What's The WAY OUT Of All This?
ฝัง
- เผยแพร่เมื่อ 8 ก.ย. 2024
- Our economy is in big trouble, maybe more than ever before. Inflation is still too high, average folks cannot afford homes, and people are not making enough money to keep up with all of it. So what is the way out of all this?
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Real Estate Investors Starting To Get FORECLOSED ON th-cam.com/video/OlxNCmYPTsY/w-d-xo.html
I could maybe buy a house if I won the lottery 🙂
Had to come back and add this. My oldest son Nicholas was born in 1987. 🤗
You want to get more subscribers? Got three easy tips for you that will make huge difference.
Um Michael, just wanted to alert you about a weird reply I got from a fake account pretending to be you. Did you happen to see it?
Michael, what the heck is going on with people?
The high crimes, like, mass shootings, rape, theft and school shootings (that is the new normal in democrat cities) has caused a spike in migration. My community is back at selling homes at above asking… and that’s after the average price dropped by 30% from August 2022 through March 2023.
These are people escaping the crap they voted for. People who HAVE NO IDEA that they voted for the policies they HATE.
Clueless people who voted for Democratic Nefarious Policies.
Stupid voters who destroy their towns and are now happy to be in these peaceful republican cities, unfortunately they are too stupid to understand political policies, and will vote democrat again… to turn these great cities into the same garbage they created and ran from.
@@edge918 its a good channel, it should get more subs. And i know a way with out compromise the good essence of the content. Easy 200k in a period of 6 months.
It's crazy my dad immigrated to the United States in 1979 from the Soviet Union and even though the US was experiencing inflation during that time, things were still affordable. His rent for an apartment in a good area in San Francisco was $384 per month. He bought his first house in Marin in 1982 for 180,000 with an 18% interest rate and even then it was still affordable. Just shows how expensive everything has gotten and unaffordable life has become in America. It honestly makes me so scared for the future. And our government can kiss my ass with their inflation "numbers".
in the late 70’s I made $3 an hour take home pay at my first job at 15. I went to Europe twice, bought a 77’ Camaro. Bought all my own cloths and gas and paid for all my college and still saved $2000.
Yeah their inflation numbers are BS….it’s way higher than they say
@@mrwilliamwonder Had a Brand new Truck in HS I PAID for in 4 months.IF someone spotted u Wanted to Work they took u under Their Wing..Great people Then 😁😁😁
You will own nothing and be happy. Bug burgers and pid living are incoming.
To be fair, your dad came to CA at the perfect time for his golden ticket. Cheap houses, a cap on property taxes of no more than 2% (for residential and commercial), and an environmental law that can be used to sue most construction to keep supply down and inflate property values. That golden ticket for one generation has destroyed the California housing market for future generations, and it's been this way for over 40 years.
The first sign that a country is going downhill is watching the average interest rates per year slowly going down. If we would've kept jobs here things wouldn't have gotten this bad. I believe our leaders have sold us out for a few decades now and it's time to pay the piper.
A phalanx of lobbyists work for a very small group of people who want the inside trade to continue in perpetuity. The maddening dynamic is that it's being done in plain sight.
Seriously you brought a tear to Mayeye. We love you, Michael.
When you were born I remember working in a law firm handling residential real estate closing with people taking 13% mortgage interest rates from Chemical Bank!😂 I feel old
I don’t believe the inflation CPI rate either Michael, I believe it to be manipulated to the down side. Glad we are on the same page on that.
Yep. If anyone believes inflation is at 5% I’ve got a bridge to sell em’
ShadowStats puts it closer to 17%
Great channel, Great advice. I am old know, but also went to the "school of hard knocks". You graduated with Honors (and I appreciated your story and your survival instincts that got you to start for YT channel in FL.
I did fine, had a productive life, and used a lot of your recommendations I had to figure out on my own. Over 50 years later, investing in myself, flipping houses after my first home buy in 1970 (I don't think it was called flipping back then), and stock investments since 1969, all have paid off.
