Should You Sell Your House? Watch This Before You Make Your Decision!
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- เผยแพร่เมื่อ 4 มิ.ย. 2024
- Should You Sell Your House? Watch This Before You Make Your Decision!
Selling your house is a big decision. Consider the downsides to selling!
This video discusses reasons to sell your house and the downfalls of selling your house. I have made a lot of mistakes in my life..selling my properties was one of the biggest mistakes. Learn from me!
Capital Gains video:
• Home Sale Capital Gain...
Staging Check List:
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Staging Videos:
• How To Make Your Home ...
• Tips for Staging a Hou...
• Get Your Home Ready To...
List of 13 Realtor Interview Questions:
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Video on Interviewing a Realtor:
• Interview Questions fo...
I have years of experience and am an active full-time realtor bringing you the most up to date information on what
If you are considering moving or selling your property in Orange County, don’t hesitate in reaching out to me.
For more information visit www.LambertGroupHomes.com or give me a call at (949) 697-2232
💁♀️ My name is Audra Lambert. I am a South Orange County realtor who focuses in the San Juan Capistrano area. I have over 20 years experience! I love what I do and Love where I live!
🏠 JUAN CAPISTRANO HOMES FOR SALE: lambertgrouphomes.com/communi...
💰 HOME VALUATION: hmbt.co/TaWy3g
🔍 WATCH NEXT:
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This is not legal advice, nor can I give you legal advice Sorry! Everything here is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Nothing here should be construed to form and attorney client relationship. Audra Lambert with the Lambert Group does not render or offer to render personalized investment advice, tax advice, or real estate investment advice. The information provided is for informational purposes only.
CONTACT INFO
Audra Lambert, Lambert Group Homes
📞 949.697.2232
💌 AudraLambert@me.com
🖥 www. LambertGroupHomes.com
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Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
You're correct! With the help of an investment coach, I was able to diversify my 450K portfolio across markets and produce slightly more than $830K in net profit from high dividend yield equities, ETFs, and bonds.
Would you mind providing details on the advisor who helped you?
Marisa Michelle Litwinsky’’ 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.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
As a Handyman of 35 years, keep in mind the bigger the house the more expensive it is to repair and if you don’t have any home repair skills get some, you can save boatloads of money
Not just repairs. Heating & cooling costs more. Maintenance is more. Taxes are more. Homeowners insurance is more. Bigger house = bigger expenses overall.
We went from a 2700 sq ft home with a 1300 square ft basement, 1.5 acres and a 20x40 in ground pool to a 1450 sq ft condo and don’t regret it at all. We don’t miss the maintenance, ridiculous heating/cooling costs or maintaining that pool. Some people may regret downsizing but we don’t.
Glad to hear it. As I get older, I think less is more too. So glad you are enjoying your new home.
Some people like apartments, some don’t. I grew up in apartment - HATED EVERY SECOND OF IT. Live in own house was the dream of mine since i was like 4 years old. So now u give me apartment FOR FREE i would not take it. HATE APARTMENT. I come to my property, close the gate, lock TWICE and breeze freely. Nobody can come there, IT IS MINE
@@bambinaforever1402 So glad to hear your dream came true. Enjoy your home:)
@@AudraLambert Like doing as much of the maintenance as possible. It keeps you young. Why sit around all day when you could be mowing the lawn, trimming those hedges, and raking those leaves? The older we get, the more we need to stay active.
@@bambinaforever1402
Exactly how I feel too! Absolutely hate the city & hearing anything except animals & nature.
If you don’t have to move don’t sell unless you know your next move.
My home has increased in value 6x since I purchased. It’s paid for and gives me peace of mind by not having a mortgage.
Good for you!! I am working on paying off my mortgage too. Congratulations, by the way!!
Not only that, even if you sell to capture that gain, what are you going to pay to replace that basic necessity of life; the roof over your head?
Inflation is not "increased in value." Its a way for these snakes to jack up the property tax until you can no longer afford to live there. That's what they have planned so gloat while you can.
I think in this uncertain time, the paid off roof over your head. the peace of mind and ability to in a small sense.. watch the flood from higher ground is the equivalent to being rich.
As far as generational wealth goes.. u can set up the next generation but giving someone your wealth works as well as giving them your kitchen utensils and expecting them to become a chef because u were a chef. ... that wealth gets liquidated and split up, spent and forgotten.
Security is the goal of home ownership.. and that means securing your home from the grasp of the bank asap.
We sold our home in Florida made a profit and bought a smaller home in TN that we paid off. No mortgage plus we bought a second 22acres property in TN paid for as well. So we owe nothing on either one. Plus the property taxes are way lower than Florida. Thank you God. We feel blessed.
However, I miss my Florida home and I’m not happy with the house I’m in. I regret a lot of things I’ve done. Wished o would have held onto my properties in Florida. 😢They are worth so much more now.
