There Will Be NO Soft Landing...
ฝัง
- เผยแพร่เมื่อ 11 ก.ค. 2024
- Just like inflation was "transitory" now we have a new BS term to look at, the "growth recession." Obviously these to words contradict each other and make absolutely no sense, but the powers that be need to keep coming up with new interesting phrases to fool people into believing that everything is going to be OK
Need a Realtor? homeandmoney.com/michael/
======
Like My Sunglasses? Get a Pair ebay.us/PhTVOG
======
I offer 1 on 1 calls, book one if you'd like!
michaelbordenaro.com/book-ser...
======
My Filming and Editing Equipment
michaelbordenaro.com/my-youtu...
======
Sign Up for My Email list and Get Weekly Video Updates in Your Inbox!
bit.ly/MBreminders
Articles Mentioned in the Video
www.businessinsider.com/reces...
www.floridarealtors.org/news-...
www.floridarealtors.org/news-...
www.floridarealtors.org/news-...
www.floridarealtors.org/news-...
FTC Legal Disclaimer - Some links found in the description box of my videos may be affiliate links, meaning I will make commission on sales you make through my link. This is at no extra cost to you to use my links/codes, it's just one more way to support me and my channel! :) - บันเทิง
The Buyer VS Seller Standoff Has Begun! th-cam.com/video/9XPZGiN20uM/w-d-xo.html
I pay $2,450 in Boise ID for rent. In April my lease is up. If they raise the rent any higher I may as well just buy. Makes no since.
Imagine with we have a Hurricane ... damm.. at 8 minute mark.. today is the 27th of the SAME MONTH AND LOOK AT Florida today.....EVACUATION is the word of the day
"Growth recession" is another example of politically-motivated BS. It is thrown out there to mollify the morons among us. Other examples: "Putin price hike"; "Inflation Reduction Act"; etc. Thanks for your common sense and decency, Michael.
Thats exactly what it is
Don’t forget “transitory inflation “
👍
Aka doublespeak.
@@fade680 The media is BFFs with the liars.
Thank you for covering AirBNB. I live next to one and there are continual issues with all their "guests" blocking my car. Essentially you have a commercial business in a residential zone. I foresee more litigation.
I can imagine that wouldn’t be very pleasant living right next-door to one
oh yea I drive for a living and listen to lots of hrs of pods about this kind of stuff
and there’s lots of cities cracking down
I used to own a small house by a small town baseball stadium that has the Toronto blue jays play their spring training games here
And I had a small cottage in my back yard I vacation rented them both and got away with it for a few years before our city cracked down hard in 2018
90 days is our shortest term rental allowed in town other than a small area zoned for it and of course those houses in that zone are priced about 4 times the rate per sq foot
I think there’s a big difference in retail level investors like me who have a extra house or two in the town and neighborhood they live in and spend their money in, is way different than block rock buying 10 thousand houses at a time and renting them.
Black *
I’m old enough to be your mother (I think) and started to watch you when you just started out. You’ve really matured into a very intelligent man.
That is so nice of you, thanks for saying that!
are you adopting lost boys?
🤣🤣🤣🤣🤣🤣🤦
She wants nookie nookie 🤣🤦🤦🤦🤦🤦
well dayum.....
🙈👌🏽❤️
Michael these people seem to make up words at a whim like “food insecurity” 🤔 you mean they are hungry and poor.
Definitely enjoying the increase in the number of videos you are posting👍🏻
I agree there seems to be a new term every couple of months to mask the situation. glad you’re enjoying the extra videos!
People who have exhausted unemployment, or do not draw it, are not counted. Aka, the true unemployment rate is always higher than what the government reports. My question is, will the feds allow unemployment to be drawn for 2yrs like happened in 2008.
There's hundreds of thousands whi haven't worked since 2020. They kinda already have extended the usage of unemployment for 2 years
Real rate is probably between 15 and 25%.