I started with virtually nothing financial but with a good work ethic. Put myself through college, at first a 2-yr college, but eventually my Batchelor's degree with my company paying the tuition for my night school classes 4 nights a week for several years, then getting a Fellowship for a graduate degree at age 30 at a top US institution. I had a super career at work that I loved from 1968 to 10 years ago when I retired. I found retirement was "Freakin's awesome" right away with my many hobbies, and I still feel like that today. I still enjoy working on my current retirement home & friends and relatives houses, and still in the stock market, and still investing in myself. And since Covid is more-or-less over, I'm back in the gym an hour a day, 5 days a week to help me keep ticking for hopefully many more years.
I look forward to your videos, keep them coming. And your healthy lifestyle and daily walks while recording your videos is also neat!
People take notice, if you can, the daily walk is a healthy thing to do, too.
Some People are also living way out of their ledge!! Thank God we brought 30 years ago! !
Love your videos.
If you have an HOA, you ALWAYS have a landlord. You CAN NOT do what you want, when you want! You must follow the rules and regulations and the maintenance fees go UP every year! Basically you are trapped in a never-ending hell of despair!!!
Look at those fancy cars parked in front of shitbox homes 😆 CA small boxy homes on zero lots. Oh that’s FL 😆😆
I have 40% equity in my house and that's including a Heloc I'm trying to pay off. When buying, 20% down is my rule of thumb. If you can't do that, you can't buy the property.
Michael I am 68 and have never seen inflation this bad.
Diesel stabilized at around 6.50 a gallon here in CA. It was $8 per for a while there.
68 inches?
I don't remember in 1982 if I didn't have the money I Just didn't do that ???
I have been a fan for some time and got a story for you. I live in Key Largo and rent a property in Ft. L. right in the middle of the torrent. The property is located at the top of the ridge and hence not flooded. My neighbor (one of the original buyers in the area) explained that in the 1950's two hurricanes went through one year two weeks apart and flooded the area. Flood waters reached right up to the foot step of the house and receded. Last weeks torrent was clearly a foot below that at least. The news reports a thousand year event: hogwash. Not even a hundred year event. I notice county officials (even a mayor) touting this misinformation. Politics, Politics, Politics. Not only can you not believe the media, especially do not believe politicians. Please, buyers do your homework.
Definitely nicer to see you outside in the natural beauty! Such a beautiful area! You gave it a good try with the mall though, and we appreciate your effort!
That's what has been driving me nuts is the fact that people think things are going to infinitely go up and that is just not accurate. There has to be a level off point that makes sense and I think we overshot that. And I believe we overshot it by at least 60%.
The economy is only broken when it hurts them. For most, it’s been broken.
I love the neighborhoods you walk in. Beautiful!
Hi , Michael. I still love your walks the best! I live near Denver, Co. Theirs a new development going up near me. Out of courtesy I stopped on Friday to speak to them. They didn’t give me much info other then saying all new houses that are being built are 25% off. They didn’t get prices. Thanks for all you do to help us all & keeping us informed!
The most basic cause of our problem is the run up of national debt. Printing money is not the way out. Prices aren’t going up, the value of the dollar is going down. We’ve finally reached the point of no return. Bad times ahead
I like Mikes conservative Midwestern approach to the housing issue and basic economics in general. It’s how I can tell he grew up in the Midwest. It’s basically to be cautious and try to stay ahead of the game. Buy when it’s low or reasonable and sell when it’s higher. Easier said then done.
So proud of what you're doing....ur perspective is on the money... keep it up!!!
Hilarious when I hear the media tell us inflation is being tamed. Inflation is not going down, the rate of inflation is just dropping slightly. Very misleading.
I enjoy your reasonableness. Almost “ancient “ wisdom like you can’t afford it don’t buy it, stay in your home if you buy one, that’s how you get the value of your purchase, or keep paying the front loaded interest and move out or trade up, maybe down, because you bought an investment not a home, whatever, you decide ?
I just checked out Norridge, Illinois and Downers Grove Illinois and I saw rentals for $3,000 so they are not going down at all
Glad to seethe Florida sun again.
