My Advice to Homeowners in 2024 - WATCH THIS Before Acting
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- เผยแพร่เมื่อ 9 มิ.ย. 2024
- Real Estate Investing For Beginners: • Real Estate Investing ...
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Here’s how much home you can afford (based on your salary): th-cam.com/video/RJEk9mG5JHM/w-d-xo.html
I’m 31. Have never worked harder and have never been able to afford less. Yet they tell us the economy is booming
it is booming just not for us
"You will own nothing and you will be happy " Klaus schwab at WEF
They’re lying- Vote them OUT.
Vote better..
It's a different kinda booming. People who work in the tech industry aren't complaining about shit.
Taxed on things we ALREADY paid taxes on is such BULLSHIT.
Wait till you pay taxes on your social security since you'll likely still be working lol
@@vladimirofsvalbard9477 🙄👎
Property tax is legalized theft.
@@vladimirofsvalbard9477 technically you do pay taxes on SS- if your income limits call for it - I pay tax on 85% of my SS
@@patriotsforegolf9859 Spot on!
We just paid off our home last black friday. Took us 9 yrs and 5 months. Just on 04/05/24 did last payment on our last debt. Feels amazing to be free.
Congratulations!
congratulations
Congrats! 🎉
Great work. Congrats
Your home is never paid off when you have to pay property taxes and insurance for life. Also, stop paying taxes on your property and we will see who really owns your home.
Property tax is pure theft especially after paying a mortgage off.
Wrong income tax is pure theft or tax you are paying for the infrastructure giving your house value nub
All taxation is theft
How? Property taxes fund the municipality where the house is located, critical services like law enforcement, schools, fire/paramedics and public works. Citizens still utilize services regardless if their homes are paid off or not.
@dreamchaser5758 there's other ways to collect those taxes. Half of my property tax goes towards the school district I'm in.....I don't have kids.
Taxes pay for good and services. Now tax breaks and loopholes for 1% now that's a criminal. Trickle down has never worked.
My house was 2.65%.
Sold it. Paid off all my debts.
And now I’m back living with my grandparents and saving 2k a month.
Yes it sucks having to go back to my grandparents, but the feeling of no debt whatsoever is the best feeling in the word! No college debt, no car debt, and no credit card debt!
And the older folks can definitely use the help with lots of things. And probably enjoy your company.
"You will own nothing and you will like it"
-Klaus Schwab
Sounds like my dream life. Assuming your grandparents are cool, which most aren't.
@@justacitygirl
Asian parents and grandparents are cool.
They push you to get the f out of the house when you’re in high school but beg you to come back after college. It’s really weird lol
Should've rented the place out
The only TH-cam channel I trust for this type of information. Brian is honest, straight to the point and no fluff or lies.💯 Thanks, Brian!
Yes. Agreed.
I greed his honesty
The only youtube channel I consistently watch for information about the economy. Thanks!
Better than CNN
Yup, without bias noise
Agreed. When I started following his channel for covid news... the financial updates were super helpful when I was in school studying for my bachelor's degree in finance. 😊
The best channel for sure! Thank you!
Me too! Brian is on point!!
I’m in the “just surviving”bracket 😮 $2369 is my mortgage at 6.25%ish . It does feel “ brutal” but renting was about the same amount for a 3 bedroom.
Oooof. I had the same interest rate before I financed in 2021. I went from 6.25% to 2.875. My payment dropped by around $500. Insane how much more you pay. Hopefully it changes soon.❤
Mine at 6.75% 😂
Just locked in at %6.99😫
You can always refinance. Jeez.
Wow. It’s crazy man, my numbers are the exact same. I’m signing ✍️ on Monday.
My mortgage has gone from 875 per month to 1100 just because of property tax and absurd insurance rates.
Same here.
Same here.
Insurance for the year was about 9XX when I first got my home in 2021 (with a 2.7 interest rate 🙂) Now the yearly insurance rate is 1,1XX (more than double😡) then there's the tax increase. 😒🤬
You shouldn’t be escrowing your taxes/insurance. 1,100 is crazy low btw. You’re doin much better than most
Same went from 1100 to 1550. All taxes and insurance
@@paullowell3342 thanks, yeah we won't be making that mistake again
The 6%--7% rates are only brutal because home prices and cost of living are so high today. I bought my first home in 1998 with a 6.5% interest rate, but the home only cost me $145K, plus all other life expenses were much lower than today. The problem is that compounding inflation is strangling paychecks.
And bc we are not paid enough!! Our salaries are stagnant AGAIN!!! In some states the minimum is an insult $7.50!! Is disgusting!!
exactly.
