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How much do you keep in the bank vs brokerage?
Chief
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I'm wanting to know what people think is better. Kaiser or ucla health for working as an admin staff. Ucla seems to have good pay from what I see on the job descriptions but kaiser only shows pay grade. Ucla has pension and a raise it seems every year. But I was alao told kaiser offers a dollar each year as a raise. I want a place I can grown and stsy Long term. Any one have any insight on kaiser and what they offered.UCLA Health Kaiser Permanente
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Chief
Why would I want to change your mind? There are pros and cons to each. If renting suits your lifestyle now and in the future, have at it.
As someone who aspires to be landlord, I will not change your mind. In fact encourage you to spread your thoughts as much as you can so I have a good pool of customers in future.
Chief
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We bought a nee house for $415k 7 years ago. 15yr mortgage. It’s now worth $585k and we’ve got over $200k equity. Our next house will be over $1M and we’ll likely have $5-600k to put down on it.
Chief
SA1 I don't want to be rich, I want to be financially secure. Knowing that I can quit my job today if I want, brings me so much more joy and alleviates so much more stress than earning an extra $1k per year, for example (higher emergency savings vs extra money in stocks). I grew up low income, so no matter how much I make, I'll never be comfortable with high fixed expenses. And part of that is knowing that I don't have family who can help me financially if I get in a tough situation. I'd rather have extra cash if that is the case. But ideally I would align my fixed expenses with a "I don't want to work this hard/be this stressed" income level
That's just personal preference.sorry to hijack this thread lol
35, about to get my third home and clear $3k (post mortgage dues) a month in rental income. Plan is to give it to (or start) a property management company and go settle overseas for a nice little break of a couple years.... while pursuing my other hobby, swing trading.
Chief
That's insane! Most people are lucky to get $200-$400 profit per unit, spending on market.
I own 3 houses all in tier 2 MCOL city. Together they have appreciated in value by around 400k over the past 5 yrs.
I rent two of them out and profit $700 after paying mortgage.
Currently live in my dream house with a mortgage of 2.9K a month which is a shared cost w/ my wife
We’re saving for another down payment for a vacation home right now.
With these investments. 401K. And others. We’re planning to retire in our 40s. This would not be possible if we rented!
Pro
PwC2, just hop on a plane to SF. From the time the pilot announces you’ve reached cruising altitude to the time you begin your descent - it’s every single city below (with the exception of parts of Chicago and Denver).
Rent goes up, mortgage pmts stay the same and eventually disappear
I would also argue that tax variation can be more significant than rent. In my years renting, rent never went up more than 5%. My parent’s taxes went up 50% last year b/c the appraiser suddenly valued the home much higher (no improvements made by them). Absurd.
The DCF model is not with you on this one.
For sure. They just aren’t symmetrical because everyone is different. I personally am stressed by the cost of rent but not the cost of maintenance. Others may have a flipped experience
Rent all you want. Buying a house means you take on the upkeep and maintenance of the property but in exchange, you build equity and lock in your " rent" for the next thirty years
If owning something is not important to you, and you are fine with having your rent increased in the future and be reliant on a landlord, then home ownership is not for you.
This is a good proof that renting contracts are done for owners. One year contract are excellent for owners. In other countries it is at least 3-year contract. Anyway, increasing the rent 20% in the US with a 2% inflation? That is criminal !
Rising Star
If renting property were cheaper than owning property, why would anyone own property let alone own it to rent out?
You should rent if you think the market will appreciate more slowly than sellers have priced in to home prices. Rent will reflect only near term price inflation
If you House hack — that will be a consistent stream of income to offset taxes and maintenance after you’ve used the money on rent to pay a mortgage
Chief
“Change my mind” posts are for the lazy. If you want info, use google and do some leg work. Do I smell entitlement in our midst? 😂
That's fine, I'll be happy to collect your rent every month🤗
Well, you can hit the good location/timing lottery like I did...one of the best investment returns I've ever had. However, all the homes in our town are now way too expensive
It all depends on timing and location. I have one place in Chicago I bought in late 2013 for $500k... it is now worth $520k and I'm in the hole after upkeep. Thankfully the renters pay the mortgage, insurance, taxes. My gf bought a place in Denver around the same time for $475k and it's now worth $800.
It’s just a decision on which side of risk you want to hold. There isn’t a universal right answer
Rising Star
Buying because it's my house and I can do whatever the f I want without anyone telling me otherwise.
Moving sucks
Just buy a multi family property. Live in one unit and rent the other. Use rent to pay property taxes. Once mortgage is paid for, congratulations: you are living in a home w equity for free!
Pro
Perfect, more renters for my properties!
I’ve lived almost all my life in South America and that statement was true due to rental contracts of 3 years with a 30% or 40% annual inflation with no chances for the owner to index the rent at the same rent. At that point renting and moving every 3 years from house to house totally made sense. Also, considering that there is no credit or mortgages for low/middle class available.
Living in the US for a year and a half now, I bought my condo with my wife when I arrived and in a couple months I will buy another property. It is so easy to buy properties here and so convenient (the mortgage is paid by the rent) that it makes no sense at all to rent. Our plan is to keep on buying and paying off mortgages, the sky is the limit !!!