I live in Florida. my rent is going up again. Florida is going to crash hard
When you buy a house you buy a product. Prices may fluctuate on products but you still own the same product. Pay your loans. Pay off the loan you agreed to and OWN the product ( the house). If someone only put 12% in , they only own 12%. We own 100% of our house, because we paid off the loan. How much did the woman not spend on rent? She is sheltered. She bought a commodity WITH help.
Great advice. This practice allowed me to retire at 54 and pay our house off in 12 years. It’s a very simple formula ppl don’t want to adhere to.
Exactly right! And besides, who in their right mind wants the government in business with you?
Hi, how did you do it and long did it take you? Did you put over 20 percent down intially?
I agree. Paul Volker was the best Fed chair we’ve had in my adult life (start 1971).
In 2002, we purchased a small 2nd home in Florida for 70k. As an investment. In the 2008 crisis, the value drops to 50k. Saw the writing on the wall this time, and sold it in the end of 2021 for 195k. It's all about timing and cycles
... But these cycles appear to be engineered, rather than occurring naturally.
As a CA resident (wonderful weather, no poop or needles on the streets here in San Jose, paid $169 in state income taxes last year) I often hear red state conservatives describe CA as a hellhole where everyone is leaving. My house went from $1.3M to $1.5M due to covid, then went back to $1.3, now going up slowly again. On the news last night they said there are 10 applicants for every vacant apartment. My property taxes are $6000/yr with prop 13, 1% even for new purchase. Homeowners insurance is $1200/yr. My sister in TX pays $23k/yr. Her electric bill is $700/mo in summer, mine is $150-200. CA has its problems, and like everywhere, I don't agree with all of it, but ....
I am baffled by "everyone is leaving, it is a hellhole" story. Does not match my observations. CA is blamed for various things by conservatives, why don't they b;lame red state govt for the natural disasters, insurance, house prices, etc in FL?
Are there lots of homeless in Miami? I think they are in CA because if you live outside, CA is the best place in US to live, you can survive the winter and the summer is bearable.
As a retiree who doesn't drive much with a home I have lived in for 30 years, I can't find anywhere to move that is cheaper and certainly not anywhere as nice to live. Problematic for young people starting out, not sure what to do about that. But if you have money, CA is still spectacular. AI will collapse capitalism within 5 years, so nothing means anything anyway.
I admired your ability to stay on track at the mall. I thought it was great. Some people just don't feel normal unless they can complain . Keep on doing your thing real estate warrior 😎
It was cool.
An interesting digital nomad couple residing in Ecuador say, "The American dream now is LEAVING the U.S.A." I am beginning to think they are correct... especially for people over 65.
Stocks for the win!! As a beginner investor, I used a few things to really help expand my knowledge of the stock market in a way that was pretty digestible for a new investor. I still reference it fairly often to get a quick overview of a stock to understand it's surface-level fundamentals by using an advisor, and I can't recommend that method of learning enough! I use Trisha Jean Webb she is super helpful to a lot of beginners out there, thanks for sharing
Avoid debt. Cut cost. I realized that the secret to wealth is saving for a better investment. I always tell myself you don’t need that new car or that vacation just yet and that mindset helps me make more money investing.
Oh found her! Looked up her full name and she was my top search. Thank you for this! Really appreciate.
the rich stay rich by spending like the poor and investing while the poor stay poor by spending like the rich without investing
i just looked up your adviser and she's SEC verified so she checks out. Thanks for thee tip!
While it's appropriate to blame the Fed for a lot of this, let's not let the politicos in Washington off the hook. Their insane spending and vote buying is a major contributor to our current dilemma. Then there is the education system that has failed to provide even a modicum of economic understanding and a glaring inability to exercise critical thinking. JMO
A thing (real estate included) is only worth what people are willing to pay for it. I'm not sure who originally said that, but it's true. Whether it's automobiles, housing or groceries, at a certain point things stop selling because no one can afford them or people just pull back and refuse to buy. Don't give in to FOMO, what goes up$, must come down$.
