ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX
6 April 2019, 01:55 AM | #121 |
"TRF" Member
Join Date: Dec 2016
Real Name: Nick
Location: Georgia
Posts: 2,613
|
__________________
Instagram - watches_wine |
6 April 2019, 02:14 AM | #122 | |
"TRF" Member
Join Date: Jan 2018
Location: Here
Watch: Sub 114060, 216570
Posts: 2,157
|
Quote:
|
|
6 April 2019, 02:15 AM | #123 |
"TRF" Member
Join Date: Jan 2018
Location: Here
Watch: Sub 114060, 216570
Posts: 2,157
|
this one is pretty good actually LMFAO :D
|
6 April 2019, 02:25 AM | #124 | |
"TRF" Member
Join Date: Jan 2013
Real Name: SMD
Location: LGA/EWR/ORD
Watch: AP/PP
Posts: 3,661
|
Quote:
These broad brushed statements about markets you do not understand are tiresome. At the very least a successful investor such as yourself (everyone is a genius in a secular bull market) could be a pledge member no? |
|
6 April 2019, 02:49 AM | #125 |
2024 ROLEX DATEJUST41 Pledge Member
Join Date: Feb 2007
Location: Japan
Watch: ing your back.
Posts: 16,180
|
I've owned and sold 3 homes. Made a profit on all of them. Great investments, though I didn't know it at the time. People said I was crazy.
My first one was seriously in the 'hood." Gunshots outside not nightly but darn near weekly. I was young and well armed, single. So no worries. Bought a 1928 remodeled Craftsman Bungalow for 5 figures.That neighborhood gentrified and now it is Starbucks and Micro Brew places on every block. I'm semi retired now, don't want a tenant and I rent because I honestly don't know where I'm going to be living tomorrow. I like that. All of my personal possessions other than my car and my dog can fit into a suitcase. If I ever settle, maybe I'll buy again. |
6 April 2019, 02:58 AM | #126 | |
"TRF" Member
Join Date: Jan 2018
Location: Here
Watch: Sub 114060, 216570
Posts: 2,157
|
Quote:
|
|
6 April 2019, 02:59 AM | #127 | |
Banned
Join Date: Feb 2015
Location: Surrey
Posts: 1,659
|
House owners VS renters
Quote:
Haha Frequently wrong but never in doubt? I have no idea what you’re referring to. These statements i’m making are tiresome? I wasn’t aware there have been so many I’ve made. |
|
6 April 2019, 04:11 AM | #128 |
"TRF" Member
Join Date: Aug 2012
Location: Chicago
Posts: 2,031
|
It’s a decision based on your location, lifestyle, and future plans. For my family it made complete sense to buy. The rental market is targeted at singles and couples, and homes for rent are rare, and usually not that nice. The property taxes are low. $500K gets you a 5 bed 4 bath nicely finished home, $800K gets you well over 5000 finished square feet with a lot of customization and a fully built walkout basement, or smaller place on a lake. Homes over a million are rare, usually big homes on a sporting lake with a dock and/or small beach.
We will have our home paid off in a total of 15 years, though monthly payments will drop significantly after 10 years when the home equity loan is paid. Property taxes are 10-12K annually, plus maintenance costs. I estimate that if we stay here for 20 years until both kids are moved out, we could lose over $100K in value and still come out ahead, all while living in a home customized to our needs. My wife wants to relocate to Chicago after I retire, and we hope to get a second property there sooner than that. Completely different calculus. I’ll have to time the market a bit, account for interest rates, HOA fees, parking, etc. It may very well make sense to rent at the end of the day. |
6 April 2019, 04:50 AM | #129 | |
"TRF" Member
Join Date: Jul 2017
Location: California
Watch: Shiny One
Posts: 5,364
|
Quote:
|
|
6 April 2019, 08:33 AM | #130 | |
2024 Pledge Member
Join Date: Oct 2011
Real Name: Seth
Location: nj
Watch: Omega
Posts: 24,697
|
Quote:
Tom has earned it through trial and error and life in general. And he’s got the loot to back it up. Earned through time. The idea of living out of a suitcase for life is certainly appealing. But it’s not easy to get to that place.
