that depends on what expenses you had to incur as a homeowner, and whether or not your house appreciated. See post #248.
Do you not think the landlord passes his 'homeowner' expenses on to his tenants in the form of higher rent?
Nah...couldn't be.
You can only pass on so many expenses before your tenant moves to the apartment complex next door. Like that tenant that hasn't paid his rent in 6 months and the LL has spent a year evicting? Yeah, the LL is eating that.
When I was doing tax returns, I saw just as many people losing money from RE investing as people who made money.
You don't think the apartment complex next door will pass on their expenses to the tenants? Sure, some people will technically lose money by renting but most people will not. I can see very few instances in which renting over the long run will turn out better than owning.
1 hypothetical example:
Apartment Complex A eats 30k in expenses, on top of normal operating expenses
Apartment Complex B only has normal operating expenses
Both complexes must set their rates at market rate. Complex A will eat the 30k in expenses because they cannot raise their rents to cover these additional, unexpected expenses w/o losing tenants.
I suppose that neither apartment complex factors in expenses into their monthly rental rates? They assume things will never break so they don't build that in?
Not very good business managers if you ask me.
That's what "normal operating expenses are". Look, let's look at this at the 9000 foot level - you have 2 houses/complexes/whatever with the same costs, except one incurs 30k in additional costs that the other one doesn't. You can't keep blinding passing on costs because at some point you won't have any tenants cuz they'll move to a different complex.
All it takes is 1 dbag to really fuck you up. Like this guy:
http://www.dailybreeze.com/governme...own-faces-second-eviction-for-not-paying-rent
$10k/mo after takehome is a lot of money and makes living comfortably very easy with quite a few luxuries. trying to act like it's "nothing" is pretty assanine.
Still haven't convinced me that over the long run, it's better to rent than to buy. I'm sure that apartment complexes build in expenses into their rent. Sure, there are stories like yours but if there were enough of them, the rents would raise EVERYWHERE to reflect that. If there's a risk, it's going to cost more.
If renting were better than buying, everyone would be doing it and rents would then skyrocket.
that depends on what expenses you had to incur as a homeowner, and whether or not your house appreciated. See post #248.
Are you kidding? You're down like $60k after 5 years of renting and then you go and buy a house. The same risks (depends are the same risks) and expenses apply for that house. I didn't spend $60k first, you did, then did the house thing going down the same path I've already traveled. Who is better off?
What is your age range and family situation and are you renting the rest of your life?
Are you kidding? You're down like $60k after 5 years of renting and then you go and buy a house. The same risks (depends are the same risks) and expenses apply for that house. I didn't spend $60k first, you did, then did the house thing going down the same path I've already traveled. Who is better off?
What is your age range and family situation and are you renting the rest of your life?
30's, renting, no plans to buy in this market.
Why can't you folks just accept "it depends". There are people in this very thread that admitted buying a house was a fucking mistake and they lost shitloads of money on it. I know people who lost fuckloads of money on houses. I also know people who made a killing.
Like Property taxes? Housing repair costs? HOA fees? Interest?
All has been explained. The best way to make a lot of money is to inherit it. You are so out of touch with reality because you haven't really had to make it on your own. It's so much harder to make it in our current economy then it used to be.
While he didn't inherit the job directly I'm sure that the contacts he gained through his wealthy in-laws didn't hurt. I would be genuinely shocked if Safeway's success was entirely self-made.
Firstly: Hey asshole, fuck you. Secondly: Read my posts.
I came from a very modest household, $40k to $60k combined income for most of my childhood. I took out loans and worked as a computer lab proctor to pay my way through my MS EE and law school. I kicked ass at my T14 law school, summa cum laude, and got a big law internship and eventual job based on a recommendation from an intellectual property adjunct professor who happened to be partner at this firm. I made the move to the patent litigation boutique despite criticism that I was joining the enemy and giving up a solid paycheck. I left that firm and started my own patent litigation consulting firm and began brokering patent transactions and negotiating patent infringement-related license agreements. Where is this magic fairy dust that makes this path easy?
The fuck did I inherit? Nothing but a genetic risk for heart-related issues from my dad. My parents are not dead and, when they do pass, I will split an exceedingly modest estate with my sister. It'll be a drop in the bucket.
My in-laws were not my in-laws at the time. They didn't give me a damn cent. They also didn't give my wife money to pay for college. She had to take out loans to better appreciate and value her collegiate education. They paid for the wedding. Thanks! (No really, thanks.)
Harder to make it in this economy? I fucking made it in this economy. Patent law activity and profitability shot through the roof as other revenue streams dried up. Corporations began to investigate new revenue streams using existing assets.
How old do you think I am? I'll tell you - not old. I have a 7 month old son.
Well you got hired in law so you must be like 35.
Younger. Like I said, patent law never took a hit. It grew. Even during the height of the attorney layoffs, regional firms without intellectual property practice groups were creating such groups by acquiring patent boutiques. This is when I got in, when it was impossible for my peers to get summer internships or get a big law job.
Well didnt you get lucky