thatsright:
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Offline Miss Mia

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Re: Why I rent after owning and thankfully....
« Reply #20 on: July 14, 2008, 12:54:49 PM »
Quote from: Scoobie on July 14, 2008, 12:52:59 PM
Quote from: Rebel on July 14, 2008, 11:27:10 AM
Quote from: Scoobie on July 14, 2008, 09:38:41 AM

Uggh, I hear that. I rent, and am responsible for mowing. Takes me a good 6 hours total to mow, do the trim, weed eat, and weed my flowerbeds. Sucks that it usually takes up a whole weekend day, but I love how it looks when I'm done. Guess that moron doesn't care about that silly thing called "pride in your work."   :whatever:

Dayum, how big is your yard?  :o

We (Red October and I) rent a farmhouse on about 2 1/2 acres. It's a bitch to keep up with the yard, but it looks so nice when I'm done. I've got that whole must-look-like-a-golfcourse-when-I'm-done OCD mentality thingy going on. :thatsright:


You're free to visit me anytime.  :)
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Offline formerlurker

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Re: Why I rent after owning and thankfully....
« Reply #21 on: July 14, 2008, 01:14:58 PM »
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I urge the blogsphere to start using its influence to start considering renters as better economic bets than homeowners.

Renting is better than owning a home??......  there is a lad (or two or three) in Northern Ireland who would strongly disagree. 

But what the hell do they know?   

Morons. 




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Offline Rebel

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Re: Why I rent after owning and thankfully....
« Reply #22 on: July 14, 2008, 02:36:30 PM »
Quote from: formerlurker on July 14, 2008, 01:14:58 PM
Quote
I urge the blogsphere to start using its influence to start considering renters as better economic bets than homeowners.

Renting is better than owning a home??......  there is a lad (or two or three) in Northern Ireland who would strongly disagree. 

But what the hell do they know?   

Morons. 

:confused:

Who?
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Offline debk

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Re: Why I rent after owning and thankfully....
« Reply #23 on: July 14, 2008, 02:38:02 PM »
 No wonder they are called "DUmmies" :rotf: :rotf: :rotf:

Now I admit to being biased as I have been a REaltor for 11.5 years....but if one rents....they might as well pile up their money and set fire to it....as all there is left is ashes.....no equity, no tax write-off, no return of investment.

Many people are only able to itemize on their taxes because of their mortgage interest and real estate taxes, which can greatly reduce the net one pays to the IRS.

Our house has doubled in value since we bought it 4 yrs ago. We got an incredible deal, and this type of property (acreage in a private subdivision) is rare for the location.

Many people who rent, do not realize they may qualify to safely buy a house. But to advocate renting in order to "save money" is pretty far-fetched.

Wonder what he's smokin'?
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Offline formerlurker

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Re: Why I rent after owning and thankfully....
« Reply #24 on: July 14, 2008, 03:00:54 PM »
Quote from: Rebel on July 14, 2008, 02:36:30 PM
Quote from: formerlurker on July 14, 2008, 01:14:58 PM
Quote
I urge the blogsphere to start using its influence to start considering renters as better economic bets than homeowners.

Renting is better than owning a home??......  there is a lad (or two or three) in Northern Ireland who would strongly disagree. 

But what the hell do they know?   

Morons. 

:confused:

Who?

The history of Northern Island.   Land seized.  Tenants treated like animals.   Yeah, owning land is such an elistist thing that should be shunned at all costs.

My husband's entire family through the generations were taught the importance of land ownership.   That instilled in them by history.   A history that continues to elude these silly sots at the DU.

« Last Edit: July 14, 2008, 04:07:03 PM by formerlurker »
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