We've written about why you probably don't want to rent, but here's another perspective from our nephew Mark Reinhardt, who is a mortgage broker here in Florida:
Seriously - they really need someone to pay the mortgage for them.
If you know me, you know I try to bring some humor to my stories, but also some helpful info.
Two friends - Casey and Jamie - are roommates in a 2 bedroom rental. After they split the $2500/month rent for a year, Casey realizes he is throwing money away and decides to buy a $300k house with the $20k he has saved. His payment is about $2k/month. Jamie stays in the rental alone, takes a trip to the Bahamas and treats himself to a new car. His Instagram is fabulous. Casey does some minor DIY home improvement projects to his new home and saves his money. His Instagram is boring. About a year later, Casey decides to upgrade to a new home. His current place is now worth over $350k, so he has a sizable down payment from the increase in value. He buys a nice home for $400k, but his mortgage is only $300k because he gained that $50k of home equity. Jamie is still renting - and unfortunately his landlord has raised the rent again. Ouch. Three years later Casey's house has skyrocketed to a value of $500k and he owes less than $275k on it. Of course, his payment hasn't changed. He has made $225,000 in equity in just a few years - and his monthly expenses are the same. Jamie's still renting and hasn't enjoyed any equity gains. But his landlord has.... Let's get you out of the renting - your landlord won't be happy, but your bank account sure will be.
Contact us to find a home you can own and pay yourself and not your landlord, and contact Mark to finance it.
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