Those of you who BOUGHT your own place - Regret it?

[Yes4Prop215]

weezard hit the nail on the head...also something i learned from my uncle who started flipping houses when he was 21. he now has a dozen properties over the bay area and is worth millions, and all he does is buy property and collect income rent.


thats my goal too...start stacking properties. get into a house, pay off a few years with grow money and stack for another down payment. then slip into a new shell and rent out the last one....hopefully at a profit every month.

also the numbers on owning are pretty nice.....the house i pay 1200 a month mortgage on would be around 1700 a month if renting...so after the 4k property tax im saving around 2k a year, which i usually just pump back into the house in home improvements.

thats another way to get some use out of your grow money....pay cash for some nice granite countertops, new bathrooms, etc...all that money will increase the value of your house and help launder some of that extra cash.

 

[Jeeyah]

Great thread. Cheaper to buy a house than rent around here. Weird. But you need a legit job history, excellent credit, and a down payment of at least 3%.

A decent house for rent around here $1500+
A decent house for sale, (which in general will be nicer). $170,000+

You can find houses for rent for much less, and foreclosures for $40,000, but you couldn't pay me to live in a place like that.

I will save up and buy.

 

[walt cunningham]

the upside is never having to worry about a landlord coming over, or the house going on the market while you are renting, thats the worst.
the downside is if that house gets hot you cant just walk away, and right now unless you put a shitton down, your mortgage will be higher than you can rent it for.
another thing, is sometimes area change fast, and after 2-3 years of peace and quite, 1 or 2 jerkoff neighbors move in and make living there hell.
if you have some money in the bank its not that bad, but try not to plop down ALL your money into the house, if the ac dies or the roof gets fucked, YOU have to pay for it.
ohhh and the lovely HOA(home owners association) FUCK THOSE ASSHOLES!

 

[AGBeer]

On top of that you get a TAX BREAK by owning your own place. If you make enough $$$ of it to be any consequence, sometimes the tax break you get from owning a mortgage saves your ass.

 

[supersmallgiant]

Some good advice in this thread... That said, there is some tunnel vision in here too. You certainly don't need 20% down, no matter how bad your credit history is. The greedy banks are not your only option, in fact I see them as a last resort. Private financing is a better deal. I have owned 3 houses and have never dealt with a bank. My first house was 150,000 and I only put down $2000. That is 1.3% down. I mean come on, it cost $2000 to move into an apartment. Everything is cheaper as a home owner. Tax credits for installing AC in your grow room, writing off the interest, even car insurance is cheaper if you own your home.

 

[stndlghtnng]

buying vs renting really comes down to your personal needs, wants and circumstances

My wife and I bought our first house in late Nov. and so far we really like having our own space even though it is more expensive and more work than the apts we've been in for the last 6 years. No utilities included in rent and they tend to be a bit higher than an apt, everything that breaks is out of your pocket, insurance is required with a mortgage, taking care of a yard, etc. But I've learned a lot from the repairs and upgrades I've performed myself and we love the privacy and security of our own property.
This is a good time to get in to ownership IF you have the income and credit to qualify for a decent deal. I'm fairly certain if it weren't for the recent crash we wouldn't have been able to buy just yet. But thanks to low interest rates and a very buyer's oriented market we were able to take the plunge and haven't regretted anything so far.

 

[Stoner4Life]

Give your money away to a landlord... or invest that money in yourself. I think the answer should be clear.

buying's best period. now is a great time to buy, if you shop hard enough there are some awesome deals out there. if you're being paid on the books and paying taxes then home ownership makes sense for the many legit tax breaks it offers in the long run.

maybe it's a bad thing if you're growing in a non~med state. if caught & the grow is very small then usually no big deal a fine, some weekend time maybe or just probation, busted w/an over the top cannabis culture setup & you're looking @ forfeiture perhaps.


I own & wouldn't have it any other way.

 

[BlueBlazer]

My wife and I own our own home and attendant property through inheritance. Free is best, however, I've also owned a mortgage and noticed a huge spike in my taxes once I didn't have that interest payment to write off any more.

If you're already renting and can qualify to buy your own home, it just makes sense to buy. Doubly so if you don't intend to move anywhere else for many years or ever.

It is true that there are expenses involved that you don't have to worry about as a renter. Still, from my experience it's a no brainer.

