Stick to my rural house, which is 2000 sq ft with 3 beds n 2 baths, along with a 900 sq ft garage and on 3/4 acre!!! Paid 150,000 18 months ago in southern Illinois. Insurance is reasonable and I am exempt from property tax courtesy of the VA!!! I did spend about 25000 on a bunch of updates!!!!!
@@blackrealestatedialogue Bluff City, IL which is 3 miles due east of Vandalia!!! And we have a fair amount of minorities in the area!!! My family is Korean, friend n neighbor is Filipino, close friend of mine lives 4 miles due south of me, big redneck n black!!! Just to name a few, know many more!!!! 🥰
The number one rule of real estate investing now is to NEVER invest in any City or state run by democrats who are 100% determined to take away the property rights of landlords to the point where you can't raise your rents to cover your expenses and you can't evict non-paying tenants which is going on in all of these liberal cities right now. I invested in duplexes and quadplexes in Wichita Kansas from 2009 to 2015 . If I had done that a liberal state like New York or California, I would be bankrupt right now. Furthermore, Wichita is very affordable and a person making an average salary there can easily afford an average single family home or duplex to purchase or rent. And rents have remained fairly stable. I've only raised my rents an average of 15% in 10 years. We have not seen these huge rent increases in Wichita like in these unaffordable markets mainly because the government has not interfered with the housing market like liberal governments always do thereby increasing prices and decreasing availability. Unfortunately right now prices everywhere are such that it's very difficult anywhere in the country including the Midwest to buy rental real estate that pencils out with a reasonable cap rate unless it's a real Fixer-Upper and you get a great deal on it otherwise the return on investment is not there anymore unless there's a big downturn in prices and or mortgage rates.
On a National scale I’m gonna have to disagree. On a local level within a certain neighborhood, maybe. These corporations only own less than 10% of single family homes. Check out this video I talk more about it. th-cam.com/video/TlrDzpAOiIs/w-d-xo.html
In Boston we have a first time home buying program and you only have to put down 4% and up. After your second purchase you are required to put 20% and up. Check your local city and town for that same program.
I just really dont know what we are supposed to do , its crazy to try and own a home with the inflation all the extra expenses like property taxes that are also increasing. My family and i rent because its been our only option but rental prices only ever go up and we are already at $3,000 a month if it really goes up any more as it definitely will than we will be in bad shape. Can only make so much money and they take every last bit. Feels like there is no solution.
You can start by showing up at your city council meetings and standing up for the poor that are already going homeless. Studies show that many don’t start addiction until after being homeless for a time
@@blackrealestatedialogue Thanks for the congrats. New York is really not for Land Lords these days. I've been doing it for about 15 years, so I know the ropes. I love your channel. It is very informative.
I can’t imagine making 140K and paying over 3K in a mortgage. We are about at that level, and our mortgage is a third of that. It’s a large house that we bought in 2006. The problem is that at 140K, you are paying higher income taxes. So you keep less after taxes than someone who makes even a little less.
Let’s talk the elephant in the room. As the country / cities diversifies there is more crime and more competition increasing prices. Just one aspect but a large one. Thoughts? Solutions?
@blackrealestatedialogue can you do a video on investment property in areas like Milwaukee, Wisconsin and Detroit. I’m looking into investing in cheaper cities to start building a portfolio to retire on, since my generation won’t be able to afford retirement with the prices going the way they are.
Don't be discouraged! Checkout this playlist, I go over places where you can get cheap properties. th-cam.com/play/PLsxFV_zmWDGkVUWEdDpGBczPsHaRE87hV.html&si=ZySqol5zVcIGjXEX
And this is exactly why I left Seattle. Nobody ever believes me and I tell them that the median housing cost is over $800,000. As a single person making 66,000 a year take home money owning a house was a pipe dream on the west coast.
Recently I was involved in the sale of a relatives home in a rural area. The home was not large but had large acreage and great views. (Lake, Valley and Mountains) The realtor’s listing price was at the low end of the market. The final sale price ended up being $75K under the listing price. I do think that most homes are now about 30 to 50% overpriced maybe more when you take into account inflation. The 2008 housing market crash was too extreme but that kind of crash again would not fix the affordability long term.
Before I watch, will be SHOCKED if Denver, CO isn't on that list! :) We lived there for a few years back in 2012. The last time we visited (almost 3 years ago)? Homes were selling for over 800K with only 795 square feet!
