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Owning a Home is Literally a Scam (Documentary)
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- เผยแพร่เมื่อ 7 ก.ค. 2023
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Moronic nonsense
The fact that you covered refinancing really convinced me that you guys are on to something
@@JOHNDANIEL1😊😊 14:01 14:02 i😅
Right bro! 🤙🏼🙇🏻♂️
Click here to fvck off.
I bought a condo in 2017 for 75k on foreclosure. Worked crazy overtime and lived off nothing for 4 years and paid it off. Its nice having no house payment and its worth around 170k now
Do you pay HOA or building fees?
Fuck ya Lance! Hope your digging your downtown vice city condo!
@@AustenSummersyes he does
@AustenSummers hoa is $155 a month taxes $99 a month. I'm in the deep south where home prices ,taxes, and cost of living are still relatively low. Easy to pay w no mortgage payment
Condo yikes.
Condos are just glorified apartments in my opinion. Neighbors connected to you, can't blast music at 3am whenever you want, if the building needs a repair or the owner wants to upgrade it you have to contribute, etc etc. I refuse to buy a condo or a mobile home.
I "own" my own home, but still have to pay $400 a month tax in order to keep it. That's not ownership, that's renting. If I stop paying my "rent", I will lose "my" house.
I agree that it's insane and makes no sense
( bankers ))
That tax helps to protect your property and its value.
$100 a week for security and peace of mind as opposed to $600 a week and wondering if the lease you just signed will be your last because of the grass being 1cm too long and a dirty cup in the sink on your last house inspection… maybe try and look at the glass half full..?
@@scottharveth No, it doesn't. Taxes are theft.
Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
Interest rate is currently at 4.75%(8th rate hike since March last year) Inflation at 7% and mortgage rates is at over 7.5% but yet minimum wage remains the same and my retirement portfolio has suffered tremendously these past years, so my question is how do senior citizens retire and live off such unstable economy. The long term game is obviously not for me at this point.
Despite utilizing the correct strategies and possessing the right assets, there can still be variations in the investment returns among different investors. It is important to acknowledge that experience plays a crucial role in investment success. Personally, I realized the significance of this and sought the guidance of a market analyst, which enabled me to substantially grow my account to nearly a million. I strategically withdrew my profits just before the market correction, and now I am taking advantage of the buying opportunities once again.
I definitely share your sentiment about these firms. When I was starting out, I checked out a couple of freelance investors online, so you could do the same. I personally work with “Colleen Janie Towe”, and she's is widely recognized for her proficiency and expertise in the financial market. With a comprehensive knowledge of portfolio diversification, she is acknowledged as an authority in this field.
reducing the population is one of the keys to reduce prices.
Or...
We let the government delete debt. All currency is debt, deleting govt held debt is deflationary.
It's as simple as pressing delete.
Mortgage Broker Here. I knew this dirty secret for years and helped get many below 3% loans. Then Quit. In my 25yr career, I've only been able to convince 4 people to pay off their house. The perpetual interest game is the death to one's financial freedom. GREAT VIDEO!
Most dont even care about how much interest costs them long term. Everyone wants everything right now, even if it costs them 2x as much making payments.
@@redrustyhill2 Very True
@@redrustyhill2 Inflate the interest away.
It's amortizing. the stated rate is actually much lower, so low, that if you just purchased a 30 year risk free T-Note, you would have earned more money than the entire interest paid. It's like foregoing $1.1 million in investment returns to save $460,000 in interest.
@@investmentanalyst779id like to see that dubious math…30 year bond rates aren’t great compared to mortgage rate…that’s kind of the point
Even when you pay the house off, it's still not yours. Stop paying your property tax and you'll find out who the real owner is.
Bingo. We live under the illusion of ownership in this country.
Then don't complain about not having roads to your house, or highways, or any public infraestructure for what matters. Your reductionist point makes no sense.
@bazooka712 how ever did we have roads before the govt built them for us? Anyways the point stands. We have an illusion of ownership in this country.
@@Elementalism The roads you had weren't as much and as wide as they are now. There are more cars in the road, bigger ones at that, suburbs expanded drastically over the last 50 years, and everywhere you go you basically need pavement for cars because of the dependency the car industry lobbied the US citizens into.
Once again, your reductionist statement just shows how easy it is to defend a point that, in hind sight, is a bad one.
@@bazooka712 All I'm saying is, there's no such thing as Home Ownership. Someone else will always own your home. Either the Bank or the Government. But never you.
Renting one is too.
So what do you do?
@@masonsoutdoorsportsmenadve4933buy a cardboard box
@@masonsoutdoorsportsmenadve4933just Buy Bitcoin and problem solved
True, stay living with your parents / care givers as long as possible while saving and investing. Unless you're fortunate to have lots of income and can afford the rent.
@@masonsoutdoorsportsmenadve4933 suck to be "poor" and not being able to just buy it in one go, huh?
You said it, many Americans know damn well that they’ll never actually pay off a mortgage. Yet the autonomy and prestige that comes with owning a home is highly desired. I waited til I retired out of the military to buy a home that my pension more than covers…
Paid mine off in 15. Im 40 now. Self employed artist almost my entire life. Now I pay nothing to live in my home. I pay 1000/yr for insurance. bought home for 65k. 700/mo payments.
Most people make the mistake of investing in NEW cars or trucks. My home only increases in value every year. A car or truck that is 20k, cost 1/3rd of my home, and in 15 years, will be worth a couple thousand at best. So they paid 30k for a car loan that is now worth 3k. That house that cost 65k, that cost 100k in loans, now is worth 100k after 15 years.
@@Reach3DPrinters good shit my man! I’m not sure why people splurge on cars/trucks. It’s honestly one of the worst major purchases ever.
@@geechie-don7157 Exactly!
I cant understand why 20 year olds have a 600/month car payment but complain they cant afford a house. lol
And upset that "a necessity" like food delivery is too expensive... on top of their $300/mo phone payment!
Like $100 for an iphone 8 and its paid for.
Just blows my mind.
@@Reach3DPrinters that’s right
I agree, I was shocked when I heard young people talking about buying cars on credit as an investment. It's an expense. @@Reach3DPrinters
I was a Mortgage Loan Officer not too long ago. I tried to refinance as many people as I can into 15 year loans instead of 30, which typically removes 3/4 of the interest.
The problem was many of them didn't have enough income to do that.
And that's usually the case with buyers. They buy what they can't really afford. Thank you for explaining that to the rest of us.
Agreed, it’s also additional risk since their required payment is higher.
If you lose your job, having that lower payment is going to be really really nice!
I tried to explain this to my friends when I was younger, and they couldn’t grasp it. I tried to get them to understand that with a 30 year mortgage you were essentially paying for the house twice. This was when homes were much more affordable. With today’s prices, I’m scared to think what the future holds.
A person buying a house for $300,000 will likely pay about $750,000 over 30 years.
The alternative is trying to outpace inflation with saving up.
Also, you should be doing a 15 year at most. So that significantly changes the amount of interest you pay. If you can't afford a 15 year, you can't afford the house period.
@@seanin1990 that is true, but you also have to consider the time value of money, asset appreciation, and the opportunity cost of alternatives. For example, if we assume the 30 year long run national average appreciation of 4.5%, that $300,000 home will be worth about $1.2M when it's finally paid off. Sure you paid $750,000, but you also got nearly $500K worth of capital appreciation.
Maybe your friends weren’t morons like you?
@@seanin1990 who cares? Someone renting the home will pay three times as much over 30 years.
if u rent youre getting screwed
if you get a mortgage youre REALLY screwed
if you buy your house cash you still have to pay taxes over and over on something you already purchased so youre still screwed
It never began
That's the problem. We need shelter, and it isn't free, no matter where you go. The land is all owned, can't just go live in a cave somewhere.
