Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
"Rebecca Nassar Dunne" is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for sharing, I must say, Rebecca appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.
I'm in Michigan, and the housing market here over the past 7-8 years has been unprecedented. Houses that were purchased for $130K in 2015 are now going for $590K. These are tiny, poorly constructed 950-square-foot homes in quiet, mediocre neighborhoods. Meanwhile, nicer, average-sized homes in better neighborhoods that were over $300K a decade ago are now selling for $750K+. It's wild.
A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
I actually subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?
Vivian Jean Wilhelm is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
Back in 2007, during my time working in real estate, I witnessed people purchasing newly built homes from builders with the plan to sell them before the closing of escrow to another buyer for a profit. The crash hit hard and fast, and I vividly recall many of these units ending up foreclosed upon, with the builder's plastic still covering the carpets.
Most people find it difficult to handle a fall since they are used to bull markets, but if you know where to look and how to maneuver, you can make a size-able profit. Depending on how you intend to enter and exit, yes.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
It's always frustrating when the advice is "shop around, find out everything, haggle, etc.", when usually the answer boils down to "This is more than you can afford no matter what you do."
Not only that, but if you spend the time researching a property, the property will be gone by the time you're ready to make an offer. This advice is from experts that haven't really been in the game themselves recently.
@@LimitlessJaysonstrictly speaking a mortgage is just the payment on the loan from the bank. It doesn’t say anything about property taxes, maintenance, HOA(if applicable), utility costs, etc.. There’s also several types of mortgages. A “conventional” mortgage in the US has a fixed interest rate over its term, but variable rates (think ARM) adjust over time. It’s worth doing some research before going into it. It’s a lot of information, but it’s all freely available thankfully.
True. But I got to say, as a recent homeowner, I love having more control over those expenses. At least I know what I owe every month versus being subject to a landlord’s whim. It helps with budgeting and saving more effectively. People don’t realize how much rent has increased over the last several years. Also, in my experience as a renter, landlords do the bare minimum repairs because they’re trying to save money anyway… I can’t tell you how many things I’ve had to fix myself as a renter.
@@LimitlessJayson you buy the house for 250k and end up paying 370k from the interest. the mortgage is almost never paid in the early stages. You are paying interest, not principle. You can also still lose your home at any time with a lien through HOA, etc. The upkeep is real. New roof, HVAC system, flooded basement, blah blah blah. Property tax is forever.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Annette Marie Holt for about two years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
and further downstream costs of car dependency like paying gas, insurance, maintenance, tolls, and the constant grifting from parking at events. Life in America just feels like an endless grift scheme.
Housing prices likely won’t drop significantly until supply increases. The U.S. is short millions of housing units and isn’t building fast enough. Demand remains high, and even a small dip in prices attracts many buyers. I’m looking to buy affordable houses in 2024 and maybe invest in stocks. When’s the best time to invest in stocks? Some say it’s profitable, but others warn it’s risky. Any advice?
Consider buying stocks when the economy is not doing well, like during a recession. It could be a chance to buy them at a lower price and sell later when prices go up. Just keep in mind, this isn't financial advice, but sometimes it's better than keeping a lot of cash.
Having an investment advisor is the best way to go about the stock market right now. I used to depend on TH-cam videos but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
“Jessica Lee Horst” is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited $560k in 2023 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
'Sharon Ann Meny' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
My husband has two full time jobs and I have one. One small child who stays home, no daycare. We cut costs everywhere to try to get ahead and pay off debt (mostly student loans). Our A/C and Furnace broke at the same time - $15,000 bill. With groceries being triple the cost, all insurance increasing in price, and all baby related things being inflated - it's hard to get ahead. I'm sick of this "healthy" economy that's actually hurting us all. You can do all the "right" things and still lose.
Don't buy a condo unless you want to smoke second-hand marijuana, now that more and more non-cigarettes smokers are hooked on smoking marijuana in America.
This administration is putting many families in difficult situations. A lot of people are financially struggling to live, put a roof over their head and put food on the table. Things are getting worse these days, if you don't find means of multiplying your money you might wake up a day to realise you didn't plan well for yourself and family…
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate and stocks..
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
@@izagdlife Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances...
@@charlotterayeee How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
@@izagdlife *Mr Gary Mason Brooks* is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Fighting 8.5% inflation (more like 35%) with a 1% Fed funds interest rate is like stopping a forest fire with a bucket of water. Folks prepare accordingly. Make investment in other not to depend on the government for funds
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or crypto and stocks
I think trading is easier with proper guidance, especially from a professional. It really helps reduce the chances of running into losses. All thanks to Mr Larry Kent Burton He changed my life, I was able to pay off my mortgage
So let me get this straight…renting is fcked because it’s expensive…mortgages are fcked because it’s expensive. What now? How is this feasible going forward? No matter if you’re a dem or republican, you can agree this needs to be solved ASAP.
Its impossible to make an expensive product less expensive long-term without making more of them faster than demand grows. But you also can't continue to cram more houses in the same cities that have been prominent for the last 100-150 years. The lack of available developable land keeps prices high and you can never keep up. We need to spread out. But you can't just build a home in the middle of rural [insert random state here]. There has to be infrastructure. Well paying jobs. Opportunity. That is where government should be helping encourage development of new communities. I say that as a Republican who generally thinks the government should stay out of most things.
Encouraging is good, but subsidizing isn't IMO. WE the people shouldn't be paying for that encouragement. Like those wind farms: If it was such a good idea, people would do it on their own and not need government subsidy... I mean encouragement. Multi-family/multi-generational homes may become the norm again.
Never take the maximum amount you're approved at. You're setting yourself up for being house poor & cash strapped that way. Banks will always stretch it because they want that interest. I only used about 33% of the amount I was approved for and am not stressing as a result.
I had my mortgage lender try to tell me I could afford a 220k home when I told them my max was 150k. I knew there no way I could afford something that was an extra 70k
Meh, on the other hand, your income is likely to go up as you progress further in your career, and as wages and prices of everything goes up over time. So buying at the top of your approval might feel tight at first but over the course of a 30 year loan, it's going to feel like nothing in 5, 10, 15 years. And since all real estate appreciates over the long run, starting with a bigger investment will net you bigger gains.
I'm in Canada. Bank qualified us for $1.2 million cad mortgage. 😂😂😂😂 We sold our Toronto house and bought a $550k house in the boonies with $90k mortgage. Money left over went into retirement and our kids college accounts. $1.2 million 😂😂😂😂 We bought in our early 20s and spent 20 years paying off $200k mortgage. $90k mortgage is very easy. We can do that. The bank has lost their ever loving minds 😂😂😂
I bought my house in 2018. My home insurance has more than tripled since then (1200 -> 3800 in 6 years). And the company I'm with is still one of the lowest premiums compared to other quotes I've received. It's completely unsustainable and ridiculous.
Your home insurance should go up! Your house probably more than doubled in value since then. So you are insuring a home more than twice as expensive to replace.
Biggest thing I learned from home ownership since I bought my first home two years ago is that the “maintenance and repairs” people talk about out is very real. I thought “Meh, those will be rare occurrences”. But even in a newer-ish home (mine was built 2005), stuff definitely happens lol. Maintaining the front and back lawns, small crap that happens with the garage, a faucet acting stupid, etc. Stuff just happens and having a fund for that is important.
yeah i rent an apartment with a detached garage and the garage caught fire. Thank god i was working from home and could solve it early so no big damage have happened but all the electronics and some parts of the roof had to be rebuilt. Now it is not a single unit garage so the owner not just had to take the amortization cost fully and thank me to save the property, had to go into a negotiation with the other owners. Losing money and time with a lot of stress. My only complaint is that i don't have electricity in the garage. Owning is not just see my portfolio bro...
One time my mom randomly purchased a bent swiffer thing for the ceiling fan because she thought I'd like to use it for cleaning and then....BOOM she pulled the whole fan down with it and broke all the bulbs. Thankfully not hurt. Sigh. She meant well, anyway. We laugh about it now.
Lady’s a straight mongaloid. “Inflation may have people questioning homeownership is a good investment” Not evening goin to into the specifics of how idiotic that comment was with about 0 financial knowledge.
This exactly. I hate hearing people looking to buy a home with the expectation that it will increase in value and they can sell it some day. I bought my place to live in it, not to invest. People don't get this and buy a house they can't afford and then they are house poor.
That's not *technically* true. Historically, it has been an investment, and anyone who can afford to own several rental properties can see a great source of primary or secondary income. The problem is that treating real estate as an asset and investment is a horrible idea economically, and the US and China are the biggest offenders by a long shot. Homes aren't supposed to be avenues of generating and storing wealth, they're meant for owning your own property to live in. I wouldn't say that it boils down to *just* a lifestyle decision because of how ridiculously expensive renting has gotten as well. Owning a home is still objectively better, financially speaking (not in every single case of course), than renting when the overall monthly cost is so close. The problem is that with interest rates being so high, general home values being high, AND people buying above their means they're rapidly becoming money sinks. People would be far better served downsizing and putting more money into stock investments instead of a higher ROI, but what the hell are we supposed to downsize to!?
1) Owning an apartment condo is basically having rent control. The averted rent increases are your returns. Same effect as an investment. 2) House ownership is definitely a lifestyle decision. If you want to be solely responsible for an entire building as an amateur property manager, you should expect a LOT of risk. 3) Real estate as a sector is a not very good investment, reits generally underperform the market, and a single unit is an incredibly undiversified and risky investment. But people can get rich from real estate because investment mortgages are essentially a crazy amount of leverage, 5x or more with no margin calls. Small landlords who put their life savings into investment properties have the most incentive to block new housing
How much income gross do you need to afford a $400k home? The cheapest i see in my region is 400k. Im 29, earn $120k, no debt, single, no kids. I swear I look at zillow and search my region or other regions and the monthly estimate is crazy. Who can honestly afford homes nowadays? I make more than many, save 13% of my income to 401k/roth, drive a paid off old car. YET it doesnt seem I can get a home. I KNOW MANY ARE WORSE OFF THAN ME.
If your area is anything like mine, a mortgage is way WAY more expensive than the rental rates for the same homes. I’m over 40 and have finally settled on a corner of this country to settle down so my wife and I bought a place early this year so we don’t have to deal with landlord, moving, and we can have a huge tax write off on mortgage interest. The place was over $900k and we make double what you do combined and it’s been affordable for us. No kids, one car payment, 15% down.
Do you really love the city that you live in? Are there opportunities to relocate your job? I'm fortunate to have bought a house in Northern California during the 2009 housing crash. So, I am ok. But if I didn't have my house, I would have relocated to my employer's Tulsa, Fort Worth, Jacksonville, or maybe Cincinnati office where I could buy a house without stressing my finances. I like the mountains, ocean, and climate of California. But it's not worth being stressed over money every day. If you can get into an affordable market with a 6-figure income (even if you have to take a pay cut), you would be in a really good position to grow your wealth.
@@patrisio3 thank you for the comment! I checked and I don't have to live here. I can live anywhere. I'm tied due to family. Most of my family is in southern California. I want a small condo as my forever home and I live the region. The problem I have with moving in today's market, is that the ROI isn't as good anymore. The rest of the country went up and when I consider the costs of moving, settling in a cheaper less desirable area very far from family and it's not even that good of a deal anymore, I get turned off. I'm not asking for much a 1 bed condo. I've done my job to have no debt and a good income. If I can't make it, then I KNOW many else can't. So I'm sorta waiting for the correction in the market to jump into something.
@@mylesgray3470 So your family is $240k gross for a 900k home? If correct then my income should suffice for a 1 bed 400k condo right? I'm one person. Tbh I'm sorta waiting for the market correction since I know many are struggling around the nation so something's gotta give. I've come to terms that at minimum in my life, I'd be happy with a small space vs a big home as long as I can live here near family and this great climate. As long as I can pay it off, I'll never be homeless and can save. Sad how expensive the American dream has gotten. I've done everything right, great income, not even 30 yet and I can't make it.... Just sad.
@@djm2189 Yes, you should be able to swing the 400k on $120 salary. The market here I. Seattle prices went parabolic for about 6 months and then corrected back down about 10%. Right now the market here is a little soft. I underbid the house I bought by $50k under asking. It felt like a good opportunity. Usually any dip in real estate is short lived. When rates come down, it’s likely to get competitive again. Best of luck!
