[noone]

This question shows up on this board about every 6 months or so, and so far CBad has the best answer I’ve seen 🙂

“Being rich means your name is Richard and you want to shorten it without being a dick.” – CBad

[noone]

This question shows up on this board about every 6 months or so, and so far CBad has the best answer I’ve seen 🙂

“Being rich means your name is Richard and you want to shorten it without being a dick.” – CBad

[noone]

This question shows up on this board about every 6 months or so, and so far CBad has the best answer I’ve seen 🙂

“Being rich means your name is Richard and you want to shorten it without being a dick.” – CBad

[noone]

This question shows up on this board about every 6 months or so, and so far CBad has the best answer I’ve seen 🙂

“Being rich means your name is Richard and you want to shorten it without being a dick.” – CBad

[noone]

This question shows up on this board about every 6 months or so, and so far CBad has the best answer I’ve seen 🙂

“Being rich means your name is Richard and you want to shorten it without being a dick.” – CBad

[noone]

“Thank You” to Rich Toscano. He helped prevent my family from committing financial suicide by falling into the real estate trap.

Exactly! I’ve had a bad feeling about the housing market for a long time (since 2002 or so) but could never find anyone that backed up my emotional response with facts and figures. Everything I could find was pro real estate (including family and friends). I was at the point where I figured that I just did not understand, and I was being foolish not to sign up for a ridiculous mortgage.

Then I finally hit on Rich’s articles in Voice of SD and Piggington. Finally I had found someone who knew what they were talking about, and had the facts and figures to support my general feelings about the market.

I could have been one of these people now in foreclosure, but Rich pulled me back from the edge.

[noone]

“Thank You” to Rich Toscano. He helped prevent my family from committing financial suicide by falling into the real estate trap.

Exactly! I’ve had a bad feeling about the housing market for a long time (since 2002 or so) but could never find anyone that backed up my emotional response with facts and figures. Everything I could find was pro real estate (including family and friends). I was at the point where I figured that I just did not understand, and I was being foolish not to sign up for a ridiculous mortgage.

Then I finally hit on Rich’s articles in Voice of SD and Piggington. Finally I had found someone who knew what they were talking about, and had the facts and figures to support my general feelings about the market.

I could have been one of these people now in foreclosure, but Rich pulled me back from the edge.

[noone]

“Thank You” to Rich Toscano. He helped prevent my family from committing financial suicide by falling into the real estate trap.

Exactly! I’ve had a bad feeling about the housing market for a long time (since 2002 or so) but could never find anyone that backed up my emotional response with facts and figures. Everything I could find was pro real estate (including family and friends). I was at the point where I figured that I just did not understand, and I was being foolish not to sign up for a ridiculous mortgage.

Then I finally hit on Rich’s articles in Voice of SD and Piggington. Finally I had found someone who knew what they were talking about, and had the facts and figures to support my general feelings about the market.

I could have been one of these people now in foreclosure, but Rich pulled me back from the edge.

[noone]

“Thank You” to Rich Toscano. He helped prevent my family from committing financial suicide by falling into the real estate trap.

Exactly! I’ve had a bad feeling about the housing market for a long time (since 2002 or so) but could never find anyone that backed up my emotional response with facts and figures. Everything I could find was pro real estate (including family and friends). I was at the point where I figured that I just did not understand, and I was being foolish not to sign up for a ridiculous mortgage.

Then I finally hit on Rich’s articles in Voice of SD and Piggington. Finally I had found someone who knew what they were talking about, and had the facts and figures to support my general feelings about the market.

I could have been one of these people now in foreclosure, but Rich pulled me back from the edge.

[noone]

“Thank You” to Rich Toscano. He helped prevent my family from committing financial suicide by falling into the real estate trap.

Exactly! I’ve had a bad feeling about the housing market for a long time (since 2002 or so) but could never find anyone that backed up my emotional response with facts and figures. Everything I could find was pro real estate (including family and friends). I was at the point where I figured that I just did not understand, and I was being foolish not to sign up for a ridiculous mortgage.

