Why should people be allowed to own 2 houses?

I saw something about the cost of living recently that had an interesting implication. There is only about a 3% difference in the percent of income people spend on housing between a renter and an owner. IIRC, renters spend about 30% of their income on housing and owners around 33%. If people really want to own, they can. Some people, however, prefer not to own. They prefer not to have to live in fear of coming up in short order with thousands of dollars for a new roof or a new heat/AC system I guess.

 

There is an ever growing rental market in my area. I own several properties that I use to service this rental market. Also, for every house I buy, I support the local growing construction market. Your posts is filled with deep ignorance. The fact that you are isolating variables, using horrible analogies, using "fairness" as an argument, and supporting a theory that can't allocate scarce resources makes your posts completely ridiculous. Best move going forward for you is to question everything you have been told objectively. I assume your bubble is deeply seeded with inaccuracies given your post above. You also seem a bit arrogant calling people stupid. Pick out 3 books by opposing economic authors and put together your own thoughts.

 

Well, work your ass off and go buy everybody else a house, or Shut up already. I own a business, take the personal financial risks, lose the sleep over it, etc. I'll be damned if some lazy ass bum gets what I've sacrificed for, just so someone like you can feel self satisfied. Your problem is you live in resentment, probably because you don't have what others do. That's your fault and no one else's.

I've helped out sooooo many people, only to see them throw it all away over and over again. Screw'em! If I want a second house, and I've EARNED the money to buy it, who the hell are you to criticize me for it?

 

It's important to remember a home is a "liability," and not an "asset." A home is not the biggest investment, that's a middle class myth. A home is a liability and not a asset because it consumes money, but doesn't give any sort of cash flow. As I joke, a home is like a extremely needy wife, who causes you to go broke. I learned this from a guy named Grant Cardone. If you can't pay for the home out of pocket, then rent and invest.

 

Most of those barriers have to do with, well, your income, and the fact that its not enough to buy a house.
Why is this a surprise?
How is this an issue?

 

The thing that prevents most renters from owning is the down payment.

Are you people even in the same country as me?

As far as a second home...if you want it and can afford it...go for it.

 

Which is related to income.
Duh.

 

If you think your property is overvalued you have the right to challenge the evaluation and most place the system to do so is quite simple.

 

The homeless problem is due to drugs and mental health. Using the government, to force limits upon the masses, will lead to a society that doesn't do anything. Why don't we feed the bears at Yosemite? They're hungry? That one looks kinda skinny; give him a Kit Kat bar.

 

It isn't one it is all. That is how they artificially create tax revenue, and oddly most people's ego keeps them from contesting the fact that if they placed the house on the open market in many places in the country, they would never come close to what the state insists the value is. Same with this crazy trend of taxing you if you buy a vehicle from a private citizen. In many states they dictate the value even if the vehicle is nowhere near that value. It is downright tyrannical. If you paid $1000.00 for a vehicles valued by the state at $5000.00, it has nothing to do with market value. If I thought the vehicle was worth more than $1000.00, the owner would probably think the same. And if they fall into bad times and just need the money, it is still worth what they ask for it at the time.

 

Another authoritarian that thinks they know what is best for everyone else.

 

no kidding duh.

How does someone making $ 50K/year come up with $40K for a down payment?

What exactly are you arguing anyway?

 

ND said:
It has nothing to do with being fair or not, there is a process called "red lining", you probably know what that is. There are massive barriers for lower income people like myself to afford a house.

I said:
Most of those barriers have to do with, well, your income, and the fact that its not enough to buy a house.

I then asked:
Why is this a surprise?
How is this an issue?


He has a low income; the primary barrier to him buying a house is said low income.

$40K? You're buying a $400k house on a $50k income? Why?

 

Please show proof for your view. I think it's using drugs that causes people to not be able to maintain a home.

 

Because if I own 2 or 3 or 4 houses, the person who has no house is NOT prevented from buying or building his own house (or 2 or 3 or 4). Next question.

 

If you are willing to pay more as an ego soak than the going rate you deserve to get hammered. And keep in mind that part of that assessment is the value of personal property they think might be in the house. That no one ever reports accurately if at all.

 

He is trolling, and he got banned for it.

 

This sounds like a paper turned in for a high school assignment....^^^^^

But YOU can make a difference! Yes YOU can start your own commune and be the commissar running the camp!

Why waste good trees on individual homes when everyone can live in a barracks?

Next time you see one of your poor downtrodden comrades standing on the corner with a sign "Will Work for Food"----ask him to join you.

I'm sure he'll be delighted to come and do hard field work in the cold and heat for the mutual benefit of shared food and shelter.

This is called "fairness."

 

What are you even talking about?

To buy a home you need 20% down. That's $40K on a $200K home.

And one of the previous posters noted that the difference between paying rent and paying a mortgage is pretty small...

What's lacking is not the ability to pay that 30% to 33% but the ability to save that $40K.

As far as $400,000 home...huh?

 

Who told you that?
I've bought three houses and never put more than 10% down.
Not FHA loans, not VA loans, but standard 30 year fixed loans from a credit union.

See above - $40k = 10% of $400k

 

Well... you have certainly proven one of your points- some Americans are indeed stupid. Actually stupid would be a compliment in cases like this, an upgrade from the bag of hammers level.

 

I want the rich spending all the time, I do not want to restrict what the rich can or can not buy.... spend spend spend.. it's good for the economy

 

Ahh, now I see. You are just pathetically uninformed and naive.

I thought it was all jealous, but thats only a small part.

I agree with Russ

DONT FEED THE TROLLS

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I just got prequalified through my bank for $550k and I plan on putting $50k down nomatter what the house costs.

LOL being in California I should say condo/townhouse at $550k...

 

I guess making money is wrong to you? Some people are able to buy their first house because they are realtors selling houses for investors, to people who may be purchasing their first home. We tried giving everyone a home in 2005 and nearly destroyed the economy. If people can not afford a home, then they shouldn't have a home of their own and should stick to renting.

 

I own three houses. Got a problem with that? I worked hard and saved for everything I own.

Oh, and my third house is rented to tenants so they can afford to have a nice roof over their heads too.

If you want a house, get off your ass and earn it. Nobody owes you anything.