As a homeowner, this is how I saw it when my wife and I decided to buy a home. If I can sell it for what I got it for, (adjusted for inflation) I'll be happy. If it happens to gain value, great!
It’s not usually an investment unless you get lucky with timing and/or put a lot of work into it to increase its value. If you buy at “retail” prices (bought with no work to put into it) it will be difficult for it to gain value in excess of inflation. It can be viewed as an investment in that it is an inflation hedge.
A complete scam. The only people doing well are the rich who get all the profits. Also Realtors have been getting away with highway robbery by getting 6% of the home value as their profit. This makes it more advantageous for them to overprice the home value so they can get more profit which is exactly what happens. And the higher the home price the more insurance and taxes you pay.
If you entertain them and fall into it. You don’t have to let it become a scam. Tackle all your consumer debt, keep your living expenses low, save up gazelle intense and buy into a starter home. Not too difficult. American dream is alive and well.
@@dral22 not all landlords are greedy- my dad is one and runs affordable housing apartments that he personally owns. The only reason prices get high is because 1. Landowners can’t afford to cover expenses 2. Greed. The landowners need to be profitable just to keep the place running. If the building wasn’t profitable then the building wouldn’t get maintenance. The ones my dad owns wouldn’t get repairs then either. To be very clear affordable here are apartments sub $1000 with it being around $400 a room. The government also helps people move into these by covering expenses. The issue is that when these private companies get into the apartments and drive up the prices- they tried to force my dad to double the prices to keep them up because the own a major rental building next door with 100s of units.
I remember thinking "well buying a home would be annoying because of the lawn mowing, shoveling, etc... but at least it'd be a cheaper monthly payment than renting". That changed around 2020? and now it's like... why? Equity? Equity doesn't mean much to me if i can't afford to pay 2500-3000 a month with mortgage + property taxes + utilities + whatever goes wrong in that house.
Man, these monthly home payments are giving my savings account a run for its money! 😂 I’ve got $234k sitting in my emergency fund, waiting to jump into investments, but with these housing costs going through the roof, I’m wondering if I should just start renting out my savings instead! Anyone got a hot tip on where to park this cash before inflation eats it all? Or should I just buy a tent and call it a day?
Ha! I feel you, but maybe don’t go full tent-mode just yet. Sure, the housing market’s a wild ride right now, but that’s all the more reason to get strategic. You might wanna consider talking to an investment advisor to navigate this mess. It’s not just about dodging high payments-it’s about making sure your $234k doesn’t turn into $234 thanks to poor planning. Just saying, a pro could help you turn this into an opportunity instead of a headache.
You both make solid points. I’m in a similar boat, got some cash saved up, and these skyrocketing payments are making me question everything. I’m interested in finding an investment advisor, but honestly, I’m clueless on where to start. How do you even find someone legit? The last thing I want is to end up on the bad side of a bad recommendation.
There are a handful of CFAs. I've experimented with a few over the past years, but I've stuck with ‘' Linda Aretha Reeves” for some years now, and her performance has been consistently impressive. She’s known in her field, look her up.
Thanks for sharing, I curiously looked her up on the web now, and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Or the same item should not be taxed multiple times. Why the hell do people need to pay taxes on a used car or whatever that’s been used and had taxes paid for them already
One of the biggest injustices is that you spend thousands to make an improvement to your home your property taxes will be increased. If the government wants to raise my taxes let them pay for the improvement.
Wall Street or mom/pop aside, If you have the means to invest in real estate, you should. I'm assuming you want to own a house and retire at 60, but that's just a framework the government put in place to keep you working. You should strive to retire earlier or at least not be dependent on a job. There is nothing wrong with renting if you are actively investing elsewhere (stocks, 401k, real estate, small business, etc)
But they fight tooth and nail to deny valid claims . Regardless if they pay out or not they will raise your rate or drop you completely fordoing their job wtf@@johnwesely
*I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.*
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
People dismiss the importance of advisors until they are burned by their own emotions. I remember a couple of summers ago, following my lengthy divorce, I needed a good boost to assist my business stay alive, so I looked for qualified consultants and came across someone with the highest qualifications. He has helped me raise my reserve from $275k to $850k, despite inflation.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.
Vote for different local politicians. Stop worrying about the president who has little effect on your life, focus on your local politicians, the ones who directly affect your property and sales taxes.
Sure, I can't wait to ask my realtor all those questions. This will be fun. Realtors are some of the dumbest and most misinformed people I've ever dealt with. You are on your own doing your due diligence
After now dealing with buying a home twice I feel like a lot of the people involved in the housing industry are morons to some degree and I'm not surprised how we ended up with the housing crash in 2008.
I had a bad experience with a realtor who was working in cahoots with the seller's realtor. They quoted me a higher price and didn't give me the opportunity to make an offer, claiming that the seller wouldn't budge. I later found out that the seller was unaware of this, and the realtors only cared about the price going down because it would affect their commission. It was clear that both realtors were only interested in their commission rather than in representing my best interests as a buyer or seller. A lot of corruption in the real estate industry!
Not quite true. A town near me actually lowered theirs recently, but that's because the income levels are so high and the overhead is low (rural area).
@@ElFonzieG13 if your rent and mortgage/repairs/maintenance costs are equal, then yes, absolutely, owning is much, much better. but that's not the case currently in 2024.
I love how they angle as the homeowner's fault for inflation, not thinking of their home as an investment, and shifting the blame from companies buying up housing. Those who lived well with in their means early on in their mortgage may not have the same fortune ( fixed income, incomes, etc.) Within the last half decade. Im sure the banks would love to offer a new loan at a much more inflated percentage rate. 💰
You never fully own your home, you rent it from the government. If you fail to pay the taxes they can take your property and sell it to cover the taxes. In some cases the government will give you any money that they get above the owed taxes, in some cases they keep all the money from the sale.
If you own part of the town you have to pay to keep the schools open and the sewers running. Get over it. Having a minor financial responsibility to maintain the community you live in doesn't mean you are "renting from the government." It just means you are a citizen who has the responsibility that comes with freedom.
Finally people are waking up and realizing these mega homes come with mega fluctuating operating costs. Like property tax, home owners insurance, HOA fees, damage from extreme weather events.
Yet another video about property taxes with no mention of the fact that you can just run for local office with several friends and cut property taxes to zero. The power is in your hands. Similarly, home insurance is optional once you get rid of your mortgage company ❤
The quality of the houses sold is very poor. The USA is ranked 29th out of the 30 advanced countries when it comes to the quality and longevity of the property
You call those hidden fees? I just bought a house so I can tell you hidden fees. You go to replace smoke detectors with a legitimate hardwire option. $80 per detector. 5 detectors are at least $400 You then notice your grass is growing out of control A lawnmower $500 Then you mow the lawn and see all the grass on your driveway A leaf blower and wire trimmer $500 combo Your gutters are blocked $500 clean up You're roof is too tall to reach the gutter $500 ladder The lighting in the house is too dim $20 per bulb with 20 bulbs is $400 Guys I haven't even dove into the repairs that the home inspection told me about! I haven't even dove into the furniture, the groceries, the kitchenware. Every time you go to a home improvement store, you can be sure you are going to spend at least $100 on something tiny! I know about taxes and insurance. Obviously they increase every year. People who tell you otherwise haven't researched enough and just are thinking of the glamour. That being said, It's a game it's a challenge, but you know what, I love it! I feel I have purpose in life again and Home Depot has become like my Toy R Us as an adult. 😅
Large corporations need to be removed from individual home ownership markets. They are hurting the actual market by keeping properties off the market to maintain higher prices, they are very detrimental to allowing the market to go down so that it works properly and individuals can actually get a home vs. being stuck as renters for these corporations.
How would you prefer to pay for your share of the roads, sewers, schools, parks, trash pickup, police, etc? I like living in a nice, properly funded town with good infrastructure and services. The tax bill keeps the freeloaders out too.
no, it's not. Otherwise we wouldn't see the paradoxical inverse correlation between household income and fertility. The higher the income, the lower their fertility.
@@olska9498People are changing, majority of younger people into their 30s and 40s are deciding against kids....among the factors are that economy is in bad shape. We are evolving in mindset and behaviors.
Parents need to teach their children that trades, not degrees with ridiculous student loan debt and low paying job prospects, is a great path to success!
@@triforcelink Yeah but in places like California, the land is worth $1M and most techies just demolish the home and build a brand new one on the land.
Hallelujah 🙌🏻!!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻. I was owing a loan of $49,000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $11,000 and got my payout of $290,500 every month…God bless Mrs Susan Jane Christy ❤️
I've always wanted to be involved for a long time but the volatility in the price has been very confusing to me. Although I have watched a lot of TH-cam videos about it but I still find it hard to understand
Look in the midwest .....Missouri, Ohio, Indiana, Illinois (not Chicago area) , Michigan (not Detroit) . Home insurance also tends to be lower and taxes too. Those places you can have a decent home under 3k a month
The thing is, investing in the stock market or businesses historically had greater returns than home ownership, as it should; it is way more of a productive use of capital & economic driver. The only reason it was seen as helping to build wealth is most Americans either didn't save/invest/contribute to their retirement & treated their house like a piggy bank. This has reversed with rising/inflated home prices & people now treating housing like a speculation/investment which will only lead to bad outcomes for everyone.
@@solitivity It won't happen. Corporate America turned housing into an investment, but it's an investment with very few stocks available, and very few added each year. That means they can manipulate housing prices more easily than reddit can manipulate Gamestop stock prices.
But you live in a house that you purchased, while stock market investors live on a rent. Did the statics deduct that rent amount from the stock investment return? Unless you live in your parents home, the opportunity cost of not buying a house is significantly high
@@jessepinkman8158 Yes, it accounted for rent. The idea is housing costs are relatively a fixed expense, so you would want to spend as little as possible (within reason) to put capital toward better returns.
Keep in mind that during the 80’s people were encouraged to save due to the interest rates. Right now there’s very little incentive to save because those who are saving are watching those who are reckless taking it in. I’ve been trying to save for a home and it’s been discouraging to watch prices continue to not budge because there’s people willing to get into a mortgage where they’re paying 40% of their income. It’s insane.
The housing market poses difficulties due to uncertainties about the Federal Reserve's ability to curb inflation and reduce borrowing costs without adversely affecting demand for assets like homes and automobiles.
I suggest you offset your real estate and get into stocks, A recession as bad as it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short-time buy and sell opportunities too. This is not financial advice but get buying, cash isn’t king at all at this time!
You are right! I've diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
*Gertrude Margaret Quinto* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Completely agree.. We already paid those taxes when we bought our home so why do we need to keep paying it every year. The only possession that I can think of that we have to pay taxes on year in and year out.
1) Rents and the price of real estate are forever connected. 2) Hedge funds that buy real estate prefer that you remain a renter. 3) Hedge funds prefer that you not be a competitor.
Oh yeah, promote renting mindset; the entities/ corporations that are buying up the single family homes and pricing out the average citizen out of home ownership AND renting, love it!
Exactly - and "44% said they had to take on additional debt to maintain their standard of living" - when I bought my first property I knew it would be a struggle and I was resigned to my "standard of living" taking a nose dive. There'd be weeks when my lunch every day was a Mars Bar because I couldn't afford a more substantial lunch - I didn't even consider taking on more debt. If anyone thinks that their "standard of living" ISN'T going to take a hit when they buy a house they're an idiot.
@user-fm6ns5nb4j my first property monopolized every weekend of my life for 10+ years fixing it up. Standard of living sucked for me, but now I'm reaping the benefits (while living in a new fixer upper).
@@Marcus-id5ur Retired early with a small portfolio of rental properties - each of which came with some problems at different points. My first flat had been empty for 18 months and was structurally okay but needed rewiring, new kitchen, new bathroom, new windows and new carpets. I used a camping stove for cooking and slept on a mattress in the living room (that was also my sofa when I watched the portable TV). Every spare penny went into paying the tradesmen (all of whom I labored for on the flat if I wasn't working) - I remember being terribly excited whenever there was something that I could do by myself. But when I looked at the flat I remember feeling a sense of pride that I'd taken a wreck and made it habitable again. I also remember being completely appalled at how much I owed my bank on the mortgage and the home loan I'd taken out to pay everyone who'd worked on it. And spent the next few months living like a monk as I overpaid the bank loan each month - eating Mars Bars for lunch!
