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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 2:35 pm 
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wat
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Green Habit wrote:
62strat wrote:
Man alive. The housing market is nowhere near bottom, folks.
My property tax assessment came out at 50k more than I bought my house for. :thumbsup:

well thats not good cause now you owe more taxes... lol

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 2:38 pm 
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If I had the cash

Id be grabbing houses atm...

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 2:38 pm 
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Kosmicjelli wrote:
Green Habit wrote:
62strat wrote:
Man alive. The housing market is nowhere near bottom, folks.
My property tax assessment came out at 50k more than I bought my house for. :thumbsup:

well thats not good cause now you owe more taxes... lol
Pretty much an inevitability, of course.


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 2:39 pm 
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Green Habit wrote:
Kosmicjelli wrote:
Green Habit wrote:
62strat wrote:
Man alive. The housing market is nowhere near bottom, folks.
My property tax assessment came out at 50k more than I bought my house for. :thumbsup:

well thats not good cause now you owe more taxes... lol
Pretty much an inevitability, of course.



When did you buy your house?


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 2:39 pm 
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Kosmicjelli wrote:
If I had the cash

Id be grabbing houses atm...
Oh man, this has potential if Kris wishes to reply. :haha:


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 2:40 pm 
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62strat wrote:
Green Habit wrote:
Kosmicjelli wrote:
Green Habit wrote:
62strat wrote:
Man alive. The housing market is nowhere near bottom, folks.
My property tax assessment came out at 50k more than I bought my house for. :thumbsup:

well thats not good cause now you owe more taxes... lol
Pretty much an inevitability, of course.
When did you buy your house?
Six months ago.


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 2:40 pm 
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Green Habit wrote:
Kosmicjelli wrote:
If I had the cash

Id be grabbing houses atm...
Oh man, this has potential if Kris wishes to reply. :haha:


I just read the "atm" part and pictured Kosmic doing ass to mouth.

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 2:42 pm 
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given2trade wrote:
Green Habit wrote:
Kosmicjelli wrote:
If I had the cash

Id be grabbing houses atm...
Oh man, this has potential if Kris wishes to reply. :haha:


I just read the "atm" part and pictured Kosmic doing ass to mouth.



depends how you feel about rimming the atm at Chase

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 2:45 pm 
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this thread is really heating up

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 2:46 pm 
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thread merge...

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 5:32 pm 
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Green Habit wrote:
62strat wrote:
Green Habit wrote:
Kosmicjelli wrote:
Green Habit wrote:
62strat wrote:
Man alive. The housing market is nowhere near bottom, folks.
My property tax assessment came out at 50k more than I bought my house for. :thumbsup:

well thats not good cause now you owe more taxes... lol
Pretty much an inevitability, of course.
When did you buy your house?
Six months ago.



Interesting. You going to appeal this valuation?


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 5:59 pm 
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62strat wrote:
Green Habit wrote:
62strat wrote:
Green Habit wrote:
Kosmicjelli wrote:
Green Habit wrote:
62strat wrote:
Man alive. The housing market is nowhere near bottom, folks.
My property tax assessment came out at 50k more than I bought my house for. :thumbsup:

well thats not good cause now you owe more taxes... lol
Pretty much an inevitability, of course.
When did you buy your house?
Six months ago.



Interesting. You going to appeal this valuation?

thats what i was thinking

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 6:26 pm 
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Seriously, Nick. Appeal the hell out of that.

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 6:51 pm 
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However, dpending on the tax law...that valuation could represent a prior time period. The sale of his home may not even be considered.


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 6:54 pm 
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nick, didn't you buy your house off your sister or something?


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 7:23 pm 
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62strat wrote:
However, dpending on the tax law...that valuation could represent a prior time period. The sale of his home may not even be considered.

they usually re-evaluate and assess your taxes after a purchase


unless its california where your taxes are the same even if a house was built in 1953

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 7:36 pm 
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Spike wrote:
nick, didn't you buy your house off your sister or something?
It was the other way around.

And I'll certainly look into appealing if need be. Proper research into all of the property taxes involved will need to be taken into account.

I just felt rather stoked that I got such a good deal on this place.


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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 7:42 pm 
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How does team thodoksstratgiven feel about buying a house in cash?

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 7:44 pm 
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4/5 wrote:
How does team thodoksstratgiven feel about buying a house in cash?


The financing mechanism is irrelevant to the decision, for the most part. Actually, a mortgage could be better because of the tax benefits but only if you can properly invest the money you kept from taking it out, ie, if the house is $100,000 and you have all $100,000 to buy it but put up $30,000 and borrow $70,000 - if you can't properly invest the $70,000 taking out the mortgage will do little good.

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 Post subject: Re: To rent or to own? That is the question.
PostPosted: Tue May 31, 2011 7:48 pm 
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Put yet another way,

If you bought the $100,000 home during the bubble and it's now worth $50,000, you're either out $30,000 if you took out the mortgage or you're out $50,000 if you paid in all cash. Which one would have saved you more money?

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