Zillow: New Homebuyers Are Going BROKE
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- เผยแพร่เมื่อ 27 มิ.ย. 2024
- Zillow: New Homebuyers Are Going BROKE
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I plan to retire at 62 in another country outside the US that is free, safe and very cheap with a high quality of life. I could fully just rely on only my SS if I wanted to when that times arrives but I'll also have at least one pension, a 403 (b) and a very prolific lnvestment account with my Abby Joseph Cohen my FA. Retiring comfortably in the US these days is almost impossible. I honestly don't understand why people don't move to another country when they get older in retirement. It seems everybody has excuses for almost anything to not take action to better their situation.
I know this FA, Abby Joseph Cohen Services but only by her reputation of being a former employee at Goldman Sachs; even though she's now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since I watched her interview on WSJ last month
How can i reach her, if you don't mind me asking?
@@KimJimCastro
Well her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, she was able to scale this quickly to $150,000.
I love people with their initial doubts about the prospects of financial advisors like Abby Joseph Cohen in business/markets today. Gives me more time to get ahead while they stew in their own pity and doubts as they childishly complain about those spreading the word
0% down using a VA loan! I was 26, there was no way I was going to have enough for a down payment... But, I was at 37% DTI, and could comfortable pay for the house alone.
When I left the Marines, we were debt free after selling the house, and moved into a nice RV a couple of years ago. We moved, I got a much better job, and we're just waiting for rates to drop a bit. We've got a mortgage on 35ac and enough cash saved for 25% of a $750k mortgage in equity and cash! But, we've done without a lot of the nice-to-have's to get where we're at. My truck is 20 years old and my wife's Corolla is paid off. I'm 32, she's 27.
750k is still over priced I rather buy land and build than pay that kind of money for a house.
only go above 400k if have a large family. 100-200k max for solo and 200-300k with a small family wife.
anything above that is build your own house territory or the wages better pay enough for the house by itself not dumping down payment for over priced shit.
People in California want almost a $1 million for a piece of crap Property. Even though California is losing People and Businesses, the Prices still haven't dropped for Homes in Cali. Nothing makes sense here.
Yep totally agree! That’s why I bought my 2nd property in San Diego of August 2022 for 685k with rate of 4.375. Now the property current value is 895k. In LESS than 2 years I’m already up over 30% in equity. No reason to sell because I’m cash flowing on 2 ADUs studio and I already made over 90k in rental cash flow which covers my monthly mortgage. Not to mention my rate is freaking low and I consider it as asset.
I feel sorry for 1st time homebuyer who were never able to afford it to start. I don’t feel sorry for 1st time home buyers who were able to afford it but choose to wait thinking market is crashing and now priced out
*Leah* *Foster* *Alderman*
I don't panic because my financial analyst is professional she helps me adopt an investor mindset and only purchases properties with strong cash flows in desirable neighborhoods.
Great review on her when i search, but that doesn't mean we can't complain about the Socio-Economic condition of the City, State, or Country we live in.
Wife and I bought our house in 2012 for 32,000 at 24 years old. Look very ugly. Paint can make anything look great. Family thought we were crazy. Decent neighborhood. Had 3 kids. Just paid it off. 5 and 6 year old vehicles paid off. You dont need to keep up with the jones. It's not worth it. Stress is a killer.
Young Millennial - No help from family with school or buying a house. All of my friends have had help, yet I make more than most of the people I know. It definitely feels like it doesn’t matter how hard you work, the birth lottery dictates everything.
Look. It’s super frustrating. All my friends had down payments on homes from their helicopter parents. While I was working full time, earning a few degrees, paying those degrees off, buying my own cars, etc. Fast forward in the future. I make 3x to 5x compared to all of those friends. I’m no genius. I was just forced to work hard. Sometimes things are a blessing if get my drift…. Keep your head up man.
