To the man sitting behind me on the train this morning, who stated he wanted to sell his house and start renting so that he could "save" $20,000 on property taxes over the next few years, who said he'd rather have that money in "his pocket."
Um, what?
You sounded like a nice person. You're a single dad of a teenager and obviously, you talk really loud on the train. If I'd had a financial background, or the business card of a financial adviser, I would have turned around and given it to you, because frankly, you're either full of sh!t or completely clueless.
The person who owns your new rental house? S/he might be writing the check to the tax office, but rest assured, you're paying the taxes. And you've lost your equity.
Or am I missing something?
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4 comments:
No, you aren't missing something.
And if he thinks he can get a decent place to rent, cheaper than a mortgage... unless he is already living way over his means... he is clueless.
I had a beautiful brand new, 3 bedroom / 2 bath / 2 car garage, 1623 sq ft brick home in Sealy, Texas that I am still kicking myself for selling in June 2002.
My mortgage payments were the same amount that I am now paying to rent an apartment (for a 1 bedroom 1 bath no garage 800 sq ft). And, now I would about 3 years from paying the darn house off and would have boat loads of equity.
Nope, you're totally right. Plus, any interest that you're still paying on your mortgage is tax deductible. That guy's a tool.
Uhhhhh? That sounds like fuzzy math to me!
I just had to laugh because some people are just so stupid, so stupid!
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