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  1. #21  
    Senior Member AlmostThere's Avatar
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    Quote Originally Posted by lacarnut View Post
    BTW, Bush had his hand in this mess also with his promoting home ownership. Everyone does need to own a home. This home ownership mentality is not for everyone. Renting is a better alternative for many people.
    Why?

    I can assure you of one thing. A home ownership mentality is far more beneficial to a community than a renters mentality. In fact it's also beneficial to the individual. Owning a home gives them a stake in their community. The trick is buying a home they can afford.
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  2. #22  
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    We're in a bit of a catch-22 situation. If Americans returned to a more thrifty, live within your means, save for the future culture as was once a widespread and valued habit, the financial health of our nation would improve in the long term, but the short and intermediate term would be disasterous. We've got to keep people buying and selling junk so we can avoid the negative connotation of declining growth. It would be too scarey to suddenly see electronics salesmen, cable tv installers, or bill collectors lose their jobs in droves.
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  3. #23  
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    Quote Originally Posted by AlmostThere View Post
    Why?

    I can assure you of one thing. A home ownership mentality is far more beneficial to a community than a renters mentality. In fact it's also beneficial to the individual. Owning a home gives them a stake in their community. The trick is buying a home they can afford.
    Because if you can not afford the payments, the insurance, taxes and repairs, you should rent. Pretty simple. The trick is to save up enough money so that if the value of the house goes down, you get laid off, you move, you are disabled, your income goes down, that you have the resources either from saving or insurance so that you do not wind up in a financial bind.

    My house is paid off but I do not feel that my ownership is more beneficial to the community than my rental neighboor 2 doors down the street. I think that something you dreamed up.
    Last edited by lacarnut; 06-23-2008 at 05:38 PM.
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  4. #24  
    Senior Member AlmostThere's Avatar
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    Quote Originally Posted by lacarnut View Post
    Because if you can not afford the payments, the insurance, taxes and repairs, you should rent. Pretty simple. The trick is to save up enough money so that if the value of the house goes down, you get laid off, you move, you are disabled, your income goes down, that you have the resources either from saving or insurance so that you do not wind up in a financial bind.

    My house is paid off but I do not feel that my ownership is more beneficial to the community than my rental neighboor 2 doors down the street. I think that something you dreamed up.
    Unless you own and have your home paid off, you'll be paying rent or a mortgage until you die. Point is, unless you die, you gotta pay somebody. Personally, I'd rather my payment be building my equity rather than some landlord's. When I said "a home you can afford", that means a house you can make payments such as insurance, taxes, repairs, mortgage payments. It also means you have the reserves to get past setbacks. PRETTY SIMPLE. I was a landlord for about 6 years. During that time, my tenants paid the mortgage, insurance and taxes through their rent. When I decided to sell the property, I made over 40K profit and I'm not even including the tax benefit I got on the interest on the mortgage. I see a whole lot of incentive to own and zero to rent. Except in the case where you know you'll be in an area for just a short period of time, people are crazy to rent if at all possible to own.

    You have a home that's paid off. Either you've won the lottery or you've lived there a while. Given your druthers, you don't care at all if your neighbors are renters or owner occupants? If you don't, I find that a little hard to believe. As the percentage of renters in your neighborhood goes up, it has a negative impact on YOUR property value. High percentage transient neighborhoods have a higher crime rate than owner-occupant neighborhoods. Property is better maintained by owner-occupants. These observations don't apply to every single neighborhood across America, but they are generally factual. If having neighborhoods that are primarily "owner-occupants" doesn't benefit the community, I don't know what will.
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  5. #25  
    There are smart reasons to rent instead of own. Young professional people who are apt to move around are better off renting as are creaky elderly people who travel a great deal.

    What determines the smartness of the decision has to do with where the "extra" incomes goes. If it goes into bars and vacations - you are stupid, if it goes into retirement or investments - you are smart.

    For most people, home ownership is the best way to build wealth if you don't watch your investments or have a lucrative career. It's not the absolute fastest way to get the best return but it's generally safe and thought-free.
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  6. #26  
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    Quote Originally Posted by AlmostThere View Post
    Why?

    I can assure you of one thing. A home ownership mentality is far more beneficial to a community than a renters mentality. In fact it's also beneficial to the individual. Owning a home gives them a stake in their community. The trick is buying a home they can afford.
    Renting can also shield you from insecurities in the housing markets.
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  7. #27  
    Senior Member marinejcksn's Avatar
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    As the great Jerry Doyle, my personal 6'3" ATM of information says:

    This is the year for MISERBALISM. :D

    "the sky is falling!" "Bush lied, guys died!" "polar bears are Threatened!"......liberal bumper stickers just make me LOL.

    that's what the Gipper always said. You can't help but laugh.
    "Don't vote. It only encourages the bastards." -PJ O'Roarke
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  8. #28  
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    Quote Originally Posted by Goldwater View Post
    Renting can also shield you from insecurities in the housing markets.
    Exactly. Great point too up above too, Ginger. It's like my situation: While I serve in the Marines I generally move every 3 or 4 years. I thought of buying a home, but at the present time I lack a significant 20% down payment and can't totally afford a home once I'd pay for all the extra expenses, so I DON'T BUY ONE.