Hi Michael, I agreed with you on the ex-Fed Paul Volcker decision making on interest rates. One important fact that is not highlighted by most media sources, it is that inflation as measured today is not measured the same way as it was in the past, if it is calculated as it was in the 80s, then the high inflation rate from the 80s is a lot closer to the highs we saw recently.
New subscriber here. Your channel kicks ass. I'm a rookie homeowner and learn something new every time I hear you preach. The Florida backgrounds are beautiful and even when I lose track of what your talking about, I still find peace in just letting your footage play. Cheers.
Thanks for being there!
The US banking system cannot function in a high interest rate environment because high rates lower the value of the collateral that underlies all loans. If the collateral is devalued the loans will be upside down. Can't have that.
Well one way to get out of all of this, which a very good majority would never buy into, is make your life more simple, live in a more simple home, don’t expect every little luxury that your heart desires to be in your house in a week, Eat more wisely, exercise more, and learn to live a more simpler happy life. So many of us expect to live in McMansions on a meager salary, expect to have every technology piece available to us, and expect the best foods. We have no concept of hardship, we’ve been living the high life on A Chevrolet budget, if you make $60,000 a year, you shouldn’t be expecting to be purchasing a $400,000 home. You just have to find something much cheaper, that’s what prior generations did to survive.
In some cases, HOAs can evict you from your home so they too in a way have more of an ownership on your property.
It was quite a shocking eye-opener to listen to John Oliver's expose on just how this works. HOAS have rights few reocgnize or understand.
We do not have more natural disasters. We have more people living crammed together in areas like Florida or California that are very disaster prone and hence more people are affected by those disasters.
I am a senior and I can tell you, as a kid, it was RARE to see a tornado outbreak or a massive flood. "Life Magazine" had those stories on their front covers. U.S. news does NOT report on the wild weather events taking place all over the world. So while it is true that there are greater population concentrations, that does not mean that there are the same number of disasters. Do some homework! You are incorrect! Check out "Earth Changes March 2020 SOTT." This outfit does a 22-24 minute overview of all of the major wild climate/weather events that took place in that month alone. It will blow your mind.
@@siouxrose7766 I work in the flood forecasting business and also do flood probability analysis. By the way, part of the reason why I would never live in Florida.
Michael You are the Best at what You do on this platform.
That's an interesting chart showing the bank deposits. The spike in deposits coincide almost exactly with the rise in the stock market and the spike in inflation. However, so far there has been no drop in the stock market similar to the drop in the deposits chart, so the deposits chart could be seen as a leading indicator suggesting an imminent crash in the stock market.
Makes me sick to think of how much money I wasted on rent from 2009 to 2020. At least rents were not terrible during those years.
I got so lucky when we bought. And I just sold an inherited house before prices started to fall. Timing is everything.
Love your channel. I watch from Sydney and find many nuggets of useful information that even apply down here. Stay awesome.
Im curious as an american, what in the video applied to Sydney's market?
Also being self-employed(Super small business owner here*) do all the taxes write-offs! If big business does it you can do it too!
Ah it was alright filming at the mall man it is what it is 👍
What about credit unions? No one is talking about credit unions, just regional banks. Are they in the same boat? They have different insurance NWUA. Is it different? Does it have more money to cover customers than the FDCIC?
Another great video Michael…never miss one!..thank you for all this great information and keeping us updated at all times 👍
Bubbles are never good even on the way up. Consistency is good
for those who don't know, the FED is not a government institution. the FED is a private corporation owned by the Wall St banks.
I loved the Mall video, you didn't skip a beat! Second best thing to being there, I love that Mall. 🙋
Thanks for keeping us in the loop Michael👍
I love this channel! Found it 2 weeks ago and haven’t stopped watching. This is the best no bullshit approach to real estate and finance on TH-cam period! We are looking to purchase an investment property in south Florida soon and these videos are so incredibly helpful! Keep up the great work Michael.
Michael, I feel your pain brother. This is the result of years of quantitative easing and low Interest rates . It is killing anyone who saves their money responsibly.