That’s how it is anywhere in the world…
I live in my moms basement rent free
@@JohnVitowon't be free forever.. enjoy
Owning is bad. Renting is bad. Tf are we supposed to do then? Live in tents?
Yes😂
Refinancing a mortgage is not always a bad deal. I took out a 30 yr mortgage years ago at 6% interest. After 10 yrs I refinanced to a 15 yr mortgage at 3% thus lowering my monthly payment and reducing the length of my mortgage by 5 years. Closing costs on the refinance was minimal as well. If you're smart and your timing is right, it can pay off doing this.
Refinancing isint a bad thing if you can get a lower interest rate and select a lower term each time. Dont keep getting a 30 yr mortgage otherwise you might as well rent.
your absolutely right but younger gen 35 n under are used to ZIRP type environmen and pre 2000's it was never around 0% interest. House prices should correct but there is too much Institional money buying houses for cash offers to turn people into forever renters. Seems like only option for them is to save like hell living with their parents an buy cash to not get screwed on loans/etc
I agree. My parents did the same successfully and will have paid off the entire mortgage in a few short years.
@@taylorx2lol sucker ....talk to us in 5 years lol you'll see
I am happy I payed off my 20 year mortgage four years ago and been saving my mortgage payments every since and it feels so good knowing I can live for free because the state I live in there is no property taxes at full retirement age or 100% disabled veterans and I am both. No mortgage no credit card debt and no car note and no loans of any kind and no problems
You are smart.
@@williamlee3594 not to smart just a simple plan for a working class man, I never earn much money and I sacrifice a lot to pay the mortgage because I was looking at the long term with hope that I will live too see it and I never afford a new car or credit card and most things I fix myself. Life has not been easy and I could not afford mistakes
What state do you live in? I have never heard of zero property tax for retired folks. In my state, they freeze property taxes at 65 (so they never go up again) but zero taxes? I have never heard of this.
Legend. Now rent it out and live like a king in Thailand
@@sk8ingthemystery hahahahaha Ohhhhhh they will take all my money over there
*Note:* Houses used to be cheaper than cars...
I often joke that some cars cost more than a house, so I guess in some places they are still cheaper. I bought a nice penthouse for $30K in Africa and some of my relatives in the USA have paid more than that for a vehicle.
My dad said cars used to be $3,000 or so for a new car. Houses used to be like $64,000 - $80,000 for a decent houses. Now a new truck is $62,000 and those cheaper houses are closer to $200,000, the more expensive houses back in the day are in the $400,000+ market.
@@bradwjensen you have to go back to the 40s before world war and adjust for inflation...
Inflation
Houses in the 40's cost less than a car today. Houses were always more expensive than a passenger car at the same period in history.
The trick is you get a multi family and rent the place to someone else as well so that they're paying for your mortgage and you have a free house.
Multi Family living is the future for people.
My father and I bought a 3 family home 3 years ago. My parents on the 1st floor, my sister and husband on the 2nd and my wife and I on the 3rd. Each household we split 3 ways for a mortgage of 2300$.
@@lofihour2506 Smart move
Until u get that crazy tenant
I’ve turned from trying to own a house to looking at an Older RV. I can no longer imagine the idea of being suckered into spending my entire life trying to pay off one thing. I would likely die before I ever did, why even waste my life chasing this forced ideal of nothingness and stagnation
Enjoy living in your cramped RV with limited power for utilities (depending on if you're going solar and traveling or if you're paying lot fees and hooked up to a grid). I'll enjoy buying a nice comfortable small house that I can make affordable payments on after the housing market crashes. Congratulations on falling for this propaganda..if "home ownership" is keeping you poor, you'll be living like a king in your little RV.
@@bigpep7987this whole video is total propaganda. It's nefarious. If anyone is dumb enough to believe that, it's sad.
@@bigpep7987 No need to piss on another person's future living arrangements. The RV lifestyle works if you can stomach owning less and making do with the limited space you have. In the province of British Columbia, home ownership and rents are so expensive many have only two choices: Homelessness or the RV lifestyle. Funnily enough, BC politicians hate RV people because they don't pay property taxes. So there's that silver lining.
You have to live below your means. I bought my 1000 SQ ft home in 94. I was 26. I remember the real estate agent trying to get me to buy something bigger because I had the credit and income to afford it. He called the house I selected a "starter home" I took out a 30 year loan. I paid extra on principal every month and paid it off in 11 years. My interest rate was 6.75%. Had I got the house I could barely afford vs. what I needed, I would be just now paying it off 30 years later. I'm a single male living in a 3 bedroom 2 bathroom house. Why would I need more house? I've invested and saved to become a millionaire, yet you wouldn't think so at all by the way I dress and what I drive. My life is easy. I'm quite content still in my "starter home".
I have a 32 foot motorhome that I own on my property. You can have it. I have a building now. Free
A 30 year mortgage makes more sense if you were buying your first home in your early 20s. Seems like a riskier proposition if you are buying your first home in your 40s.
My parents are buying their first house in their 50s
@@Curvyfeets Are they doing a 30 year mortgage?
My parents did the same btw.
What should I do then if I’m in my forties?
I'm 44 and about to buy my first house. If I would've bought my house while married in my 20s my ex wife would be in it now with the guy she cheated on me with so I think it worked out? 😂😂.
Video basically describes how amortization works on a mortgage and how more and more people are unlikely to stay in the house they just bought for long enough to actually pay off any of the principle of the loan. Essentially meaning that if one just stays in a house they own for a couple years before moving, they are basically just renting from the bank as little to none of the loan was paid off.
This assumes the property doesn't appreciate.
wrong, here you have to pay it off in 30 years. You can take the mortgage with you. But you lose a lot of incentives that only last 30 years MAX.
Here you have 2 type of mortgages in the Netherlands. We have or had even more. But we have amortization, and lineair one. The last one the pay off is the same every month the interest gets smaller by the years. So no amortization. Also, when i move to another house i can take the mortgage with me. And continue paying it off.
Homes appreciate. The house I grew up in was bought by my parents for 70k. 6 years ago they sold it for just under 3.2 million. I bought a house for 220k in the 90s after college and lived there for about 20 years. I sold it for 1.3 million 2 years ago and bought a brand new home for 500k financing 250k . I feel bad for people who don't understand how to build wealth.
@@socialseahawksfan9325 Can we always count on homes appreciating in value?
I believe in the van life. Because owning a home is just so depressing, and expensive!
Yet, home ownership is a status desired by so many people! It's a status symbol :D
a house in 1980 was $50,000, now that house is $500,000,
even if you own the house out right, the property taxes on that house are 13,500 a year.
As if living in a van isnt depressing
@@brainwashingdetergent4128It’s a hell lot more liberating and fulfilling then the life you probably live. That’s for sure.
Don’t miss a payment and remember to pay those property taxes though! Oh and your AC system went out! Sorry your insurance only covers half! Have fun! 🤣
Most people I’ve seen living that van/trailer life are genuinely happy. On the opposite, the suburbs are flooded with truly miserable homeowners who feel trapped and hopeless. Says a lot.
The one thing i don't understand is how people always like to say they bought a house. Is misleading, the reality is they took a loan. To buy something is to pay the price in full.
Just a reminder to everyone obsessed with owning things......Life and everything in it is temporary, enjoy as much as you can before you expire
Yeah but at some point I'm not gonna be able to earn as much as i do now. If rather just pay propert tax than a whole rent.