Then I finally hit on Rich’s articles in Voice of SD and Piggington. Finally I had found someone who knew what they were talking about, and had the facts and figures to support my general feelings about the market.

I could have been one of these people now in foreclosure, but Rich pulled me back from the edge.

[noone]

You need to compare the cost of purchasing vs. the cost of renting. If you buy now, no one can really say what you will be able to sell it for in 5 years. But for the sake of argument, let’s say you sell for the same $200k.

Since you will be buying outright, you won’t be paying interest, but you will need to pay for the following at least:

HOA: $5k ($80/month)
Homeowners Insurance: $2k ($400/year)
Property Taxes: $9k (assuming 20% tax bracket)
Maintenance (plumbing, electrical, appliances, carpeting, etc.): $5k ($1k/year)
Commission when you sell: $12k (6% selling at $200k)

Plus you lose out on any interest income that $200k could be earning if invested elsewhere: $45k (4%/year compound)

Total cost of ownership $78k

Compared to the $80k in rent you estimated, it’s pretty much a wash

[noone]

You need to compare the cost of purchasing vs. the cost of renting. If you buy now, no one can really say what you will be able to sell it for in 5 years. But for the sake of argument, let’s say you sell for the same $200k.

Since you will be buying outright, you won’t be paying interest, but you will need to pay for the following at least:

HOA: $5k ($80/month)
Homeowners Insurance: $2k ($400/year)
Property Taxes: $9k (assuming 20% tax bracket)
Maintenance (plumbing, electrical, appliances, carpeting, etc.): $5k ($1k/year)
Commission when you sell: $12k (6% selling at $200k)

Plus you lose out on any interest income that $200k could be earning if invested elsewhere: $45k (4%/year compound)

Total cost of ownership $78k

Compared to the $80k in rent you estimated, it’s pretty much a wash

[noone]

You need to compare the cost of purchasing vs. the cost of renting. If you buy now, no one can really say what you will be able to sell it for in 5 years. But for the sake of argument, let’s say you sell for the same $200k.

Since you will be buying outright, you won’t be paying interest, but you will need to pay for the following at least:

HOA: $5k ($80/month)
Homeowners Insurance: $2k ($400/year)
Property Taxes: $9k (assuming 20% tax bracket)
Maintenance (plumbing, electrical, appliances, carpeting, etc.): $5k ($1k/year)
Commission when you sell: $12k (6% selling at $200k)

Plus you lose out on any interest income that $200k could be earning if invested elsewhere: $45k (4%/year compound)

Total cost of ownership $78k

Compared to the $80k in rent you estimated, it’s pretty much a wash

[noone]

You need to compare the cost of purchasing vs. the cost of renting. If you buy now, no one can really say what you will be able to sell it for in 5 years. But for the sake of argument, let’s say you sell for the same $200k.

Since you will be buying outright, you won’t be paying interest, but you will need to pay for the following at least:

HOA: $5k ($80/month)
Homeowners Insurance: $2k ($400/year)
Property Taxes: $9k (assuming 20% tax bracket)
Maintenance (plumbing, electrical, appliances, carpeting, etc.): $5k ($1k/year)
Commission when you sell: $12k (6% selling at $200k)

Plus you lose out on any interest income that $200k could be earning if invested elsewhere: $45k (4%/year compound)

Total cost of ownership $78k

Compared to the $80k in rent you estimated, it’s pretty much a wash

[noone]

You need to compare the cost of purchasing vs. the cost of renting. If you buy now, no one can really say what you will be able to sell it for in 5 years. But for the sake of argument, let’s say you sell for the same $200k.

Since you will be buying outright, you won’t be paying interest, but you will need to pay for the following at least:

HOA: $5k ($80/month)
Homeowners Insurance: $2k ($400/year)
Property Taxes: $9k (assuming 20% tax bracket)
Maintenance (plumbing, electrical, appliances, carpeting, etc.): $5k ($1k/year)
Commission when you sell: $12k (6% selling at $200k)

Plus you lose out on any interest income that $200k could be earning if invested elsewhere: $45k (4%/year compound)

Total cost of ownership $78k

Compared to the $80k in rent you estimated, it’s pretty much a wash

[Author]

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