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crazymcmichael · 3 April 2019, 10:51 PM

Guys,

Considering anyone here spends crazy money on watches i was wondering are there any guys that actually don't own a house but rather rent it?
I'd actually would rather rent something than buy something as sonetimes it can be even cheaper on the long run.. Not when you rent something nice offcourse.

Anyone???

superdog · 3 April 2019, 10:54 PM

Not me.

I don’t like the idea of paying someone else’s mortgage.

RichM · 3 April 2019, 11:01 PM

Not me. As a matter of fact we just paid off our mortgage in January. More money for watches.

I’ve rented twice in the last 30 years. First time was for one year when we weren’t sure where we wanted to go. The second time was for three months, while our current home was being built.

dddrees · 4 April 2019, 12:56 AM

Quote:

Originally Posted by superdog

Not me.

I don’t like the idea of paying someone else’s mortgage.

This and since I no longer have a mortgage my most expensive maintenance year is still much cheaper than paying rent every single month. Much, much cheaper.

Oh, did I fail to mention that means more toys for me.

crazymcmichael · 4 April 2019, 01:25 AM

Quote:

Originally Posted by dddrees

This and since I no longer have a mortgage my most expensive maintenance year is still much cheaper than paying rent every single month. Much, much cheaper.

Oh, did I fail to mention that means more toys for me.

what is your average maintenance a year if i may ask you??

superdog · 4 April 2019, 04:50 AM

Quote:

Originally Posted by dddrees

This and since I no longer have a mortgage my most expensive maintenance year is still much cheaper than paying rent every single month. Much, much cheaper.

Oh, did I fail to mention that means more toys for me.

Agree 100%.

I actually have a rental fully paid for too. My renter pays all my home costs, for both homes. It’s glorious.

And way way way more important than toys.

Kyle3130 · 4 April 2019, 09:56 AM

Quote:

Originally Posted by superdog

not me.

I don’t like the idea of paying someone else’s mortgage.

x2

Jamie1111 · 27 July 2019, 06:46 PM

Quote:

Originally Posted by superdog

Not me.

I don’t like the idea of paying someone else’s mortgage.

+1

Sent from my iPhone using Tapatalk

Dan Pierce · 3 April 2019, 11:02 PM

Homeowner here, paid in full a couple of years ago.
dP

wantonebad · 3 April 2019, 11:13 PM

Quote:

Originally Posted by Dan Pierce

Homeowner here, paid in full a couple of years ago.
dP

Only way to fly

Dan Pierce · 3 April 2019, 11:43 PM

Quote:

Originally Posted by wantonebad

Only way to fly

Agreed!

So relieved we refinanced to a 15y mortgage early on. Not only saved multi thousands but could enjoy the thrill of paying it off.

I can remember when my parents paid off their home w/ a monthly payment of $98.00. At the same time my VW car payment was $110.00 per month.

dP

Tri-Tip · 5 April 2019, 06:49 AM

Quote:

Originally Posted by Dan Pierce

Homeowner here, paid in full a couple of years ago.
dP

Quote:

Originally Posted by Dan Pierce

Agreed!

So relieved we refinanced to a 15y mortgage early on. Not only saved multi thousands but could enjoy the thrill of paying it off.

I can remember when my parents paid off their home w/ a monthly payment of $98.00. At the same time my VW car payment was $110.00 per month.

dP

I'm working mine down, took a 30, but pay extra principal every chance I get. Being self-employed, I didn't want the 15 year mortgage with the higher payment just in case business wasn't good. My current philosophy is that when I have extra money to invest, 2/3 goes into investments and 1/3 goes to pay down the mortgage. I'm 8 1/2 years in and I've paid down over 50% of it already, it will just accelerate from here.

Dan Pierce · 5 April 2019, 06:51 AM

Quote:

Originally Posted by Tri-Tip

I'm working mine down, took a 30, but pay extra principal every chance I get. Being self-employed, I didn't want the 15 year mortgage with the higher payment just in case business wasn't good. My current philosophy is that when I have extra money to invest, 2/3 goes into investments and 1/3 goes to pay down the mortgage. I'm 8 1/2 years in and I've paid down over 50% of it already, it will just accelerate from here.

Well done, my friend!

dP

austinp · 5 April 2019, 08:18 AM

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Quote:

Originally Posted by Tri-Tip

I'm working mine down, took a 30, but pay extra principal every chance I get. Being self-employed, I didn't want the 15 year mortgage with the higher payment just in case business wasn't good. My current philosophy is that when I have extra money to invest, 2/3 goes into investments and 1/3 goes to pay down the mortgage. I'm 8 1/2 years in and I've paid down over 50% of it already, it will just accelerate from here.

Sent from my SM-G935P using Tapatalk

crazymcmichael · 3 April 2019, 11:15 PM

The thing is maintenance Costs of a house can also be quite high. I have 2 left hands lol.. How much costs a year you count in for maintenance? Taxes are higher as a owner and the rent you pay for the mortgage are quite substantial. What if you had the oppurtunity to rent for just 550 dollar taxes gas, light water everything included? Does this change the case?