Rent prices increase continuously. Your mortgage will only increase with tax and insurance. 5 years in your rent will go up by hundreds often while ur mortgage payment doesn't. It will always eventually be cheaper. My dad pays 800 bucks a month for a house that's like 1600 square feet with a garage, and .4 acres, 10 minutes from uptown charlotte. Rent is on average like 1500 to 1800 a month here.
wait until you get in a nightmare scenario with a landlord, and both you end up in court. You'll warm up to having way more rights as a homeowner
Aight then tell that to Governments, Corpos and the Vatican first. When they release themselves of material obsession, I'll follow suit.
Your GREATEST WEALTH is your HEALTH!!!
What really sucks is you spend years buying a house and it ends up be cheaply made and on top of loans you have to repair a shit house .. what does a person do? Buy land and go bush craft shelter in the woods and just owns a vehicle to get to work?
learn how to use a drill and a hammer? Not even being sarcastic. Paying someone else to do the repairs is very expensive. I learned much of what I know about home repair off of TH-cam.
Yes, buy land that permits a manufactured home.
This is why tiny homes are a thing.
Yes
Homes are built like shite, pressboard, paper and glue.
Its pretty crazy to see how this scheme has grown and grown and grown to where we are now. Because of the greed it's gone too fast and house prices have gotten to cartoonish levels. Unsustainable.
I think there’s an important point missing from this video. For most people, it’s not about wealth building. It’s deciding between renting from a place that has ever rising costs and seeing zero return on your investment or choosing a fixed monthly loan payment that builds at least some equity. Yeah mortgages are bad as investments usually but renting means 100% losses. A mortgage mitigates that loss.
This is a realtor line. I guarantee that if you rent a modest place in your area (as opposed to buying) and put the difference into 401k w/employer match and index funds like SPY and VOO that you will have greater assets over time (and liquid ones too!) than a rotting wooden box.
Stupid bus just drop you off?
My 2 year plan is to buy land, buy a mobile home, get knowledgeable on agriculture, set up my own solar panel and call it the day, buying a house right now its near impossible
Good idea, what land can you buy in California for cheap? Would you happen to know? I’m in the Central Valley btw
@@yowspisaac6113 I am using apps like Movoto, Remax, Zillow and just local government land to find them. There are plenty of land, my range is 10,000$ to 50,000$ you can get about an acre depending on the location.
I Have seen some good properties near Lake Davis going from 25k to 45k near lakes that looks beautiful. payment on land is cheaper so buying land at 50k you would pay around 300$ a month!
since you are near a lake dont need to pay for water.
use those apps I said from before and with alittle bit of research you can find a great peace of land. even if you don't live on it, you can still rent it for campers.
@@BombFiya I am honestly up for the idea! i have been looking for ways to grow food which is what i am most interested in!
I had the same idea! Mostly b/c I want to live in home that is self sustainable.
Living the dream
Bro, back then, it cost 1000 USD for a house and a yard, not 1 million like today for a small apartment....
before u had to go to a library/expert to gain knowledge.
now go to ur phone watch videos of experts.
a lot of people leveled up
yall not keeping up
@@LongNguyen-ds4hf I'm lucky, I've been a programmer for decades. But most people aren't. Real wages have *not* kept up for the majority of people.
Yall choose to live in expensive states & cities. Don’t moan abt which u can control
@@talentekhuzwayo2705 thats bs. I didn't choose to stay where its expensive. My family has been in the same town for 100 years+. It used to be cheap simple and affordable, but with more people moving to my area made the price of housing double in the last 3 years. So who's choice was this? All the yankees are moving to Florida because they won't fix the state they came from. Now they come here and ruin it for me. So what now? I have to leave to get away from these fools?? No you get out of here..
@@talentekhuzwayo2705 And you know how it works. If people live there, it becomes expensive. Demand. You're literally saying "move to where you don't want to live, it's awesome". It's not.
The worst thing is, paying rent is basically paying someone's else mortage
Not the worst thing. As long as you are living within your means and able to work toward your goals in the meantime.
It’s worse to go bankrupt and be homeless.
You’re paying for a service.
@@welshhibbywhat’s the service that you’re paying for bruh. You’re paying for someone else’s mortgage. I’m not hearing the “Muh roof” argument. You’re paying their mortgage.
Your paying for accommodation,your an idiot@lousashrex
Bottom line: BUY ONLY WHAT YOU CAN AFFORD AND PAY IT OFF AS FAST AS POSSIBLE.
that's not owning a house that's the bank owning it
That’s fine, I’m still more cash rich than the average renter due to equity and if I miss a payment I’m not on the street either. A mortgage has more safeguards than renting any day!!!!
@JupiterCamelz just don't cry when it crashes.
@@JupiterCamelz do you worship your bank, too?
/facetious
@@JupiterCamelzif you miss one payment, you won't. The minute you hit 3 missed payments, they start with a demand letter. After that, the rest is history.......you would be *ucked.
@@JupiterCamelznot true, I can invest in higher rate of return investments and put $6K-8K a month in the market while I have hundreds of thousands in liquid equity.
Mortgages are an inferior product as it’s the banks asset and your liability.
I own a house, and I'm glad my kids grew up with a yard and no folks above, below, beside me. That's worth the debt.
Yes, kids are the ultimate motivation for me and my happpiness and having a home in a small city in the wood with fresh air, green and life all around, nature, I pay not only for the home but the environment we are surrounded with. It's not just cars, roads, building, noise, bad air, etc.
On the other hand if choose to don't have kids and if you travel a lot, a house in the city is the way to go. If I had kids I'd probably choose your life style.
Dude I lived in a 10 store apartment block in Siberia and this is the best type of housing if you want to come out and have 20+ kids playing around any time of the day, instead of this American suburbia model where you need to walk for miles to stumble upon another human. It is also funny to note that Brits say that apartments like that smell like piss and people would use elevator as a toilet, but in Omsk where I`m from, in the full absence of any CCTV no one have ever pissed in the elevator, which just shows the difference between cultural level of post USSR and UK. Tower block is not the problem, its of a people problem.
This individualism taken to extreme and fear of any collective is a sign of a society with low level of culture and lack of decency. If you have decent people around you, who wash dishes and clean up their place, sharing a house or living in a dorm is not an issue. I lived in a shared house with an American white kid who was a foreign student and with a Polish dude, I would say - I would rather share a house with Pole than live in a separate house on the same street with an American. Complete absence of any empathy or ability to understand other peoples perspective, basic Christian values - do not act to others as you wouldn`t like to be acted upon by others.
I honestly don`t even know how do Americans manage to live in such a society where no one cares about anyone and everyone is aggressively protecting his little chunk of grass in front of the house.
@@snowsnow4231 Dude living in America sucks, ppl here are awful
@@snowsnow4231 lol copium
I don’t get paid enough money to own a home. Can’t play a losing game if you don’t have the tools.
One of the smartest channels on TH-cam... I think some people are feeling slightly attacked rather than receiving this video as a strategy guide for how to buy!
Currently, getting a home is almost impossible as the costs are horrible. Only in our parent's generation were they accesable.
Id like to change your mind about that
Just Buy Bitcoin and problem solved
28 and bought 2 so far. Both half way paid off. Just got my ged last month so that’s off a job with no highschool diploma
You can thank the politicians you believe will save us. 😂😂😂
Depends on where you live
I bought my house for $70,000 and paid it off in 14 years. My home is now worth about $350,000 dollars. I think I did okay.
You did!
You had to maintain it, pay taxes, pay interest. Believe me, you didn't profit
It's an elusion... because the money your house is worth... would only buy the same house. Maybe if you moved to some small...rown.we would get more....bigger house...more land.
@@thorpenator9148😂😂😂
At 7% return on investment of a decent index fund your money could have doubled twice. Every 7 years your money would double without putting more in. You could’ve made at least 280k investing that 70k with full liquidity
*_Buying_* your own home was rare back then.
Typically you bought the land and built your home by hand.