The insurance problem is coming from Tallahassee. They don’t want to lax the legislation around insurance companies. There is no need to do a full replacement on personal items or houses. These laws are meant to protect us but they are screwing us over. That’s why these insurance companies keep jumping out of Florida. My house is 1600 sqft. If a hurricane hit my house I don’t need $280,000.00 to fully replace the house. I’m sure they could fix the house for $100,000.00. If the house is 3 bedrooms and you can’t afford to add to the repairs then don’t get 3 bedrooms. Now you have a 2 bedroom house. You had brick but now it cost more, guess what, now you have vinyl siding. Ugh..I could keep going on and on and on…….
17:10 putting in checks on airbnb is absolutely necessary for curbing skyrocketing housing cost, especially for places that can't really sprawl outwards (like Portland). Rich landlords come in and buy up property and keep the property off the market so they can make huge piles of cash while the rest of the working folks in the city have to get squeezed into fewer and fewer long-term rentals (not to mention fewer homes for sale)
I’m not saying restrictions aren’t needed, but a lot of these cities have much bigger fish to fry, but yet they’re looking at ways to bring in extra revenue
Rent control: NYC only applies to certain buildings and tenants.. Most NYC rentals are at market value allowed corporate landlords charge crazy!! Some studios in high-end buildings start at $6,000 take care,and keep the videos coming.
Hi Michael, A great lesson on Airbnb. It's amazing how so many people bought one or more houses to rent out on Airbnb. The whole concept doesn't makes sense to me - having one or more strangers move into your home (especially if u don't live there.) I enjoyed the walk around these condos. Our leaders use a large group of P.R. people and lawyers to skew our language when they're responsible for destroying our country - with made-up phrases to lessen the blow. Like: they're not homeless --- they're unhoused. Same Crap!!!!!
"Growth Recession"? Sounds like anything to say something "positive" during election season.
I know!
Jumbo shrimp
NY Post has a new article about younger people not being able to afford today’s rents so I can’t imagine next year.
Yep, that’s going on too
We were discussing the insurance crisis this morning. I think a lot of the roofing companies benefited from remote work. Think about it. Most of the sales folks would come around during the day, knock and no one was home. They’d leave their flyer, and it was probably thrown away. When remote work started those sales people were actually able to use those schmoozing skills to sell people on filing a claim against their policy. There was a time when almost every house on our street was getting a new roof. They promised their attorneys would litigate any push back without cost to the homeowner and even allowed some to not pay the deductible.
Interesting that you brought up the issues with short term rentals and partying. There was recently a bust of a prostitution ring in Plano, TX, one of the boomtown suburbs of North Dallas. The rental house that was raided was being used as a brothel. There’s been a push for the past few years in DFW to ban short term rentals for reasons like this.
Wow, haven’t heard that one yet! For reasons like this, you’re probably gonna see more and more local government start to crack down on this
You are really pumping these videos out and I am loving it! I feel for renters! Everyone is feeling the squeeze! My stepsister was just told that she has to leave the house she’s rented for over 15 years, and the owners are moving back here to San Diego from Palm Springs. She had a great deal too!
Glad you are enjoying the extra content Jeannie! Oh, no, I hope your stepsister will be able to find an affordable place to live. 15 years is a long time.
@@MichaelBordenaro Indeed it is. I looked around on Zillow this morning to see what was out there that would be in her range...hardly anything. We shall see!
The algorithm just recommended you and I'm glad. I like the walk and talk style. Instant sub. Also you look like a cool, non-douchey version of Gavin Newsom.
Thanks Nick welcome to the channel!
The "Growth" means a big chunk of coal in your bank account. The same one Santa gives you for being a bad kid but now it's given at anytime for being an honest, hard working person.
I’ve started walking in my neighborhood while I listen to these videos. So thanks for the exercise gains. 💪
That’s so nice. I’m glad that you’re walking with me!
I know of a young guy who works for a Major Corporation, he's working 100 hours a week in NYC .
He used to live in a very Nice High Rise building in NYC, he had to move because the Landlord raise the
rent to $10,000 a month. Rent in NY and NJ extremely high, throughout both states !!
With regards to the restrictions put on AirBnB; it's not just about collecting taxes, it's also about making short term rentals less attractive. That way more housing units will be available for the local population, and the hope is you can help drive down homelessness that way.
We definitely need more units. That’s for sure. But at the same time the government is profiting off of that.
