Why I’ll Rent for 3 Years

So why I’m I going to rent for the next 3 years instead of buying a house and not have the money I pay for rent go down the toilet.

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1. I don’t know where I want to live
– But I do know I don’t want to live in New York anymore
– I’m currently deciding between 3 states Nevada, Florida, and texas ( and I think 100% Florida is going to win, its just closer to family and makes a lot more sense)
– And yes I’m moving to avoid taxes

Here how I came up with this decision
– A year ago I started looking for properties in New York ( nearly everything I wanted in a property cost over 700k )
– Also because of my increase income ( I pay a lot of money in taxes, my accountant is Florida and she literally cried and laugh when she saw how much I had to pay for the year)
– Its mix between properties are way to high for what you get, plus tax-wise it makes no sense.

Tip: I’ve asked several people I look up to, what they think I should do. And the answer is always rent before you buy in the area, what if you DONT like Florida, if you’re renting you can leave but if you bought it now that’s a different problem.

It’s a solid expense that could avoid a massive problem.

2. Financial freedom
– As you guy know I invest nearly 95% of all my income into the market ( so in about 3 years I will have enough to cover all my expenses with passive income)
– So buying a house is going to slow that process down ( because buying Is more expenses than renting in the first 3-6 years )

Now here is the math:
– I plan to rent for no more than $1500 a month ( and potentially get a roommate ( to lower cost ) but let’s call it $18000
– The home I want cost 415k ( Mortgage + extras $2,179, plus 83,000, closing cost 4% $16,600, and extra money for maintence 1% $4150) = total cost $129,000) Year 1
– Year 2: Rent is still $18000 while buying is $30,000
– Year 3: virtually almost the same ( until year 6 when it becomes more cheaper to buy )

The point is: I can use those 3 years to invest heavily and save up for an awesome downpayment, so when I do buy, I know my investments can cover all of most of the home expenses.

3. I rather Buy Rental Property
– No matter how you slice it
– Usually buying a single-family home is going to be luxury unless you are renting, or house hacking ( eventually after 11 years or 30 years it turns into a great investment but not for a while)

My Plan is simple and I know what I want:
– Step 1: get my investments to pay for my living cost ( ETFs and mutual funds using the 4% rule)
– Step 2: House hack my first property ( or buy a multi-family home)
– Step 3: While I’m their build a portfolio of around 10 rental properties to cover all my cost plus more during market downturns)
– Step 4: buy the house I actually want to buy ( this is after maybe 3-6 years – but it’s the house ill buy with my wife and spent a little more)
– Step 5: work on using that wealth to fund the company I want to build.

Tip: every day I fight the urge not buy my dream house and skip all the steps. But patients is very important, especially when it comes to 30 years loans that cost of 400k.

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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