Home Buyers YOU'RE Being LIED To!
ฝัง
- เผยแพร่เมื่อ 20 ต.ค. 2024
- All we ever hear about are these inventory shortages and how we don’t have enough homes for sale and that is keeping prices up. But today I have some interesting data related to airbnb that will debunk that myth in a hurry.
Need a Realtor? homeandmoney.c...
======
Like My Sunglasses? Get a Pair ebay.us/PhTVOG
======
I offer 1 on 1 calls, book one if you'd like!
michaelbordena...
======
My Filming and Editing Equipment
michaelbordena...
======
Sign Up for My Email list and Get Weekly Video Updates in Your Inbox!
bit.ly/MBremin...
======
Get Cash Back on ALL your Internet Purchases!
www.rakuten.co...
Articles Mentioned in the Video
apple.news/Ax2...
www.airdna.co/...
apple.news/AzO...
apple.news/A03...
apple.news/AQD...
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! :)
MASSIVE Surprise Expenses Coming For Condo Owners th-cam.com/video/YGw0qIWUpDQ/w-d-xo.html
Micheal , could you take us to Overton, Miami ? I hear it's been gentrified. Curious about what they are asking there.
I'm about to buy a condo, your video came in clutch to check condo reserves before I buy.
I grew up during a time when people purchased a home for shelter not as an "investment". Housing prices would go up 2 to 3% a year marking the rise in inflation as well as marking wage increases, but that's it. Now your bidding against Wall Street speculators with deep pockets, foreign money dumped into US properties for safekeeping, air B&B speculators and flippers. It's the worst of predatory capitalism. Foreign money should not be allowed to purchase US properties. Institutional investors such as Blackrock should not be allowed to purchase residential real estate driving up prices artificially. Air B&B was always a bad idea. They ruin neighborhoods and again you competing against conglomerates. The whole market is infected. Purveyors of Adam Smith's supply and demand thesis will disagree with this, but this is one area where everyone should be given a fair shot. You don't need to own a stock, but you do need to have shelter and when the deck is stacked against 80% of Americans there's obviously something wrong.
👏🏻
The Best comment 👍100% agreed
you grew up in a time most likely when houses went up 3x-5x in 20 years. so you benefitted from it being an investment AND a home.
it's easy to say you didn't buy for an investment. but it was. as an investment may not have done as well even.
I'm sure people who bought 20 years ago today and have seen a mere doubling in price don't share your sentiment on the overall return. or value.
it's been a poor use of money.
@@hvaball150 You weren't around then so probably not a good idea to speak for those of us who were. You are missing the point of my post, both context and proportionality. If you want to argue the point for arguments sake go ahead but for most others reading this the point was made to elicit the stark reality that buyers are up against Market forces that were different years ago. Properties averaged about a 2 to 3% return by the way not three times or five times a return as you put it. So yes after 10 years the property probably went up on an average of 25 to 30% after 10 years. So, okay, the guy who bought the house for $100,000 now gets to sell it for 130,000 after 10 years. For a buyer that's doable. Take a property in Miami that was $100,000.10 years ago and today it's $2 million, and that's not doable. That's the distinction with the difference am referring to. In today's market property values were going up 25 to 30% in one month in some locations. This is predicated on pure speculation and purchasers in most instances are not even using their own money, but in fact are having these deals funded by large institutional firms/banks.
Capitalism and its more potent offspring predatory capitalism needs to have guardrails or those at the top will eat their young. In more sophisticated countries real estate can only be bought and sold between you and your neighbor. You are not competing against investors in fact you can't buy a home in the Netherlands just as an example, unless you are a citizen of the country. What does that mean? What that means is that everyone can afford a home in the Netherlands. People make their money by going to work every day and collecting a check. They invest in the stock market. They invest in 100 other financial instruments but residential housing is off the table as an investment thereby making it affordable to all of its citizens. You buy a $250,000 home in the Netherlands that's what you sell it for. There isn't this awful game of real estate musical chairs where the last guy standing without a chair when the music stops loses. The vast majority don't like it.
You'll never hear our govt address this issue. Think they're in on it!!!
