 I see a lot of vacant homes around.Can I just go in and settle down there? |
I walk and bicycle around most of the time.That's all I've got.
Additional Details
The kind where the doors are left wide open and no signs of life around.... |
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 I am a Tenant in a privately rented house. and at the moment im having problems with my shower? |
| for the past 2 months its started to breakdown ive been onto the landlord about it he said get a quote i got a few quotes he said there all too expensive so a month past and landlord contacted me and ... |
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 Buying a house? |
| Me and my husband are moving to Ft. Stewart, GA. He really wants to buy a house and I am not really into that whole idea. In the military we normally stay at one spot 2-4 years. He's saying when ... |
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 I want to add value to the property that I plan to sell. Its a two bedroom house on large lot. What would? |
| bring more value - adding central air/heat or adding an extra bedroom. The houses in the neighborhood are mostly non-central air/heat and most are two bedroom houses. Its also a really small ... |
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 Is it possible to find and apartment to rent after and eviction? |
| most apartments that I have found that do except evictons are in the worst area> Does anyone have any sugguestions.... |
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 Tips on buying a house? |
| what information do I need to buy a house?... |
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 Just bought my first home and moving in soon. Who pays the previous tenant utility bills? |
I am concerned that I will have to pay any electricity / water / gas bills from the previous owner when I reconnect the utilities.
This is my first time moving out - so just tight for cash...... |
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 When you are looking for an apartment what does studio mean? |
i was looking at apartments in chicago and it says studio, does that just mean that its like an open room?
Additional Details
so would anyone reccomend living that way?... |
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 Best mortgage deal? |
| My sister in law is moving to Florida and is looking for the best mortgage deal that she can get. She has the house picked out and now needs the best 30 fixed with no added cost. Any help would be ... |
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 Are there real small houses that are dirt cheap to buy? |
| such as small 2 bed 1bath houses, some say u can get those for a couple grand. i dont know if its true, who else can help?... |
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 If I owner finance my land & they build on it, then default, what happens? |
| I hold the title to this land & wish to owner finance it to someone. What if they build on it and then default on the note? Maybe the bank would fold it into the new construction home loan?... |
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 Question about my Renter and can I sue for more than deposit? |
| I had a renter in my house for two years. When she moved in the house was only 5 months old. We took a deposit of 1450 plus 250 for pet deposit. She just moved out a couple days ago and the house was ... |
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 Is it really better to have a mortgage? |
| I've had people tell me that you should always keep a mortgage because of the tax deduction. Is that really true? We paid our house off 2 years ago and it feels great to not have a payment, but ... |
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 How can I invest in real estate with $0 money down? |
| Banks are asking for 20% down. I have good credit but, no down payment. I appreciate any advice I can get!... |
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 Who can I report unsafe apartment conditions to? |
| I have lived in my apartment complex for 4 years now, and they've never been nice by any means, but they're completely livable; no bugs or anything. We have these wooden awnings which hang ... |
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 Could i buy a house with 3,000 dollars? |
| i want to buy a house with 3,000 dollars can i afford or not?... |
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 I want to buy a double wide trailer? How do I find one near me? |
I want to buy a double wide trailer, in North Carolina, in like King or Winston Salem or rural hall... 2 bedrooms 1bath...
What web sites are there for this?? or where else can you find one?... |
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bdexterwillie | Why do rich people have mortgages? |
I know the answer may be tax related, but why not, if you have the money, pay off your house. If the house is an investment in itself, why not? |
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Larry Snider
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If they have the money they usually pay off the mortgage, the tax benefits are minuscule when compared to the interest payments you would be making |
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Norman O
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Let us assume that they have a $500,000.00 bank loan on their home (mortgage) and they are paying 5% interest on that loan. Suppose they can use that money elsewhere and make 10% interest on it. That's a 5% profit using the banks money. Good deal, huh? That's why! |
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Landlord
 |
If you pay it off you only have that one piece of property.
If you have mortgages you can not only have several pieces of property, but diversify and own some bonds and stock as well.
No one gets rich putting all of their money in one investment, at least not most people. |
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Politically Correct
 |
Two reasons; tax and leverage. f you do the maths you will see why but the tax incentive only applies in the USandA.
I buy a house for $1.25m, put down $25,000 and take a mortgage for $1m at 6%. Now my tax rate is 50% because I live in NYC and earn more than $200,000 so the actual cost of my borrowing is 3%..
1. I can definitely earn more than 3% after tax on my $1m by investing wisely so am better off using my cash elsewhere. If the value of the house goes up by an average of 3% annually over the time I own it, then I have lived in it for free.
2. I have leveraged up my asset. Say, in five years the house is worth $2m. Now I sell it, repay the $1m and am left with a profit of $750,000 on a $25,000 investment. Had I paid for the entire thing in cash, my profit would have been $750,000 on a $1,250,000 investment. |
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Supermom
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I think the bottom line is that "rich" is a relative term. Other people may appear "rich" to me, however I don't know the details of their financial situations. Often "rich" looking people live beyond their means, so the fancy car and big house and nice vacations are not paid for with cash, but mostly with credit. If we all lived "within our means," and only purchased things once we'd saved the money to pay cash, most people would be driving older cars, wearing our clothes longer and living in much smaller houses.
There is a "tax break" involved in owning a home, whereby you can deduct from your taxable income the money you paid for interest on your mortgage loan, however this benefit is much smaller than not paying the interest on a mortgage loan in the first place. It never makes financial sense to have a mortgage loan in order to deduct the interest if you could have purchased the home with cash and avoided the high cost of the mortgage interest in the first place.
so the simple answer is that the people you think are "rich" who own the nice houses really couldn't afford to pay cash for them without borrowing the money in the form of a mortgage. |
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Ralfcoder
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Paying off the mortgage will save them the 6% or so interest they are paying to use that money. But they may be able to invest it and earn more than 6%. The difference between what it earns, and what it costs, is profit.
Knowing this sort of thing is part of how they get rich. I know a financial analyst that wouldn't dream of not having a mortgage on his house. |
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src50
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You may be laboring under a misconception of what constitutes "rich people." |
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Jenny Smith
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BIll Gates does not
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jelly b
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beacuse than you still have money in the bank just in case you need it im 17 and know that lmao |
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Ric L
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For the tax write off. |
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mikews
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I started an online site that has earned me over 2million over the last 2 years. I bought a 400k house without a mortgage. I don't see a house as an investment-- I plan on living in this place until I die! I feel sorry for all the people that have listened to all these financial guys because many of them played the investment and mortgage game, and lost their shirts. There's nothing like the peace of mind of OWNERSHIP. |
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