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Old 01-22-2010, 10:54 AM  
Sly
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Join Date: Sep 2004
Location: Austin, TX
Posts: 31,316
Quote:
Originally Posted by xxweekxx View Post
so whats your argument.. im interested in hearing it
Your mortgage rate alone is going to be 5-8%. This doesn't include property taxes, homeowners insurance, regular maintenance, major repairs, and down payment. If you are lucky, overtime you might make 3% or so. So you are spending a minimum of 5% on interest, a ton on all of the additional bills, and you might make 3%. Might.

If you know how to spot value, like Tanker... sure, it could certainly work. But that takes a lot of effort and some experience and a lot of patience. Most people cannot pull it off.

Right now I can rent for about half the price that it would cost me to own. I take that extra money and invest it instead. I do also own a rental that pays for itself. If I lived in my own rental, it would significantly increase my personal cost of living. I don't need much, I'm perfectly fine with my low-cost of living and do not want to increase it.
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