this post was submitted on 04 Oct 2023
1258 points (99.1% liked)
Lemmy Shitpost
26782 readers
5359 users here now
Welcome to Lemmy Shitpost. Here you can shitpost to your hearts content.
Anything and everything goes. Memes, Jokes, Vents and Banter. Though we still have to comply with lemmy.world instance rules. So behave!
Rules:
1. Be Respectful
Refrain from using harmful language pertaining to a protected characteristic: e.g. race, gender, sexuality, disability or religion.
Refrain from being argumentative when responding or commenting to posts/replies. Personal attacks are not welcome here.
...
2. No Illegal Content
Content that violates the law. Any post/comment found to be in breach of common law will be removed and given to the authorities if required.
That means:
-No promoting violence/threats against any individuals
-No CSA content or Revenge Porn
-No sharing private/personal information (Doxxing)
...
3. No Spam
Posting the same post, no matter the intent is against the rules.
-If you have posted content, please refrain from re-posting said content within this community.
-Do not spam posts with intent to harass, annoy, bully, advertise, scam or harm this community.
-No posting Scams/Advertisements/Phishing Links/IP Grabbers
-No Bots, Bots will be banned from the community.
...
4. No Porn/Explicit
Content
-Do not post explicit content. Lemmy.World is not the instance for NSFW content.
-Do not post Gore or Shock Content.
...
5. No Enciting Harassment,
Brigading, Doxxing or Witch Hunts
-Do not Brigade other Communities
-No calls to action against other communities/users within Lemmy or outside of Lemmy.
-No Witch Hunts against users/communities.
-No content that harasses members within or outside of the community.
...
6. NSFW should be behind NSFW tags.
-Content that is NSFW should be behind NSFW tags.
-Content that might be distressing should be kept behind NSFW tags.
...
If you see content that is a breach of the rules, please flag and report the comment and a moderator will take action where they can.
Also check out:
Partnered Communities:
1.Memes
10.LinuxMemes (Linux themed memes)
Reach out to
All communities included on the sidebar are to be made in compliance with the instance rules. Striker
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
They have a new mortgage. They haven't built up equity yet, plus who knows what their damage is on other loans.
Their asset (the home) atm is still roughly equal to their liability (the mortgage).
I'm sure they'll be out of a negative net worth before they think but we also don't know what their damage is on interest rates, student loans, car loans, medical debt, etc.
I wasn't taking about that guy, he said he's underwater.
I was responding to your bullshit about needing to pay off 50%+ for your home to be a positive to your net worth.
"New mortgage" doesn't matter, as soon as you make the down payment, before you make a single mortgage payment, as long as the house hasn't decreased in value you have equity and that adds to your net worth.
As long as you can sell and have $1 left over after leins and expenses, it adds to your net worth. It's the value of the home less any leins, not your equity less any leins when determining what it means to your net worth.
Feel free to day one flip a new house for a profit after those expenses you're handwaving, I'm sure it's easy to do.
In the meantime, most homeowners will be breaking even on the investment, aka growing their worth, years or decades into ownership, assuming a stable market.
Much slower now than it was just a couple years ago, I hope they got a fixed rate.
Bro, you need to take the L here.
I'll ignore you obviously having no idea what net worth means and trying to move the goalposts from your dip shit 50% comment again and just say this:
Even in a buyer's market where the seller pays their realtor fees, the buyer's realtor fees, and closing costs, you're talking 7-8% tops, and I'm being generous here. If your home hasn't decreased in value and it takes you decades, or even just years, to have 7-8% in equity, you are a class-A fuckup.
Ok buddy.
Hey, smart idea, since homes are guaranteed investments right now, you should just start buying up properties.
I mean, if Blackstone can do it, why not you?
No need to even rent them out!
They just build equity for free!
Are you mentally impaired? Like diagnosed? I don't want to make fun of you if you are, that would be mean.
Stop putting words in my mouth and stop moving the goalposts.
You said you have to pay 50% of your mortgage before a house adds to your net worth. That isn't just wrong, it's dumb as fuck.
You said it takes years or decades to be able to break even selling a house. That's not just wrong, it's dumb as fuck.
Whether or not is a smart idea for a particular person to buy a particular house or if it's a good idea to invest in real estate vs something else are different discussions. I would bet it's a bad idea for you because you seem unable to grasp even the most basic concepts.
But if you want to pretend you're arguing with someone who says buy a bunch of houses and leave them empty to make money and ignore all the braindead shit you said so you can tell yourself you're right, go for it. I hope that attitude takes you far in life.
Ahhh all of a sudden we're admitting mortgages are both a risk and an initial loss in value, interesting.
Good luck trying to win internet arguments with insults, I'm sure it seems natural to you.
Doesn't tell the audience what your own insecurities are at all.
I'm not trying to win by insulting you, I'm doing that because you deserve it. You should feel bad about what you are. If you feel shame for it maybe you'll keep your mouth shut like a good little halfwit instead of vomiting out bullshit that might influence others to make a bad decision.
You can't win so you keep putting words in my mouth. I never said mortgages are a risk and I absolutely didn't say they were a loss in value. I'd say I didn't know where you're getting that, but it's probably right out of your ass like everything else. I not saying now that there aren't risks involved in buying a house but I never said there were, because that's not what I've been talking about. I've just been refuting your nonsense about home equity as it applies to net worth and the rate you gain equity after buying.
In case you forgot, once again:
You said you have to pay off 50% of a house before it's positive to your net worth. That's not just wrong, it's dumb as fuck.
You said it takes years or decades to break even selling a house. That's not just wrong, it's dumb as fuck.
My feelings are both hurt and my world shattered by you and your sockpuppet's fax and logik as you continue to engage in this argument you don't care about Q_Q
For the sake of anyone in the future that might be subjected to the inane bullshit that issues from your deficient mind, I really hope you do feel that way. Sometimes valuable lessons are hard to hear. Good luck applying them, I'm sure everyone in your life would appreciate it.