Quote:
Originally Posted by MGM135is
For example, if you rent, you are probably paying the owner’s mortgage or more for them. So not only will you pay the same or less per month with a mortgage, you can claim a deduction on your taxes on interest paid.
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Except for cases where people w/o much equity moved out of their property and are renting it out. There are people (not me) whose mortgages are higher than the market is bearing for rent. I think that is mostly people who bought around the peak of the last bubble but either put nothing or next to nothing down. That or they never took advantage of a program to refi to a lower rate. Sucks to be them.
I recently met a family that just moved into a house but are hoping to rent out their original property. They won't sell because they are underwater on it. Knowing that area, if there mortgage is what I think it is.....holy crap.....they'll never get that in rent. Even if they do, the property taxes are high so they'll still be eating that + the association fee + maintenance + insurance......all that in addition to the new house.