If you are married, you can transfer it to your spouse
I’m amazed that I’ve met dudes who haven’t used this strategy.
Transfer to spouse...divorce.....nothing....
Never say never going to happen.
If you are married, you can transfer it to your spouse
I’m amazed that I’ve met dudes who haven’t used this strategy.
Agreed.Transfer to spouse...divorce.....nothing....
Never say never going to happen.
Transfer to spouse...divorce.....nothing....
Never say never going to happen.
And yet again I will say that my original response was to the conversation about INVESTMENTS.I will reiterate that there are several online calculators for this, and even without aggressively paying down the principal the crossover point is 5-7 years.
You're ignoring that property appreciates with inflation. A $300k home purchased in 2010 is worth $400k today, which equates to $80k of equity profit on a $60k down payment making the minimum monthly payments (133% ROI).
Housing is a basic need. I was up front about that two pages ago. I don't care about your real estate tycoon drama, and no one intelligent calls their primary residence an 'investment.' We're talking about which option cost less.
Definitely. A renter is indirectly paying property taxes, via a middleman (the landlord). The difference is that this number is baked into the rent; it isn't baked into a mortgage. (People use the term "mortgage" different. Some mean P+I and Other P+I+T+I.) Same with HOA, maintenance, and even Property manager fees where applicable. They are de facto included in rent, certainly. But they aren't included in a mortgage, so they have to be added there if you want to compare total costs for your living arrangements.I'd counter that when you rent you are paying municipal taxes (and HOA fees, upkeep, etc.) but in the sense that whatever number you write on the rent check each month is based on supply and demand. If you were the owner-resident in the same dwelling, then each of those costs (as well as the mortgage payment) is also driven by supply and demand.
All of those factors go into the invisible gonkulator of the marketplace that the invisible hand of the marketplace uses to figure out... what you pay for rent, and whether it's a better deal for the landlord or for the tenant.
(All the other details we're discussing back and forth, those things can definitely skew that calculation too.)
To be honest with you, the argument of renting a house vs owning a house should be trivial with even moderate financial success. If you think the costs of doing one vice another is going to matter in the long run, I would suggest refocusing your efforts on increasing your earning potential. How many houses does @HAL Pilot own? Do you think he's sweating the cost of a new water heater?renting is better
It matters in the theme of this thread and I think the question we're trying very hard to avoid answering is: "should an RP buy a house at his first duty station?"To be honest with you, the argument of renting a house vs owning a house should be trivial with even moderate financial success. If you think the costs of doing one vice another is going to matter in the long run, I would suggest refocusing your efforts on increasing your earning potential. How many houses does @HAL Pilot own? Do you think he's sweating the cost of a new water heater?
The answer is... the question we're trying very hard to avoid answering is: "should an RP buy a house at his first duty station?"
I would tell anyone in the service to be VERY wary of blanket statements. I bought in SD and my house is valued somewhere in the neighborhood 1.75 times my purchase price.I would tell anyone in the service to be VERY wary of buying at their first sea duty station.
Fair enough.I would tell anyone in the service to be VERY wary of blanket statements. I bought in SD and my house is valued somewhere in the neighborhood 1.75 times my purchase price.
The point of owning your primary home is building up equity. Ideally, by the time you're an oldster, you don't have a mortgage anymore. You have free and clear title to a house, don't have a housing payment to have to pull out of your nest egg, and can pass that wealth on to your heirs.
I know exactly zero people who gave up orders to babysit an underwater house. But now that I've had a minute to think about it, I realize there's some really sound advice we should be giving to young JOs:I know exactly zero people (in real life, so I don’t count you) who made a windfall like that in terms of their first house. And more people who gave up doing what they wanted to do for their shore tour and instead had to root around for jobs to keep them in the area because they were underwater on their house.