I've been saying this for over a year. I don't believe we have a shortage of homes we have over investment in housing. It's being treated strictly as a investment and not as a commodity.
Absolutely GREAT reporting. No one else digs into the real facts like you. Your willing to call the actual facts out. You actually tell us what’s really going on and show real life examples. Your self pride is reflected in your reporting.
Thank you very much. What a nice comment!
I've heard "you could turn it into an air bnb" from more realtors than I care to count in the past year. I think you are spot on.
The Airbnb market is going to be oversaturated to the point prices will fall. On top of it, we will be expecting a recession in the near future.
Yeah, what happens when your town starts banning Airbnb’s. That should be your answer to them.
@@keremcagintv Where I live, we have 124 active houses for sale and rent and 144 entire-house (in otherwords, empty) AirBNB listings. That doesn't count the other listings sites. I'm constantly getting VACASA mailers at two of my addresses.
@@MichaelBordenaro It's already happening in NYC. You can only rent out the property for a minimum of 30 days (no short term rentals) at a time and you have to ask for a permit or license of some sort.
Air B&B and hedge fund mass property buyers have ruined the property market. When I see these houses listed for double what they were just bought at 2 or 3 years ago I say no way
Absolutely
I think that's an interesting observation: 800,000 less houses on the market from 2019 until now, and almost that much more listings on short-term rental websites like Air b&b. It's kind of like 800,000 people said, "you know, instead of selling my house, I will just try to rent it online". Now that the air is being let out of air b&b, perhaps those same people will be now saying, "you know, this isn't working out. And I can't even rent my house in the traditional way. Maybe it's time to sell." And just like that, inventory shoots through the roof and prices start going down even more.
You're overestimating how influential airbnb is to home prices especially for homes not in tourist hotspots
My thoughts exactly Ken
there are less houses because there are less buyers. because the monthly note inflated greatly since 2019.
inventory won't shoot through the roof unless demand increases.
you have to "make" sellers.
Nice to see there are some homes less than a million dollars, though I enjoy seeing all of the homes you show us! Your commentary is always insightful and witty. Glad you decided to drive some of this area!
I’m not looking to buy a home, but I do work in the mortgage tech industry. I enjoy your videos man because they’re daily recaps of what’s going on.
Thanks for your transparent reporting dude. 🎉
Thank you very much Mike appreciate you being here!
Every area is different
Michael, your videos are more intended on the educational merit for the common man and women. Your ability to share a vast amount of knowledge with the public reinstores my confidence in the honesty that few people have. You should be referred to as a professor of honesty and common sense. Students pay enormous amounts of money for classes in this country that do not come close to the educational level you provide for free.God bless have a happy,successful 2023 and many more.
I agree. 100%
Thank you very much Gary that is such a nice comment!
Ontario Canada, our whole province has dropped 20-27% already. Yes, that includes Toronto area too.
I was in Miami 5 years ago.
Those $800k houses were $400k
Those $600k houses were $300k
Those $400k houses were $200k
I just don't see how any significant amount of people can afford $600k-$800k. That works out to
$4k to $5k a month before utilities!
greed
Same scenario here in Nashville. It’s insane
Idk. Sounds like sustainable growth to me. This looks like a healthy market surely not set up to fail!
Bingo!
so first time homebuyers are taking out 800k loans with 5k mortgages? is that what you are telling me. cmon man.
how many people in ALL of Miami have an 800k mortgage?
how irrelevant of a comment can you make today!
Thanks for your videos Micheal! My mom started watching you years ago, got me hooked too =) You're practically the only realtor who doesn't just skim over the fact, but actually talks about, and goes into, the speculative purchases. I'm also curious how many international investors purchased speculatively via proxy, and also how many developers flipped from selling to renting.
Those prices are a joke for those homes.
Bubble . covid prices . The owner will just let it sit .
THANK YOU for LOUDLY saying a place was flipped, how much it is ACTUALLY worth, and "Yeah-good LUCK with THAT, guys!" Rrrrrright as flipper walks in it- haha!🤣
MYTH: The population keeps growing and the number of houses doesn't!
FACT: US Census Bureau issued a report in 2020 titled: "Census Finds U.S. Population Will Decline Without Immigration".