THANKS MICHAEL. 👍
You are very welcome
Michael, I enjoy your candid, conversational approach. You cover things so well and you have a gift of answering the question I have next, right before you deliver it. You think ahead, not losing me in the details. Real world concerns. Enjoy those walks. I keep waiting for you to walk into a sprinkler. Haha. Great channel. Thanks!
Thank you very much Lee!
The big question is, when it breaks are they going to be able to stop the fall by reversing? In my opinion, there will be no soft landing. I've got my chips in and betting they can't. If that is true, and I'm right, I'm not even sure they'll even let me have the money on my bet and take it in a bail in. We'll just have to see!
I’m pretty much right along with you on that
There are a lot of factors for people to relocate to a different location in the country besides that it’s cheaper. Leaving family, friends, community and life style. never mind finding employment. Quality of life is as important as cost. It is easier for a very young single person perhaps.
I agree, there are many factors for people to consider to relocate, but it might be necessary for people looking to achieve the American dream
People who can’t afford to rent in what turned out to be higher priced states. Like Miami and Orlando Florida for example with most of California. Will need to re examine whether they want to keep spending all their entire paychecks on just rent. If not…they will need to move to more low cost states like Nebraska, Minnesota, Alabama.
They had years to buy ….but didn’t get prepared and get all their ducks in a row to purchase when interest rates stayed low. So now will need to move out of where they like to live. That is if they want to keep a roof over there heads.
@@MichaelBordenaro True, but economics isn’t the only reason. We don’t see large numbers moving to North Dakota or Alabama, even though home prices there are lower.
This has been a nightmare to find housing and shelter. Going through a separation after 6 years. Having to use Airbnb right now because of the disgusting prices. When I moved to Phoenix in 2016 I rented a crappy 1 Br for $825/month. I looked at it a week ago, and it's listed at $1400/month now.
Co-op housing is often demonized in America. But I think it's about to hit the mainstream when some of the more privileged understand the real world in this mess.
The more privileged don’t care to understand the real world it doesn’t touch them so why should they bother?
@@casstay4499 The privileged are connected to "higher ups" and their goal is to make us Fearful and Poor!!! This is no accident.
Thanks Michael for all your info!🤓
But there is no outcry from the public! Everyone is just acting like everything is just fine!! I guess phrases like growth recession or transitory inflation is giving hope to people until it’s too late!!🤔😲
Either that, or just no one’s paying attention. Everyone’s too busy snapping and liking Instagram, photos and living in a fantasy world.
Good to see someone spitting some real stuff from my hometown! I left Miami 25 years ago and I’m missing it!
I appreciate that. You can always come back and visit.
You are not missing anything in Miami. I am a native South Floridian and it is not the same place you left.
I can't imagine why any insurance company would write policies in a known frequent hurricane zone and hot zone of lawsuits. Good luck with that getting better.
Excellent information! Thank you, Michael.
My pleasure!
Thanks for consistently keeping it real Michael!👍🏽
I had to Google “growth recession” it states “a economy growing so slow, it’s losing more jobs than being created”.
Like another commentor mentioned , sounds more like stagflation to me
@@MichaelBordenaro you’re probably right. Fancy name for stagflation like job softening aka layoffs lol.
My spouse and I are adding a variety of stocks/ETF to my present holdings for the long term, We've set aside $80k to start following inflation-indexed bonds and stocks of companies with solid cash flows, I believe it is a good time to capitalize on the market for long-term gains, but it wouldn't hurt to know means of actualizing short term profit..
The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner..
I enjoy my day to day market decisions being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not outperform, been using a portfolio-coach for over 2years+ and I've netted over $800k>
@@bonifaciomazzanti1251 interesting! I’m new to all this, heard it's a good time to buy and basically I've just got cash sitting duck in the bank and I’d really love to put it to good use seeing how inflation is at an all time-high, who is this coach that guides you, mind I look them up..
Just make quick internet research with her name (Cintra V. Bedassie) where you can easily get in touch and write her..
@@bonifaciomazzanti1251 Thanks, her website popped up on the first page immediately I searched her, I read through her resume and seems pretty interesting, so I booked a call to discuss with her.>
Thanks Michael 👍
We had State Farm up in PA, we had to take Citizens, it’s $1533/yr. The house took a hit in 2018 for Michael and it is an older home (1958).