A friend of mine, 100 years old, said her biggest regret in life was selling her house. She lost her independence, had to move several times to rentals she wasn't comfortable with, lived with relatives some, never felt at home. To top it off, her neighborhood TRIPLED in value after she sold. She was sick about all this, and wished she had just stayed put in her home and lived comfortably there.
Oh that just hurts my heart. Sorry to hear that...but thanks for sharing!!
There ya go
There was an old rule about not selling during the first year. But it’s hard to get people to listen sometimes. A neighbor gave away her husband’s nearly new car and regretted it within 8 months! We tried to tell her to wait but it fell on deaf ears. And, this is not nearly as serious as a house!
@@redhatbear1135 Yes, I have seen people make bad decisions out of fear. Never a good idea to make important decisions when you are not in a good mind set to do so. I hate hearing stories like this...but they are good to learn from. Thanks for you comment.
God will never forsake you God is not done God has a perfect plan❤
Your 100% right I an Woman immigrant from El Salvador arrived to USA 40 yrs ego with $150 dlls in my pocket
35 years ego I bought a 5 family 2 stores building in NYC I bought it for 250k now have a value of 4 M plus ( note I don’t like to sell ) This building already Fathered more than 10 properties
I an 66 years old Thinking about retirement .
( GOOD LUCK FOR EVERYONE )
Wow...thanks so much for sharing your story. Well done!!
Sounds like my grandma. She came here to the states , from el salvador around 40 years ago with my dad. Bought a home in Los Angeles. The government wanted it so she sold it to them and bought 3 more homes. She kept doing that throughout her life and now she has like 10 homes. 2 or 3 in Cali and 7 in las vegas. That's where we are now.
@@carloscardona9255 Ahhh...I love hearing that. She sounds like an amazing women.
AHHHH SAY HELLO TO U GRANDMA SHE DID WELL DONE
To be wealthy is how to manage life and money goals determination work hard to be financially stable blessed thanks God♥️🇺🇸
While one can sell the house as a physical asset, the concept of a "home" is the personal, sentimental aspect that cannot truly be commodified or transferred to a new owner.
It is impossible to sell the emotional concept of a "home" - one can only sell the physical house itself. The home, as the abstract sense of familiarity and attachment, is something personal that stays with the individual.
Friends of mine bought their house in Philly about 50 yrs ago. Now the house is paid off, they have a million in equity, and a second home in the Poconos to boot.Thank you for the good adviice.
Everything you're saying is making terrific sense. 70 now and all my friends and family who sold homes because they thought it had gone up too much already looked back and shake their heads.
Thanks for your comment. Its very difficult to time the market. My biggest regret is selling the homes I did. Ugh.
@@AudraLambert…you didn’t talk about prop 13 benefits…it keeps me from Selling my house. Do you agree?
Do not rent out your house! My son rented out his home when he got married and moved into her house. The renter was in the military. My son felt safe to rent to them. Well, they got kicked out of the military for doing drugs. They stopped paying the rent and because of the pandemic, they couldn’t kick them out! They totally trashed the house before they could be evicted. That home took months to get repaired. He finally sold it.
Hello, I am so sorry to hear that. There are obvious downsides to renting.Having a good eviction representative is always a good idea incase something like this happens. Really breaks my heart.
That's why a lot are selling to corporations who DO have the cash behind them, lawyers on speed dial to deal with problem tenants. As more mom and pop landlords throw in the towel and corporations take them over, tenants WILL have to tow the line because corporations aren't gonna put up with it and don't have to, tenants will wish they treated their mom and pop landlords better......
@@AudraLambert This was during the pandemic in WA state. The government wouldn’t let you evict them and they didn’t have to pay you!
Im not renting my second home anymore after really bad tenants. Its actually less expensive as the renovation after every tenant became super expensive. So much damage!
Such refreshing honesty and some great points to seriously consider. Thank you!
You have such a pleasing demeanor. My daughter got her real estate license and learned how hard it is. I just want to acknowledge your charm
Wow...that really means a lot to me. Very very sweet. I have had a very rough week and your comment has really lifted my spirits. Yes, real estate is a challenging industry to get into...best of luck to your daughter.
If you regretted the same decision every time, 11 times, I’m curious why you kept doing it.
How refreshing. An expert telling you how it really works. I'm signed up to learn more. Thank you Audra
Ahh...thanks so much!! Glad I could help.
Your absolutely right. Had I kept all the properties I would have been sitting pretty in retirement.
Opportunity is coming around again if you're interested.
Me too...its still never too late. You'll know when its right again to jump back in if its the right thing for you. Thanks for your comment.
Are people buying at the top of this market?
@@elizabethmurray5718 Yes, housing inventories are still very low (at least in my area). The luxury market is a bit sluggish right now (properties over $2m). Its just taking 60-90 days to get properties into escrow in my area...but there are still buyers out there...especially with mortgage rates coming down. Don't know how people are affording it.
Us toooooo!!!!
Thank you for calming me down. Your right. We almost sold one of our rentals, but didn't. Listen to her and you'll be better off in the LONG run. Waiting works. Thank you.