Rdr2 style, always wondered if it was actually true back then
This is a sales pitch, not a documentary.
Elaborate
From a kid too.
You never truly own a home in America, you only own the responsibility. If you don't pay taxes they can still take your paid off home 😣
You say it like there is a place where it does not work that way
@@spldrong anywhere outside of America doesn't work like that!
@@omzizo715 what about Europe?
@@spldrongIn Sweden you dont buy "a home", you buy the land with the house on it. After payments are complete and you actually own it, it costs 0.75% of the value as municipal tax per year
so still property tax@@eldorath1
Average middle class salary and single. No outside financial help from anyone. Never made a lot of money in my life. No inheritance or gifts. Still bought a three bedroom townhouse in a large city. How? All I had to do was make the simple decision to live in a city I could afford. I had to balance cost of living against available salary in my field. Would I love to live somewhere else? Somewhere considered more “desirable”? Sure! But being financially responsible and cautious is more important. Next, yes the 30yr mortgage costs you an enormous amount of interest. However, unless your neighborhood REALLY goes downhill, the property will likely be worth what you’ve paid for it over those 30 yrs (minus the property taxes and major repair costs, approximately). Ultimately, it still costs you less than renting a similar property and you have a valuable asset to your name. Furthermore, once you’ve paid off that house and you’re an empty-nester you can rent it out and live somewhere smaller. This doomsday mentality of most people not being able to pay off their mortgage is silly. Yea… if you’re 50 and buy a house on a 30yr mortgage, you’re pretty dumb and you’re pushing your luck, obviously. Buy a house you can afford on a 15 or 20 or mortgage at most! So many people have this entitlement mentality that they have to buy the huge home in their 20’s just to keep up with the Jones’s. Be financially responsible. Don’t buy things you can’t afford to buy in cash (including education) Buy a small house. This isn’t rocket science, folks.
It’s true. The problem isn’t necessarily predatory banking.
You can “Credit Max” and get a “small loan” to buy things like, a generator, portable toiletry, high quality long term camping gear and a small plot of land for dirt. Live a few hours from a city? You got free electricity for your generator if you know where to find it. Got a firearm or a crossbow? You got meat. Maybe a forest to “drop some seeds” in the woods. You got a garden.. all for much cheaper than these Ponzi schemes. Revolt against the modern world.
@@greenflamingoentertainment8613Now what kind of life is that to live In America haha, especially my home state California
No. Those are gone. Foreign money and corporate cash bought all of them.
Rereadtto see
Totally. It's not all that bad if one has passive income. If one's passive income is $33k & tax, rent, loan, debt, bills, food, fun, etc. is $22k, then save/invest $11k to get more passive income (like a "smart" gov/bank) 😁
Many people venture into crypto to be wealthy, meanwhile I just want to be debt free.
Investing in crypto is the most profitable investment due to its current rise, huge profits and future benefits.
When you invest in crypto you are buying days you don't need to work
Crypto currency will outsmart the banking system in the nearest future serving as a global fiat. Already making over 85% profit from my investment
I'm enjoying working under a platform that brings good returns in my life and I've been making my weekly returns without stress all in crypto
Your business will make you rich but your investment will make you wealthy. We all deserve to be rich and have financial freedom. I pray everyone reading this becomes extremely successful.
You know your country is in danger when people ages 18-30 are hoping that things crash just so they can get their foot in the door.
My paid off home was stolen.
I was in a bad place due to a family tragedy and before I could rise above this crippling sorrow, and even open my mail, they were selling it off with the inflated interest to taxes. So turning 3000-4000 into $17,000.
I left almost everything, and it’s been still heartbreaking.
I’m an RN, worked night shifts my whole existence and raised two babies.
My whole life is gone. Poof.
sorry to hear that, keep your head up and never stop. It's not the end it's the beginning.
@@djerniet350 Thank you for the kind words. It’s hard to overcome, much regrets, nearly unbearable. So thank you.
Mt god
Wow 😢 that's gotta be hard. Sorry that happened to you.
I’ve been told that unless you can see yourself being in the same house for 7+ years just rent bc the money you’re “throwing away” into rent is also essentially being thrown away into interest on your mortgage and at least with renting the ability to move is significantly easier than the process of selling and buying another property elsewhere.
Yeah makes sense
I agree, although if for example your loans are done well enough and you're a handy person it's definitely worth it to own the house even if the bank owns it since landlords hack up rent immensely plus never fix anything while expecting you to not fix those issues.
Depends on the mortgage and the average rent. Where I live the rent is considerably higher than a corresponding mortgage would be. Think of it as the bank being the landlord. You rent from the bank but you get whatever price increase the house accumulates. Plus you can do whatever you want because banks don't care - they're good landlords. If the mortgage is equal or less than rent, buy a house.
Nah you are paying into an investment (your house and possibly land) when you paying off mortgage. Paying rent is just throwing money away. It might be small amount of money and might be more logical in certain situations...
Sounds like some bullshit landlord propaganda. Look at who this content creator’s guest is and what stake he might have in you not owning anything.
If you have a mortgage, you're not a HOMEowner, you're a LOANowner.
Debt is a slow poison that most people don't recognise is killing them.
The point is this. Let's say you buy a house for 300k. You could end up paying double by the time you pay it off. But what's a real killer is the what else you pay. Stamp duty, broker fees, maintenance, upgrades, roofs, pest control etc etc. With renting you don't pay this stuff. So let's say that renting is roughly the same as your mortgage, 1k a month. Yes you are in theory chucking that 1k away, but you could take the other say 300-400 a month that you are saving from not owning, invest that and compound over 30 years plus even more if you can afford it. Your not paying any interest over the 30 years, so let's say 250k. You could invest all of that over the years and end up making gains meaning that when you stop renting you could by own a reasonable house for cash and only have to maintain it for the lady say 10-20 years of your life. In that time you could also have built up passive income and a pension instead of paying interest to a bank. What you don't get is that sense of it being your home and the security of not having to move if the landlord says so, which I think holds alot of weight. With buying there is also the chance that if you sit forong enough and then downsize or move to a cheaper location then maybe you make money at the very least own your home at the end meaning that you be able to pass it on as an asset. Problem is the cost of care. So many people reach 80 and need care that could cost alot and so often need to use their house as money for care. Which could be seen as a positive or negative. Let's also not forgery that single occupancy owning is increasingly hard, so factoring into that 50 percent of mareages fail, there is a strong chance you won't make it to 30 years as a couple and going to end up splitting any principlein a settlement and then attempting to start again. Each to their own. Personally I think I'll end up living in a van.
Government/Big Banks/Federal Reserve is the problem. If we had sound money and a real economy, people wouldn’t have to take out large loans.
Read The Secrets Of The Federal Reserve by Eustace Mullins.
No, they are trapped here with you. After all not they set the prices higher and higer, people do. They just move along and collect everything they can.
@@alexturnbackthearmy1907 Prices are tied to the inflation of the dollar. We don’t print bills, the federal reserve does. They are making the money worthless, which technically it is worthless. Gold and silver is money.
@@FLmetalhead And they print money because there is a demand for general public in money. Money are trading goods just like anything else. And golden standart is bad thing. VERY VERY bad thing, fastest way to ruin whole country, especially in modern, goldless world. Why do you think it was ditched in the first place?
@@FLmetalheadDont forget Bitcoin.
Unless I'm in a position where I can buy a house without taking out a single penny of loan money, I'm not buying a house period.
Then you'll never be able to buy a house
I'm not buying one unless I can be a landlord, cause the property taxes will get your house taken even if your house is paid off.
@@jayo3074we saved up and bought our house cash. Yes, we are finishing it now ourselves to our liking and have to learn a lot but it’s possible.