MYTH: Immigration to the US is exploding the population.
FACT: The net number of people migrating to the United States in 2021 was the lowest in decades.On net, international migration added 247,000 people to the U.S. population between mid-2020 and mid-2021.
I've mentioned this before, but 1 out of every 3 houses and apartments in our neighborhood are vacant and have been for years--they're used to park assets, launder money, and zero out profits to avoid taxes. Force those vacant units onto the market and we'll have a surplus of houses and apartments to buy and rent.
I bought a house in Wilton Manors for $132,000 in 2001, sold it a few years later for $300,000-- it is now on Zillow at $850,000!
And, I am a BNB property owner, bookings are zero, when I was once oversold, BNB, and UBER, won't be around too much longer.
If I'm going to pay $800K for a house, it better not have single pane windows, maybe I'm being unrealistic
Single pane WOOD windows are fantastic, and you just get yourself fitted stormers. BOOM! Keep your gorgeous and invaluable wood, with an exterior pane!
@@andreaberryman5354 love wood windows. The vinyl ones I have are complete junk.
I just hope I don't walk out in the morning and step on a 7ft lizzard
@@brianmatthews4149 lol
You're not paying 800k for the house, you're paying 800k for the American dream 😉
Oddly some of my tech worker buddies have been considering just taking their "smallish" bag and moving to Barcelona. It's basically shocking the quality of life you can have somewhere in Spain for a fraction of the cost of living in a walkable place in the US.
I've seen entire neighborhoods in Kissimmee that were AirBnB houses. I can't imagine what will happen when whole communities go on the market. I doubt it will end well.
Oh yeah that’s very popular up there
I imagine most Airbnb houses are heavily leveraged. When less people go on vacation (unemployment or back to office), that will shake up the Airbnb industry.
For the greedy people who wanted to buy houses for Airbnb, with no conscience at all about outcompeting families who simply wanted to have a place to live… when stories like that about families being priced out and unable to find a home were all over the news so they cannot plead ignorance. I have no empathy at all when they crash and burn completely.
You are one of the only TH-camrs that can talk on and on that I actually listen to the entire video
Wow, thanks so much. I must be doing something right!
South Florida has truly gotten ridiculous
It’s completely out of whack
The rental situation in Hawai'i is awful as well. There are about 50-100 people reaching out to one home. And most people can not afford the rent either.
Yes, I’ve lived in Hawaii for 20+ years, but it’s time to get out of here…..it’s not the same
@@hansblix8211 we visited Ecuador for about 3 months 2014 . It was a city buy the ocean,like Bahia . We met quite a few seniors that move to Ecuador from Hawaii. The told us that they could not afford to live there anymore.
I believe it’s a disgrace when people have to leave there country of origin just because the cannot afford to live there.
But now I realize it’s happening here in Canada to,especially in Vancouver and Vancouver island.
It’s a shame.
Air B&B's will die out. They've started adding all kinds of fees and that's what will kill them.
Just like Uber
forget the fees. the base rental rates are now completely out of line with reality. Renting a coastal 3/2 for 12k a week? yeah, no. I can fly my family of 5 to Europe and pay for hotels and restaurants for that kind of money, much less hit a resort or cruise in the Caribbean for less than half that.
I'm a designer in the entertainment industry, the fake job offers are super rampant in our field
They get emails and fake headhunt talent especially of newer artists starting out. They make fake emails an have gotten a lot better at it.
It seems that the more metal fencing around the property the sketchier it is .. Keep up the good work
That combined with the broken down wood fences lol
bars on windows is the best sign.
No one’s buying these trash homes or hyper overpriced homes. Layoffs are going to cause another massive crash
I remember looking at homes in Biscayne Gardens for under 100K on almost an acre lot. Thak 800K home comes with a nice 16K yearly ax payment, higher than the mortgage interest rate. We are in the biggest bubble in history and the pumpers think this is sustainable?
You ether work for the government or the cartel. The average income of 43.000 does not come close..
Definitely not sustainable
Great video today Bro. I am a dedicated viewer. I'm happy to read so many positive reactions from your viewers. You are a breath of fresh air in a world where the hard honest truth is hard to find. Thanks Michael. Grandpa Jeff from Galt Ca.
