Buying or Selling a Home/Owning


QUESTION: Is it better to own property than rent it? I find I don't earn enough money to pay the cheapest rent in town which in and of itself makes me depressed. But I figure owning should be cheaper in the long run? My friend tells me though that getting a morgage does not favor people like me that earn less than 25k. Is the system broken? If I could find a 50k house I'd only need a loan for half of it. What is the best way to go?

ANSWER: You're asking a real estate broker THAT question, James? As far as this 84-year-old broker is concerned, it is ALWAYS wiser to buy rather than rent. In fact, if you were able to buy a residence AND THEN RENT IT OUT TO A TENANT, that would be better yet.

But it is a long hard road for someone who earns less than $25,000, especially if you live in New York City . . . but it definitely can be done. If you were able to buy your first house, you'd be well on your way to earning enough to building your estate.

I would recommend you find yourself a very knowledgeable real estate broker in your area and ask him/her your question and you will be earning enough to owning your first house (or property) before you know it. The government offers all kinds of programs that will help you obtain a mortgage . . . but you must maintain good credit. You might also consult with a knowledgeable mortgage broker.

First of all, Google yourself this question: How do I buy a house while earning less than $25,000? You will get all kinds of answers, not the least of which will be suggestions to read all kinds of real estate books. If you are willing to do that, you will be on your way . . . but it can be done! I do wish you well, James.

Dick Dennis

---------- FOLLOW-UP ----------

QUESTION: I asked the same question previously to a female real estate broker and they told me that if I can't afford the cheapest rent that I likely can't afford to buy some house. A friend of mine said female brokers tend to be all the same. lol. I'm from a Buffalo, Ny suburb so things tend to be much cheaper here, but not quite what I would need. My means are simple. Double the size of a cheap motel room and that works for me. But you wouldn't say the system is tilted towards people that make more, or maybe houses are built with wealthier people in mind? My friend makes roughly what I do and mostly paid for his house himself, but needed his nurse fiancee to cosign to even get a mortgage.

I agree with the female broker, ordinarily, James, but not all real estate agents are that knowledgeable. And you have  to really apply yourself in what I suggested previously.

It's going to take A LOT OF WORK!!

And you might consider getting a higher paying job or jobs in the process. By the way, if you ever get the opportunity, never, never, never cosign for somebody else to get a mortgage.

But you can get a start in real estate. It can be done. Just do it. I did it 47 years ago. So can you.

You might want to consider moving to another state. Texas, Mississippi, North Carolina, West Virginia, Michigan and Ohio are places where you can get a decent job and an easier opportunity to buy a property. But if you have lousy credit, all bets are off. Take care.

Dick Dennis

Buying or Selling a Home

All Answers

Answers by Expert:

Ask Experts


Dick Dennis


With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.


Solving real estate problems for 37 years.

National Association of Realtors

Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers

e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate

©2016 All rights reserved.