@@achickfromthebricksyes, that’s what is the most annoying to me. In the end you don’t own anything, if it can be taken away for not paying for it. But being a landlord has risks too. I know people who had their property completely trashed , not paid rent for a year until they could evict etc.
@shaddowbeachNatalie that's why I would only accept section8 applicants, during.the pandemic the only landlords that got rent were the Ines whi rented to section8 applicants. The government always pays even when the tenant doesnt.
It seem we back to 1900s that owning home is for previllage but worse that greedy coporate distort it. Let depression happen to reset again.
Own or rent? When I went into the Army I saw a chance to do something special. The Army moved me around (19 moves in 24 years) . Each time i was stationed in the States I bought a duplex. I would live in one half and rent the other half for the mortgage payment. When I moved, I rented the other half. At the end of my service (24 years) I owned 11 duplexes. Sold 7. With this money I built my "dream home" with no mortgage. Still have the additional income from the remaining duplexes. Since all are outside military bases, I always have tenants.
❤🎉 I'm just scared of people as a single woman to try to do that
@@Breeze-gd8wj It is not for everyone
The American dream is jumping through hoops everyday, not my kind of dream.
I don’t want to pay thousands of dollars and get no return. Trying to make a whole a home is the problem. Owning a home is a business.
I was lucky enough to buy a house around 2005 when prices were high but not as crazy as now. Looked to pay it off faster knowing what interests do over time(+being younger is the right time in life for this), which I did after some years of hard work and sacrificing on other expenses. Yet, according to my parents, I actually kinda screwed up that I didnt either try to take a bigger mortgage for a larger house or didnt go for another property straight after. I find it kinda worrying that a lot of people now share this sentiment of completely overlooking the possible dangers of saddling themselves with debt because properties would supposedly always be worth it.
I knew this but when my rent was raised 3 times in 1 year it was "cheaper" month wise to loan my house from the bank. Now the average cost to rent a house my size is double my mortgage and renting an apartment like my previous one is 25% higher. So many feel that if they are going to give your $ to a someone might as well be paying for something you might be able to own.
I pay more per month than I have to but it is still lower than the rents out there.
Amortize all the costs into a monthly cost, including PMI, homeowners insurance, interest, closing costs, maintenance, repairs, etc. and most importantly, opportunity cost (what you would’ve yielded in an alternative investment like the S&P). You come to find that the cost is much closer to renting than you tricked yourself to believe.
All the hidden cost almost always exceed local rents.
Not to mention you're not playing chicken with a landlord every time the rent or the rental contract is due. You can tell most folks in the comments here have never actually rented before in their life.
Don't forget all the maintenance cost of owning a home. Recently had to do a repipe on the house, which was pretty expensive, then you gotta pay some one to patch all the holes, and another person to paint it . And of course uncle Sam gets his cut from property taxes that increases every year.
Forced remodeling is about t be added to that as well. All the ESG standards being imposed over this decade include having as many homes, apartments and commercial property being as "green" as possible or get a hefty fine. Many homes will be forced to get solar panels, to change out materials to the extent of gutting the house to the frame and build back, to have the electrical system swapped out, to have SMART appliances to reduce electricity and track your use.
Get Joe Biden out of office. He, the Democrat politicians and Globalists are pushing that agenda. Trump2024
@@jessecortez9449 ya, and 20 years ago people were screaming that we can't do anything about climate change because "it will hurt the economy". The bill always comes due, and sadly, it will cost individuals unless the government steps in to provide financial aid for all these upgrades that we desperately need. I live in Cicero IL and just spent $40K on flood restoration, replacing my furnace, water heater, and AC, and installing a sewerage check valve ($8500 by itself) to prevent my basement from flooding again. These things were never necessary 100 years ago when my house was built (continuous urbanization has also exacerbated the problem) but climate change has made all these things even worse. Now, we're stuck paying for all the new mitigation on an individual and societal level.
I had a $15,000 sewer line replacement a few years back. People have no idea how home ownership can end up costing way more than renting. Fortunately I bought a house that was way under what I could afford and can easily afford to replace the entire house but most people are not in my position.
DIY conquers all. I just totally re-plumbed my modest house for $450. Would have cost thousands to have a plumber do it.
If you pay off a 30-year mortgage early, do you still have to pay off the entire balance with interest?
Some stay dry & others feel the pain🤟
No
Nope, you only pay interest if you dont have money to pay off the loan. Funny thing is once
you pay off your mortgage loan, the bank will take their money back and lend it out again.
Mortgage loans are front loaded for interest payments, look at amortization tables for clarity. When the principal is paid off the interest and loan ends. Sooner you can pay it off the less interest you will pay. However most people stick to minimum payments and on average move every 7 years resetting the interest payments when they start a new loan having only paid a small amount of principal.
if it's a normal home loan then no, but if it's a commerial loan there may be a prepay fee as high as 10% of loan
Here is the bottom line. As a renter, you pay monthy. As a home "owner" you pay monthy. So, the key is this. Buy low, turn it into an asset by renting it out and invest the rest. If you're a renter, which we all are, rent cheaply, (it can be done) and invest the rest. As the renter, you should be able to do it cheaper, which is a growing challenge, you don't need to find a renter. Either way, do it right, invest the left over capital, and you're good to go.
The alternative is to rent at stupid prices and thus the same action. Throwing away money. So what’s the alternative if you want to move out of your single mother home since 90% of them are now.
In other words, the real estate market is a credit market. It is similar to student loan debts, the more people that can get financing to go to college/university, the higher the tuition fees go up.
Exactly
only difference is one has intrinsic value while the other doesn't education doesn't have intrinsic value but owning a house does remember that assets over liabilities
@@aaronasencio9459 Having an education does have a value. You telling me a professional with his/her education doesn't have any value.
It costs millions of dollars to train a combat pilot in any air force in this world. The combat aircraft costs $50 to $85 million, but without a person to fly it, it is a worthless object.
The same goes with a scientist, or engineer. You may have a multi million dollar research facility or a plant, but without the highly skilled people in those institutions those institutions aren't anything.
@@Ace1000ks19751982 my grandfather said that education is something they can never take away from you. Of course in the future that may not be true..since AI may just replace all educated workers.
@@Ziegfried82 trade skills / blue collar skills are the only thing they can't take away from you. Currently only 4% of maintenance, repair, installation, and grounds keeping, landscaping, and carpentry jobs are predicted to be lost from AI in the short-medium future.
The video makes a good point about not overleveraging yourself to buy a home but does not present all sides of home ownership such as the fact the government incentives home ownership by subsidizing (through tax deductions) the payment of interest... that's usually reduces your interest payment by around 20%. Inflation, especially as high as it is now, also erodes the true amount of the mortgage while generally increasing the value of the property. If you financed in 2020 you would be paying 2.5% in interest while seeing inflation of around double to triple that number and (at least in CA) experiencing double digit increases in home values.
Totally. In fact, it not all that bad if one has passive income. If one's passive income is $66k & tax, rent, loan, debt, bills, food, fun, etc. is $44k, then save/invest $22k to get more passive income (like a "smart" gov/bank) 😁
Watching your video make me really grateful for not living in the USA.
Recently (in my country) insurance are included in every debt. So whenever someone with debt died, the debt is cleared.
Technically, you're paying more but it definitely gave less "hurdle" to families.
As a landlord, I had tp pray the tenants I rented to were keeping the property up. Most "home owners" are basically renting from the banks, but they're much more likely to keep the place up cuz they think they own it and they're also hoping to get more at resale. Genius!