Same. Friends got help before 2020. Now they own multiple properties and I can barely even afford my first
Also it's pretty uncommon. That's only like 2 friends out of like 20
Same bro had to save 50 percent of my pay for 5 years to do this while living at home tho.
Hey, you guys are blessed.
The original commenter stated that “ all of my friends have had help yet I make more money…”.
That’s the American dream. It has little to do with a “birth lottery”😂
In fact, many children who grow up with a silver spoon/helicopter parent, never mature. They are often unfulfilled, unskilled, unhappy with their place in life.
When one works hard and accomplishes their goal, they become much stronger and smarter. It’s called experience, and rich kids often loose out on much of that when they are given so much.
@@HarrisonCountyStudio Well said. 👍
*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*
Waking up every 14th of each month to $210,000 it’s a blessing to I and my family… Big gratitude to Andrew Stella 🙌
Hello , I am very interested. As you know, there are tons of investments out there and without solid knowledge, I can't decide what is best. Can you explain further how you invest and earn?
Same, I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Andrew Louis Stella, has been an amazing experience.
Good day all👍🏻 from Australia 🇦🇺. I have read a lot of posts that people are very happy with the financial guidance she is giving them ! What way can I get to her exactly ?
She's always active on Whats~App... 🎉
Hi Travis, have been looking forward to see you talk to Nick from Reventure on your channel sometime. Thanks for your energy and positivity 👍🏻
Born & raised in San Diego, CA. watching the crime, taxes and homes skyrocket, I decided early on (high school) that I would NEVER buy property in CA. I spent the 1990s scrimping and saving every penny. Even living in my rented shop.
I had buddies who would accidentally drop change in a parking lot and not even pick it up, I was happy to pick it up after they walked arrogantly away. I Got married. We struggled, saved and went without for years. We became stronger & smarter as Man & Woman. Paid cash for our first house in Bend, OR in 2011. Never looked back at CA ever again. Sold the Bend home in 2021 for an unbelievable amount.
We now own houses in Idaho.
That's awesome, brother. I lived in chula vista in the 70s. Now I'm in the midwest with 3 sfr rentals.
I bought my first house in 2000 with a 30 year fixed rate at 8.75%. It was a starter home and needed work so I got it for 80k. Over the years I dumped countless dollars into it and I did all of the work myself. I paid it off in 2015 and started banking cash. I saved 100k between 2015 and 2020 when I sold that house for 125k and with the 100k I had in the bank I put a 225k down or roughly 30%. The new loan is 2.5% for 30 years and I couldn't even rent a place for what my mortgage payment is. It doesn't even make sense to pay it off since I can get better yeilds in short term treasuries.
It’s interesting that you can count how much you banked on the house between 2015 and 2020, but the money you put into it before that is “countless.”
Was it more than the $100k that you “banked”? How much time did you give up working on it, that would’ve earned more elsewhere? How much would those “countless” Dollars have earned had they been put somewhere else? More than $100k?
@@GrantDWilliams82 Good questions. While I lived in that house between 2000 and 2015 I never thought to keep a tally on how much I bought in supplies. I was upgrading as I had the money for it. I literally remodeled every single room right down to the studs, windows and flooring and I had it all finished in around 2010. I would wager a guess I worked 8 hours a week doing that but it came in lumps. Some weeks was probably 8 hours a day. After that I went hard at the mortgage to get it paid off in 2015. Once I had it paid off I just saved money.
All in all, without knowing the true cost of the improvements, there is no way it was less than 45k that I profited off the sale of the home so yes, I probably would have been better off investing that money.
Owning a house is a journey and the little bits of knowledge along the way that you learn is valuable.
I’m in your exact same situation right now. Renting since late 2019. My landlord came to me in February and offered to sell the house to me. We haggled until May, but it just never made sense to me to pay his ask. He’s still convinced he can get what he wants (even though there hasn’t been a showing in weeks, and it’s been on Zillow for 51 days), so I’m out. In the process of moving into another rental. Gonna wait until prices come down. It wasn’t mold for me that drove me out of here. It was greed. But that can be just as bad.