So lower prop values
The problem is actually greedy corporations inflating prices and taking advantage of the poor and middle class.
Exactly. Trying to buy my first home atm and it is BRUTAL
I think paying off your mortgage is the best way to go. I think one of the benefits that is undervalued is. The peace of mind of knowing as long as you keep up with your property taxes, keeps a roof over you and your love ones. Especially during times like this.
Especially when you retire.
Well said
It depends on your own goals. If you are content with the life you live and house you live in then yes pay down your house.
If you are trying to grow and leverage yourself during this time then don’t pay your house off.
Plus you can save some or all of the money that was going for your mortgage.
Realistically it’s probably better for people, since most won’t actually take the difference and keep it in the savings account they’ll just increase their standard of living.
I have to buy a house this year, I have no choice, I've been waiting since 2019 and the family grew, it's too big and I'm not renting a 3 bedroom apartment or house for what I can pay for it on a mortgage. Not looking for anything fancy, as long as the roof and foundation is good that's all I need, I can fix everything in between.
Facts
should have bought in 2019, good luck with inflated prices
Iterating you should have bought in 2019, this channel helped me make that choice.
Make sure you shop for rates preferably broker
Just Be prepared to refinance
Best investing TH-cam channel. No frills, no theatrics, facts, and solid information. Thank you
Absolutely!! Love his transparency!
Exactly I hate the other stupid channels with click bait and fire graphics and dramatics
As someone who has invested in real estate for decades, worked in jobs with heavy finance components and have my MBA in Finance, this man is giving excellent advice across the board. There is nothing I disagree with other than homes are so overvalued at present that I’m not certain real estate prices will go up when the Fed finally starts dropping rates. I think metros that boomed during COVID need to correct first, but this is just speculation on my part. Listen to this man if you’re not experienced in this area. All the best
I have a 2.75% mortgage & feel like it's bittersweet. Sweet because it's a very low rate. Bitter because now I'm trapped. I can't go anywhere if i wanted to because literally any other house is going to have a higher interest rate that I probably wouldn't be able to afford.
The fabled "golden handcuffs"...
I can relate! Bittersweet
Same
All facts. 2.75% this way too
rent it out and move.
Paid off house yes u have insurance and prop taxes but mortgage paid off is PRICELESS
Just paid off my house. More saving
Congratulations!
Me too
Congratulations and well done
Congrats!!! 🎉
Paid mine off in 2020!
If the country goes sideways I'd rather own my house outright in case of job loss.
Yeah. As long as you can afford Propert taxes and insurance that went up for me personally 25% in just 1 year.
Exactly.
@@alinavoron5659property taxes isn't that much Burger King workers could pay that electricity, oil to heat it and still have money left over
But you'll still have property taxes.
if the country goes sideways your house will become worthless. better to rent and have the flexibility to flee the country in that case
Im group #1…im staying put and will just continue to remodel and do updates. Prices are getting more ridiculous out here!
Sameeee I always have to remind my husband to be grateful we own this home we have currently 😅
Same! I'ma stay my butt here ! 😂
Exactly!! It’s not that serious.
2.75%…nothing is getting me out of this rate.
2.5%. I feel so blessed to have refinanced during covid.
2.25%…same
Watch how they raise everything else besides your fix rates. They want us to own nothing, remember that.
2.25% as well with less than $150k to go on the mortgage.
2.875% hehehe. Refinanced during covid. ❤
Thank you for confirming my bias. I got in at 7% last year and I've been paying down my mortgage like crazy, basically double the amount because I'd like to have it paid off ASAP without paying hundreds of thousands of dollars in additional interest. I have an emergency fund but I don't plan on saving any extra cash anytime soon. That's all going to my mortgage.
We bought brand new construction with 5.75% last year. June 26,2023. You nailed it! All we can do is try and SURVIVE 🙏
You should be happy at 5.75%. Twenty years ago that was considered impossible. In fact, it’s quite possible rates won’t return to those levels for many years.
We are on the same boat with interest and year we bought it for. Just trying to survive
New is cheaper than old yep
We Bought February 2023 with 5.9 🙏🏽
I paid off the house and not only do I save on interest payments, I save over $6000 annually on homeowners insurance. Is there a risk in self insuring your home? For sure., but this home has stood the test of time and survived every single hurricane since it was built in 1954. I'll take my chances.
I’m thinking of doing the same thing .
Louisiana?
Florida
I hesitated, found 2.7 acres for 10k, slept on it and by morning it was sold
Probably financed. Which isn’t bought.