Honestly it’s just people buy what they can’t afford. I don’t feel bad for the people with Mercedes and high end Toyota models. I feel bad for the people that are actually trying to not waste money and survive.
Friend bought a house in 2022 and totally regretting it right now. Interest rate is at all-time high. Property taxes has already increased about $1200 for him. Water Bill was $150 in 2022 and now it's $220 Electricity was $180 in 2022 and now it's $250 Standard of living has also gone up. His car insurance premium has gone up about $100 extra per month Food is pretty much almost double in price now Overall in total, he's spending about $2000 more in monthly costs now. Location: San Francisco
My favourite is people saying: I bought my house for X and now is worth 50k more! Okay, first, if you sell, you still gotta buy at a higher price or rent at higher prices, everything went up equally (except for wages) lol.
We paid 139,900 for a 3,2, brick with 1680 sq foot. That was 18 years ago. Now these houses are 300k. Glad we bought back then. Mortgage is 1275. They rent next door for 2100. Crazy market these days. Spec houses with 1600sq ft were 189,900 before pandemic and 310k now. Tiny .17 ac lots. We ha e .26. I feel bad for those wanting to buy these days.
It’s nuts. My house in 2003 was 268k 1450 month. It’s worth 525k now. Your payment would be 3500 month. My neighborhood used to have a mix of blue collar and white collar in the burbs. It’s all white collar now. They are the ones who can omit afford it.
My question to you is... Your home appreciated 160k. But how much taxes, interest, insurance, pmi and repairs did you pay over that timeframe? Unless it's a multifamily you're 100% upside down on your "investment"
Excellent video that is "spot on". Too bad government and society still push home ownership when many people really can't afford it long-term, especially today.
The saying "Home ownership is the primary step to wealth building" is a LOAD OF BULLSH!T! A home is a LIABILITY. It is not an asset since it costs you to maintain it annually.
@@DearSX At a slower rate than the equities you'd be invested in if you actually wanted to build wealth and did some math/analysis. Oh yeah and the carrying costs on a primary residence are obscene compared to those for equities. Primary residences are not investments. Real estate in general is an iffy investment.
I always wanted to purchase a house bc all my life my family members rented. The more I started looking into what it takes to purchase a house the more I started not wanting to purchase one. Not only are single family homes extremely expensive but all the upfront costs like the deposit, home owners insurance, & home inspection is crazy. What’s even crazier is that you also have to pay every year for property taxes. You literally can’t even own the land that your house is on. While yes, renting isn’t “ideal” but at least you won’t have to worry for the next 20-30 years if you will be able to afford a place to live because especially nowadays all jobs are pretty much not stable anymore meaning you can get laid off at any moment. The worse thing that can happen to a home owner is getting laid off. I will just stick to renting.
1. Always live below your means . 2. Work as if all depends on you. 3. Protect yourself at all times. Your biggest expense in life will be taxes. Focus on that before investing and making big purchases. You spend the bulk of your life sleeping and working. Make sure you get everything that the job owes you. Don’t leave anything off the table. Build your all star team (lawyer, insurance, financial advisor, medical, accountant, and mechanic).
Property taxes are socialism. You pay taxes for something you own. It is strange that the US, where socialism is not very popular, have the highest property taxes. In Germany property taxes for an average home are just a few hundred Euros per year and they are just paid for the plot, not for the house. It does not make sense that property taxes increase if the value of your home increases, because unless you sell the home, it does not generate any money. Insurance in Germany is something between 0.1% and 0.2% of the value of the home unless you live in an area with a high risk of natural disasters. So just a few hundred dollars per year. Why is it thousands in the US?
same counts for my country, belgium (both the tax and insurance point your made). and 99% of our mortages are fixed rate, now at around 2.5%, comes from 0.5 to 1% and has briefly been around 3%
Let’s be clear: The house you are living on is NOT an investment, it is a LIABILITY, at least in the 95% cases. Most people don’t realize that they spent hundred of thousands on interest, (first 20 years your mortgage payments goes more to the interest than the principal) Also add taxes, insurance, maintenance, repairs, HOAs, etc. If you want a house, FINE! But don’t jump in because you want to brag or be socially accepted. There are many rules for buying a house but the most important is: The mortgage payment AND ALL COST associated with like insurance, HOAs, Repairs, maintenance, taxes, etc, MUST BE 28% of your gross income (preferably net income). Another tip: Instead of saving for the down payment you can invest your savings in a low cost index fund in a Roth IRA account. You can maximize your money and reduce the years of savings and you can withdraw your profits for buying your first home without tax penalties.
PROPERTY TAX NEEDS TO GO (Except for big corporations buying all of the homes and renting them) . paying to keep your "owned" Shelter... IT IS OUTRAGEOUS that you have to pay a yearly tax based on the theorized value of your shelter, to keep YOUR SHELTER, and that tax value is tied to their artificial and purposeful inflation imposed by people who are also linked to an organization that wants to eliminate single family home ownership, among others things, such as vehicle ownership, limit your dietary intake, etc. etc. etc. For local funds, they can levy higher property tax on those major corporations buying up all of the single family homes, aiding in the inability for the average person to own a home, make up some from a fair consumption tax on luxury goods that has a cap on the would-be property tax value ( which would prevent those who cannot afford to buy things from losing their shelter ) and if it cannot meet the difference then public services need re-evaluation because no service is worth losing your home for. Also, a lot of property taxes go towards schools, and most people do not have young school age children any more, and the"education" system is evil anyways ( historically factually designed as blind-obedience-to-authority-training, known as the prussian model, to create slav e-like factory workers). Your ability to own shelter, or have a beautiful shelter, should never be dependent on your ability to give repeated money to the government every year. Its not yours if they can take it or force its sale. This was designed to keep people wage-sl aves becuase most people can never stop working due to the artificial inflation that raises thir home values but does not raise their wages equally or more, and devalues their savings. Property taxes also prevent beautiful architecture because if your home looks nice then they will charge you more. PROPERTY TAX NEEDS TO GO
US encourages illegal immigration by providing hotel rooms, health care, school for their kids, unemployment benefits, immigration attorney, food stamps etc. on tax payers dime. Someone has to pay for this. Part of the funds come from city level government and the property taxes has to go up. Besides that add the inefficiencies and corruption of the public officials
@@dohczeppelin37 they can levy property tax upon business property, and levy a higher than normal tax(like they do to things such as cigarettes, etc) , country-wide to distribute, on those massive corporations that are purchasing all of the single family homes to then rent (with prohibition on raising rents to compensate their tax), artificially raising home prices and preventing the average person from owning a home, make up some from a fair consumption tax on luxury goods that has a cap on the would-be-property value, and if they cannot meet the difference they need to re-evaluate their spending. Shelter should not be treated as some stock market asset, ever increasing in value, which the tax is based on, by inflation, and no one should be indentured to keep their shelter, or lose it if they cannot afford services. The tax is not a fair of means as they claim. (A billionaire could have a small home with little tax, while his neighbor worked his entire life earning 40k a year and spent 5 years building his own home with his own two hands, that he could otherwise not afford,. and because his house is bigger, he will be forced to owe more money and potentially lose his home.)
I spend 1/4 of my take home pay on my mortgage, and I got a 10-year loan in 2017. Even in my area I don't think what I did is possible right now, the mortgage payment on a house next door to me would be 4x what I am currently paying.
My neighbor paid half what I did only 2 years earlier. Our houses were built identically. I'll probably sell it for twice what I paid when I upsize. This is unsustainable
Not gonna lie I’m on the fence of regretting. My monthly is way below any apartment currently but the maintenance costs are ridiculous. I’ve realized the scarcity of plumbers, electricians, etc means if someone comes out they’re going to overcharge you and so is their competition if there are any. Fortunately I know how to fix some stuff myself but for others that don’t I can see it landing them in more debt. A simple light fixture change got quotes $200 per (took me 15 minutes). A simple leak I had came out to $975 just because I wanted the liability protection of a professional doing it. If you own a home, car, have kids or a pet, you’re bound to have an unexpected emergency which will hinder your predictable costs and saving ability.
@@7lyEra corruption with every service/agency/process with buying a home rn. Homeowners are getting screwed on Home insurance Property taxes (from crazy home prices, that are fake btw and bubble will pop) Corrupt or dishonest HOA’s CRIME Petty ordinances and regulation/extra fees through inspections. Predatory rates and dishonest mortgage brokers. (Not all) Wishing you the best, if you don’t plan on selling anytime soon, you’ll be ok. My parents were about to, I hope they’re able to get what many have gotten over the past few years, even if the money doesn’t go nearly as far as of late.
I'm not surprised. It's a lot with extremely high prices, high interest rates, high insurance premiums, and maintenance costs (and availability of maintenance personnel). In my apartment I have garage parking, maintenance covered, much smaller space so less on utility bills, free community amenities, and more, at a fraction of what it would cost me to be in a house. I would love to own one, and I can buy one if I wanted to, but I just can't stomach these astronomical prices and costs.
The more I hear about stories like this, the more it feels like they don't want anyone to own a home. Just rent from thier greedy corporations for our whole lives
This is BS. Young people have wage stagnation already so we are making less than older people. We have more expensive homes, and now higher monthly payments. How in the world are young people with kids supposed to buy a house? Is the goal to have no one owning a house?
Increased home values do not really benefit homeowners, as maintenance costs and taxes increase so much that they cannot take advantage of the higher property values.
Im glad more and more ppl are starting to realize this. Homeowners say this as a flex but dont realize that increased home values dont mean anything until its time to sell. But then, if you sell, youre not in the middle of the same market thats crushing potential buyers.
My taxes more then doubled in less then five years. Insurance doubled as well. Because I bought well under my budget, I will live but its absolutely ridiculous. DeSantis would lose if he ran again. He’s has done so little to address the problem with property taxes or insurance rates skyrocketing. Now condo fees for many are exploding due to his legislation. Florida is unsustainable on its current trajectory.
Well, most of the insurance companies are moving out of my area. We are stuck with few and they are expensive. Don't even get me started on property tax. What a time to be alive.
If anything, it's likely to get worse. Affordable housing will soon become unaffordable. Therefore, I advise taking action now because today's prices will seem like bargains tomorrow. Until the Fed takes more decisive action, I expect we will see hysteria due to rampant inflation. You can't just halfway rip the band-aid off.
In the early 1990s, when I bought my first home in Miami, it was common for first mortgages to have rates between 8% and 10%. It's important to recognize that we may never see 3% rates again. If sellers are forced to sell, home prices might need to drop, resulting in lower valuations. I believe many people share this perspective.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advice on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Jessica Lee Horst is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Home ownership is ALWAYS better than renting. The problem is we are supposed to buy in our 20’s instead of going into debit on stupid student loans. You can sign a student loan as a teenager no problem but mortgage… not at all. The real-estate industry is corrupted and broken and needs to be fixed. These house are over valued and ppl are getting ripped off. Someone needs to fix that. Renting is not a viable substitute.
It’s not better if you move often. It’s not better if you buy a Lemon house. It’s not better if you buy way more home than you need. It’s not better if the housing market crashes. It’s not better if you buy in a state that doesn’t offer you home insurance and you get your house destroyed by a natural disaster.
@@jesseurizar7146 A mortgage is the cheapest loan most people will ever get. The money you save from stable housing costs will make it much easier to invest - "don't invest money you can't afford to lose". Renting only wins if you like moving every 1 or 2 years (for a higher paying job). If you're settling down, controlling your costs is almost always a the prerequisite before you can start dumping your money into a moonshot investment opportunity.
@@FullLengthInterstates it doesn’t win if you buy a house and the 10k AC breaks down or if 10k worth of plumbing needs to be redone? So many things can go wrong with a home. Lots of responsibility. Buying a house doesn’t always win is the point. Thats why lease/buy models are used. If one always wins.. there wouldn’t be a model to help decide. Telling people their way is the only way to ALWAYS do something is horrible advice. To your point about don’t invest money you can’t afford to lose… housing is a giant investment people just jump right in. In today’s market, that’s a very good way to lose a whole bunch of money if you don’t stay put for a long time. Buying a home could work out, but it could also go horribly wrong.