SunTzu · 3 April 2019, 11:19 PM

Quote:

Originally Posted by crazymcmichael

The thing is maintenance Costs of a house can also be quite high. I have 2 left hands lol.. How much costs a year you count in for maintenance?

Property taxes too. My folks pay $18k a year for a postage stamp in Jersey. My grandparents were married almost 70 years and never once owned a home. They rented a lovely apartment with a garage for decades and decades despite being well off enough to own a home.

crazymcmichael · 3 April 2019, 11:25 PM

Quote:

Originally Posted by SunTzu

Property taxes too. My folks pay $18k a year for a postage stamp in Jersey. My grandparents were married almost 70 years and never once owned a home. They rented a lovely apartment with a garage for decades and decades despite being well off enough to own a home.

Holy... You kiddin right ? ? 18k taxes..???

SunTzu · 3 April 2019, 11:41 PM

Quote:

Originally Posted by crazymcmichael

Holy... You kiddin right ? ? 18k taxes..???

Nope, welcome to NJ. It's why everyone is leaving (among other reasons running the State into a financial ditch) and moving down South (taking the same politics that ruined NJ with them

). My folks are one of the elderly few of their friends who stayed. Another couple is leaving for Delaware because they pay $25k a year. My dad wanted to leave ages ago but my mother refused. Sadly, her sister, my aunt, is severely mentally ill and lives in a psychiatric hospital. My mother said in good conscious she can't leave her alone. So they stay. Lower tax areas in NJ are in the middle of nowhere or in areas not as cultured as they would like. They're highly active, very cosmopolitan, love fine dining and being a 35 minute drive (no traffic) from NYC where they spend a lot of time as well as driving to the Hamptons to their best friend's summer home.

piratfisk · 4 April 2019, 12:33 AM

Quote:

Originally Posted by SunTzu

Nope, welcome to NJ. It's why everyone is leaving (among other reasons running the State into a financial ditch) and moving down South (taking the same politics that ruined NJ with them

). My folks are one of the elderly few of their friends who stayed. Another couple is leaving for Delaware because they pay $25k a year..

I'm born & raised in Park Slope and during my junior year in HS, we moved out to Union County. My parents (both close to 70) are fed up with "the f*ing taxes and the f*ing snow" and have had a house built in North Carolina. They're both very excited to be unburdened by tri-state taxes. My wife & I are soon to be San Diego residents, so clearly I haven't learned a thing.

We're planning on renting for the first year, then buying a condo.

Chester01 · 4 April 2019, 07:14 AM

Quote:

Originally Posted by SunTzu

Nope, welcome to NJ. It's why everyone is leaving (among other reasons running the State into a financial ditch) and moving down South (taking the same politics that ruined NJ with them

). My folks are one of the elderly few of their friends who stayed. Another couple is leaving for Delaware because they pay $25k a year. My dad wanted to leave ages ago but my mother refused. Sadly, her sister, my aunt, is severely mentally ill and lives in a psychiatric hospital. My mother said in good conscious she can't leave her alone. So they stay. Lower tax areas in NJ are in the middle of nowhere or in areas not as cultured as they would like. They're highly active, very cosmopolitan, love fine dining and being a 35 minute drive (no traffic) from NYC where they spend a lot of time as well as driving to the Hamptons to their best friend's summer home.

The issue is one of salary though and that in many fields is higher in NJ compared to the south. I looked into moving south many times. But there is the school issue (many very good public options in NJ) and also the salary differential, I wonder if it is a bit closer than it appears in the surface. I lived in FL and then moved to NJ. When I talk to my old friends the hurricane insurance, CDD fees in many communities, are beginning to add up. Other items like groceries, entertainment, etc tends to be similar.

SMD · 4 April 2019, 12:24 AM

Quote:

Originally Posted by crazymcmichael

Holy... You kiddin right ? ? 18k taxes..???

Dude come to nyc - you are looking at 40-50 and you cannot even use the public schools (that’s another 120k for two kids).

crazymcmichael · 4 April 2019, 12:26 AM

Quote:

Originally Posted by SMD

Dude come to nyc - you are looking at 40-50 and you cannot even use the public schools (that’s another 120k for two kids).

In taxes ?

mjclark32 · 4 April 2019, 12:30 AM

Quote:

Originally Posted by crazymcmichael

Holy... You kiddin right ? ? 18k taxes..???

Yup, I'm from Bergen County, where $15k for a quarter acre is probably the norm for most towns.
I can see where people like the idea of renting though. No maintenance, no big down payment tying up cash, etc etc.
With that said, I haven't rented since about a year out of college and life's going just fine

jonnyz1245 · 4 April 2019, 02:05 AM

Quote:

Originally Posted by crazymcmichael

Holy... You kiddin right ? ? 18k taxes..???