__________________
If happiness is a state of mind, why look anywhere else for it? IG: gsmotorclub IG: thesawcollection (Both mostly just car stuff) |
|
6 April 2019, 12:16 PM | #131 |
"TRF" Member
Join Date: Nov 2015
Real Name: Milo
Location: Mojave Desert
Posts: 922
|
Bought my first house in Los Angeles in my 20's. Cruddy house in a great area.
Much rather own than rent. Hate having my plans in the hands of landlords. Also like the tax breaks and profits made. |
6 April 2019, 01:11 PM | #132 | |
2024 ROLEX DATEJUST41 Pledge Member
Join Date: Feb 2007
Location: Japan
Watch: ing your back.
Posts: 16,180
|
Quote:
They mean well, they just dote and give lots of unwanted advice. Draining after about 2 1/2 days. I guess it is like that everywhere though. |
|
17 April 2019, 08:13 AM | #133 |
"TRF" Member
Join Date: Apr 2019
Location: Australia
Posts: 13
|
I`ve never rented
|
19 April 2019, 01:07 AM | #134 |
2024 ROLEX DATEJUST41 Pledge Member
Join Date: May 2012
Real Name: Jim
Location: Westchester NY
Watch: 116500 116518LN
Posts: 5,876
|
You have to pay for where you want to live - the taxes are the taxes. Being in Westchester NY we have some of the highest property taxes in the country but I wouldn't want to live anywhere else. The schools are top notch so it eliminates the need for private schools. Location wise I think it's the best of both worlds - my house is in horse country yet only 50 minutes to NYC.
Personally I believe in most cases it makes sense to purchase your primary residence. You can customize it as you wish and it's yours. I also have a house in South NJ that is rented out and paying for itself. Yes I do have incidentals here and there but so far so good. I also know that I've been blessed with a good tenant. I personally don't believe the $10,000 limit on property tax deduction effects the average buyer of these homes.
__________________
Remember what matters. Value everyday |
19 April 2019, 11:23 AM | #135 |
"TRF" Member
Join Date: Jan 2017
Real Name: Jesse
Location: New Zealand
Watch: 116234, 116613LB
Posts: 1,855
|
|
19 April 2019, 12:17 PM | #136 |
Banned
Join Date: Feb 2019
Location: USofA
Posts: 582
|
Rent my home and lease my cars. If something breaks I call the guy. I refuse to set foot in a Home Depot or in a car shop. I used to own a home when I was in my 20s. I was miserable. Freedom is the greatest asset you can ever own in my opinion.
|
19 April 2019, 01:16 PM | #137 |
"TRF" Member
Join Date: Sep 2017
Location: Miami, FL
Watch: Tudor & Cartier
Posts: 2,497
|
__________________
"Chi ha paura muore ogni giorno, chi non ha paura muore una volta sola" - Paolo Borsellino |
19 April 2019, 01:32 PM | #138 |
"TRF" Member
Join Date: Dec 2010
Location: Oregon, USA
Posts: 481
|
Only own a home if you can pay off the note inside of 3 years.
Of course, all cash is preferred. |
19 April 2019, 07:23 PM | #139 |
"TRF" Member
Join Date: Jan 2019
Real Name: Jake
Location: Finest City
Watch: 16233, 116619LB
Posts: 2,094
|
Interesting point of view. My wife & I have been mulling around the idea of buying a condo in SD in ~2yrs. Did you own your aforementioned home in that area?