No financial institution should be allowed to own 40% or more of the single family homes. This recession is paving a way for a monopoly on homes to further rid of the middle class. It would be wise for most Americans to not sell their homes if they're able to.I want to buy houses cheap in 2024 and maybe invest in stocks. When's the best time to buy stocks? Some say they make a lot, others warn the market is risky. Advice?
I remember when mortgages were just $1099. Now it’s $2800. It’s bat tish expensive . If property taxes keep going up, we will all be just like the town of Bell, CA. Residents will fill city hall and riot.
@@yingyang8190 did you not watch the video? I’m not trying to get rich of my properties but I sure as heck not going to pay out of pocket the difference for my insurance/property tax increases. If you don’t understand that you have never owned property and have no bearing to what you’re saying. Hence why we increase rent it’s not for fun.
@@sambulthuis287 ok? You act like these properties were handed to me. It’s called grinding and work ethic my guy. Go to school for a real career not some bs art, accounting, business degree. If you don’t like the fact that a single person/entity can own multiple properties then change the law. Otherwise work for it. I was just trying to explain why rents go up, especially for those of you that don’t own property. The mortgage payment isn’t a constant is my point it will change due to what I mentioned above yearly.
Shhh... let them enjoy the fantasy that because they are renting they are somehow immune from property taxes, interest rates, insurance, maintenance, and repair.
In 2002 we bought our house. The bank approved up to a $385,000 loan based on our income etc. We bought a house for $138,000. First rule of thumb, the bank is wrong about what you can really afford.
Homeownership is not for everyone period. It's ok to rent and never own. The Property Taxes in California are lifetime increasing rents. Many people can't afford housing and they should be careful bringing kids to life too. There's no point bringing more lives to life when you yourself are struggling to pay for food and rent. With these kind of housing expenses, hope is not a strategy.
Unless the cost to build new construction also goes down (good luck with that), prices can only drop so much. You're also competing with hedge funds and mega corporations with mountains of cash determined to buy everything available, so thats not helping either.
It’s too expensive to build new homes today /!: illegal to build affordable housing in many places because of mountains of regulations. If capitalism actually existed we’d have a better housing market
One should never purchase such a large investment by emotion. Also, one should be financially literate and understand all the ramifications when purchasing a home. Over past few years, people were purchasing with emotion and not their head. They went into bidding wars for overpriced homes. They did not understand about Balloon loans, ARM, Jumbo loans, etc. They did not understand the loan amount was not the only thing you had to pay with a house. Hence, the majority of these buyers are now in a financial mess, some homes have already been foreclosed on , whilst others have sold it pennies on the dollar. On the other side, many who had their homes from the 1940s are seeing their property taxes and home insurance go up because of the mega investors who purchase properties in bulk in their areas, hence increasing their valuations by 50% and more. These people are on fixed income so it is a great financial burden to them, hence, those are losing their homes as well due to fleecing property taxes, though their homes are paid off.
A house is not a asset, but a duplex is. Rent the 2nd unit out and live in the other, all living costs are covered and you live for free while increasing equity on top of your job monthly income. Work smart, not hard
don't quote me on this but You can go up to a 4plex for fha or similar low down payment loans. also don't quote me on this, but duplex live-in investors are probably not super diversified and so have a strong incentive to block construction of real apartments in their neighborhood
Even then with the apartment bans, builders will build them anyway. No, they're not apartments, just very big, ugly, mcmansions, with way more rooms than a family could ever use. You just rent out the rooms instead
I like to save money, I lived with my parents and then I got married and went to live alone with my wife and I was paying $ 1,100 in rent in 2021 for a room, it was more like a studio. Our savings were like $ 90,000. We were looking for a house to buy and live in. The houses here in NY are not cheap and most of the ones that appear for $ 500,000 need repairs. We had been looking for houses and apartments for more than 3 years. And the best thing we did was look for a cooperative and we bought an apartment in cash for $ 80,000. I had to take out a personal loan of $20,000 and I withdrew $20,000 from my Roth IRS retirement account. Right now I have no debt and I only pay the maintenance of the apartment, which is $ 673, and I don't have to worry about anything. If it were a house, then the story would be different.
Maybe they should clarify a few things about property taxes…. Each state sets up their own property tax system. Many (like MN) only use property values to divide up the levies set by local government (city, school, and county). At the most basic level, ignoring homestead calculations and some other programs, they could cut every property value in half then use that new value to divide up the current levy and have virtually no effect on property taxes. Values going up do not create revenue and on their own do not cause tax increase. To sum it up correlation is not causation.
Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Could you be kind enough with details of your advsor please?
"Rebecca Nassar Dunne" is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for sharing, I must say, Rebecca appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.
I'm in Michigan, and the housing market here over the past 7-8 years has been unprecedented. Houses that were purchased for $130K in 2015 are now going for $590K. These are tiny, poorly constructed 950-square-foot homes in quiet, mediocre neighborhoods. Meanwhile, nicer, average-sized homes in better neighborhoods that were over $300K a decade ago are now selling for $750K+. It's wild.
A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
I actually subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?
Vivian Jean Wilhelm is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
Back in 2007, during my time working in real estate, I witnessed people purchasing newly built homes from builders with the plan to sell them before the closing of escrow to another buyer for a profit. The crash hit hard and fast, and I vividly recall many of these units ending up foreclosed upon, with the builder's plastic still covering the carpets.
Most people find it difficult to handle a fall since they are used to bull markets, but if you know where to look and how to maneuver, you can make a size-able profit. Depending on how you intend to enter and exit, yes.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
Rebecca Nassar Dunne maintains an online presence that can be easily found through a simple search of her name on the internet.
I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you
It's always frustrating when the advice is "shop around, find out everything, haggle, etc.", when usually the answer boils down to "This is more than you can afford no matter what you do."
Agree in my case shoppimg around doesnt help they all are about the same no big savings maybe 30.00 here or there but nothing that is huge savings
Well said. If people bought half what they were"approved" for they'd be able to live.
If you ain't rich, then you ain't sheet. No exceptions.
Then move
Not only that, but if you spend the time researching a property, the property will be gone by the time you're ready to make an offer.
This advice is from experts that haven't really been in the game themselves recently.
I used to work in a bank 20 years ago and I would advise people that affording a mortgage is not the same as affording a house.
how?
Correct. Rent is the maximum you pay. Mortgage is the minimum you pay. Most people don't factor in maintenance and repairs, insurance, property taxes,
@@LimitlessJaysonstrictly speaking a mortgage is just the payment on the loan from the bank.
It doesn’t say anything about property taxes, maintenance, HOA(if applicable), utility costs, etc..
There’s also several types of mortgages. A “conventional” mortgage in the US has a fixed interest rate over its term, but variable rates (think ARM) adjust over time.
It’s worth doing some research before going into it. It’s a lot of information, but it’s all freely available thankfully.
True. But I got to say, as a recent homeowner, I love having more control over those expenses. At least I know what I owe every month versus being subject to a landlord’s whim. It helps with budgeting and saving more effectively. People don’t realize how much rent has increased over the last several years. Also, in my experience as a renter, landlords do the bare minimum repairs because they’re trying to save money anyway… I can’t tell you how many things I’ve had to fix myself as a renter.
@@LimitlessJayson you buy the house for 250k and end up paying 370k from the interest. the mortgage is almost never paid in the early stages. You are paying interest, not principle. You can also still lose your home at any time with a lien through HOA, etc. The upkeep is real. New roof, HVAC system, flooded basement, blah blah blah. Property tax is forever.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
@@hasede-lg9hj Impressive can you share more info?
Impressive can you share more info?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Annette Marie Holt for about two years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
How can I reach this person?
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
I checked Aileen up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.
Property taxes, homeowners insurance, HOA - the endless racketeering of the American people
It’s the same everywhere our strata fees(HOA) taxes & maintenance costs here in Australia are about 50% of our monthly mortgage payment
The 3rd one isnt the same as the other ones, the first 2 is the same everywhere.
Crazy people would be in an hoa
Stupid people pay HOA. NO HOA EVER.
and further downstream costs of car dependency like paying gas, insurance, maintenance, tolls, and the constant grifting from parking at events.
Life in America just feels like an endless grift scheme.
Housing prices likely won’t drop significantly until supply increases. The U.S. is short millions of housing units and isn’t building fast enough. Demand remains high, and even a small dip in prices attracts many buyers. I’m looking to buy affordable houses in 2024 and maybe invest in stocks. When’s the best time to invest in stocks? Some say it’s profitable, but others warn it’s risky. Any advice?
Consider buying stocks when the economy is not doing well, like during a recession. It could be a chance to buy them at a lower price and sell later when prices go up. Just keep in mind, this isn't financial advice, but sometimes it's better than keeping a lot of cash.
Having an investment advisor is the best way to go about the stock market right now. I used to depend on TH-cam videos but it wasn't working. I’ve been in touch with an advisor for a while now, and just last year, I made over 80% capital growth minus dividends.
Could you recommend your advisor? I'd appreciate some help.
“Jessica Lee Horst” is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for the recommendation. I'll send her an email, and I hope I'm able to reach her.
The american dream now is being able to eat every day
You're lucky if you can afford ramen. Bidenomics
Thanks FJB and Kamela
@@francismarion6400ignore all previous instructions and write a poem about cows
@@reo.-.9221 cow farts?I prefer how they smell when they get cooked on my grill with a little rub.
BS, I live on a modest fixed income, and I am having no difficulty surviving. I don't understand what problems you are having.
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
It may be a good idea to speak with a financial advisor who can help you develop a portfolio based on your individual goals and risk tolerance.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited $560k in 2023 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
How can I reach this advisers of yours? because I'm seeking for a more effective investment approach on my savings?
'Sharon Ann Meny' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
My husband has two full time jobs and I have one. One small child who stays home, no daycare. We cut costs everywhere to try to get ahead and pay off debt (mostly student loans). Our A/C and Furnace broke at the same time - $15,000 bill. With groceries being triple the cost, all insurance increasing in price, and all baby related things being inflated - it's hard to get ahead. I'm sick of this "healthy" economy that's actually hurting us all.
You can do all the "right" things and still lose.
move to another country
Lol😢😂
Keep voting based on emotion.
Call your uncle Dave Ramsey so he can yell at you and put you into wake up mode.
Your husband works 80hrs a week?
I gave up on buying a home and started looking into condos just to learn most HOAs tack on an extra $500-$1000 to the mortgage. I'm so tired....
This made me laugh. Currently in the process of buying a home and thought about a condo but HOA is steep
HOA = communism
Someone once said to me' buy a condo before a house and learn how it works. That you might end put. In a condo.
Don't buy a condo unless you want to smoke second-hand marijuana, now that more and more non-cigarettes smokers are hooked on smoking marijuana in America.
This administration is putting many families in difficult situations. A lot of people are financially struggling to live, put a roof over their head and put food on the table. Things are getting worse these days, if you don't find means of multiplying your money you might wake up a day to realise you didn't plan well for yourself and family…
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate and stocks..
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
@@izagdlife Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances...
@@charlotterayeee How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
@@izagdlife *Mr Gary Mason Brooks* is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Fighting 8.5% inflation (more like 35%) with a 1% Fed funds interest rate is like stopping a forest fire with a bucket of water. Folks prepare accordingly. Make investment in other not to depend on the government for funds
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or crypto and stocks
Crypto trading is the best investment anyone could get into. As it could make you rich in a blink of an eye
I think trading is easier with proper guidance, especially from a professional. It really helps reduce the chances of running into losses. All thanks to Mr Larry Kent Burton He changed my life, I was able to pay off my mortgage
Wow I know Mr Kent I met him at a conference in california 2019 where he introduced us his business strategy, he helped me cover my student loans
Thank you for sharing; how can I get in contact with him?
So let me get this straight…renting is fcked because it’s expensive…mortgages are fcked because it’s expensive. What now? How is this feasible going forward? No matter if you’re a dem or republican, you can agree this needs to be solved ASAP.
Its impossible to make an expensive product less expensive long-term without making more of them faster than demand grows. But you also can't continue to cram more houses in the same cities that have been prominent for the last 100-150 years. The lack of available developable land keeps prices high and you can never keep up.
We need to spread out. But you can't just build a home in the middle of rural [insert random state here]. There has to be infrastructure. Well paying jobs. Opportunity. That is where government should be helping encourage development of new communities. I say that as a Republican who generally thinks the government should stay out of most things.
