Is It Better To Rent Houses For Your Whole Life Or To Buy A House?
Houston Conventional Loans
My mortgage payment was $1800 a month. By 2006 I had paid it down to $230,000 as everyone knows the firstborn few Years very little of the mortgage payment gets applied to principal. We refinanced in 2006 and Took out $35,000 to remodel it and pay off the car payment.
A new loan in 2006 was $1,600 per month. It was a 30 year fixed rate loan. Somewhere around 2012 rent prices across United States and especially in areas where there’s jobs start is skyrocketing and almost doubling within 5 to 8 years. My friends who are still renters are paying upwards of $3,000+ a month for a similar house. In the meantime my house is being paid off. And my house has helped me pay off my car and my house Paid for the Remodel.
All this is happening as my friends rent keeps increasing every year and will continue to increase.
Also don’t forget I can rent my house for $3,000 a month which would make it a positive cash flow (Income) which I can use to buy a Second house. Oh wait I’ve already been doing this I own multiple houses..that’s right. I plan to buy commercial properties next with the cash flow. My friends still rent and if they get hurt their income stops. I can’t pay people to do the work and can continue my business while operation managers run the day to day operations.
Obviously there was a little luck but it’s a long game. Don’t expect it to happen overnight. No such thing as regular fast cash in real estate. It’s a 10+ year long game. Think retirement income.
Source: Quora
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