Person 1 buys house for 100K.
Pays 10% closing costs, jew agent, etc
Wants to sell house after a year, needs to ask 110K to not make a loss.
Person 2 buys it for 110K.
Pays 10% closing costs, jew agent, etc
Wants to sell house after a year, needs to ask 121K to not make a loss.
Person 3 buys it for 121K.
Pays 10% closing costs, jew agent, etc
Wants to sell house after a year, needs to ask 133K to not make a loss.
Hurrr durrr. price go up.
So I should rent and invest the rest of my money into crypto? Of course, I am asking in terms of our current times. My question is not applied to all times.
Also, am I making the right move by keeping my investment a secret from my family? They are the very definition of dumb money.
It can be a terrible purchase, but it has actually saved me money and I didn’t have to live with my fucking parents so it had personal value to me. I put 5% down on a 30 year conventional with no PPP fully fixed at 2.8%. My property taxes and insurance total $1800 per year plus or minus $50. I purchased my home for 170k and it just reappraised at 200k. I have done very few home improvements, mostly just hard work and hvac tune up. My mortgage payment is less than 850 per month and I was paying 1k per month renting a 2 bedroom beforehand. You really cannot view your personal residence as an “investment” so much as just freedom (if in the right area) from having people living above/below you or attached to you on either side. It’s really nice to have my own driveway with guaranteed parking space and allows me equity to hedge IF I want to. You don’t want to pay off a home too quickly due to dead equity and I’m deducting all of my home mortgage interest on a Schedule A aka I get to itemize every year to pay less income taxes. Are the prices a scam? Sure, no doubt. You have to play the game and win
My literal retard uncle is a self made millionaire because of real estate investments. Of course, he's a boomer, so maybe it was easier back when he got in.
Maybe, maybe not.
If you're going to live in one place for years, buying a house at the right price isn't necessarily a bad thing.
The problem is, your life may change and you may want to move. Owning a home can make that more difficult without taking a loss.
You should buy a house to live in it, not as some kind of get rich quick scheme.
Buying a house is complicated in its both a mental and spiritual thing. I bought my house because its great on paper but I despise it. It just feels wrong and there is just not things that I really enjoy around it. I was much happier renting in the area I was renting where the ramen flowed like wine and I could walk to a comfy library to hang out at then get a Japanese rolled crepe with a coffee and discounted Chessmen. Then I could buy fine spices and have pho. None of that anymore. But the schools were rated so high! then I bought and then their score dropped kek.
The point of owning real estate is to build equity in your home instead of throwing that money away every month on rent. You can also deduct the interest payments on your mortgage from your taxes, so there is a definite advantage to buying a house.
If anyone has more questions about buying a house shoot me an email at mortgageanon@protonmail.com. I am a licensed loan officer, and I can give you an estimate for what a house payment would be for you
>The only decent thing about real estate that it is easier to get leverage (mortgage)
You realize that this is the biggest part of the scam, don't you?
What do you think all this easy dept does to demand and prices?
Baltic countries are now full of houses like this and people are holding them in citycenters, land value goes up million in every other year :Dddd
OP does the opposite I'm assuming. Pays rent and looses 100% what an idiot.