CLB Wineboy

5y

OP you have no money. Don’t buy a house.

CLB Wineboy

5y

OP you have no money. Don’t buy a house.

slater

5y

reason why I'm still renting to stack 🤷‍♂️

CLB Wineboy

5y

I just moved back in with my parents to stack up and pay off my car. Once I do that I’ll get my own place or some

slater

5y

So I'm 22, and moved out my parents crib two years ago to have more freedom to do my job (social media s***).

A big goal of mine was to make a surplus vs. the monthly expenses I had (around $2.6k monthly with rent & expenses like groceries and gas included). Unfortunately for the most part though, I've been making usually just enough to pay the expenses, and as a result have had a stagnate number in my bank account ($30k).

My dad recently brought up the point that rather than rent, I might as well put that money into a condo or something for myself, so that at least that property I'll live in will appreciate in a few years time.

What's your guys' thoughts? Should I continue sticking it out renting until I eventually overall just make more bread? Or should I go ahead and just get property for myself? I live in Cali btw (which is an arm & a leg to live in, I know)

slater

5y

So I'm 22, and moved out my parents crib two years ago to have more freedom to do my job (social media s***).

A big goal of mine was to make a surplus vs. the monthly expenses I had (around $2.6k monthly with rent & expenses like groceries and gas included). Unfortunately for the most part though, I've been making usually just enough to pay the expenses, and as a result have had a stagnate number in my bank account ($30k).

My dad recently brought up the point that rather than rent, I might as well put that money into a condo or something for myself, so that at least that property I'll live in will appreciate in a few years time.

What's your guys' thoughts? Should I continue sticking it out renting until I eventually overall just make more bread? Or should I go ahead and just get property for myself? I live in Cali btw (which is an arm & a leg to live in, I know)

GT500KR

5y

get a condo if you can or if you want get a house and rent it out each room have ppl pay like college students

TITOWORLD

5y

If you're not gonna make money off the house/property, I don't see the need for you to purchase now.

The house you live in is going to be the house that is the least profitable for you. It's not gonna pay you.

If you do decide to buy a property, I would recommend buying a multi unit home and rent out spaces to make profit. I would recommend a minimum of a 4-family housing property if you have to start purchasing property now.

If you have to purchase a property to live in and a multiplex isn't an option, a trailer is probably the most reasonable option.

slater

5y

thinking this will be my next step.

do you have any idea how much a house to rent out could cost though? and a manager (I don't want to do repairs myself)?

slater

5y

reason why I'm still renting to stack 🤷‍♂️

slater

5y

bro I've heard so many stories about people getting the hell out of here to Texas or Florida lmaooo I'm lowkey starting to consider too

it's just I'm a family man & don't know if I could be so far from the fam & my dogs

slater

5y

how much do you think a typical multi unit in Cali to rent out could run me? like overall, never looked into property

TITOWORLD

5y

Idk the prices in Cali cus I live in the real LA, but if you have a quadplex (four homes, 1 unit), and rent out 3 spots then bruh you gonna be paying on your mortgage and making extra. Cus that's 3 niggas paying rent. Or 4 if you don't live there

But it's not like you gonna charge them less rent than anyone else would charge you, so whatever you would be paying in rent, that's what they gonna be paying at least

GT500KR

5y

i dont live in cali so, but i know here in toronto if you buy a s*** box house or any house in general its a mill easy then you gotta gut it out and spend another what 100k or close there enough to fix everything

slater

5y

s*** just be too expensive damn

slater

5y

do you do this? won't lie sounds very wavy

TITOWORLD

5y

I was finna to, but I didn't get the job I wanted in that area so I'ma just buy residential property later.

But yea i plan to use my first homeowner's loan to get multi unit house.

I don't want a property I can't make Bread off of. Everyone has different reasons for wanting a house, but again the house you live in is the one that is not paying you in money. So a personal house is literally just an expense until you sell it or rent it out.

For me personally as well, there's no reason for me to tie myself to a single location at this time in my life--I own a business and move too often to lock down in a single location. So there's even less incentive for me to buy a personal home.

slater

5y

So you currently rent? And if not, what's your thought on those who do? I'm about to be 2 years now doing it, and my gameplan has just been to stack enough to then move on to the next step - getting property.

Also, what's your business? S*** really sounds like it pays from what I've heard from people who own ones lately.

TITOWORLD

5y

I'm with my people right now.

Renting is cool. I think when you don't really have an option of renting or owning, the idea of renting can be frustrating, and so that motivates people to want to buy. Which is great--owning a house is a good thing.

But the reason why people don't like rent is cus you paying into the property without getting anything back from it. But your personal house is the same thing, again, until you sell it or rent it out. My parents own the house we live in now, but we also have an old house we used to live in that we now rent out to a family. So that rent payed that mortgage and currently pays or help pays this one.

A personal house can definitely eventually turn into a bread maker like the example I gave with my own family. That's the best part about getting a home--it's the building block to get another. But you need at least 2 for it to be worth it. The whole point of buying property is to buy more.

And lastly, while owning a home is a good thing... you don't have to live in the house you own. You can buy a house, rent it out, then use the money from the rent to rent a house (cus you still need a place to live). But at least now, your house is being paid for by the rent, whereas if you lived in your own house, you're paying on it and not getting anything back.

So I don't have an issue with rent or buying in particular, but I don't think buying a personal home to live in, especially if you're single, is the most efficient or profitable way to do it.

slater

5y

So from what I'm understanding, you'd need two properties? As in let's say I bought property to rent out...I'd need to then buy a house/condo for myself to stay in, or rent myself right? Sounds pretty pricey won't lie

But really respect you man can tell you know what you're doing. I'm sure your business will do fine with the type of mentality you have.