Comments on: I am Renter

By: Cato

Cato — Thu, 04 Sep 2008 03:36:20 +0000

This guy is the smartest of them all. He cashed out when the “getting was good” and took his bag of money to the sidelines. When the market hits bottom, he can take his savings and buy a better home. Capitalism at its best: he’s an example for us all.

The other day it struck me, “Why do I have to own a house?” I have lots a friends of simliar economic means who bought at the top of the market and ended up in Altadena or Temple City. They are home owners but are underwater in their mortgages. When they bought, they looked at me like I have nothing. But you know what: I have cash money. There is nothing like cash in the bank! As property values drop, my nest egg grows. In a couple years I’ll be in the village listening to Peacocks and they will be in Altadena listening to gunshots.

By: SavedByGrace

SavedByGrace — Thu, 17 Jul 2008 19:24:41 +0000

Market conditions do matter. It’s not about being able to afford it or not. Sure the housing bubble priced out a lot of people, but with the crazy lending back then – nothing really prevented anyone from buying except for themselves. If I can rent a mansion for half the cost of owning, why should i buy? It makes no financial sense. You should think that over

By: SavedByGrace

SavedByGrace — Thu, 17 Jul 2008 19:21:35 +0000

Even if he did sell his home and cashed out, so what? He did the smart thing. There’s no shame in that.

By: Anonymous

Anonymous — Thu, 17 Jul 2008 19:13:27 +0000

Another proud renter, hahaha!!! Why don’t you all just admit you can’t afford to buy a home so you rent. It doesn’t matter what the martket conditions may be. If you can afford it you buy it and you can’t afford it you rent. Home ownership is not an investment, it is a WANT! think it over

By: Anonymous

Anonymous — Thu, 17 Jul 2008 19:09:06 +0000

My ass, you sold your home like everyone else! You just cashed in, so admit it.

By: Sean

Sean — Tue, 08 Apr 2008 04:17:02 +0000

Even in good times, owning a home is often more expensive. Taxes, maintenance, sales commissions, all add up. I am a renter and I am very proud of it! I listen to many friends talk about how their homes are great investments, yet they have little money. On the other hand I rent and I have a lot of extra money at the end of the month. (Both my friend and I have about the same income.)

A lot of it is about money management. And most people who think beyond monthly payments know that today is not a prudent time to purchase a home. Worst case all of us renters become cash rich while waiting. That $3000 extra a month I am not spending on owning really adds up fast!

By: SavedbyGrace

SavedbyGrace — Sun, 02 Mar 2008 08:18:09 +0000

I commend you & your wife on the decision to sell during the height of the boom. Your actions and patience will reward you in due time. Congrats for getting top dollar on your previous Arcadia property!

By: phantom600rr

phantom600rr — Sun, 02 Mar 2008 06:55:37 +0000

Correction to previous comment: Three years ago (when we sold our home in arcadia),…..

By: phantom600rr

phantom600rr — Sun, 02 Mar 2008 06:53:45 +0000

Excellent post and well said! My wife and I are on the same boat. Currently renting a very nice apartment in Pasadena for half the price of owning the same unit. We are able to save quite a bit each month for a future down payment. We are also able to live a very comfortable lifestyle without worrying about factors such as the falling housing market, mortgage payments, high property taxes, hoas, etc. I look forward to the day when we can comfortably purchase a house to call home again at a price that will not affect our current lifestyle. I too have faced many folks that have literally cringed when my wife and I told them that we currently rent. Unfortunately, when most people hear the word “rent”, it implies a sub-par hellhole with screaming neighbors, roaches and drunks. In addition, we hear the comment “renting is just throwing your money away” or “why pay for someone else’s mortgage payment?”. Three years ago (when we old our home in arcadia), I tried hard in making an effort to explain to friends and family members the advantages of renting in this market vs. owning. Most simply nodded with a fake smile and a blank look on their faces. Today, I simply keep to myself and say that we are still happily renting.