The Phoenix area is down but not enough still...Also gas is currently over $5 here sadly. I am living with family saving money trying to figure out what is next for me and the husband. His job is local but he is trying to move up and mine is partially local and mostly on the road. I am ready to move but we currently feel like we need to save more and try to make a smart decision since we have the chance. My job allows me to move anywhere I just need to be close to an airport. 12 years ago we had a house in in AZ that we bought for 80k....now it is worth 430k. We made big boo boos so we don't want to go through stuff again. We dream of buying a mortgage free house but we also see the value of fixed rate investing...it's alot of choices.
The simple solution to inflation is produced more goods. The government printed up $500 billion to give to 500 Israeli tech companies that were part of the SVB money laundering scheme. They could’ve use that money to loan the business people to open factories and farms produce more goods.
I'm aggressively paying off my mortgage in order to save money. I plan to downsize five years from now. I want a smaller home and landscape.
We opted out to the boonies of NM. High mountain desert forest plateau hideout 80 acres and quiet.
Sound money is the answer so it won't happen. Fiat currency collapse continues, that's it!!
Things don't cost more, your money is worth less each day.
Can you tell me where roughly. I like anything N of Santa Fe near Angel Fire / Valle Vidal.
Bro I love the walks while listening.
I'm so grateful for all your videos Michael!!! Thank you
We Appreciate You and Your Videos Michael! Thank You and Happy Sunday!
I liked the mall and the parking garage walk. Much better I think than your home office. It was so funny seeing that janitor telling you recording was prohibited. LOL!! Seeing the mall was fantastic.
High interest rates and letting everyone that is over leveraged to get wiped out.
Most people would agree that “price fixing” is a bad idea but yet we fix interest rates which is just the price of debt.
Thanks Michael!
Don’t get married that gives you more stability in life 🤣
Not just the Fed to blame.....Congress and President are the ones doing the spending!
Love your videos! They are very helpful. Thank you!
I live in London, they are building lots of apartments in my area that are not for sale, they are for rent only. Build by an insurance company. They will be completed in November , 6 thousand new renters in the area.
CRIME anyone ???
There is an obvious way out of this, the key for the next golden age, but most people won't bother to take it before it's too late.
There is no problem in letting them go.
The only reason they dropped half a million rental units onto the market is because they love those high rent prices which nobody can afford so that's another half million rental units headed for bankruptcy
Really enjoy your content Mike, cheers from Canada.
I kind of agree with Grantham, but I also think the issue is deeper. Anti-trust needs a fundamental change. When prices rise that should induce more supply, but supply is partially constrained (there r other factors) by companies purposely easing prices together.
Matt Stoller has many articles on Substack that shines a light on a lot of these. Mike Green’s latest Substack article (~16May2023) makes an argument that the problems we see actually started around early 60s.
I meant raising not easing.
I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways
Indeed, the recent market downturn serves as evidence that a vast majority of individuals lacked a sufficient understanding of the underlying financial dynamics at play.
@@user-3456rtu My portfolio has been in the gutter for the entire year, so I started researching new ways to profit in the market, but everything I tried just seemed to miss the mark. Please let us know the name of your financial advisor.
@@user-3456rtu I just Googled her name and her website came up right away. It looks interesting so far. I'm going to book a call with her and let you know how it goes. Thanks
There is only one way out unfortunately Michael....there will be many going broke and others who have been on the outside going to win....
I know...
Question for you Michael. I live in NC and have been pre-Q to buy a property for months now but with these surreal prices and APR’s I haven’t found anything I like and/or can afford. I’m currently renting an apt. w/ a roommate that can’t end fast enough but we’re here until July. What would you recommend?
A. Rent an apt. on my own and throw money away hoping the market changes in a year?
B. Move back in w/ parents to save some $ (I’ll pay rent and storage) and not be tied to a contract so I can buy any moment the market drops (if it ever does)?
C. Buy any property I can afford (even if I don’t like it or is in a bad area) to start building equity and have a place to live and hope and pray prices don’t plummet?