I live in Boston, Mass and you are dead wrong. I have a 3 units house in Boston. Boston is a college town and a family can easily effort these price and mortgage. If you have a 3 or 2 family like myself. You can rent to college students and most are willing to pay 4.5k for a 4 bedroom apt. If you have tenants it’s not bad. In my situation my mortgage is $4,250. That’s very affordable with tenants. I know a lot of people that are working regular jobs and have two or three mortgages. Plus the city is safer than most and jobs pay pretty well for most part. Houses don’t stay in the market for too long, you receive offers on the first day of listing in Boston.
I did point out that homes aren’t staying on the market long there. I’m glad to hear it’s working out for you. Unfortunately with today’s prices + high rates , many everyday people are priced out. I’ve discussed your method on the channel and it’s a good one if numbers make sense, which it sounds like it does for you! Appreciate the comment. I enjoy hearing from locals.
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When I hear the incomes required to buy I see hyperinflation and another thing I hear keeping some people from ever owning 🇬🇧🇺🇸
I understand your perspectie
What are the best cities? I was thinking of moving to OKC
Check out this playlist, might provide you with some options th-cam.com/video/zK3gkaPRV7U/w-d-xo.html
Stick to my rural house, which is 2000 sq ft with 3 beds n 2 baths, along with a 900 sq ft garage and on 3/4 acre!!! Paid 150,000 18 months ago in southern Illinois. Insurance is reasonable and I am exempt from property tax courtesy of the VA!!! I did spend about 25000 on a bunch of updates!!!!!
That’s is a dream! What city/state is this? Thank you for your service!
I didn’t know veterans pay no property taxes 😮
@@arleennunez6520 based on VA rating! Most states have to be 100%, Illinois is 70%!
@@blackrealestatedialogue Bluff City, IL which is 3 miles due east of Vandalia!!! And we have a fair amount of minorities in the area!!! My family is Korean, friend n neighbor is Filipino, close friend of mine lives 4 miles due south of me, big redneck n black!!! Just to name a few, know many more!!!! 🥰
Thanks for sharing! On the way! 😂
Add fort Myers, Naples Florida
Hey I live in Naples and the prices are GHETTO
thanks for sharing!
Cape Coral too!
The number one rule of real estate investing now is to NEVER invest in any City or state run by democrats who are 100% determined to take away the property rights of landlords to the point where you can't raise your rents to cover your expenses and you can't evict non-paying tenants which is going on in all of these liberal cities right now. I invested in duplexes and quadplexes in Wichita Kansas from 2009 to 2015 . If I had done that a liberal state like New York or California, I would be bankrupt right now. Furthermore, Wichita is very affordable and a person making an average salary there can easily afford an average single family home or duplex to purchase or rent. And rents have remained fairly stable. I've only raised my rents an average of 15% in 10 years. We have not seen these huge rent increases in Wichita like in these unaffordable markets mainly because the government has not interfered with the housing market like liberal governments always do thereby increasing prices and decreasing availability. Unfortunately right now prices everywhere are such that it's very difficult anywhere in the country including the Midwest to buy rental real estate that pencils out with a reasonable cap rate unless it's a real Fixer-Upper and you get a great deal on it otherwise the return on investment is not there anymore unless there's a big downturn in prices and or mortgage rates.
thanks for sharing!
This ridiculous incress is also due to large corporations buying homes and driving up prices for homes.
On a National scale I’m gonna have to disagree. On a local level within a certain neighborhood, maybe. These corporations only own less than 10% of single family homes. Check out this video I talk more about it.
th-cam.com/video/TlrDzpAOiIs/w-d-xo.html
The property taxes in New Jersey is very high.
They definitely are
I think those estimated monthly mortgage is with 20% down. Most of the people don’t have that much money.
In Boston we have a first time home buying program and you only have to put down 4% and up. After your second purchase you are required to put 20% and up. Check your local city and town for that same program.
that's another big issue
"You will own nothing and be happy" - WEF
That’s their goal
I just really dont know what we are supposed to do , its crazy to try and own a home with the inflation all the extra expenses like property taxes that are also increasing. My family and i rent because its been our only option but rental prices only ever go up and we are already at $3,000 a month if it really goes up any more as it definitely will than we will be in bad shape. Can only make so much money and they take every last bit. Feels like there is no solution.