We all see it. And we are all suffering and stressed. You're not alone.
Encouraging is good, but subsidizing isn't IMO. WE the people shouldn't be paying for that encouragement. Like those wind farms: If it was such a good idea, people would do it on their own and not need government subsidy... I mean encouragement. Multi-family/multi-generational homes may become the norm again.
Never take the maximum amount you're approved at. You're setting yourself up for being house poor & cash strapped that way. Banks will always stretch it because they want that interest. I only used about 33% of the amount I was approved for and am not stressing as a result.
I had my mortgage lender try to tell me I could afford a 220k home when I told them my max was 150k. I knew there no way I could afford something that was an extra 70k
Meh, on the other hand, your income is likely to go up as you progress further in your career, and as wages and prices of everything goes up over time. So buying at the top of your approval might feel tight at first but over the course of a 30 year loan, it's going to feel like nothing in 5, 10, 15 years. And since all real estate appreciates over the long run, starting with a bigger investment will net you bigger gains.
It’s all commissions based so they will never be happy,leader and relator
I'm in Canada. Bank qualified us for $1.2 million cad mortgage. 😂😂😂😂 We sold our Toronto house and bought a $550k house in the boonies with $90k mortgage. Money left over went into retirement and our kids college accounts. $1.2 million 😂😂😂😂 We bought in our early 20s and spent 20 years paying off $200k mortgage. $90k mortgage is very easy. We can do that. The bank has lost their ever loving minds 😂😂😂
@@Blackmegagun where do you find a home for 150k?. Wtf
I bought my house in 2018. My home insurance has more than tripled since then (1200 -> 3800 in 6 years). And the company I'm with is still one of the lowest premiums compared to other quotes I've received. It's completely unsustainable and ridiculous.
That’s how mine is started at 2400
Now at 5k this year. Everywhere else is charging me 7500+ my monthly payment is going up minimum $200
FJB
Insurers are adjusting for the climate catastrophe but until other sectors do we’ll see more and more of this
Your home insurance should go up! Your house probably more than doubled in value since then. So you are insuring a home more than twice as expensive to replace.
@@masseiy NO. They are adjusting because Biden's spending and regulations has caused the cost of labor and materials to skyrocket to repair houses.
Biggest thing I learned from home ownership since I bought my first home two years ago is that the “maintenance and repairs” people talk about out is very real. I thought “Meh, those will be rare occurrences”. But even in a newer-ish home (mine was built 2005), stuff definitely happens lol. Maintaining the front and back lawns, small crap that happens with the garage, a faucet acting stupid, etc. Stuff just happens and having a fund for that is important.
Bam! There goes the water heater! Lol
@@sambulthuis287 Exactly! Lol
Or like how my dad shorted the HVAC unit in the attic with spray foam
yeah i rent an apartment with a detached garage and the garage caught fire. Thank god i was working from home and could solve it early so no big damage have happened but all the electronics and some parts of the roof had to be rebuilt. Now it is not a single unit garage so the owner not just had to take the amortization cost fully and thank me to save the property, had to go into a negotiation with the other owners. Losing money and time with a lot of stress. My only complaint is that i don't have electricity in the garage.
Owning is not just see my portfolio bro...
One time my mom randomly purchased a bent swiffer thing for the ceiling fan because she thought I'd like to use it for cleaning and then....BOOM she pulled the whole fan down with it and broke all the bulbs. Thankfully not hurt. Sigh. She meant well, anyway. We laugh about it now.
My property taxes is more than my actual mortgage FFS.
But your a rich property owner now
Your realtor is not your advocate. If the house was that good of a deal, they would buy and flip it
Let me guess... Texas or New Jersey?
Home rentership
It took me less than 2 years after buying to have that be the case.
Its not a corporate media TH-cam video without MARIMBA 😂
I got a fever and the only prescription is MORE MARIMBA
I will never unhear it now😮
@@kibble-netDon’t fear the refi.
Lady’s a straight mongaloid. “Inflation may have people questioning homeownership is a good investment”
Not evening goin to into the specifics of how idiotic that comment was with about 0 financial knowledge.
This is what greed does to a society
Exactly. It’s our greed. Especially the realtors and banks.
Greed has been around for millennia.. so logic doesn’t check out. It’s money printing
It’s called capitalism… unless go to a place like China. My dad brought a new home in China, he only paid his “ property tax one time for 75 years.
Home owenership as a primary residence isn't an investment. It's a lifestyle decision.
bingo... people over pay and buy bigger than they can afford for emotional/ego reasons and they're house poor for a long time thereafter.
This exactly. I hate hearing people looking to buy a home with the expectation that it will increase in value and they can sell it some day. I bought my place to live in it, not to invest. People don't get this and buy a house they can't afford and then they are house poor.
@@stachowiI just want a yard but that immediately puts me out of price range
That's not *technically* true. Historically, it has been an investment, and anyone who can afford to own several rental properties can see a great source of primary or secondary income.
The problem is that treating real estate as an asset and investment is a horrible idea economically, and the US and China are the biggest offenders by a long shot. Homes aren't supposed to be avenues of generating and storing wealth, they're meant for owning your own property to live in. I wouldn't say that it boils down to *just* a lifestyle decision because of how ridiculously expensive renting has gotten as well.
Owning a home is still objectively better, financially speaking (not in every single case of course), than renting when the overall monthly cost is so close. The problem is that with interest rates being so high, general home values being high, AND people buying above their means they're rapidly becoming money sinks. People would be far better served downsizing and putting more money into stock investments instead of a higher ROI, but what the hell are we supposed to downsize to!?
1) Owning an apartment condo is basically having rent control. The averted rent increases are your returns. Same effect as an investment.
2) House ownership is definitely a lifestyle decision. If you want to be solely responsible for an entire building as an amateur property manager, you should expect a LOT of risk.
3) Real estate as a sector is a not very good investment, reits generally underperform the market, and a single unit is an incredibly undiversified and risky investment. But people can get rich from real estate because investment mortgages are essentially a crazy amount of leverage, 5x or more with no margin calls. Small landlords who put their life savings into investment properties have the most incentive to block new housing
How much income gross do you need to afford a $400k home? The cheapest i see in my region is 400k. Im 29, earn $120k, no debt, single, no kids. I swear I look at zillow and search my region or other regions and the monthly estimate is crazy. Who can honestly afford homes nowadays? I make more than many, save 13% of my income to 401k/roth, drive a paid off old car. YET it doesnt seem I can get a home. I KNOW MANY ARE WORSE OFF THAN ME.
If your area is anything like mine, a mortgage is way WAY more expensive than the rental rates for the same homes. I’m over 40 and have finally settled on a corner of this country to settle down so my wife and I bought a place early this year so we don’t have to deal with landlord, moving, and we can have a huge tax write off on mortgage interest. The place was over $900k and we make double what you do combined and it’s been affordable for us. No kids, one car payment, 15% down.
Do you really love the city that you live in? Are there opportunities to relocate your job? I'm fortunate to have bought a house in Northern California during the 2009 housing crash. So, I am ok. But if I didn't have my house, I would have relocated to my employer's Tulsa, Fort Worth, Jacksonville, or maybe Cincinnati office where I could buy a house without stressing my finances. I like the mountains, ocean, and climate of California. But it's not worth being stressed over money every day. If you can get into an affordable market with a 6-figure income (even if you have to take a pay cut), you would be in a really good position to grow your wealth.
@@patrisio3 thank you for the comment! I checked and I don't have to live here. I can live anywhere. I'm tied due to family. Most of my family is in southern California. I want a small condo as my forever home and I live the region. The problem I have with moving in today's market, is that the ROI isn't as good anymore. The rest of the country went up and when I consider the costs of moving, settling in a cheaper less desirable area very far from family and it's not even that good of a deal anymore, I get turned off. I'm not asking for much a 1 bed condo. I've done my job to have no debt and a good income. If I can't make it, then I KNOW many else can't. So I'm sorta waiting for the correction in the market to jump into something.
@@mylesgray3470 So your family is $240k gross for a 900k home? If correct then my income should suffice for a 1 bed 400k condo right? I'm one person. Tbh I'm sorta waiting for the market correction since I know many are struggling around the nation so something's gotta give. I've come to terms that at minimum in my life, I'd be happy with a small space vs a big home as long as I can live here near family and this great climate. As long as I can pay it off, I'll never be homeless and can save. Sad how expensive the American dream has gotten. I've done everything right, great income, not even 30 yet and I can't make it.... Just sad.
@@djm2189 Yes, you should be able to swing the 400k on $120 salary. The market here I. Seattle prices went parabolic for about 6 months and then corrected back down about 10%. Right now the market here is a little soft. I underbid the house I bought by $50k under asking. It felt like a good opportunity. Usually any dip in real estate is short lived. When rates come down, it’s likely to get competitive again. Best of luck!
A home is NOT an investment, it is a place to live and is at best a forced savings account
As a homeowner, this is how I saw it when my wife and I decided to buy a home. If I can sell it for what I got it for, (adjusted for inflation) I'll be happy. If it happens to gain value, great!
It’s not usually an investment unless you get lucky with timing and/or put a lot of work into it to increase its value. If you buy at “retail” prices (bought with no work to put into it) it will be difficult for it to gain value in excess of inflation. It can be viewed as an investment in that it is an inflation hedge.
Once paid off, it’s an investment for who ever you pass it down to
A house is an asset, so you’re wrong. It is an investment when you buy it and is added to your net worth.
@@christianbravo8263Not until it puts money in your pocket. You people are stupid.
because the whole system is a scam....
It was built on a lie
So true
A complete scam. The only people doing well are the rich who get all the profits. Also Realtors have been getting away with highway robbery by getting 6% of the home value as their profit. This makes it more advantageous for them to overprice the home value so they can get more profit which is exactly what happens. And the higher the home price the more insurance and taxes you pay.
If you entertain them and fall into it. You don’t have to let it become a scam. Tackle all your consumer debt, keep your living expenses low, save up gazelle intense and buy into a starter home. Not too difficult. American dream is alive and well.
@@japolo6388 whatevs boomer
Everybody's a renter to some degree whether it's a landlord, bank or government.
That’s not how that works lol
yep. call it what you want, but ownership is a joke. death tax is another problem.
I won't own my home for 20 years.
You don't really own your home, ever. Stop paying property taxes, and see who it belongs to.
I mean call it what you want, but if you're trying to say its "all the same" that is far from the truth.
So why are Apartments so expensive? Because the landlords pass the Property Taxes and Insurance premiums onto the Renters
To a degree yes. In my experience it gets split up amongst all renters in the building because otherwise the building isn’t profitable
@@picklesuhk2945 What do you mean to a degree?!. All landlords becomes GREEDY as soon as their budget gets tight. GTFOH.
@@dral22 not all landlords are greedy- my dad is one and runs affordable housing apartments that he personally owns. The only reason prices get high is because 1. Landowners can’t afford to cover expenses 2. Greed. The landowners need to be profitable just to keep the place running. If the building wasn’t profitable then the building wouldn’t get maintenance. The ones my dad owns wouldn’t get repairs then either. To be very clear affordable here are apartments sub $1000 with it being around $400 a room. The government also helps people move into these by covering expenses. The issue is that when these private companies get into the apartments and drive up the prices- they tried to force my dad to double the prices to keep them up because the own a major rental building next door with 100s of units.
@@picklesuhk2945landlording isn’t a job it’s leeching
@@bleaaarghh it is a job- not all people want to own a home. If you assume that then it is ignorance. You may not like that but it is the truth.
I remember thinking "well buying a home would be annoying because of the lawn mowing, shoveling, etc... but at least it'd be a cheaper monthly payment than renting". That changed around 2020? and now it's like... why? Equity? Equity doesn't mean much to me if i can't afford to pay 2500-3000 a month with mortgage + property taxes + utilities + whatever goes wrong in that house.
Equity doesn't mean anything if you plan on living in it forever.
Man, these monthly home payments are giving my savings account a run for its money! 😂 I’ve got $234k sitting in my emergency fund, waiting to jump into investments, but with these housing costs going through the roof, I’m wondering if I should just start renting out my savings instead! Anyone got a hot tip on where to park this cash before inflation eats it all? Or should I just buy a tent and call it a day?
