Getting a loan to pay bills
And told you how long, this is why you got to read the entire message instead of jumping in to respond. The rent request was so I could compare the same house being bought as a rental (investor) nad a homeowner.
Threads like these bring out people who i need a small loan to pay bills are so ingrained in their beliefs that nothing you say will sway their opinion. So essentially I am paying 750, in order to save 1600 since I get no equity while renting. It all occ guidance on small dollar loans depends if you want to count your equity gain immediately or not. But hey, if you want to keep thinking that your home is not an asset then by all means you are entitled to your opinion, I have several properties that you can rent from me if you are so excited about renting instead of owning. After 30 years of renting all you have is an empty box of kleenex after wiping away all of your financial tears. This thread became so ridiculous it finally forced me to post to a biggerpockets forum. Has anyone read the book and is it worth looking into? If you have read the book it would be nice to hear your take on it. First, your personal home, in business, is never employee payroll loan truconnect used to leverage any business investment. Banks and Mortgage brokers use people like you 2 to payday loans no credit check direct lenders leverage your own home to buy another home. It has nothing to do with how much money your saving from not paying rent. If your not paying out 1600 in rent instead your paying 950 on a mortgage payment. Not making my home an Asset because it does not generate cash flow.
How could you even consider that as getting a loan to pay bills an analysis???? Considering your home an asset if you have mortgage is ridiculous.
An asset is an economic resource that a) can be owned, and b) is expected to provide future economic benefits. Is a good contractor, property manager, and agent an asset? You have to pay each of these people so according to you they are all liabilities. Is a duplex an asset if you live in one side, and the rent from the other side pays your entire living expense?
When you need to show proof of assets for qualifying as an accredited investor, what items do you list? People getting a loan to pay bills need to stop inventing their own words and changing the fundamental meaning of words.
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If you have, then you will have agreed with me that the home is an asset, and the debt on that home is the liability. Furthermore I doubt that very many people getting a loan to pay bills would argue that renting a home for 30 years is economically superior to owning a home for 30 years. How do you own something that is nothing but a liability, and end up profiting massively from it? You have also fallen for the philosophical school of the mortgage industry taking advantage of people by making them believe a mortgage is an asset because it holds economical value. Robert Kiyosaki is a great man, and a better salesmen for the mortgage industry. He banks on making people believe mortgages are assets because the end result is ownership of a home. It is a liability because it sucks cash in return for an asset, a home. Duplex, triplex and quadplex realize cashflow therefore using the argument of realizing cashflow by holding a mortgage is correct. One is physically realizing cash flow, or rent from the tenants. The mortgage of these types of properties is an asset because holding a mortgage holds economical value to you the owner. Same with a home in rural america cash flowing 200 a month. For an accredited investor showing proof of assets in the form of cash is difficult because how can I as a third party prove the cash is absolutely yours. Assets in this case are tangible items you can legally prove ownership of.
Cash is tangible but difficult to prove absolute ownership and difficult to collect if lost in court. Renting a home is not economically superior to the homeowner because owning your residence inherently states you will live in the exact location. People do not need to stop inventing their own words and changing getting a loan to pay bills the fundamental meaning of words. Your statement is the following " If you own a home then the home itself is an asset, and the mortgage on that home is a liability. This is what I mean about the owner not thinking it is an asset to the owner. The physical home is an asset to your lender, insurance company, the contractor because it generates them cash flow. The mortgage is not an asset to you the homeowner because it does not generate economical value unless traded. A mortgage is not an asset to you, the homeowner, it is an asset for the lender.
By this I mean you can not say you are saving money online payday advance loans money same day bad credit because your mortgage is less than someone whos paying rent. You are simply comparing apples to oranges and stating your "saving" however, no physical cash flow is being earned. Its an analysis derived by the mortgage industry to sell you a mortgage. The asset itself is a liability because it does not cash flow and can be lost in court either by civil lawsuit or bankruptcy. The government understands this, which is why the preforeclosure and foreclosure laws where enhanced. The original argument was a mortgage is an asset because instead of paying 3000 a month in rent one pays 900 towards a mortgage thus realizing 2100 a month. I said that was incorrect because theres no cashflow. The physical structure or land is an asset,yes, but not the mortgage, regardless of the savings one thinks they are realizing by comparing it to someone paying rent. Furthermore, your last statement, "How do you own something that is nothing but a liability, and end up profiting massively from it? The only reason you profit massively from it is because you rid yourself of the liability, thus now realizing a profit by no longer holding on to the liability. Liability in the sense that the home did not cash flow before you sold it. You traded the liability for a profit because the mortgage industry are great at making people think taking out a mortgage backed by the physical asset of the home is an asset to the owner. When in fact even after paying off the mortgage the home continues to out flow cash. The asset, the home, in this case hold getting a loan to pay bills economical value because the mortgage is backed by the physical asset, the home. The liability of holding the asset generates you a profit when traded.
To a financial institution it is an asset because it holds economical value long after the mortgage has matured. If the fact that it will ultimately be traded for a gain is the new definition of asset that you wish to use, then the house that I live in will also be ultimately traded for a gain. Neither the gold bar, nor the house that I live in generate me any cash flow on a monthly basis. The only time money is made is when the asset is sold. If the gold bar is an asset because it will eventually be sold for profit, then my home is also an asset because I will also ultimately sell it for a profit, or if I die prior to selling then my children will at some point sell it for a profit.
Do you see what kinds of problems you run into when you start magically changing the definition of terms? But wait, You also said when I sell I will realize cash flow.
This is what happens when you invent your own terminology for what an "asset" means. Then you say the gold will provide cash flow when you sell and is therefor an asset but the house can do the same thing. This fictitious definition of words leads to circular logic that no longer makes any sense and is mental drivel. What kind of mental gymnastics is this that it is both an asset and a liability at the same time. The correct logic is that the house is an asset, the debt on the house is a liability. By the definition of terms an item can not borrow money online instantly apps be both an asset and a liability at the same time. If an item is an asset and a liability at the same time, the net worth equation changes from being..
If I buy at 950, as opposed to rent at 1600, then in 30 years I will have paid 342k towards my mortgage. Being extremely generous, and for bad credit loans san antonio simplicity sake we will omit annual rent increases due to inflation and say that you just pay a flat rate of 1600 per month unsecured personal loans no guarantor for renting. That total then comes to 576k over the same 30 year time frame. Thats a 634k spread in net worth between you and I when I decide to sell my home, and if I never sell my home and simply die then its still net worth for my children.