This 'rent calculation' card was why I bought my first home back in 1985.
When anyone sees how much they spend on rent, it's depressing and alarming to see how much it adds up to overtime. In my scenario, I was spending $850.00 per month to live in a 2 bdrm Condominium in Martinez, CA. I rented that place from Vince Manzarri for more than 3+ years while working at First American Title in Concord, CA.
When I saw how much this totaled over time and how much of his mortgage I had been paying, it really made me upset with "myself" for throwing the better part of my salary into someone else's homeownership.
Try it yourself:
1. Write down how much you spend/spent on monthly rent?
2. How long on average do/did you rent?
3. Lookup your monthly rent, then go to the yearly row
This should be enough to open the door to "ANY" renter for a conversation about the potential of buying a home vs renting someone else's. Remind your prospects and clients that money spent on rent has no tax benefit, can't be recouped, you're paying off someone else's home and for a few bucks more or less, you can own your own!
I created this using Google Drive and a spreadsheet. I didn't factor in equity or interest on money spent, just the raw total of what it costs over time to rent. You would want to make sure you add your branding and contact information to a piece like this, I guarantee renters and first-time buyers will be knocking your door down to buy a home.
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