|
19 April 2019, 10:14 PM | #140 |
Banned
Join Date: May 2018
Real Name: Jonathan
Location: USA
Watch: P-01
Posts: 11,772
|
Other people rent from me :). Im fortunate enough to have a lot of houses and lots of watches ;)
Was an active decision over a decade ago...its not my day job tho |
19 April 2019, 10:17 PM | #141 | |
2024 Pledge Member
Join Date: Jul 2013
Real Name: Brian (TBone)
Location: canada
Watch: es make me smile
Posts: 73,696
|
Quote:
|
|
20 April 2019, 05:13 AM | #142 | |
Banned
Join Date: Feb 2019
Location: USofA
Posts: 582
|
Quote:
Unless you can predict that your condo will double in value every 10 years (based on an average annual ROI of 7.5% like that of the S&P 500), I would skip the condo and save for a house. With a condo, you will not only have to pay property taxes but also strata fees (usually not cheap and possibly unpredictable in the long run). Personally, I would never buy a condo as an investment. Condos are first to go down when there's any sort of housing slowdown or crash (thinking about Florida during the housing crisis). If you don't own the land beneath your home, most of what you own and pay for is the bubble of air in between, which becomes worthless when it bursts. It may not apply to densely populated areas like Manhattan but in San Diego where there's still plenty of land, I would think twice before buying a condo in the current market because prices are definitely inflated. That being said, if you want to buy a condo in University City, there will probably be some great deals to be made within the next couple of years because the University of California is building thousands of apartment units at an alarming rate. Flocks of students will most likely relocate to those units when construction is completed, creating a surplus of available condos in the area. |
|
20 April 2019, 05:30 AM | #143 |
"TRF" Member
Join Date: Aug 2017
Location: South FL
Watch: Superocean 44not42
Posts: 1,684
|
|
23 July 2019, 05:45 PM | #144 |
Banned
Join Date: Jun 2008
Real Name: greg
Location: Tempe AZ
Watch: GMT
Posts: 5,703
|
My home in Cypress was paid off years ago...house i just bought in Phoenix I put 55 percent down and the financed the other 45 percent for 15 years....
Back before the crash I owned some condos in North Scottsdale ....3 to be exact ....picked them up as repos' and rented them out as golf vacation homes for 5 years or so since they were all on Kierlands goldfcourse....when i sold all 3 in May- June 2007 I was in a state of shock how much we made...enough to retire on....my wife left her job within weeks after 23 years at Wells Fargo and i Left IBM in Dec 2007.....plus the house we lived in was worth 115 percent more than what we paid for it.......real estate has been very very good to me. |
23 July 2019, 07:59 PM | #145 |
"TRF" Member
Join Date: Jan 2019
Location: Uk
Watch: Omega-Rolex-AP
Posts: 240
|
Most wealthy people rent i would think why would you want a mortgage the bank wins its that simple. If your buying a house cash again another dumb move imo could make so much more money from a s and p 500 or even gold. Seen a lot of interviews over the years and alot of super rich just rent including grant cardone infact he just recently did a interview saying just how dumb buying a house was.
|
23 July 2019, 08:24 PM | #146 | |
Banned
Join Date: May 2018
Real Name: Jonathan
Location: USA
Watch: P-01
Posts: 11,772
|
Quote:
|
|
23 July 2019, 08:29 PM | #147 |
"TRF" Member
Join Date: Jan 2019
Location: Uk
Watch: Omega-Rolex-AP
Posts: 240
|
Yes i watched his interview on vladtv then a week later grant cardone did the same topic on his own YouTube channel. Valdtv is very anti home owning so he asks alot of his wealthy guests and surprisingly most laugh when asked if they own or rent and the majority rent.
Think about it say you take a mortgage for 25 years the norm and after 25 years you have probably have a house that has doubled in price but add up what you have payed to the bank. Doesn’t look so good now. Go look at what you could of made is a low cost index fund or gold golds around 400% profit and s and p 500 is even more so owning a house cant even be considered a investment its a liability |
23 July 2019, 11:34 PM | #148 |
Banned
Join Date: Mar 2019
Location: Houston, TX
Posts: 87
|
|
23 July 2019, 11:41 PM | #149 |
"TRF" Member
Join Date: May 2019
Location: dubai
Posts: 672
|
The amount of guru's in this thread is amazing.
|
24 July 2019, 12:08 AM | #150 |
"TRF" Member
Join Date: Oct 2018
Real Name: Steve
Location: Australia
Watch: 116619LB
Posts: 564
|
I rent even though I can afford to buy. I dont like factors like being owned by a bank, over paying for a residential property ( where I live a decent 3 bedroom home is 2-3M), nor do i care to deal with upkeep, rates, council and possibly problematic neighbors.
Investment wise I just keep reinvesting in my various business interests and intend to add some commercial property next year to diversify my portfolio. One day I will buy a few acres along the coast as a weekend retreat, and aim to retire there when I am older. It works for me as i am not married and have no kids etc...If I had a family then I would get them a home for their sake but only then. |
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | |
|
|
*Banners
Of The Month*
This space is provided to horological resources.