I just spent $150,000 on medical care due to moving into 7116 W Lake Dr West Palm Beach. I may never fully recover. I’ll deal with greed rather than toxic mold mycotoxins in my brain. I should just get a tiny house. Bought land.
Dude, I hate to break it to you but prices are not going to be coming down. These TH-cam talking heads often don't know what they are yapping about... it's simple supply and demand. There is no supply (in places where people want to live) and growing demand - that means prices are likely to continue to rise for quite some time. The smart move is to get the cheapest rental (or a mobile home) and save every penny you can muster. Watch the market carefully and as soon as you can a decent deal on a starter home with a decent down payment buy it - you'll start gaining equity and as you save more you can move up to a better home. Blowing your money on overpriced rentals is the big mistake people make. There is no recession coming and even IF one did happen, it doesn't change housing supply and demand.
@@mnn1265… says the realtor
@@mnn1265inventory is exploding right now. Sounds like you are the one who doesn’t know.
@@mnn1265 A starter home? Lmfao. Why are you assuming that just because I’ve been renting since 2019 that I’ve never owned (a loan) before? Not everyone who rents does so because they’ve been trying, and trying, and trying to own (a loan) but just haven’t been able to qualify. I could easily qualify for like 50% of all of the houses that exist in America. I could easily put like 30% down. It’s just not a good deal.
Mortgage signers are so arrogant. So full of themselves. Be a little more patronizing, why dontcha
28. Literally this year. I'd rather blow it on travel than buy the average house lol
It's been dumping and pumping in this range for ages! It's technically just going sideways, sideways means generally stagnant. More emphasis should be put into day trading, as it less affected by the unpredictable nature of the market. Trading has been going smooth for me as I managed to grow a nest egg of around 100k to a decent 732k in the space of a few months... I'm especially grateful to Linda Wilburn, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.
Linda Wilburn program is widely available online.
I appreciate the professionalism and dedication of the team behind Linda’s trade signal service.
Trading with an expert is the best strategy for beginners and busy investor s who have little or no time to monitor their trades.
The key to financial stability is having the right investment suggestions for a diverse portfolio. Many investment failures and losses happen when you invest without proper guidance.
It was quite challenging to understand the different trends on my own until i found out about Wilburn. Trading made easy.
2016 first home 3% down on 45,000 home with 3.5% interest. Morgage $500 month 15 years including our taxes and insurance. Almost 40 and still never saved $100,000😂
The fact that they are offering down payment assistance as another lien on the asset , as well as FHLMC buying 2nds is ridiculous, they are banking on people not understanding what they are doing and locking people into high debt. It’s pathetic. Will lead to another mortgage crisis and they know it.
1988, 20 percent down payment. Built house in 99, paid off lot, used as collateral for building loan.
0% down 30-year mortgage at 6% APR in 2004. South Carolina home one story brick ranch three bedrooms two bathrooms 1900 ft².
In NW Houston 30k down in 2001 on a $156,000, 2500 square foot home that we paid off in 15 years. People who live in apartments have no idea the amount of money that goes into maintenance, insurance and property taxes and HOA fees that are needed on top of just being able to just pay the mortgage.
We did the same in 2004. Unfortunately we had to move states in 2009 and ended up losing it, it sat for sale forever because we put the rest of our life savings into it, and couldn't afford two mortgages.
The move was unforseen and urgent.
We got screwed, but ready to try again soon. As soon as the time is right.
And we're dying in that house, I'm NOT moving again.😂
"This time" is never different.
The "value" will go down, but the PRICE, the DOLLAR price, cannot "go down". Because "down" means WHAT?
Did the price "go down" in Weimar Germany? No. Did the value "go down" in Weimar Germany? YES.
We are losing our ABILITY to create "price". The concept of "price" is what is disappearing. "Value" is subjective, but PRICE is based on SUPPLY of dollars. The SUPPLY of dollars is rapidly accelerating.