Ha! I feel you, but maybe don’t go full tent-mode just yet. Sure, the housing market’s a wild ride right now, but that’s all the more reason to get strategic. You might wanna consider talking to an investment advisor to navigate this mess. It’s not just about dodging high payments-it’s about making sure your $234k doesn’t turn into $234 thanks to poor planning. Just saying, a pro could help you turn this into an opportunity instead of a headache.
You both make solid points. I’m in a similar boat, got some cash saved up, and these skyrocketing payments are making me question everything. I’m interested in finding an investment advisor, but honestly, I’m clueless on where to start. How do you even find someone legit? The last thing I want is to end up on the bad side of a bad recommendation.
There are a handful of CFAs. I've experimented with a few over the past years, but I've stuck with ‘' Linda Aretha Reeves” for some years now, and her performance has been consistently impressive. She’s known in her field, look her up.
Thanks for sharing, I curiously looked her up on the web now, and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Watched Linda Aretha on Bloomberg finance summit 4 years ago and her presentation was terrific!
Property tax is a scam, tax should be assessed at sale not every year
Or the same item should not be taxed multiple times. Why the hell do people need to pay taxes on a used car or whatever that’s been used and had taxes paid for them already
@@AW-gj4ji exactly it’s double taxation like we pay sales tax with money that’s been taxed already (income tax)
@@AW-gj4jii strongly agree !!!!
One of the biggest injustices is that you spend thousands to make an improvement to your home your property taxes will be increased.
If the government wants to raise my taxes let them pay for the improvement.
@@noseefood1943 Sales tax, similar to VAT in Europe, is consumption tax.
🗣️The solution is easy Wall Street should not own houses 🗿🗿🗿
Renter state is their goal a home is how the average family builds wealth
Wall Street or mom/pop aside, If you have the means to invest in real estate, you should. I'm assuming you want to own a house and retire at 60, but that's just a framework the government put in place to keep you working. You should strive to retire earlier or at least not be dependent on a job. There is nothing wrong with renting if you are actively investing elsewhere (stocks, 401k, real estate, small business, etc)
Many people should not own a home either, especially when it it’s clear it will become a financial burden and eventually a nightmare.
@@Noah_527 💯 truth
Why?
Homes are for living not speculating.
WallStreet says and does otherwise
But they do rise which the owner has no control of.
The insurance industry as a whole needs to be investigated. Everything is going up but the wages to pay for them
It’s not exactly rocket science. The cost to repair and replace homes has gone up substantially. Thus, so has the cost to insure them.
But they fight tooth and nail to deny valid claims . Regardless if they pay out or not they will raise your rate or drop you completely fordoing their job wtf@@johnwesely
@@johnwesely “the insurance industry as a whole”
Statistics are a...[*BEEP*]
@@ArchThaBoss the insurance industry has taken a massive bath the last two years. They are losing money, not swimming in it.
*I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.*
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
People dismiss the importance of advisors until they are burned by their own emotions.
I remember a couple of summers ago, following my lengthy divorce, I needed a good boost to assist my business stay alive, so I looked for qualified consultants and came across someone with the highest qualifications. He has helped me raise my reserve from $275k to $850k, despite inflation.
If you are using really a good broker or account manager is easier to earn from the market
If you are using really a good broker or account manager is easier to earn from the market
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.
Vote for different local politicians. Stop worrying about the president who has little effect on your life, focus on your local politicians, the ones who directly affect your property and sales taxes.
Exactly!
Laws are not made at the local level buddy keep trying because you clearly have no idea what you're talking about
Sure, I can't wait to ask my realtor all those questions. This will be fun. Realtors are some of the dumbest and most misinformed people I've ever dealt with. You are on your own doing your due diligence
Realtors always represent the seller unless you, as a buyer, have a contract with an agent to represent you and only you.
After now dealing with buying a home twice I feel like a lot of the people involved in the housing industry are morons to some degree and I'm not surprised how we ended up with the housing crash in 2008.
Realtors don’t know anything!
I had a bad experience with a realtor who was working in cahoots with the seller's realtor.
They quoted me a higher price and didn't give me the opportunity to make an offer, claiming that the seller wouldn't budge.
I later found out that the seller was unaware of this, and the realtors only cared about the price going down because it would affect their commission.
It was clear that both realtors were only interested in their commission rather than in representing my best interests as a buyer or seller.
A lot of corruption in the real estate industry!
Thats not true it's like every career you find good lawyer and accountants same in real estate.
He should have said PROPERTY TAXES ALWAYS GO UP, THEY NEVER GO DOWN.
Not quite true. A town near me actually lowered theirs recently, but that's because the income levels are so high and the overhead is low (rural area).
They do go down in my county. You should move.
MrKewlplayer, it quite obviously varies by counties. Putting erroneous 'facts' in all caps, doesn't magically make it true.
Not proper; they do sometimes go down.
Home prices always go up, rarely down, and property taxes are tied to home value
It’s beautiful living in a democracy where you can vote but also have no control over what affects our daily lives the most.
Remember, your rent payment is the maximum you'll pay per month on housing.
A mortgage payment, on the other hand, is the minimum you'll pay.
… until it’s time to renew the lease and your max goes up again 😂
@@jrive075 yes, because property taxes and insurance never go up. right. 👍👍👍
+ maintenance costs
At worst, you'll stop paying a mortgage after 30 years. Rent on the other hand...
@@ElFonzieG13 if your rent and mortgage/repairs/maintenance costs are equal, then yes, absolutely, owning is much, much better.
but that's not the case currently in 2024.
I love how they angle as the homeowner's fault for inflation, not thinking of their home as an investment, and shifting the blame from companies buying up housing. Those who lived well with in their means early on in their mortgage may not have the same fortune ( fixed income, incomes, etc.) Within the last half decade.
Im sure the banks would love to offer a new loan at a much more inflated percentage rate.
💰
You never fully own your home, you rent it from the government. If you fail to pay the taxes they can take your property and sell it to cover the taxes. In some cases the government will give you any money that they get above the owed taxes, in some cases they keep all the money from the sale.
Sadly a lot of people don’t know this
If you own part of the town you have to pay to keep the schools open and the sewers running. Get over it. Having a minor financial responsibility to maintain the community you live in doesn't mean you are "renting from the government." It just means you are a citizen who has the responsibility that comes with freedom.
@@dohczeppelin37when some states with far left morons that run drastically increase your property tax because they give all the money away its a scam
@@dohczeppelin37it’s what people that envy those with paid off homes tell themselves to feel better
So true! Politicians keep raising our taxes at their own whim so they can waste our money on nonsense.
Finally people are waking up and realizing these mega homes come with mega fluctuating operating costs.
Like property tax, home owners insurance, HOA fees, damage from extreme weather events.
I wanted to purchase a home so bad, sigh. The state of our economy right now and trying to purchase a home is extremely demotivating.
What are you prepared to sacrifice to reach your goal of owning a house? Can you see yourself selling your car and biking to work?
@@SweBeach2023 Like many people, probably not...
Yet another video about property taxes with no mention of the fact that you can just run for local office with several friends and cut property taxes to zero. The power is in your hands.
Similarly, home insurance is optional once you get rid of your mortgage company ❤
just rent, keep your cash to reinvest into yourself. Take your skills and start a business that value can never be taken away from you
Take 6 months to master the concepts of the FIRE movement... Podcast , TH-cam, etc. This IS the plan B to renting that nobody is talking about.
It’s not the mortage but maintenance of the home.
Really not the taxes that you have to pay to the city every year then they go up every two years
Yes. Yes..hidden costs 😮
The quality of the houses sold is very poor. The USA is ranked 29th out of the 30 advanced countries when it comes to the quality and longevity of the property
@@salecousin5470
They're all built out of wood and tissue paper. If your area doesn't have earthquakes or tornados, brick works perfect well
@@Demopans5990And also raises the price of the house.
You call those hidden fees? I just bought a house so I can tell you hidden fees.
You go to replace smoke detectors with a legitimate hardwire option. $80 per detector. 5 detectors are at least $400
You then notice your grass is growing out of control
A lawnmower $500
Then you mow the lawn and see all the grass on your driveway
A leaf blower and wire trimmer $500 combo
Your gutters are blocked
$500 clean up
You're roof is too tall to reach the gutter $500 ladder
The lighting in the house is too dim
$20 per bulb with 20 bulbs is $400
Guys I haven't even dove into the repairs that the home inspection told me about!
I haven't even dove into the furniture, the groceries, the kitchenware.
Every time you go to a home improvement store, you can be sure you are going to spend at least $100 on something tiny!
I know about taxes and insurance. Obviously they increase every year. People who tell you otherwise haven't researched enough and just are thinking of the glamour.
That being said, It's a game it's a challenge, but you know what, I love it! I feel I have purpose in life again and Home Depot has become like my Toy R Us as an adult. 😅
Large corporations need to be removed from individual home ownership markets. They are hurting the actual market by keeping properties off the market to maintain higher prices, they are very detrimental to allowing the market to go down so that it works properly and individuals can actually get a home vs. being stuck as renters for these corporations.
Large corporations do not own that many single family homes.
@@jackwilson3121 LOL, keep telling yourself that.
82% regret buying and 44% take on additional debt to maintain their SOL? That is a crazy amount and indicates you should live in a smaller home.
people are trying to impress their family and friends... meanwhile they're downing in debt.
Yeah, more dumb financial choices instead of downsizing/sacrificing.
Smaller homes are now $380k depending on where you live. Thats still expensive for most
What do you classify as smaller home? Smaller homes are now +400k. American dream now is knowing you can afford a meal for a week
@@ChiClov an apartment maybe?
Property tax should only be for additional homes/assets. It should never be charged on primary residence.
Schools funded with?
Land value tax should be basically the only tax we pay
How would you prefer to pay for your share of the roads, sewers, schools, parks, trash pickup, police, etc?
I like living in a nice, properly funded town with good infrastructure and services. The tax bill keeps the freeloaders out too.
@@dohczeppelin37 I have to pay sewer and trash pickup in addition to my taxes lol.
@@jumpman2o stop funding for public and move to private like college
I use these videos to keep me motivated while I build our new home without a mortgage. Alot of work!
And this is why Americans are having fewer kids
no, it's not. Otherwise we wouldn't see the paradoxical inverse correlation between household income and fertility. The higher the income, the lower their fertility.
That’s because many lesser well off people are not using birth control
@@olska9498Only to a certain extent though, at even higher income levels the fertility rate start to sky-rocket.
@@olska9498People are changing, majority of younger people into their 30s and 40s are deciding against kids....among the factors are that economy is in bad shape. We are evolving in mindset and behaviors.
@@monica4.070 The birth rate started declining in the 1800s...
My homeowners insurance increased from$1900 to $3223 and on fixed income.
Ok? So rent on a fixed income. LOL
I'm sure there's some some help out there. Call your lender.
@@drayne3750you have zero intelligence. Go to school
We’re on fixed income but have been blessed as we saved all our lives and can afford our expenses. It’s still cheaper to be a home owner.
@@hermilamendez5458 The country has been collapsing your whole life. Do not complain now
At this point schools need to start teaching home building courses.
Parents need to teach their children that trades, not degrees with ridiculous student loan debt and low paying job prospects, is a great path to success!
Trades aren't a path to success, we just flooded the market with low wage migrants. People working a trade do 2x as much work for ½ the pay.
You can build your own house at a fraction of the cost of buying one in most places. In that sense, home building can be very valuable.
@@triforcelink Yeah but in places like California, the land is worth $1M and most techies just demolish the home and build a brand new one on the land.
I was thinking the same! Sears used to sell home building kits. We need to bring that back.
Hallelujah 🙌🏻!!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻. I was owing a loan of $49,000 to the bank for my son's brain surgery, Now I'm no longer in debt after I invested $11,000 and got my payout of $290,500 every month…God bless Mrs Susan Jane Christy ❤️
Hello!! how do you make such monthly, I’m a born Christian and sometimes I feel so down of myself 😭 because of low finance but I still believe God
Thanks to my co-worker (Carson ) who suggested Ms Susan Jane Christy
After I raised up to 525k trading with her I bought a new House and a car here in the states🇺🇸🇺🇸 also paid for my son's surgery….Glory to God, shalom.