So glad I could help. Everyone has different financial situations. I would just say focus on the long term. I know being a landlord can be a pain but it usually pays off in the long term. The days are long but the years are short:)
What about long distance renting. Did you hire a management company.? Looking at second property 1000 miles away. I will not take a lowball offer after. I replaced everything. Has good bones.
Downsizing is tough. Mentally I want to downsize, but realistically I’m not ready to downsize all my stuff to do it.
I know, I hear ya. I think it sounds good in theory but very difficult to do.
Worth doing! Pick a room or a category and do it. It will make your home more enjoyable, it will free you to sell but it doesn’t force you to sell. Do you want to weed out what is important and what is not, or do you want a relative to have to do it for you?
She's so right, listen to this lady!
Sold my beautiful home on acreage at a dirt cheap amount over death of husband. Had only one offer due to limited people in my price point in 2010. Realtor pushed me to take this low offer. That house today would have made me another $700,000. Oh well, it is the past.
I hear ya. But timing a market it is a challenge. Doesn’t come with a crystal ball. Same thing here
Thanks for sharing. Its difficult to make decisions when times are tough. Trust me, I can relate. Its pointless to dwell on the past...just good to learn from it. That is the purpose of this video is just to have people be aware of the downsides of selling in the short term. There are always reasons for selling...just want people to know what I didn't know back in 2008/2009. Thanks for your input.
If you have an expensive home,
you have to find someone who can afford it.
@@elizabethmurray5718 Yup, the more expensive the property, the less amount of people can afford it.
Don't feel bad. $700,000 today is like Mexican pesos (due to bankster theft called inflation). The $100k or so you got back then went a lot further.
I appreciate your honesty! I bought my first house by saving my income tax returns for a few years. That was the smartest thing I ever did.
And I too recommend to live below your means, save money for a rainy day. It all adds up.
Good stuff! Thanks for your comment. Really smart saving your income tax returns. Well done!!
As a fellow TH-camr, I regret that some folks feel the need to rudely criticize that which is provided for free, and I admire the grace with which you reply. For myself, I've noted and appreciate the move away from retention editing on TH-cam, however your views are certainly validation and your content is fantastic. I only discovered your channel yesterday and I've watched about a dozen videos.
Wow...thank you so much for your comment. I love that you are a fellow youtuber. You understand:). Really appreciate you kind words. Means the world to me.
I sold my house when I moved to Mexico and regretted it because the house would have been a good rental property. Luckily I was able to buy a couple of rentals after that mistake and will not make that mistake again. Holding real estate is the best investment.
Agreed!! Good for you for getting back into the market!! Well done!!
No..rentals destroy property
I am a homeowner and single mom with 2 kids! I am so blessed that God gave me the house before all this renting high situations. Thank you you gain another subscriber and yes! You will get your 5000 subscribers and more!
Thank you so much for sharing. I love that you are happy with your housing situation. You do sound blessed. Appreciate your support on my channel. Means a lot. Just trying to help the consumer out there. Someone's got to:). Blessings❤
I'm not that concerned whether my house value raises or plumets. I bought a fixed up, smaller home that I could pay off easily. So, whatever happens to the real estate market, I have FREE RENT!
Love it! Well done!
The horror stories of renters are terrifying! That is what scares me.
Audra, I really appreciate your wealth of knowledge and how you seem to truly care about other people. 😊 It is also very refreshing to see a person, who is obviously very busy, taking the time to personally answer questions from the viewers. Your are a gem! ❤
You are so welcome! You just made my day. I do truly care about other people. It brings me joy:) Thanks for you kind compliment.
Awesome wisdom. I can identify with you, because I've done the same thing several times. Emotional times, and now I wish I had those properties. I've never had a realtor share such honesty. Blessings to you in fathomless measure.
Florence, thank you for noticing me...I really appreciate you. Blessing to you too!!
This is a woman that is brilliant at everything she does!! Her advice is golden!
Ment every word !
Opps, meant
I LOVE LOVE your advice. So many other content creators our advising people to start liquidating and pay things off in cash which yes, makes sense. It’s more sense of security, but it wasn’t easy to save up the initial down payment for the rental that we have now, and just to think of having to go through that all over again I’m in my 40s now my husband and I are both in our 40s now and to do this all over again I just don’t see that happening especially because circumstances have just changed for us. I’m no longer working due to health issues so it’s not so easy now that we’re a one income family. Ty for this advice. I was literally on the fence of talking to my husband about putting our rental up on the market. Thank you. I think we’re going to hold.
Thank you so much sharing. Just consider the pros and cons of selling vs holding. Homeownership isn't for everyone. Everyone's circumstances are different. Holding real estate for the long term has proven successful for me. Thanks so much for watching my video. Sorry to hear about your health issues. Blessing to you and your family.
My home has been in the family since 1899 and it ain’t for sale. It’s no palace but it’s been paid for a long time.
Sounds like a palace to me...all paid for? That is priceless!!
