if you really want to promote this book I would suggest that you give a short synopsis in order to pique our interest.[FONT=Times New Roman] [/FONT]
How about this?
I have not read this book but if one of my renters will buy it for me, I will read it.
I must say that I am truly interested to understand how, after expenses are paid, and a property cashflows $200.00 a month, cash in my pocket, that the renter has won. On top of that, I get to depreciate the property for tax purposes, then sell it eventually for more than i paid for it.
Surely I am missing something here.
Perhaps you both have won. :mrgreen:
I have not read it either, but I have a feeling that it has more to do with the advantages of renting vs. buying (as a primary residence) not renter vs. landlord.
One major major advantage of renting is that you can easily relocate without having to sell your home.
Maybe Rick, and I’m not kidding here. The house I built 12 years ago is conservatively worth about six to eight times what I originally put into it. Perhaps I should really buy this book to find out how I could have been better off. :shock:
…and you don’t have to take your crap with you, just leave it!
The rule of thumb is that if you can rent an home for 1/100th per month or less than its purchase price, rent it… and invest the rest. If you have to pay more than 1/100th per month than its purchase price, you may want to consider buying. But buying of course has other huge disadvantages: If you own you have to pay property taxes, insurance and repairs. Some repairs are unforeseen whopper such as septic system or roof failures. You have closing costs and maybe transfer taxes when you buy, and again when you sell. You have some exposure from things that might attack the home such as termites or creditors. And of course, in this economy especially, if you work a job, you are really stuck. You can only look for work within driving distance from your home unless you are willing and can afford to sell.
The big advantage of home ownership is the ability and pride and fun of working on your own home. If that is important to you… you might want to buy.
I’ve owned more homes than most people and built several of them for myself. I’m over it. My house is just a place to go to sleep most nights. I eat almost every meal out. Kenton and I have had many conversations about this subject and we both agree. The NACHI.TV studios/office is the place that feels most like home to us. We are both most happy and comfortable there. We have showers, bathrooms, a kitchen, a coffee room, big screen TVs, computers, staffers, maids, and every comfort of a home. Our offices are our homes. Nutty (and maybe sad) as that may sound to most.
When I wake up in the morning, I can’t wait to get over to the office and get to work. The house I live in is solely for utilitarian purposes.
So you are saying 1/100th equates to renting a $400,000 home for $4,000 or less per/month.?
That sounds like very high rent.
Normal rent on that would be closer to $1200 or $1500 per/month in this area.
Bob, if you can rent a $400,000 home for $1,200 you’d be a nut to buy it. Renting it = the landlord paying you every month.