 

[Guest50138]

For me and my Old Girl it seemed quit overwhelming getting into debt for 25yr's but it was the first time in my life I actually felt like I was in control of what was going on in my life ,I didn't mind getting up for work as much I became very motivated + we were building equity every week we made our mortgage payment ,mainly in appreciation..we got lucky and sold our first home after 5 years and made enough for us to purchase a nicer property and same again with that one after ten years we sold up and had enough $ to pay cash for the home we own now..all those times we were broke and seemed like we were just getting by, bills bills and more bills it seem endless for a while but for the security we have in our lives now it made every bit of the struggle worth it ,we ate a lot of toast and beans for dinner but living the dream now..its so worth the struggle ..Cheers

 

[Weed-Luver]

i own 2 country places..1 with 30 acres in virginia and my main place a 5 acre pad 20 miles from a large city..gave up renting 20yrs ago, never looked back..
truthfully this might be the time to buy, if you have atleast a 720 credit score any lower good luck..
think i'll go piss on a tree, why because i can and no one can see...priceless!!

 

[pftek]

i own 2 country places..1 with 30 acres in virginia and my main place a 5 acre pad 20 miles from a large city..gave up renting 20yrs ago, never looked back..
truthfully this might be the time to buy, if you have atleast a 720 credit score any lower good luck..
think i'll go piss on a tree, why because i can and no one can see...priceless!!

thinking about the latter but I like living in the city. City prices are so ridiculous. thinking about either getting a place in the city or out about an hour away. I can definitely afford a place further away but commuting is a bitch.

 

[FRIENDinDEED]

if you grow your own, buy a damned house ESPECIALLY if your single and can swing teh bills and are handy with tools.

most things are not hard to do. yes there are things that may happen out of your control, but those types of things are rare.

just make sure you look the property up and down!!! make sure the breaker box has what you may need; always take the inspection into great consideration and stay away from flood zones if you can help it.

the first time i ever produced lbs of cannabis was when i owned my own home. a good amount of ppl (my left/right neighbors) blaze around where i live (older folks/working families stable) and there are cops on the block, and because of that combination there is never any nonsense youve gotta worry about. and i mention the cops because, well i dont know about anyone else but the cops on my block get really ticked off at ppl fuckin around in the area that are not from the area.

they looked at us funny at first but once they realized we had kids too and were truly quiet, they got that sigh of relief they were looking for. some other ppl moved on the block a few houses down and after awhile the cars stopping and going,/ hanging in front of the house started, now the cops go by there house to get into the block to their homes, and i guess they didnt realize that there were cops living on the block and they stopped that shit quick!

i love it

if you grow, just keep things nice and quiet, and dont do anything stupid (there was a guy on here a few years back that was making BHO in his living room and thought that everything was so safe unitl there was a leak in a tank he didnt realize, something happend and next thing you knwo the fire dpt was there because he blew out the windows of the house due to the explosion, dude was alright. . . until the PD/FD foudn the weed and oil in his place, it was a WRAP after that!).

i make oil too, but i use denatured alcohol and i do it either in my well ventilated garage or outside and i use a electric hot plate for heating, no open flames at all hell i dont even blaze when i make that shit!

 

[RoachClip]

I paid cash for my casa but I rented years ago and always had some fucked up cracka under me or on top of me or an owner or manager fuckin wit ya, that's dead man..

Ownership of your own casa does come with expenses and taxes but if you have house Insurance, put aside deniro's monthly for a maintenance account if something goes wrong ( roof, exterior, Interior leaks etc ) then you will have a long term Investment with equity building yearly and don't have to worry about some chickenhead or cracka stirring up shit to have leo at your apartment complex and you ain't making someone else rich by paying their mortgage.

To each their own man.. doin what's right for you is what's up and as long as your up on security and have an out if you need to break your grow down quick I say Roll with the switches on baby....

 

[SpasticGramps]

I say buy. There are pros and cons though as stated above.

If you do buy, make sure it's something you'll want to stay in for a while and don't look at it as an investment. Houses were never supposed to be "investments" whose value always went up. They are places to live. Housing prices are have a long way to go before they bottom IMO. If you buy it expect to lose value from the get go. The Housing Double Dip is officially under way. But interest rates are only going to go up too. I think it's safe to say we've bottomed on the interest rates.

Don't get a floating rate (adjustable ARM). 30 year fixed IMO. I wouldn't dump a lot of equity in it to try and pay it off early. You'll get better return investing the money elsewhere. Hell even your 0.1% Bank Savings Account would probably be better.

It's a big decision. I can tell you that I'll never rent again. It's more work, but it's yours and that means a lot.