HOW do you deal with all the this old house, syndrome? Our is 1894 vintage, small mortgage. Just jumping hoops often with taxes, repairs it's a 3-family.
Audra, love your channel, advice and presentation. Thank you!
Thank you so much! Appreciate your support.
Great video! Thank you, Audra, for being professional and honest!
You are so welcome! Appreciate your comment!!
We never tried keeping up with everyone else. We bought are home new and stayed put. We retired at 55. We aren't rich. But very comfortable. Some of are friends have big fancy homes. Of course we are jealous. But they will be working till they are dead. Work sucks.
Laughing...I am glad you are comfortable and enjoying your life. I am 55...but I really like working;). You can always visit your friends fancy house. Sounds like you made the right decision. Well done!!
U were the smart ones! Retire & enjoy a house that is tried & true
Not not if you're making 2000 to $4,000 a week working😂😂
You aren't really jealous because you are retired! ..and not still working your butt off to pay for a bigger house 😂 l would never be jealous of a bigger house that would require more 'blood sweat and tears' from me at my age.. life is too short.
@@rocketman7471 Heck, who makes that?
My wife and I took over my father's home when he passed away a couple of years ago. We knew it needed a few big repairs and were ok with making those, so we decided to move in. Long story short we dropped about 100k into it but even to this day, there's always something going wrong the house was built in 1937 and I feel like no matter what we do were going to be dumping money into it left and right. Anyone think we should hang in there or hang it up? Any input would truly be appreciated. Thanks
Hello there! Yes, buying an older home does have its downsides...consistent maintenance is one of those downsides. Everyone's financial situation is different...and their reasons for investing in a property is different for different folks. There is always a good reason to sell and a good reason to hold. I have sold properties in the past just because I was sick of dealing with all the tenant calls about the repairs that came up on a property. I eventually sold this property and bought a newer one with less maintenance issues....my time is valuable too. it may make sense for you to sell. I would do the research...know what your house is worth if you sold it. What would you do with that money? Where would you invest it? I would also see the advice of a trusted financial advisor. Its important to know the implications of selling or buying. Best of luck to you.
I hope that your channel goes viral and millions subscribe. Honesty is priceless...
Ahhh...that is the nicest thing to say. I really appreciate it!!
Bought my house for 35 K in 2008 in denver. Mold infested bank repo 800 sq ft 5 years later I had a fixed up paid off house. My neighbor's paying rent what I pay in property taxes per year. I also have no stairs so this is the house I can live in for a very long time.
Good Job! So happy for you!!!
Thanks for the Honest Wize thoughts / we all have homes we should not sold in our families.
You are very welcome!!! I can relate to selling homes I wish I never did. Thanks for your comment.
Audra, thank you for sharing your wisdom and experiences, much appreciated!
You are so welcome! Thanks for watching!!!
I have been through this process several times as the individual selling home and every time, every single time the realtor wanted me to price the home far under market value.
I lived in a small dump. The realtor fixed up my dump into a dollhouse and it sold within a week for $50,000 extra. It was horrible. She had excellent taste and quickly changed a lot of things.
Love good agents like that...so glad to hear you had a great experience. Congrats, by the way!!
I’m getting ready to put my house on the market. I listened to the video and I know it is the right decision for my age and the condition of the house. Thanks for your insight!
Perfect! You'll do great. Best of luck to you!!
Audra, wish I'd have heard your brilliant message 5 years ago before I sold my lovely farm. God bless you for giving real advice. Much appreciated 😊
You are so welcome! So sorry to hear about your regretting selling your farm. I have regrets selling my homes, as well. Thanks for watching.
This is a great video. This is wisdom. I don’t sell because I know the windfall I get will be gone within a year or two.
Ahh..thanks for your comment. Appreciate it.
Right. We can't live off of what we get for our homes. Not now!
@@AshleySpeaks4U Well, rents are going up...so that does help. But I do hear ya...cost of living is sky high right now.
I’m a bit uncertain what to do, so I do nothing except work on my house when I can. I’m 71, been retired about 9 years, no savings, living on SS. My mortgage is $840. I live in a city. The house needs some repair. Last year I started painting the exterior, and hope to finish it this or next year. I have some money from insurance company to replace the roof and have a roofer and waiting on getting that done when it warms up. Will be replacing one window (purchased) and front door (from money back from property tax this year). AC went out years ago so I use a window AC upstairs and a portable one downstairs. The furnace is about 22 years old, but still works. The back patio door needs fixing or replacing. The sliding screen door is broken. One bedroom has sheet rock removed because I added insulation. A downstairs room needs walls too because of water damage and added insulation, including finishing a bathroom there. Only has toilet with no walls. Shower there but again, no walls. Kitchen electric stovetop very old and should be replaced. Lots of fun.
Would like to sell house and move to a more rural area, where more room to garden and away from any future unrest in cities. So as I said, not sure what to do except plug along on repairs.