My coworker just bought a 650k house. He's not locked in to his interest rate yet, but right now it's about 6.5%. Hes not too worried about it because he says he can just refinance in a year. I feel bad for him lol
One thing I learned is you never know how much money someone has , Maybe he’s got settlement money, inheritance, lawsuit , something. I knew a guy that got a settlement for $650k and bought a house
@FelipeValdez-og2tg I agree with that. He's been investing for a couple years already, that I know, plus he has his 401k. However, I also use to know someone who made over 100,000$ a yr with 350k house and could barely afford it with a 2 kid family (including the other bills)....so idk. I still feel bad for him though lol.
@@marivega3294 It really varies ! My dads a tree trimmer and has 2 houses paid off in California. You would never guess looking at him lol He lives WAYYYY below his means. Then you got the guys with a million dollar house and go bankrupt
@FelipeValdez-og2tg completely true. I aim to be like your dad 😆
@@marivega3294 Perspective is everything though , House we grew up in he bought for less than $200,000 … second one he bought in 2011 for $180,000 …. Now there both worth $600k+ each
Trick is, you can actually write a check, on top of your current payment towards PRINCIPAL ONLY. And once your equity surpass 20% remove your PMI (prime mortgage insurance)
Exactly I did that with just $100 extra per month and when I sold it the equity was huge!
Unfortunately, my mortgage structure doesn't allow that, or so I was told. I think because it is rural FHA.
Is this the same with a car too or all depends on value milage etc?
@@jayt4084 The same concept applies to cars. Every loan has an amortization schedule where the interest is typically front-loaded. Car loans are shorter terms but there is more impact the longer you stretch out the loan.
@christopherparsons3224 I'd double check that... that's not the norm in mortgages, though it does exist. Refinance with less shitty bank, if that's an option.
Totally with you on this. Not only does it make banks rich, but a large sector of society making their livings on skimming off property transactions. Unfortunately my wife is constantly fixated on this, "we gotta own a house like everyone else!" "Look what it would be worth now if we had just bought ten years ago when I said so!!" Eish.
Of course why wouldn't she? Would you rather pay more rent every year?
And live with the constant risk of eviction for any reason!
I turned my Chevy Suburban into a little camper. I work full time and I'm not pissing away a third of my check. I now have the freedom of not feeling tied to my job as I can go anywhere anytime and I save most of my money with little bills. Couldn't be happier.
The real issue is out of control home costs, everyone buying homes that are too big for their income and budget, and using the 30 year loan in order to finance something that you couldn’t afford in the first place.
Mortgage brokers have to use debt to income and loan to value ratios when qualifying potential borrowers to prevent people from buying homes they can’t afford. Whether or not the borrower is comfortable with their payment is solely up to the borrower, but mortgages are much more regulated than they were prior to the housing crisis in 2008.
that's the point banks keeping housing price to enslave the people its a trap
100%. This is a consumer psychology problem, not a mortgage math problem. This is exactly why car dealers ask you what you want your monthly payment to be, rather than how much you're willing to spend on the car. They can always extend the loan terms from 3 yrs to 6 years on a car loan, depending what you can afford per month, which means you can buy more and more expensive cars (even if you probably shouldn't), simply by extending the loan to lower the monthly payment. This also goes for student loans and one reason why the cost of education has skyrocketed.
@@drake69420yeah then after they qualify you and all is signed.....guess what...they start increasing things for your monthly payment to be increased...taxes increase, escrow increase etc etc monthly payments increase to more than what you was qualified for
Unfortunately, that's the point: if we only bought things we could feasibly buy without a lifetime of saving most people these days wouldn't be able to buy homes at all. Everyone would be renting or somesuch.
The real scame is in the property tax, insurance, HOA, & upkeep. Even when you find a way to pay your mortgage in full, you still need to battle to maintain it. The only way out of it is to get a remote role and finding a way to live in the cheapest area in the country.
Nobody talks about this but you are exactly right. There's way more to this "game" than just the mortgage. It is an absolute never ending uphill battle to maintain a house. The only winning hand is like you said, remote work, cheap location.
and how exactly do you still battle to maintain it ? You also pay those taxes when paying mortgage.
Owning a home is a never ending expense
No matter what you do you have to pay to live somewhere. But if you rent it goes up and up and at times very rapidly. I have seen people paying $1,800 per month get raised $500 in an instant. 10 years from now its going to be closer to $3,000 than not. Once you purchases a home it will stay relatively the same. Sure at first it might be expensive in the beginning but you will never have your mortgage shoot up 30% instantly unless you get a terrible loan. And if you rent for 10, 20 or 30 years you get 0% return if you move. When you retire and live on a fixed income you want your home paid for or the payment very low. When my grandmother make her last payment it was something like $150 a month. If she hadn't bought it and rented it at that time it would have been closer to $1,000 per month.
The real reason houses are so expensive is the extremely low interests rates of the last 20 years. This has allowed the price to shoot up and up because borrowing the money was cheap.
When the economy tanked in 2008 my dad bought 4 houses and my husband bought one. At the peak of the economy after COVID and before inflation hit, we sold our house and bought 92 acres and built a 1200sqft with cash. My dad sold 2 houses a paid cash for 2 houses in Louisiana and paid off the mortgage on the one house he still owed on. That's how you pay off your mortgage and get out of debt.
This guy misses the point entirely of the advantages of extending mortgage payments out 15 to 30 years. Mainly, inflation will eat cost of money making it cheaper. Tax write off on mortgage interest paid. Equity is building. Reinvest extra cash into other investments (i.e. stocks, ira's, etc.). So he's not giving a complete picture....only a tiny one.
Not everyone will get a tax write-off that's if you itemize
Not everyone know how to invest
Is most people knew how to invest
Then there will be less proverty
You're more elite but we're talking about the average person
I wish someone would help me invest
Do you put the money in the s&p 500 and just leave it or do you do day trading
I wish someone would show me how to invest
5:20
Not to mention houses are straight up money pits, every renovation costs tens of thousands of dollars, and theyre extremely inefficient so you spend a ton of money powering, heating, and cooling them
Do you know why they are such money pits? Because it the single most important thing to have for a level of life. If you don't have a home then you can't have anything.
That is why homeless people are the bottom of society.
They don't have to be inefficient, but it costs a lot to make them efficient.
@Ziegfried82 it really doesn't and homes cost a bunch of money to build anyways so why not make them sustainable?
In the ‘90s, I wrote a graphic app to help me understand mortgages. I immediately saw how interest was front loaded. The upshot was that I paid off my mortgage 5 years after inception.
The only way I’ve increased my wealth is by buying houses staying in them for 2 1/2 years and selling them, making a profit on each one as I go. I’m now in my third home for the last five years. Sharing walls with inconsiderate idiots? Lining the pockets of landlords? No thanks.
My grandma was 6 years away from paying her house off, she lost it after 24 years of paying on it.
how
@@whatever9274 My grandfather had to start doing dialysis every week, then he had kidney failure Social Security was not enough.
@@whatever9274disability? Loss of spouse? Now on a fixed income? THINK
@@sbeautiful6133They didn't say that she died...
@@ebonylo. Omg i read it wrong 🫣. Thxs for letting me know. I have deleted my comment
I call BULLSHIRT: the alternative to making mortgage payments is renting---After 30 years of renting, you don't have equity in anything....Plan to creating personal wealth: # 1 Buy a home you can reasonably afford. #2. Don't get divorced. #3, Don't move often. #4. enjoy paying a mortgage less than others are paying in rent.
Agree... My mortgage is lower than my coworkers rent for a small apt. I still stick to paying my reasonably priced home. I live in Cali and had to move 2 hrs away to get a nice home and not paying $1M for a shack. I have a plan to continue with same blue chip company and learn and provide value to continue to move up the ladder and have more money for investing each time a get a raise instead of dreading the yearly rent increase notice...
I will replace #2 with Don’t get married lol
@@derekspence7241 I have been happily married to my high school prom date for 43 years---best investment I ever made.