Every time you use the word "value", you are correct. Every time you use the word "dollar" in replace of the word "value", you are incorrect.
It will dip, as always, but "crash"? With Japan dumping treasuries (dollars). With Yellen printing 1 TRILLION every 90 days?
This money will go where? Into bonds? Lol. No. It will go to buy VALUE. Real estate. The key word being "REAL". Real estate is one thing that people VALUE.
The infinite dollar supply of cash, waiting to pounce on this "crash", makes the "crash" impossible.
You see the price going "up", but that is NOT the value, that is INFLATION going "up".
Real estate is not more valuable, the dollar is LESS valuable.
I so agree here. When I bought even with the inspection I still ended up with out of pocket cost repair... 1 garage door, 2 ac unit, 3 washer and dryer, 4 hot water heater. These were things that were not a red flag during inspection. My advice is... DON'T GO BROKE BUYING
Here in New Jersey, housing is incredibly unaffordable. I’m 27 making over $150k/year with a fiancé who just got a job making over $160k. We currently live at my parents house for free for almost a year which allowed us to save over $200k. We tried buying a home the past year but each time we were overbid, once by over $100k above our offer which was already 12% above ask. A decent starter home here goes now for at least $550k. Property taxes here are well $12k now. Rent is terrible here, for a 1bedroom apartments it’s at least $1800 before me utilities. 2-3 years ago with our income and savings, we could’ve bought a very nice house. Jersey market currently hasn’t been hit like other markets and prob won’t have a great correction but we are both continuing to work long hours and save until we find the right home for the right price we are comfortable paying. Love your videos btw Travis, keep up the great work 👍🏼
Did I read correctly that your combined income is over $300k and you can’t afford a house or to rent?
@@iddddaduncan not yet as she is about to start her new job. What’s more important is the take home pay. We get taxed high in NJ and we both contribute to our retirements almost to the full max which everyone should do. We could rent now and it wouldn’t hurt us financially if it’s no more than $2k a month but we don’t want to be committed to a 1 year lease if we are actively looking for a house. Mortgages here with 10% down are almost $5k a month including PITI which makes it very unaffordable for most people here. We are just hopeful that the fall/winter market might relax here a bit
@@daniel.a1010 Well good luck, I moved from NJ 30yrs ago because I had a feeling things would get worse but my sister stayed and her property taxes are $14k a year, don't know how anybody can do it?
Our first home was 85k and we put 10% down, bought it in 2012 and paid it off in 2020! It's worth more than double what we paid now! Because we have zero debt, we TRY to save 80%, but when you have that much disposable, we are guilty of having a little fun lol. No we didn't get handouts, I drove a car without AC for 5 years to get ahead instead of buying a new car. Several other decisions financially were similar. We worked for it.
No avocado toast and Starbucks, kids. You see ^
Please don't try and gaslight the younger generations into believing you buying a property was all about "hard work" these are very different times and no amount of "hard work" is going to get a GenZer into the property market.
Please no more 'i bought my house when' stories. We know! This is the worst time in history for buyers in some areas.
Always like your videos. People ask “is it fair” in regards to the cost of purchasing a house, but I say, for get fair, life isn’t fair and people can generally deal with that. What’s happening in the housing market is 100% WRONG and corrupt.
Dominoes are falling…horrible time to buy the best time to buy a house is when prices are low
That may be true professor-squared, but what if the prices don't come down? Then what? Explain to me how you think prices on housing can possibly come down when there are more people looking for housing than there is housing available? Ignorance is very expensive and I recommend you look at things more objectively and with less of an emotional response. OH, and stop listening to media figures, TH-camrs, Fox news and other talking heads and do your own critical thinking.
@@mnn1265Prices already coming down in TX and FL realtor. You must be too young to have been a bill-paying adult 2007-2011. Those who fail to learn from history are condemned to repeat it.