Thank you very much Grandpa Jeff! I am so glad you feel that way 👌
Hey brother mike.i have been meaning to mention to you about the condition of the properties in Miami Beach basically,the yards and sidewalks.
Period everything looks old unkept in no one looks like they has any type of landscaping service or yard service.
There is no grass. I don't know what that is that's in all of those yards. Multi-million dollar homes and although some of the homes look OK I'm pretty nice very rarely. Do you see a nice driveway or a nice clean sidewalk or a well manicure maintain yard or anything? Like that and I just find it odd.and everything just looks really old. Maybe you'll talk about that a little bit. Or have you noticed that at all Mike?
thanks bro. Grandpa Jeff from Galt, CA
I am interested in your vlogs because I have some real estate in Maastricht the Netherlands. Well, it strikes me how different the markets and rules are. Rental leases become indefinitely after one year of rental over here. The state sets the rate of the maximum increase of the rent each year, mostly based on official inflation. The idea of expending/renewal of leases does not excist. In 2018 I got lucky after a stroke of bad luck due to the illness of my wife who barely survived cancer. She is on disability now. This means she gets 75% of her salery until her official retirement age from the government. This is an insurance every employer has to deduct from the emloyees paycheck (obligatory). Then I won a nice "lottery price". I bought a row of 6 brand new small houses (90m2); in one my wife and I live, the others are rented out. When a tenant leaves then we are free to ask what we want, but the increases after rented are regulated. This is free market rent. We had an vacancy two months ago, due to the shortage of housing in the Netherlands we received 78 request to see the house. Comparable with Germany I reckon. I Choose on advise of the real estate agency a divorced woman with a good job in her late 50s. These are good renters. For the official cheap social housing by the state there is a waiting list of 10 years.... You can blow your money, but I am just not that kind of guy. I do not regret the investment at all. I only work for 24 hours for the government in IT now because I like to do that. Three days working in the week, four days off. And the real estate agency does almost all the work for 8,5% of the rental fee.
There are enough homes for everyone. But not affordable so they are just sitting.
@@PudgyHedgehog If people are willing to pay. That's how much it costs.
@Erik Kovacs no one is willing to (or even can) pay lol. Ok I shouldn't say no one, but many sit empty.
@@PudgyHedgehog LOL capitalism
House prices are a little whacko. House on market for 3 months, so seller’s response to no interested parties? Raise the price! That will surely spark interest!
Yeah! Genius, right
It's so horrible that scammers get the most vulnerable.
I think you might have hit the nail on the head, especially in the florida market. When these AirBNBs stop becoming profitable and they all start dumping them, things could go south quickly.
My best friend from college just bought a “Nice fixed up flip house” in Compton. She paid $850K and shes excited about it because she got a discount and closing costs… 😮 COMPTON, CA
Omg!! scary!
the "not enough houses" myth is about to be popped. house availibility v. homeowner credit ..... there will be chingo houses to chose from 3 months from now
@@njerseydavid
🤡
@njerseydavid as if the term "crash bros" isn't an insult with no logic behind it itself.
Look at the macros. This market is not sustainable. Idk what you expect, but I wouldn't expect home values to climb when you dive into all the data.
Even the "no inventory" thing is shoddy logic at best. Inventory is a fluid thing and can change on a dime once sentiment shifts. ESPECIALLY, with record numbers of investors in the market. They're in it for the money, they don't need to hold like a family does. It's all numbers to them.
@@BManStan1991I'll go uber macro. gold is 1920 today. that's 236 oz of gold to the median American house, 454k. and that is at what many think is a high mspus q3 number.
why is 236 oz of gold to a house not sustainable. it's not even up the historical average yet (300oz)!
it's plenty sustainable. the average American household has 749k net worth.
they can buy 2 houses.
I'm in total agreement. While I don't like govt intervention in general, I think protecting single family homes for owner-occupied buyers could release alot of the pressure in a tight market.
good idea. but this will crash prices. and remove most of the non-homestead "full price " tax collections second owners pay.
that will result in a tax shortfall and theoretically more bodies (services) in the city at the same time with full time owners.
will you personally then eliminate homestead exemptions and effectively triple my tax burden??
or do public services have to cease?
or increase taxes on apartments?
