Quote:
Originally posted by broke
You quite frankly are an idiot.
With interest rates where they are now and the average S&P return over 30 years... you lose money paying cash for a house.
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I am?....here are some numbers fir you
Bought my house in october 01 for 500k (No Mortgage)
If I financed it, my payments would be roughly $3k/month
My house is now valued at $780K
So according to my numbers I have avoided 78k in house payments and have an increased value of 280K..adding the two together that totals 358K in 26 months.....not a bad return.
Now if you want to talk rental properties, that is a different story.
With 300k I purchased 8 condos...I put down just enough to where my collected rents covers my mortgage/homeowners fees and property taxes for each...
There is a smart way and a dumb way to have your money work for you. The problem with Americans, is they love living beyond their means and just love extending themselves on credit.