Closed CSP

[youngandcreditwrthy]

I work in property management.

My rent is so heavily discounted. I pay 400 a month in rent. I do not want to buy a home unless I have 20% down. And tbh, if I work in property management my whole life and get heavily discounted or even FREE (as I did for three years) RENT, then I'd rather do that and save and invest my cash. I know so many people who own $10-20 million dollar properties and dont even have $1000 in cash because their living expenses are so high, especially when constantly worrying about how low or high occupancy is.

Tell me that is not better than buying a home??? And all of that debt is at 0%. In my case, it would have been 3-4% on a car loan that lasts 4-5 years or 0% interest for 18 months and pay off the bulk of the debt in that time which is what I am doing. I did not want to ding my credit with inquiries and a new installment loan by obtaining an auto loan for my auto.

In my case, I have the title to the car and some cc debt at 0%. big deal. lol

I the meantime, I am maintaing my creditworthiness. lol

The only way I would ever want to buy property is if for investment or maybe a townhome for myself, but i HATE high fixed monthly expenses.

[ezdoesit]

How much homes in your area go for?  Only asking because you were talking about 20% being the criteria.

[Anonymous]

This is a really good thread. Learned a lot. Lay low on the radar. Like with the IRS stay within the norms to prevent trouble. I get that. Frustrating to get 0% BTs and then have to watch utilization. Try this, paid my mortgage off and get rapped for a drop of 20+ points in my FICO Score and scolded for not having an active mortgage in the credit file. Gets better, took a vehicle loan and owe $18K out or $33K and get rapped for too much outstanding on the loan. Let's get real! Huh...?

[nachoslibres]

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@red259 wrote:

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@longtimelurker wrote:

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@parakleet wrote:

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@Dw4250 wrote:

Hey young-  You mentioned you do not have a mortgage.  You may want to think about buying instead of renting (assuming your job is stable and you see yourself staying in your geographic area for awhile).

Your mortgage interest is 100% deductible from your federal income taxes.  I don't make as much as you but after I bought my place, my tax bill went from having to pay an extra $2K in April every year to the IRS (after withholdings)...to now I receive a ~$4000 refund/year from Federal and State.  It's a nice change 

Since you are single with no children, this is one of the few tax shelters available (I'm in the same boat).  Plus you are building equity rather than throwing money away in rent.  Just my $0.02.

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I agree with everything you've said except this. There's a irrational belief that's not based in fact that's going around regarding the "foolishness" of renting vs. having a mortgage. I hate it when people say I "own" my home because give me a break, you have a mortgage, the bank owns your home. 

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Well, the bank owns PART of the home.  If the house increases in value, as it has in various time periods, the bank owns a small amount of the total value, making this better than renting.  Of course, with house depreciation, the opposite is true.

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Yea, many people ended up getting burned when the housing market crashed and their house ended up being worth less than the mortgage. 

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That would be me.  Bought a house at the height of the housing market - and ended up moving due to an unexpected job opportunity several months later.  Sold the house several years later and had to pay $40k out of pocket.  Fun times.