930 Forums
=> GENERAL DISCUSSION => Topic started by: thirsty moore on May 01, 2007, 09:26:00 am
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Just saying.
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So if I were to cruise the mean streets of Adams Morgan this fine May morn', I shouldn't be surprised to see a pile of Sonic Youth CDs, rolling papers and empty pie trays strewn about the sidewalk?
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I forgot, remind me what rent is again?
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Not even. Those were all sold to pay off my internet bill.
Originally posted by nkotb:
So if I were to cruise the mean streets of Adams Morgan this fine May morn', I shouldn't be surprised to see a pile of Sonic Youth CDs, rolling papers and empty pie trays strewn about the sidewalk?
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By paying a mortgage you are helping the terrorists win.
Originally posted by Charlie Nakatestes,Japanese Golfer:
I forgot, remind me what rent is again?
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Originally posted by Charlie Nakatestes,Japanese Golfer:
I forgot, remind me what rent is again?
About half of what a mortgage payment is.
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I forgot, remind me what rent is again?
It's like a condo fee, but you don't have to also pay mortgage interest on top of it
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Not really. The $1750 for a three bedroom apt in Springfield is barely less than the mortgage on our 4BR single family house.
Originally posted by Roadbike Mankie:
Originally posted by Charlie Nakatestes,Japanese Golfer:
I forgot, remind me what rent is again?
About half of what a mortgage payment is. [/b]
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GGW knows where you live. He said that you ride your bike to JAXX.
Originally posted by Charlie Nakatestes,Japanese Golfer:
Not really. The $1750 for a three bedroom apt in Springfield is barely less than the mortgage on our 4BR single family house.
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GGW knows where we ALL live. He has our real names, home addresses, phone numbers, social security numbers, favorite albums, sexual history, and bathroom habits all in a master spreadsheet.
I definitely could ride my bike to JAXX, if they gave me reason to.
Originally posted by econo:
GGW knows where you live. He said that you ride your bike to JAXX.
Originally posted by Charlie Nakatestes,Japanese Golfer:
Not really. The $1750 for a three bedroom apt in Springfield is barely less than the mortgage on our 4BR single family house.
[/b]
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rent sucks.
its just throwing your money away.
and no one can argue with that.
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Originally posted by Charlie Nakatestes,Japanese Golfer:
Not really. The $1750 for a three bedroom apt in Springfield is barely less than the mortgage on our 4BR single family house.
Originally posted by Roadbike Mankie:
Originally posted by Charlie Nakatestes,Japanese Golfer:
I forgot, remind me what rent is again?
About half of what a mortgage payment is. [/b]
[/b]
....I was thinking more of Florida with it's obscene property taxes, hurricane insurance and hoa's on top of your mortgage that you don't have to pay as a renter. I suppose we don't have state income tax so they're only 'effing' us from one front instead of two. Did I mention we don't pay property taxes on vehicles? ;)
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Originally posted by le sonick:
rent sucks.
its just throwing your money away.
and no one can argue with that.
How is it throwing your money away? It's putting a roof over your head isn't it?
You can currently pay a mortgage and watch your property drop in value, like most people do these days, or pay rent and invest the difference in a profit making investment.
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He's the board's CIA.
Though with your statistics background, I suspect that the spreadsheet was your idea and that you work with him.
Markie has a photo of both of you shaking hands.
Originally posted by Charlie Nakatestes,Japanese Golfer:
GGW knows where we ALL live. He has our real names, home addresses, phone numbers, social security numbers, favorite albums, sexual history, and bathroom habits all in a master spreadsheet.
I definitely could ride my bike to JAXX, if they gave me reason to.
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My property value is still up by maybe 25-30% since buying three years ago (ggw, are you getting all of this for the spreadsheet?). And it's up five times that when compared to the 20% down payment investment.
So what if it's temporarily down. It will go back up.
And the reason why DC rents are so high is because the property owners here know they can take advantage of the high percentage of transients.
Originally posted by Roadbike Mankie:
Originally posted by le sonick:
rent sucks.
its just throwing your money away.
and no one can argue with that.
How is it throwing your money away? It's putting a roof over your head isn't it?
You can currently pay a mortgage and watch your property drop in value, like most people do these days, or pay rent and invest the difference in a profit making investment. [/b]
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it's a good thing i have a 5-day grace period to pay my rent... especially since i don't get paid until thursday.
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Originally posted by Roadbike Mankie:
Originally posted by le sonick:
rent sucks.
its just throwing your money away.
and no one can argue with that.