Nope. I have two very close friends that live in NJ. One pays approx 30K and the other 25K. Houses are valued at 875 and 1.2. NJ has some of the highest property taxes in the US.

JVM · 23 July 2019, 11:34 PM

Property taxes are insane in Houston as well. The price we pay for no state income tax.

Quote:

Originally Posted by crazymcmichael

Holy... You kiddin right ? ? 18k taxes..???

Wcdhtwn · 5 April 2019, 09:02 AM

Quote:

Originally Posted by SunTzu

Property taxes too. My folks pay $18k a year for a postage stamp in Jersey. My grandparents were married almost 70 years and never once owned a home. They rented a lovely apartment with a garage for decades and decades despite being well off enough to own a home.

That’s not uncommon in that part of the country. People in NYC will rent an apartment for years and will spend their own money to redo kitchens, baths, closets, etc. Insane in my opinion anyone would do those improvements on a rental. Property taxes in NJ, laughable. Unless you’re the one paying.

SunTzu · 5 April 2019, 09:21 AM

Quote:

Originally Posted by Wcdhtwn

That’s not uncommon in that part of the country. People in NYC will rent an apartment for years and will spend their own money to redo kitchens, baths, closets, etc. Insane in my opinion anyone would do those improvements on a rental. Property taxes in NJ, laughable. Unless you’re the one paying.

My town is loaded with NYC/Brooklyn transplants (early 30's couples, metrosexual men, more well off, 1.5 kids) because I'm on a train line direct into NYC in 30 minutes and a jitney to take you to the train station.

superdog · 5 April 2019, 10:16 AM

Quote:

Originally Posted by SunTzu

My town is loaded with NYC/Brooklyn transplants (early 30's couples, metrosexual men, more well off, 1.5 kids) because I'm on a train line direct into NYC in 30 minutes and a jitney to take you to the train station.

Montclair NJ?

walds11 · 5 April 2019, 10:23 AM

Quote:

Originally Posted by SunTzu

My town is loaded with NYC/Brooklyn transplants (early 30's couples, metrosexual men, more well off, 1.5 kids) because I'm on a train line direct into NYC in 30 minutes and a jitney to take you to the train station.

Maybe I’m old...not really mid 40s, but what is 1.5 kids?

derekhayden · 4 April 2019, 12:21 AM

Quote:

Originally Posted by crazymcmichael

What if you had the oppurtunity to rent for just 550 dollar taxes gas, light water everything included? Does this change the case?

This is far to vague to give a straight answer too. Is this $550 for 3,000 sq ft or 300 sq ft.. Also area, age and current life situations play a part as well. I have only rented twice in my life and both were financially the right decision for me at the time.
I believe there is a time and place for renting but I would not want to be renting all of my life.

3 April 2019, 10:51 PM	#1
crazymcmichael "TRF" Member Join Date: Jan 2018 Location: Here Watch: Sub 114060, 216570 Posts: 2,157	House owners VS renters Guys, Considering anyone here spends crazy money on watches i was wondering are there any guys that actually don't own a house but rather rent it? I'd actually would rather rent something than buy something as sonetimes it can be even cheaper on the long run.. Not when you rent something nice offcourse. Anyone???

3 April 2019, 10:54 PM	#2
superdog 2024 Pledge Member Join Date: Oct 2011 Real Name: Seth Location: nj Watch: Omega Posts: 24,834	Not me. I don’t like the idea of paying someone else’s mortgage. __________________ If happiness is a state of mind, why look anywhere else for it? IG: gsmotorclub IG: thesawcollection (Both mostly just car stuff)

3 April 2019, 11:01 PM	#3
RichM 2024 SubLV41 Pledge Member Join Date: Mar 2015 Real Name: Richie Location: "Nowhere Man" Watch: out now,take care! Posts: 29,773	Not me. As a matter of fact we just paid off our mortgage in January. More money for watches. I’ve rented twice in the last 30 years. First time was for one year when we weren’t sure where we wanted to go. The second time was for three months, while our current home was being built. __________________ "I love to work at nothing all day" TRF #139960

3 April 2019, 11:02 PM	#9
Dan Pierce 2024 Pledge Member Join Date: Dec 2006 Real Name: D'OH! Location: Kentucky Watch: Rolex-1 Tudor-3 Posts: 36,217	Homeowner here, paid in full a couple of years ago. dP __________________ TRF Member# 1668 Bass Player in TRF "AFTER DARK" Bar & NightClub Band Commander-in-Chief of The Nylon Nation The Crown & Shield Club Honorary Member of P-Club

3 April 2019, 11:15 PM	#15
crazymcmichael "TRF" Member Join Date: Jan 2018 Location: Here Watch: Sub 114060, 216570 Posts: 2,157	The thing is maintenance Costs of a house can also be quite high. I have 2 left hands lol.. How much costs a year you count in for maintenance? Taxes are higher as a owner and the rent you pay for the mortgage are quite substantial. What if you had the oppurtunity to rent for just 550 dollar taxes gas, light water everything included? Does this change the case?

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