@@tobyk5149 You're absolutely right about TX and FL and anywhere else people don't want to live. You can and always have been able to find a great deal on a house in Skid Row... right? No need to be condescending toby, I'm likely at least your age and have been paying bills since the 80's and have done quite well financially thank you. Again, it's supply and demand toby, prices are not going to be falling anytime soon on a place people WANT TO LIVE. TX and FL are cesspools of horrible hot weather, right-wing conservative politics driving people out, corrupt local politics, and a very poor place to invest your money. In fact, very conservative predictions show that people will not be able to live in the Gulf Coast states in a couple decades due to excessive heat so get out while you can! Now, in a place where people really want to live, like CA for example, housing prices continue to go up at a steady pace. Indeed, I've gained a lot of equity yearly since I bought my home - over 100k in the past few years and still climbing. Housing starts just can't compete with demand and it means that many people simply can't afford to live in CA (driving them out to places like TX where they then often regret moving to) which selects for a more wealthy populace. I'm not saying that's a good thing but it does tend to exacerbate the trend and drive prices up further. Indeed, I'm looking at a nice retirement fund when I do sell... Speaking of condemnation, don't make the mistake of investing in those broken southern states! You'll regret it sure as the sun shines in the morning - the future of TX and FL are dismal. Now, if you're not risk averse you can still make some money in a short term investment in TX or FL as long as you understand that in the long term you'll be very sorry if you don't get your money out in time. Remember, you can deny climate change but you cannot deny the consequences of it! Do so at your own peril.
Tell me what the word "low" means when in hyperinflation.
@@tobyk5149
Was inflation 40% in 2011?
1982 Nampa Idaho new home built to our design. 55,000. 2/3 acre. 1500 sq.ft. 5,000 down and closing cost. FHA 235 loan, 3/2/1 buydown. Rates about 7%. Pymt started in the high 200's capped around 375. Income at the time 1350/month. Family of 5.
3:41 My first home (1999 @ $100k) required 5% down. That was on a 2000sq ft, brick ranch, 3 bed 2 bath. A beautiful property in SC. It’s likely ‘valued’ north of $300k today.
I was VA, so no down on my $300K w 2% interest rate. 6 months ago, we had paid off our house. I'm 40yrs old and the big burden is off of our shoulder.
Just wondering are you protected because it's a VA loan if your property goes into negative equity?
@@Thyalwaysseek Its common for Veterans to get a zero down on $500k homes. If the house cost more than $500k, then you have to put at least 20 percent down of the difference. If your 30 percent or more veteran disability, then all your fees are automatically waived.
1st Home FHA paid my down payment of 5%
2nd Home 5% at 7k
I don't have 128k to put down on the house, even though I'm looking for another one.
The pandemic allowed me to save 100k so only 2 years ago.
In 2001, My spouse (without me), she qualify for 10/10/80. We had the 20%, but decided to go 10% down, and have money to furnish the house. 80% 1st mortgage at 6.75, and the other 10% as a second mortgage at 7.5. later in years consolidated both loans at 3.25%.
I’m in the same boat bro. Bought properties during the last downturn but missed calculated and sold off everything too soon. Now we’re stuck renting for the last few years. All I can do now is be patient knowing the crash is coming soon. Love your videos. Good luck with everything bro 😊
back in 1984 we did not need $128,000 when the total price of the house was $83,800 but we did put $21,000 down We got the interest rate at 11.5% and it did adjust to 14%
My wife and I got married in 2001 - I was 27 years old making $46K. We bought our first house that year in San Antonio, TX, a 1,700 square foot 3/2 for $113K. We put 20% ($23K) down on a 15-year mortgage at 7.5%. We lived there seven years and sold it for $175K. Rolled about 80% of the equity into our current home in 2008. That mortgage had a 40% down payment on a 3,200 square foot 4/3.5 single story new build. Six more years and our house will be paid off. We couldn’t rent a two bedroom apartment for what our all in payment is today. Our plan is to never borrow money again when our mortgage is paid for.
