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

[Yes4Prop215]

^no one says you gotta stay in one place.....i could easily move right now if need be. i already got friends begging to blow out the 2 bedrooms here and pay me above market rent...i can make 1k a month profit on top of the mortgage and use that to rent a nice condo somewhere else, or even put another downpayment and use that 1k to help pay for the second mortgage...while the renters pay my mortgage on the first spot...


then after another 20 or so years...my first spot is paid off, and i can sell that and use that 300k as a downpayment on my dream land....whats so bad about that?

instead of renting for 20 years and having nothing to show for it at the end....

home ownership might be sketchy for some the first 10 years...but stick it through, keep making them payments and in the end it will pay off.

 

[OrganicOzarks]

If you have ever rented out property then you have to know that it is not that easy. Finding good renters is like finding a woman that you want to marry. We should all know that. We are all talking about doing something illegal in rent houses. None of us would be good renters by definition.

 

[chargers123]

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!

growing with kids in house is whack. growing where you live is lame unless a rental but even then best not to grow where you sleep..

i guess in med states it's much much different, but still fuck growing where kids reside and even in med state i wouldn't feel at ease knowing rippers know where all the caregivers live and all or whatever

 

[Yes4Prop215]

yea i know about the troubles of renting shit...its definately not that easy, but thats why i would require a decent sized security deposit, run background checks, etc...im currently helping manage a family property that is used by college kids, and yea there is random shit happening like they broke the gate, fucked the toilet up, etc...but that comes out of security deposit so its all good. if they blow up the place making hash oil...then thats another story lol..

but for my current spot, i would be renting to a very close friend who would have my permission to run a 10k operation with power and everything in his name. i want 1lb per room so 2lbs every two months...i can sell the pies for 3200 so im basically getting 3200 a month in rent for a 1200 a month mortgage. if i decide to rent on market i can rent this spot out for 1700-2000...3bedroom 30 minutes from downtown san francisco good property value..


there is really good money in renting to growers, albiet a little risky, but its real popular up north. i know a bunch of people who own properties and they let people do outdoors on the property in exchange for an under the table cut of the profits. i know a little old lady who basically paid off her 500k mendocino forest mansion on 2 acres doing this....and now every year shes clearing 50k in profit just for leasing the land to growers. buy a property, lease it to growers, let them take the risk, sit back and take in inflated monthly payment.

 

[chargers123]

and if you own a hosue and rent it out, there's ALWAYS some bullshit problems that you have to get fixed.. so don't forget to subtract 25%+ each month for repairs and troubles.

edit: yeah renting to growers would be nice if in med state as long as they are cool (and smart)

 

[greenmatter]

got into a house at a fixed rate 7 years ago. at the time my house payment was about $30 more than i had been paying in rent. the rent on my old place has gone up $250 while my house payment has stayed the same. just the tax break on the interest makes owning a no brainer. not having a landlord to worry about is a big plus also. jmho

 

[SpasticGramps]

50/50 on the double-dip from where I'm sitting.

Case-Shiller: Home Price Double-Dip Materializing

The January S&P/Case Shiller Home Price Indices, released by Standard & Poor's this morning, show further deceleration in the growth rates of home prices in most of the cities in the survey.

The indices, which are billed by S&P as the leading measure of U.S. home prices, are constructed to track the price path of typical single-family homes in a number of metropolitan statistical areas (MSAs). The study uses matched price pairs of individual houses to construct a 20-City Composite Index and a 10-City Composite Index which are updated monthly. The indices have a base value of 100 which was set in January 2000. Thus a current index value of 150 indicates there has been a 50% appreciation since that date for a typical home in the subject market.

The 10-City Composite was down 2.0 percent to 154.65 and the 20-City was 3.1 percent below the previous year's level at 140.86. Both composites were down about 1 percent from December figures.

“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. “With this month’s data, we find the same 11 MSAs posting new recent index lows. The 10-City and 20-City Composites continue to decline month-over-month and have posted monthly declines for six consecutive months now."

Thirteen of the 20 MSAs and both of the Composites were below their January 2010 levels. Only two of the 20 cities included in the indices, Washington, DC and San Diego, California improved year over year; Washington was up 3.6 percent and San Diego inched up 0.1 percent; these same two MSAs were also the only ones to have positive annual rates all year. Each of the other 18 cities either moved back into negative territory or never left since the start of the current housing downturn.

Many of the MSAs appear to be experiencing the double-dip in housing prices that has been predicted for some time. Eleven of the cities posted new lows in relationship to their 2006-2007 peak levels. All of these cities, Atlanta, Charlotte, Chicago, Detroit, Las Vegas, Miami, New York, Phoenix, Portland (OR), Seattle, and Tampa, had posted new lows in December as well. The nation as a whole has slipped back to the price levels that existed in 2003.

Second leg down is going to be the doozy IMO.

 

[In~Plain~Site]

2 things are obvious, you're quite adept at talking yourself out of things and you've never owned a home.

Personally I could give two shits about either, just don't spread bullshit.

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

25 years of ownership, on multiple properties, and I have yet to fix all that shit at once.

Don't be scared...lol

Don't forget the natural gasline blowing up and earthquakes

 

[JimBeamKush]

Dude this is a no brainer...

Own...

If you rent you are paying someone elses house payment
end of story

 

[jrockondamic]

the thing I never got: my gro-bro's are all about leased cars and renting, because they (correctly) state that the government will take away their assets in a grow bust forfeiture. But even still, ownership makes sense as a chance you just have to take. Especially when you're financing over 30 years anyway.

When you're renting you're usually not paying much less than ownership (of vehicles and property) anyway, and you are 100 percent not going to keep your property...because it was never yours in the first place.

Never understood the whole rent-only thing from growers. Could be wrong of course.