Thanks
Wealthy area he is walking in seeing the cars are high end. Consequently the cost of living may not be hitting that area, they can ride it out as they have huge amounts stashed away. Tatler, (UK magazine at the very high end) interviewed Cartier who said the wealthy are not affected at all by recessions or inflation. Some wealthy women walk into the Cartier store in Bond Street, London and just buy earrings at $100,000 a pair without batting an eyelid. Business is booming at Cartier.
Been there but not Buying ... HaHa..
The problem with raising rates that high is modern monetary theory. They can’t do what they did in the past raising rates like that. The monetary system changed and with it all the backend economics through banking services, investments and derivatives. This also includes the government in This mess. Plus mathematically the debt is to high to get there without the government defaulting on the debt. They literally can’t even if they wanted to.
Somewhere along the line, politicians and the Fed have decided that Americans no longer have a backbone, no longer can see the benefits of sacrifice, and that the American public believes burying their heads in the sand is the best medicine. Are they right? I agree with you about interest rates: Breaking bad is good.
I appreciate the fact that Michael was filming and bringing us info inspite of the rain and noisy mall..especially sans shades and tank top 😎. Thanx Michael!
Went to an open house today here in good ole St. Louis MO. The realtor was really cool and very chatty Kathy. She knows how ridiculous this is. She told me that this open house was totally pointless as she already has 12 offers all 50k over asking.
Enjoy that property you have Michael! 🐊 😎 ☀️ must be nice! But seriously, I enjoy your videos.
Bull shit. Mls listing number? I bet u don't answer
That sounds great. What was the address of that house? I would like to see the listing myself and follow up on the final price when it does sale.
If money wasn't a factor, and If I could pick any area in St. Louis County. It would be West County.
Can't believe how fast Washington Missouri growing leaps and bounds, homes out there , are selling
extremely fast. Wentzville, it's overcrowded (in my own opinion).
I would imagination, there's other "quiet and nice " areas.
Nothing in St.Louis is even worth 50k thanks for the laugh😂🤣🤣🤣🤣🔥🏠🔥📉
@@debbiec6216 blah blah. Let the bullshitter post. 50k. U can't even afford it... No in in high tax state would go near Missouri
most are largely unaffected and have no need to sell or buy. A way out is not relevant.
Hey Michael - thanks as always for the informative videos. Would you one on the whole DeSantis - Disney debacle - would love to hear your option on this matter...
The cost of home insurance coverage is outrageous as well. How will people survive and pursue home ownership?
Only in FL somewhere near the Water. 😁😁😁
You have very informative videos, I watched just about every one of them. Would you make a video on short staying at motels or AirB&B, what would you recommend? I Would like to come for a holidays for a couple weeks, but the prices that I see are very high from Miami beach all the way north. Anyway thanks, I learned a lot what not to do, when buying Real Estate in Florida.
Thanks Mich
I'm not sure we can stand a correction like you are suggesting.
Everyone talks about buying gold and silver, can you share what company you use.Also is it physical gold and silver or just a piece of paper?
Thank You Michael, always great information and helping us out!
SUNDAY GREETINGS FROM THE DESERT MICHAEL 🏜 😎🌴
commercial equity is drying up to business......sounds like the late 70's
If we all agree to stop buying houses condos and cars...that's when inflation will start to go down
I'm all for 25% interest rates
Perhaps it will lead to a greater equity in human empathy?
🤣
"WERE NOT IN A BOOM, RECESSION, OR DEPRESSION.....WERE IN A NEW WORLD ORDER" ---- BUSH(41)
Funny...so true
I just bought a home in pompano beach but all I see is YT about the insurance situation in Fl getting out of hand. I know you’ve talked about homeowners ins before but could u provide an update. I got a reasonable quote from pyramid for a new construction home.
I am quite the TH-cam veteran and I say you are the best!
Thank you!!
Property tax is going up rent coming downso What’s that. Mean? Only Corporation. Will exist?
You pass in front of houses of which 70% are the result of an inheritance!the remaining 30% are in the "homestagging" to seek a capital gain