Hello there...thanks so much for sharing your situation. Sounds like you are very handy. Everyone's situation is different. Holding your property for the long term may not be the best solution for your situation. As we get older and are focusing on downsizing or living in a different area, sometimes selling is a good option. Depending on your area, inventories are still low and some buyers are willing to purchase a property AS IS. May be something for you to consider. I really like the idea of gardening. Appreciate your comment. Best of luck to you. ❤
Thank you. I wasn't sure how we could buy a new home and keep the one we own.
Glad I could help! Best of luck...and thanks for watching.
YOU CONVINCED ME . I AM NOT SELLING MY HOUSE NOW . ❤ LOVE YOU DEAR 🎉
Hello there! Before you make a very important decision, just know the pros and cons. I always recommend seeking a a trusted financial advisor regarding your real estate holdings. Holding real estate for me has proven to be a good investment. Homeownership isn't for everyone. Just trying to make my followers consider both sides of selling or holding their property. Thank you so much for you comment. Means the world to me. ❤
@@AudraLambert I WILL FOLLOW YOU MAAM. THANK YOU .
@@birajpradhan6405 Ahhh.thank you!!
I really appreciate your wisdom and transparency. Such reasonable advice. Plus you have a great way about you. Wish you lived in NJ. We’d be calling on you.
In late 2007 a luxury residential high rise in downtown Seattle was completed. All the units were sold, and all of the happy buyers moved in, myself included. There were parties in the lounge and on the terrace. We were a happy community of professionals. Cut to a few months later, and the collapse. The building became doom and gloom, as owners became short sellers and there were even foreclosures. These were owner residents. There were very few rentals. I knew I was going to ride it out. I bought with the intention of living there many years. Why would I sell? I knew there is no price on my property until I sold it. Ten years later, I did sell, at top of market as it turned out.
Well done! Its hard to hold onto properties long term when it feels like you're loosing value on your home during a housing correction. If you're able to hold onto your real estate long term, it usually pays off. Congrats! Thanks for your response.
I subscribed! I appreciate that you are sharing your knowledge and personal experience.
Thanks for the sub! Really appreciate your kind words. Always good to learn from someone else's mistakes.
Finally a savy and sincere information. All you said truly make sense and is very helpful and valuable. Thanks and I will keep looking for your amazing videos.
I appreciate that! That really means a lot of me. Thank you!!
I already saw at least 10 of your amazing videos and keep learning, thanks a lot. People change lives and don't even have an idea about it. You are one of those. Thanks
@@johnlozano5054 wow...thank you so much!! You just made my day!!
THANK YOU FOR YOU INFORMATION.
I HAVE 10 HOUSES BETWEEN NY AND CT.
I WENT FROM FORECLOSURES TO
BANKRUPT. I HELD MY
HOUSES LIKE MY LIFE.
I NEVER SELL,I RENTED.
THE REAL STATE HAVE
ONE WAY TO MOVE AND
IS UP. THIS HOUSES THAT
I PAID 120 THOUSAND ARE
MILLIONS NOW.
I LOVE HOUSES. MONEY IS
JUST PAPER.
You are very welcome...and congrats on your success. Love to hear it!!
Shockingly honest advice.
Ahhh...thanks so much. Appreciate your comment.
I am not buying or sailing a house but came across your video somehow. I did watch till the end and I found it quite enjoyable and informative. Thank you for being willing to help someone else. Lord knows we need more people that are willing to do just that in this world. I live in NC in a very tiny home 850 square foot and I am being generous. lol if and when I decide to sale I would love to have a realtor like you. You seem honest and sweet. I wish you well and god bless.
I sold two of my past primary homes, and I regretted both of them. Should have kept at least one of them. I come back to listen to you again whenever I get the itch to sell.
Laughing...I listen to my videos too as a reminder. lol!
In a perfect world, taking a 2nd out on your primary residence and investing in another would be great. I live in California, and due to our Governor, tenants have been able to live rent-free for the past 3 years. It's a Tenants world here, and they have control...the landlords can go Broke, and many have because of this.
Renting is a crap shoot here, one that can destroy your peace and financial situation.
HI Susanne, if you live in Orange County and you ever have an issue, I have a great eviction contact who knows the laws and has been a God send. It's super important to screen your tenants. Doing background checks, run FICO scores, verify employment, asking for bank statement and/or tax returns gives you a better picture of who you are renting to. It's doesn't always work..but does help find a better tenant.
Thanks a lot for your timely video 👍👍
Of course...happy to assist. Best of luck!
Great video, thank you!
Yes, I had known these tips, but my spouse refused to keep our home and use the rental money to pay for a second home. Thank you for sharing. I wish this video was around when I first invested in a property.
Such great advice! I purchased a townhouse as a rental this year using a HELOC. 7.25% interest hurts, but no competing offers is very nice. Don’t count on it, but interest rates should eventually go down. Just gotta hang in there.
I agree with you...I do think rates re coming down. Appreciate your compliment. Means a lot.
Not a great idea, what if we have another COVID and your tenants don't pay rent for two plus years?!