How is it throwing your money away? It's putting a roof over your head isn't it?
You can currently pay a mortgage and watch your property drop in value, like most people do these days, or pay rent and invest the difference in a profit making investment. [/b]
i think the number of people who's property value is going DOWN is a LOT less than "most".
I would assume that somewhere in the US property value is going down, but in most places, its going up...sure not as fast as it once was. but its going up and so is rent, by the way.
my mortgage payment is cheaper than any apartment i've had since 1999.
i guess i just have my situation to look at. but if you dont have the money to pay rent and invest money...why not invest money in the place that you live?
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Both of us made a profit on that one. :D
Originally posted by econo:
.
Markie has a photo of both of you shaking hands.
qb]
[/b][/QUOTE]
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Originally posted by le sonick:
rent sucks.
its just throwing your money away.
and no one can argue with that.
except for economists and people who actually study this kind of stuff
http://www.nytimes.com/2007/04/11/realestate/11leonhardt.html?ex=1178164800&en=9facf6b120f77fca&ei=5070 (http://www.nytimes.com/2007/04/11/realestate/11leonhardt.html?ex=1178164800&en=9facf6b120f77fca&ei=5070)
http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html?ex=1178164800&en=030cb4c6466792a7&ei=5070 (http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html?ex=1178164800&en=030cb4c6466792a7&ei=5070)
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Let this be a lesson, econo. You are an idiot for paying rent. Now thank sonick for the sound advice.
Originally posted by le sonick:
rent sucks.
its just throwing your money away.
and no one can argue with that.
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Originally posted by nkotb:
Let this be a lesson, econo. You are an idiot for paying rent. Now thank sonick for the sound advice.
Originally posted by le sonick:
rent sucks.
its just throwing your money away.
and no one can argue with that.
[/b]
HEY HEY HEY!!!
i never said that. i throw my money away on other shit, just not rent! my comment was directed at rent...not econo..dont put words in my mouth.
:mad:
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Not that my specs mirror anybody else in the DC area, but I put my info into that calculator and it said that buying is better then renting after ONE year, and it only gets better over time (unless the market plummets in the future).
Originally posted by Hoya Paranoia:
Originally posted by le sonick:
rent sucks.
its just throwing your money away.
and no one can argue with that.
except for economists and people who actually study this kind of stuff
http://www.nytimes.com/2007/04/11/realestate/11leonhardt.html?ex=1178164800&en=9facf6b120f77fca&ei=5070 (http://www.nytimes.com/2007/04/11/realestate/11leonhardt.html?ex=1178164800&en=9facf6b120f77fca&ei=5070)
http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html?ex=1178164800&en=030cb4c6466792a7&ei=5070 (http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html?ex=1178164800&en=030cb4c6466792a7&ei=5070) [/b]
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Originally posted by Charlie Nakatestes,Japanese Golfer:
Not that my specs mirror anybody else in the DC area, but I put my info into that calculator and it said that buying is better then renting after ONE year, and it only gets better over time (unless the market plummets in the future).
Originally posted by Hoya Paranoia:
Originally posted by le sonick:
rent sucks.
its just throwing your money away.
and no one can argue with that.
except for economists and people who actually study this kind of stuff
http://www.nytimes.com/2007/04/11/realestate/11leonhardt.html?ex=1178164800&en=9facf6b120f77fca&ei=5070 (http://www.nytimes.com/2007/04/11/realestate/11leonhardt.html?ex=1178164800&en=9facf6b120f77fca&ei=5070)
http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html?ex=1178164800&en=030cb4c6466792a7&ei=5070 (http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html?ex=1178164800&en=030cb4c6466792a7&ei=5070) [/b]
[/b]
and this data that was used to make this article...like most "statistical" data is PURELY how you read it. anyone who's even taken a statistics class knows theres 19 ways to spin any set of data.
if my mortgage is $900 a month for a rowhome...and in my neighborhood, they are being rented for $800. what am i supposed to do with that extra $100 a month that would make it better than owning???? and what happens in 2 years when my rent is $900 anyway?
perhaps if you're talking about people buying $700K homes and still have liquid assets and stuff, maybe then you can make an argument how real estate isnt the "best investment" but for someone who pay under 100K for his house in 2005 and houses are selling for over 200K in 2007..i just dont believe renting is better, and i dont believe i am in some wicked lucky situation uncommon to other people in the US!!!!
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You're bull930 aren't you.
