I rent a detached house. Somebody else pays the taxes and upkeep so I can live quite comfortably. I have way more money in the bank/invested renting than I did when I "owned" a house.
Trust me, you’re paying for the taxes and upkeep.
PS. Detroit RE has outperformed the major indices by 2-3 fold over the last few years.
Why does renting or owning really matter anyway? Just asking. Some people despise the upkeep and expense of owning a home, and nothing is guaranteed you're going to get out what you've put in to a home either, when time to sell it. I doubt if I can get abundantly more than I paid for mine, despite some improvements. Main purpose of either is having a roof over your head.
Last edited by Cincinnati_Kid; August-13-18 at 02:24 PM.
It's all about whether you want your money to go into your own pocket or a landlord's. Yes upkeep can be expensive and time consuming and quite difficult for those who aren't handy enough to do their own. I bought on the far west side for around $40K and sold for around $70K. I used that profit to help pay for this house in the country outright and do the renovations needed. That would not have been possible if I had been stuffing a landlord's pocket instead of paying down the mortgage.
Sammy S what I pay does not come close to covering the taxes and upkeep, and I know all about the uptick in prices. I am still way ahead of the indices renting.
Like i said earlier, who cares? To each his own. People make it seem like you're some sort of degenerate, if you don't own a home.
How fast do people get evicted ?
i.e. how long can you stay and not pay ?
From the Demand For Possession, to the Judgement, to the point a bailiff is assigned and finally arrives, works out to a couple of months in our cases. There were 3 evictions in one building last month. In one apartment the bill was for damages, painting and cleaning, came to $1200.00. In another apartment the tenant appropriated the refrigerator. Of note, none of these evictions required a bailiff.
Just south of 100 apartments, spread across 5 buildings, turnover and maintenance eat away at the bottom line, not evictions. We go to Home Depot for materials and supplies – as of this month we have spent $16,000.00 since Jan 1.
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