Is buying a house in your 20s really a smart idea?

[Field Marshall Bradley]

You also own the sovereign rights to that property

You know good and dam well banks aint gonna respect that... .You just think you can get away on a 6 figure debt with them folks just like that huh? Nah man....

 

[BaldingSoHard]

You know good and dam well banks aint gonna respect that... .You just think you can get away on a 6 figure debt with them folks just like that huh? Nah man....

Yea, nobody has ever made modifications to their home without checking with the bank first.

I wonder if there's a sarcastic font I can download.

 

[Art Barr]

00000000000000000000000000000022

You're telling an Econ major, trust me, I've had a fairly deep knowledge about the US and foreign housing markets since I was like 15.
There is a growing housing market in Cleveland, and I described the places its growing.
The same could be said for purchasing homes in the growing suburbs surrounding LA, and right outside of NYC.
I'm not talking about controlling the growth so much as I'm talking about investing in something that has a high chance of continuing to grow in value.

You don't realize the price median and cost it takes to rehab.
Plus, you said Cleveland and nuffin is going on in Cleveland but lebron and he from Akron and he could leave Cleveland again.
Sorry not entertaining the worst place I ever toured at in history ever being a place that will net me a profit like that.
Plus, Cleveland is not a waste land and is damn near Detroit and gilbert is there just like Detroit.
Where he outpriced all of downtown Detroit from anyone else being able to afford to rehab it.
So, now people in hindsight and revision are like oh I could have done it in the d.
No you could not have because the profit margin is so small per unit.
That you investing for the profit would not be beneficial to you to do so and there is no wiggle room incase of disaster.
In houses you can not play the unknown in this market because this is not a white flight home from the seventies.
That sat till the nineties and was 15k, plus the Reno was late ninety era prices at a lowly 25k. Those days are dead and over with. Realistically when banks hosed people with bad mortgages the type of house they frauded everyone on was a rancher or one of these style homes going for 65k,...
Which later sprung to 85k and now to start are like the crib I had and now, 150k and up. No one who know houses is fukk'n with that. So, now you dealing with taking market and forcing someone by econ to just succumb because of location and they are young and they are going to fail because they ARe operating on optimisim. Including a stress level financially where if they are a young couple they will generally break because they have no wiggle room and had a high grade job and are struggling and not supposed to be if not for this fukktard ass country preying on us as the young from those crack using heroin pluggin baby boomers fake wack ass greedy Gen.
Who created these scenarios of epic fail.
So, Any and every type of company who used to have cheap resources and pricing.
all got in on the game.
so renovating a place with all the amenities to garner the price and profit median of a guy like Gilbert does not generally exists and this is real estate.
So, they already surveyed the area and picked all the prime.
So, if you do get anything.
It is the money pit they surveyed and arguably knew history on.
All because they were in to it in some capacity and abandoned ship, because of issues.
Yet they are waiting for a person who thinks they can to do it.
Now, here you come,... the patsy.
All that tv magic shyt on these repair shows are exactly what it is believed to be:

TV MAGIC

To get a great home in a high crime urban area that won't be regentrified in your lifetime. Plus, your city has no upside to really create white flight to your area and the fact baby boomers did not rehire numbers from the job force they let go in the mid nineties. Plus job and great recession attrition rates as well.
Plus, they don't hire the young Gen for real bread and created no wiggle room as far as anything you need as a resource.
Only way any of these companies make any money will be if they are a company who owns a zip code where the CEO has the best real estate relative to the new it place. Which kicks up the price median but they are hiring you with a great salary. All cause they are in real estate too and own this huff ass prefab they gon slam right next to each other in a new luxury community. Like some old military town in the desert. Your little huff ass prefab will start at 325k, and up to buy. So now you paying back your boss.
When that prefab he slammed with flatbread wall gypsum, and gingerbread stick framing, and peppermint stripe bx ain't about shyt at all. shyt your house could be one of those Lego house.
where they bring in a mass amount of the walls already prebuilt and use Ikea heavy duty style latching to mold it all together with a tool. Like the Ikea snap in do it yourself mechanism lock you use with a flathead screwdriver. This whole shyt in this country is about to be on some Greece shyt. Except they gon ship all the unwanted desireables out to somewhere like a prison town.
The rest still around gon be bums hoping for a misdemeanor and a small case to stay in jail for residence and resources.

