utah, get me two said:
3 years ago I was in college, how could I afford a house? Lmao. You're delusional dude, 3-4 houses lol you have 350k+ in cash for a down payment on all those houses. Are you listening to yourself
utah, get me two said:
I was thinking about renting out but it's not something I want to do. In terms of going in with buddies I personally don't mix business with friends
coolerguy12 said:utah, get me two said:keep thinking you're a great investor and smarter than everyone else. I'm sure you just so magically timed the market perfectly to buy a house like the millions across the country. Maybe one day you'll realize that you're not as smart as you think you arecoolerguy12 said:utah, get me two said:
Yep, sucks op. Lotta people I know lucked out with their homes and interest rates. I'm more savvy than the average millennial when it comes to finances and have stacked away a good amount but even the cheap houses I can't afford. That being said I don't see Texas home prices going down with all the millionaire out of staters moving in
Yeah you're more savvy than everyone else, all the people that did it right just got lucky. Keep telling yourself that champ. Maybe one day you will catch your big lucky break that the rest of us got by pure chance.
I'm a terrible investor. Very risk adverse and I hate messing with it. I did however get married early, waited to have kids, saved my wife's salary for a down payment, bought a starter home, used that equity plus continued saving of wife's income to upgrade 4 years later, and now rolling that home equity into our dream home on 6 acres 5 years later. So if buying a house 9 years ago makes me lucky I guess I'll take it. To me it's just common sense to own a house in most situations.
utah, get me two said:
I was thinking about renting out but it's not something I want to do. In terms of going in with buddies I personally don't mix business with friends
Cash out refinance, roll to the next one....utah, get me two said:
You must be rolling in cash to be buying houses every 2-3 years
QBCade said:
At the time, my perspective was that if I had to stay in the house until my kids graduated HS, I would be ok with that. IMO, that's kinda how you have to look at your primary. Buy in a great school district, that way if you're trapped there, at least the kids are good school wise. Stay 10yrs, it will definitely be above where u bought.
Charismatic Megafauna said:
I didn't say it was the only way.
But show me another investment a young person can get 4x leverage on with no credentials other than a job and their good name
ATM9000 said:Charismatic Megafauna said:
I didn't say it was the only way.
But show me another investment a young person can get 4x leverage on with no credentials other than a job and their good name
So many people hold a lot of misconceptions about home ownership and what it represents and don't really understand the actual risks associated with it.
This is up there with it… a personal home is not an investment.
Quote:
What Is an Investment?
An investment is an asset or item acquired with the goal of generating income or appreciation. Appreciation refers to an increase in the value of an asset over time. When an individual purchases a good as an investment, the intent is not to consume the good but rather to use it in the future to create wealth.
Quote:
the investing of money or capital in order to gain profitable returns, as interest, income, or appreciation in value
AggieMainland said:
I'm a renter in my 30s and feel like a complete failure for not owning a home at this point.
utah, get me two said:
You must be rolling in cash to be buying houses every 2-3 years
Charismatic Megafauna said:AggieMainland said:
I'm a renter in my 30s and feel like a complete failure for not owning a home at this point.
Dang dude i wouldn't be that hard on yourself, there's always another opportunity
Ghost of Bizbee said:Charismatic Megafauna said:AggieMainland said:
I'm a renter in my 30s and feel like a complete failure for not owning a home at this point.
Dang dude i wouldn't be that hard on yourself, there's always another opportunity
This is how I feel as well, but not quite as extreme. Feels like there is no opportunity to catch up for the crowd of renters.
I see this argument a lot, and its probably true for most people. People generally are bad/reckless with their money. I know I used to blow money in my 20's. I got serious about saving/investing right around when I was 27 or so. Ive been able to build close to a million dollar portfolio in my mid 30's by renting cheap, and saving/investing a high percentage of my income.Charismatic Megafauna said:
Something that nobody's mentioned, that is completely different from person to person, is if you'd really plow your extra pennies into the market if you were renting a cheap apartment, or would you blow it on cars, travel or whatever? In my early 20s if i hadn't been dumping all my money into a fixer upper i 100% would have had a lot of fun blowing it, but the house forced me to save (spend it on the house) . Maybe millennials are more responsible than i was
Dont be so hard on yourself. We all could say this about ourselves by not investing in Apple or Tesla early on. Focus on what you can control. Im a similar age to you and Im probably a life long renter unless I get married or theres another housing crash. Im doing pretty well for myself.AggieMainland said:
I'm a renter in my 30s and feel like a complete failure for not owning a home at this point. I was always pro renting because it was the right decision for me (single, no desire to live in suburbs, no desire for the extra space vs 1 bedroom apartment, etc)...but missing out on this huge price increase in the DFW area hurts. At this point, I'm just going to rent until something changes (not with the market but with my personal situation). I don't even want a house right now. I just hate that I'll be even more behind in 3-4 years when I finally decide I need a house. Life is hard.