@@paulbrungardt9823 Good for you sport.... but its not 1980 anymore. The women out there now are not worth investing in.
Agreed. I pay 2100 in rent but my bfs mom pays 1200 for her mortgage with a 3% interest. To be fair, she got her house in 2009 when the economy crashed in the US
Mort- Gage literally translates to death pledge .
What is the alternative? Be a perpetual renter? Sounds even less fun (note: I am not paying rent ATM and if I did? Ouch! Would probably count as food insecure! All thanks to the house my grandfather built and payed of!)
It depends. Some people invest in stocks, business, and real estate while renting because they move around so much. It doesn’t make sense to get a mortgage when you have other actual investments that are more profitable and you know you are going to be moving in a couple years. If you are actively funding investments, renting isn’t always a bad choice.
go here to mexico , (just a safe state dont dare to go to oaxaca or that type)and carry 100 000 , u can buy a palace with that money and the peapole are kind (dont go to gerrero o oaxaca )
@@Alexandrek1922 You don’t have to go to Guerrero or Oaxaca. Go visit any small town inSouthern California and you will find much of Guerrero and Oaxaca already living there. 😂Highly recommend the Oaxacan restaurants.
There ya go.... owning and paying off a home can lead to generational wealth. If your grandad didn't do it, you would be renting or homeless. Instead you live there for free.
Ownership only works if you don't have the mortgage payment, for most homeowners that is NEVER going to happen as crazy as that sounds they will never pay off their loan due to constantly "upgrading" to new homes over the years. Your grandfather did it the right way.
When someone refers to "the American Dream", it's just a dream, a mirage. Smart investors say: when the crowd rushes in, it's time to get out.
Remember, just because doing something helps make someone else rich doesn't mean it isn't the best choice for you.
Business is cooperation, not competition.
You're right, if you're able to pay the house off you're a winner, but most won't. Its just like starting your own business, yes it has the potential to make you rich beyond anything you could have received working for someone else, but the chances of that happening are slim to none. The risk is far greater than the possible reward.
not really if property taxes make things worse and if the house appreciates so does the property tax. Property tax goes by current market value not the time u purchased it. its literally just switching masters. The solution? eliminate taxes
@@aaronasencio9459 or at the very least eliminate the abominable property taxes. The income tax is also evil and should be abolished.
Instead of dealing with banks, I borrowed money from rich friends to buy my apartment and I'm paying back without interest. My father bought his by working overseas for ten years. No banks, no interest. We're not super smart, we don't have great jobs, but we found a way. So can you, person reading this. Good luck, you'll need it :D
Another choice is to stay overseas while making good money. Expats live a comfortable life in the Philippines on 2,000 dollars per month. Absolutely insane by American standards.
This video has “PROPAGANDA” written all over it 😂. For the record, I’m not a real estate agent, I’m actually a common ol’ city bus driver. Our parents were low-income, but knew how to be wise with their money, and homeownership played a big role in how they were able to afford to provide for our family, as well as pass on a substantial legacy to their two children. Homeownership requires a person to be wise with money, who also has a plan to pay that mortgage off. Our parents paid off their mortgage early, and lived an extremely comfortable life in their later years. This video completely leaves out the fact that people in former generations always lived within their means - something this current generation has no clue about, and as such, they were a lot more savvy. The fact of the matter is that homeownership is one of the catalysts that built the American middle class and provided huge scores of people a path to wealth they would not have had otherwise. In my humble opinion, this video is a product of propaganda that has been spreading over the last 10 years that basically says that private property ownership is unfair in that it keeps people poor, and should be abolished in the name of “wealth redistribution.” The news in this video is not “outside the box” thinking. The elites spreading this propaganda want the American populace to abdicate, and part of that plan means relinquishing the right to own private property.
"This video completely leaves out the fact that people in former generations always lived within their means - something this current generation has no clue about"
And what you left out is former generations had a larger house hold income because the dollar was stronger and wages actually went up with productivity. Wall Street didn't have as much of a strangle hold on the overall economy back then, but thanks to Reganomics we obliterated all sorts of regulations which funneled tons of money into the pockets of the rich along with the excessive tax cuts. This money was used to buy up all sorts of assets INCLUDING HOUSING. That's the chief reason housing prices skyrocketed out of the reach of average people over the last 20 years.
With the new 7.5% interest rates for a 300000 house you will pay over 400000 in interest. It's just ridiculous.
In Canada, even if you own your house outright, you dont. Not only do You pay property tax. But, the government controls what you do with your house.
They have vacant home taxes, basically if you dont live in it, you have to rent it out, or pay a 2% tax on the assessed value.
Now consider having renters. Landlords are so limited in how they can deal with delinquent tenants. Tenants have more rights than landlords. Landlord's pay all this money towards the house and land, meanwhile, they are unable to easily evict tenants who are trying to live rent free.
Now consider, paying a mortgage, property tax, maintenance and upkeep.
To avoid vacancy tax, you just need to have your name registered on the house...
That's what happens when people keep voting in Liberal Governments, especially one with Trudeau in charge.
Canada is really bad for just about everything finance related.
Your angry you can't own lots of houses and keeping them empty while you see them as assets to increase in price. Excuse me if people don't see you as a victim. People like you are part of the problem.
Oh man, are you just a good little propaganda mill for the elites. Do they pay you or just pat you on the back?
The vacant home tax is to prevent a false shortage of housing to inflate prices; that thing currently in America massively jacking up the prices. It's literally there to deter manipulation of the market for profit.
The laws are lenient on the tenants because of the inherent power imbalance. They do not have more rights than landlords, the inherent position requires different regulations and limitations to provide something closer to equity. I take it you must be one of them landlords people since it is somehow impossible for you to misunderstand that. It's also weird that you think it's the landlord paying all that money and not the tenants. But whatever.
You have to buy the land from the landlord (the thing you're trying to prop up as super good), the mortgage (the landlord funding the landlord's lordship), property tax is to pay for the society the landlord's land exists in, maintenance on a house is generally pretty cheap - and moreso if you just do it yourself.
God damn, you either don't understand any part of the system and feel like you're a victim or you just want more stuff - everyone else be damned.
This video would have never been made just 2 years ago when 30 years fixed rates were under 3%. People who locked in those loans have made the wisest personal finance decision of their lifetime. He says in 3-5 years you will PROBABLY be moving, hhmmm, no, as a matter of fact it is likely you won't move because you locked in your housing costs at such a low rate compared to what is available in 2023.
In most of the markets right now, if you were to buy a house that is ready to move in, interest rates are at 7% for 15 year and 8% for 30 year fixed. Inflation is insane right now also so most homes are WAY over priced, like 30% over. This is a horrible time to buy a house to live in, even investment properties don't make since at these rates because rents are collapsing. Who tf can afford 2k or more a month rent that doesn't live in a city? ( that's $11/hour standard work week gone to rent out of your paycheck ). I mean, in some parts of the country, $20/ hour is a good wage, minus that $11/hour rent, my god you're going to be so poor. That's worse than house poor, that's rent poor, you get nothing for it, and so rents are collapsing right now because there are SO many Air BnB's screwing up the market. I don't think it will be much longer till those people start selling their "investments" because no one is renting these places at those crazy rates.
@@idget5 Depends on if the fed steps in and starts lowering rates again... There are a lot of investment companies including black rock buying residential properties. If you consider the macro, chances are prices will go even higher as the USD loses it's status as word reserve currency and the shortage of laborer who can build/repair homes. If we are lucky this will be fixed in 40 years, if not we will own nothing and be happy.
Costs...oil...,water...electricity ...roof... plumbing...etc etc . Stop pushing lies . Home ownership is a joke
@@RockerfellerRothchild1776you would say that if you bought between 2010-2022.