First house 3.5% down for 97900 in 2009 @ 3.99% paying 717 a month sold for 125k in 2010 and bought my second house @22 for 87900 @ 4% in 2010 payment was 598 a month house was paid off 2020 and kids are in high school its hard out here and i wouldnt by a house until it severely drops.
Travis, would love you to do a video regarding negative equity, not sure what you call it in the US but basically it's when a property crashes in value below what the bank valued it as at the time of purchase. When properties fall into negative equity the bank requires the property owner to make a lump sum payment of sometimes up to $20 to $30K, I notice a lot of property owners are completely oblivious to this risk especially when properties are bought at the top of a bubble.
It's called "under water."
Negative equity or under water doesn’t really mean anything if homeowner doesn’t sell during a housing crash which I don’t really see it in next 5 years
@@House_hacker_619 It's different in Australia, if a house falls into negative equity the property owner is required to make a lump sum payment to the bank, sometimes up to $50K or more.
Can you film a video only about your experience of living in a house with mold and how you detected the mold? I believe my daughter is having this issue in Army Base Housing at Fort Campbell, KY.
I live in a van down by the river
I am in a similar situation with needing to move and begin another year lease. My lease is up in July and I intended to go month to month. However, the owner decided to sell. I had 40 days to find a new home. I am in TN, but moving to North Port, Fl.
Stamford CT is pretty bad. But it’s slowly very slowly starting to get better
Bought my first house with 10% down on a 30 yr fixed mortgage at 18% in 1983. In that area, the lower hudson valley, a five bedroom house on a 1.5 acre lot cost $99,900. Now, that same house would cost $800,000 to $900,000.
We are living in a housing nightmare. Actually we are living in an economic nightmare. I think back to the 1980s and 1990s when cars , houses, and apartment rent were really affordable. And most other things were easily affordable too! Now prices are outrageously high for people in the middle class and lower incomes. It's quite tragic that standard of living and our way of life are being destroyed by rampant inflation, bubble prices and high interest rates.
Just went to an open house. what I saw is older people working age and retirees are the buyers competing with each other. For smaller 'starter' homes. (Downsizing). The agent said lots of price reductions and concessions on larger +1m homes. Homes are sitting on the market longer. We both felt that the current situation was 'normal' for real estate, and that the last few years have been abnormal.
You'll be right about the pricing eventually. A broken clock is right twice a day.
I’m also in Houston. I feel for you having to move in July my guy. Stay cool.
Rebudgeting always helps. Numbers change everyday. Always antispate the unexpected and cutting unnecessary subscription costs helps aswell. Also a local Houstonian. You give great information and see you soon after the moving.
😮
This is so unsustainable.....there are going to be someone losing $$$$....
In 2002 I was 32.
Saved up $80k down
$324k mortgage left
How about joing the miltary service ? After the service, can obtain a verteran loan, zero down .
Because of the VA loan, was able to buy my first house with zero down.
ABSOLUTELY BONKERS 👍
Don’t feel bad for any of the sheep who FOMO and bought a home. Sucks to be them!
cope.
bet we dont feel bad inflation locked u out the house.. u hating from outside the club
Yeah, go ahead and wait for prices to come "down" while the world is flooded with dollars.
While Yellen prints 1 TRILLION every 90 days.
That money will just go into bonds, right? Lol.
Ocala Florida is very affordable. We are inland, everyone wants to live on the coast.
How the HECK are people buying homes these days??
The money has to be coming from the parents.
This is ridiculous!
Thank you Brother Travis, Carlos
Nope. Raised lower middle class. Parents blue collar and on fixed income. Served in the military and got a VA loan.
At this point, you'll need to put down 100% DP and you won't need to worry about monthly payments, interest rates, PMI, insurance, ect. That's the best way to afford a home...
lol. Gen X here… no parental help with down payment.
