Announcement

Collapse
No announcement yet.

What would you do?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • #31
    I rented luxury condos for the past 10 years before buying a house. Before that, I rented houses, and average apartments. Renting a really nice apartments/condos was great. I rented for 15 years after residency. No worries, no stress, I could basically do whatever I wanted. I spent money on rent, but the free cash flow was amazing.

    I own a house now. It’s eats up a lot of my time and energy. The expenses are much higher then rent was. Taxes, insurance and interest alone are more than the rent I paid in my last luxury place.

    I’d rent as long as possible, just rent a nice place from a decent landlord as people have already said.

    But part of me wants to say…Buy!”, so you can experience all you are missing out on. It isn’t as idealized as you might imagine. I’d say it instantly ages you. The carefree life ends pretty quickly.

    The good thing you get with buying a home is the freedom of doing what you want, but it comes with a price.

    Comment


    • #32
      You’re 5 years (2 after fellowship) from living like a king. Just be patient. You’re starting the race from the 40 yard line with no debt and a trust fund. It’ll all come together, just be patient a little while longer.

      Comment


      • #33
        Buy a house for the next few years if you are intentionally trying to lose money, like fixing broken things yourself. and like writing large checks to the local government , so other families with kids can use the school system.

        When your toilet is broken try finding a plumber to come on an off hour when it is convenient for you to get it fixed. Try arguing with the local tax authority about your assessment when they are only available between 9-12 , and you have to take off work to go there.

        For the most part, home ownership is a pleasant experience, though not profitable. This is the time in your career your should be focusing on learning to be a great doctor, and leave fixing toilets and mowing lawns to the pros.

        Comment


        • #34
          Originally posted by Lithium View Post
          Rent
          Another one of these.

          Why do people write these?

          Every time we tell them it is best for multiple reasons to rent and they have already decided they are buying but for some reason want approval = confirmation for doing it.

          Read this thread please. It is the same as yours (or very similar):
          https://forum.whitecoatinvestor.com/...n-sanity-check

          Good luck in your new house.

          Comment


          • #35
            Originally posted by IordrDDimer View Post

            I know it's very easy for you all to say "rent, you idiot"
            Yep

            Okay, worst case scenario, the home depreciates to $450,000 or even $400,000 in 3 years, and we have to leave town. A $100,000 hit is not the absolute end of the world,
            ​​​
            This is not the worst case scenario. The worst case scenario is the housing market crashes, your $100k down becomes $100k upside down on a $300k home, and you cannot sell it at ANY price, and try to maintain either a long distance rental while losing money every single month, or worse an empty house. Millions of people found themselves in this exact situation in 2007-2012.

            But you shouldn't live your life in fear. If you simply can't stand renting, don't. Just be realistic about what the worst case scenario really looks like.

            Comment


            • #36
              Originally posted by Tangler View Post

              Another one of these.

              Why do people write these?

              Every time we tell them it is best for multiple reasons to rent and they have already decided they are buying but for some reason want approval = confirmation for doing it.

              Read this thread please. It is the same as yours (or very similar):
              https://forum.whitecoatinvestor.com/...n-sanity-check

              Good luck in your new house.
              Appreciate everyone's advice. I posted this after talking to a real estate agent and mortgage lender from a local bank. My second post in this thread addresses your concerns, but I actually did change my mind based on this thread and after a conversation with the spouse. We're now looking at rentals and will likely rent through fellowship.

              Comment


              • #37
                Originally posted by IordrDDimer View Post

                Appreciate everyone's advice. I posted this after talking to a real estate agent and mortgage lender from a local bank. My second post in this thread addresses your concerns, but I actually did change my mind based on this thread and after a conversation with the spouse. We're now looking at rentals and will likely rent through fellowship.
                Shoulda bought…

                Comment


                • #38
                  Originally posted by IordrDDimer View Post

                  Appreciate everyone's advice. I posted this after talking to a real estate agent and mortgage lender from a local bank. My second post in this thread addresses your concerns, but I actually did change my mind based on this thread and after a conversation with the spouse. We're now looking at rentals and will likely rent through fellowship.
                  Good for you! Honestly, that is the smart decision. Focus on becoming a great doc! Save a big emergency fund and a reasonable down payment and shop around and find something you really like. Get a great job, make sure it is stable (another delay, sorry) and then pull the trigger!

                  Comment

                  Working...
                  X