If the economy loses a million and a half jobs its ok. We have 10 million currently open. That is the problem. There is so much excess demand, from a decade of Fed purchasing assets and endless money printing and low interest rates, that a recession and job losses are the only way to address it. The bad news is that losing a million and a half jobs isnt going to be enough, that will mean we still have 8.5 million jobs open. And because of boomer retirement we will have at minimum 400k new openings every year. So interest rates will be going higher and longer than most people can believe.
Things have only started. And once oversea markets start imploding, like Japan, China and Germany are currently doing (wow the next top 3 economies), all the things they once supplied us will have to be built here in north America again. This will increase job demand even more leading to more inflation. This is what the end of globalization looks like. Everyone being poorer.
I hear you, but a lot of people are complaining that most of these jobs are entry level positions that pay next to nothing. That’s probably why so many of them are open because no one wants them. but I do agree that this is going to continue to make the situation worse and inflation will continue to remain high for a while
@@MichaelBordenaro While that is the case for some, for most its a case of classism. Since the boomers we have pushed the young to college and now we have an utter lack of blue collar workers, the workers that keep civilization running.
But we have battalions of HR Karen's who add little to nothing, and lets be honest probably cost the companies money, to the bottom line of companies, along with senior executive of toilet paper type jobs. This will change as margins tighten and profits implode. People will have to retool or take lower paying jobs, and in some cases it will be both.
But I do like your content. The price for those apartment was insane. Considering what the average wage is in that area.
Rents are down in cities that defunded the police lol
In one hand, many small businesses found its extremely hard to hire. So where r those ppl who used to work? They still don’t what’s coming!
Vegas killed the Airbnb here can't be 600ft of another and can't be close to a casino. Huge upgrade cost to meet new Airbnb codes and huge new taxes and weird new fees and it's just the start.
Airbnb quality is such a mixed bag, but I feel for the hosts and landlords as well. Every single "mom and pop" landlord I know has stories about people partying, doing drugs, overdosing, stealing, not paying rent, destroying the property, and the list goes on. Even way before the pandemic eviction moratorium, the first month's rent might be the only time someone ever sees any rent money. Even though the mom and pop landlords tend to offer more competitive rates than corporate landlords, they get more easily burnt by bad tenants and the local governments.
Great presentation. Yep, rents are up in Central Florida, but if you scan the listing daily you'll find little gems here and there, where the owner says to the lister, "I don't care what the Zestimate is....I'm tired to waiting it out. I want this place rented, now". And they are dropping the prices.
Those are the smart landlords
Very tour and it looks so beautiful view. Thank you for your efforts and time to do the reporting.
Glad you enjoyed it!
4.7% employment. That's actually really good. I'm comparing to the great depression of 25%.
Michael I enjoy your comments and info about real estate I just sold my house in Cape Coral bought in. 2010 so I did great love Florida,so I’m going to sit tight and when things calm down I’ll be back,just going to rent for a couple months in the winter keep up the good info thanks George C 👍
Saint Augustine rent seems bonkers but Jacksonville and Daytona aren’t bad.
My wife is an insurance agent in Palm Beach and the insurance situation is underreported and I think many of the new arrivals may not understand the situation well and their future exposure to rate hikes. She has to give rate shocks to people all the time.
Lotta people moving to Florida gonna find that out real soon
@@MichaelBordenaro yes especially if this storm hits Tampa area generating massive homeowners claims.
I have a friend who decided to turn her home into an Air B&B. The very first time she rented it, the people completely trashed her place.
It was really sad. She never tried to rent it again.
That is horrible Cindy. Sounds like really bad luck right from the get-go.
Sounds like the laws force home insurance companies to cover things they shouldn’t. For example they should not be covering a roof that simply wears out. The laws may be the cause of the problem.
It’s really just been too many lawsuits and fraudulent claims that’s jacking up rates
I am grateful for the advice and the info.
beautiful!
Thank you, a real great show.
So glad you’re liking it!
Here in the Austin TX area we paid $750 a month for rent while our new home was being built in 2012 . Now I’m 2022 the same luxury apartment costs $1700 a month .
