ncome tax and property tax is really bad taxes, ---------------------------------------------------------- Simple Jimmy. Do not buy a house, rent. That saves on upkeep and Property Tax. A home as an investment is a fairy tale for the most part. Income tax hits all people Jimmy. 40% of a Million is still more than 15% of 20k. Both Successful people and poor people get hit. Poor people, for the most part live beyond their means, spend money a stupid shit and have some sort of Gov. assistance like food stamps and special energy vouchers. The poor are hurt more by the Gov. trying to help them than by Taxes. But I agree that TAXATION is outa control for all.
This ain't correct. ------------------------------ Shucks.....it aint correct that renting will save you paying property tax? Damn, I guess I'm wrong then. In theory, the Property tax is passed on to the Renter. But not in this current economy. Renting right now is far cheaper than owning a home. Many are renting for less than what the mortgage and taxes run the Owner. Second, if you rent in a duplex, taxes are spread out between Renters. If you live in a building the taxes are spread out among units. In my loft building alone I know a few people who are renting their units out less than what it cost them to carry. Plenty of houses in Texas renting a lot less than the tax and Mortgage.
Nope. Moving to Tx next year. I've been looking. I can buy a 3k house in a North Dallas sub. (Allen, Plano) for around 3-400k! That's the down payment for a house in Westchester/Putnam NY or Bergen/Passaic NJ. I can sell my house (even after the downtown) and buy something comparable and still have about 200k in the bank when I am done. The Northeast sucks. Point being is that y'all bitching about how high the property taxes and such are in Texas but you ain't got nuthin' on the NYC metro area. That's why I can't wait.
Well, for any statement, there's almost always exceptions, but, in general, a renter is certainly paying the taxes and upkeep, whether he knows it or not. Otherwise, why would there be rental property?? Because rich people are so generous, right?? (in ESPN-style: Come on EM!)
hey jimmyzee, Can you imagine the sound of supernova exploding in space ? congrats on ET 1st edit : really this is an ALAMO moment !!!
Umm, that is not exactly true. It really depends on the market. Here in Chicago most condos are cash flow negative. The market simply won't allow the owner to pass through all the costs. This is true in many markets. The rent is market based. Sure an owner would love to pass through all the costs to the renter. But he also doesn't want his property sitting empty. It's really not a matter of generosity. The free market will decide.
Ah ha! Just as I thought! Rich folks are really stupid! But, wait. Maybe I shouldn't jump to conclusions. Let's see what they do over the long term. ;>)