    I'm so sick and tired of these crybabies who got "screwed" in the subprime deals. My heart goes out to the victims that were taken advantage of, because some CLEARLY were, but for the most part it was just greedy fools who thought they could "flip" a bunch of houses. It's like that stupid Laura Richardson, and the sympathy she tries to get over losing her HOMES. That's home with an S, as in plural. I'm christian to the core, but I'd love to see an idiot congresswoman stuck in a homeless shelter over being just fat and greedy:D
    "Don't vote. It only encourages the bastards." -PJ O'Roarke
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  9. #29  
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    Quote Originally Posted by AlmostThere View Post
    Unless you own and have your home paid off, you'll be paying rent or a mortgage until you die. Point is, unless you die, you gotta pay somebody. Personally, I'd rather my payment be building my equity rather than some landlord's. When I said "a home you can afford", that means a house you can make payments such as insurance, taxes, repairs, mortgage payments. It also means you have the reserves to get past setbacks. PRETTY SIMPLE. I was a landlord for about 6 years. During that time, my tenants paid the mortgage, insurance and taxes through their rent. When I decided to sell the property, I made over 40K profit and I'm not even including the tax benefit I got on the interest on the mortgage. I see a whole lot of incentive to own and zero to rent. Except in the case where you know you'll be in an area for just a short period of time, people are crazy to rent if at all possible to own.

    You have a home that's paid off. Either you've won the lottery or you've lived there a while. Given your druthers, you don't care at all if your neighbors are renters or owner occupants? If you don't, I find that a little hard to believe. As the percentage of renters in your neighborhood goes up, it has a negative impact on YOUR property value. High percentage transient neighborhoods have a higher crime rate than owner-occupant neighborhoods. Property is better maintained by owner-occupants. These observations don't apply to every single neighborhood across America, but they are generally factual. If having neighborhoods that are primarily "owner-occupants" doesn't benefit the community, I don't know what will.
    Many millions of people took out sub prime mortgages that should have never been allowed to purchase a home because of their finances. You think people should be allowed to purchase a house with teaser rates of 1 or 2 per cent or interest only payments for 3 or 5 years. I say bullshit on that. BTW, my parents had rent houses for over 30 years so you can not tell me squat about renting houses. Another fact is that it is much easier to evict someone out of rental property than it is a house. These sub primers can move in a house, not pay note one and it would take 7 to 9 months to kick them out.

    I said I had (1) one neighbor who rents down the street from me; not a whole bunch of them . They are LSU students who are better neighbors than the trashy lawyer that lives next door. So your rental example does not apply to me. In fact, I wish I the students lived next to me rather than the asshole lawyer that lets his grass grow up. I put up a 8 foot cedar fence so I don't have to look at his house or yard.

    I own my house and am thinking about buying a house across the street from my dad's with cash. Another one of your observations gone to pot. At one time my parents owned 4 houses. All were paid off. I was a happy camper when they sold the last rent house so I would not have to collect the rent, repair them and serve eviction notices on drug dealers/ felons.
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  10. #30  
    Senior Member AlmostThere's Avatar
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    Quote Originally Posted by lacarnut View Post
    Many millions of people took out sub prime mortgages that should have never been allowed to purchase a home because of their finances. You think people should be allowed to purchase a house with teaser rates of 1 or 2 per cent or interest only payments for 3 or 5 years. I say bullshit on that. BTW, my parents had rent houses for over 30 years so you can not tell me squat about renting houses. Another fact is that it is much easier to evict someone out of rental property than it is a house. These sub primers can move in a house, not pay note one and it would take 7 to 9 months to kick them out.

    I said I had (1) one neighbor who rents down the street from me; not a whole bunch of them . They are LSU students who are better neighbors than the trashy lawyer that lives next door. So your rental example does not apply to me. In fact, I wish I the students lived next to me rather than the asshole lawyer that lets his grass grow up. I put up a 8 foot cedar fence so I don't have to look at his house or yard.

    I own my house and am thinking about buying a house across the street from my dad's with cash. Another one of your observations gone to pot. At one time my parents owned 4 houses. All were paid off. I was a happy camper when they sold the last rent house so I would not have to collect the rent, repair them and serve eviction notices on drug dealers/ felons.
    Please point out ONE place where I've suggested, implied, even mentioned interest rates, sub-prime or otherwise. Tell you what, I'll save you the trouble, I haven't. Do not attribute comments or thoughts to me that I haven't stated. What is so hard for you to understand about the concept of responsible home ownership? It's not complicated. You buy a house you can actually afford. It doesn't have to be your dream home or one you even like much. You're buying to build equity and for the tax advantages. Over a period of time, you move up to better homes if you so desire. I've owned 3 different homes in the last 11 years.This is not rocket science.

    As far as tenants, I did credit and background checks, employment verification and references from past landlords. In 6 years I never had a late rental payment and my property was vacant for 1 month. That was my choosing so I could do painting and general maintenance. I just approached it as a business. Hell, it was a business. Considering my track record with tenants and you having to evict drug dealers/felons, I guess there is squat I can tell you about rental properties.

    As far as your trashy lawyer neighbor, call the health department. Grass of a certain height is a health hazard.
    Last edited by AlmostThere; 06-24-2008 at 04:00 AM.
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