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It depends, if rent is $2k and you can buy a house with a mortgage payment of $2k then it makes sense or even at $2.5k for the mortgage. It’s the people that spend significantly more like $3k+ in my scenario on a house payment because they can build even more equity, when they should just get the $2k mortgage and invest the additional $1k that would have gone to the house to an investment.
PITI
Confused by your post now
But came to agree that I think “building equity” is a boomer mindset. It’s still valuable but older ppl in my circle act like it’s the only way to achieve stability.
I own 11 rentals and I never want to own my own home 🤪
Coach
Just remembered that I can do this because I have a place to live for free*
This additional piece of information makes your original post meaningless.
Subject Expert
You had a rental where you were losing $5000/month?
Can you elaborate? Are you losing $5,000 a month? What are the building maintenance costs?