@@bettysmith4527 My tenants paid through covid...and so did all my clients who found tenants through me. Screen very carefully...and check their references and make sure they have a JOB.
Really great advice here. Really thorough.
Glad it was helpful! Thanks for you feedback! Means a lot!
You are the best!!! This info is gold!!! THANK YOU!!! Kathy
You are so welcome! So glad you got some benefit. Appreciate the support.
I love your honesty and the information provided in this video. I sm definitely going to look into your other videos.
First time I saw you. Made very good sense! Your advise is very understandable and basic enough for all to understand! Picked up a major finance tip that didn't occured to me! You are good at separating the reality from the emotion!!!
You are handling real estate in California! God help you!!🤣😂🤣 Thanks much for round of "uncommon sense"!! Subscribed! Good luck!!
Ahhh...thanks so much! I really appreciate your kind words. Glad you got a tip out of the video. Have a wonderful day!
I listed my house in 2022. I wanted to buy another house in an area my grandson loves since he will inherit it anyway, but I quickly realized that the only people who made offers were Chinese investors. I decided to save my neighbors the hell I might leave them. So I've kept the house. It's paid off and my only worry are the property taxes that keep going up, but I always manage to save it and then some. I thank God for his help ❤
Sounds like you made the right decision for yourself. Why are your property taxes going up? The property taxes (at least in California) should go up gradually. Everything usually works out. My motto: One day at a time.
@@AudraLambert To pay for healthcare, food and luxury hotels for the illegals the scumbag government is bussing into our country to destroy it from within and make us all a homeless communist cess pool.
Thank you so much for your advice.
I became a subscriber the other day. I enjoy your videos and appreciate the information you provide... straight to the point and not a waste of time. Thank you.
Thank you so much for subscribing. I really appreciate it...so glad you like my videos. Means a lot to me!!
Thank you so much. Your advice is priceless. These are difficult times.
You are so welcome. I agree, these are difficult times. Happy to assist.
I'm a 67-year old woman living in Los Angeles. I'm renting out the small 2-bdrm, 1-bath house that I grew up in and inherited from my mother in 2011 and I'm getting $3,400/month for it. It's an 'as is' house with knob & tube wiring and it's worth approx. $900K-$1M. I own it free & clear, no mortgage and am currently living in a 1-bedroom apartment where the rent is very low because I've been there for 30 years. I have around $700K savings. Your suggestion about taking out a line of credit to buy another house to live in appeals to me because I'm tired of my shabby little apartment. I would probably have to go out of state to find a cheaper house so I could still have savings left after purchasing it. The problem with holding on to this house is that being a landlord in a house that needs a lot of work done is very stressful and I'm not getting any younger.
Yes, I hear you. As we get older, our needs change. I know I am looking for less maintenance and less hassle. No matter what you decide, I would highly recommend you run your idea by a trusted financial advisor. You have a really good set up right now. Moving is a lot of work too. Thanks so much for watching my video. I wish you the best.
I'm horrified at the cost of "rent" in a little house not worth $20,000 in a normal American economy!! 20 years ago $3400 a month would get you a freaking MANSION. Good grief this country is circling the toilet!!
Very helpful tips!
I'm currently working on getting my RE license. I'm glad I came across your channel. I need to learn from the best. Thank you!
Btw, I love your blouse!
Glad it was helpful! Please watch my channel if you are learning. You'll know more than most agents out there...I promise. Best of luck to you. You'll do great!! Thanks for the compliment. Means a lot.
Thanks for the reassurance! About to buy an other house nearby that fits our lives and business much better. But selling the old house is going very, very slowly. We made a plan knowing how long we could continue to pay the mortgage (at 3.2%) on the original house and be just fine. But I have been really getting more and more anxious lately. Your video has helped immensely. Might actually be able to sleep tonight!
So glad you got some benefit from my video. It’s a tough decision. You just have to weigh the pros and cons. There are not too many people I know that regret holding their homes long term. 😀
Thanks for sharing your story !
Happy to share. Appreciate your kind comment.
Our why for selling is to move 2000 miles to be closer to our kids that moved away and now having our grandchildren. We love our Indiana home built in 1872 . It needs so much work but it's on a few acres with beautiful setting and good location. We have already purchased land and put in a well at the new property but it's gonna take a miracle to sell this old home. I wish we could keep it, but renting doesn't seem feasible. We are tired and "poor", and don't want to do all the renovations it would take to make it up to snuff. We could do a heloc to develop the new property, but does that even make sense with the 2000 mile distance. It's a dilemma! 😢
My husband has the same philosophy as your's about cars! Really enjoying and value your no nonsense info and advice!
Hello there!! Thanks so much for sharing your situation. Holding multiple homes isn't for everyone. Your financial situation, financial risk, phase of life all comes into consideration when considering buying or selling any home. Sometimes the maintenance is too much for people. I would just seek the advise of a trusted advisor. Sounds like you know what to do. Really appreciate your kind words...means a lot.