Originally posted by le sonick:
and i dont believe i am in some wicked lucky situation uncommon to other people in the US!!!!
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and to think i have rent due in nyc and paying a mortgage down in virginia. ah the insanity.
on that note - anyone need a place to live. like all things in the area, its not cheap but its a great place :)
2BR/2BA condo + huge loft (big enough for a pool table not sure how anyone can possibly get it up there). if interested - email me for details.
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Originally posted by econo:
You're bull930 aren't you.
Originally posted by le sonick:
and i dont believe i am in some wicked lucky situation uncommon to other people in the US!!!!
[/b]
wait, what does that mean?
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Originally posted by xneverwherex:
and to think i have rent due in nyc and paying a mortgage down in virginia. ah the insanity.
Finally. Somebody who has it right. Own income bearing property. Use the income to pay your mortgage and less or equal rent elsewhere where you possibly can't afford to buy. It's a perfect tax scenario.
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Originally posted by vansmack:
Originally posted by xneverwherex:
and to think i have rent due in nyc and paying a mortgage down in virginia. ah the insanity.
Finally. Somebody who has it right. Own income bearing property. Use the income to pay your mortgage and less or equal rent elsewhere where you possibly can't afford to buy. It's a perfect tax scenario. [/b]
something i plan on doing in a few years! :)
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Originally posted by le sonick:
something i plan on doing in a few years! :)
Done right, you may never have to work again...
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Originally posted by vansmack:
Originally posted by le sonick:
something i plan on doing in a few years! :)
Done right, you may never have to work again... [/b]
i am probably doing it on a smaller level than that. but if my plan works...when i am ready to retire in my 50's, i'll have 2 or 3 houses being rented to supplement my income nicely.
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Slumlord!
Originally posted by le sonick:
i am probably doing it on a smaller level than that. but if my plan works...when i am ready to retire in my 50's, i'll have 2 or 3 houses being rented to supplement my income nicely.
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Originally posted by econo:
You're bull930 aren't you.
Originally posted by le sonick:
and i dont believe i am in some wicked lucky situation uncommon to other people in the US!!!!
[/b]
Econo is now the front-runner for post of the week!!!!!!! ;)
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I don't know how Rhett gets four bedrooms in a home that is only 1,226 square feet.
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Originally posted by TheDirector217:
Originally posted by econo:
You're bull930 aren't you.
Originally posted by le sonick:
and i dont believe i am in some wicked lucky situation uncommon to other people in the US!!!!
[/b]
Econo is now the front-runner for post of the week!!!!!!! ;) [/b]
but i dont get it!!! does bull930 say wicked?
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No, he uses multiple exclamation marks.
Originally posted by le sonick:
but i dont get it!!! does bull930 say wicked?
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I don't think they count the lower level of a ranch home as part of the square footage. But they do count offices as bedrooms.
Originally posted by ggwâ?¢:
I don't know how Rhett gets four bedrooms in a home that is only 1,226 square feet.
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Originally posted by ggwâ?¢:
I don't know how Rhett gets four bedrooms in a home that is only 1,226 square feet.
It's a trailer!!! Double wide of course.
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Originally posted by vansmack:
Originally posted by xneverwherex:
and to think i have rent due in nyc and paying a mortgage down in virginia. ah the insanity.
Finally. Somebody who has it right. Own income bearing property. Use the income to pay your mortgage and less or equal rent elsewhere where you possibly can't afford to buy. It's a perfect tax scenario. [/b]
yes there are some great benefits of doing this. all sorts of tax breaks and what not. of course, without all this i probably couldnt afford to live in nyc. im planning on buying more property and doing just the same :)
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Originally posted by Charlie Nakatestes,Japanese Golfer:
But they do count offices as bedrooms.
Only if it has a window.
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Priceless.
Originally posted by Roadbike Mankie:
Originally posted by Charlie Nakatestes,Japanese Golfer:
I forgot, remind me what rent is again?
About half of what a mortgage payment is. [/b]
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Originally posted by xneverwherex:
Originally posted by vansmack:
Originally posted by xneverwherex:
and to think i have rent due in nyc and paying a mortgage down in virginia. ah the insanity.
Finally. Somebody who has it right. Own income bearing property. Use the income to pay your mortgage and less or equal rent elsewhere where you possibly can't afford to buy. It's a perfect tax scenario. [/b]
yes there are some great benefits of doing this. all sorts of tax breaks and what not. of course, without all this i probably couldnt afford to live in nyc. im planning on buying more property and doing just the same :) [/b]
I don't get why the government lets you right off part of your mortgage on any other house but your primary residence. And why can't you right off part of your rent if it's your primary residence?