I'd like to know the proposed solution.
Who would want to afford an $800,000 house. I rent a place in Thailand on an Island for a month at $450 for a monthly stay. You can purchase a house there for $68,000.
Great food too .
we needs laws passed regarding AirBB, it’s destroying the real estate market. There’s a reason we have record homelessness and 40 year olds still living with their parents.
Hey Michael, I have been watching you for a long while and you have totally stepped up your game...keep it up!
That’s so nice to hear. Thank you so much for sticking with me! Always trying to get better
The guy sitting in the white van at 11:43 looking at you like WTF is awesome.
😄
Speaking of the home Depot pay situation, I'm the bookkeeper where I work and we used to pay on the rounding method. If you clock in within the first 7 minutes say 7:53- 8:07 you got credit for 8:00. If you clocked out at 8:23-8:37 you got credit at 8:30. We found that most folks learned how to work the system and if done well could get almost an extra 30 minutes on payroll per day. The company has saved $$$ since switching to exact time.
Would love to see your analysis of coconut grove.
I'm glad you brought up Airbnb's. I keep track of city council meetings in Palm Springs. The city has been trying to figure out the right number of Airbnb's to allow in single family residential neighborhoods. They finally came up with a limit (far too generous in my opinion) and the city council was inundated with protests from would be Airbnb owners. Almost all of these people were from out of town. They all bought fancy houses they couldn't afford, planning to rent them out as Airbnb's to get the income to afford to pay their mortgage payments. They gave a song and dance about how this was the only way they could eventually own a home in Palm Springs (total bs; buy a condo if you can't afford a house). So, they drove up the price of houses in Palm Springs for everyone else. Aother bubble based on a fake demand for homes based on fake prospects of being able to afford them. 2008 redux. A recession appears to be on the horizon. Airbnb customers are going to disappear. These people will be stuck with mortgages they can't afford for properties that are going down in value. Potential homebuyers should wait, wait, wait. Once the market sags, interest rates should come down as well. Either that or there will be HUGE price cuts as banks are stuck with hundreds of thousands of repossessions.
I would add that these people had to get financing for homes they couldn't afford. So, banks must still be willing to make sketchy loans. And they don't do that unless they're confident they'll be bailed out by Uncle Sam (the taxpayers) if the loans go bad. You can thank Congress and both political parties for this. The Dodd-Frank reforms didn't reform anything.
In Oahu it illegal have ABNB unless it permitted by the county. If you have an illegal ABNA you get fined 10000/day.
That's beautiful .
Same thing in Miami Beach
You can ask what you want for a home. What really matters is if people are willing to pay that price. It's ridiculous, and so many people are out of touch with reality.
I don't own an $800K house but I did stay at a Holiday Inn Express last night.
Agree, the $780K seems overpriced compared to the one across the street, wow
It should be 450
all overpriced . Covid prices
🚑 Has anyone noticed an unusual amount of ambulance runs lately?
Could be more vacancies to come from the V
Fauci’s greatest accomplishment. The clotshot.
That's one positive way to look at it. The morons that took it sacrificed themselves for our sakes!
Either that or gas stoves!
@@s99614 😂
We had a guy from my company just yesterday pass of a heart attack. 32 years old. Overweight but not obese.
May he RIP. You hear it almost daily now on the news or through people you know. Sad
Prices of houses will not go down.
LoL we are in a bubble
Great video Michael. Most people can relate with these houses and their prices. Awesome spot to shoot a video.
Thanks Franklin glad to hear that
This is just insane. Around here in Columbia, Mo., Right now there's a house like to one you are showing, except it's in BETTER condition, a better neighborhood, 4 bedroom, 3 bath... 350,000$.
I ask the same equation in California. Who has the money to buy homes at the California median home price? Like who has the down-payment?!?!
Median home price in California is over 800,000 I believe.
I probably have the down payment. probably 50 of america has the down payment.
the average American family has 749k of net worth. look it up. the average American family can buy your house outright.
Primarily tech and finance industry, but with all those layoffs, hopefully prices will come down.