 

[chargers123]

2 things are obvious, you're quite adept at talking yourself out of things and you've never owned a home.

Personally I could give two shits about either, just don't spread bullshit.






25 years of ownership, on multiple properties, and I have yet to fix all that shit at once.

Don't be scared...lol

Don't forget the natural gasline blowing up and earthquakes

Who said anything about fixing all that at once? Just sayin shit happens so good to save for when it does happen, mr. resposnbile home owner.

point is you have to take good care of a home that you own so if you're not the type that doesn't want to worry with all that, then renting is a better option.

also some states have tax stamps that they don't understand that will cause them to go bankrupt and lose their home if caught, unless you have a big stash of cash hidden away to pay for all the BULLSHIT

 

[Chiefin]

Nope, not at all. Owning is a commitment, obviously, each individual should judge for themselves if they are responsible enough to take on property ownership/ management/ maintenance. The banks already proved they can't handle such a task (cause of the greed)

It really does help and save $ if you got some mad handyman skills though, learning=winning.

 

[Yes4Prop215]

the thing I never got: my gro-bro's are all about leased cars and renting, because they (correctly) state that the government will take away their assets in a grow bust forfeiture. But even still, ownership makes sense as a chance you just have to take. Especially when you're financing over 30 years anyway.

When you're renting you're usually not paying much less than ownership (of vehicles and property) anyway, and you are 100 percent not going to keep your property...because it was never yours in the first place.

Never understood the whole rent-only thing from growers. Could be wrong of course.

yea rent for 20 years growing and have nothing to show for it except dope money....or grow for 20 years, take a gamble, and possible have some properties out of it.

yeah if the feds hit your house in your name that your growing in and your paying them off with dope money...they gotta take it...but then you are just back at square 1 with the renter!

odds say get into a property...if you come out of the game clean that properties yours man! cash flow for years.....

 

[Hammerhead]

Absolutely its a major improvement. Just dont turn you home into a traffic jam. If you need to do that take it away from your home.

 

[HempKat]

Well I'll add to the chorus of people saying to own. Just do it smartly. One of the biggest complaints I've heard in this thread about owning is having to deal with major unexpected repairs. I've been in the home I'm in now for about 10 years and have yet to been hit with any major repairs. Now some I may have avoided by replacing things that were still functional like when I got a more efficient central AC unit and furnace combo to lower energy consumption/bills. Most can be avoided or put off for a long time by shopping smart. People are having to do alot to make their homes sellable and so you can find places with all new appliances, new roofs, etc. A good tip is when you find a place you think is it, pay for your own home inspection rather then going with one a realtor works with. The one's they use often work with the realtors to make things seem better then they are. One you hire should give you a fair, unbiased, inspection.

One good point that several have made is that when you buy a home on a 30 year fixed mortgage and subsequently pay off that mortgage over 30 years, you do end up spending alot more then the house was sold for. Like for example, a 30 year fixed at 7% on $100,000 with only 5% down will ultimately cost you close to a quarter million when you finally pay off the mortgage. However, few people these days do that and if the market improves in say 10 years you may actually be able to sell a home and get back what you paid in or close to it. There are the tax breaks too which you have to factor in to determine the true cost to the individual. Also there is usually nothing stopping you from paying more then what they say your fixed mortgage rate is. If you do that then you'll pay the loan off sooner and pay less out in total interest. However you have to be careful, some places do allow for an early payoff penalty.

Another good point that's been made is that how good or bad an idea owning vs renting is depends largely on what your goals are. If you are looking for a place to grow and spend as little as possible, renting may in fact be a better option. If you're looking to flip a house quickly for profit, forget it, those days aren't coming back anytime soon if ever. If your goal though is to get a decent place at a great price then now is in fact a great time to buy. People are getting much more home these days for their dollar then they did just 10 years ago. What goes for $100,000 these days might have gone for twice that much 10 years ago.

 

[jrockondamic]

Whenever guys like hempkat suggest that rentals might be better for growers, I'm reminded just how small my testicles are compared to a lot of you dudes.

Literally the only reason I bought a house was to improve my mental health as a grower. We play a dangerous game. Think of all the shit that could go wrong and land us in prison. The prospect of some asshole rolling up essentially whenever he pleases- and don't kid yourself with the 24 hour stuff, if landlord wants in he's getting in, immediately- is enough to give me heart failure. Especially in any state not named CA.

I was just wayyyyy to paranoid as a renter. When I got my home I had two bedrooms blown up and danced around light as a feather, not a care in the world.

 

[Iron_Lion]

I bought a house in this failed economy and it was the best investment I ever made, now I grow freely and as much as I want. I even got my house for 80k less than it would have been had I bought it when times were good, and in reality I wouldn't have even been able to afford as nice and as big of a house as I have.

What is sick is banks have taken houses with 350k mortgages from people only to turn around and sell them at half of that, if you are smart, have a good job and credit now is the time to buy, get a buyers agent and tell them to hunt for the best forclosures.

 

[BongRipkenJR.]

My old room mate got screwed on his mortgage. He has payed over $150k so far and hasn't paid shit on his principal. Bank Of America won't work with him on bringing his monthly payment down either. He bought the house for $420k and now it is worth about $150k. He has been paying anywhere from $2800-$3200 a month for years. Fuck the banks!

 

[TNTBudSticker]

If you have a 30 year fixed mortgage loan and paid monthly..and also made that 13th payment to the principle every year...you will pay off that loan in 15 years.

 

[greenmatter]

If you have a 30 year fixed mortgage loan and paid monthly..and also made that 13th payment to the principle every year...you will pay off that loan in 15 years.

that 13th payment will get you out from under the loan sooner, but it won't take 15 tears off. i would love it if it did!