And while I'm on the subject...why couldn't I right off my extortionate child support payment whle BITCH didn't have to declare it as income on her tax returns, even though it is income, because she gets it every month...so not only am I paying the skanky whore money, I'm paying her income tax for her too!!!!
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Originally posted by Roadbike Mankie:
Originally posted by xneverwherex:
Originally posted by vansmack:
Originally posted by xneverwherex:
and to think i have rent due in nyc and paying a mortgage down in virginia. ah the insanity.
Finally. Somebody who has it right. Own income bearing property. Use the income to pay your mortgage and less or equal rent elsewhere where you possibly can't afford to buy. It's a perfect tax scenario. [/b]
yes there are some great benefits of doing this. all sorts of tax breaks and what not. of course, without all this i probably couldnt afford to live in nyc. im planning on buying more property and doing just the same :) [/b]
I don't get why the government lets you right off part of your mortgage on any other house but your primary residence. And why can't you right off part of your rent if it's your primary residence?
And while I'm on the subject...why couldn't I right off my extortionate child support payment whle BITCH didn't have to declare it as income on her tax returns, even though it is income, because she gets it every month...so not only am I paying the skanky whore money, I'm paying her income tax for her too!!!! [/b]
P.S. I meant 'write off' :D
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Originally posted by Roadbike Mankie:
I don't get why the government lets you right off part of your mortgage on any other house but your primary residence. And why can't you right off part of your rent if it's your primary residence?
And while I'm on the subject...why couldn't I right off my extortionate child support payment whle BITCH didn't have to declare it as income on her tax returns, even though it is income, because she gets it every month...so not only am I paying the skanky whore money, I'm paying her income tax for her too!!!!
i took a four hour exam today that essentially asked the same questions you just did, in a little different tone ... fortunately i don't remember any of it, so i won't be of much help, sorry ... if you would have asked this last night it would have been a nice review for me
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ok before anyone slams me, let me start by saying im not an accountant nor do i work with any sort of tax lawyers. ok wait i do, but i still dont know anything about it.
i did not write-off my mortgage, if anything i paid taxes on it (or something like that). my rent in NYC is not written off. i use my rent money from my tenants in virginia to pay my rent in nyc. then the money i make in NYC goes to my mortgage payments which are a lot less than rent in NYC. i do get to write-off things I did to better value my condo, such as repairs and what not.
and since this is now an investment property, there are all sorts of taxes just associated with that. my feeling is - its best to get a whole lot of work done to your place, hire someone to manage the property - then at the end of the year write it all off. then hopefully with the taxes im charged because its an investment property and the money that i write-off will end up being 0 or close to it.
like i said - i could be totally wrong on how it all works - smackie might know. i paid someone to do my taxes in NYC and learned it was downright painful and took a month to figure out the different laws pertaining to this. for all i know i hired a total idiot out of H&R block, but i got a lot of money back. so im not complaining :D
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Originally posted by Roadbike Mankie:
P.S. I meant 'write off'
<img src="http://www.neom.ca/fusionrock/orly_mr_miyagi.jpg" alt=" - " />
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Mank, the child support one is a shitty one, but the theory is that if you were allowed to have any tax consequences for child support that were a benefit over being married, it would lead to more people getting divorced. When children are involved, the court's intent is to do everything they can to keep the unti together, including tax planning. Stupid? Absolutely, but the taxes would be the same if you were married. You can (in FL, anyway) ask for an accounting of every dollar the mother spends on the children to make certain every dollar you give her is spent on the kids.
Alimony is treated differently because there are generally no children involved.
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In the case of being an investment property owner, consider a scenario where you own a few investment properties and that is your sole source of income. You would never have to work, have enough income to live by, and everything you do to those properties is a write off.
No, she doesn't get to write off her mortgage on the properties, but if the rent from the properties exceeds her mortgage (which is likely the case), and she has enough business deductions, she could live off that money alone - she would never have to have a 9-5 job. Eventually when she buys a new primary residence, the tax savings are incredible on that mortgage, which is being paid by your renters.
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http://sjl.funnyordie.com/v1/view_video.php?viewkey=3efbc24c7d2583be6925 (http://sjl.funnyordie.com/v1/view_video.php?viewkey=3efbc24c7d2583be6925)