Thanks Audra! I couldn't sleep so wrote that at 3 a.m. You must be up awfully early writing replies! Really appreciate that dedication to your channel. Have a nice day!
Im looking for a fixer upper in indiana. Im in northern indiana. What area is your house ?
It's so generous of you to share your experience and education. So many of us invest all of our income in our house so it will take care of us when we retire but we don't have the know how to make good decision around it. I appreciate every word you say.
So glad you got some value. Really appreciate your kind comment. Means a lot to me.
Wow! She’s so wise. I own 260 units and rarely look back on a sale as a good move.
OMG! Fantastic information! Thank you 🙏
Thank you so much. I really appreciate your kind words!
Audra, thank you for this video ❤ 🙏 I am on the cross roads with my house in LA and your experience helped me put things into perspective. I don’t have any pressures to sell my house, but with everything going on in SoCal I am not 100% sure if our properties will appreciate or depreciate over time. And this is where FOMIO kicks in.
The hardest thing for me to do in real estate is HOLD when things got tough. I did invest in areas that were growing and thriving back in the day. I regret selling because I did go to a lot of work buying and spending the time investigating the proper areas to invest. If I would have just cooled my jets, had a plan, and stuck with it, I would have been in a much better position. Southern California is a very desirable area and most of our land is gone limiting new areas to be developed. Not sure where you live in LA. I know some areas are better than others. Thanks for your comment and best of luck with your decision.
I did get an offer for $850,000. However the price in this area with a new development is 1 million per lot
I hear ya...but you have to be careful with competing with new developments. You are probably not offering what the new builders are offering. In my area, builders are offering mortgage rate buy downs for their buyers, throwing in a ton of upgrades. In fact, some builders are actually including landscaping in their transactions. Its easier for buyers to go the new builder route also, because most new development will accept a contingent sale. Buying a new home has its pros and cons. Its much easier for a buyer to get into a new development because the builder is assisting with financing, upgrades, and are willing to work with contingent offers (because they have plenty of units to sell).
Same as the UK, as for renting your house, think hard, yes you can special tenant INSURANCE but if the tenants for some reason burn your house down, GOOD LUCK on the crafty insurance companies paying you out, or even like water damage from tenants etc etc…renting is a stressful and bad idea…..I have bought/and sold in the UK had a divorce but I did manage after that to buy a nice 3 bedroom detached housed cash 10 years ago thank god…Ray in beautiful Norwich city UK..Single and happy lol….
Well Ray in beautiful Norwich city UK...glad you are single and happy..lol. Yes, I do agree renting does have its downsides. Insurance is a big issue especially where I live. Its really important to choose your tenant carefully...and have the proper insurances in place.
First time viewer to your channel! Great reminders, Audra, thank you. Hubby and I are holders at heart, but when we’ve sold it’s bc we needed the equity. We’d love to turn our current house into a rental, but I worry that the finishes we’ve put into the home (hardwoods, subway tile) would get destroyed by renters.
Thanks so much for watching my video. I hear ya, renting out a property is risky. If you do decide to go for it, just pick your tenants carefully. I have tenants in a property where they actually take better care of it then I would...Be Selective. Holding a property or selling a property is a big decision. I would just weight the pros and cons. You'll make the right decision.
of course, talking with a realtor will coach you to sell your house for self-preservation (commission). Even your friend realtor will talk you into selling the house, what a friend!!! Yes, renting your home will create positive income but what happens when renters do not pay and tenants have rights like in California and San Francisco. The Gov will allow homeowners to sink as long the freeloaders have a board and room to stay in. So it is easier said than done about keeping your home. That will work if you have a lot of reserve in case the market, jobs, etc are down otherwise will end up in foreclosure. We hope the Gov will do the same to lenders and not allow homeowners to foreclose but unfortunate politicians are bought by the corporations.
I hear ya. I live in California too. Its always good to have an eviction specialist. I have a good one, if you ever need one. Reasonable too. Obviously its always a good idea to screen any tenant. There are risks to renting for sure. I am renting my investment property out at a slightly reduced rent because the tenants were solid, with great FICO scores and have a steady job. It really important to find a good tenant. Some landlords will just rent to whoever fogs up a mirror...be careful!!
I sold my payed of home on half an acre and thought it would be easy to transition into a new home…7 months later we are just now getting approved for a new home but difference is I will have a payment again and my other home was payed off! Low key made a huge mistake :(
Pro is the new house is brand new …..:
Hello there. It will all work out. I would love to have a paid off home...and I will. Just takes time. You probably will too. Enjoy your new home. Not fun looking back. I've made mistakes in selling my homes in the past but you just have to learn from it...forward looking. Thanks for sharing and watching my video.
Good advise and sincerely helping owners with financial advise. Hard to find folks like you who are truthful and living a good life. Good vibes throwing at ya.
Well thank you so much for that...really appreciate it.
My wife and i are exactly at this place right now. This is advice we need to hear now, we live in Western Washington State. Liked and subscribed.