Perfect timing. Im shopping around for insurance quotes, it went up by $1500! No claims or nothing, simply inflation. We are 22K away, with 4.75 interest, we are aiming to paying off our mortgage this year, we want peace in mind.
paid the house off last year, best decision of my life. rental property is nearly paid off, and have been focusing on maxing out both ROTHs and investing in other ways. with 3 kids, no debt outside the rental has made life much essier. this video is fantastic advice, thanks for all the great content!
As a homeowner my plan is to wait for the rate cuts and once the house buying frenzy begins again im going to sell and move to Mexico.
Hahaha!! Love it
Smartest comment I have seen
Best line of the video: just because you can, doesn't mean you should. 👏
Most of us don’t have the money for a home now of days
That’s why you research and understand how to buy
Most? 🤨
Property tax’s and homeowners insurance…be careful for that! That’s how they’re gonna try to get people
Yeah. Our property tax has gone up twice, and we've had our townhouse for only three years.
💯 correct
I never understood the term priced out of your house until I bought one and had to start dealing with my escrow and then it made so much sense
To the OP. I found it odd that they want to cut interest rates. Your comment makes sense. Cut rates, inflate home prices, increase property taxes and insurance costs. The Fed and the US Gov’t are diabolical.
2.8 but now they raise property tax and my insurance went up twice its these thieves ...
Vote them out!
@@synewparadigm , and vote who in?
Here in Louisiana, the department that oversees the Insurance companies are retired Insurance company CEO's, have been for the past 50+ years.
The new one taking over in 2024 ran unopposed and his plan to 'fix' things is to remove regulations
It's just your house price going up nub
Does your state have homestead tax protection? I know Texas has it I think other states have that
I hate debt...paid off house is always good..less stress
I refinanced in 2021 to get 2.125% down from 3.875% in 2013
7% isnt high, but the home prices are.
Spot on. Buyers - listen to him, do not overpay. Seeing too many folks getting caught up in FOMO. You or you agent needs to be looking at comps. Do not be the one person in the neighborhood that has set the bar for new high value.
Your channel is the only channel that makes any sense in this day & age
Love how all the people bragging about their low mortgage rates are saying how they’re never going to sell their homes. Careful. Never say never. Life has a way of humbling you.
If you were in that group I’m sure you would feel the same way lol 🤷🏾♀️
The hate is real in this comment
We never intend to sell, but yes jobs, death, and divorce do happen to some.
I already lost my job and got divorced. Unless I die, I’m never selling 😂
Lol how to say youre jealous without saying youre jealous.
I find your comment spot on! Home prices will certainly rise as interest rates fall next year and beyond. Surviving is the key point during this time. Good luck to everybody.
I'm # 3 Paid off our 3% mortgage in 2021 and the feeling of debt free from creditors is Life!
Should have kept that low loan and took the surplus money to stocks.
@@shouse94 Who said I didn't take that savings and invested? Not me.
@@barium0u812 your biggest investment asset besides stocks WAS your home. Right now has the least risk compared to stocks too. Shouldve kept it.
@@cyrusm3391I purchased Gold when it was $1800 and look now.
Well, now the mortgage is paid. And they still have the amount that the mortgage was, as surplus money. @shouse94
If you are early in your mortgage paying $1,000 to principal will save you thousands of dollars in interest.
Do the 13th payment strat and life gonna be much better
You can also accomplish this by paying every 2 weeks instead of once per month
Same thing if you divide your mortage by 12 and pay that much extra every month additionally to the principle
Shave off 7 years at least with that minimum
I pay $800 towards principal monthly because interest is highest in the first 10 years.
Wow, I have a 2.25 APR 30 VA loan! I am truly blessed 😅
Same at 2.8
The only optimistic thing that happened during covid, got my down from 3.1 to 2.5 cause of this. God bless
1.875%
@@ronpagala7496me too 1.8 for 15 years which we got in 2021. We will pay it off about 14 payments early by applying principal payment every month as we go! House worth $600k right now. Can’t imagine in another 11 years when it’s paid for.
2.34% and no credit card debt 🎉🎉
I grew up in an Asian household hearing cash is king. I can tell you that cash is no king. Please invest your $$$. And invest it smart.
Can't invest without money to invest
Put in high interest savings account
you will realize in about 3 months why your household was right about cash,
@@straightdrive6192 6 months .
@ScoobieDoo-zy1rh 4% saving doesnt beat the 10% inflation yearly.
We all have to remember that even if you pay off your mortgage you will NEVER actually own anything.
How so? Explain please.