You can start by showing up at your city council meetings and standing up for the poor that are already going homeless. Studies show that many don’t start addiction until after being homeless for a time
It's a tough time for many! What city are you in?
@@blackrealestatedialogue Ashburn Virginia
@@calisingh7978 that's a really great idea thank you !!
@@AmeeraG242 Got it, be encouraged! I hope things get better.
Frisco and L.A. are also very expensive
Absolutely
Frisco TX, or San Francisco California?
@@ArmaanMehta San Francisco CA
San Francisco
@@blackrealestatedialogue Thx
I have a few properties in Brooklyn and if you did not buy a few years ago, I would suggest not to buy if you are not making like 200,000.
I agree with you 100%. Glad you got your piece of the pie though, congrats!
@@blackrealestatedialogue Thanks for the congrats. New York is really not for Land Lords these days. I've been doing it for about 15 years, so I know the ropes. I love your channel. It is very informative.
All Florida homes up to $200 thousands more my cousin in 2022 taxes from $3 k to 7 k
Correct Florida is horrible right now the taxes are high
sheesh!
When housing is an investment instead of a human right.
thanks for sharing
I can’t imagine making 140K and paying over 3K in a mortgage. We are about at that level, and our mortgage is a third of that. It’s a large house that we bought in 2006. The problem is that at 140K, you are paying higher income taxes. So you keep less after taxes than someone who makes even a little less.
Very good point!
Let’s talk the elephant in the room. As the country / cities diversifies there is more crime and more competition increasing prices. Just one aspect but a large one. Thoughts? Solutions?
totally understand this concern
@blackrealestatedialogue can you do a video on investment property in areas like Milwaukee, Wisconsin and Detroit. I’m looking into investing in cheaper cities to start building a portfolio to retire on, since my generation won’t be able to afford retirement with the prices going the way they are.
Don't be discouraged! Checkout this playlist, I go over places where you can get cheap properties. th-cam.com/play/PLsxFV_zmWDGkVUWEdDpGBczPsHaRE87hV.html&si=ZySqol5zVcIGjXEX
And this is exactly why I left Seattle. Nobody ever believes me and I tell them that the median housing cost is over $800,000. As a single person making 66,000 a year take home money owning a house was a pipe dream on the west coast.
I don't blame you at all!
Recently I was involved in the sale of a relatives home in a rural area. The home was not large but had large acreage and great views. (Lake, Valley and Mountains) The realtor’s listing price was at the low end of the market. The final sale price ended up being $75K under the listing price.
I do think that most homes are now about 30 to 50% overpriced maybe more when you take into account inflation.
The 2008 housing market crash was too extreme but that kind of crash again would not fix the affordability long term.
Before I watch, will be SHOCKED if Denver, CO isn't on that list! :) We lived there for a few years back in 2012. The last time we visited (almost 3 years ago)? Homes were selling for over 800K with only 795 square feet!
I considered adding Denver! That’s a crazy price for such a small house, wow. What did you think of the list in the video?
I own in Denver, bought ten years ago and have been completely priced out of the market. I don't know how anyone can afford homes here
@@nitroneonicman that's crazy!
Smash the like button. I’m in the Portland Oregon metro area
Shoutout to Portland!
Great content!
Thank you!
I live in Boston, Mass and you are dead wrong. I have a 3 units house in Boston. Boston is a college town and a family can easily effort these price and mortgage. If you have a 3 or 2 family like myself. You can rent to college students and most are willing to pay 4.5k for a 4 bedroom apt. If you have tenants it’s not bad. In my situation my mortgage is $4,250. That’s very affordable with tenants. I know a lot of people that are working regular jobs and have two or three mortgages. Plus the city is safer than most and jobs pay pretty well for most part. Houses don’t stay in the market for too long, you receive offers on the first day of listing in Boston.
I did point out that homes aren’t staying on the market long there. I’m glad to hear it’s working out for you. Unfortunately with today’s prices + high rates , many everyday people are priced out. I’ve discussed your method on the channel and it’s a good one if numbers make sense, which it sounds like it does for you! Appreciate the comment. I enjoy hearing from locals.
Vote blue no matter who!! it's working out just as planned, LOL
😂😂😂😂😂