@@hvaball150 what?
@@hvaball150 749k is the average. The median net worth is about 120k. Average takes into consideration people who make a metric shit ton which makes the number you mentioned useless for what we're talking about here.
@@computron5824 actually it is the median that is fairly useless if you talk about houses. socialist BS. I know what each are. and I know the median household is 120, not 749. I can see the difference. you cant.
some 25 year old single mother doesn't count towards all housing.
some average (rich) household counts towards all housing.
one group buys houses and the other doesn't. only Ferrari buyers matter to Ferrari dealers.
one cannot afford the median house on the median income. this is how you know you are wrong. overall. average counts. or influences the industry.
perhaps you can't even afford the cheapest house, in some places, on the medan income. only if you go to a low demand area is that possible.
so 749 does count.
If 54% of airbnbs opened in last 3 years then that means airbnbs increased by over 100% - not 54%
Math! Airbnb’s have exploded.. the beach rentals too not on Airbnb have gone nuts.. it’s like 10-12k a week now to rent a beach house where my family goes.. it was like $3,500 when I was a kid and I’m not THAT old.
6:18 before we even talk about all of the new construction that's not even listed anywhere to create "scarcity"... I bet there are a couple of hundred thousand of brand new homes nationwide that are unaccounted for...
hahah Come on MIke, 800k property and you are afraid of safety? You are a spoiled Miami Beach Condo Elitist!!! HAHAHAHA 😃😉
I was with my friend in brickell and a bum spit in her mouth.
👍
Flips in the ghetto LOL. Thanks for showing us a different part of Miami. I was beginning to think the only type of house in Miami were mansions. Thanks again for putting your life on the line.
He deserves hazard pay for even driving there.
Ha ha glad you got a kick out of that. There’s definitely a lot more to Miami than glamour and mansions.
@@markmansel9899 where he was is far from the hood but funny nonetheless
@@MichaelBordenaro we have it all in South Florida 😂
He is in Beverly Hills right now compared to South Central California... They are trying to flip out here as well.... For 1.3 million your right in the Middle of true gangland... Im talking candle vigils on the corners weekly.. Just like Miami these homes jumped from $300k to a million plus in a matter of months..
Nice video Michael, obviously in Miami it’s becoming a two tier society. Those that can afford and those that can’t. When I lived in Miami before 2000 you could still afford really nice houses in South Miami and even some areas of Coral Gables. Those days are apparently over. Thanks for getting out there and showing us the real Miami.
Thanks, Juan! Even as early as 2016 you could still buy a nice house in South Miami for the 400 K mark. Those days are over.
1M becomes 6M and you act like prices should be just as affordable. jeez.
like land is just going to rise out of the ocean.
@@MichaelBordenaro Do you think the prices will come down to those 2016 prices again in the near future or is Miami one of those places that will see a slight correction, but not a crash?
Wow. I didnt think that properties off the beach would be that high! I figured a more reasonable price like 400k to 450k. Crazy times !
This is something I’ve been trying to explain to everybody that even in sketchy areas it’s expensive now
Coconut Grove in Miami has the most expensive properties.
That neighborhood is absolutely po - dunk! I would have to be paid to live in that dump. WTF!!
Per the Air BnBs: When you see a bandwagon, it's too late.
Also, there's a lot of municipalities that are restricting, regulating, taxing, and otherwise trying to limit Air BnBs.
Absolutely
Great video! Really interesting to see a different area.
Hey Mike thanks for showing this . I think it is important to see how absurd it is in "normal" parts of the city.
I am not sure what people talking about,. Market is doing fine, and in no time home sales are going to be back up by April
In Brazil, pretty much anything can be put on a payment plan. Want to buy shoes? You can spread it over 12 payments.
Getting people on payment plans for 0% interest sounds like a no-brainer for buyers and a loss for merchants, but I bet in the near future it will flip: kind of like sites or apps that are free to attract loyal consumers and then they add payment schemes later. So eventually there will either be interest rates or the payments will be tightly restricted so any discrepancy results in hefty fees.