They have the worst planned out for you.
You are dealing with the piece of shyt people who eliminated the government paying to school you. Back with ge capital and their main endorsee Ronald Reagan the company ruining the world. Who created wack luxury schooling to find their pockets with their friends luxury dollars from their kids's tuition. Plus got in on the game at every wack university in America. So now after decades of this abuse that goes unchecked because it is Republicans and ge capital. who got into all these business in a monopoly based mind frame with nuffin but greed on their mind.

This shyt is not a game and they making it so you always in general lose this game.



Art Barr

RONALD REAGAN ENDORSED BED TIME FOR BONZO,....
Guess who they made bonzo,...you and me.

 

[Art Barr]

00000000000000000000000000000022

If you have a stable job and can afford it, buying a house is a smart idea. People in this thread are talking about "it can lose value" etc etc. With any investment there is always risk. If you do research and make smart decisions you can minimize risk. I bought my first house at the age of 27. I've had it for 4 years and I now have approx $30K in equity. I plan to pay my house off in another 8 years or so (bought it for $95K) and then rent it out for supplemental income. If I had chose to rent a place, I would have payed a monthly rent higher than my current mortgage and would not have any equity. Again, everybody situation is different. But if you have a career and enough money to do so, then buying is the smarter option.

You do realize they force you to buy, tho.
So, now you playing their dangerous game and they already had a complete crash aND never reapplied any Keynesian theories to rebolster anything how they previously did.
So, yeah...
You can say that but what happens when you get downsized and now need a job.
You gon hustle, when they took all the profit margin out of every hustle in America and their is no profit unless you are a large corporation. You could god forbid run into problems and what you are talembout is a case by case exception to the rule scenario and not the general rule.
The only way I see you could possibly do anything in America is find the places that have employment that you can get into in every little nook and be young enough with very little materials to bring along with your cashflow. As America really just hosed everyone from being able to move around and companies are charging luxury rodeo drive prices for places in wack landscapes cause people from places like orange county and Tech cities are moving prey and l never knew value in this anyway. Plus are forced to pay because they are in the desperation of a move.
So now they are subject to the market and the market is manipulated by the same people ruining everything.
Plus the price keeps going up because they are preying on the high priced people like this only being able to pay.
Or the patsy who thinks they can make it but they got you covered and know how to make you fail as well.


Art Barr


Art Barr

 

[the bossman]

Actually you own whatever equity you've built in the property. You also own the sovereign rights to that property, despite having a bank lien.



I'm not sure how tax breaks would work in anyone's favor if they're going through foreclosure... In fact I have no idea what this comment means at all.

Nobody can predict if and/or how much your home will appreciate in value. hell that shyt could even LOSE value. Again, you would be singing a different tune had you bought a house right at the top of the bubble before the market crash. Bbbbbbbut the value and appreciation will go back up. Yea tell that to the thousands of folks still hundreds of thousands underwater on their mortgage almost 10 years later. If any of this equity you keep talking about is less than 7 years old, all that shyt is eaten up in maintenance costs, taxes, or the extra costs you'd now have to put towards buying another house. You not coming up on no major equity until you've been in that house for at least 10-15+ years if you're lucky. I can see math is not your thing.

Regardless,



Go ahead and miss ONE month of that rent you owe me... see I won't have you evicted. In Washington State, breh, you got two weeks to GTOH, or the sherrifs are kicking you out. Play with it.