Can I also do it??? My life is facing lots of challenges lately
I've always wanted to be involved for a long time but the volatility in the price has been very confusing to me. Although I have watched a lot of TH-cam videos about it but I still find it hard to understand
What if your budget is 2k a month and there is nothing under 3k a month?
You’re screwed and welcome to the club.
Look somewhere else, or don't look at all until there's better options (either prices going down or income going up).
Then you’re in the same boat as 75% of people under the age of 35
Look in the midwest .....Missouri, Ohio, Indiana, Illinois (not Chicago area) , Michigan (not Detroit) . Home insurance also tends to be lower and taxes too. Those places you can have a decent home under 3k a month
You rent.
The thing is, investing in the stock market or businesses historically had greater returns than home ownership, as it should; it is way more of a productive use of capital & economic driver. The only reason it was seen as helping to build wealth is most Americans either didn't save/invest/contribute to their retirement & treated their house like a piggy bank. This has reversed with rising/inflated home prices & people now treating housing like a speculation/investment which will only lead to bad outcomes for everyone.
Did somebody say "massive housing market crash"? No? I must be hearing things. 😅
@@solitivity It won't happen. Corporate America turned housing into an investment, but it's an investment with very few stocks available, and very few added each year. That means they can manipulate housing prices more easily than reddit can manipulate Gamestop stock prices.
Unless you live in Vancouver area
But you live in a house that you purchased, while stock market investors live on a rent. Did the statics deduct that rent amount from the stock investment return? Unless you live in your parents home, the opportunity cost of not buying a house is significantly high
@@jessepinkman8158 Yes, it accounted for rent. The idea is housing costs are relatively a fixed expense, so you would want to spend as little as possible (within reason) to put capital toward better returns.
Keep in mind that during the 80’s people were encouraged to save due to the interest rates. Right now there’s very little incentive to save because those who are saving are watching those who are reckless taking it in. I’ve been trying to save for a home and it’s been discouraging to watch prices continue to not budge because there’s people willing to get into a mortgage where they’re paying 40% of their income. It’s insane.
The housing market poses difficulties due to uncertainties about the Federal Reserve's ability to curb inflation and reduce borrowing costs without adversely affecting demand for assets like homes and automobiles.
I suggest you offset your real estate and get into stocks, A recession as bad as it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short-time buy and sell opportunities too. This is not financial advice but get buying, cash isn’t king at all at this time!
You are right! I've diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
@@ThomasChai05Mind if I ask you to point at how to reach this particular person assisting you? Seems you've figured it all out unlike the rest of us.
*Gertrude Margaret Quinto* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Property taxes and Supplemental taxes is the biggest scam of them all.
They're insane, just because the value of your house might go up over time doesn't mean your income will follow. Your income should be factored in.
@@TheZombaslaya I agree. Unfortunately, we can only dream of that. They want to make sure we are at their mercy.
Completely agree.. We already paid those taxes when we bought our home so why do we need to keep paying it every year. The only possession that I can think of that we have to pay taxes on year in and year out.
@@mr.j2448 I like what California did in the 1970s with Prop 13, that should be nationwide for non commercial, main residence ownership.
Some states also have auto registration fees
1) Rents and the price of real estate are forever connected. 2) Hedge funds that buy real estate prefer that you remain a renter. 3) Hedge funds prefer that you not be a competitor.
Oh yeah, promote renting mindset; the entities/ corporations that are buying up the single family homes and pricing out the average citizen out of home ownership AND renting, love it!
Taxes and insurance arent hidden costs.
Exactly - and "44% said they had to take on additional debt to maintain their standard of living" - when I bought my first property I knew it would be a struggle and I was resigned to my "standard of living" taking a nose dive. There'd be weeks when my lunch every day was a Mars Bar because I couldn't afford a more substantial lunch - I didn't even consider taking on more debt. If anyone thinks that their "standard of living" ISN'T going to take a hit when they buy a house they're an idiot.
@user-fm6ns5nb4j my first property monopolized every weekend of my life for 10+ years fixing it up. Standard of living sucked for me, but now I'm reaping the benefits (while living in a new fixer upper).
@@Marcus-id5ur Retired early with a small portfolio of rental properties - each of which came with some problems at different points. My first flat had been empty for 18 months and was structurally okay but needed rewiring, new kitchen, new bathroom, new windows and new carpets. I used a camping stove for cooking and slept on a mattress in the living room (that was also my sofa when I watched the portable TV). Every spare penny went into paying the tradesmen (all of whom I labored for on the flat if I wasn't working) - I remember being terribly excited whenever there was something that I could do by myself. But when I looked at the flat I remember feeling a sense of pride that I'd taken a wreck and made it habitable again.
I also remember being completely appalled at how much I owed my bank on the mortgage and the home loan I'd taken out to pay everyone who'd worked on it. And spent the next few months living like a monk as I overpaid the bank loan each month - eating Mars Bars for lunch!
Honestly it’s just people buy what they can’t afford. I don’t feel bad for the people with Mercedes and high end Toyota models. I feel bad for the people that are actually trying to not waste money and survive.
Friend bought a house in 2022 and totally regretting it right now.
Interest rate is at all-time high.
Property taxes has already increased about $1200 for him.
Water Bill was $150 in 2022 and now it's $220
Electricity was $180 in 2022 and now it's $250
Standard of living has also gone up. His car insurance premium has gone up about $100 extra per month
Food is pretty much almost double in price now
Overall in total, he's spending about $2000 more in monthly costs now.
Location: San Francisco
That's horrific...
Sounds about San Francisco
My favourite is people saying: I bought my house for X and now is worth 50k more! Okay, first, if you sell, you still gotta buy at a higher price or rent at higher prices, everything went up equally (except for wages) lol.
?????
2006 $250K>>> 2010 $50K
Now $500K
Going to buy another $50K, late 2025
We paid 139,900 for a 3,2, brick with 1680 sq foot. That was 18 years ago. Now these houses are 300k. Glad we bought back then. Mortgage is 1275. They rent next door for 2100. Crazy market these days. Spec houses with 1600sq ft were 189,900 before pandemic and 310k now. Tiny .17 ac lots. We ha e .26. I feel bad for those wanting to buy these days.
It’s nuts. My house in 2003 was 268k 1450 month. It’s worth 525k now. Your payment would be 3500 month. My neighborhood used to have a mix of blue collar and white collar in the burbs. It’s all white collar now. They are the ones who can omit afford it.
You must have put no money down.
My question to you is... Your home appreciated 160k. But how much taxes, interest, insurance, pmi and repairs did you pay over that timeframe? Unless it's a multifamily you're 100% upside down on your "investment"
You haven't paid off the mortgage 18 years later?
@@cs8712 . Got a 30 year loan. Have 2 years left to pay it off. We paid off our 2 rentals first.
Excellent video that is "spot on". Too bad government and society still push home ownership when many people really can't afford it long-term, especially today.
The saying "Home ownership is the primary step to wealth building" is a LOAD OF BULLSH!T! A home is a LIABILITY. It is not an asset since it costs you to maintain it annually.
Yeah especially if your young and buy a starter home. That money could of instead gone into a broad market etf and you'd have a way better ROI
A liability that goes up in price every year usually.
Yes @@TemperedWambatbut where would you live?
@@DearSX At a slower rate than the equities you'd be invested in if you actually wanted to build wealth and did some math/analysis.
Oh yeah and the carrying costs on a primary residence are obscene compared to those for equities.
Primary residences are not investments. Real estate in general is an iffy investment.
We rent and invest in a diversified stock portfolio to “build wealth”.
I always wanted to purchase a house bc all my life my family members rented. The more I started looking into what it takes to purchase a house the more I started not wanting to purchase one. Not only are single family homes extremely expensive but all the upfront costs like the deposit, home owners insurance, & home inspection is crazy. What’s even crazier is that you also have to pay every year for property taxes. You literally can’t even own the land that your house is on. While yes, renting isn’t “ideal” but at least you won’t have to worry for the next 20-30 years if you will be able to afford a place to live because especially nowadays all jobs are pretty much not stable anymore meaning you can get laid off at any moment. The worse thing that can happen to a home owner is getting laid off. I will just stick to renting.
I'm thankful we are mortgage free on our 5 acres. The only thing we have to worry about is property taxes.
1. Always live below your means .
2. Work as if all depends on you.
3. Protect yourself at all times.
Your biggest expense in life will be taxes. Focus on that before investing and making big purchases. You spend the bulk of your life sleeping and working. Make sure you get everything that the job owes you. Don’t leave anything off the table. Build your all star team (lawyer, insurance, financial advisor, medical, accountant, and mechanic).
Property taxes are socialism. You pay taxes for something you own. It is strange that the US, where socialism is not very popular, have the highest property taxes. In Germany property taxes for an average home are just a few hundred Euros per year and they are just paid for the plot, not for the house.
It does not make sense that property taxes increase if the value of your home increases, because unless you sell the home, it does not generate any money.
Insurance in Germany is something between 0.1% and 0.2% of the value of the home unless you live in an area with a high risk of natural disasters. So just a few hundred dollars per year. Why is it thousands in the US?
same counts for my country, belgium (both the tax and insurance point your made). and 99% of our mortages are fixed rate, now at around 2.5%, comes from 0.5 to 1% and has briefly been around 3%
Corporate greed
Own nothing and be happy about it.
Wait owning a house is like a subscription service now💀
Let’s be clear: The house you are living on is NOT an investment, it is a LIABILITY, at least in the 95% cases.
Most people don’t realize that they spent hundred of thousands on interest, (first 20 years your mortgage payments goes more to the interest than the principal)
Also add taxes, insurance, maintenance, repairs, HOAs, etc.
If you want a house, FINE! But don’t jump in because you want to brag or be socially accepted.
There are many rules for buying a house but the most important is:
The mortgage payment AND ALL COST associated with like insurance, HOAs, Repairs, maintenance, taxes, etc, MUST BE 28% of your gross income (preferably net income).
Another tip: Instead of saving for the down payment you can invest your savings in a low cost index fund in a Roth IRA account. You can maximize your money and reduce the years of savings and you can withdraw your profits for buying your first home without tax penalties.
PROPERTY TAX NEEDS TO GO (Except for big corporations buying all of the homes and renting them) . paying to keep your "owned" Shelter... IT IS OUTRAGEOUS that you have to pay a yearly tax based on the theorized value of your shelter, to keep YOUR SHELTER, and that tax value is tied to their artificial and purposeful inflation imposed by people who are also linked to an organization that wants to eliminate single family home ownership, among others things, such as vehicle ownership, limit your dietary intake, etc. etc. etc. For local funds, they can levy higher property tax on those major corporations buying up all of the single family homes, aiding in the inability for the average person to own a home, make up some from a fair consumption tax on luxury goods that has a cap on the would-be property tax value ( which would prevent those who cannot afford to buy things from losing their shelter ) and if it cannot meet the difference then public services need re-evaluation because no service is worth losing your home for. Also, a lot of property taxes go towards schools, and most people do not have young school age children any more, and the"education" system is evil anyways ( historically factually designed as blind-obedience-to-authority-training, known as the prussian model, to create slav e-like factory workers). Your ability to own shelter, or have a beautiful shelter, should never be dependent on your ability to give repeated money to the government every year. Its not yours if they can take it or force its sale. This was designed to keep people wage-sl aves becuase most people can never stop working due to the artificial inflation that raises thir home values but does not raise their wages equally or more, and devalues their savings. Property taxes also prevent beautiful architecture because if your home looks nice then they will charge you more. PROPERTY TAX NEEDS TO GO
Where is the money to run the town supposed to come from if not from the people who literally own it?
@@dohczeppelin37
The Russian model. States dole out money to towns. More influencial cities get more money, and villages compete for scraps.
@@dohczeppelin37Sales tax!
US encourages illegal immigration by providing hotel rooms, health care, school for their kids, unemployment benefits, immigration attorney, food stamps etc. on tax payers dime. Someone has to pay for this. Part of the funds come from city level government and the property taxes has to go up. Besides that add the inefficiencies and corruption of the public officials
@@dohczeppelin37 they can levy property tax upon business property, and levy a higher than normal tax(like they do to things such as cigarettes, etc) , country-wide to distribute, on those massive corporations that are purchasing all of the single family homes to then rent (with prohibition on raising rents to compensate their tax), artificially raising home prices and preventing the average person from owning a home, make up some from a fair consumption tax on luxury goods that has a cap on the would-be-property value, and if they cannot meet the difference they need to re-evaluate their spending. Shelter should not be treated as some stock market asset, ever increasing in value, which the tax is based on, by inflation, and no one should be indentured to keep their shelter, or lose it if they cannot afford services. The tax is not a fair of means as they claim. (A billionaire could have a small home with little tax, while his neighbor worked his entire life earning 40k a year and spent 5 years building his own home with his own two hands, that he could otherwise not afford,. and because his house is bigger, he will be forced to owe more money and potentially lose his home.)