How so
Personally, i paid off my mortgage in six years when i had a 3.75% on it after max retirement contributions.
It was always better for me to take Standard Deduction.
In Texas, you do have some benefits legally when you own your primary home outright. One thing if you get sued, they can't take your home. Just pay your taxes and HOA if you got one
Anyone else can get bent.
Closed in January 2024, 330k 4/2 2580/per month, 6.6% interest. Thank goodness my fiance and I can afford the mortgage. Better than renting but boy the responsibilities of home ownership are NO joke! 😅
Thank you for the consistency and quality
Thank you for getting here so fast!
3.5% here. Cannot see selling
Group 1 here. 3.6%. We bought 9 years ago. House has gone up pretty nicely in value but like you said, who cares? It really means nothing to sell high and buy high. We are heavily prioritizing paying off the mortgage. One less payment every month to help us be ready to weather any coming storm.
4.5% interest rate....investing 30%, already have an emergency fund, no other debts, so putting everything else into the mortgage....im over it and want it gone
I feel that, good luck!
You will love the freedom that being mortgage free allows.
@@kenyonbissett3512 Hoping to have it gone in the next year....two at most, can't wait
@@EJ84x you won’t regret it. So many other doors seemed to open, endless possibilities. Just remember, it’s part of your journey not the journey.
Same here !
Thank you, Brian. I felt like this video spoke to me personally. I didn’t fully understand everything you said; luckily, I can save this video and rewatch it until I do. You have restored my faith in humanity 😂. No clickbait, no gimmicks, just numbers and facts.
I have a family member that sold there home and bought a double wide manufactured home for 60k and bought land and put it on.now they only pay taxes yearly
That’s our plan in the next 2 years!
@user-xj3ck5oy2x yes there's alot of people saying this same thing!ESPECIALLY IN FLORIDA
The honesty is why I keep watching. Don't be sorry! Thank you for all the help!
Thank you for all the honest advice! been with you since stimulus checks! i always trust you 🎉
Group #2 here, I am surviving with a 6.25 interest rate. Thanks Brian!
5.8 interest here trying to survive
Today national average is 7.9% means you got lucky with 6.25. Congrats 😅😅
5.5 here sheesh!
@@riskanet At the time, we didn't feel lucky, but now I am glad we did it.
Also prices of houses are through the roof. I’m lucky to own and got out of that unforgiving market.
I'm tempted to just sell & become an expat.
Immigrant. You plan on becoming an immigrant.
As someone who’s in finance and toured homes, Brian is right on the money and always delivering facts 💯
Group #1 represent!!! Tap that like button to show support for one another.
10 months?!!!? I found the right home in 2 days, put in an offer, it was the first offer and it was on the market less than 2 weeks, I closed on it last week!
A lot of people hire a property management company because they know they aren't up to managing the property themselves.
I really appriciate this. I'm unfortuntely in group 2 but luckily was able to put down 20% and avoid PMI.
That’s great! 🙌🏾
Same...
Once again, excellent video. I 100% agree with you; if you need to buy a home, do it now. Prices will just go up. My roofer just told me that since October last year, prices for shingles went up by 23%! Plus: If you buy now and rates fall later on, do refinancing. But always do a fixed rate loan.
To all the homeowners feeling good that they have equity, please be careful. What you have are "paper gains" and especially in the housing market, where the appraised value of your house is simply what a comparable home nearby sold for, your gains is built on a house of cards.
Fed needs to raise interest rate higher to correct real estate price instead of cutting interest rate.
Yes, I’m in group # 1. Aggressively trying to pay off my mortgage too. My goal is to pay it off in 11 years and 1 month, by December 2026. My interest rate is 3.75%. Yes, current mortgage interest rates are so high, I cannot imagine paying! Yes, taxes and insurance have both gone up!
We are in the same situation mine is November 2026. Good luck 🍀
Love your work!!!🎉 always making every point clear
I'm in the situation he first explained. I feel fortunate, but also trapped. I make about $10k more per year than I did three years ago, but somehow I have WAAAAAAY less money!
Brian you've always been honest since I came across your posting.
Having home equity is really just a myth, like you said. "Rising tides lift all boats," as they say, and the equity you built up will be lost when you pay the current market value for your new house.
Unlessbu cash in, or invest in the financial market.
This is one of the best channels on TH-cam in my opinion for me anyway. Solid information and write to the point and explained well for as common folk lol
Inflation is on top of roof.. today the gas price in LA California is over 5.10$/ gallon
It was more two years ago. Prices down
Thanks for the consistent uploads!