Why do I love this guys videos lol
Thankful I can save 60% of my net monthly income. I live in Louisiana, so I can get a new construction in the country for $235k on half a acre. I plan to put $80k down and use down payment assistance (my state offers free grants that dont have to be paid back. Not the ones they tack on the end of the loan.) That way, my note is under $1k, including taxes (are .5%) and insurance. I'm also debt free and have great credit. Hoping rates and prices come down in the next 2yrs.
When u save 10% where do u put it?
3k down, 5.5 interest on a 87k home in Missouri city texas
Can you break a part the stats to explore them more? Did they start making more expensive, larger, houses to increase profits? Wouldn't this skew the data?
If you count your parents letting you live "rent free" for around three years, then yes, they helped with my down payment. Besides that, it was all my money. A great deal presented itself, so I took it. Ended up getting the house $35K under the asking price. Vegas metro.
We were house poor when we bought our first house, but we made good money when sold 15 years later. To buy or not to buy is a personal decision. Right now renting is as much as buying and you earn nothing. Could the housing market crash, sure it can but just look over the last 50 years and home values have increased. People have been saying the housing market is going to crash since 2019, so if you sat on the sidelines you lost out, will that continue? Who knows. Don't listen to the rules about how much income you need to afford a monthly payment. At the end of the day, can you afford a mortgage payment after paying bills, putting money away for savings and money away for retirement. For us, we can live off 2500 month after paying all bills, savings and retirement, the rest can go to a mortgage payment.
VA zero down payment on both properties in San Diego. Both properties with over 800k in equity 😂. First property bought in June 2009 during crash with 2.75 and 9 months remaining to pay it off. The 2nd property bought in August 2022 with 4.375 and 200k or 30% in equity. Both properties cash flow of 6k per month thanks to my 2 ADUs. Life is good 👍
Mortgage interest rates are not high. The 120 year historical average mortgage interest rates is between 8% and 9%.
Used a VA loan so kept my savings.
When I was working (retired since 2018), I would puy 1/2 of my raise into savings. I was eventually saving 25-30% of gross. Always lived below my means.
I don't remember when I saved my first 100K.
Would say inflation. Everything more expensive would be best guess
Should I buy if house is 4 bedroom 1700 sq
0 down
Interest 6.5
Payment $3200
Builder credit $20,000 and Hoa paid off for a year
Are you getting more house for less monthly rent with your new rental lease?
bonkers 😊and praying for u and for your family to get healthy you need to test yourself to see if you got sir it's from getting being around mold Travis go get yours and your family tested for c i r I'm pretty sure I got that right but you shouldn't need to get tested to make sure you don't have any problems from the mold that was in the house that you were living in
Got my first house in 1998 and only had put down 5,000.00; save my first 100, 000.00 t 51!!!
If $700k is someone's normal life savings, I'm in trouble, BIG trouble 😂
Roll with the life events.
You’re right things are really bad you lived in California. You’ve been to the Santa Monica Promenade. It’s like a ghost town that was considered like a rodeo Drive people there would be throbbing this time of the year in June. Every one of those buildings are up for lease, the guys are people who own those buildings are gonna owe on the bank they’re gonna goforeclose the clothes right they’re going through the prom. Nothing but homeless it’s terrible. You are right.
Amen
About $20k, to $30k for homes bought in the early 2010’s and late 2010’s
If you’re making $200 a month (2%) cash back that means you spend $10,000 a month and you still have extra to throw at T bills. And you own a rental.
You’re right things are really bad you lived in California. You’ve been to the Santa Monica Promenade. It’s like a ghost town that was considered like a rodeo Drive people there would be throbbing this time of the year in June. Every one of those buildings are up for lease, the guys are people who own those buildings are gonna owe on the bank they’re gonna goforeclose the clothes right they’re going through the prom. Nothing but homeless it’s terrible. You are right. Santa Monica, just. Just turned around and made a new law law into a thick you can’t raise your rent no more than $97 a year.
