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I see a lot of people complain about their jobs and about money. It is my favorite beer drinking pastime with friends, but I have invested some of my money in both real estate and index funds. Real estate is my passion. Many people have a hard time seeing the value in a home or wonder how they can buy a home vs. renting with no money. It is possible and not as hard as you think. You don't necessarily have to go to the bank to buy a home. I currently own rental property and it does very well for me, but i still don't understand why anyone would want to rent. Please.....throw some questions at me, I would love to help if I can. |
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Posted by Brummel on 2007-12-20 17:37:40 | Rating: | Views: 125
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Well a few of my friends rent, and it makes sense for them since they don't plan on living in this State for much longer.
As for me, I have my own house, I'm not going anywhere, ever.
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Posted by Frankly
on 2007-12-20 19:51:23
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Some people rent because they can't afford the down payment it takes to get a home....And there are those who rent because then if the fridge breaks down or the toilet overflows then they call the landlord and it is to no expense to them....Right???
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Posted by Hollis
on 2007-12-20 20:39:02
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I rent because my husband is in the military and we will be moving a lot. When we do settle down at a place for long we do plan on buying a house.
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Posted by Sprinkles
on 2007-12-21 09:23:17
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thanks for your comments, I love these questions. To Frankly- If your friends are planning on moving soon renting is probably good for them right now, I definantly agree with that. To Hollis- there are many ways to purchase without a down payment such as a purchase on a land contract which excludes the bank or even a first time homebuyer program with the bank. I would suggest a land contract, that is the best way to go with no money down and you can usually get a lot better APR than going through the bank. Also, most tenants do think that they don't have to do any maintenance, but that is not always the case. If you are living there, you treat it as your own, and if something breaks on your watch it is your responsibility to fix it. Otherwise what would stop the tenant from smashing the fridge with a baseball bat if he doesn't have to fix it. I know that is the extreme, but you get my point. Also if the landlord does fix it, the repairs and labor costs will probably come out of the tenants security deposit.Good question, thank you. I would like to explain a land contract to you in more detail if you are interested. To Sprinkles-- First off tell your husband thank you for doing what he does, it takes a special person. I also agree with your point about having to move a lot. Although remember, like I told Hollis, if at all possible, purchase a home on a land contract.
--IF MORE EXPLANATION OF A LAND CONTRACT IS NEEDED JUST ASK, I WANT TO HELP. IT IS A MUCH EASIER WAY OF PURCHASING A HOME
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Posted by Brummel
on 2007-12-21 16:38:11
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---One more thing--
To those college students or parents of college students.
It is much cheaper for students or parents to buy a home near the college and rent to their child and friends during the college years then after they have the option of selling or continue to rent. If they sell, not only did their child not pay housing expenses while in college (their friends actually payed for the home through rent)they profit on the equity increase of home due to inflation over the four or five years while at college.
THANK YOU AGAIN FOR YOUR QUESTIONS.
----HAVE A MERRY CHRISTMAS--I'm gone for the weekend.
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Posted by Brummel
on 2007-12-21 16:43:10
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What a GREAT idea!!
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Posted by Sprinkles
on 2007-12-21 19:15:37
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