Class is in session. Thank you Brian
I bought my home recently and paid cash. My property tax is low because I am 62. I do not have to pay a school tax. 5.25% CD at my bank is nice right now. No risk. I bank at a few banks to keep my accounts less than $250,000 at each bank. Accustomed to lower interest rates. Grow up. 7% is low. I paid 13.75% on my first house.
And your first house was probably $25,000 😂😂😂😂 not $400,000
@@miriamcollins7587 my first house was $125,900 right out of college. 13.75% rates. I was lucky as an Engineer we were so busy we got paid 1 1/2 times pay every Saturday. Salary $32,100 year.
I realize everyone's situation is different, but, this is what I am doing. I have a mortgage on a townhome in Carrollwood outside Tampa, FL with a 2.5% interest rate. I am using the extra money to pay down two high interest credit cards at 28%.
I got 2.35% on mine. I was so happy I told 7 of my friends to refinance too, 5 families did, 1 tried but denied and the other 1 is regretting it terribly for not doing it.
Thanks so much for your no BS information and opinions.
I so want a brand new car. I don't need it, I just want it. I have a good car already. Instead, I used my down payment to get a few bank CDs.
I'll just wait for better times.
Car market is crashing now…wait till October and you’ll save $$$
I wish I’d of known, id of told you to avoid cds at the moment until it looks like rates are going to break down. For right now doing some 28 day t bills thru treasury direct would have been better. 5.28% plus earnings are state tax free.
2.75, im never leaving 👏
1.875%
2.375%
2.25% and I couldn't afford to move if I wanted to
0% because the house is already paid and I'm not forced to pay $1000's for insurance
@@FROG2000 wouldn’t you want to keep insurance in case something major happened to the property?
I’m in category 1, and you absolutely nailed it. No, I haven’t hit the lottery, but the county tax assessor sure seems to think I have!! The more my house is “worth,” the more money they take from me every year 😂
You were correct on all counts. Im at 3% mortgage, and I split my money between retirement and savings. You need savings because home maintenance happens. The water heater cost me over 2,000 last year. A/C was over $5,000.
Thank you. I'm in group 1 and I have been thinking about this exact topic. Great advice and you saved me so much time.
Im in an FHA 2.25 bought a fixer upper then covid happened and materials skyrocketed so just surviving in an unrepaired dwelling but rents are doubled, these crazy storms we haven have damaged my roof can't afford my deductible even, pulling my hair out but im bald 😅 can't even afford gasoline 😥 NE Ohio stuck in this house 😢
I bought my home about 3 years ago at 2.5% and was paying just about $2100 now thanks to taxes and insurance im paying $2900
You put 20% down?
@@robertadams1558 yes
Thank you for providing this information in plain English. This is the most useful channel I'm subscribed to. Really making a difference.
Home owner insurance is crazy expensive in California and choices are limited.
I live in Southern California and my homeowners insurance is not crazy expensive
We really appreciate the information and all your efforts. You are the man!!!
Kicking myself in the ass for selling my home in 2019. Home i had built 3br 2.5 batch for $1300/mo. Had to relocate to help take care of mom after cancer diagnosis. Shit happens 😅
You’re still one of my favorite honest tax channels that I love watching
i wouldn't be as confident about interest rate cuts if I were you. If you can't afford the house at teh interest rate you get, don't do it.
My man Brian is the GOAT! 🐐
All this value he is giving at no cost is crazy!!
Keep up the great work man. 💪🏼
Bought last yr...6.2%...still came out "cheaper" than rent for me...Massachusetts...my home has gained 25k in equity
Im just going to live in my truck. Gave up on ever having a home again. Im only going to live maybe 5 or 10 years at the most. A nursing home actually would be great. Unfortunately im not old enough yet to move into one.
Treasuries pay 5.3%. No state income tax.
How do you get into that?
@@edwardbanegas2153 6 month US treasury is 5.382%. there is no state income tax by law on US treasury returns. google it.
For anyone who has rental properties or is considering it, just don't be foolish to think it is truly passive income.
Passive income is a tax term but most will tell you, dealing with tenants and problems is very active!!
Love the videos man concise and informative I hope you go far
Thanks for this Brian!!! Drop that knowledge 💪
Thank you for the work you put into these videos!
My interest rate is 2.5%, so I'm never moving. Lol
Me too!
Same. Hoping to Paying it off in 6 years.
I wouldn't either. You are most likey in the population that will pay off your home!❤
Me too, mines is .025%
Consider 2.5% rate as asset
Thank you ❤ for all the work you do to make these videos
Always doing great work, Brian!