 

[jrockondamic]

95 percent of the country, buy if you can. In much of Coastal California (and many other big cities), renting makes more sense for 95 percent of the population.

It's incorrect to say "buying is always best." There are variables and markets where it makes much more sense to rent. Same thing with leasing vs buying a car.

As well, most people who think they own things don't. Banks do. So that cutesy line guys give you about owning their property? Save it, unless the mortgage is paid.

Simpleton logic doesn't allow for nuance. Don't be a simpleton. Do what's best in your situation.

Alas, as growers, we have a very strange situation. Our home is our business, and privacy is perhaps our greatest asset beyond a 200 amp circuit. Thus, if you plan on growing full-time, there is no decision. You must buy as soon as you are financially able.

 

[Darth Fader]

It depends where you are at. Where I'm at the market still hasn't bottomed and prices will probably slide for the next couple years. Other places - vegas, florida - have probably bottomed out. Don't listen to anyone who replies with a bumper sticker slogan like "Renting is throwing away your $$$ - or that your paying someone else's mortgage. When you buy a house you, unless you pay cash you are renting a giant pile of money. Your first few years of payments doesn't even make a scratch in the principal. If you buy a house and have to sell for whatever reason in a year or two, you could easily lose all your equity (your down payment) and even owe more. So #1 is you need to plan on being there for awhile 5+ years and be stable, and #2 Is it cheaper than renting? It should be because renting is risk-free (fires, floods, earthquakes). This is why renting (should) come at a pemium - because you can walk away, not your problem.

Perhaps the best solution is to rent a house with an out-of-state owner (no inspections or drop-bys). If you are in a non-med state asset forfeiture could be a risk (even can happen in med states, depending).

 

[Darth Fader]

buying's best period. now is a great time to buy ...

You sound like a Realtor in 2006. Even at the verytop of the bubble that was their mantra.

Some good advice in this thread...

Actually no, there is a lot of very awful advice. This is not a decision to be made with eyes closed and NAR brochure quotations.

I say buy. There are pros and cons though as stated above.

If you do buy, make sure it's something you'll want to stay in for a while and don't look at it as an investment. Houses were never supposed to be "investments" whose value always went up. They are places to live. Housing prices are have a long way to go before they bottom IMO. If you buy it expect to lose value from the get go. The Housing Double Dip is officially under way. But interest rates are only going to go up too. I think it's safe to say we've bottomed on the interest rates.

Gramps, you are right on point. kudos to you. It's astounding to me that no one seems to recognize or remember this thing called the housing bubble that was the impetus for destroying our economy.

P.S. interest rates are super-low, but they will stay low. The FED can't afford to let rates rise much, lest they submarine our false recovery. 50/50 on the double-dip from where I'm sitting.

 

[In~Plain~Site]

There is no cookie-cutter advice...period.

People need to educate themselves, and above all be realistic about what they can and cannot afford.Don't believe the bullshit they(banks,brokers,mortgage co.'s) tell you when you get qualified at 46+% DTI, unless you like eating Ramen Pride in the dark.

I honestly didn't think that the amortization of a loan schedule would need to be pointed out to anyone even considering owning a home.Should that not be common knowledge if you're in the buying arena?

P.I.T.I. <----That was a joke

The road to hell is paved with speculators that think they know what's coming next.

Educate yourself, make a decision based on your own circumstances...and DON'T listen to a 'buddy' who has no experience in what you're looking to do.

 

[chargers123]

This is a wonderful time to buy a house, especially if you don't already have one you're trying to sell.

Houses are going for a third of what they were 5-10 years ago.
Time to snap up some cheap property before the market starts to recover.

before it recovers lol yeahhhhh riiight

anyways, buying a house is like committing to a marriage and staying in one spot for a long time ... not meant for everyone.

lets see what else, A/C breaks, get new one, roof goes bad get new one, plumbing problems (could include ripping floors and concrete), new windows, new flooring if icemaker slowly leaks for a year without knowing (just an example) new vinyl siding, new paint, tree falls on house, insurance goes up and on and on and onnnnnnnnnnn (this shit is expensive!!!!!!!!)

yup yup.. all part of upkeep and long-term marriage

 

[OrganicOzarks]

Growing in a rent house is stressful. When you own the place you can do whatever the fuck you want. I thought one day that I wanted to double the size of my grow. So I did. I don't have to worry about some random inspection, or any other crazy bullshit. Think about it this way. If you own the place you can dedicate as much space as you want to growing. So who gives a fuck how much your mortgage is? Something to think about.