This time is different than any other time in America history because it's much worse than 2008! Historic
Stop renting from big investment company's and send back 15 million illegal immigrants that Come to America Price will go down over 50%
You just need to come to Destin Florida and lets go shark fishing. Lol
House Rich, Cash Poor
later will be house poor, cash poor if purchased 2022-2024
Totally Bonkers Kid 😮
Seriously 😢 NO WE’RE NOT SAVING LIKE THAT
Even if my parents offered to help with a down payment I wouldnt take it. Im 31 and my generation sucks. Lazy, bad parents, selfish, you name it. Get back to work, support your family, stop relying on your parents for everything.
I have never come close to saving 100K and I am 40 years old. But I think it’s a good goal I should try, better late than never 😊❤
Things change...
🎥The Chicago Mafia makes shoeshine man Gino (Don Ameche) an offer: do the time for a murder he didn't commit, and they'll buy him a fishing boat in Sicily. Gino accepts and is placed in the custody of Jerry (Joe Mantegna), a low-level mobster, until the trial. Jerry quickly gets bored with the babysitting detail and decides to treat Gino to a weekend at Lake Tahoe. There, Jerry is recognized, and Gino is mistaken for a big-time crime boss. Both play along until they run afoul of the local mob.
I’ve owned 3 houses and 3 condos. First condo was 0 down VA. First house, assumed a 12% loan, then refi to 8% immediately (80s). The rest, don’t remember exact dollars, but never 20% down, always less and always made money when I sold and never paid extra on the mortgage. (Sorry) Last house, good example of riding out the storm. Bought in ‘03 sold in ‘21. Made $300K profit. Used part of that to pay cash for a condo.
12% of my paycheck to 401k plus a few % after. I make a very very good salary.
Very nice!
I can save 20% of my paycheck
35 years old this year
chasing a 2% reward you end up spending way more in the long run, you justify dumb spending for 2%
Wrong! Use credit cards to pay for regular monthly expenses, like groceries/gas/utilities. Easy to get 5% cash back on these categories. Just pay off in full every month like you would if you were writing checks/auto-debiting for regular monthly bills. Plus, use the Sign-Up Bonuses to further reduce monthly expenses.
Yes and It took us 5 years to pay Dad back
In the last 5 years, I have bought 4 homes. O down and No PMI or MIP for 3 of them, 1 of them I did 10% down. Saved 100k where it was sitting in my bank account liquid in my 30s.
15k down was at 3.750
Bonkers
0% VA loan on first two homes
I love your content and don't think you're a bearer of bad news but I must tell you that the 80% down requirement you stated is either out of context or is widely false. I reside and own in LA and have numerous of my peers whom have recently purchased homes some as late as may 2024 and they only had to put 10-20% down. So could you please link what lender or where that data comes from? 🤔
The article that Travis is reading is "back engineering" the figures. It starts with what monthly mortgage payment an average income person/couple can afford with today's prevailing mortgage interest rates (also assumes there is -0- debt so buyer can afford maximum payment). It's not clear if that calculation of monthly mortgage payment also includes Property Insurance, Property Taxes, and PMI Fee. Then it looks at prevailing Listed House Prices in a particular city. 3rd step is to subtract the maximum mortgage amount (based on monthly payment) from the Contracted House Price; that how they reach the needed down payment amount.
@@jeromehenry4484 I see. Thank you for the explanation but wow that's a lot of mathematical gymnastics to come to that conclusion and Travis could try to be less of a shock jock with his delivery cause that particular segment of his market report is absurdly misleading. 😮💨
was 27 with 1st $100k saved
0% down in 2019 when my wife and I were 23 in Vegas. About to list that home in a few weeks and that will be when we save our first $100K😂
My wife and I are in escrow on a house. We feel it’s a good priced home. It took us about a year to find something that had everything we wanted with a price to match. We are in a situation where we are selling a property to have more money down to help with the interest and payment in general.