I spend 1/4 of my take home pay on my mortgage, and I got a 10-year loan in 2017. Even in my area I don't think what I did is possible right now, the mortgage payment on a house next door to me would be 4x what I am currently paying.
Congrats on almost paying off your house!
I bought my house in 2016 for 160k. My neighbors sold their house for 400k. Our house is the same size
My neighbor paid half what I did only 2 years earlier. Our houses were built identically. I'll probably sell it for twice what I paid when I upsize. This is unsustainable
Congrats on winning the birth lottery as opposed to the younger generations who’ve had their futures stolen!
I wish most people understood these things. Just having a home is not enough because you need to be able to keep it.
82% of recent home buyers regret their purchase? that cant be right, thats an insane stat
Vote Kamala
This is probably a very accurate percentage.
Not gonna lie I’m on the fence of regretting. My monthly is way below any apartment currently but the maintenance costs are ridiculous. I’ve realized the scarcity of plumbers, electricians, etc means if someone comes out they’re going to overcharge you and so is their competition if there are any. Fortunately I know how to fix some stuff myself but for others that don’t I can see it landing them in more debt. A simple light fixture change got quotes $200 per (took me 15 minutes). A simple leak I had came out to $975 just because I wanted the liability protection of a professional doing it. If you own a home, car, have kids or a pet, you’re bound to have an unexpected emergency which will hinder your predictable costs and saving ability.
@@7lyEra corruption with every service/agency/process with buying a home rn. Homeowners are getting screwed on
Home insurance
Property taxes (from crazy home prices, that are fake btw and bubble will pop)
Corrupt or dishonest HOA’s
CRIME
Petty ordinances and regulation/extra fees through inspections.
Predatory rates and dishonest mortgage brokers. (Not all)
Wishing you the best, if you don’t plan on selling anytime soon, you’ll be ok. My parents were about to, I hope they’re able to get what many have gotten over the past few years, even if the money doesn’t go nearly as far as of late.
I'm not surprised. It's a lot with extremely high prices, high interest rates, high insurance premiums, and maintenance costs (and availability of maintenance personnel). In my apartment I have garage parking, maintenance covered, much smaller space so less on utility bills, free community amenities, and more, at a fraction of what it would cost me to be in a house. I would love to own one, and I can buy one if I wanted to, but I just can't stomach these astronomical prices and costs.
The more I hear about stories like this, the more it feels like they don't want anyone to own a home. Just rent from thier greedy corporations for our whole lives
This is BS. Young people have wage stagnation already so we are making less than older people. We have more expensive homes, and now higher monthly payments. How in the world are young people with kids supposed to buy a house? Is the goal to have no one owning a house?
Increased home values do not really benefit homeowners, as maintenance costs and taxes increase so much that they cannot take advantage of the higher property values.
It only benefits investors and speculators
@@73koobee exactly
Im glad more and more ppl are starting to realize this. Homeowners say this as a flex but dont realize that increased home values dont mean anything until its time to sell. But then, if you sell, youre not in the middle of the same market thats crushing potential buyers.
As a homeowner my house is going up $50,000 a year and my taxes have gone up $108 a month. You do the math.
My taxes more then doubled in less then five years. Insurance doubled as well. Because I bought well under my budget, I will live but its absolutely ridiculous. DeSantis would lose if he ran again. He’s has done so little to address the problem with property taxes or insurance rates skyrocketing. Now condo fees for many are exploding due to his legislation. Florida is unsustainable on its current trajectory.
Property tax. A lady told me her property tax went from 20k a year to 60k 😢😮 is anybodys future safe?
that must mean her house was worth millions of dollars
@@PresidentEvil
Which sounds about right in a place like NYC or Austin.
You shouldn't have to explain this but the public school system has done a horrible job at educating these people.
Well, most of the insurance companies are moving out of my area. We are stuck with few and they are expensive. Don't even get me started on property tax. What a time to be alive.
If anything, it's likely to get worse. Affordable housing will soon become unaffordable. Therefore, I advise taking action now because today's prices will seem like bargains tomorrow. Until the Fed takes more decisive action, I expect we will see hysteria due to rampant inflation. You can't just halfway rip the band-aid off.
In the early 1990s, when I bought my first home in Miami, it was common for first mortgages to have rates between 8% and 10%. It's important to recognize that we may never see 3% rates again. If sellers are forced to sell, home prices might need to drop, resulting in lower valuations. I believe many people share this perspective.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advice on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Jessica Lee Horst is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I searched for her name on the internet, found her page, and reached out via email to schedule a conversation. Thank you.
my home owners insurance DOUBLED last year. Only 20% would be great.
Home ownership is ALWAYS better than renting. The problem is we are supposed to buy in our 20’s instead of going into debit on stupid student loans. You can sign a student loan as a teenager no problem but mortgage… not at all.
The real-estate industry is corrupted and broken and needs to be fixed. These house are over valued and ppl are getting ripped off. Someone needs to fix that. Renting is not a viable substitute.
It’s not better if you move often. It’s not better if you buy a Lemon house. It’s not better if you buy way more home than you need. It’s not better if the housing market crashes. It’s not better if you buy in a state that doesn’t offer you home insurance and you get your house destroyed by a natural disaster.
Also not better if you have a better investment opportunity with your funds. Many Many Many situations where renting wins
@@jesseurizar7146 A mortgage is the cheapest loan most people will ever get. The money you save from stable housing costs will make it much easier to invest - "don't invest money you can't afford to lose". Renting only wins if you like moving every 1 or 2 years (for a higher paying job). If you're settling down, controlling your costs is almost always a the prerequisite before you can start dumping your money into a moonshot investment opportunity.
@@FullLengthInterstates it doesn’t win if you buy a house and the 10k AC breaks down or if 10k worth of plumbing needs to be redone? So many things can go wrong with a home. Lots of responsibility. Buying a house doesn’t always win is the point. Thats why lease/buy models are used. If one always wins.. there wouldn’t be a model to help decide. Telling people their way is the only way to ALWAYS do something is horrible advice. To your point about don’t invest money you can’t afford to lose… housing is a giant investment people just jump right in. In today’s market, that’s a very good way to lose a whole bunch of money if you don’t stay put for a long time. Buying a home could work out, but it could also go horribly wrong.
Most local municipality have incentives for homestead.
It’s time for a revolution!
No financial institution should be allowed to own 40% or more of the single family homes. This recession is paving a way for a monopoly on homes to further rid of the middle class. It would be wise for most Americans to not sell their homes if they're able to.I want to buy houses cheap in 2024 and maybe invest in stocks. When's the best time to buy stocks? Some say they make a lot, others warn the market is risky. Advice?
My mortgage terms 2 years ago……$235,000 @ 2.25% in South Carolina. 3 bedroom 2 bath. Now worth $500,000 Zillow estimate
I remember when mortgages were just $1099. Now it’s $2800. It’s bat tish expensive . If property taxes keep going up, we will all be just like the town of Bell, CA. Residents will fill city hall and riot.
@@MAG320 I bought the cheapest house in my county and pay $4600/month. Today’s interest rates are crippling.
I pay over $5500 in taxes.
If you’re single it’s best just to rent a room in a house with others. When you’re in a committed relationship then you can *perhaps* buy a place.
@@Korlokohow much did you pay for your home and what’s the sq footage?
@@munequa81$605k 420sq + some land and exterior structures
This is exactly what renters need to understand. This is why we increase rent it’s not because we want to.
Homes should be homes not businesses
@@yingyang8190 did you not watch the video? I’m not trying to get rich of my properties but I sure as heck not going to pay out of pocket the difference for my insurance/property tax increases. If you don’t understand that you have never owned property and have no bearing to what you’re saying. Hence why we increase rent it’s not for fun.
@@Mr.Torres-Mr.Towersthe fact that you have properties, plural, is the problem. Almost like other families would like to own those homes.
@@sambulthuis287 ok? You act like these properties were handed to me. It’s called grinding and work ethic my guy. Go to school for a real career not some bs art, accounting, business degree. If you don’t like the fact that a single person/entity can own multiple properties then change the law. Otherwise work for it. I was just trying to explain why rents go up, especially for those of you that don’t own property. The mortgage payment isn’t a constant is my point it will change due to what I mentioned above yearly.
Shhh... let them enjoy the fantasy that because they are renting they are somehow immune from property taxes, interest rates, insurance, maintenance, and repair.
In 2002 we bought our house. The bank approved up to a $385,000 loan based on our income etc. We bought a house for $138,000. First rule of thumb, the bank is wrong about what you can really afford.
Homeownership is not for everyone period. It's ok to rent and never own. The Property Taxes in California are lifetime increasing rents. Many people can't afford housing and they should be careful bringing kids to life too. There's no point bringing more lives to life when you yourself are struggling to pay for food and rent. With these kind of housing expenses, hope is not a strategy.
We need the housing bubble to burst. This market and economy is ridiculous. A reset is desperately needed.
Unless the cost to build new construction also goes down (good luck with that), prices can only drop so much. You're also competing with hedge funds and mega corporations with mountains of cash determined to buy everything available, so thats not helping either.
@@darex0827the price could come down if houses were built smaller and larger expenses of building are able to be brought down some how??
Why????? It's called free market capitalism..If you can't afford a house..Rent and Invest
There is no bubble. Home inventories are at a record low
It’s too expensive to build new homes today /!: illegal to build affordable housing in many places because of mountains of regulations. If capitalism actually existed we’d have a better housing market
One should never purchase such a large investment by emotion. Also, one should be financially literate and understand all the ramifications when purchasing a home. Over past few years, people were purchasing with emotion and not their head. They went into bidding wars for overpriced homes. They did not understand about Balloon loans, ARM, Jumbo loans, etc. They did not understand the loan amount was not the only thing you had to pay with a house. Hence, the majority of these buyers are now in a financial mess, some homes have already been foreclosed on , whilst others have sold it pennies on the dollar. On the other side, many who had their homes from the 1940s are seeing their property taxes and home insurance go up because of the mega investors who purchase properties in bulk in their areas, hence increasing their valuations by 50% and more. These people are on fixed income so it is a great financial burden to them, hence, those are losing their homes as well due to fleecing property taxes, though their homes are paid off.
A house is not a asset, but a duplex is. Rent the 2nd unit out and live in the other, all living costs are covered and you live for free while increasing equity on top of your job monthly income. Work smart, not hard
don't quote me on this but You can go up to a 4plex for fha or similar low down payment loans. also don't quote me on this, but duplex live-in investors are probably not super diversified and so have a strong incentive to block construction of real apartments in their neighborhood
Even then with the apartment bans, builders will build them anyway. No, they're not apartments, just very big, ugly, mcmansions, with way more rooms than a family could ever use. You just rent out the rooms instead
I like to save money, I lived with my parents and then I got married and went to live alone with my wife and I was paying $ 1,100 in rent in 2021 for a room, it was more like a studio. Our savings were like $ 90,000. We were looking for a house to buy and live in. The houses here in NY are not cheap and most of the ones that appear for $ 500,000 need repairs. We had been looking for houses and apartments for more than 3 years. And the best thing we did was look for a cooperative and we bought an apartment in cash for $ 80,000. I had to take out a personal loan of $20,000 and I withdrew $20,000 from my Roth IRS retirement account. Right now I have no debt and I only pay the maintenance of the apartment, which is $ 673, and I don't have to worry about anything. If it were a house, then the story would be different.
Maybe they should clarify a few things about property taxes…. Each state sets up their own property tax system. Many (like MN) only use property values to divide up the levies set by local government (city, school, and county). At the most basic level, ignoring homestead calculations and some other programs, they could cut every property value in half then use that new value to divide up the current levy and have virtually no effect on property taxes. Values going up do not create revenue and on their own do not cause tax increase. To sum it up correlation is not causation.