That’s right I remember seeing that in basically every store last time I was in Brazil
Yep credit bureaus already track it
When I started to look into renting my home after getting married, I was told to not rent to anyone that didn’t meet my criteria for being a renter.
That is true. You need credit checks, employment checks, criminal check at the least. 1 and 2 month plus nonrefundable yearly cleaning fee plus property management fee
Yup, you don’t risk mitigate by doing proper vetting you are in for a gamble, if it’s you main property it might be the most expensive and stressful gamble you’ll ever make
@@markshaw7947 risk mitigation, not risk elimination
@@msmj9102 depends on the state. Some, the dep cant be higher than 1 months rent & yiu cant descriminate against prison records, credit scores, past evictions, etc. Landlords do, just dont get caught!
you will have 0 renters then. you can't be as demanding as a big apartment building as a private landlord. if people had perfect credit and everything they wouldnt be renting from you.. they would buy a house or live in one of those luxury apartments
Good point on the housing inventory - these houses didn't just disappear!
Airbnb will take down millions of homeowners thinking they were going to get rich quick.
Good to see the contrast of different areas.
I would say that only in Miami would $800,000 be considered Affordable . But sadly , that's now far from the case .
Thanks for walking around the listing. Every time I see something good, I go down the tax history to see if it is a flip.
People can also enable the crime map on zillow to see how many reports the area had.
Another good thermometer is school grade. Although it doesn't show real development for the kids, shows how much money that school receives. My son was in a 6 and had great teachers that supported the kids. Now we are on a 9 but the teachers don't give a penny but get a lot of money from parents that can contribute to the school.
Thank you for sharing Europe data and also the scams. I'm on IT and received several "offers".
I say we get a crew together so that Michael can walk through an affordable neighborhood we got your back yo
@@xx-vw9ep of course because I'm from the Wagner group LOL
Michael dishing out red pills😎😎😎
Ha ha put it together my bodyguard crew and then we’ll do it😆
I just got an update on my new property tax, and home insurance combined with my mortgage payment was $2,300; now it is 3,500. It hurts, but we can take the hit. I have no idea how others not as well prepared will survive.
SHOP AROUND. Last year I had two different home insurance policies. 900+1200 The companies wanted to raise to 1600 each! Found a new insurance broker got me two policy’s 740+840
Thanks for the info; we are shopping around. We hear back from the insurance companies on Monday for quotes. I feel more motivated to look hearing your experience. Thanks again
Sounds good! You're welcome. of course like everything else it's not just the sticker price but the value you get for the product. so it's good to know your own minimum requirements for ex in terms of replacement amount in case of total loss, deductible amount and liability(if you intend to rent out) etc. Personally I didn't find the old expensive policies to provide any more value but it's something to look out for.
Ouch
Oh wow!! that is a massive increase. Glad you’re able to absorb it though.
If you think there are a lot of homes……. You didn’t live through 2008. I live in miami also. Yes prices are dropping but homes that were $2mm in 2019 are still asking $6mm…. Down from $7mm. It’s not going back to $2mm unless they start building homes.
Miami will likely be one of the cities that may not go back to 2019 prices because there’s not much room left to build anything new. And the demand to be here is still high.
Let's just bring back good old school Lay-A-Way. No interest and you never get into debt. 😄
lol nice to see the guy dragging what appears to be a large couch across the grass while you'rer walking around the 15 min mark. Thanks for doing this, but I wouldn't feel safe there. We have a lot of flippers who bought tiny ugly houses in a really bad part of Tampa that's charging rates like that. I always wondered who they can sucker to buy.. but maybe people out of state...
I don’t know what that was! I didn’t even see it until I was editing the video. it’s not something I’ll do regularly, but maybe once a month I’ll head over to different areas that are more “affordable”
Talking about scams… there are a zillion fake house listings in Facebook marketplace whenever is sale or rental. They list a place on marketplace that they see on zillow, specially places for rent. Then a person pay the application in advance then go see the property. That is the moment the person finds out it’s a scam.
I would stay away from Facebook marketplace if you’re looking for a legitimate place. Just like craigslist too many scams.
I re-watched your video and I thought I saw something weird in the background. Especially considering the neighborhood you were in. At the 15:00 minute mark it actually looks like a guy dragging a dead body out of the house and briefly follows you down the street.