He didn’t exactly say why refinancing is a bad idea
If I am not mistaken, but back in the 1800s and 1900s, didn't people just build their homes? Sure, it wasn't elaborate like how homes are today. But it was still a home. But I guess people back then didn't have to deal with city/county ordinances either.
If there were loans to cover building maybe people would do thus. But not everyone can build idk
Yes it is all the government regulations that cripple people's ability to build their own dwellings. You can see tons of shanty towns all over the 3rd world but in the West you are not allowed to do that..closest thing is the tent cities.
They still had to buy the land to build that home on
Land we don't own. 🤡
my dad said that his grandfather (a carpenter/house builder,) never bought a house - he built them with scrap lumber he brought home from work. the only exception was the last house he lived in which his son helped him buy. he was about 82 when he bought this house and lived 4 years after that. the only reason was his son wanted his parents out of the house he built 33 years earlier because it had no indoor plumbing. the houses people lived in decades ago were shacks compared to the mcmansions people now feel like they're entitled to.
Mortgage is often cheaper than rent but once you factor in Water, Sewer, Garbage, State, and Property tax you're paying just as much or more than rent.
Realize this as I'm just at $600 30min outside Asheville with all paid included wifi.. thank you🙏💙
You get write offs on interest and property tax. If you move and rent out...there's even more advantages (tax free money) you can get through depreciation and other passive type income
You can't rent off rent on income tax, but you can for property tax.
Oh and you pay for water and other utilities anyways if you are renting. You literally spend far more in rent for most cases compared to insurance/prop taxes.
Do you stop paying rent after 30 years? Do you get any credit to your rent when the property value goes up? GThe difference between renting and owning is that renting puts money in to a landlords pocket. Owning eventually puts money in to YOUR pocket.
The largest difference is the mortgage, you're paying yourself and the bank. If you rent and pay $2000/m, then the entire $2000 is gone. If you have a mortgage and pay $2000/m depending on the loan schedule, you should be paying $700 to yourself and $1300 to the bank, by year 30 it's $1950 to yourself and $50 to the bank. Lastly, your home is a hard asset that appreciates in value.
Well, owning my home means I change and redo whatever I want. I also don't have the constant looming possibility that my landlord is going to evict me for any reason, and I only have 30 days to pack up and find a new place. The peace of mind is worth it.
In today's financial landscape, the goal isn't just about rushing to pay off your mortgage ahead of schedule. It's more about ensuring a comfortable and enjoyable life during your prime years by preventing a substantial portion of your income from being tied up in mortgage payments. This approach allows you to maintain a fulfilling lifestyle during your most vibrant and healthy phase of life. By following this strategy, you set yourself up for a future where your property's value has appreciably increased over the course of 30 years. This provides you with the option to downsize when the time is right, ensuring that you can continue to enjoy your life in lasting comfort and financial security.
I bought a foreclosure in 2012 on a 30 year fixed rate and paid it off in 11 years with a tenant. Think outside the box owning is the way to build wealth, be it real estate, individual stocks or a business.
How did you find the property?
@@shariff4473 hud homes website but not sure if they still have any good deals like they did in 2012.
Real estate is the real source of wealth in the world. Above stocks, above businesses, unless that business is owning land. If you own land, you are good.
@@gjd424 thanks !
Exactly. I am 31 and we bought our house without any mortgage. Yes, we didn’t dine out for a few years, we didn’t buy much at all for two years and on top paid rent. It was hard often but worth it in the end. We were able to get a lower price even during the horrible pandemic housing market because we paid cash and the seller took our offer over a higher one with bank involvement.
There’s still lots to do to make it my dream home and we do much ourselves, if we can but it was worth it.
Not watched full video yet, but here in England I was helping my mum (mom!) buy a home to live out her last years in. We were about to make an offer on one and then found out the mortgage was dodgy, being due to her age they retain X0% ownership, I forget the exact %. Howeve, this was not made clear at all in the lender's details. It was only when I ran the mortgage type by a well known British financial advisor that the con was flagged. If I had not been advising my mum, she could have been duped. Tread carefully people!
They’ve done studies and shown you can make the same return on your money by simply renting and investing the extra money in the stock market. I’m a tenth of a millionaire after a few years of renting and pouring the rest into the markets. The beauty is, I’m not tied up in anything. If I have to get the heck out of dodge tomorrow, I easily can.
Beat the system by living in your parent's basement while saving 500k, invest it into good stocks and move to the Philippines enjoying comfortable life on 2k per month. Hire a maid for 300 dollars per month. Never ever get married. Enjoy your life!
excellent!
This video started off strong. Ending with the worst advice. Don’t take a line of credit. It’s debt.
I know this expert didn't say shit. "There are so many things you can do to gain the system but I'm not going to mention them"
A really high interest debt too
The banks hate this one simple trick, take out more debt. Lol
Best advice is to put your money in a a company that controls sugar and caffeine and just keep your money there and watch your money bro I could have in the last hundred and thirty years for the other investors
@@sk8ingthemysteryI noticed that too. Probably wants people to join his paid course or whatever he’s selling before he can reveal any real tips. Smh.
9:30 “Every time a Sucker walked into a bank, with all that hope and optimism in their eyes, you knew they were about to make you rich” 😂😂😂
this is all under the assumption that this generation can actually afford a house.
Indeed, it takes financial responsibility to afford a house! :)
I can't disagree more. The 30 year mortgage is the smart way to buy a home. Instead of making higher payments on a 15 year mortgage, invest the difference in the stock market and after 30 years, you will have a paid off house and more money than you did paying the house off early.
Literally. Especialllly if you have a low interest mortage. Ours is literally less than 3%.
@@rowanfontaine7632 That's not low, here in Europe it was even lower than 1%. I have 3 mortgage parts. (Yes we can take our mortgages with us when we move) so that happens. One with 1.25%, one with 3.6% and one with 4.5% (latest one) because i just moved. And no the mortgages do not start over... they just continue. So im not in an amortization trap like this youtuber said. That is BS here.
@nomadmgtow Yes. Renting does at times make sense. I rented for over 10 myself. My comment was based on the binary mortgage choice.
You always pay more than your bill and you can direct more to the principal just as you can direct more to your escrow (the account they hold your insurance and taxes at). Go hard up front to distrupt the amortization schedule. Just pay more on your principal each month and always do a Principal Interests and Escrow loan bundled so you don't have to worry about taxes yourself come due time. If you bought a house from 2008 thru 2016 you were good. Also you can pay off a house and not move aka don't take on a new loan in a higher rate higher property valued environment. Always fixed rate. No adjustable or variable rate.
As much as I agree with this, I've tried living in a custom-built camper van for 3 years and not having a steady place to park and having to poop inside a van is a pretty annoying trade off. Can't even count the number of times I've been woken up in the middle of the night, either security, police, or just hood rats messing with me.. wasn't really worth not having a mortgage.
I had the same dream and dabbled in sleeping in my SUV but same issues. I'd rather pay for peace of mind of having access to a functioning bathroom a kitchen, basically a home! Lol. I would love to just buy land and learn how to build my own home at this point.
@@chenanigans If I was a rich man, I'd suggest going in on land to sharing this dream, but I'm not hahaha. best wishes.
This guy doesnt even bring in the fact your home appreciates in value over this time. My home I bought for $75K 5 years ago, invested $25K into it. It is now valued at over $200K.
Tiny home living randy jones $20,000.00 homes off grid rent the lot for $200.00 a month they offer financing
That's because police and security are demon"s helpers. So long as you're not harming anyone and you're not on private property, or you're in a large parking lot far off into the outskirts where nobody could possibly be bothered by you you shouldn't be bothered.