>>1081409 In purely financial terms, a lot of people would be better off renting than buying a house. Not everyone, of course, it depends on your circumstances and market conditions. But the idea that renting is throwing money away, while interest payments somehow aren't, is just a myth spread by banks that want to own your soul.
>>1081480 Check the back taxes. They are public info. I'd guess they are sky high. Think 10,000+
Add to that the "maintenance" bills owed to the city for "upkeep" and nonsense to keep the property from caving into the earth. No way to know this one, unless the city makes it public.
Then there are utility bills which may have gone unpaid, especially water. Something could have leaked into the sewers for years. Literally many years and is now owed by YOU, the new owner.
As a thought it's tempting but will be a hellish experience. Your best shot would be to try and get local artists to pool in together and make it into a shared "studio" space and of course spending the night frequently would be part of the package. With this though you're going to want a lawyer and a well worded LLC agreement for all involved.
Basically.... walk away. Buy an old RV and ask old people if you can park it on their extra lot for 100/month or in exchange for cutting the lawn, leaves etc.
>>1081480 Likely. But as was mentioned, there may be back taxes.
It is probably in state of extreme disrepair. There may also be restrictions on when and what you have to do to fix the property. That's a common thing in certain areas -- city doesn't want developer coming in, bulldozing and then putting up another shitty strip mall or just sitting on the property for a few decades waiting on a turnaround.
That would be the feeling of buying a property knowing that you could have invested that money in tech, then looking back on your life before you retire and wondering why you decided to miss out on millions of dollars worth of profit.
Daily reminder to those who say the renter pays all of the landlords expenses/property tax:
If you were one renter to one landlord for a house that is true however if you're renting an apartment you are one of very many renters, and when everyone pays in those additional expenses are minimized even if they are already rolled into rent.
The only reason to ever buy a house is kids. and kids are disgusting
I live in downtown Toronto and the market rate right now is 1800/month for a 1 bedroom condo. I really wish this shithole burns down to the ground. The real estate market crash can't come soon enough. People are fucking delusional - willing to pay $1mil for a rundown shithole downtown.
>>1082692 I work in a flooring store in Melbourne and probably a third of people who come in are looking for shit for their rentals. The worst part though is that they are some of the stupidest people I come across and it's painfully obvious they have no idea about investing and probably aren't even making much/anything at all from the house they've taken off the market.
My favorite argument renters make is the whole "stuck in a house meme", you can sell your house before it's paid off B-but muh fees!! It takes like 2-4k to completely clean up a property and make a few improvements to bring the value of the property up enough to cover those differences if you don't live in a shit neighborhood. Hell, you might even make some money if you move to a place with lower taxes.
>>1081538 I'm from the UK but wtf is property tax? I thought it was like English stamp duty (a tax you pay on house purchase) but you make it sound like a recurring payment. Is it like council tax or what
>>1081409 Renting is great, espetialy if you do it 50%-50% with a chick. I'm in Toronto (GTA) so buying here literally means taking it up the ass for the next 30 years from the bank AND your employer (mortgage slaves won't be looking around). If I buy (ever), I'll have like 75% cash/investments to sell in hand.
>>1083046 It is pretty similar to your guy's council tax - property tax is a tax on the assessed value of a piece of real estate, usually paid to be paid yearly or twice a year, levied by the local and/or state government. It is the main source of local funding for schools, police, firefighters, and other local government services.
If you have a mortgage, a portion of the property tax will usually be added to the payment each month, and held in escrow by the bank to pay off the property tax. Super cheap properties will often have a large amount of unpaid property tax due on them, which is why the list price is so cheap - you have to pay the back tax to take control of them.
Owning a house is purely an American thing. In other countries people just rent it out because its cheaper than buying. Everytime people think of buying houses its always an American. Why do you guys think you're broke? It ain't the gubivment or banks. Babby Boomers lived through the largest economic growth in history. That growth is finished and it will stagnate. So your ROI in houses isn't going to return the same value as your parents saw with their mortgages. Plus most people under 40 can't afford a house, and that includes professional workers such as lawyers, doctors, and engineers.
Renting is much more expensive than owning in most major cities. For example a house with a $700 a month mortgage in Chicago can easily be rented out for 2500+ a month and the higher the sale price of a house, the higher the profit goes.
My buddy just moved out of his condo down town and is renting a house in the suburbs. Why you ask? Because his 4k mortgage payment a month is currently worth 16k a month in rent
If you are renting in a major US city, you are pants on the head retarded.
>>1083720 >For example a house with a $700 a month mortgage in Chicago This is why /biz/ is filled with NEETs who never held a job or open a credit card account. A mortgage in Chicago is about 2k. Rent prices differ from neighborhoods. Also most people share an apartment so you paid for a room. I can clearly tell you're a neet or just a brat with rich parents.
A $700 mortgage puts your fairly firmly in 160k house territory with a normal 20% down payment. While most of the city is expensive 160K can still get you a decent 2 bedroom in a white area.
A 2k mortgage would be putting you closer to a 300k house, which is the majority of the city outside trendy areas like Lincoln Park or Streeterville.
And no, most people dont share apartments. I know 1 person who shares an apartment and the only reason he does it is because he drives a truck and is never home. I dont even have a clue where you get the idea "most" people share apartments.
>>1083749 >And no, most people dont share apartments. I know 1 person who shares an apartment and the only reason he does it is because he drives a truck and is never home. I dont even have a clue where you get the idea "most" people share apartments. You really do give a bad name to us rich people. 160k house in Chicago is below average, even in shitty areas. You have your parents paid for everything that's why you think like a retard in finance and real estate. Alot of peopel do share apartments in big cities. Most peopel don't make over 50k a year. At that income level you can't afford a one bedroom apartment, or a studio. If you do find one, its often in shit areas away from public transportation and shops.
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