What a Miami ripoff:Old houses for three times the cost we'd pay for in Orlando ! Over here $400K buys you a brand new 4 bedroom home with pool.Often furnished and only one hour to many beaches. 10 minutes to Disney / Universal parks if you know where to look.
You hang at Disney - like, more than once every five years? Is that a thing?
More inventory coming - yay!
No
$700-$800k is unaffordable for the vast majority
I know bringing up Rush Limbaugh might get some panties in a twist but his Miami house sold recently… it’s technically two homes and a lot bought between 1998-2000 for a little over $7 million dollars combined…the exact sales price wasn’t disclosed but several sources are saying it went for… and this is f’king crazy: $150-175 MILLION DOLLARS.. the world has gone mad.
I agree with most points here but for the airbnb landlords being forced to rent out their properties. To all viewers, I would advise checking the rental history before signing a lease. I was too eager to sign a lease last year and now when it comes to renewing the lease, my landlord is jacking up the rent by more than 10%.
Good tip!
Not sure, but all those new house for 3 to 5 million in my area are just all went pending
Thanks Mitch
We live very close to Lake Michigan and have successfully used a portion of our home as an AirBNB for several years to supplement our retirement income. This has afforded us the opportunity to make many home improvements as well as meeting people from all over the country and beyond. Unfortunately, the gig is up since our township has decided to ban all STR's effective this October, so we too will have to make a decision very soon. There are some homes in area that were specifically purchased to AirBNB, however there are a few like us who have traditional rentals that are owner occupied. Sad to see it come to an end by governmental policies.
Property rights doesn’t mean much anymore sadly. In America if you buy a property should have as much freedom as possible to use it as you see fit as long as you’re not harming the people around you
A lot of the local governments are doing this all over the country. The thing is a bunch of the homeowners are asking them to do it.
@@MichaelBordenaro yes, philly implemented a specific STR license and special zoning requirements in some areas. Lot's of homeowners complain. I get the concern about parties. I somewhat agree. While I tend to lean towards people should be able use their own property how they see fit. It makes it difficult to build some kind of community if half the houses on your block are STRs
Developers/investors could build homes that are specifically for short term rentals. ( a lot of these around the Disney parks in Orlando).
@@xa0wnerx obv, and they do. but not you gotta start somewhere there's a lot of smaller players.
Thanks for doing this video Michael!
You’re welcome!
If rent > mordgage +expenses you buy or you still wait ?
I would definitely buy if it cost more to rent. In fact, I did that myself a year ago. Although you really have to take into consideration all the factors that it cost to own, not just the mortgage payment.
Dang you dropped a lot to think on in such a short video... Great post man!
You’re right even in Charleston South Carolina the Airbnb business is done I work for one I haven’t worked for a while I don’t know what’s gonna happen to the house it’s been sitting empty for quite a while .Those neighborhoods we have those here in Charleston the Ghetto will be one block over people from out of town will buy up these houses and then when it goes sideways they get robbed and usually they get killed so do your research on the houses just don’t buy them because you read that it was a great area to live . Go there first ride all around that neighborhood and then make your decision maybe ask a neighbor two
Housing activity in our community was dead during the past nine months, all of a sudden eight (8) listings popped up since January 2nd. However, the asking prices are two to three times higher than the purchase price of three to five years ago. Not sure what they are thinking.
So according to what you said inventory was at 1.8 approximately before the vid. So even if 800k of the 1 million STR come back on the market we are still only back to pre vid inventory. Inventory may slightly uptick but I don't see a huge surplus of inventory
wow didnt kbow berlin had issue too
That house at 13:52 is sketchy to say the least and $425k is laughable!
I know right who would buy that???
Some of those AirBnBs are fronts for other activity.
Pay 170K and then turn around and ask 420K for that dump. There is some really stupid greedy people in America
The pinnacle
Thank you Michael!
Michael, the only logic I can see as to who can afford these homes is foreign buyers or corporate buyers like BlackRock trying to drive up the prices all over. Treating homes like stocks has already proved a disaster to the world economy...can you say GFC!!!
Shape of things to come! Yeah!!!