I'm good breh. I'd have no skin in the game. I'd go rent another place. move anywhere I want at the drop of hat. brazil, miami, colombia, anywhere! No worry of losing my down payment or all the money I spent on maintenance or the little equity I built now being eaten from the costs of buying a new place. all the while the equity in my stock portfolio or value of my business is just fine.

you brehs keep thinking I'm against real estate, I'm just telling cats to be smart about it. You can easily come out on the negative if you don't seriously crunch the numbers or know what you're doing. It's ONE path to wealth, not the end all be all.

 

[BaldingSoHard]

Nobody can predict if and/or how much your home will appreciate in value. hell that shyt could even LOSE value. Again, you would be singing a different tune had you bought a house right at the top of the bubble before the market crash. Bbbbbbbut the value and appreciation will go back up. Yea tell that to the thousands of folks still hundreds of thousands underwater on their mortgage almost 10 years later.

I did buy a house at the top of the bubble before the crash; January 2005. Rented it out when the value tanked, then renovated and sold it for a profit last year. What else you got?

If any of this equity you keep talking about is less than 7 years old, all that shyt is eaten up in maintenance costs, taxes, or the extra costs you'd now have to put towards buying another house. You not coming up on no major equity until you've been in that house for at least 10-15+ years if you're lucky. I can see math is not your thing.

The house I'm living in now I bought in August 2014 for 325k. As of yesterday, I have received 3 offers up to $414k. Maybe I should wait another 8-13 years for that "major" equity you're talking about? I'm not sure breh, after all math clearly isn't my thing.

 

[Solano707]

Nobody can predict if and/or how much your home will appreciate in value. hell that shyt could even LOSE value. Again, you would be singing a different tune had you bought a house right at the top of the bubble before the market crash. Bbbbbbbut the value and appreciation will go back up. Yea tell that to the thousands of folks still hundreds of thousands underwater on their mortgage almost 10 years later. If any of this equity you keep talking about is less than 7 years old, all that shyt is eaten up in maintenance costs, taxes, or the extra costs you'd now have to put towards buying another house. You not coming up on no major equity until you've been in that house for at least 10-15+ years if you're lucky. I can see math is not your thing.




I'm good breh. I'd have no skin in the game. I'd go rent another place. move anywhere I want at the drop of hat. brazil, miami, colombia, anywhere! No worry of losing my down payment or all the money I spent on maintenance or the little equity I built now being eaten from the costs of buying a new place. all the while the equity in my stock portfolio or value of my business is just fine.

you brehs keep thinking I'm against real estate, I'm just telling cats to be smart about it. You can easily come out on the negative if you don't seriously crunch the numbers or know what you're doing. It's ONE path to wealth, not the end all be all.

Thos are good options to use, but the problem is, you can loose all of your money at the drop of a hat with the market. Look at the recession that we just had a few years ago; people that had their life savings tied into the markets lost it all. Fortunately, for smart people, they had their homes that they still lived in and didn't finance them with adjust rate mortgages.... so yeah, keep thinking your paper is safe in the bank, breh. All though it is good to diversify, I would double down OWNING a house that I can still go in day in and day out regaldess of how good or shytty the market is rather than giving my money to banks where people "manage and invest in my best interst"... and pray that that market doesn't dip.....

 

[Solano707]

Nobody can predict if and/or how much your home will appreciate in value. hell that shyt could even LOSE value. Again, you would be singing a different tune had you bought a house right at the top of the bubble before the market crash. Bbbbbbbut the value and appreciation will go back up. Yea tell that to the thousands of folks still hundreds of thousands underwater on their mortgage almost 10 years later. If any of this equity you keep talking about is less than 7 years old, all that shyt is eaten up in maintenance costs, taxes, or the extra costs you'd now have to put towards buying another house. You not coming up on no major equity until you've been in that house for at least 10-15+ years if you're lucky. I can see math is not your thing.




