Its been a while. Huh? So lets have a group discussion.... I have a friend who has sold her home due to circumstances out of her control. She can afford it, but it just....anyway, she sold it. So now she is looking for a home and shes seen them all. And now shes thinking she may just rent. And the banker in me, and her as well, says NOOO! Youre throwing your money away! Weve all said it or heard it at some point, right? Then something occurred to me...... what money is she throwing away, exactly? She is homeless, sleeping on friends couches with a 2 yr old gbaby and just want a space of her own. She plans to buy long term, but cant find anything. I have advised her (shoot me if I am wrong) to rent! That payment that WOULD be going to a mortgage is probably only about $100/ month to principal. The rest is interest. So, she has no yard work, no maintenance to keep up, free pool access, and a gated community. Not to mention, about the same amount of room as she would have if she bought. So how do you feel about this? Everyone chime in and let me know if youve ever faced anything like this.
Posted on: Wed, 25 Jun 2014 18:04:53 +0000
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