I love these videos, everything you say pertains to Australia as well and I have watched the highs and lows of real estate for many years.. I just put in a grocery order and prices here have skyrocketed. At last we see people and dogs on your walk. What a lovely area I wish I lived there. (Excuse random comments)
i sold upper Florida property in august, didn't get rich, but was able to walk away with a lateral mortgage payment for a house I had built.I think if you keep your head on straight; you will be ok. Again; credit and equity is your main attack, as a home owner/buyer.
I love your Videos and your advine!!!🙏🙋♀️
Thanks, Laura!
Yeah Stacey Abrams coined it. 🙄
Right. Sellers slashing prices will save the market, but helocs, equity loans, and credit card debit expoded to all time high in 2021.
After the 2008 financial mess, the only jobs available were 15 dollar an hour jobs. At that was for college educated. The rest of the people were getting 9 to 10 dollars.
Great information, really enjoy watching every episode.
Thank you so nice to hear that!
Boat life sounds cool. Great advice today. The place I rented when I lived in margate Florida is now starting at $2700
2 Bed / 2 Bath - 1,176 sq. ft
Starting from $2,728/month
$500 deposit
The house we sold in central Florida in April according to Zillow went down about 14 thousand since April. I was curious today so I looked and it was is on its way back up. I know Zillow has issues but why at this point would a house keep going up in value.
The problem is the zestimate is not very accurate and you really can’t go by the month to month changes that they give you
For anyone that would be thinking about becoming a landlord or Air B &B host, to not have a property manager or one of those management groups that compete with the little guy extremely shortsighted. People are inherently greedy and the more greed, the more stupidity. I love it how people complain that a property manager takes 10% of the rent and see that as an unnecessary expense. Then they get it in the ass like the woman in this video with the squatters. People always plan for ideal situations but stuff always happens. A good property manager generally has a plan in place along with the experience to deal with most stuff.
I agree in my experience this property managers have been worth the money
Totally agree. I tried managing a home I rented on my own but it's not as easy as it seems. Much rather have a professional take care of it. I'm switching over to a property manager in November. Thank god!
I've lived on a boat off the coast of FL. It is the best deal out there.
I did the boat thing. It’s really limited space
It’s definitely not for everyone
Can confirm insurance debacle. Have two rentals in north central Florida went from 800 yr to 1800 yr. Then dropped. Then covered and dropped again. Paid off one of them to avoid getting screwed by mortgage company.
Anyone with boat experience can tell me what would be the best boat while cost less than 50k set up (shower, kitchen..) to live comfortably for 1 person?
I lived in Jacksonville for 14 years and I have to say that it has a wonderful business climate and there are a ton of jobs between huge corporations (primarily Banking and insurance) with two naval air stations however, Miami Beach it is not... but still not too shabby. Secondly, most of the condominiums in Panama City Beach, Florida are short-term rentals and always have been. There have never been an abundance of hotels there, almost all the tourists rent condos. There is a whole sub economy of property managers and condo cleaners there.
That’s a nice walkable area. Can highlight areas in Broward?😊
Mine is up 41% in Lakeland
That is a massive increase. I know people here that I’ve got hit with similar increases as well.
Any damage from Hurricane Ian now threatening Florida will need to be paid from Citizens and other insurance companies. That is, if you even have insurance. As Michael said, this can only exacerbate the insurance problems in Florida, and the premiums associated with policies. Let’s hope Ian isn’t too serious in the state.
On both sides of me the homes are rented . And the one neighbor just moved into their new home that was supposed to be ready two months ago here in Austin Texas .
One I wonder how long the house next door will remain empty ? And I wonder if they had a interest rate locked in ? Some people just go into a house blindly .
You just crossed my mind so came by to say I hope you and yours are safe and well right now with Ian.
You have Ian coming too. Hope everybody will be safe. They are talking Cat 3 right now.
Good videos sir
Thanks!
I love the way you just teach us so naturally.
Listen , all economic data outside what it actually stuck in my mind was a joke made at the meeting ,, A husband and wife having a conversation looking at each other said: what is left for us here ? Nothing but a late retirement and an early death !” Not funny at all, just think about that for a second.
Hey I’ve been to that spot!
It’s a beautiful little spot!
get ready for the pain while we travel around in our private jets
You make everything look cool.
