Flytrap #2 - Possible NSFW Content and WAW fail , Whiskey Bacon and tamale hootch

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What do you have to show for it, exactly? Any money you manage to make if you eventually sell will go right back into yet another house purchase. So basically you have walls and a roof, which is the same thing I have to show for my rent money.
 
What do you have to show for it, exactly? Any money you manage to make if you eventually sell will go right back into yet another house purchase. So basically you have walls and a roof, which is the same thing I have to show for my rent money.

They have equity. That's a pretty big deal.
 
I'm just being the devil's advocate.

Home equity is really just industry code for "the potential to have shitloads more debt."
 
What do you have to show for it, exactly? Any money you manage to make if you eventually sell will go right back into yet another house purchase. So basically you have walls and a roof, which is the same thing I have to show for my rent money.

We have the possibility to earn the money back and that's fat chance in renting. Plus its ours to do what we want with it barring any HOA and city restrictions. (Ugh)
 
It depends on where you are. We bought a house in a new subdivision right as things started to go bad, we thought we got a good deal but now we have 20something foreclosures plus 9 abandoned properties in our subdivision, houses are short selling for 120k less than what we paid. Nobody is selling a house in our area for years now, the developer packed up and stopped building. So we have the tax write off, that's a good thing, but theres no way we'd be able to sell in the foreseeable future.
 
How about this thought: Say you are renting, but the landlord is behind in mortgage payments and the place you rent gets foreclosed on. Wouldn't that suck ass, getting kicked out, having to find a new place to live, maybe even losing your deposit if the landlord has no money? I hear it is becoming more common in this economy. So if you own a home, condo, etc, you hold the mortgage and know it is paid up-to-date or not.
 
How about this thought: Say you are renting, but the landlord is behind in mortgage payments and the place you rent gets foreclosed on. Wouldn't that suck ass, getting kicked out, having to find a new place to live, maybe even losing your deposit if the landlord has no money? I hear it is becoming more common in this economy. So if you own a home, condo, etc, you hold the mortgage and know it is paid up-to-date or not.

This has been extremely popular in florida.
 
How about this thought: Say you are renting, but the landlord is behind in mortgage payments and the place you rent gets foreclosed on. Wouldn't that suck ass, getting kicked out, having to find a new place to live, maybe even losing your deposit if the landlord has no money? I hear it is becoming more common in this economy. So if you own a home, condo, etc, you hold the mortgage and know it is paid up-to-date or not.

Word. Place before this, I was renting it. It was caught up in the 'condo conversion' craze that was going crazy before the pop. Almost every apartment community was looking to convert out into a condo or something. Place I was in sold like 1/3 of their units, so it was a mixed community of apartments and condos. One developer bought like 40 units. One day, I hear a hard knock on the door next to mine. I go to my door, and can hear the process server telling the occupant that her place was being forclosed on and she had 30 days to vacate. She had been paying rent all along, but the developer was just pocketing the cash. So this lady and her 3 kids were kicked to the curb, paying money into some fuckers pocket that decided to basically not only default on his mortgage, but, in my mind, defraud the renter out of money she was paying.

It was right about then I got serious about buying.
 
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