I'm good breh. I'd have no skin in the game. I'd go rent another place. move anywhere I want at the drop of hat. brazil, miami, colombia, anywhere! No worry of losing my down payment or all the money I spent on maintenance or the little equity I built now being eaten from the costs of buying a new place. all the while the equity in my stock portfolio or value of my business is just fine.

you brehs keep thinking I'm against real estate, I'm just telling cats to be smart about it. You can easily come out on the negative if you don't seriously crunch the numbers or know what you're doing. It's ONE path to wealth, not the end all be all.

Thos are good options to use, but the problem is, you can loose all of your money at the drop of a hat with the market. Look at the recession that we just had a few years ago; people that had their life savings tied into the markets lost it all. Fortunately, for smart people, they had their homes that they still lived in and didn't finance them with adjust rate mortgages.... so yeah, keep thinking your paper is safe in the bank, breh. All though it is good to diversify, I would double down OWNING a house that I can still go in day in and day out regaldess of how good or shytty the market is rather than giving my money to banks where people "manage and invest in my best interst"... and pray that that market doesn't dip.....

 

[the bossman]

I did buy a house at the top of the bubble before the crash; January 2005. Rented it out when the value tanked, then renovated and sold it for a profit last year. What else you got?
The house I'm living in now I bought in August 2014 for 325k. As of yesterday, I have received 3 offers up to $414k. Maybe I should wait another 8-13 years for that "major" equity you're talking about? I'm not sure breh, after all math clearly isn't my thing.

you do realize that is the exception and not the norm right? a majority of the housing markets in the country are still in recovery mode. you won as your location is probably part of the exception. The general rule has always been you typically won't see any substantial equity for at least the first 7 years. but it can obviously be less depending on how much you put for a down payment, how healthy your market is, are you making extra payments to knock down principal, etc. you're in good shape, but overall you're still bad at math because you seem to think the only way to come up on 40k from investing is through making mortgage payments for 30 years. There are other ways apart from real estate. at the end of the day, invest your money

 

[Suleiman Bey]

It's all a crap shot. Renting you don't own, but you also don't have to pay for repairs and sometimes not even utility. When the neighbothood turns to shyt, you can get up and go, don't got to worry about selling your home and at a lose.

When you own a home technically you ain't to worry about people having access to your crib. Really that's they only "pro" I see to owning a house. And technically living "rent" free after 20/30 years.

 

[BaldingSoHard]

but overall you're still bad at math because you seem to think the only way to come up on 40k from investing is through making mortgage payments for 30 years. There are other ways apart from real estate. at the end of the day, invest your money

You're on a roll today, breh.

I could be wrong breh but 414k - 325k since 2014 doesn't seem like a 40k profit over 30 years. Who knows, I'm probably just bad at math like you said.

Since you're good at it, perhaps you can riddle me this... If I earned just under $6k last year in dividend income, (keeping in mind that dividends are distributed quarterly) how much would I have to have... umm... what was it you called it... invested in order to receive that kind of payout with an average dividend yield just under 3%?

 

[Suleiman Bey]

My mentality is to own.

...Have people rent from me.

Imagine if we all did that.

Imagine if we all did that. But you gonna have to buy a shyt home and basically be a slumlord unless you know how to do repairs yourself. You not gonna see the money you think you are for a while.

 

[BaldingSoHard]

Imagine if we all did that. But you gonna have to buy a shyt home and basically be a slumlord unless you know how to do repairs yourself. You not gonna see the money you think you are for a while.

So you're saying you don't know any people who don't live in shyt homes?
Also why are people in here acting like homeowners are paying tens of thousands of dollars a year in repairs?
If you're that afraid of something breaking, get a fukking home warranty, this isn't brain surgery.

 

[Solano707]

So you're saying you don't know any people who don't live in shyt homes?
Also why are people in here acting like homeowners are paying tens of thousands of dollars a year in repairs?
If you're that afraid of something breaking, get a fukking home warranty, this isn't brain surgery.

cause people don't know wtf they're talking about lol

 

[BaldingSoHard]

cause people don't know wtf they're talking about lol

It's pretty easy to pick out the people who have never owned property, yet think they know everything about it and have "chosen" to rent.