I have a house that I fully own just to have a place to go if I ever need to I would not rent it for a million dollars 😊 great video 😊😊
That is awesome! Well done!! And thanks for your comment!
Watch out for people who see an empty house and live in it. It's hard to remove them.
@21silvermoon Oh, yes, squatters!!
Wow! This one video has catapulted you towards your year-end goal of 5k! Congrats!so close now
I know! So exciting!!
Wonderful advice for life; gratitude for sharing.
Glad it was helpful! Appreciate your kind comment.
Thank u for ur advices...am trying to make good decisions too.
Everyone's situation is different. Just weight the pros and cons. You'll make good decisions:)
Exactly I went to see a 3 family- I walked in it had a bad cat spraying smell and they did not even sweep or mop the internal common areas
When I sold my property my x was like you don’t have to clean that I left the unit cleaned cleaned behind all appliances!
That is disgusting! Can't believe people do that!
Great video and information. I completely agree the long term appreciation in the home equity is 10x more return than 2-3 year flip.
Appreciate your comment...agreed. I think its hard to see long term appreciation in Any investment..especially when "things" slow down....which they always do. Thanks for watching.
I’ve done this 11 times and regretted it every time 😂 that’s quite a learning curve
Well, we are the wiser:). I did the same...painful...but good lesson:)
Very astute advice! Thank you.
You are so welcome! So glad I could assist!!
Such an interesting video. We had an AirBnB type business and 12 properties. We sold up and closed on the last condo a month before the bubble burst. The best thing we could have done! We got back in again in 2013 with a different concept. Just sold up again and sitting tight.
Best of luck to you! Always good to invest in your future. Sounds like you have a handle on "things." Thanks for your comment!
And ruining one residential neighborhood at a time! Airbnb 👎
I have a property that I wanted to rent out but I have to do too much maintenance to it. Too much cost is going into the fixing it up so it is too expensive to keep it vs renting it out.
If its too expensive to maintain the property for you, then perhaps it makes sense to sell. You don't want to rent out a property with tenants in the property where you cannot guarantee everything is going to be working properly or safely. Its never a good idea to be over leveraged. If you do have a lot of equity in your home, and the rents are very lucrative for you (you'd have to do the research) you could always take an equity line of credit out to do some of the repairs. With the extra cash flow you'd be receiving from your property, you could pay down your loan. This only works is the property would cash flow well for you. Just trying to give you options. Best of luck...and thanks for watching.
@@AudraLambertthank you for educating me on this. Unfortunately also for some reason my house is a condo and there is one down the street same make and model with the owner trying to rent out his unit and his for rent sign has been up for months. So it is not looking good to rent even if the maintenance was not so bad. There was another unit that was for sale with same make and model and it sold really fast. So I think it just makes more sense in my case.
@@brighid13 Yes, totally understand. Each situation is different. Not all markets respond the same way. Sound like you've done your research. This may be the right time for you sell. Best of luck to you...truly!
I appreciate your generous advice. Liked and subbed.
great video, thanks for sharing. We've owned our home for 20 years now and have no need to move or sell our home. The transaction costs are just too much to sell IMHO.
Thanks so much for your compliment...appreciate it. So glad you lived in your home for 20 years. I am sure your home has appreciated over the years. Transactional costs can be high...but you do have the ability to negotiate your commissions down. I do hear ya...selling a house is expensive.
Residential property is unlikely to crash, at worst only pull back slightly at the very most for a short period until the new investors gobble the over committed owners at reduced prices, then the prices rise again, rinse and repeat.
Too many cashed up boomers in retirement with investment residential properties, self funded property in superfunds, Vanguard and Blackrock indirectly fueling the system.
Investors are leaving commercial
property and shops due to the excess fees to maintain them compared to online shopping suppliers. Residential rental properties are more viable now.
The population all needs a home, but they don't all need a building. Supply and demand and restrictive land approval and shortage of cheap housing builders and expensive materials is inflating the endless cycle now.
You make very good points. Commercial is getting hit harder in my area. The housing market does have their cycles. Thanks for commenting and watching my video.
Good video subscribed! I think alot of people are waiting to see what will happen with economy after this falls election hopefully nothing crazy like shutdown again smh. Just puting this comment for future reference.
Yes, I've been talking to a lot of buyer and seller who have the same fear. There will always be the unknown. Just got to do what's best for you given the circumstance.
Dear Audra, We enjoy your series. Quandry~ a.) To sell, building inspectors might not like Trees growing close to home, plumbing/moisture issues. b. TO Rent, vintage 3-family home often has surprise issues like oil tank leaks, etc. or Health Dept potential issues. (Thankful we have new Roof/Boilers/asphalt driveway/windows) So, I am paralyzed as to a decision. Believe me, I can stage and home appears with gorgeous curb appeal but that cannot correct above issues. Thanks for EVERYTHING. It's tough to stay here and tough to consider selling and that future. Sue
Great advice Thank you!
You are so welcome!
Thank you, Audra. i subscribed to you so I can learn from you. ty ty.
Thanks for subbing! Happy to help!