I want to move to Miami!
👍
I was born and raised in Wisconsin it sucks!!!
My landlord in Miami is raising my rent by 50%. I have heard from friends that 30-50% increase in Miami is average.
I have seen a lot of people in Miami in the same situation as yourself. It’s horrible.
Pay attention to the word act in Acts like the Inflation reduction act.
Earned a new sub today brother
I’ve never been to Florida. Whats going on with HWY 1 out to Key West?
A video on just Airbnb in Florida would be great! I’ve been so curious about over saturation in Florida. I’m hoping many will get out and add more inventory to the market.
Thank you Nicholas it’s an idea to consider! I actually did a full Airbnb video a long time ago with a friend of mine who does Airbnb for a living. But it might be good to do an update.
@@MichaelBordenaro is it on your channel? Ill take a look.
Unfortunately, this has to happen. U.S.economy needs a power flush.
isnt that just stagflation? am i crazy?
Yes, basically it is but in their minds it’s not because of the low unemployment. which they even said, that’s gonna change soon
This is no mistake, this is no accident. JP slipped up and admitted they need to get wages down. Watch the video. There’s only one way to do that. People have to lose their jobs and get replaced by people who take lower pay. This is a purposeful crash they just have to call it a “correction”
I don't think Powell slipped up. Unemployment is necessary and he's trying to warn us. He looked extremely nervous during that speech. I hope the recession is white collar like mostly Facebook and Tesla.
Advice
Do you know about Houston? Is it still affordable? I remember hearing that you can find an amazing HOUSE for a very low rent and low home buying options.
Houston is definitely one of the more affordable cities in TX and seem to be having more inventory coming to market
*I know a youtubers who travels the world on their catamaran* .
*Their channel called Gone By The Wynns*
*I believe they bought themselves a new Catamaran* *They used to RV in the Winter and Sail in the Summer*
*Now they Sail, year round*
❤❤.
I'm so glad that we own our home, have no cc debt and no real debts at all.
Good for you!!
My rent went up 19% in Salt Lake City
Whoa! that is quite the increase
Michael love your video clips very interesting and informative. One thing thing that bothers me a little is when you use “ no more” instead of “ any more”. i.e. “ They won’t take it no more”, should be “ They won’t take it ANY more. Movie “ Alice doesn’t live here anymore”, not “ Alice doesn’t live here no more” other than that, you’re doing great. Keep up the good work😊.
Thank you Kent. I’ve had a couple other people point that out as well. I’m trying to get better at it but it’s been a lifelong habit so it’s been up to break so far.
Very informative channel Mike. Thanks. When you go through some of the ''posh'' neighborhoods in and around the Miami area , I can't help but notice the disrepair on many sidewalks and driveways, and often the fences. I also note that some of the landscaping is in very poor condition, but I imagine that depends on your rainfall amounts.
And those red sidewalks. I assume they looked real colorful when they were first poured, but appear to be in very shabby and dull condition in later years. Are these conditions normal in your area? thanks. Rob
Thanks Rob that’s part of the reason I do the walk so people can see what things look like around here. I would say most of what you see is pretty normal. The sidewalks they probably only redo every 10 years or so.
All of America is in great disrepair. L👀K !
This is the best time to land a job you wouldn’t have been able to get in a healthy economy!
@Michael Bordenaro how is the homeless situation down there in Florida?
If you ask me, it’s really not that bad especially if you’re comparing it to places like LA or San Francisco where it’s absolutely terrible. Even Denver Colorado is much worse than here. do we have homeless yes, but we do not have tent cities and hundreds or even thousands of them on the streets lying around scaring people and making the police dirty
Sure, it the recession grows enough it will become a depression. Negative growth.
Coastal mid Atlantic was same way with insurance. One day, after 60 years with Allstate, no more homeowners insurance. If you're lucky, like me to find a good ole local based insurance company. Oi. Where I live now, left coast high class resort island, beautiful mansions abound. But, since I chose teaching in public schools, which have made America great, I'm self actualized and love my trailer (tiny house mansion). I can't get insurance. So, I risk, risk, losing it all. So, I gotta save to start all over. So that's what I am doing. Thanks for air band b advice.